“We generated $208 million in adjusted EBITDA, which was consistent with our outlook of $205 million to $215 million, and achieved a 22% adjusted EBITDA margin,” said Jean-Michel Ribiéras. “We maintained a strong balance sheet and repurchased 80% of our outstanding notes to eliminate restrictive covenants in the notes agreement. These steps enabled us to continue on the path to returning more cash to shareowners.” Financial Highlights – First Quarter vs. Fourth Quarter *Net income from continuing operations of $97 million ($2.25 per diluted share) vs. $88 million ($1.99 per diluted share) *Cash provided by operating activities from continuing operations of $63 million vs. $142 million

Funds managed by Oceanwood Capital Management and Aker Capital AS, a wholly owned subsidiary of Aker ASA, have today issued a joint press release stating the intention to form a new company (Bidco), which will bid in an auction process to ensure that there is a strong new owner of Norske Skog's paper mills. The board of directors of Norske Skogindustrier ASA is pleased that Aker, with its strong industrial knowledge and financial expertise, has taken a role together with Oceanwood in the recapitalization of the Norske Skog group. The board of directors of Norske Skogindustrier ASA will continue to safeguard the interest of all its stakeholders through the recapitalization process. As part thereof, the Norske Skog group's seven paper mills will continue as normal, and our customers, suppliers and other business partners will continue to receive high quality products and the best service from Norske Skog without interruption through the remainder of the recapitalization process. Click Read More below for additional information.

Canada is home to among the most-sustainably managed forests in the world, global leading forestry innovation and product development, and a workforce that is 230,000 strong and committed to driving a green recovery that will lift rural and northern Canada up. Today, our industry has 140 capital investment projects across the country that are ready-to-go – worth over $1.5 billion. These projects can safeguard and grow Canadian jobs, improve our ability to win on the global stage, and fast-track our move to a net-zero carbon economy by 2050. We look forward to working with the federal government to build a recovery that lasts and one that can chart a new and exciting path for our workforce and forestry communities across the country.”