21 Oct 2005

Rump offering

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 stock exchange release published Thursday 20 October, regarding the final result of the rights offering. Deutsche Bank and Nordea have informed us that they have placed 1,487,457 shares, constituting the rump offering, with institutional investors in an accelerated book build. The selling price of the shares in the rump offering was NOK 85 per share.
 
Accordingly, the net proceeds per right will be NOK 6.25 after the deduction of the subscription price and related transaction costs, subject to the terms and conditions of the underwriting agreement between Deutsche Bank, Nordea and Norske Skog. The payment for unexercised rights will be made as soon as practicably possible, but no later than Friday 28 October.
 
As set out in the prospectus concerning the rights offering dated 26 September 2005, if the aggregate payment for unexercised rights payable to any holder of rights is less than NOK 20, after the deduction of expenses, no payment will be made. Further details regarding the conditions to the placement of the Rump Shares and payment of the proceeds to the holders of unexercised rights are set out in the prospectus.
 

Oxenøen, 21 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The information contained herein is not for publication or distribution in or into the United States of America.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.