Borregaard — M&A Activity 2015

Nov 3, 2015

Borregaard: Flambeau lignin business acquisition completed

Borregaard: Flambeau lignin business acquisition completed

Reference is made to the stock exchange notice of 21 October 2015 regarding

Borregaard's acquisition of Flambeau River Papers' lignin business at Park

Falls, Wisconsin, USA. The agreement has been closed, and the business will be

reported as part of LignoTech USA (a 100% owned Borregaard subsidiary based in

Rothschild, Wisconsin) with effect from 22 October 2015.

Contact:

Director Investor Relations Jørn Syvertsen, +47 958 36 335

This information is subject to the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act.

[HUG#1963601]