21 Apr 2006

Moody's Downgrades Norske Skog

Moody's Investor Service has downgraded Norske Skog's senior unsecured debt ratings to Ba1 from Baa3. Outlook is changed to Stable from earlier Negative.

According to the Moody's press release, the decision is based on Norske Skog's weak financial performance, a pricing outlook through 2007 that is insufficient to improve financial metrics to adequate levels, and the cost push due to increasing energy prices.
This rating action concludes the review for possible downgrade that was initiated on February 28, 2006.
The decision does not impact the interest rates for Norske Skog's existing long-term debt or credit facilities.

Oxenøen, April 21, 2006


Investor Relations

Contact persons:
Jarle Langfjæran, VP Investor Relations, phone + 47 909 78 434
Rune Gjessing, Director Investor Relations, phone + 47 901 52 614