Borregaard

Declaration of Voting Results & Voting Rights Announcements • Apr 7, 2022

DISCLOSURE OF LARGE SHAREHOLDINGS, RIGHT TO SHARES AND VOTING RIGHTS PURSUANT TO SECTION 4-3 OF THE ACT ON SECURITIES TRADING

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:	Borregaard ASA
2. Reason for the notification (please tick the appropriate box or boxes)
An acquisition or disposal of voting rights
An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An event changing the breakdown of voting rights
Other (please specify): This notification was triggered due to the fact that all required conditions are met for NN Group N.V to sell its 100% ownership of NN Investment Partners Holding N.V. to The Goldman Sachs Group, Inc (the "NNIP Transaction"). The holdings within this disclosure are currently held via NN Investment Partners Holding N.V. The final settlement of the NNIP Transaction is expected to be on or around 11 April 2022.
3. Full name of person(s) subject to the The Goldman Sachs Group, Inc. notification obligation:
4. Full name of shareholder(s) (if different from 3.):	Goldman Sachs Asset Management, L.P.
	Goldman Sachs & Co. LLC
	NN Investment Partners Holdings N.V.
5. Date of the transaction (and date on which the threshold is crossed or reached if different):	05 April 2022
6. Date on which issuer notified:	06 April 2022
7. Threshold(s) that is/are crossed or reached:	Above 5%

8. Notified details:
A: Voting rights attached to shares
Class/type of shares	Situation previous to the Triggering transaction				Resulting situation after the triggering transaction
if possible using the ISIN CODE	Number of Shares	Number of Voting Rights viii	Nu mbe r of sha res	Number of voting rights ix % of voting rights
			Dire ct	Direct x	Indirect xi	Direct	Indirect
NO0010657505	Below 5%	Below 5%			7,394,942		7.39%
	Total				7,394,942		7.39%

B: Financial Instruments

Resulting situation after the triggering transaction xii

Type of financial instrument	Expiration date xiii	Exercise/ Conversion Period/ Date xiv	Number of voting rights that may be acquired if the instrument is exercised/ converted.	% of voting rights

Total (A+B)
Number of voting rights	% of voting rights

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable xv: The Goldman Sachs Group, Inc.; 7,394,942 shares; 7.39% Goldman Sachs & Co. LLC (Controlled by The Goldman Sachs Group, Inc.) GSAM Holdings LLC (Controlled by The Goldman Sachs Group, Inc.); 7,393,984 shares; 7.39% Goldman Sachs Asset Management, L.P. (Controlled by GSAM Holdings LLC) GSAM Holdings LLC (Controlled by The Goldman Sachs Group, Inc.); 7,393,984 shares; 7.39% NNIP Holdings LLC (Controlled by GSAM Holdings LLC); 7,325,756 shares; 7.33% NNIP UK Holdings I Ltd (Controlled by NNIP Holdings LLC); 7,325,756 shares; 7.33% NNIP UK Holdings II Ltd (Controlled by NNIP UK Holdings I Ltd); 7,325,756 shares; 7.33% NNIP Holdings I B.V. and NNIP Holdings II B.V. (Both entities controlled by NNIP UK Holdings II Ltd); 7,325,756 shares; 7.33% NN Investment Partners Holdings N.V. (Jointly controlled by NNIP Holdings I B.V. and NNIP Holdings II B.V.); 7,325,756 shares; 7.33% Proxy Voting: 10. Name of the proxy holder: N/A 11. Number of voting rights proxy holder will cease to hold: N/A

13. Additional information:	General email contact: gs-regops-emea-position-enquiries@gs.com
14. Contact name:	Andrzej Szyszka
15. Contact telephone number:	+48 22 317 4817