BRG Bluerock Residential Growth REIT Inc

Borregaard's operating revenues were NOK 1,089 million (NOK 1,102 million)¹ in the 3^rd quarter of 2017. EBITA adj.² was NOK 197 million (NOK 216 million). Speciality Cellulose and Other Businesses improved their result compared with the corresponding quarter of last year, whereas Performance Chemicals had a decline. Net currency impact for the Group, including hedging effects, was negligible. Depreciation, raw material and chemicals costs increased.

In Performance Chemicals, effects of reallocation in response to challenging construction markets in some regions and higher fixed costs were the main reasons for the lower result. The improved result in Speciality Cellulose was mainly due to increased sales prices, while higher sales and better product mix in Fine Chemicals contributed to the improved EBITA adj. in Other Businesses.

Profit before tax was NOK 190 million (NOK 205 million). Earnings per share were NOK 1.47 (NOK 1.57).

-  Performance Chemicals' result was affected by the challenging construction market in some regions. However, we are pleased to note that the positive development continued for lignin specialities, Speciality Cellulose and Other Businesses, 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 amortisation and other income and expenses

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

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