Key information regarding repair issue for Norske Skogindustrier ASA

Date for when the terms of the issue was announced: 21 April 2016

Last day inclusive: 20 April 2016

Ex-date: 21 April 2016

Record Date: 22 April 2016

Resolution date: 20 April 2016

Maximum number of new shares: 31 512 247

Subscription price: NOK 2.24

Other information (optional): The board has determined further details for the previously announced repair issue to repair for the dilutive effect of the private placement completed on 31 March 2016 to funds under management by GSO Capital Partners LP and Cyrus Capital Partners, L.P. For further details on the private placement, please refer to the stock exchange notice published on 31 March 2016 at 08:51 CET. The repair issue will be directed to the company's shareholders, with the exception of funds under management by GSO Capital Partners LP and Cyrus Capital Partners, L.P, and shareholders who are resident in jurisdictions in which the repair issue cannot legally be offered. Shareholders who have the right to subscribe for shares in the repair issue will have the right to be allocated 0.1925 shares for each share that the shareholder is registered with on the abovementioned Record Date. The subscription rights will not be transferrable. Over-subscription will be permitted, and shares that are not subscribed based on subscription rights will be allocated to shareholders who over-subscribe. Further information will be included in the prospectus which will be prepared in connection with the repair issue.

This information is published pursuant to the requirements in the Continuous Obligations of Oslo Børs.

Norske Skog
Communications and Public Affairs

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities in the Unites States, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the Securities Act of 1933 (the "Securities Act"). The  securities  may  not  be  offered  or  sold  in  the  United  States absent registration   under   the  Securities  Act  or  an  applicable  exemption  from registration  requirements. Any public offering of  securities to be made in the United  States will be made  by means of a  prospectus that may be obtained from the  issuer and  that will  contain detailed  information about  the company and management,  as well as financial statements. This press release is being issued pursuant to and in accordance with Rule 135e under the Securities Act.

In  member states  of the  European Economic  Area, this  press release (and any offer  of  the  securities  referred  to  herein  if  made subsequently) is only addressed  to and directed  at persons who  are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive.

This  press release is directed  only at (i) persons  who are outside the United Kingdom  or (ii) persons who have professional experience in matters relating to investments  falling within Article 19(5) of  the Financial Services and Markets Act  2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities,  and other  persons to  whom it  may lawfully be communicated, falling within  Article 49(2) of  the Order  or (iv)  persons to  whom an  invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000 (the "FSMA")) in connection with the issue  or sale of any notes may otherwise be lawfully communicated or caused to be  communicated  (all  such  persons  together being  referred to as "relevant persons"). Any investment activity to which this communication relates will only be  available to and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.