Borregaard — Share Issue/Capital Change 2017

Feb 17, 2017

Borregaard: Share options issued

Borregaard: Share options issued

17.02.2017: 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 13 April 2016. The

total number of options issued is 364,000.

The options will expire after five years (17 February 2022), and may be

exercised in the last two years. The strike price of the options is NOK 104.11.

It is based on the volume weighted average share price during the first three

trading days after the announcement of the 4(th) quarter 2016 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. In addition, 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 17 February 2017 (new options in

parenthesis):

Per A. Sørlie holds 180,000 options (60,000) and owns 145,990 shares

Morten Harlem holds 106,000 options (21,000) and owns 45,959 shares

Tom Erik Foss-Jacobsen holds 77,000 options (17,000) and owns 35,615 shares

Per Bjarne Lyngstad holds 77,000 options (17,000) and owns 53,596 shares

Tuva Barnholt holds 65,000 options (15,000) and owns 29,168 shares

Sveinung Heggen holds 65,000 options (15,000) and owns together with related

parties 8,084 shares

Ole Gunnar Jakobsen holds 65,000 options (15,000) and owns 28,363 shares

Gisle Løhre Johansen holds 65,000 options (15,000) and owns 20,059 shares

Dag Arthur Aasbø holds 65,000 options (15,000) and owns 44,096 shares

The total number of outstanding share options is now 1,687,380, equivalent to

1.69 % of the number of shares (including 343,380 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.