19 Jul 2007

Currency effects, etc, in the second quarter of 2007

Norske Skog's accounts for the second quarter of 2007 will be published at 08.00 on Friday, 3 August.
A presentation with webcast will be held in the company's premises at 13.00 on the same date. More information concerning this presentation will be posted to Norske Skog's website at www.norskeskog.com.
The silent period ahead of publication will commence on Monday, 23 July.
Special items related to the first-quarter results
The net effect of energy hedging related to Norske Skog's electricity contracts is an expense of approx. NOK 200 million for the quarter. This is unrealised change in value, which arises because future energy prices relate to some extent to underlying derivatives, and in addition time value of options in connection with longterm electricity contract in Brazil. The amount has no cash impact.
Included under financial items, currency effects add up to a gain of roughly NOK 180 million, of which around NOK 130 million relates to cash flow hedging.
Norske Skog's trade-weighted basket of currencies (the Norske Skog index) had an average value of 87.1 in the second quarter of 2007, compared with 88.5 in the first quarter of 2007 and 85.9 in the second quarter of 2006. The starting date for the index is 1 January 2002.
Oxen°en, 19 July, 2007
Norske Skog
Investor Relations