Borregaard - Earnings Release 2014

Borregaard: Another all-time high result for Performance Chemicals

Borregaard's 3Q 2014 results

(22.10.2014) Borregaard's operating revenues totalled NOK 1,003 million (NOK

1,016 million)(1) in the 3rd quarter of 2014. EBITA(2) was NOK 165 million,

compared with NOK 157 million in the corresponding quarter of 2013 and NOK 130

million in the preceding quarter.

Performance Chemicals improved its EBITA in the 3rd quarter to an all-time high

level, while a decline was recorded for Specialty Cellulose and Other Businesses

compared with the 3(rd) quarter of 2013. Currency contributed positively in all

business areas.

EBITA in Performance Chemicals increased compared with the corresponding quarter

last year as an improved product mix and higher sales prices more than

compensated for a 5% volume decrease. The decline in Specialty Cellulose was

primarily due to lower sales volume and reduced sales prices. EBITA in Other

Businesses decreased due to a weaker quarter for the Ingredients business.

Group profit before tax amounted to NOK 153 million (NOK 164 million) in the

3rd quarter of 2014. Earnings per share in the 3rd quarter were NOK 1.10 (NOK

1.20).

- We are pleased with another all-time high quarterly result for our Performance

Chemicals business. This strong development comes as a result of several long-

term initiatives, says President and CEO Per A. Sørlie.

Contacts:

Director Investor Relations, Jørn Syvertsen, +47 958 36 335

SVP Organisation and Public Affairs, Dag Arthur Aasbø, +47 918 34 108

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1. Figures in parentheses are for the corresponding period last year.

2. Operating profit before amortisation and other income and expenses.

This information is subject to the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act.

[HUG#1864634]

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