Andfjord Salmon

Investor Presentation • Jun 13, 2023

CAPITAL MARKETS UPDATE

AGENDA

JUNE 2023

Operational update and build-out plans

Financing plans

Christian Torgersen Operations Manager

Operational experiences from first pool

Christine Thommassen Fish Health Manager

Biological highlights and learning from first pool

Jostein Nilssen Project Director

Technical details of the next build-out stage at Kvalnes. How and why

SERVED WITH A CLEAR CONSCIENCE

AGENDA

JUNE 2023

Operational update and build-out plans

Financing plans

Christian Torgersen Operations Manager

Operational experiences from first pool

Christine Thommassen Fish Health Manager

Biological highlights and learning from first pool

Jostein Nilssen Project Director

Technical details of the next build-out stage at Kvalnes. How and why

CONTENTS

• INTRODUCTION AND KEY OPERATIONAL UPDATES
• Financial update and details of build-out plan
• Concept and technology description
• Operational experiences from first cycle of production
• Biology in focus
• Technical details of expansion plan

ANDFJORD SALMON HIGHLIGHTS

JUNE 2023

Land-based salmon farming using flowthrough technology with proven performance

Optimally positioned to capitalize on the highly attractive salmon market dynamics

First year of operations show excellent biological results with very strong growth and survival rates

Ready to grow production to 19,000 tons in the near term,

gradually increasing to 90,000 tons as long-term target

Secured commitment for NOK 700m in construction loan combined with planned NOK 125m leasing facility, expected to finance debt portion of next step at Kvalnes

ENDLESS ACCESS TO FRESH SEAWATER

JUNE 2023

• Three sites located at Andøya, Norway
• Kvalnes site already in operation and set for further expansion
• Unique location with access to natural tempered oxygen-rich seawater from the Gulf Stream and no nearby conventional farmers
• • Andfjord's flow-through system combines the best of two worlds, essentially bringing the ocean to land
• Clean seawater (below lice belt)

flows almost effortlessly to shore

• Flow of seawater into the pools allows Atlantic salmon to thrive in its natural habitat – under strict quality control
• Water is changed 15-17 times per day 8

PRODUCTION POTENTIAL OF 90,000 TONS

• Land secured on Andøya, by purchase or purchase options, to increase the total annual production volume to ~90,000t (HOG)
• Kvalnes I: License for 10,000t MAB (expected 19,000t HOG) secured licensing process for further expansion initiated
• Breivik zoning plan approved by Andøy Municipality Council in June 2022
• Zoning plan application for Fiskenes in process with Andøy Municipality

LAND-BASED FARMING NEEDED TO BRIDGE THE GAP BETWEEN SUPPLY AND DEMAND

• The global Atlantic salmon market adds up to USD 24bn p.a., with strong macro trends driving the demand for Atlantic and Norwegian salmon
• Strong secular trends such as population growth, a growing middle class and consumer preferences (health and environment) are fueling the demand for salmon
• Conventional supply is constrained by e.g., salmon lice, diseases and public opposition and stricter governmental regulations.
• Attractive supply/demand dynamics in the salmon market going forward, with global demand expected to grow 6.0% p.a. to 2023, while estimated global supply growth of conventional farming is 3.5%, leaving a significant supply gap to be covered by landbased initiatives and new production methods

Global market demand (million tons WFE) and price (NOK/kg)

STEEP GROWTH RATES FROM CURRENT PRODUCTION CYCLE

JUNE 2023

Note: 1) Estimated weight Source: Andfjord Salmon, Skretting

OUTSTANDING BIOLOGICAL PERFORMANCE

JUNE 2023

Excellent biology proven with very high survival rate in Andfjord's first pool1

2022 2023

ESG IS A KEY FOCUS FOR ANDFJORD SALMON

Strong focus on sustainability and environment in all activities Committed to the UN Sustainable Development Goals

Low carbon footprint

• Andfjord Salmon's technology avoids sea lice, eliminates all escapes and protects life below water
• Strong focus on sustainable production to achieve very low environmental footprint

Ambition to develop the world's most fish friendly and sustainable aquaculture facility of its kind

• Fish health and welfare, such as protecting the fish from unnecessary stress and impact, are at the core of Andfjord Salmon's innovation
• Strategic feed supply agreement with Skretting, which has developed a feed that is specifically tailored to Andfjord Salmon's flow-through system to ensure optimal water quality, fish welfare and growth conditions
• Industry-leading survival rate of 97.8% is a testament to the technology

