Borregaard ASA: Reporting of transactions in Borregaard ASA's shares made by person discharging managerial responsibilities

Borregaard's Board of Directors has issued 30,000 share options in relation to the CEO appointment. Reference is made to stock exchange release on 23 May 2025.

The options will expire after five years (1 August 2030) and may be exercised in the last two years. The strike price of the options is NOK 219.31, based on the volume-weighted average share price (VWAP) over the last three trading days in July 2025 (29, 30 and 31 July), plus a 10% premium. The strike price will be adjusted for dividends and other equity transactions.

The maximum annual gain is limited to twice the annual base salary for the CEO. At least 50% of the proceeds after tax must be used to purchase shares in the company, and the purchased shares will be locked for a period of three years. The CEO is expected to acquire shares until his shareholdings equal twice the base salary.

The primary insider granted stock options has the following holdings of options and shares in Borregaard after the new share options were issued (new options in parenthesis):

Tom Erik Foss-Jacobsen holds 108,000 options (30,000) and owns 31,274 shares.

Please see the attached notifications for persons discharging managerial responsibilities in Borregaard in accordance with Regulation EU 596/2014 (MAR) article 19.

The total number of outstanding share options is now 1,480,000, equivalent to 1.48% of the number of shares (including 272,448 treasury shares) in Borregaard.

Contact:

Chief Financial Officer, Per Bjarne Lyngstad,  515

This information is subject to the disclosure requirements pursuant to Section 3-1 of the Norwegian Securities Trading Act, cf. Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) Article 19.

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