Borregaard

Board/Management Information • May 23, 2025

Borregaard ASA: Tom Erik Foss-Jacobsen appointed CEO of Borregaard

Borregaard ASA: Tom Erik Foss-Jacobsen appointed CEO of Borregaard

Tom Erik Foss-Jacobsen has been appointed CEO of Borregaard ASA. He succeeds Per

A. Sørlie, who will retire after 26 years in the position (see notice to Oslo

Stock Exchange 3 December 2020).

The appointment will be effective 1 August 2025.

"I am pleased that Tom Erik Foss-Jacobsen has accepted the position as CEO of

Borregaard. With Foss-Jacobsen, Borregaard will get a leader with in-depth

understanding of the business and previous experience from significant parts of

Borregaard's international operations. Over several years, he has delivered

strong results and has made a significant contribution to developing a robust

and common culture and strategic understanding throughout the company. We are

confident that he has the qualities necessary to further develop the company in

the years to come," says Helge Aasen, chair of Borregaard's Board of Directors.

Tom Erik Foss-Jacobsen is currently Executive Vice President (EVP) and head of

the BioSolutions (lignin-based biopolymers and vanillin products), a position he

has held since 2019. Prior to that, he was EVP and head of BioMaterials

(speciality cellulose and bioethanol) in Borregaard. Foss-Jacobsen holds a

master's degree in international marketing and strategy and a bachelor's degree

in civil engineering. He has more than 25 years' experience from Borregaard,

including 21 years in leadership roles.

"I have been fortunate to be part of an exciting journey in Borregaard's

commercial organisation. I'm proud of how Borregaard's highly competent

organisation has continuously advanced our specialisation strategy by growing

high-value business, driving diversification, and delivering solid results.

I approach the responsibilities of my new role with humility and a deep sense of

commitment. With a comprehensive understanding of our organisation's operations

and strategic objectives, I am confident in our collective ability to continue

driving sustainable growth and creating value for both Borregaard and its

stakeholders," says Foss-Jacobsen.

Per A. Sørlie has worked in Borregaard for 35 years and will leave the company

at the end of September 2025.

"Per A. Sørlie has made significant contributions to Borregaard over more than

26 years as CEO, following nine years in key leadership roles within the

company. He has been instrumental in shaping Borregaard's strategy, leading the

transformation into a bio-based specialty chemicals company with strong global

market positions. Since the company's listing on the Oslo Stock Exchange in

2012, Sørlie has played a pivotal role in driving substantial profit growth and

increasing shareholder value. Moreover, he has fostered a robust commercial

culture and developed leaders capable of advancing the business in the years

ahead," says Aasen.

The Board will grant Foss-Jacobsen stock options at the accession date 1 August

in accordance with the company's remuneration policy for long-term incentive

schemes.

Contacts:

Director Investor Relations, Knut-Harald Bakke, +47 905 79 164

Director Communications, Tone Horvei Bredal, +47 924 67 711

This information is subject to the disclosure requirements pursuant to Section

5 -12 of the Norwegian Securities Trading Act.