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

Today, primary insider Per Sørlie, President & CEO, exercised 60,000 stock options at a strike price of NOK 70.30 per share, and in separate transactions, purchased and sold the same number of shares. The shares are drawn from Borregaard's holdings of treasury shares. Please, see attached notifications for persons discharging managerial responsibilities in Borregaard in accordance with Regulation EU 596/2014 (MAR) article 19. After the transactions, Per Sørlie owns 164,810 shares and holds 130,000 stock options in Borregaard. Today, primary insider Per Bjarne Lyngstad, Chief Financial Officer (CFO), exercised 20,000 stock options at a strike price of NOK 70.30 per share and in separate transactions, purchased and sold the same number of shares. The shares are drawn from Borregaard's holdings of treasury shares. Please, see attached notifications for persons discharging managerial responsibilities in Borregaard in accordance with Regulation EU 596/2014 (MAR) article 19. After the transactions, Per Bjarne Lyngstad owns 61,413 shares and holds 38,000 stock options in Borregaard. Today, primary insider Dag Arthur Aasbø, Senior Vice President (SVP), exercised 13,000 stock options at a strike price of NOK 70.30 per share and in separate transactions, purchased and sold the same number of shares. The shares are drawn from Borregaard's holdings of treasury shares. Please, see attached notifications for persons discharging managerial responsibilities in Borregaard in accordance with Regulation EU 596/2014 (MAR) article 19. After the transactions, Dag Arthur Aasbø owns 55,713 shares and holds 29,500 stock options in Borregaard. The total number of outstanding Borregaard stock options following these transactions is 1,017,000. Borregaard owns 425,076 treasury shares, representing 0.43% of the total number of shares outstanding. Borregaard ASA Sarpsborg, 15 February 2023 Contact: Dag Arthur Aasbø, Senior Vice President, +47 918 34 108 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.