BRG Bluerock Residential Growth REIT Inc

Borregaard's 4^th quarter results

Borregaard's operating revenues reached NOK 1,110 million (NOK 1,034 million)¹ in the 4^th quarter of 2016. EBITA adjusted² increased to NOK 160 million (NOK 101 million). Compared with the 4^th quarter of 2015, all business areas improved their EBITA adjusted. Currency contributed to higher results.

Performance Chemicals increased EBITA adjusted, mainly due to positive currency effects and an improved product mix. Weaker demand and increased price competition in the construction sector were offset by higher sales of speciality products. The improvement in Speciality Cellulose was mainly due to higher sales volume and currency effects. Other Businesses improved results primarily due to higher sales in the Fine Chemicals business and reduced net Exilva costs.

Profit before tax was NOK 151 million (NOK 130 million). Earnings per share in the 4^th quarter increased to NOK 1.23 (NOK 1.08).

Full year 2016
Operating revenues in 2016 reached NOK 4,492 million (NOK 4,164 million). EBITA adjusted increased to NOK 747 million (NOK 497 million), an all-time high result. Profit before tax was NOK 724 million (NOK 506 million). Earnings per share increased by 44% to NOK 5.55 (NOK 3.86).

- We made progress also in the 4^th quarter of 2016 and are pleased to report increased sales of high-value products, says President and CEO Per A. Sørlie.

Contacts:
Director Investor Relations, Jørn Syvertsen, +47 958 36 335
Communication Manager, Tone Horvei Bredal, +47 924 67 711  

1. Figures in parentheses are for the corresponding period in the preceding year
2. Operating profit before amortization and other income and expenses

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