26 May 2016

Norske Skog - repair offering to shareholders

Norske Skogindustrier ASA announces publication of a prospectus and commencement of the subscription period for a repair offering directed at certain shareholders, who did not participate in the private placement of 63,460,714 shares to GSO and Cyrus, which was announced completed on 31 March 2016.

Norske Skog's shareholders, as registered in the Norwegian Central Securities Depository (VPS) on 22 April 2016, are offered an opportunity to subscribe for shares at the same subscription price as the shareholders who participated in the private placement. Each eligible shareholder will receive 0.1925 non-transferable allocation rights for each share owned at such time (rounded down to the nearest whole right). Each right gives the right to subscribe for and be allocated one offer share in the repair offering. Oversubscription is permitted, however, there can be no assurance that offer shares will be allocated for such subscription. Subscription without rights is not permitted. Rights that are not used to subscribe for offer shares before the expiry of the subscription period will lapse without compensation to the holder.

The subscription price in the repair offering is NOK 2.24 per offer share. The subscription period for the repair offering will commence at 09:00 hours (CET) on 26 May 2016 and end at 12:00 hours (CET) on 7 June 2016. Allocation of the offer shares in the repair offering is expected to take place on or about 7 June 2016. The payment date for the offer shares is 9 June 2016, and delivery of the offer shares is expected to take place by registration of the offer shares in the VPS on or about 15 June 2016.

A total of 31,512,099 offer shares, each of par value NOK 1, are offered for subscription in the repair offering. Assuming all offer shares are subscribed the repair offering will raise gross proceeds for the Norske Skogindustrier ASA of about NOK 71 million.

The Norwegian Financial Supervisory Authority has approved the prospectus dated 25 May 2016 which has been prepared in connection with the listing of the shares issued in the private placement and the repair offering.

The prospectus is, subject to regulatory restrictions in certain jurisdictions, available at the following websites: www.abgsc.com and www.norskeskog.com.

An investment in Norske Skog and its shares involves inherent risks. More information about this and other matters it is important to understand before an investment decision is made, can be found in the prospectus. The information in this release does not constitute a basis for making an investment decision. More extensive information about the repair offering is included in the prospectus.

ABG Sundal Collier ASA acts as receiving agent in connection with the Offering.

Norske Skog
Corporate communication and corporate affairs

For further information:
Norske Skog media:
Vice President Corporate Communication
Carsten Dybevig
Mob: +47 917 63 117

Norske Skog financial markets:
Vice President Investor Relations
Tom Rogn
Mob: +47 948 55 659


This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company.

Copies of this announcement are not being made and may not be distributed or sent into the the United States, Australia, New Zealand, Canada, Japan, South Korea or Brazil or in any jurisdiction where such issuance would be unlawful.

The allocation rights and the offer shares have not been and will not be registered under the Securities Act or the securities laws of any state of the United States and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Offering is not being extended into the United States. Outside the United States, the allocation rights and offer shares are being offered outside the United States to non-US persons in offshore transactions (each as defined in Regulation S) in reliance on Regulation S under the Securities Act.

Any offering of the securities referred to in this announcement will be made by means of the prospectus. This announcement is not a prospectus for the purposes of Directive 2003/71/EC (as amended, together with any applicable implementing measures in any Member State, the "Prospectus Directive"). Investors should not subscribe for any securities referred to in this announcement except on the basis of information contained in the prospectus.

In any EEA Member State that has implemented the Prospectus Directive, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.

This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control.

Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes affecting the Company's opening of new stores and net sales, changes affecting the Company's gross margin, changes in competition levels, changes in the Company's ability to manage inventory levels, changes affecting net sales, such as variations caused by weather and seasonality, changes affecting personnel expenses and other operating expenses, such as premises costs and marketing costs, changes in laws and regulation and the potential impact of legal proceedings and actions. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not guarantee that the assumptions underlying the forward-looking statements in this presentation are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or any obligation to update or revise the statements in this presentation to reflect subsequent events. You should not place undue reliance on the forward-looking statements in this document.

The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.

The receiving agent is acting exclusively for the Company and the Selling Shareholders and no one else in connection with the offer and assume no responsibility for this announcement.

Neither the receiving agent or any of its directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for/or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of announcement or its contents or otherwise arising in connection therewith.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.