Norske Skog ASA

Major Shareholding Notification • Dec 2, 2021

Norske Skog ASA (NSKOG): Mandatory notification of trade and disclosure of change in significant shareholding

Norske Skog ASA (NSKOG): Mandatory notification of trade and disclosure of change in significant shareholding

Reference is made to the stock exchange notices published on 2 December 2021 regarding the completion of a block sale of 13,500,000 existing shares in Norske Skog ASA (the “Company”) at a price per share of NOK 38.00 by NS Norway Holding AS, which is ultimately controlled by Oceanwood Capital Management LLP, (the “Seller”).

By the sale, the Seller reduced its shareholding from 40,396,681 shares (equal to approx. 42.9%) to 26,896,681 shares (equal to approx. 28.5%) and did thereby fall below the disclosable threshold of 33.33%. Jen-Yue (John) Chiang, Senior Partner in the Seller, is the chairman of the board of directors of the Company.

Please see attached form for further details relating to the Seller's share sale.

For further information:

Norske Skog media:

Vice President Corporate Communication and Public Affairs

Carsten Dybevig

carsten.dybevig@norskeskog.com

Mob: +47 917 63 117

Twitter: @Norske_Skog

Norske Skog Investor Relations:

Investor Relations Manager

Even Lund

even.lund@norskeskog.com

Mob: +47 906 12 919