Norske Skog ASA continues to closely monitor the coronavirus (COVID-19) outbreak
and the possible impact on the business. Given the ongoing uncertainty the Board
of Directors proposes to amend its previous proposal for dividend. 

In light of the uncertain business environment caused by the COVID-19 situation
and the adverse impact it may have on our business, employees and other
stakeholders, the Board of Directors of Norske Skog ASA has as a precautionary
measure resolved to amend its previous dividend proposal, and proposes to
postpone the payment of a part of the previously announced dividend of NOK 6.25
per share. 

Pursuant to the revised dividend proposal, the Board of Directors proposes that
the Annual General Meeting approves an ordinary dividend for the financial year
2019 in the amount of NOK 6.25 per share, of which (i) NOK 3.25 per share is
paid to the shareholders as of the date of the Annual General Meeting (record
date 20 April 2020) and (ii) NOK 3.00 per share is paid to the shareholders at
such time determined by and subject to the approval of the Board of Directors.
The authorisation in item (ii) is valid until the company's annual general
meeting in 2021, but not later than 30 June 2021. For further information,
please refer to the stock exchange notice released today regarding key
information on the first dividend payment of NOK 3.25 per share. 

Norske Skog ASA remains fully committed to paying the previously announced
dividend in its entirety, and the communicated dividend target of the company
remains unchanged. As previously announced, the impact of the COVID-19 situation
on the company’s operations and business outlook will be continuously monitored
and evaluated, and further liquidity preservation measures could be implemented
at future dates.

John Chiang, Chair of the Board of Directors, comments; “The Board of Directors
have in light of the rapidly changing circumstances and uncertainty caused by
the COVID-19 situation reassessed the previous dividend proposal. The revised
dividend proposal, which is also supported by Oceanwood, retains the ambition
and ability to pay dividend in accordance with the company’s dividend target,
but with a postponed decision point for a portion of the dividend to acknowledge
the uncertainties in current situation. Norske Skog maintains a solid financial
and liquidity position, and this measure is intended as a prudent safeguard
until there is further clarity around the impact of the coronavirus.”


About Norske Skog
Norske Skog is a world leading producer of publication paper with a strong
market position in Europe and Australasia. Publication paper includes newsprint
and magazine paper. The Norske Skog group operates six mills and a pellets
business in five countries, with an annual publication paper production capacity
of 2.3 million tonnes and pellets capacity of 85,000 tonnes. Newsprint and
magazine paper is sold through sales offices and agents to over 80 countries.
The group has approximately 2,300 employees. In addition to the traditional
publication paper and pellets business, new growth initiatives related to
renewable energy, bio chemical products and fibre products have been launched.


Norske Skog
Communications and Public Affairs

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