Recycling of fish sludge

• Fish slugde is currently used for biogas production
• Fish sludge project for an Antec biogas reactor that will be used by researchers at NMBU and NIBIO to develop an optimal bacterial culture and bioreactor process to produce biogas

Part of the EU-funded project RESIST

• Andfjord took part in RESIST, a five-year EU-funded project coordinated by SINTEF in collaboration with INOVA+, which supports four demonstrator regions and eight twin regions across the EU in their efforts to build resilience against the impacts of climate change

• Health and safety of our employees and suppliers is the highest priority everywhere and in all our activities
• Our goal is to have zero work-related injuries
• Andfjord Salmon aims to create value for the region of which we are a part of. We strongly contribute to innovation, research and competence enhancement
• Research and development are key parts of Andfjord Salmon's innovative power
• Employees and business partners are required to conduct business in accordance with the company's ethical guidelines, and we have established professional systems of accountability, oversight and control
• Andfjord Salmon aims to have the highest biosecurity to prevent contagious fish diseases and sea lice. The Andfjord Salmon farming process also prevents toxic algae
• The flow-through technology and the low density in the tanks provides the best possible fish welfare

Annual ESG reporting

LOCATED IN A SEAFOOD CLUSTER WITH UNPARALLELLED EXPERTISE

Map of commercial farming sites close to Andfjord Salmon

• Kvalnes is located on the east side of Andøya with no other traditional farming site with close proximity (favourable in terms of discharge and intake)
• The closest farming site is ~21km south east across Andfjorden
• The currents in Andfjorden ensures that the water that flows into the facilities is clean, fresh and pristine
• The location is also expected to enable Andfjord Salmon to utilise the salmon farming infrastructure and competence that is established in the area

Value chain partners for first harvest

Build-out plan utilises existing infrastructure to keep capex down while enabling increased production volumes

• Examples of shared infrastructure include waterways and harbour area

Flow-through technology creates the salmon's natural habitat on land

• 100% flow-through of oxygen-rich, clean seawater from the Gulf Stream
• No lifting, heating or cooling of water result in low energy costs
• Strong sustainability angle (and value) from potential recycling of bio waste

Biosecurity in strong focus

• No problem with salmon lice or poisonous algae
• Natural escape prevention
• Oxygen-rich, clean Arctic seawater
• Each pool designed as individual biozones
• No nearby conventional salmon farmers

Total production potential at Kvalnes: 40,000t HOG

Construction start in 2023-2025: +18,000 tons +4,000 tons license expansion

Construction start in 2027: +12,000 tons (exact location to be decided)

1 2 3

5

CONTENTS

• Introduction and key operational updates
• FINANCIAL UPDATE AND DETAILS OF BUILD-OUT PLAN
• Concept and technology description
• Operational experiences from first cycle of production
• Biology in focus
• Technical details of expansion plan

BANK FACILITY IN PLACE FOR NEXT EXPANSION STEP AT KVALNES

• Andfjord Salmon has secured a commitment for a NOK 700 million bank loan for the construction of the next expansion step at Kvalnes
• The commitment is secured from SpareBank 1 Nord-Norge and bank alliance partners, including Eksfin
• The loan represents a major step in the further expansion of Andfjord Salmon based on excellent biological and operational results from the company's first pool
• In addition to the bank loan, the company's investment budget includes a planned leasing facility of at least NOK 125 million
• Further and in addition, the currently outstanding NOK ~75m loan is to be refinanced and replaced
• Financing of working capital is also separately included in the debt package and is intended to be sized and timed in accordance with the next production cycle
• Flexibility on timing of full financing and construction start

SECURED COMMITMENT FOR LOAN TO FINANCE DEBT PORTION OF NEXT STEP AT KVALNES

DEBT FUNDING PLAN FOR NEXT EXPANSION STEP AT KVALNES

JUNE 2023

KEY TERMS OF THE BANK FACILITY

• Construction loan of NOK 700 million for production capacity increase at Kvalnes, with attractive terms including 24 months amortization holiday after estimated production start
• Such construction loan combined with the NOK 75m existing financing will be converted into a term loan of NOK 775m upon production start in 2025
• Overdraft facility related to working capital financing of NOK 20m which can be increased up to NOK 120m (uncommitted at this stage)
• Allowance for up to NOK 125m of new finance lease funding for equipment
• Utilization of the construction loan is subject to subject to customary conditions, including fully financed status

