Borregaard

Transaction in Own Shares • May 22, 2018

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

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

On 22 May 2018 primary insider Ole Gunnar Jakobsen, Plant Director, Sarpsborg

Site, exercised 25,000 stock options at a strike price of NOK 41.00 per share.

In a related transaction, Borregaard repurchased 25,000 own shares from Ole

Gunnar Jakobsen 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.

After the transaction, Ole Gunnar Jakobsen owns 29,812 shares and 55,000 stock

options in Borregaard.

The total number of outstanding Borregaard stock options following this

transaction is 1,689,000. Borregaard owns 474,764 treasury shares, representing

0.47% of the total number of 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.