Borregaard

Investor Presentation • Jul 17, 2018

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Agenda

• Per A Sørlie, President & CEO
• •Highlights
• Business areas
• •Recent market communication
• •Outlook
• • Per Bjarne Lyngstad, CFO
• Financial performance

Highlights – ²nd quarter 2018

• •EBITA adj.¹ 164 mNOK (243 mNOK)
• • Increased total sales volume in Performance Chemicals, continued price pressure for construction products
• •Lower acetate sales in Speciality Cellulose
• • Higher sales prices in Ingredients, low deliveries in Fine Chemicals
• • Cost increases related to wood, caustic soda and Florida ramp-up
• •Successful start-up of the Florida plant

Performance Chemicals markets – Q2

• • Sales volume increased by 3% vs Q2-17
• •Higher sales of Miscellaneous and Specialities products
• •Reduction in finished goods inventories
• • Average price in sales currency -1.5% vs Q2-17
• •Affected by strong price competition in regional construction markets
• •Unfavourable currency development vs Q2-17

1 Average sales price and sales volume reflect 100% of sales and volume from the J/V in South Africa. Average sales price is calculated using actual FX rates, excluding hedging impact.

Speciality Cellulose markets – Q2

• • Weaker product mix due to lower sales of acetate cellulose
• •Acetate market remains challenging, ether market continues to grow
• • Lower average cellulose price in sales currency
• •Reduced textile cellulose prices vs Q2-17
• • Higher sales prices in Bioethanol
• •Increased sales of fuel grade bioethanol from the new dehydration plant

1Average sales price is calculated using actual FX rates, excluding hedging impact.

Ingredients and Fine Chemicals markets

• • Ingredients
• Higher sales prices and increased sales volume

• Continued positive market trend for woodbased vanillin

• • Fine Chemicals

• • Lower deliveries of key products vs high deliveries in Q2-17
• • Continued market growth in intermediates for x-ray contrast media

Performance Chemicals LignoTech Florida

• • New plant officially opened on 26 June 2018
• •Project completed on time, cost and plant capabilities
• •Successful start-up, saleable products from June
• • Market introduction on track
• •Broad range of end-use areas
• •Construction below 50% of volume in 2018
• • Expansion project in two phases
• •Phase 1 (2018): 100,000 mtds capacity – USD 110 million investment
• •Phase 2: Additional 50,000 mtds capacity – USD 25 million investment

Performance ChemicalsLignoTech South Africa

• •Joint venture agreement extended by five years to 2032
• • Production capacity scaled down to 130,000 mtds from 2021
• •Planned reduction in Sappi's calcium sulphite pulp capacity
• • New size and concept more optimal
• •Sufficient drying capacity in place
• •Powder form is a good basis for portfolio diversification

Outlook

• • Performance Chemicals
• •Continued strong competition and price pressure for lignin to the construction sector
• •Volume growth in Miscellaneous products will diversify and optimise product portfolio
• •Positive development expected for Specialities in H2-18
• •2018 sales volume forecast to increase by 5-10% vs 2017, including gradual ramp-up in Florida
• •Depreciation of Florida plant will commence from 1 July 2018
• • Speciality Cellulose
• •Average cellulose price in sales currency expected to be in line with 2017
• •Product mix forecast to be weaker than 2017 due to lower acetate cellulose sales volume
• •In Q3, total sales volume and sales of highly specialised grades expected to be in line with Q2-18
• • Other Businesses
• •No major changes expected in market conditions for Fine Chemicals
• •Positive market trend for wood-based vanillin (Ingredients)
• • Sales will gradually increase for Cellulose Fibrils, but long lead-times for conversion of sales prospects. Fixed costs and depreciation expected to be largely in line with 2017
• • Wood and caustic soda costs will be significantly higher than in 2017
• •Affecting mainly Speciality Cellulose and Ingredients (caustic soda only)
• •Further wood cost increase of about 60 mNOK on an annualised basis in H2-18 vs H1-18

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Borregaard key figures – Q2

• •Revenues -5% vs Q2-17
• • EBITA adj. 1 164 mNOK for the Group
• •Approx. 40 mNOK in cost increase for wood, caustic soda and Florida project vs Q2-17
• •Net FX impact slightly positive
• •EPS at NOK 1.32 (NOK 1.81)

