AND XS ) AND USD ,000,000 SENIOR NOTES DUE

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1 NORSKE SKOGINDUSTRIER ASA ANNOUNCES EXTENSION OF AND AMENDMENTS TO EXCHANGE OFFERS AND CONSENT SOLICITATIONS FOR THE EUR 290,000,000 SENIOR SECURED NOTES DUE 2019 (ISINs: XS AND XS ), EUR 159,017,000 SENIOR NOTES DUE 2021 (ISINs: XS AND XS ), USD 60,649,000 SENIOR NOTES DUE 2023 (ISINs: USR59730AA00 AND US65653AAA88; CUSIPs: R59730AA0 AND 65653AAA8), EUR 114,212,347 SENIOR NOTES DUE 2026 (ISINs: XS AND XS ) AND USD 200,000,000 SENIOR NOTES DUE 2033 (ISINs: USR80036AQ09 AND US656533AC01; CUSIPs: R80036AQ0, AC0) June 14, 2017 NORSKE SKOGINDUSTRIER ASA (the Parent ) announces extension of and amendments to the invitation of (i) the Parent to holders (subject to the offer restrictions referred to below) of (a) the outstanding EUR 159,017, % senior notes due 2021 (the 2021 Notes ) issued by Norske Skog Holding AS (the Existing Exchange Notes Issuer ), (b) the outstanding USD 60,649, % senior notes due 2023 (the 2023 Notes, and together with the 2021 Notes, the Existing Exchange Notes ) issued by the Existing Exchange Notes Issuer, (c) the outstanding EUR 114,212, % cash/3.5% PIK senior notes due 2026 (the 2026 Notes ) issued by the Parent and (d) the outstanding USD 200,000, % senior notes due 2033 issued by the Parent (the 2033 Notes and together with the Existing Exchange Notes and the 2026 Notes, the Existing Unsecured Notes ) to offer to exchange their relevant Existing Unsecured Notes for the applicable consideration, to be comprised of a certain amount of ordinary shares of the Parent (the Ordinary Shares ) and (ii) Norske Skog AS (the Senior Secured Exchange Notes Issuer ) to holders of its EUR 290,000, % senior secured notes (the Existing Senior Secured Notes ) to offer to exchange their Existing Senior Secured Notes for the applicable consideration, to be comprised of a certain amount of new euro-denominated 8.00% senior secured notes due 2021 (the Senior Secured Exchange Notes ) to be issued by the Senior Secured Exchange Notes Issuer. The offer to exchange the Existing Unsecured Notes for the consideration set forth in the Exchange Offer and Consent Solicitation Memorandum (as defined herein) is referred to as the Unsecured Notes Exchange Offers and the offer to exchange the Senior Secured Notes for the consider set forth herein is referred to as the Senior Secured Notes Exchange Offer (together with the Unsecured Notes Exchange Offers, the Exchange Offers ). 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 June 2, 2017 (the Exchange Offer and Consent Solicitation Memorandum ) and, as amended, will expire at 11:59 p.m., New York City Time, on July 12, 2017 (subject to the right of the Parent and/or the Senior Secured Exchange Notes Issuer to extend, re-open, amend, terminate and/or withdraw all of the Exchange Offers and/or Consent Solicitations) (the Expiration Deadline ). The amended terms and conditions are set forth in supplement no. 1 dated June 14, 2017 (the Supplement ) to the Exchange Offer and Consent Solicitation Memorandum. Other than set forth in the Supplement, all terms of the Exchange Offers and Consent Solicitations remain unchanged. 1

2 Copies of the Exchange Offer and Consent Solicitation Memorandum and the Supplement are available 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. June 15, 2017 Interest Payment on the Existing Senior Secured Notes In evaluating whether to make the interest payment of 17 million on the Existing Senior Secured Notes due on June , the Parent s Board of Directors has approved the utilization of the 30-day contractual grace period under the Existing Senior Secured Notes Indenture. This extends the time period that the Senior Secured Exchange Notes Issuer has to make the interest payment. The Parent will use the 30-day grace period to continue constructive discussions with various creditors regarding its ongoing efforts to achieve the Transactions contemplated by the exchange offer and consent solicitation memorandum. The Parent s Board of Directors will continue to follow and evaluate the situation thoroughly before the end of the grace period. Amendment of Expiration Deadline The Exchange Offers and Consent Solicitations, previously set to expire at 11:59 p.m., New York City time, on June 29, 2017 have been extended and are now set to expire at 11:59 p.m., New York City time, on July 12, The Meeting of Holders of the 2026 Notes will be held on July 17, 2017 at 10:00 a.m. and the Meeting of Holders of the 2033 Notes will be held on July 17, 2017 at 10:15 a.m. or upon conclusion of the prior meeting. The Announcement of Results, the Adoption of Extraordinary Resolutions, the Settlement Date and the Issue Date of Ordinary Shares will be adjusted accordingly. Amendment of Exchange Offer Consideration The exchange offer and consent solicitation memorandum is amended so that the Early Share Consideration (in the case of the applicable series of Existing Unsecured Notes) and the Exchange Offer Consideration calculated at the Early Exchange Ratio (in the case of the Existing Senior Secured Notes) originally available in case of an Exchange Instruction validly submitted and received by the Exchange and Tabulation Agent on or prior to the Early Exchange and Consent Deadline is now also available in case of an Exchange Instruction validly submitted and received by the Exchange and Tabulation Agent after the Early Exchange and Consent Deadline and on or prior to the Expiration Deadline. 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. Goldman Sachs International is acting as Dealer Manager and 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 Dealer Manager. Dealer Manager Goldman Sachs International Peterborough Court 2

