Borregaard - Earnings Release 2013

Borregaard: Favourable market conditions for Performance Chemicals

(05.02.14) Borregaard's operating revenues totalled NOK 997 million (NOK 925

million)(1) in the 4(th) quarter of 2013. EBITA amounted to NOK 90 million,

compared with NOK 91 million in the corresponding quarter of 2012. For the full

year 2013, EBITA amounted to NOK 501 million (NOK 546 million).

A lower EBITA level in Specialty Cellulose was compensated by progress for

Performance Chemicals. Market conditions continued to be generally favourable.

Reduced wood cost, high production output and the impact of a weaker NOK

contributed positively. The annual maintenance stop at the Sarpsborg site in

October was carried out according to plan.

EBITA in Performance Chemicals rose as improved product mix, higher prices and

favourable currency impact more than off-set a reduced sales volume. The decline

in Specialty Cellulose is primarily attributable to lower prices. Other

Businesses suffered from lower vanillin prices.

Full year 2013

For the full year 2013, Borregaard's operating revenues totalled NOK 3,997

million (NOK 3,941 million). EBITA amounted to NOK 501 million (NOK 546

million). Profit before tax amounted to NOK 474 million (NOK 420 million). The

tax charge was NOK 143 million (NOK 142 million). Earnings per share ended at

NOK 3.35 (NOK 2.76).

- A strong EBITA improvement in Performance Chemicals, lower wood cost and an

all-time high production output at the Sarpsborg site contributed to

satisfactory results also in 2013, says President and CEO at Borregaard Per A.

Sørlie.

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

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

Contacts:

Investor Relations Director Jørn Syvertsen, +47 958 36 335

Communication Manager Tone Horvei Bredal, +47 924 67 711

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1759190]

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