Norske Skog ASA

Remuneration Information • Nov 20, 2023

Award of synthetic share options under the Long-Term Incentive programme

Award of synthetic share options under the Long-Term Incentive programme

The Chief Executive Officer and primary insider of Norske Skog ASA (“Norske Skog” or the “Company”), Geir Drangsland, has been awarded 272,000 synthetic options with an exercise price of NOK 72.92 under Norske Skog’s Long-Term Incentive programme established in October 2019. The consideration under the award is not to exceed two times the annual salary at the award date.

The synthetic options are settled by way of cash payment, for each option comprising the difference between the exercise price and the fair market value (calculated as the volume weighted average trading price over five trading days). The synthetic options become exercisable after the first quarterly report three years after the award date.

The synthetic options do not entitle the holder to acquire or subscribe for shares. All synthetic options have been granted in accordance with the Company's Long-Term Incentive programme described in the Company's Guidelines for remuneration to leading personnel and the 2022 Report on salary and other remuneration to leading personnel.

Further details of the primary insider transactions pursuant to the EU Market Abuse Regulation article 19 are attached.

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

About Norske Skog

Norske Skog is a world leading producer of publication paper with strong market positions and customer relations in Europe and Australasia. The Norske Skog Group operates four mills in Europe, two of which will produce recycled containerboard following ongoing conversion projects. In addition, the Group operates one paper mill in Australia. Norske Skog aims to further diversify its operations and continue its transformation into a growing and high-margin business through a range of promising energy and bio product development projects. The Group has approximately 2 100 employees, is headquartered in Norway and listed on the Oslo Stock Exchange under the ticker NSKOG.

Norske Skog

Communications and Public Affairs

For further information:

Norske Skog media:

Vice President Communication and Public Affairs

Carsten Dybevig

Email: Carsten.Dybevig@norskeskog.com

Mob: +47 917 63 117

Norske Skog financial markets:

Investor Relations Manager

Even Lund

Email: Even.Lund@norskeskog.com

Mob: +47 906 12 919