Norske Skogindustrier : announces extension and amendment of exchange offers and consent solicitations and use of 30-day grace period for interest payment on Senior Secured Notes due 2019

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: XS1181663292 AND XS1181663532), EUR 159,017,000 SENIOR NOTES DUE 2021 (ISINs: XS1193909154 AND XS1193907968), 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: XS1394812595 AND XS1394812751) AND USD 200,000,000 SENIOR NOTES DUE 2033 (ISINs: USR80036AQ09 AND US656533AC01 ; CUSIPs: R80036AQ0, 656533AC0)

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 159,017,000 8.00% senior notes due 2021 (the "2021 Notes") issued by Norske Skog Holding AS (the "Existing Exchange Notes Issuer"), (b) the outstanding USD 60,649,000 8.00% 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 114,212,347 3.5% cash/3.5% PIK senior notes due 2026 (the "2026 Notes") issued by the Parent and (d) the outstanding USD 200,000,000 7.125% 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 290,000,000 11.75% 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. 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.