STRONG SUPPORT FOR FURTHER FINANCING

- Andfjord is finalizing key construction contracts and maintains the flexibility on evaluation of funding options for the equity portion of the financing

• Key shareholders Jeronimo Martins (multinational food distribution major) and Eidsfjord Sjøfarm (conventional salmon farmer), both represented on the Company's board, have signaled that they intend to significantly increase ownership and are expected to cover the majority of a potential equity component

SCALE-UP TAILORED FOR CAPITAL EFFICIENCY

JUNE 2023

• All future expansions (step 2 and out) expected to be financed by mix of debt and cash flow
• Significant shared infrastructure across stages
• Highly competitive blended capex for Kvalnes of NOK 114/kg (including substantial buffers)

• Large part of investments towards shared infrastructure for full Kvalnes site

• Terms agreed and aligned with reputable construction partners (shared up-and downside for cost misses)

Note: Stated capex numbers relate to investments (working capital/biomass, finance and operational costs not included). Estimates only.

Kvalnes build-out plan Uses of capital, Kvalnes phase 1

Stage, Kvalnes	Capex (NOK, est.)	Added production (HOG, est.)	Accum. production (HOG, est.)
Pilot	~ 450m	+1,000t	1,000t
1	Up to 1,650m	+7,000t	8,000t
2	~ 1,100m	+11,000t	19,000t
3 (license expansion)	~ 0m	+4,000t	23,000t
4	~ 280m	+5,000t	28,000t
5	~ 1,100m	+12,000 t	40,000t

In this upcoming step of construction, the Company is planning to establish major infrastructure such as waterways and port area to support 40,000 tons of production at Kvalnes. Together with highly reputable construction partners Hæhre Kruse-Smith and Cflow, a budget of NOK 1,300 million plus a buffer of NOK 350 million has been estimated for the next two years.

PRODUCTION VOLUME OF 40,000 TONS AT KVALNES WITH TOTAL POTENTIAL OF 90,000 TONS

JUNE 2023

• Targeting first harvest of up to 700 tons (HOG) in June/July 2023
• Gradual ramp-up to full capacity of 40,000 tons at Kvalnes, focusing on capital efficiency
• Next step at Kvalnes encompasses 4 new pools, bringing total production capacity to 8,000 tons, followed by further expansion
• Larger interventions and blasting to be taken in this step, meaning that the only required pause in production due to ground works will be in 2024
• Current production license of 19,000 tons (10,000 tons MAB) at Kvalnes, with further license applications to be submitted in accordance with original business plan

Kvalnes build-out plan

Tons HOG Stage, Kvalnes	Added production (HOG, est.)	Accum. production (HOG, est.)
Pilot	+1,000t	1,000t
1	+7,000t	8,000t
2	+11,000t	19,000t
3 (license expansion)	+4,000t	23,000t
4	+5,000t	28,000t
5	+12,000 t	40,000t

Expected total Andfjord production profile by stages (HOG)

LOW PRODUCTION COSTS AND STRONG CASH FLOW GENERATION

JUNE 2023

Note: 1) Official company guidance at full production; 2) Includes energy costs; 3) Industry production costs based on 2021 official statistics, adjusted for observed increased feed costs, industry numbers per 2021 converted from WFE to HOG at 0.9 ratio; Live to HOG at 0.84 ratio for feed Source: Andfjord Salmon, Skretting, The Norwegian Directorate of Fisheries

• Low mortality
• Industry leading FCR
• Stable and predictable conditions

Sustainability-focused food retailer Jerónimo Martins has signalled to to increase

-

• Jerónimo Martins (JM) has signalled the desire to approxiamtely double its ownership in the event of an equity issuance related to full financing

• JM has previously invested NOK 173.9 million through a directed private placement

About Jerónimo Martins:

• Portugal-based international industry group that operates in food distribution, retail and agribusiness

• Strong focus on minimising emissions from their activities, protecting biological diversity, optimise the use of resources for packaging and minimising and recovering waste

• Ranked the 18th largest food retailer in Europe 5,358 stores, 131,094 employees, and sales of EUR 25.4