3 133 Fleet Street London EC4A 2BB +44 (0) (Europe) (US toll free) (US collect) 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 For information by telephone: Facsimile: Attention: Yves Theis/Paul Kamminga DISCLAIMER This announcement must be read in conjunction with the Exchange Offer and Consent Solicitation Memorandum and the Supplement. This announcement, the Supplement and the Exchange Offer and Consent Solicitation Memorandum 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 Supplement or the Exchange Offer and Consent Solicitation Memorandum 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 Existing 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 Existing Notes for exchange pursuant to the Exchange Offers. None of the Dealer Manager, the Exchange and Tabulation Agent, the Senior Secured Exchange Notes Issuer or the Parent makes any recommendation as to whether Noteholders should offer Existing Notes for exchange pursuant to the Exchange Offers. OFFER AND DISTRIBUTION RESTRICTIONS Neither this announcement, the Supplement, nor the Exchange Offer and Consent Solicitation Memorandum 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 Supplement and the Exchange Offer and Consent Solicitation Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this announcement, the Supplement or the Exchange Offer and Consent Solicitation Memorandum comes are required by the Parent, the Senior Secured 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 Senior Secured Exchange Notes Issuer, the Dealer Manager 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, the Senior Secured Exchange Notes nor the Ordinary Shares 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 Senior Secured Exchange Notes and the Ordinary Shares are only being offered and will only be issued to, holders of record of Existing 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 Supplement and the Exchange Offer and Consent Solicitation Memorandum or to participate in the Exchange Offers and the Consent Solicitations. For a description of restrictions on transfer of the Senior Secured Exchange Notes, see Transfer Restrictions in the Exchange Offer and Consent Solicitation Memorandum. The communication of the Supplement and the Exchange Offer and Consent Solicitation Memorandum by the Parent, the Senior Secured Exchange Notes Issuer and any other documents or materials relating to the Exchange Offers is not being made, and such 3

