Norske Skogindustrier ASA (Parent) and Norske Skog AS announced their invitation to holders of the outstanding EUR 121,421,000 11.75% senior notes due 2016 and EUR 218,106,000 7.00% senior notes due 2017 to offer to exchange their Relevant 2016/2017 Notes for the applicable consideration, to be comprised of, in the case of (i) the 2016 Notes, the QSF exchange notes due 2026, the exchange notes due 2019 the perpetual notes and the right to subscribe in cash for ordinary shares of the Parent and (ii) the 2017 Notes, the QSF Exchange Notes, the exchange notes due 2026, the Perpetual Notes and the Equity Subscription Rights (collectively, the ‘2017 Exchange Notes Consideration' and, together with the 2016 Exchange Notes Consideration, the ‘Exchange Notes Consideration'). The offer to exchange the 2016 Notes for the consideration set forth herein is referred to as the ‘2016 Notes Exchange Offer' and the offer to exchange the 2017 Notes for the consideration set forth herein is referred to as the ‘2017 Notes Exchange Offer'. In addition to the Exchange Offers, the Parent is seeking approval from Holders of the 2017 Notes to consent to certain amendments to the 2017 Notes (the ‘Consent Solicitations' and together with the Exchange Offers the ‘Exchange Offers and Consent Solicitations').