Borregaard — Director's Dealing 2014

May 5, 2014

Borregaard: Mandatory notification of trade options - Primary insider - repurchasing of own shares

Borregaard: Mandatory notification of trade options - Primary insider - repurchasing of own shares

05.05.2014: Borregaard ASA ("Borregaard", OSE ticker: BRG)

On 5 May 2014, in connection with Borregaard's option programme, primary insider

Tuva Barnholt, Vice President of Purchasing and Strategic Sourcing, exercised

35 000 options in Borregaard shares at a strike price of NOK 17.93 per share and

75 000 options in Borregaard shares at a strike price of NOK 20.40 per share .

In the same transaction, Borregaard repurchased 94 478 own shares from the

primary insider Tuva Barnholt at an average price of NOK 43.0695 per share. The

repurchase is conducted in accordance with a proxy given at the Ordinary General

Meeting held on 23 April 2014.

After the transaction, Tuva Barnholt owns 28 293 shares and 0 options in

Borregaard.

After the transaction, the total number of options issued in Borregaard shares

is 1 325 800. Borregaard owns 851 104 treasury shares representing 0.85% of

total shares outstanding.

Borregaard ASA

Sarpsborg, 5 May 2014

Contact:

Lotte Kvinlaug, Investor Relations Officer, + 47 922 86 909

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1782705]