4 documents and/or materials have not been approved, by an authorized person for the purposes of section 21 of the Financial Services and Markets Act 2000 (the FSMA ). Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the. The communication of such documents and/or materials is exempt from the restriction on financial promotions under section 21 of the FSMA on the basis that it is only directed at and may be communicated to (1) those persons who are existing members or creditors of the Parent or other persons within Article 43 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, and (2) to any other persons to whom these documents and/or materials may lawfully be communicated. The Grand Duchy of Luxembourg Neither this announcement, the Supplement nor the Exchange Offer and Consent Solicitation Memorandum have been approved by and will not be submitted for approval to the Luxembourg Financial Services Authority (Commission de Surveillance du Secteur Financier) (the CSSF ) for purposes of public offering or sale in the Grand Duchy of Luxembourg. Accordingly, neither the Senior Secured Exchange Notes nor the Ordinary Shares may be offered to the public in the Grand Duchy of Luxembourg, directly or indirectly, and neither the Exchange Offer and Consent Solicitation Memorandum, the Supplement nor any other offering circular, prospectus, form of application, advertisement or other material related to the Exchange Offers may be distributed, or otherwise be made available in or from, or published in, the Grand Duchy of Luxembourg except if a prospectus has been duly approved by the CSSF in accordance with the law of 10 July 2005, on prospectuses for securities, as amended (the Prospectus Law ) or the offer benefits from an exemption to or constitutes a transaction otherwise not subject to the requirement to publish a prospectus for the purpose of the Prospectus Law. Norway Neither the Exchange Offer and Consent Solicitation Memorandum nor the Supplement has been and will be registered with the Financial Supervisory Authority of Norway. Accordingly, neither the Exchange Offer and Consent Solicitation Memorandum nor the Supplement may be made available, nor may the Senior Secured Exchange Notes or the Ordinary Shares otherwise be marketed, in Norway other than in circumstances that are exempted from the prospectus requirements under the Norwegian Securities Trading Act (2007) chapter 7. France The Exchange Offers are not being made, directly or indirectly, to the public in the Republic of France ( France ). Neither the Exchange Offer and Consent Solicitation Memorandum, the Supplement nor any other documents or offering materials relating to the Exchange Offers have been or shall be distributed to the public in France and only (a) providers of investment services relating to portfolio management for the account of third parties (personnes fournissant le service d investissement de gestion de portefeuille pour compte de tiers), as defined in, and in accordance with, Articles L II-1 and D of the French Code monétaire et financier and/or (b) qualified investors (investisseurs qualifiés) acting for their own account, other than individuals, as defined in, and in accordance with, Articles L II-2, D D.744-1, D and D of the French Code monétaire et financier are eligible to participate in the Exchange Offers. Neither this announcement, the Supplement nor the Exchange Offer and Consent Solicitation Memorandum have been and will be submitted for clearance to nor approved by the Autorité des marchés financiers ( AMF ). Pursuant to Article of the General Regulation of the AMF, Holders and any Direct Participant are informed that the Senior Secured Exchange Notes and the Ordinary Shares cannot be distributed (directly or indirectly) to the public in France otherwise than in accordance with Articles L.411-1, L.411-2, L and L to L of the French Code monétaire et financier. Australia No prospectus or other disclosure document (as defined in the Corporations Act 2001 of Australia (the Australian Corporations Act )) in relation to the Senior Secured Exchange Notes and the Ordinary Shares has been or will be lodged with the Australian Securities and Investments Commission ( ASIC ). Neither the Senior Secured Exchange Notes nor the Ordinary Shares may (directly or indirectly) be offered for issue, nor may applications for the issue or subscription of the Senior Secured Exchange Notes or the Ordinary Shares, as applicable, be invited, in, to or from Australia (including an offer or invitation which is received by a person in Australia) and no offering memorandum, advertisement or other offering material relating to the Senior Secured Exchange Notes or the Ordinary Shares may be distributed or published in Australia unless (i) the aggregate consideration payable by each offeree or invitee is at least AUD 500,000 (or its equivalent in other currencies, disregarding moneys lent by the offeror or its associates) or the offer or invitation otherwise does not require disclosure to investors in accordance with Parts 6D.2 or 7.9 of the Australian Corporations Act, (ii) the offer or invitation does not constitute an offer to a retail client as defined under and for the purposes of Section 761G of the Australian Corporations Act, (iii) such action complies with all applicable laws, regulations and directives and (iv) such action does not require any document to be lodged with ASIC. Credit ratings in respect of the Senior Secured Exchange Notes, the Parent and the Senior Secured Exchange Notes Issuer are for distribution to persons who are not a retail client within the meaning of section 761G of the Australian Corporations Act and are also sophisticated investors, professional investors or other investors in respect of whom disclosure is not required under Part 6D.2 or 7.9 of the Australian Corporations Act and in all cases in such circumstances as may be permitted by applicable laws in any jurisdiction in which an investor may be located. Anyone who is not such a person is not entitled to receive the Exchange Offer and Consent Solicitation Memorandum or the Supplement and anyone who receives the Exchange Offer and Consent Solicitation Memorandum or the Supplement must not distribute it to any person who is not entitled to receive it. Switzerland Neither this announcement, the Supplement, nor the Exchange Offer and Consent Solicitation Memorandum constitute a public offering prospectus as that term is understood pursuant to Article 652a of the Swiss Code of Obligations. We have not applied for a listing of the Senior Secured Exchange Notes on the SWX Swiss Exchange and consequently the information presented in the Exchange Offer and Consent Solicitation Memorandum and the Supplement does not necessarily comply with the information standards set out in the relevant listing rules. Neither the Senior Secured Exchange Notes nor the Ordinary Shares may be publicly offered in Switzerland. The Senior Secured Exchange Notes and the Ordinary Shares may be offered only to a selected number of individual investors in Switzerland, under circumstances which will not result in neither the Senior Secured Exchange Notes nor the Ordinary Shares being a 4

5 public offering within the meaning of Article 652a of the Swiss Code of Obligations. Each copy of the Exchange Offer and Consent Solicitation Memorandum and the Supplement is addressed to a specifically named recipient and shall not be passed to a third party. General Neither this announcement, the Supplement, nor the Exchange Offer and Consent Solicitation Memorandum constitute an offer to sell or buy or the solicitation of an offer to sell or buy the Existing Notes and/or Senior Secured Exchange Notes and/or Ordinary Shares, as applicable, (and offers of Existing Notes for exchange pursuant to the Exchange Offers will not be accepted from Holders) in any circumstances in which such offer or solicitation is unlawful. Each Holder participating in an Exchange Offer or a Consent Solicitation will be deemed to give certain representations in respect of the jurisdictions referred to above and generally as set forth in Procedures for Participating in the Exchange Offers and the Consent Solicitations. Any offer of Existing Notes for exchange pursuant to the Exchange Offers from a Holder that is unable to make these representations will not be accepted. Each of the Parent, the Senior Secured Exchange Notes Issuer, the Dealer Manager and the Exchange and Tabulation Agent reserves the right, in its absolute discretion, to investigate, in relation to the offer of Existing Notes for exchange pursuant to the Exchange Offers, whether any such representation given by a Holder is correct and, if such investigation is undertaken and as a result either the Parent or the Senior Secured Exchange Notes Issuer, as applicable, determines (for any reason) that such representation is not correct, such offer shall not be accepted. 5