Borregaard

Borregaard ASA: Changes in business segments and financial reporting

Borregaard has made changes to the Group's segment reporting and the composition

of the business areas in order to better align with value chains in production

and internal reporting structures.

All lignin-based products, including biovanillin, have been organised under one

management in BioSolutions. The new segment consists of the previous Performance

Chemicals and the Ingredients part of Other Businesses.

BioMaterials consist of products utilising wood fibres as the main raw material,

and includes the speciality cellulose and cellulose fibrils businesses.

Fine Chemicals includes pharma intermediates (mainly used for diagnostics) and

bioethanol (mainly for biofuel).

Corporate overhead and certain other costs that previously have been reported

under Other Businesses, have been allocated to the three business segments.

Segment performance, which previously has been measured based on EBITA¹, will

primarily be measured based on EBITDA².

Restated figures reflecting the changes for 2015 to 2019 are attached.

1 EBITA is defined by Borregaard as operating profit before amortisation and

other income and expenses.

2 EBITDA is defined by Borregaard as operating profit before depreciation,

amortisation and other income and expenses.

Contacts:

Director Investor Relations, Jørn Syvertsen, +47 958 36 335

CFO Per Bjarne Lyngstad, CFO, +47 952 44 515

This information is subject to the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act.

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