-

- billion (2022)

• Founded in 1792, listed on Euronext Lisbon with a market cap of EUR 14.4 billion2

SUPPORTIVE SHAREHOLDER GROUP

JUNE 2023

Jerónimo Martins and Eidsfjord Sjøfarm committed to increasing ownership Shareholders as of 9 June 20231

Top 20 investors Number of shares % Andfjord Holding AS 5,114,525 12.46% Jerónimo Martins 4,323,493 10.53% KG Investment Comp AS 3,241,000 7.90% Skagerak Vekst AS 2,309,999 5.63% OG Invest AS 2,025,838 4.94% Gjersvik Karstein 1,391,384 3.39% DNB Markets (UFI Invest) 1,365,597 3.33% DNB Bank 1,288,700 3.14% Traaseth Property AS 1,236,942 3.01% Verdipapirfondet DNB SMB 1,029,072 2.51% Euro TV AS 942,700 2.30% Sirius AS 885,000 2.16% Pershing LLC 742,409 1.81% Omniverse AS 627,000 1.53% Bliksmark AS 596,800 1.45% Blue Marine Invest AS 578,086 1.41% Okeanos Blue AS 573,503 1.40% Sparebank 1 Markets AS (UFI Invest) 520,951 1.27% Eidsfjord Sjøfarm AS 512,322 1.25% Nutreco International B.V. 505,050 1.23%

Conventional salmon farmer Eidsfjord Sjøfarm to signals strong increased ownership:

• Eidsfjord Sjøfarm (part of Holmøy Maritime) produces around 25,000 tons of salmon annually (2023e) based on conventional licenses in Nordland and Troms

CONTENTS

• Introduction and key operational updates
• Financial update and details of build-out plan
• CONCEPT AND TECHNOLOGY DESCRIPTION
• Operational experiences from first cycle of production
• Biology in focus
• Technical details of expansion plan

69°N ANDØYA VESTERÅLEN NORWAY 69°N ANDØYA VESTERÅLEN NORWAY

ANDØYA – THE HOME OF ATLANTIC SALMON

JUNE 2023

24

OPTIMAL WATER TEMPERATURES

OXYGEN-RICH AND CLEAN ARCTIC SEAWATER

LOW ENERGY COSTS. NO LIFTING, HEATING OR COOLING

THE BEST OF TWO WORLDS

3 BENEFITS FROM SEA BASED NET–PEN FARMING 3 BENEFITS FROM LAND BASED FARMING

1

2

3

NO PROBLEMS WITH SALMON LICE AND POISONOUS ALGAE 1

NATURAL ESCAPE PREVENTION 2

COLLECTION AND RECYCLING BIO WASTE = COMMERCIAL VALUE 3

THE FLOW-THROUGH SYSTEM

Andfjord Salmon utilises a technology adapted to our natural advantage of being located close to the Gulf Stream.

JUNE 2023

26

FLOW–THROUGH: SIMPLER THAN RAS

Litt dårlig oppløsning på bilde. Annet alternativ?

PUSH VS LIFT

30

PROOF OF CONCEPT: LOW ENERGY CONSUMPTION

JUNE 2023

Energy consumption as estimated Industry-leading energy efficiency

Egga 3.000 mbsl

LAUNCH OF CALANUS®PLUS BY ANDFJORD SALMON

EXCELLENT GROWTH AND FEED CONVERSION RATE

OPERATIONAL HIGHLIGHTS

JUNE 2023

INDEPENDENT REPORT CONFIRMS STRONG BIOLOGICAL CONDITIONS

LOW ENERGY CONSUMPTION AND COSTS

Growth 40% ahead of original schedule, which was based on reference growth tables

Accumulated feed conversion rate of 0.96*

Industry-leading energy efficiency: Run-rate of 1 kWh per kilo produced salmon.

