Norske Skog Saugbrugs and its insurance company has agreed on a final settlement
of all remaining insurance claims related to the rockslide at the Saugbrugs site
on 27 April 2023. The settlement amount of NOK 540 million will be jointly
covered by the insurance company, the Norwegian Natural Perils Pool and the
reinsurers.

"We are pleased to have reached a final settlement with our insurance company
regarding the remaining property damage claims at Saugbrugs. The dialogue with
the insurance company has since the incident been very open, fair and
professional. This settlement provides time and flexibility to invest and
develop Saugbrugs for the future", says Geir Drangsland, CEO of Norske Skog.

The settlement amount represents a discount to prior estimates of remaining
insurance compensation related to the property damage but enables Saugbrugs to
freely determine the time at which compensation is utilised in its business
activities as well as the nature of such activities. Payment of the full
settlement amount is expected during the first quarter of 2025 and will thus be
recognised in EBITDA in the first quarter of 2025.

About Norske Skog

Norske Skog is a 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, which produce publication paper, recycled
packaging paper, energy and bioproducts. In addition, the Group operates one
paper mill in Australia. The annual publication paper production capacity is 1.6
million tonnes. The annual production capacity of packaging paper will be 0.8
million tonnes following the start-up of containerboard production at Golbey in
the first quarter of 2025.  Norske Skog aims to further diversify its operations
and continue its transformation into a growing and high-margin business through
a range of promising energy and bio product development projects. The Group has
approximately 2 100 employees, is headquartered in Norway and listed on the Oslo
Stock Exchange under the ticker NSKOG.

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

Norske Skog financial markets:
Senior Vice President Corporate Finance
Even Lund 
Email: even.lund@norskeskog.com 
Mob: +47 906 12 919