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

14 February 2022 Borregaard ASA ("Borregaard", OSE ticker: BRG) Reference is made to the stock exchange notice of 7 February 2022 regarding the shares to employees programme. The share price was fixed at NOK 152.50, after deduction of the 25% discount from the volume weighted average market price on 11 February 2022. In connection with this programme, the following primary insiders have bought shares: Per A. Sørlie, President & CEO has bought 413 shares. Following this transaction Per A. Sørlie owns 164,312 shares and holds 205,000 stock options in Borregaard. Per Bjarne Lyngstad, Chief Financial Officer (CFO), bought 413 shares. Following this transaction, Per Bjarne Lyngstad owns 60,915 shares and holds 66,136 stock options in Borregaard. Tom Erik Foss-Jacobsen, Executive Vice President (EVP), bought 413 shares. Following this transaction Tom Erik Foss-Jacobsen owns 29,734 shares and holds 78,350 stock options in Borregaard. Dag Arthur Aasbø, Senior Vice President (SVP), bought 413 shares. Following this transaction Dag Arthur Aasbø owns 54,715 shares and holds 50,000 stock options in Borregaard. Ole Gunnar Jakobsen, Plant Director, Sarpsborg Site, bought 413 shares. Following this transaction Ole Gunnar Jakobsen owns 32,482 shares and holds 61,425 stock options in Borregaard. Rolf Sveinung Heggen, General Counsel, bought 413 shares. Following this transaction Rolf Sveinung Heggen and related parties own 24,823 shares and holds 51,700 stock options in Borregaard. Liv Longva, Senior Vice President (SVP), bought 413 shares. Following this transaction Liv Longva owns 11,398 shares and holds 38,000 stock options in Borregaard. Kristin Misund, Senior Vice President (SVP), bought 413 shares. Following this transaction Kristin Misund owns 70,223 shares and holds 23,000 stock options in Borregaard. Arundel Kristiansen, employee elected member of the board of Borregaard ASA, bought 413 shares. Following this transaction Arundel Kristiansen owns 906 shares in Borregaard. Roy Kåre Appelgren, observer of the board of Borregaard ASA, bought 413 shares. Following this transaction Roy Kåre Appelgren owns 1,911 shares in Borregaard. Please see attached notifications for persons discharging managerial responsibilities in Borregaard in accordance with Regulation EU 596/2014 (MAR) article 19. Contact: Lotte Kvinlaug, Investor Relations Officer, +47 922 86 909 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.