Research report by Nofima (Norwegian Institute of Food, Fisheries and Aquaculture Research) confirms favourable pool conditions and good fish health and welfare

INDUSTRY-LEADING SURVIVAL RATE

Survival rate of 97.8% per 24 May, after 11 months in the pool

Specially designed salmon feed, with Calanus Finmarchicus. Contributor to good fish appetite, growth and healthy biological conditions in pool

BUILDING THE WORLD'S MOST FISH-FRIENDLY AND SUSTAINABLE SALMON FARMING FACILITY OF ISKIND

OUR MISSION

FISHFARMING WITH A CLEAR CONSCIENCE

69°N ANDØYA VESTERALEN NORWAY

BREAK

CONTENTS

• Introduction and key operational updates
• Financial update and details of build-out plan
• Concept and technology description
• OPERATIONAL EXPERIENCES FROM FIRST CYCLE OF PRODUCTION
• Biology in focus
• Technical details of expansion plan

AGENDA

JUNE 2023

Operational update and build-out plans

Financing plans

Christian Torgersen Operations Manager

Operational experiences from first pool

Christine Thommassen Fish Health Manager

Biological highlights and learning from first pool

Jostein Nilssen Project Director

Technical details of the next build-out stage at Kvalnes. How and why

STEEP GROWTH RATES FROM CURRENT PRODUCTION CYCLE

JUNE 2023

Note: 1) Estimated weight Source: Andfjord Salmon, Skretting

OUTSTANDING BIOLOGICAL PERFORMANCE

JUNE 2023

Excellent biology proven with very high survival rate in Andfjord's first pool1

2022 2023

FEED CONVERSION RATE (FCR) = 0.96

EXCELLENT PERFORMANCE (RGI)

CONTENTS

• Introduction and key operational updates
• Financial update and details of build-out plan
• Concept and technology description
• Operational experiences from first cycle of production
• BIOLOGY IN FOCUS
• Technical details of expansion plan

AGENDA

JUNE 2023

Operational update and build-out plans

Bjarne Martinsen CFO

Financing plans

Christian Torgersen Operations Manager

Operational experiences from first pool

Christine Thommassen Fish Health Manager

Biological highlights and learning from first pool

Jostein Nilssen Project Director

Technical details of the next build-out stage at Kvalnes. How and why

«I have worked as an aquatic veterinarian for over 30 years, and Andfjord Salmon is the best farmed salmon I have ever worked with»

HOST: Healthy and robust salmon

ENVIRONMENT: Enough good quality water

INFECTION: No diseasecausing infectious agents

INTERACTION OF FACTORS AFFECTING FISH HEALTH AND WELFARE

STATUS FISH HEALTH

JUNE 2023

Grad 0 Grad 1 Grad 2 Grad 3 Grad 4 Grad 5 Grad 6

RESEARCH REPORT

• Written by the Norwegian food research institute Nofima
• Based on first six months of operation of first pool
• Extensive examination of physical and biological factors

NOFIMA REPORT CONFIRMS HEALTHY BIOLOGICAL CONDITIONS

JUNE 2023

"Water current speeds, whilst low, have not manifested in poor water quality and seems to be increased by fish presence in system."

"Water temperature is somewhat more stable than what would be expected at corresponding depths in open cages."

"The low natural water temperatures the fish have been subjected to over the autumn/early winter have currently not manifested in any welfare or performance risks, or risks for e.g. winter ulcers."

"Mortalities have been very low in the rearing system."

"Appetite has generally been good in the first six months of the project and growth performance and condition factor have been good."

"The growth…has been higher throughout the period than that indicated for fish in this weight and temperature range (4 to 14°C) by reference growth tables. It is also in the upper range of values reported in several previous studies, overall."

POOL CONDITIONS FISH HEALTH AND WELFARE GROWTH

"Overall, the welfare of the fish in the system for the first six months of the documentation project has been good in relation to e.g. the Laksvel scoring scheme for input and outcome based indicators for salmon."

MONTHLY FISH HEALTH EXAMINATIONS BY ÅKERBLÅ CONFIRMS:

• Good skin quality
• No winter ulcer issues
• Good gill health
• Low pathogen pressure

CONTENTS

• Introduction and key operational updates
• Financial update and details of build-out plan
• Concept and technology description
• Operational experiences from first cycle of production
• Biology in focus
• TECHNICAL DETAILS OF EXPANSION PLAN

AGENDA

JUNE 2023

Operational update and build-out plans

Bjarne Martinsen CFO

Financing plans

Christian Torgersen Operations Manager

Operational experiences from first pool

Christine Thommassen Fish Health Manager

Biological highlights and learning from first pool

Jostein Nilssen Project Director

Technical details of the next build-out stage at Kvalnes. How and why

«I have worked as Offshore Installation Manager (Plattformsjef) at Ekofisk and Project Manager for several major turnarounds (revisjonsstanser) at Ekofisk and internationally»

