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2016-02-04

Norske Skog: NORSKE SKOGINDUSTRIER ASA ANNOUNCES EXTENSION OF EXCHANGE OFFERS AND CONSENT SOLICITATIONS

NORSKE SKOGINDUSTRIER ASA ANNOUNCES EXTENSION OF EXCHANGE OFFERS AND CONSENT
SOLICITATIONS FOR THE EUR 121,421,000 11.75% SENIOR NOTES DUE 2016 (ISINs:
XS0636567710 AND XS0636569922) AND EUR 218,106,000 7.00% SENIOR NOTES DUE
2017 (ISIN: XS0307552355).

February 4, 2016
- NORSKE SKOGINDUSTRIER ASA (the "Parent
") and NORSKE SKOG AS (the "QSF Exchange Notes Issuer
") announce today that they are extending the Expiration Deadline (as defined
herein) with respect to their invitation to holders (subject to the offer
restrictions referred to below) of the outstanding EUR 121,421,000 11.75%
senior notes due 2016 (the "2016 Notes
") and EUR 218,106,000 7.00% senior notes due 2017 (the "2017 Notes
" and together with the 2016 Notes, the "Relevant 2016/2017 Notes
") to offer to exchange their Relevant 2016/2017 Notes for the applicable
consideration, to be comprised of, in the case of (i) the 2016 Notes, the
QSF exchange notes due 2026 (the "QSF Exchange Notes
"), the exchange notes due 2019 (the "Exchange Notes due 2019
"), the perpetual notes (the "Perpetual Notes
") and the right to subscribe in cash for ordinary shares ("Ordinary Shares
") of the Parent (the "Equity Subscription Rights
") (collectively, the "2016 Notes Exchange Offer
") and (ii) the 2017 Notes, the QSF Exchange Notes, the exchange notes due
2026 (the "Exchange Notes due 2026
"), the Perpetual Notes and the Equity Subscription Rights (collectively, the
"2017 Notes Exchange Offer
", and together with the 2016 Notes Exchange Offer, the "Exchange Offers
") and the Parent's solicitation of consents to certain amendments to the 2017
Notes (the "Consent Solicitations
", and together with the Exchange Offers, the "Exchange Offers and Consent
Solicitations
").

The Exchange Offers and Consent Solicitations are made on the terms and
subject to the conditions set out in the exchange offer and consent
solicitation memorandum dated January 5, 2016, (the "Exchange Offer and
Consent Solicitation Memorandum
") and, as amended, will expire on the earlier of (i) 12:00 noon, London Time,
on February 26, 2016 and (ii) 12:00 noon, London Time, on the business day
following an announcement by the Parent that it has resolved to consummate
the Exchange Offers on the terms set out in the Exchange Offer and Consent
Solicitation Memorandum and to accept all Relevant 2016/2017 Notes validly
tendered in the Exchange Offers, provided that the temporary restraining
order is at that time no longer in effect (subject to the right of the Issuer
to extend, re-open or terminate the Exchange Offers and Consent
Solicitations) (the "Expiration Deadline
"). The amended terms and conditions are set forth in supplement no. 1 dated
February 4, 2016 (the "Supplement
") to the Exchange Offer and Consent Solicitation Memorandum. Other than as
set forth in the Supplement, all terms of the Exchange Offers and Consent
Solicitations remain unchanged.

Copies of the Exchange Offer and Consent Solicitation Memorandum and the
Supplement are available to Eligible Holders of the Relevant 2016/2017 Notes
from the Exchange and Tabulation Agent as set out below.

Capitalized terms used in this announcement but not defined have the meanings
given to them in the Exchange Offer and Consent Solicitation Memorandum.

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

Amendment of Expiration Deadline; Court Proceeding in the United States;

On February 2, 2016, Citibank, N.A., London Branch (the "Senior Secured Notes
Trustee
") filed a complaint and requested injunctive relief on behalf of holders of a
majority of the Senior Secured Notes, seeking to halt the Exchange Offers.
The Supreme Court of the State of New York granted the Senior Secured Notes
Trustee's request for a temporary restraining order enjoining the Parent and
the QSF Exchange Notes Issuer, among others, from taking any steps to pursue
or consummate the Exchange Offers pending the outcome of a hearing scheduled
for February 24, 2016 at 2:15pm New York time. The Parent and the QSF
Exchange Notes Issuer intend to defend their position vigorously and believe
the allegations made by the Senior Secured Notes Trustee in the court
proceedings have no merit.

Therefore, the Exchange Offers and Consent Solicitations, previously set to
expire at 12:00 noon, London time, on February 3, 2016, have been extended
and are now set to expire on the earlier of (i) 12:00 noon, London time, on
February 26, 2016, and (ii) 12:00 noon, London Time, on the business day
following an announcement by the Parent that it has resolved to consummate
the Exchange Offers on the terms set out in the Exchange Offer and Consent
Solicitation Memorandum and to accept all Relevant 2016/2017 Notes validly
tendered in the Exchange Offers, provided that the temporary restraining
order is at that time no longer in effect. The time and date of the Meeting
of Holders of the 2017 Notes, the Announcement of Results, the Adoption of
Extraordinary Resolutions and the Settlement Date will be adjusted
accordingly.

