20 Oct 2005

Final result in rights issue

Not for release, publication or distribution in Australia, France, the Hong Kong Special Administrative Region of the People's Republic of China, Japan, South Africa, Spain and the United States of America.
 
We refer to the resolution concerning the rights issue in the extraordinary general assembly of Norske Skog 22 September 2005 and the preliminary result announced on Oslo Stock Exchange 17 October 2005.
 
The subscription period in the rights issue and trading of rights ended 13 October 2005. During the subscription period 55,321,081 shares were subscribed for, corresponding to NOK 3,872,475,670. This represents 97.4 % of the total gross proceeds from the issue, NOK 3,976,597,660, and correspondingly 56,808,538 shares.
 
Subject to the terms and conditions of the Underwriting Agreement among Deutsche Bank, Nordea and Norske Skog, Deutsche Bank and Nordea will subscribe for and seek to sell the remaining 1,487,457 shares ("Rump Shares"), corresponding to 3,470,733 rights, not subscribed for. In certain circumstances holders of unused rights may receive the proceeds of any such sales that exceed the subscription price, after taking into account expenses and taxes. The sale of Rump Shares is expected take place from 20 October until 26 October 2005, both days inclusive.
 
Holders of unused rights will receive the excess proceeds (if any) from the sale of the Rump Shares as soon as practical after the sale is completed (expected not to be later than on or about 4 November 2005). More details regarding the conditions to closing of the rights issue, the placement of the Rump Shares and payment of the proceeds to the holders of unexercised rights are laid out in the prospectus concerning the rights offering dated 26 September 2005.
 
Expected timetable:
21 October: Payment for allotted shares by subscribers.
25 October: Rights issue registered in the Norwegian Register of Business Enterprises.
26 October: Trading in the shares commences.
 
The dates are preliminary.
 
After the rights issue Norske Skog will have a registered share capital of NOK 1,899,456,260 divided into 189,945,626 shares, at a par value of NOK 10.
 

Oxenøen, 20 October 2005

NORSKE SKOG
Investor Relations

The information contained herein is not for publication or distribution in or into the United States of America. The materials do not constitute an offer of securities for sale in the United States, nor may the securities be offered or sold in the United States absent registration or an exemption from registration as provided in the Securities Act of 1933, as amended, and the rules and regulations thereunder. There is no intention to register any portion of the offering in the United States of America or to conduct a public offering of Securities in the United States of America.
The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption of registration or qualification under the securities laws of any such jurisdiction.