09 Dec 2004

Allocation of synthetic options in Norske Skog

A total of 60,000 synthetic options have today been granted to two persons who became members of Norske Skog's corporate management team on Feb 1, 2004. These options have the same conditions as options that were allocated on Nov 20, 2003, that is, they can be exercised in the period Jul 1 - Dec 31, 2006, at a strike price of NOK 134.50.

The options are granted to:
Jan H. Clasen, previous ownership 742 shares and 30,000 synthetic options
Antonio Dias, previous ownership 820 shares and 30,000 synthetic options
 
A total of 600,000 outstanding options have been issued after the latest allocation, and are divided as such:
300,000 options with strike price NOK 134.50, exercise in the period Jul 1 - Dec 31, 2006
300,000 options with strike price NOK 117, exercise in the period Jul 1 - Dec 31, 2007
 
For all these options apply the rule that if they are exercised, an amount corresponding to the difference between market price and strike price will be paid to the holder. This amount will be treated as salary, and the net amount, less tax, shall be used to buy Norske Skog shares in the market. These shares must be held for three years. The program has therefore no dilution effect. The options are valid as long as the persons entitled are employed by Norske Skog.

 
Oxen°en, December 9, 2004
 

NORSKE SKOG
Investor Relations