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2016-02-03

Norske Skog: Exchange and consent solicitation offer to be extended

The exchange offer released on 5 January 2016 will be extended to Friday 26
February 2016. The content of the exchange offer will remain unchanged. The
reason for the extension is due to a court order in New York for a temporary
restraining order (TRO) requested by Citibank (London Branch) on the closing
of the exchange offer until conclusive court hearings are made on 24 February
2016. Norske Skog will defend its position vigorously and the legal advisors
see no merit in the allegations made by the plaintiff in the court
proceedings. A more detailed stock exchange notice will follow in due course.

This information is not for distribution in the United States and is subject
of the disclosure requirements pursuant to section 5-12 of the Norwegian
Securities Trading Act.

Norske Skog
Communications and Public Affairs

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| For further information: |
| Norske Skog media: Norske Skog financial markets: |
| |
|Vice President Corporate Communication Vice President Investor Relations |
|Carsten Dybevig Tom Rogn |
|Mob: +47 917 63 117 Mob: +47 948 55 659 |
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This press release may include projections and other "forward-looking"
statements within the meaning of applicable securities laws. Any such
projections or statements reflect the current views of Norske Skogindustrier
ASA or its subsidiaries ("Norske Skog") about further events and financial
performance. Although Norske Skog believes that these views and assumptions
are reasonable, the statements are subject to numerous factors, risks and
uncertainties that could cause actual outcomes and results to be materially
different from those projected. No assurances can be given that such events
or performance will occur as projected and actual results may differ
materially from these projections.

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.

This press release does not constitute an offer to sell or buy or the
solicitation of an offer to sell or buy the existing bonds and/or the new
unsecured notes, as applicable (and offers of existing bonds for exchange
pursuant to the offers will not be accepted from holders), in any
circumstances in which such offer or solicitation is unlawful.

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Norske Skog via Globenewswire

HUG#1983325

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