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.