The Board of Norske Skogindustrier ASA has decided to extend the consent deadline for the ongoing recapitalization transaction and to postpone the publication of the second quarter financial report from 13 July until 23 August. The consent deadline has been extended from 12 July until 31 July 2017 (at 23:59 New York time). Norske Skog will use the period prior to the new expiration deadline to continue discussions with various creditors regarding its ongoing efforts to achieve the transactions contemplated by the exchange offer and consent solicitation memorandum. The Parent's Board of Directors will continue to follow and evaluate the situation thoroughly during such period. The publication of the second quarter report was postponed due to the significant uncertainty inherent in the ongoing recapitalization process.

Q3 2017 highlights: •Comparable EBIT increased by 12% to EUR 351 million (314 million in Q3 2016). •Good growth in deliveries and strong operational efficiency with no significant maintenance activity. •Strong operating cash flow at EUR 486 million (506 million). •Net debt decreased to EUR 623 million (1,479 million). •UPM announced a new focused growth project at the UPM Chudovo plywood mill in Russia. •UPM announced the next step towards entering a new sustainable biochemicals business. Q1-Q3 2017 highlights: •Comparable EBIT increased by 8% to EUR 926 million (859 million in Q1-Q3 2016). •Solid profit performance continued through a turn in input cost environment. Click Read More below for additional information.

Financial summary for the quarter *EBITDA excluding special items US$156 million (Q1 FY23 US$290 million) *Net debt US$1,216 million (Q1 FY23 US$1,241 million) *EPS excluding special items 8 US cents (Q1 FY23 30 US cents) *Production at Stockstadt and Lanaken Mills in Europe permanently ceased