Becoming a leading independent containerboard company 23 June 2021

Strategy: creating green value in synergy with existing operations

Illustrative over-the-cycle EBITDA

Publication paper Renewable packaging Fibre and energy

Diversify and innovate within fibre and energy

Become a leading producer of renewable packaging

Improve and optimise publication paper cash flows

Sustainable and innovative industry ENTERING

Leading publication paper producer with five industrial sites globally
Ongoing transition into higher growth and higher value markets
Becoming a leading independent European recycled containerboard company in 2023
High return waste-to-energy project improving green energy mix in Q2 2022
Promising chemicals and materials projects spearheaded by Circa
Industrial sites portfolio provide foundation for further industrial development

3 1) Norske Skog is the largest shareholder with ~26% ownership position in Circa; 2) Installed capacity for biofuel and waste from recycled paper of 230 MW

FID for containerboard production in Golbey

FID

Golbey containerboard approved by the board of directors

EUR ~175m debt financing

Syndication being finalised, subject to final documentation and approval

Q4 2023 start-up Start-up after Bruck allow for step-wise commercial entry

EUR 250m Net project investment

550 000 tonnes Recycled containerboard production capacity

Establishing a leading independent European containerboard business

Norske Skog Golbey – France

235k tonnes newsprint capacity
Convert to 550k tonnes containerboard

Start-up in Q4 2023
Capex estimate of EUR ~250m

PM2 (future candidate)

330k tonnes newsprint capacity
Ongoing production during PM1 conversion
Strong candidate for future conversion
Feasibility studies concluded

Norske Skog Bruck – Austria

PM3 (FID completed)

125k tonnes newsprint capacity
Convert to 210k tonnes containerboard
Start-up in Q4 2022
Capex estimate of EUR ~100m

PM4 (future candidate)

265k tonnes LWC magazine capacity
Ongoing production during PM3 conversion
Strong candidate for future conversion
Feasibility studies concluded

PM1 (FID completed) Top 10 recycled containerboard suppliers in Europe

Capacity, million tonnes

Norske Skog will enter the recycled containerboard market with first-quartile capacity

Strong outlook for the containerboard market

Introducing recycled containerboards

Lightweight and strong fluting and testliner board
Inevitably circular from 100% recycled fibre (OCC)
Supporting e-commerce with sustainable packaging
Replacing plastic where and when possible
Production capacity of 760 000 tonnes in 2023
Annual European demand growth +600 000 tonnes¹

Source: External industry consultant (third-party) 1) European demand of ~26m tonnes with annual growth rate of 2-3%

Important decision for Norske Skog Golbey

Secure a long and profitable future
- ➢ Remain an important contributor regionally and locally
- ➢ Sustain jobs for 350 employees
- ➢ Renew longevity by diversifying into a growing market
- ➢ Maintain cost-efficient and competitive production
Enhance environmental profile
- ➢ Support circular economy ambition with 100% use of recycled paper
- ➢ Increase use of green energy and reduce fossil energy consumption
- ➢ Employ industrial equipment with best available technology

Reducing the environmental impact is at the forefront of all business decisions

✓ Industry low CO² intensity under the EU ETS² in 2020
✓ New energy efficiency initiatives being introduced in 2021³
✓ Waste-to-energy boiler in Bruck reducing CO² footprint with 150 000 tonnes from H1 2022
✓ Reduced electricity consumption and steam from new biomass boiler in Golbey following conversion project
✓ Detailed 2020 CSR report issued applying the Global Reporting Initiative Guidelines

10 1) Scope 1 includes direct emissions from stationary fuel combustion, transportation and mobile sources. Scope 2 includes indirect emissions from steam and power imports; 2) ETS = Emission Trading Scheme, Norske Skog is a net receiver of carbon emission allowances, indicating that Norske Skog is among the top 10% of producers employing the Best Available Techniques from a sustainability and environmental perspective; 3) The NEXT and Therminator energy efficiency projects announced at the Norske Skog Saugbrugs mill in March 2020 will come on stream in 2021 and further improve the energy efficiency of Norske Skog, the projects are supported by the NOx Fund and Enova

Summary

Becoming a leading European recycled containerboard company
Debt financing of ~70% of EUR 350m capex amount
Bruck start-up in Q4 2022 with 210 000 tonnes capacity
Golbey start-up in Q4 2023 with 550 000 tonnes capacity
Full utilisation expected during 2025/26 (starting at 60-70%)
EBITDA impact of NOK 700-800m based on historical prices

Norske Skog ASA Postal address: P.O. Box 294 Skøyen, 0213 Oslo, Norway Visitors: Sjølyst Plass 2, 0278 Oslo, Norway

Phone: +47 22 51 20 20 Email: [email protected] Email: [email protected]

Visit our website www.norskeskog.com

This presentation contains statements regarding the future in connection with Norske Skog's growth initiatives, profit figures, outlook, strategies and objectives. All statements regarding the future are subject to inherent risks and uncertainties, and many factors can lead to actual profits and developments deviating substantially from what has been expressed or implied in such statements.

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Norske Skog ASA

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