Norske Skog ASA

Major Shareholding Notification • Feb 8, 2023

Norske Skog ASA (NSKOG): Mandatory notification of trade

Norske Skog ASA (NSKOG): Mandatory notification of trade

Reference is made to the stock exchange notice published on 8 February 2023 regarding the completion of a block sale of 15,896,681 existing shares in Norske Skog ASA (“Norske Skog”) at a price per share of NOK 71.00 by NS Norway Holding AS (“NSNH”). The sale represented NSNH’s entire shareholding.

Oceanwood Capital Management LLP (“Oceanwood”) is the appointed investment manager to NSNH. Following the sale, Oceanwood has reduced the number of shares ultimately managed from 16,136,681 shares to 240,000 shares (representing approximately 0.25% of Norske Skog's outstanding shares and votes). The remaining 240,000 shares are held by Oceanwood Opportunities Master Fund.

Jen-Yue (John) Chiang, Chair and primary insider in Norske Skog, is a senior partner in Oceanwood.

Please refer to the attached notification of trading for further details.

This information is subject to the disclosure requirements in the EU Market Abuse Regulation (EU 596/2014 article 19) and section 5-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Even Lund, Investor Relations Manager, ir@norskeskog.com, +47 90 61 29 19