Performance Chemicals key figures – Q2

• Revenues -2% vs Q2-17
• •Higher sales volume, but lower average price

• Negative FX development

• • Higher sales of Miscellaneous and Specialities products

• •Continued price competition in Construction
• Higher costs (Florida project, Norway)
• •Slightly negative net FX impact

• EBITA adj. margin1declined vs Q2-17

Speciality Cellulose key figures – Q2

• Revenues -9% vs Q2-17
• •Lower sales volume and weaker product mix

• Weaker product mix vs Q2-17 due to lower acetate cellulose sales

• •Increased wood and caustic soda prices
• •Improved Bioethanol result
• •Positive net FX impact

• EBITA adj. margin1declined vs Q2-17

Other Businesses key figures – Q2

• Revenues in line with Q2-17
• •Higher sales in Ingredients

• Lower deliveries in Fine Chemicals

• Ingredients: Stronger result due to higher sales Ingredients: prices and increased sales volume, positive market trend for wood-based vanillin continued

• Fine Chemicals: Lower deliveries of key products Fine and weaker result vs a strong Q2-17
• Cellulose Fibrils and Corporate costs Corporate costs costs in line with Q2-17
• Net FX effect slightly negative for Other Businesses

Currency impact

• • Net FX EBITA adj.¹ impact +5 mNOK vs Q2-17
• •Includes change in hedging effects and based on estimated FX exposure
• • Net FX EBITA adj.¹ impact for the full year estimated to be 40 mNOK vs 2017
• •Assuming rates as of 16 July (USD 8.09 and EUR 9.48) on expected FX exposure
• •Net FX EBITA adj.¹ impact in Q3 estimated to be 20 mNOK vs Q3-17
• •Significant FX exposure, but delayed impact of FX rate fluctuations due to hedging policy

2See appendix for currency hedging strategy, future hedges and hedging effects by segment.

3Currency basket based on Borregaard's net exposure in 2017 (=100): USD 69% (approx. 206 mUSD), EUR 31% (approx. 84 mEUR), Other 0% (GBP, BRL, JPY, SEK, ZAR).

¹ Non-GAAP measure, see Appendix for definition.

Cash flow, investments and NIBD

• Cash flow from operations1increased vs Q2-17

• • Favourable net working capital development vs Q2-17 partly off-set by lower EBITDA adj. 1impact
• • Second grant payment from EU's Horizon 2020 programme2to Exilva (close to 100 mNOK)
• • Expansion investments1mainly related to Florida project and lignin operation upgrade in Norway
• • NIBD¹ increased by 250 mNOK in Q2
• •Dividend payment of 199 mNOK
• •New 400 mNOK bond issue in June

1Non-GAAP measure, see Appendix for definition.

2 Funding from the Bio-Based Industries Joint Undertaking (BBI) under the European Union's Horizon 2020 research and innovationprogramme under grant agreement No 709746

