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

01.03.2023: Borregaard ASA ("Borregaard", OSE ticker: BRG)

Borregaard's Board of Directors has issued share options in accordance with the proxy given by the Annual General Meeting held on 7 April 2022. The total number of options issued is 250,000.

The options will expire after five years (1 March 2028) and may be exercised in the last two years. The strike price of the options is NOK 194.00. It is based on the volume weighted average share price (VWAP) during the first three trading days after the announcement of the 4th quarter 2022 results with an addition of 10%. The strike price will be adjusted for dividend and other equity transactions. The maximum annual gain is limited to twice the annual base salary for the Chief Executive Officer, and the equivalent to the annual base salary for the other option holders. 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 members of the executive management are expected to acquire shares until their shareholdings equal their annual base salary, and twice the base salary for the Chief Executive Officer.

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

Per A. Sørlie holds 170,000 options (40,000) and owns 164,810 shares

Per Bjarne Lyngstad holds 48,000 (10,000) and owns 61,413 shares

Tom Erik Foss-Jacobsen holds 85,000 options (15,000) and owns 30,232 shares

Sveinung Heggen holds 52,500 options (8,000) and owns together with related parties 25,821 shares

Ole Gunnar Jakobsen holds 68,000 options (10,000) and owns 32,980 shares

Gisle Løhre Johansen holds 48,000 options (10,000) and owns 21,974 shares

Kristin Misund holds 37,500 options (8,000) and owns 70,223 shares

Liv Longva holds 37,500 options (8,000) and owns 11,896 shares

Knut-Harald Bakke holds 10,000 options (5,000) and owns 912 shares

Dag Arthur Aasbø holds 37,500 options (8,000) and owns 55,713 shares

Please, see 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 1,212,000, equivalent to 1.21% of the number of shares (including 416,395 treasury shares) in Borregaard.

Contacts:

Chief Financial Officer, Per Bjarne Lyngstad, mobile  515

Senior Vice President Organisation and Public Affairs, Dag Arthur Aasbø, mobile

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.

Attachment