In this connection, Norske Skogindustrier ASA is setting forth a conditional offer to repurchase outstanding amounts in NSG10 and NSG12. To participate in this offer each bondholder must commit to invest an equal amount in one or more of the new bond issues with maturities in 2009 and 2014.

 

The offer is valid until 11:00 a.m Oslo time on 20 October 2004. Final terms are fixed at 12:00 p.m. Oslo time on the same day. Settlement will take place on 26 October 2004.

 

Norske Skog has mandated DnB NOR Markets and Nordea Markets as Arrangers for this transaction. Please contact the Arrangers for more details and information.

 

A short description of the new loans is available on www.newsweb.no (ticker code NSG). Norske Skog's annual and quarterly reports are available on www.norskeskog.com.

 

 

 

Oxenøen, 7 October 2004

 

NORSKE SKOG

 

Investor Relations