• •Per A Sørlie, President & CEO
• •Per Bjarne Lyngstad, CFO

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Borregaard – key figures

l l Am Am in in N O K i io ts ts ou ou n n m n	Q 2- 2 0 1 8	Q Q 2- 2- 2 2 0 0 1 1 7 7	ha C ng e	Y Y T T D- D- 2 2 0 0 1 1 8 8	Y Y T T D- D- 2 2 0 0 1 1 7 7	ha C ng e
O in t p er a g re ve nu es	1 1 9 9 1 1 9 9	1 2 5 6	% -5	2 4 4 1 1 6 6	2 3 9 2 2 3 9 2	% 1
1 d E B I T D A j. a	2 3 9 2 3 9	3 8 3 1 1 8	-2 % 5	9 4 4 9 1 1	9 2 5 5 9 2	% -1 7
1 d j. E B I T A a	1 6 4	2 4 3	-3 3 %	3 4 1 3 4 1	4 4 3	-2 3 %
b le isa io in i Am t t ta ts or n ng as se	-1	-1		-2	-2
1 he d O in t r co m e a n ex p en se s	0	0		0	0
f O in i t t p er a g p ro	1 6 3	2 4 2	% -3 3	3 3 3 3 9 9	4 4 1	% -2 3
l in ia i F te t an c m s, ne	-4	-1		-1 1	-5
f f be fo i i Pr Pr t t ta ta o o re xe xe s s	9 1 1 5 5 9	2 4 1	-3 % 4	3 2 8	3 6 4 4 3 6	-2 % 5
In ta co m e x e xp en se s	-3 6	-6 0		-7 3	-1 0 8
f f fo he he d Pr Pr i i io t t t t o o r p er	1 1 2 2 3 3	1 8 1	% -3 2	2 2 5 5 5 5	3 3 2 2 8 8	% -2 2
f bu b le l l Pr i i in in t a t tr ta to tr te ts o n on -c on o g re s	-9	0		-1 4	-1
f bu b le f he Pr i i t a t tr ta to t t o o w ne rs o p ar en	1 3 2	1 8 1		2 6 9	3 2 9
h h f lo fr fr ( ) Ca Ca in iv iv i i ie ie I F R S t t t t t s s w om om o p er a g ac ac s s	1 1 7 7 9 9	1 5 8		2 1 0	2 4 0
ha Ea Ea in in rn rn g g s s p er s re	1, 1, 3 3 2 2	1, 8 1	% -2 7	2, 2, 6 6 9 9	3, 3, 2 2 9 9	% -1 8
1 d E B I T D A j. M in a ar g	% 1 9, 9	% 2 5, 3		% 2 0, 3	% 2 4, 7
1 d E B I T A j. M in a ar g	% 1 3, 7	% 1 9, 3		% 1 4, 1	% 1 8, 5

Operating revenues and EBITA adj.1per segment

	l l Am in O K i io N ts ou n m n
O O in in t t p p er er a a g g re re ve ve nu nu es es	Q 2- 2 0 1 8 Q 2- 2 0 1 8
d Bo rr eg aa r	1 1 9 9 1 9 9	1 2 5 6 1	% -5
fo he ls Pe C ica r rm an ce m	5 7 1	5 8 2	-2 %
l l lu lo Sp ia i Ce ty ec se	4 2 7	4 6 8	-9 %
he O Bu in t r s es se s	2 1 2	2 1 3	0 %
l E im in io t a ns	-1 1	-7

in O Am N K ts ou n m
	Q 2- 2 0 1 7	ha C ng e	1 d I A j. E B T a	Q 2- 2 0 1 8	Q 2- 2 0 1 7	ha C ng e
9	1 2 6 1 5	-5 %	d d Bo Bo rr rr eg eg aa aa r r	1 6 4 1 6 4	2 4 3	-3 3 %
		-2 %	fo he ls Pe C ica r rm an ce m	1 0 2	1 4 1	-2 8 %
		-9 %	l l lu lo Sp ia i Ce ty ec se	6 7	1 0 3	-3 % 5
		0 %	he O Bu in t r s es se s	-5	-1

l l in O i io Am N K ts ou n m n
Y T D- 2 0 1 8
2 4 1 6 2 4 1 6	2 3 9 2 2 3 9 2	% 1
1 1 2 6	1 1 3 2	% -1
8 6 1	8 8 0	-2 %
1 4 5	3 9 6	1 % 4
-2 2	-1 6

l l Am in N O K i io ts ou n m n				l l Am in N O K i io ts ou n m n
O O in in t t p p er er a a g g re re ve ve nu nu es es	Y Y Y T T T D- D- D- 2 2 2 0 0 0 1 1 1 8 8 8	Y Y T T D- D- 2 2 0 0 1 1 7 7	ha C ng e	1 d E B I T A j. a	Y T D- 2 0 1 8	Y T D- 2 0 1 7	ha C ng e
d Bo rr eg aa r	2 2 4 4 1 1 6 6	2 2 3 3 9 9 2 2	1 %	d d Bo Bo rr rr eg eg aa aa r r	3 3 4 4 1 1	4 4 3	% -2 3
fo he ls C ica Pe r rm an ce m	2 6 1 1	3 2 1 1	% -1	fo he ls C ica Pe r rm an ce m	2 1 7	2 3 7	-2 % 1
l l lu lo Sp ia i Ce ty ec se	8 6 1	8 8 0	-2 %	l l lu lo Sp ia i Ce ty ec se	1 3 1	1 9 2	-3 2 %
he O Bu in t r s es se s	4 5 1	3 9 6	1 4 %	he O Bu in t r s es se s	-7	-2 2	6 8 %

