Reference is made to Norske Skog’s press release on 6 February 2020, stating
that Norske Skog had entered into an agreement to sell its Tasmanian forest
assets to a fund controlled by the Australian based investment manager New
Forests Pty Ltd. The received purchase price for the assets after ordinary
completion adjustments is AUD 62.2 million (NOK 386 million).

The book value of the assets sold are approximately NOK 300 million, and the
transaction will result in a gain of approximately NOK 90 million to be
recognised in the second quarter 2020. The sale will be accompanied by a
long-term wood supply agreement to provide pulpwood to the Boyer mill.

“The completion of the sale of the Tasmanian forest is a continuation of Norske
Skog’s strategic asset review and is in line with Norske Skog´s communicated
strategy of optimising its portfolio and seek value enhancing transactions. The
sale is part of the Group's long-term strategy where released funds will support
financing of conversion projects in Golbey and Bruck, investments in new fibre
and energy projects and dividend payments. I am satisfied that we also have
secured a long-term softwood supply agreement for the Boyer mill.” Sven
Ombudstvedt, CEO of Norske Skog.

Norske Skog Boyer has an annual newsprint production capacity of 150,000 tons
and magazine (LWC) production capacity of 135,000 tons. The plantations included
in the sale have traditionally supplied around two thirds of Boyer’s annual
pulpwood consumption of approximately 550,000 tons. Boyer will enter into a
long-term pulpwood supply agreement with the buyer for supply of 360,000 tons
annually, which will commence from the completion of the transaction.

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 fibre
and energy projects. The Group has approximately 2,300 employees in five
countries, headquartered in Norway and listed on the Oslo Stock Exchange under
the ticker NSKOG.

About New Forests

New Forests is an Australian-based international sustainable forestry investment
manager. New Forests Pty Ltd and its subsidiaries manage investments in around
550,000 net hectares of forests and timberlands across a global portfolio of
nearly 1 million hectares of forestry and conservation investments. New Forests
has international reach, with offices and assets in Australia, New Zealand,
Southeast Asia and the US. 

For further information:

Norske Skog media:
VP 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

Norske Skog Australian media:
Media contact:
David Quinn 
djq@bigpond.net.au
Mob: +61 418 123 282