Borregaard — Capital/Financing Update 2018

Feb 7, 2018

Borregaard: Share options issued

Borregaard: Share options issued

07.02.2018: Borregaard ASA ("Borregaard", OSE ticker: BRG)

Borregaard's Board of Directors has decided to issue share options in accordance

with the proxy given by the Annual General Meeting held on 20 April 2017. The

total number of options issued is 400,000.

The options will expire after five years (7 February 2023), and may be exercised

in the last two years. The strike price of the options is NOK 80.00. It is based

on the volume weighted average share price during the first three trading days

after the announcement of the 4(th) quarter 2017 results with an addition of

10%. The strike price will be adjusted for dividend and equity transactions. The

maximum annual gain is limited to twice the annual base salary for the CEO, and

equivalent to the annual base salary for the other option holders. At least 50%

of the proceeds after tax must be used to purchase shares in the Company, and

the purchased shares will be locked for a period of three years. In addition,

the members of the Executive Management are expected to acquire shares until

their shareholdings equal their annual base salary, and twice the base salary

for the CEO.

Primary insiders have the following holdings of options and shares in Borregaard

after the new share options were issued on 7 February 2018 (new options in

parenthesis):

Per A. Sørlie holds 240,000 options (60,000) and owns 146,421 shares

Morten Harlem holds 136,000 options (30,000) and owns 46,390 shares

Tom Erik Foss-Jacobsen holds 97,000 options (20,000) and owns 36,046 shares

Per Bjarne Lyngstad holds 97,000 options (20,000) and owns 54,027 shares

Tuva Barnholt holds 80,000 options (15,000) and owns 29,599 shares

Liv Longva holds 30,000 options (15,000) and owns 5,551 shares

Sveinung Heggen holds 80,000 options (15,000) and owns together with related

parties 8,535 shares

Ole Gunnar Jakobsen holds 80,000 options (15,000) and owns 28,794 shares

Gisle Løhre Johansen holds 80,000 options (15,000) and owns 20,490 shares

Dag Arthur Aasbø holds 80,000 options (15,000) and owns 46,527 shares

The total number of outstanding share options is now 1,744,000, equivalent to

1.74 % of the number of shares (including 484,065 treasury shares) in

Borregaard.

Contacts:

Chief Financial Officer, Per Bjarne Lyngstad, mobile +47 952 44 515

Senior Vice President Organisation and Public Affairs, Dag Arthur Aasbø, mobile

+47 918 34 108

This information is subject to the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act.