Borregaard - Major Shareholding Notification 2014

Declaration of Holdings Borregaard ASA

We, Schroders Plc, hereby notify you according to

Section 3-2 of the Securities Trading Act that we

have passed below the threshold of 5% of voting

rights in Borregaard ASA with effect of 11 July 2014.

The result is that we now hold 4,964,228 shares which

represent 4.96% of the total number of Borregaard ASA

shares in issue, namely 100,000,000.

This disclosure obligation was triggered by a sale of

105,718 shares by Schroder Investment Management

Limited on 11 July 2014 and a sale of 470,086 shares

by Schroder Investment Management North America

Limited on 11 July 2014

Schroders Plc is the parent company of Schroder

Administration Limited which is the ultimate holding

company for all of Schroders legal entities.

Schroders Plc, as a group are now holding 4.96%

(4,964,228 shares) in Borregaard ASA which is held

across 3 legal entities as per below:

Schroder Investment Management Limited 1.97%

(1,970,528 shares)

Schroder Investment Management North America Limited

2.40% (2,403,700 shares)

Schroder Investment Management Switzerland AG 0.59%

(590,000 shares)

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