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13/09-2017 15:18:37: (NSG) Clarifications concerning Norske Skogindustrier ASA and its subsidiaries

Some media reports have presented at somewhat inaccurate 
description of the actual situation of the Norske Skog group.

Norske Skogindustrier ASA is still a listed company with a 
separate board elected by the shareholders at the 
extraordinary general meeting of Norske Skog on 24 August this 
year. The board of Norske Skogindustrier ASA consists of: 
Christen Sveaas (Chair), Eilif Due, Jon-Aksel Torgersen, 
Ragnhild Wiborg and Annette Malm Justad as members elected by 
shareholders. Employee-elected board members are Cecilie 
Jonassen, Paul Kristiansen and Svein Erik Veie.

Norske Skogindustrier ASA is the parent company of a group 
with a complex corporate structure that comprises several 
subsidiaries, as shown in the attached overview of the company 

In Norske Skog AS, which is a subsidiary of the Norske 
Skogindustrier ASA group, a new board was elected yesterday. 
Newly elected board members of Norske Skog AS are Sven 
Ombudstvedt (Chair) and Nils Ingemund Hoff. In addition, Rune 
Sollie (CFO of Norske Skogindustrier ASA) will remain as board 
member. Holders of the EUR 290 million bond maturing in 2019 
(SSN) have, according to the bond terms, the right to elect a 
new board of Norske Skog AS, as this bond is in default and 
has been accelerated and declared payable immediately in its 
entirety. The EUR 290 million bond has security against inter 
alia the shares of Norske Skog AS.

The SSN have so far not taken possession of the pledged 
security in the shares of Norske Skog AS, and this company is 
still owned by the Norske Skogindustrier ASA group. Taking 
possession of the pledged securities will be a complicated and 
unpredictable process for all involved parties. All factories 
and sales companies are direct subsidiaries of Norske Skog AS, 
and they are therefore still part of the Norske Skogindustrier 
ASA group. The operational activities of all subsidiaries of 
Norske Skog AS, which also include the groups 7 mills, will 
continue as normal regardless of the appointment of the new 
board members.

The board of Norske Skogindustrier ASA is currently working on 
preparing a recapitalization proposal for the entire group, 
and is in dialogue with both the secured creditors and the 
group's other stakeholder groups. The board of directors of 
Norske Skogindustrier ASA intends to release as soon as 
possible and latest on Monday 18 September, a recapitalization 
proposal that the creditors must vote on within a ten-day 
offer period.

The board's intended purpose in proposing an industrial 
refinancing is to significantly reduce current debt and 
interest costs in order to ensure a long-term and sustainable 
capital structure for the Norske Skogindustrier ASA group.

Norske Skog
Communications and Public Affairs

For further information:
Lars P. Sperre
President & CEO

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