19 Oct 2005

Moody's Revises Outlook on Norske Skog

The rating company Moody's has revised its outlook on Norske Skog's senior unsecured debt to 'negative' from 'stable'. According to Moody's press release, the outlook change is caused by continuing weak operating environment for the European paper industry. The rating itself is kept on Baa3, and Moody's comments that there are several important factors which underpin the rating.

The revision to negative outlook does not impact the interest rates of Norske Skog's existing long-term debt or credit facilities.

Oxen°en, October 19, 2005

NORSKE SKOG
Investor Relations