Atlantic Sapphire

Share Issue/Capital Change • May 23, 2023

Atlantic Sapphire ASA: Grant of Share Options – Primary Insider Notification

Atlantic Sapphire ASA: Grant of Share Options – Primary Insider Notification

Miami, FL, May 23, 2023

Reference is made to the stock exchange announcement published earlier today on the conclusion of the 2023 AGM and the resolution by the shareholders of Atlantic Sapphire ASA (the “Company”) to grant 14,000,000 share options to primary insider and CEO of Atlantic Sapphire USA LLC, Johan E. Andreassen, and grant 2,800,000 share options to primary insider and CFO of Atlantic Sapphire USA LLC, Karl Øystein Øyehaug.

Further information with regards to the allocations is included in the attached notification forms. The terms of the share option grants, including strike prices and vesting conditions, are described in the minutes of the 2023 AGM.

Following the grant of the share options and voiding of the 1,000,000 options that had previously been granted to Mr. Andreassen, he now holds a total of 6,287,442 shares in the Company and 14,111,188 stock options.

Following the grant of the share options, Mr. Øyehaug holds a total of 29,850 shares and 2,828,860 share options.

For further information, please contact:

Johan E. Andreassen

Chief Executive Officer, Atlantic Sapphire USA LLC

Karl Øystein Øyehaug

Chief Financial Officer, Atlantic Sapphire USA LLC

investorrelations@atlanticsapphire.com

This information is subject to the disclosure requirements pursuant to the Market Abuse Regulation art. 19 and the Norwegian Securities Trading Act section 5-12.

About Atlantic Sapphire ASA

Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming, locally, and transforming protein production, globally. Atlantic Sapphire has been operating its innovation center in Denmark since 2011 with a strong focus on R&D and innovation to equip the Company with the technology and procedures that enable the Company to commercially scale up production in end markets close to the consumer. 

In the US, the Company has identified and obtained the requisite permits to construct its Bluehouse® in the ideal location in Homestead, Florida, just south of Miami. The Company has completed Phase 1 construction, which provides the capacity to harvest approximately 10,000 tons (HOG) of salmon annually. The Company completed its first commercial harvest in the US in September 2020. Atlantic Sapphire is currently constructing its Phase 2 expansion, which will bring total annual production capacity to 25,000 tons, and has a long-term targeted harvest volume of 220,000 tons.