Norske Skog ASA

Capital/Financing Update • Jun 24, 2025

To whom it may concern

Oslo, 23 June 2025

Norske tog AS: New Financing Model

Norske tog AS announces that the company has today entered into a loan agreement with the Norwegian Government, represented by the Ministry of Transport. As part of the transition to a state financing model, Norske tog will, going forward, obtain new financing directly from the state.

This agreement follows the government's proposal and decision to change Norske tog's financing model, as outlined in the Revised National Budget (RNB) for 2025. The transition to a state financing model was first announced in the national budget for 2025, and further details were provided in the RNB, including a decision to launch a tender offer for outstanding notes under Norske tog's EMTN programme. The tender offer will be conducted by the Ministry of Transport and is planned as a public one-time event in August/September 2025. The Ministry of Transport has engaged Danske Bank A/S as Dealer Manager for the tender offer. For further information, please see today's press release from the Ministry of Transport.

In light of the new financing arrangement, maintaining a credit rating is expected to become less relevant and viable over time. Consequently, Norske tog and the Ministry of Transport have agreed that, at a future date yet to be determined but after completion of the tender offer, Norske tog will discontinue its current rating programme.

For more detailed information, please refer to the RNB 2025 announcement on the Norwegian Government's website and on Norske tog's website.

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