Borregaard — Major Shareholding Notification 2015

Oct 23, 2015

Jupiter Asset Management Ltd Notification of holding in Borregaard

Jupiter Asset Management Ltd Notification of holding in Borregaard

Jupiter Asset Management Limited ('Jupiter') wishes to

announce that following a sale of 100,000 shares in

Borregaard ASA ('Borregaard') on 23/10/15 Jupiter

holds a total of 4,982,479 shares in Borregaard which,

based on an issued share capital of 100,000,000

represents 4.98%. The shares are held on behalf of the

following discretionary clients:

Name of Discretionary Number of %of total holding

Client shares held

HIFM European Focus Fund 28,000 0.03

JGF SICAV - Jupiter

European Growth 1,350,000 1.35

Jupiter European Fund 2,404,479 2.40

NMM3-EUEQ-JAM Account 50,000 0.05

Somerset County Council

European Ex-UK 200,000 0.20

Jupiter European

Opp TST plc 950,000 0.95

Totals 4,982,479 4.98

Jupiter does not hold any shares beneficially, but

holds them as an investment manager acting on behalf

of discretionary clients.