DEVELOPMENT

PHASE I:

• PILOT POOL K0
• ADMINISTRATION BUILDING

PHASE II:

• 12 POOLS
• INFRASTRUCTURE / SUPPORT SYSTEMS
• PORT
• WATERWAYS

PHASE III:

• 4 SMALL POOLS

COORDINATION, PLANNING & IMPLEMENTATION

PHASE 2 – ORGANISATIONAL STRUCTURE OF BUILD-OUT

Build-out plan utilises existing infrastructure to keep capex down while enabling increased production volumes

• Examples of shared infrastructure include waterways, tunnels and harbour area

Flow-through technology creates the salmon's natural habitat on land

• 100% flow-through of oxygen-rich, clean seawater from the Gulf Stream
• No lifting, heating or cooling of water result in low energy costs
• Strong sustainability angle (and value) from potential recycling of bio waste

Biosecurity in strong focus

• No problems with salmon lice or poisonous algae
• Natural escape prevention
• Oxygen-rich, clean Arctic seawater
• Each pool designed as individual biozones
• No nearby conventional salmon farmers

Total production potential at Kvalnes: 40,000t HOG

Construction start in 2023-2025: +18,000 tons +4,000 tons license expansion

Construction start in 2027: +12,000 tons (exact location to be decided)

1 2 3

5

The timeline and production capacity figures are estimates based on the current build-out plan

58

ENJOY WITH A CLEAR CONSCIENCE

DISCLAIMER

JUNE 2023

IMPORTANT INFORMATION

This presentation (the "Presentation") has been produced by Andfjord Salmon AS (the "Company") solely for information purposes. By reading the Presentation slides or by otherwise receiving this Presentation or the information contained herein, you agree to be bound by the following terms, conditions, and limitations:

This Presentation does not constitute an offer to sell or a solicitation of an offer to buy, or a recommendation regarding, any securities of the Company. Any failure to comply with the restrictions set out herein may constitute a violation of applicable securities laws or other regulations. No representation, warranty or undertaking, express or implied, is made by the Company, its affiliates or representatives as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. Neither the Company nor any of its affiliates or representatives shall have any responsibility or liability for any loss arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation.

This Presentation speaks as of the date hereof. All information in this Presentation is subject to updating, revision, verification, correction, completion, amendment and may change materially and without notice. None of the Company, its affiliates or representatives undertake any obligation to provide the recipient with access to any additional information or to update this Presentation or any information or to correct any inaccuracies in any such information. The information contained in this Presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect developments that may occur after the date of this Presentation. These materials do not purport to contain a complete description of the Company or the market(s) in which the Company operates. The contents of this Presentation are not to be construed as financial, legal, business, investment, tax or other professional advice. Each recipient should make its own independent assessment of the information in the Presentation and should take its own professional advice in relation thereto.

This Presentation contains forward-looking information and statements relating to the business, financial performance, and results of the Company and/or industry and markets in which it operates. Forwardlooking statements are statements that are not historical facts and may be identified by words such as "aims", "anticipates", "believes", "estimates", "expects", "foresees", "intends", "plans", "predicts", "projects", "targets", and similar expressions. Such forward-looking statements are based on current expectations, estimates and projections, reflect current views with respect to future events, and are subject to risks, uncertainties, and assumptions. Forward-looking statements are not guarantees of future performance and risks, uncertainties and other important factors could cause the actual results of operations, financial condition and liquidity of the Company or the industry to differ materially from the results expressed or implied in this Presentation by such forward-looking statements. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved, and you are cautioned not to place any undue influence on any forward-looking statement.

This Presentation, and the information contained herein, does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities of the Company and nothing contained herein shall form the basis of any contract or commitment whatsoever. This Presentation is not a prospectus and has not been reviewed or approved by any regulatory authority, stock exchange or market place. The distribution of this Presentation or other documentation into jurisdictions other than Norway may be restricted by law. Persons into whose possession this Presentation comes should inform themselves about and observe any such restrictions.

This Presentation is subject to and governed by Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo District Court as exclusive legal venue.

ANDFJORD SALMON AS KVALNES, ANDØYA, NORWAY

ANDFJORDSALMON.COM ANDFJORD.NO

POST@ANDFJORD.NO

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