1. The Borregaard Way Corporate Culture and Core Values June 2014

2. Contents Main objective Borregaard in a nutshell Corporate culture Core values Profitable growth Leadership principles

3. Main objective 3 Borregaard shall provide sustainable solutions based on renewable raw materials and unique competence

4. Borregaard in a nutshell Biorefinery with high value creation – Unique business model – Full utilisation of raw materials and production of several co-products – Profitable and sustainable alternatives to petrochemicals Specialisation in global niches – Markets with high barriers to entry – Leading market positions through application knowledge and proximity to markets – Diversified market strategy and global market positions secure maximum flexibility Strong innovation efforts and continuous improvement – Market driven innovation that involves the entire organisation – Continuous productivity improvements through more efficient organisation, competence development and smart use of technology Competence is our main competitive advantage – Our competence sets us apart from our competitors – Combination of competence in sales, marketing, research and production 4

5. Our corporate culture Market-oriented – Good understanding of the business model and customer needs throughout the organisation – Knowledge of the value-in-use of our products – A high share of our employees work in sales and marketing and technical customer service Innovative – Innovation is market-driven and involves collaboration between different parts of the organisation – We use a significant share of our revenues on innovation – We regularly measure our innovation rate Change-oriented – Continuous improvement through technology, skills development and a flexible organisation – Ability to implement changes through good collaboration and strong involvement from employees – We value commitment and initiative from all our employees – We regard the organisation’s diversity as a strength 5

6. Our core values Sustainability – Green chemicals that can replace petrochemicals – Sustainability supported by life-cycle analysis – Focus on EHS across the organisation – Profitability is key to sustainability Long-term perspective – Consistent strategy over time – Long-term perspective on innovation, market development and investments – Competence development through training programmes, organisational development and use of technology Integrity – High credibility through transparency, honesty and predictability – Act responsibly in relation to our stakeholders and exercise corporate responsibility – Demonstrate respect for individuals and different cultures while maintaining our own integrity and adhering to the company's code of conduct 6

7. Profitable growth Good profitability is important for several reasons: −Growth and development of the business −Job security −Attractive investment for the owners −Exercising corporate responsibility Our goal is to deliver good profitability and over time perform better than average compared with our peers in the industry. 7

8. Leadership in Borregaard Leadership in Borregaard focuses on people – Developing people through competence, co-operation and challenges Our leadership behaviour is marked by involvement, recognition and feedback Leadership performance will be assessed on several criteria – Development of people and their competence – Improvement within their area of responsibility – Working environment, team spirit and cooperation – Financial results Leadership is about understanding how value is created at Borregaard 8