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Primary insider notice and disclosure of shareholding

14 January 2021

Reference is made to the successfully completed NOK 800 million private placement of shares in Norske Skog ASA (the "Company"), as announced in the Company's stock exchange announcements today, 13 January 2021 (the "Private Placement").

NS Norway Holding AS, (the "Selling Shareholder"), represented at the Company's board of directors by the chairman John Chiang, has sold 11,764,705 shares in the Private Placement at a price of NOK 34 per share.

Following the Private Placement, the Selling Shareholder will own 40,396,681 shares in the Company, equal to approximately 48.97% of the outstanding existing shares and 42.85% of the total shares outstanding following the issue of 11,764,705 new shares in connection with the Private Placement, which is expected to be resolved by the extraordinary general meeting of the Company to be held on or about 5 February 2021.

This information is subject to the disclosure requirements pursuant to section 4-2 and 4-3 of the Norwegian Securities Trading Act.

CONTACT INFORMATION

Norske Skog ASA
PB 294 Skøyen
0213 Oslo
Norway
info@norskeskog.com

Phone: +47 22 51 20 20
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VISITORS

Norske Skog ASA
Sjølyst plass 2
0278 Oslo