Norske Skog ASA

Earnings Release • Feb 4, 2010

Norske Skog Q4 2009 results: Continued demanding market

Norske Skog had gross operating earnings (EBITDA) in the fourth quarter of 2009

of NOK 472 million, down from NOK 642 million in the third quarter. Gross

operating earnings for the full year 2009 were NOK 2.185 billion, a reduction of

NOK 342 million from 2008 on a comparable basis. Net interest bearing debt was

reduced by NOK 4.4 billion in 2009, totalling NOK 9.6 billion at year end.

Demand for Norske Skog's products was weak throughout 2009, and the market is

characterised by record-low prices in Europe and continued overcapacity.

Sett attached press release and quarterly report for more information.

Oxenøen, 4 February 2010

Norske Skog

Corporate communications

[HUG#1380500]