Cash flow

l l Am in N O K i io ts ou n m n	Q 2- 2 0 1 8	Q Q 2- 2- 2 2 0 0 1 7 1 7	Y Y T T D- D- 2 2 2 0 0 0 1 1 8 8 8 Y T D- 1	Y Y T T D- D- 2 2 2 0 0 0 1 1 7 7 Y T D- 1 7	F Y- 2 2 0 0 1 7 F Y- 1 7
l l Am in N O K i io ts ou n m n
f be fo Pr i t tax o re es	1 5 9	2 4 1	3 2 8	4 3 6	7 1 5
de d ha Am isa ion ia ion im irm t t t t c or p rec an p a en rg es ,	7 6	7 6	1 5 2	1 5 1	3 1 6
ha k l, C in ing i t w ta tc ng e ne or ca p e	7	-1 1 7	-1 3 5	-2 7 3	-9 2
de d ( ha f p f ) fro D iv i i J V t n s re o ro m	3	-1	3	-3	1 1
d Ta i xe s p a	-6 6	-4 1	-1 3 8	-7 1	-1 7 0
h f lo fro Ca in iv i ies t t t s w m op er a g ac	1 7 9 1 7 9	1 5 8 1 5 8	2 1 0	2 4 0	7 8 0
lan d e d b le * Inv ip in i tm ts ty, t a t a ta ts es en p ro p er p n q u me n n ng as se	-1 8 7	-2 1 5	-3 6 4	-3 7 4	-9 6 8
he l O i ion t ta tra t r c ap ns ac s	5	5	9	7	1 0
h f lo fro Ca In In in in iv i ies t t t t s w m ve ve s s g g ac	-1 8 2 -1 8 2	-2 1 0	-3 5 5	-3 6 7	-9 5 8
de ds D iv i n	-1 9 9	-3 4 9	-1 9 9	-3 4 9	-3 4 9
ds fro f o / ha loy Pr ise ion t to oc ee m ex erc o p s s res em p ee s	4	0	2 1	1 1	1 1
ba k o f s ha Bu y- c res	-8	0	-3 0	-2 9	-2 9
/ ( los ) he dg fo bs d Ga in inv in i iar ies t tm ts s on es r n e es en su	-2 7	-1 1	1 3	-2	8
d / fro ha ho l de Ne i t p to a m s re rs	-2 -2 3 3 0 0	-3 6 0 -3 6 0	-1 9 5	-3 6 9	-3 5 9
ds fro be l b l Pr in ing ia i i ies te t- t oc ee m res ar	9 6 9	2 5 8	1 2 0 2	2 6 3	6 6 8
fro be l b l Re in ing ia i i ies t te t- t p ay me n m res ar	-7 3 1	-2	-9 3 3	-2 9	-2 5 8
ha be b les / he l b l C in in ing iva ia i i ies te t- t t ng e res ar re ce o r	-4	1 5	-1 1	3 8	4 6
ha be l b l C in in in ia i ies t te t- t ng e ne re s ar g	2 3 4 2 3 4	2 7 1	2 5 8	2 7 2	4 5 6
h f lo fro f Ca in in iv i ies t t s w m an c g ac	4	-8 9	6 3	-9 7	9 7
ha h d h len C in iva ts ng e ca s an ca s eq u	1	-1 4 1	-8 2	-2 2 4	-8 1
h a d c h e len be f p d Ca iva inn ing io ts t s n as q u a g o er	9 2	1 8 2	1 8 0	2 6 5	2 6 5
ha h a d c h e len C in iva ts ng e ca s n as q u	1	-1 4 1	-8 2	-2 2 4	-8 1
f fec h a d c h e len Cu iva ts ts rre nc y e ca s n as q u	-3	2	-8	2	-4
h d d h h len he d f he d Ca iva io ts t t t s an an ca ca s s eq u a e n o p er	9 9 0	4 3	9 0	4 3	1 8 0
* by Inv tm t te es en ca g or y
lac Re Inv t tm ts p em en es en	5 1	4 6	8 3	1 2 4	3 4 4
1 Ex ion inv tm ts p an s es en	3 6 1	6 9 1	2 8 1	2 0 5	6 2 4

