Borregaard

Remuneration Information • Feb 6, 2019

Borregaard: Share options issued

Borregaard: Share options issued

06.02.2019: Borregaard ASA ("Borregaard", OSE ticker: BRG)

Borregaard's Board of Directors has decided to issue share options in accordance

with the proxy given by the Annual General Meeting held on 12 April 2018. The

total number of options issued is 400,000.

The options will expire after five years (6 February 2024), and may be exercised

in the last two years. The strike price of the options is NOK 82.35. It is based

on the volume weighted average share price during the first three trading days

after the announcement of the 4(th) quarter 2018 results with an addition of

10%. The strike price will be adjusted for dividend and equity transactions. The

maximum annual gain is limited to twice the annual base salary for the CEO, and

equivalent to the annual base salary for the other option holders. At least 50%

of the proceeds after tax must be used to purchase shares in the Company, and

the purchased shares will be locked for a period of three years. The members of

the Executive Management are expected to acquire shares until their

shareholdings equal their annual base salary, and twice the base salary for the

CEO.

Primary insiders have the following holdings of options and shares in Borregaard

after the new share options were issued on 6 February 2019 (new options in

parenthesis):

Per A. Sørlie holds 300,000 options (60,000) and owns 147,439 shares

Morten Harlem holds 166,000 options (30,000) and owns 47,408 shares

Tom Erik Foss-Jacobsen holds 87,000 options (20,000) and owns 37,064 shares

Per Bjarne Lyngstad holds 117,000 options (20,000) and owns 55,045 shares

Tuva Barnholt holds 95,000 options (15,000) and owns 30,617 shares

Sveinung Heggen holds 95,000 options (15,000) and owns together with related

parties 9,553 shares

Ole Gunnar Jakobsen holds 75,000 options (20,000) and owns 29,812 shares

Gisle Løhre Johansen holds 70,000 options (15,000) and owns 20,708 shares

Dag Arthur Aasbø holds 95,000 options (15,000) and owns 47,545 shares

The total number of outstanding share options is now 1,957,000, equivalent to

1.96 % of the number of shares (including 448,752 treasury shares) in

Borregaard.

Contacts:

Chief Financial Officer, Per Bjarne Lyngstad, mobile +47 952 44 515

Senior Vice President Organisation and Public Affairs, Dag Arthur Aasbø, mobile

+47 918 34 108

This information is subject to the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act.