22 Sep 2005

Rights Offering in Norske Skog

Norske Skog's extraordinary general meeting today approved the proposed rights offering in connection with the planned acquisition of the remaining 50 % share in PanAsia Paper Company. A majority of 99.93 % voted in favour of the decision. Norske Skog expects to raise a total of approximately NOK 4 billion through this offering.

Subscription price and number of shares will be decided by a board meeting later today. All details will be made public before Oslo Stock Exchange opens tomorrow.
 
Protocol from the EGM will be sent to Oslo Stock Exchange.
 
Oxen°en, 22 September, 2005
 
NORSKE SKOG
 
Corporate Communication
 
Contact person: Rune Gjessing, Director Investor Relations, phone + 47 6759 9073 or + 47 9015 2614.
 
 Not for release, publication or distribution in Australia, France, the Hong Kong Special Administrative Region of the People's Republic of China, Japan, South Africa, Spain and the United States of America.
 
The information contained herein is not for publication or distribution in or into the United States of America.  The materials do not constitute an offer of securities for sale in the United States, nor may the securities be offered or sold in the United States absent registration or an exemption from registration as provided in the Securities Act of 1933, as amended, and the rules and regulations thereunder.  There is no intention to register any portion of the offering in the United States of America or to conduct a public offering of Securities in the United States of America.
 
The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption of registration or qualification under the securities laws of any such jurisdiction.