Borregaard : general presentation - July 2022

Business model, businesses & strategy

July 2022

Important notice

This presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated ('relevant persons'). Any person who is not a relevant person should not act or rely on this presentation or any of its contents.

This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in any company within the Borregaard Group. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions.

This presentation includes and is based, inter alia, on forward-looking information and contains statements regarding the future in connection with the Borregaard Group's growth initiatives, profit figures, outlook, strategies and objectives. All forward-looking information and statements in this presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for the Borregaard Group and its lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions.

Important factors may lead to actual profits, results and developments deviating substantially from what has been expressed or implied in such statements. Although Borregaard believes that its expectations and the presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the presentation.

Borregaard is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the presentation, and neither Borregaard nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

Information contained herein will not be updated. The slides should also be read and considered in connection with the information given orally during the presentation.

This presentation is subject to Norwegian law, and any dispute arising in respect of this presentation is subject to the exclusive jurisdiction of Norwegian courts.

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Business model & strategy

Borregaard is a global leader in biochemicals

High value added through full raw materials utilisation Borregaard's biochemicals are sustainable and environmentally friendly substitutes for petrochemicals

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Business model & strategy
Operates one of the world's most advanced biorefineries		Integration models:
				Own integrated
				Partner integrated
				Independent
	Integrated production system serving diverse markets	End markets 2021
		Construction	Chemical/
		Construction	Others	Chemicals/other
		26%		32%
		28%
		Agriculture
		Agriculture
		22%		Food &
				pharma
				20%

S P E C I A L I T Y C E L L U L O S E	C E L L U L O S E F I B R I L S		B I O P O L Y M E R S		B I O V A N I L L I N
Construction	Adhesives		Construction		Food and beverages
Filters	Coatings		Animal feed pellets		Fragrances
Inks and coatings	Agriculture		Batteries		Personal care and
Casings	Personal care		Briquetting		cosmetics
Food/pharma/personal care	Home care		Crop protection		Pharmaceuticals
Textiles	Construction		Plant nutrition		Agrochemicals

B I O E T H A N O L

Biofuel Disinfectants Pharmaceutical industry

Home and personal care products Paints and coatings

Car care

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Business model & strategy

Global niche player with a market driven organisation

BioSolutions

(59%¹)

Largest supplier, technology leader in lignin-based biopolymers with global markets, only producer of wood-based vanillin

Sales Asia Chemical/

distribution Construction23% Others (2021)

28%Europe

49%

Agriculture

Americas2

27%

RoW

1%

BioMaterials	Fine Chemicals
(32%¹)	(9%¹)
Leading global speciality cellulose	Leading producer of fine chemical
supplier, pioneer in cellulose fibrils	intermediates for contrast agents, significant
	producer of 2nd generation bioethanol

Market driven organisation

• ~115 FTEs strong sales/technical service organisation
• Dedicated sales force for each business unit
• ~90% of sales handled through own organisation

1) Segment revenue as a % of total revenue 2021

• 2) USA/Canada 21%, rest of Americas 6%