Balance sheet

3 0. 0 6. 2 0 1 8	3 3 1. 1. 0 0 3. 3. 2 2 0 0 1 1 8 8	3 3 1. 1. 1 1 2. 2. 2 2 0 0 1 1 7 7
0 3 1	0 1 5	1 1 1
3 3 4 5	3 1 9 7	3 1 2 6
8 9	2 3 1	9 3
1 0 2	1 1 8	1 1 8
3 6 3 9 6 3 9	3 3 3 5 4	3 8 3 4 4 4 4 8
7 8 4	7 1 8	7 3 4
0 0 1 4	0 9 1 5	9 7 1
9 0	9 2	1 8 0
1 8 7 8	1 8 6 9	1 1 8 8 8 8 5 5
5 5 1 7	5 5 4 1 2	5 5 3 3 3 3 3 3
2 9 7 8	3 0 9 1	2 8 8 9
1 3 7	1 2 8	1 0 7
3 1 1 5	3 3 2 1 9	2 2 9 9 9 9 6 6
2 5 0	2 8 2	2 7 7
1 0 1 1	7 5 7	7 4 3
1 2 2 6 6 1 1	1 0 3 9	1 1 0 0 2 2 0 0
2 7 3	2 7 9	2 8 3
8 6 8	8 7 5	1 0 3 4
1 1 4 1 1 4 1	1 1 5 4	1 3 3 1 7 1 1 7
5 5 1 1 7 5 7	5 4 1 2 5	5 3 3 3 3 3 3 5
% 5 6, 5	% 5 9, 5	% 5 6, 2

¹ Non-GAAP measure, see Appendix for definition.

Net financial items & net interest-bearing debt1

l l Am in O K i io N ts ou n m n
f l N in ia i t te e an c m s	Q 2- 2 0 1 8	Q 2- 2 0 1 7 Q 2- 2 0 1 7	Y T D- 2 0 1 8 Y T D- 2 0 1 8	Y T D- 2 0 1 7 Y T D- 2 0 1 7
Ne in t te t e re s xp en se s	-5	-4	-9	-7
/ lo Cu in rre nc y g a ss	2	3	0	2
he f l O in ia i t te t r an c m s, ne	-1	0	-2	0
f l N in ia i t te e an c m s	-4	-1	-1 1	-5

l l Am in N O K i io ts ou n m n
1 ( ) be de b N in in N I B D t te t- t e re s ar g	3 0. 0 6. 2 0 1 8	3 1. 0 3. 2 0 1 8	3 1. 1 2. 2 0 1 7
be l b l in in ia i i ies No t te t- t n- cu rre n re s ar g	0 1 1 1	7 5 7	3 7 4
be l b l lu f f c hp l d dr Cu in in ia i i ies in in t te t- t t o rre n re s ar g c g ov er a as oo	2 7 3	2 7 9	2 8 3
be b les ( lu de d "O he ") in in iva in in No As t te t- t ts n- cu rre n re s ar g re ce c r se	0	0	-2 1
h h d de Ca i ts s an ca s p os	-9 0	-9 2	-1 8 0
1 be de b ( ) N in in N I B D t te t- t e re s ar g	1 1 1 9 9 4 4	9 9 4 4 4 4	8 2 5

Currency hedging strategy

Purpose is to delay effects of currency fluctuations and secure competitiveness

• • Hedging based on expected EBITA adj. impact 1
• •Base hedge: 75%/50% on a rolling basis for 6/9 months Base hedge: for major currencies
• • Extended hedge: 75%/50% of the next 24/36 months if US Extended hedge: D and EUR are above defined levels EUR; effective rate above 8.50
  • USD; gradually at effective rates between 7.50 and 8.50
• • Contracts²: 100% hedged
• •Balance sheet exposure hedged 100%
• •Net investments in subsidiaries hedged up to 90% of book value in major currencies

	U S D l l i io m n	U S D te ra	E U R l l i io m n	E U R te ra
Q 3- 2 0 1 8	4 0	8. 1 9	2 2	9. 4 6
Q 4- 2 0 1 8	3 8	8. 3 6	2 1	9. 5 4
2 0 1 8	7 8	8. 2 7	4 3	9. 5 0
2 0 1 9	1 1 1	8. 3 4	8 7	9. 6 1
2 0 2 0	3 7	8. 1 4	0 7	9. 8 7
2 0 2 1	1 7	7. 6 6	2 7	1 0. 0 7

