Borregaard

Capital/Financing Update • Mar 23, 2023

Borregaard ASA: Borregaard assigned first-time issuer rating of A-/Stable from Scope

Borregaard ASA: Borregaard assigned first-time issuer rating of A-/Stable from Scope

Scope Ratings GmbH assigns first-time issuer rating of A-/Stable to Borregaard

ASA. The same rating is assigned to the company's senior unsecured debt.

The rating reflects Borregaard's efficient and unique production capabilities,

strong positions in key speciality chemicals markets, strong profitability and

low financial leverage.

The full rating report from Scope Ratings is attached.

Sarpsborg, 23 March 2023

Contacts:

CFO, Per Bjarne Lyngstad, +47 952 44 515

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

This information is subject to the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act.