Borregaard — Major Shareholding Notification 2017

Dec 28, 2017

Disclosure of large shareholdings

Disclosure of large shareholdings

JPMorgan Asset Management Holdings Inc. ("JPMAMHI") has a notifiable interest in the share capital of Borregaard ASA as a result of purchases by its subsidiary JPMorgan Asset Management (UK) Limited. The total number of shares held by JPMAMHI on 28 December 2017 was 5,043,902 being 5.044% of the issued share capital and voting rights of the company. The notification threshold of 5% was crossed on 28 December 2017.

Number of shares held by JPMorgan Asset Management (UK) Limited: 5,043,902 (5.044%)

CHAIN OF CONTROLLED UNDERTAKINGS

Relationship of JPMorgan Asset Management Holdings Inc. to subsidiaries involved in the disclosure

1. The following hierarchy shows the relationship between JPMorgan Asset Management Holdings Inc. and its subsidiary JPMorgan Asset Management (UK) Limited

JPMorgan Asset Management Holdings Inc.

JPMorgan Asset Management International Limited (100%)

JPMorgan Asset Management Holdings (UK) Limited (100%)

JPMorgan Asset Management (UK) Limited (100%)