As of 12:00 noon London time today, more than 40% of the aggregate principal
amount of the 2016 Notes and approximately 80% of the aggregate principal
amount of the 2017 Notes have been validly tendered in the Exchange Offers.
Participation by 2016 Notes is still not at satisfactorily levels.

Securityholders are advised to read carefully the Exchange Offer and Consent
Solicitation Memorandum for full details of and information on the procedures
for participating in the Exchange Offers and the Consent Solicitations.

Lucid Issuer Services Limited is acting as Exchange and Tabulation Agent.

Questions and requests for assistance in connection with the Exchange Offers
and the Consent Solicitations may be directed to the Parent.

----------------------------------------------------------------------------
| |
| Norske Skog |
| Norske Skog media Norske Skog financial markets |
| |
|Vice President Corporate Communication |
|Carsten Dybevig Vice President Investor Relations |
|+47 917 63 117 Tom Rogn |
|Email:exchangeoffer@norskeskog.com +47 948 55 659 |
| Email:exchangeoffer@norskeskog.com |
----------------------------------------------------------------------------
Questions and requests for assistance in connection with the delivery of
Exchange Instructions may be directed to the Exchange Agent and Tabulation
Agent.

-------------------------------------------------
| Exchange and Tabulation Agent |
| Lucid Issuer Services Limited |
| |
| |
|Tankerton Works |
|12 Argyle Walk |
|London WC1H 8HA |
|United Kingdom |
| |
|For information by telephone: +44 20 7704 0880 |
|Attention: Thomas Choquet/Yves Theis |
|Email:norskeskog@lucid-is.com |
-------------------------------------------------

DISCLAIMER
This announcement must be read in conjunction with the Exchange Offer and
Consent Solicitation Memorandum and the Supplement. This announcement, the
Exchange Offer and Consent Solicitation Memorandum and the Supplement contain
important information which should be read carefully before any decision is
made with respect to the Exchange Offers and Consent Solicitations. If you
are in any doubt as to the contents of this announcement, the Exchange Offer
and Consent Solicitation Memorandum or the Supplement or the action you
should take, you are recommended to seek your own financial and legal advice,
including as to any tax consequences, immediately from your stockbroker, bank
manager, solicitor, accountant or other independent financial or legal
adviser. Any individual or company whose Relevant 2016/2017 Notes are held on
its behalf by a broker, dealer, bank, custodian, trust company or other
nominee or intermediary must contact such entity if it wishes to offer
Relevant 2016/2017 Notes for exchange pursuant to the Exchange Offers.
Neither the Exchange and Tabulation Agent, the QSF Exchange Notes Issuer nor
the Parent makes any recommendation as to whether Noteholders should offer
Relevant 2016/2017 Notes for exchange pursuant to the Exchange Offers.

OFFER AND DISTRIBUTION RESTRICTIONS

Neither this announcement, the Exchange Offer and Consent Solicitation
Memorandum, nor the Supplement constitutes an invitation to participate in
the Exchange Offers and Consent Solicitations in any jurisdiction in which,
or to any person to or from whom, it is unlawful to make such invitation or
for there to be such participation under applicable securities laws. The
distribution of this announcement, the Exchange Offer and Consent
Solicitation Memorandum and the Supplement in certain jurisdictions may be
restricted by law. Persons into whose possession this announcement, the
Exchange Offer and Consent Solicitation Memorandum or the Supplement comes
are required by the Parent, the QSF Exchange Notes Issuer and the Exchange
and Tabulation Agent to inform themselves about, and to observe, any such
restrictions.

No action has been or will be taken in any jurisdiction by the Parent, the QSF
Exchange Notes Issuer or the Exchange and Tabulation Agent in relation to the
Exchange Offers that would permit a public offering of securities.

United States

Neither the Exchange Offers nor the Exchange Notes have been registered under
the United States Securities Act of 1933, as amended (the "Securities Act
") or any other securities laws and the Exchange Offers are only directed at,
and the Exchange Notes are only being offered and will only be issued to,
holders of record of Relevant 2016/2017 Notes who can represent that they are
either (i) "qualified institutional buyers" ("QIBs") (as defined in Rule 144A
("Rule 144A
") under the Securities Act) or (ii) outside the United States and not US
persons (as defined in Regulation S under the Securities Act ("Regulation S
")) and are lawfully able to participate in the Exchange Offers in compliance
with applicable laws of applicable jurisdictions (each such person, an
"Eligible Holder
"). Only Eligible Holders are authorized to receive or review the Exchange
Offer and Consent Solicitation Memorandum and the Supplement or to
participate...

Författare WKR

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