Norske Skog continues sale of 256,000 tonnes/year Parenco paper mill, production to stop in 2013 at latest; company concludes vendor financing relating to disposal of its Klosterøya, Norway, site, to receive proceeds of 100M Norwegian kroner

Kendall Sinclair

Kendall Sinclair

Jan 3, 2012 – Norske Skog

OXENOEN, Norway , December 30, 2012 (press release) – Norske Skog has reached an agreement with its bank syndicate resetting covenants related to the EUR 140 mill. revolving credit facility (RCF) established in May this year. The new terms give additional headroom in 2012. For details, please refer to our web pages; www.norskeskog.com/Investors

Norske Skog has ended discussions with a counterparty to establish a securitization of accounts receivables in Europe without reaching an agreement.

Norske Skog has signed an agreement with Bratsberg Gruppen and Conceptor, local real estate developers, concluding vendor financing related to the disposal of Klosterøya, the site of the former Union mill in Norway. Pending on buyer financing this will bring cash proceeds amounting to NOK 100 mill. in February 2012. With this agreement around NOK 250 mill. of non-core disposals in second half of 2011 have been settled as guided.

The previously announced sales process for conversion of Norske Skog Parenco continues. Norske Skog is evaluating alternative use of the site. The production of publication paper will be discontinued at the latest in 2013.

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