Borregaard

Transaction in Own Shares • May 22, 2018

Borregaard : Mandatory notification of trade - stock options, repurchase of own shares

Borregaard : Mandatory notification of trade - stock options, repurchase of own shares

On 22 May 2018, 15,000 stock options were exercised at a strike price of NOK

41.00 per share.

In a related transaction, Borregaard repurchased 12,867 own shares at an average

price of NOK 87.718 per share. The repurchase is conducted in accordance with a

proxy given at the Ordinary General Meeting held on 12 April 2018.

The total number of outstanding Borregaard stock options following today's

transactions is 1,674,000. Borregaard owns 472,631 treasury shares representing

0.47% of total shares outstanding.

Borregaard ASA

Sarpsborg, 22 May 2018

This information is subject to the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act.