NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS,
ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE
"UNITED STATES"), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION
OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH
THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

Oslo, 14 January 2021: Reference is made to the press release from Norske Skog
ASA ("Norske Skog" or the "Company", OSE ticker code "NSKOG") published on 13
January 2021 regarding a contemplated private placement (the "Private
Placement"). 

Norske Skog is pleased to announce that the Private Placement has been
successfully completed with a total transaction size of NOK 800 million through
the allocation of 23,529,410 shares in the Company at a price of NOK 34 per
share. The Company intends to use the net proceeds from the sale of new shares
in the Private Placement to finance the Company's green growth projects
including entry into containerboard production, further commercialisation of
CEBINA(TM), continued qualification testing of bio composites, continued support
of Circa Group and for general corporate purposes. 

The Private Placement attracted strong support and interest from Norwegian and
international high-quality investors and was oversubscribed.

The Private Placement consisted of a primary offering of 11,764,705 new shares
offered by the Company and 11,764,705 existing shares (jointly, the "Offer
Shares") offered by the Company's largest shareholder, NS Norway Holding AS (the
"Selling Shareholder").

The sale of existing shares will enhance free float and share overhang,
addressing specific feedback regarding ownership in order to facilitate the
Private Placement. The Company and the Selling Shareholder have agreed to
customary lock-up arrangements with the Managers (as defined below) that will
restrict, subject to certain exceptions, their ability to, without the prior
written consent of the Managers, issue, sell or dispose of shares, as
applicable, for a period of 6 months from completion of the Private Placement,
subject to certain customary exemptions.

Allocation of the Offer Shares is expected to be communicated to investors on or
about 14 January 2021. Investors having access to investor services through
their VPS manager will be able to check the number of shares allocated to them
from about 09:00 hours (CEST) on 14 January 2021. The Managers may also be
contacted for information regarding allocations.

Settlement of the Private Placement will be on a delivery versus payment basis.
For new shares allocated in the Private Placement, delivery versus payment
settlement will be facilitated by existing and unencumbered shares in the
Company being borrowed by the Managers from the Selling Shareholder pursuant to
a share lending agreement entered into between the Selling Shareholder, the
Company and the Managers. The Offer Shares will thus be tradable from
allocation. The Managers will settle the share loan with new shares in the
Company to be issued by resolutions of the extraordinary general meeting to be
held on or about 5 February 2021 (the "EGM"). If the EGM does not resolve to
issue new shares, the redelivery of the borrowed shares will instead be settled
in cash by way of transfer to the Selling Shareholder of the net proceeds from
the sale of the borrowed shares. The Company will in that case not receive any
proceeds from the Private Placement. The Selling Shareholder and investors who
have been allocated Offer Shares in the Private Placement have undertaken to
vote in favour of the issue of new shares at the EGM. 

The Private Placement implies a deviation from the shareholders' preferential
right to the new shares under the Norwegian Public Limited Companies Act. The
board of directors has considered this and is of the view that it would be in
the best interest of the Company and its shareholders to deviate from the
shareholders' preferential right to the new shares in the Private Placement and
that this would also be in compliance with the provisions of the Norwegian
Public Limited Companies Act, the rules of equal treatment under the Norwegian
Securities Trading Act and Oslo Rule Book II for companies listed on the Oslo
Stock Exchange, and the Oslo Stock Exchange's Guidelines on the rule of equal
treatment. 

In reaching this conclusion, the board of directors inter alia emphasized that: 

- A share issue in the form of a private placement enables the company to
capitalise on current market conditions which are deemed beneficial to the
interest of the company and its shareholders. Alternative transaction structures
would imply a longer lead time and could imply significant discounts.

- The proposed subscription price of NOK 34 per share is based on the results of
a bookbuilding process and that the price is considered to represent
professional investor's view of the market price for the shares for a share
offering of this size.

- The shares in the Company are liquid, so shares will be available in the
market for shareholders whose ownership percentage is diluted by the Private
Placement and who do not wish to be diluted. 

- To reduce the effect of the private placement, the board of directors will
consider carrying out a subsequent offering at the same subscription price as in
the Private Placement unless the Company's shares trade below the subscription
price following the announced completion of the Private Placement, enabling the
shareholders to compensate for the dilutive effect as a result of the Private
Placement.

The Company may, subject to the EGM resolving to issue new shares and the board
of directors being granted an authorisation to this effect at the EGM, carry out
a subsequent offering of new shares in the Company (the "Subsequent Offering")
towards existing shareholders in the Company as of 13 January 2021 (as
registered in the Norwegian Central Securities Depositary ("VPS") as of 15
January 2021), who (i) were not allocated Offer Shares, and (ii) are not
resident in a jurisdiction where such offering would be unlawful or, would (in
jurisdictions other than Norway) require a prospectus, a registration or similar
action. Whether a Subsequent Offering will be carried out will inter alia depend
on the subsequent development of the Company's shares price.

Advisors
DNB Markets, a part of DNB Bank ASA, and Pareto Securities AS (jointly, the
"Managers") are acting as Joint Bookrunners in connection with the Private
Placement.

Advokatfirmaet Thommessen AS is legal advisor to the Company and Wikborg Rein &
Co is acting as legal advisor to the Joint Bookrunners in connection with the
Private Placement.

For further queries, please contact:

Norske Skog media:
Vice President Corporate Communication and Public Affairs
Carsten Dybevig
carsten.dybevig@norskeskog.com
Mob: +47 917 63 117

Norske Skog Investor Relations:
Investor Relations Manager
Even Lund
even.lund@norskeskog.com
Mob: +47 906 12 919

About Norske Skog
Norske Skog is a world leading producer of publication paper with strong market
positions and customer relations in Europe and Australasia. The Norske Skog
Group operates four mills in Europe, of which two will produce recycled
containerboard following planned conversion projects. In addition, the Group
operates two publication paper mills and a pellets facility in Australasia.
Norske Skog aims to further diversify its operations and continue its
transformation into a growing and high-margin business through a range of
promising fibre projects. The Group has approximately 2,300 employees in five
countries, is headquartered in Norway and listed on the Oslo Stock Exchange
under the ticker NSKOG.

IMPORTANT INFORMATION
These materials do not constitute or form a part of any offer of securities for
sale or a solicitation of an offer to purchase securities of the Company in the
United States or any other jurisdiction. The securities of the Company may not
be offered or sold in the United States absent registration or an exemption from
registration under the U.S. Securities Act of 1933, as amended (the "U.S.
Securities Act"). The securities of the Company have not been, and will not be,
registered under the U.S. Securities Act. Any sale in the United States of the
securities mentioned in this communication will be made solely to "qualified
institutional buyers" as defined in Rule 144A under the U.S. Securities Act. No
public offering of the securities will be made in the United States.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression "EU
Prospectus Regulation" means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State).

In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as "Relevant Persons"). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

The Target Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation to the
Offering.

For the avoidance of doubt, the Target Market Assessment does not constitute:
(a) an assessment of suitability or appropriateness for the purposes of MiFID
II