Contracted FX hedges with EBITA adj. impact (as of 16.07.18) Hedging effects by segment effects by segment

l l N O K i io m n	Q 2- 1 8	Q 2- 1 7	Y T D- 1 8	Y T D- 1 7
fo Pe r rm an ce he ls C ica m	0	-1 2	2	-1 8
l Sp ia i ty ec l lu lo Ce se	-2	-1 7	0	-2 7
he O t r Bu in s es se s	-4	-6	-5	-1 2
d d Bo Bo rre rre g g aa aa r r	-6 -	-3 5	-3	-5 7

1Hedging done mainly in the Norwegian company

2Strict definition of contracts applied for 100% hedging (mutually binding agreement in which price, currency, volume and time are defined)

Credit facilities, solidity and debt

Long-term credit facilitiesterm credit

• • 1,500 mNOK revolving credit facilities, maturity 2021
• •200 mNOK 5-year bond issue, maturity 2019
• •400 mNOK 5-year bond issue, maturity 2023
• •40 mEUR 10-year loan, maturity 2024
• • 60 mUSD term loan for LT Florida, tenor 8.5 years from completion

Short-term credit facilities term credit facilities

•225 mNOK overdraft facilities

Solidity (covenants)

• • Equity ratio156.5% (> 25%)
• • Leverage ratio1LTM 1.25 (< 3.25)

Non-GAAP measures

In the discussion of the reported operating results, financial position and cash flows, Borregaard refers to certain measureswhich are not defined by generally accepted accounting principles (GAAP) such as IFRS. Borregaard management makes regular use of these non-GAAP measures and is of the opinion that this information, along with comparable GAAP measures, is useful to investors who wish to evaluate the company's operating performance, ability to repay debt and capability to pursue new business opportunities. Such non-GAAP measures should not be viewed in isolation or as an alternative to the equivalent GAAP measure.

• • Cash flow from operations:
• •Cash flow from operating activities (IFRS) + tax paid +/- net financial items +/- dividend (share of profit) from JV.
• • EBITA adjusted (EBITA adj.)
• •Operating profit before amortisation and other income and expenses.
• • EBITA adj. margin
• •EBITA adj. divided by operating revenues
• • EBITDA adjusted (EBITDA adj.)
• •Operating profit before depreciation, amortisation and other income and expenses.
• • Equity ratio
• •Equity (including non-controlling interests) divided by equity and liabilities.
• • Expansion investments
• • Investments made in order to expand production capacity, produce new products or to improve the performance of existing products. Such investments include business acquisitions, pilot plants, capitalised R&D costs and new distribution set-ups.
• • Other income and expenses
• • Non-recurring items or items related to other periods or to a discontinued business or activity. These items are not viewed as reliable indicators of future earnings based on the business areas' normal operations. These items will be included in the Group's operating profit.
• • Leverage ratio
• •Net interest-bearing debt divided by last twelve months' (LTM) EBITDA adj.
• • Net interest-bearing debt (NIBD)
• •Interest-bearing liabilities minus interest-bearing assets (see slide 26)
• • Return on capital employed (ROCE)
• • Last twelve months' (LTM) EBITA adj. divided by average capital employed based on the ending balance of the last five quarters. Capital employed is defined by Borregaard as the total of net working capital, intangible assets, property, plant and equipment and investment in joint venture minus net pension liabilities.

Important notice

This presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated ('relevant persons'). Any person who is not a relevant person should not act or rely on this presentation or any of its contents.

This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in any company within the Borregaard Group. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions.

This presentation includes and is based, inter alia, on forward-looking information and contains statements regarding the future in connection with the Borregaard Group's growth initiatives, profit figures, outlook, strategies and objectives. All forward-looking information and statements in this presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for the Borregaard Group and its lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions.

Important factors may lead to actual profits, results and developments deviating substantially from what has been expressed or implied in such statements. Although Borregaard believes that its expectations and the presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the presentation.

Borregaard is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the presentation, and neither Borregaard nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

This presentation was prepared for the interim results presentation for the second quarter of 2018, held on 17 July 2018. Information contained herein will not be updated. The slides should also be read and considered in connection with the information given orally during the presentation.