Borregaard - Major Shareholding Notification 2015

Disclosure of shareholdings

Jupiter Asset Management Limited ('Jupiter') wishes

to announce that following a purchase of 100,000

shares in Borregaard ASA ('Borregaard') on 04/02/15

Jupiter holds a total of 5,067,032 shares in

Borregaard which, based on an issued share capital of

100,000,000 represents 5.06%. The shares are held on

behalf of the following discretionary clients:

Name of Number of % of total

Discretionary Client shares held holding

HIFM European

Focus Fund 28,000 0.03

JGF SICAV -

Jupiter European Growth 1,250,000 1.25

JGF SICAV - Jupiter

Strategic Total Return 72,000 0.07

Jupiter European Fund 1,823,032 1.82

Jupiter European Opp

TST plc 1,500,000 1.50

NMM3-EUEQ-JAM Account 100,000 0.10

Somerset County Council

European Ex-UK 200,000 0.20

Jupiter Strategic

Reserve Fund 94,000 0.09

Totals 5,067,032 5.06

Jupiter does not hold any shares beneficially, but

holds them as an investment manager acting on behalf

of discretionary clients.

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