Norske Skog ASA

Remuneration Information • May 18, 2021

LONG TERM INCENTIVE PROGRAM – AWARD OF SYNTHETIC OPTIONS

LONG TERM INCENTIVE PROGRAM – AWARD OF SYNTHETIC OPTIONS

The board of directors of Norske Skog ASA has approved the award of 588,000 synthetic options under the Long Term Incentive Program for senior executive employees in Norske Skog. Following award of such synthetic options, a total of 4,713,000 synthetic options are issued under the Long Term Incentive Program.

Synthetic options are not share options, but a method of calculating cash settlements. The synthetic options vest three years following award, and can be exercised in full or in part following each quarterly reporting in the subsequent two year period. The synthetic options must be settled within five years after they were granted.

The initial exercise price for the 588,000 synthetic options awarded is NOK 35.2, which is equal to the volume weighted average share price over the 5 trading days ending on 14 May 2021. The cash settlement upon exercise of synthetic options is any positive value between the exercise price and the fair market value share price. The fair market value share price is calculated on the basis of the volume weighted average share price over five trading days following exercise. The initial exercise price is subject to adjustment for share capital and other customary events, such as dividend payments, between the date of award and the date of exercise.

The following synthetic options have been awarded to primary insiders:

• CEO Sven Ombudstvedt: 36,000 (new total holding: 582,000)

• CFO Rune Sollie: 19,000 (new total holding: 311,000)

• SVP Corporate Strategy Lars P.S. Sperre: 19,000 (new total holding: 311,000)

• COO Amund Saxrud: 19,000 (new total holding: 311,000)

• SVP Commercial Robert A Wood: 19,000 (new total holding: 311,000)

• SVP Strategic Projects Tore Hansesætre: 19,000 (new total holding: 311,000)

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