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2016-03-31

Norske Skog: New securitization financing in place and completed private placement of new shares

Reference is made to the announcement on 18 March 2016 regarding amended
exchange offer; equity and liquidity initiatives; trading update and outlook.

Norske Skog has executed a new securitization facility ("NSF") with GSO and
Cyrus under which they provide us up to EUR 100 million of funding
commitments secured by receivables and inventory of the mills of Norske
Skog Saugbrugs AS and Norske Skog Skogn AS, the inventory of the mill of
Norske Skog Golbey AS and certain collection bank accounts. The proceeds from
the NSF will exclusively be used to replace the SpareBank1 Gruppen Finans AS
Factoring Agreements and to fund working capital expenses and other
operational liquidity needs for the group's mills. The SpareBank1 Gruppen
Finans AS Factoring Agreements were secured by the receivables of the mills
of Norske Skog Saugbrugs AS and Norske Skog Skogn AS and certain collection
bank accounts.

Norske Skog has also received unconditional subscriptions of 63,460,714 new
shares at a subscription price of NOK 2.24 in the private placement directed
to GSO and Cyrus, in accordance with the announcement on 18 March 2016. The
total proceeds of the private placement amounts to NOK 142,151,999.36. The
share capital pertaining to the new shares will be registered in the
Norwegian Register of Business Enterprises as soon as possible. The newly
issued shares cannot be traded on the Oslo Stock Exchange before a listing
prospectus has been completed and published, and will accordingly be issued
on an ISIN separate from the ISIN of the Norske Skog's listed shares pending
completion of the prospectus.

Norske Skog is preparing for a repair offering directed towards shareholders,
which did not participate in the private placement. The details of the repair
offering have not been determined by Norske Skog and will be communicated in
due time. The shares are traded including the right to participate in the
repair offering pending further information from the Norske Skog.

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

Norske Skog
Communications and Public Affairs

For further information:

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| 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 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

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