Disclosure in Borregaard ASA

The mutual funds managed by Nordea Funds Ltd have on May 10th, 2019 reduced
their holdings to 4,945,580.00 shares in Borregaard ASA.

The total number of shares managed by Nordea Funds Ltd constitute the equivalent of
4.94558% of total shares outstanding, crossing the 5% ownership threshold.

The voting rights are equivalent to 5.09500% of the total votes.