Borregaard — Share Issue/Capital Change 2019

May 3, 2019

Borregaard: Stock options exercised, repurchase of own shares

Borregaard: Stock options exercised, repurchase of own shares

Today 20,000 stock options, granted under Borregaard's option programme, were

exercised at a strike price of NOK 38.75 per share.

In a related transaction, Borregaard repurchased 16,932 own shares at an average

price of NOK 90.60 per share. The repurchase is conducted in accordance with a

proxy given at the Ordinary General Meeting held on 11 April 2019.

After this transaction, the total number of options issued in Borregaard shares

is 1,712,000. Borregaard owns 391,725 treasury shares representing 0.39% of

total shares outstanding.

Borregaard ASA

Sarpsborg, 3 May 2019

This information is subject to the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act.