Atlantic Sapphire

Investor Presentation • Apr 20, 2023

2022 Annual & ESG Report Update

April 20, 2023

IMPORTANT INFORMATION

IMPORTANT INFORMATION

This presentation (the "Presentation") has been produced by Atlantic Sapphire ASA (the "Company") exclusively for information purposes. This Presentation has not been approved, reviewed or registered with any public authority or stock exchange. This Presentation is not a prospectus and does not contain the same level of information as a prospectus. This Presentation is strictly confidential and may not be disclosed, in whole or in part, or summarized or otherwise reproduced, distributed or referred to, in whole or in part, without prior written consent of the Company. To the best of the knowledge of the Company and its Board of Directors, the information contained in this Presentation is in all material respect in accordance with the facts as of the date hereof, and contains no material omissions likely to affect its import.

This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates or intends to operate. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of its subsidiary undertakings or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation to update any forward-looking statements or to conform these forward-looking statements to our actual results. Furthermore, information about past performance given in this Presentation is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its parent or subsidiary undertakings or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. Actual experience may differ, and those differences can be material.

By reviewing this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the businesses of the Company. This Presentation must be read in conjunction with the recent financial reports of the Company and the disclosures therein, as well as other public disclosures made by the Company. The distribution of this Presentation may in certain jurisdictions be restricted by law. Persons in possession of this Presentation are required to inform themselves about, and to observe, any such restrictions. No action has been taken or will be taken in any jurisdiction by the Company that would permit the possession or distribution of this Presentation in any country or jurisdiction where specific action for that purpose is required.

This Presentation does not in itself constitute an offer to sell or form part of, and should not be construed as, an offer or invitation for the sale or subscription of, or a solicitation of an offer to buy or subscribe for, any shares or other securities in any jurisdiction, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any offer, contract, commitment or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of the Company.

This Presentation must be read in conjunction with the stock exchange release to which it is attached.

By reviewing this Presentation, you agree to be bound by the foregoing limitations.

This Presentation speaks as of April 20, 2023. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The Company does not intend, and does not assume any obligation, to update or correct any information included in this Presentation. This Presentation shall be governed by Norwegian law, and any disputes relating to hereto is subject to the sole and exclusive jurisdiction of Norwegian courts, with Oslo District Court as legal venue.

USD ~360m total asset values as of H2 2022¹

Atlantic Sapphire today

• ✓ Listed on the Oslo Stock Exchange fully focused on the US
• ✓ Unique and patented water intake and discharge capabilities
• ✓ Significant investments into construction of Phase 1 facility (~9,500t HOG) and part of Phase 2 infrastructure (~15,000t HOG), mostly made before covid capex cost inflation
• ✓ With current construction costs, replacement value of facility is considerably higher than capex spent
• ✓ Considerable physical asset base including land, groundwater wells, hatchery, smolt facility, 36 grow-out tanks with a total tank volume of ~65,000m³ , harvesting and filleting facility and all necessary supporting infrastructure
• ✓ Extensive proprietary knowledge gained from being a first-mover and building up >10 years of unique grow-out RAS experience
• ✓ Recognized consumer brand and existing offtake

Considerable Upside Versus The Replacement Value Of The Company's Assets

1: As of 31.12.2022, including assets related to current Phase 2 investments (construction in progress)

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Operational Highlights

Upgrades in focus in Q4 2022 and Q1 2023

• As discussed, production was negatively impacted by higher-than-normal mortality
• Focus has been on heavy infrastructure upgrades and operational improvements, requiring feeding and production to be put on hold while work was ongoing
• Setting the stage for a safer production environment and good biomass gain thereafter
• ~2,550t RLW in standing biomass as of Mar 31, 2023
• Steady state² standing biomass of ~4,200t RLW expected mid-year 2023
• Q1 2023 harvest volume of ~400t HOG
• Similar harvest volume expected in Q2 2023

Q4 2022 & Q1 2023 Focus On Making Necessary Infrastructure Improvement To Get To Full Phase 1 Production

1: Biomass gain: Estimated net change in standing biomass in the period, adjusted for actual harvest volumes. Includes any culling or mortality. 2: Steady state: Full capacity utilization of the Phase 1 facility, when annualized biomass gain and harvest volumes are estimated to ~9,500t HOG

Significant Upside on Price Achievement

US price achievement – premium fish (superior,

Higher premium share expected with larger fish sizes

• New customers including a leading, high-end sushi distributor, verifying strong demand and premium quality product, with upside on the Bluehouse premium price
• Average price achievement in H2 2022 was reduced by a high share of small fish harvested
• Tied to the biological challenges in 2022, where fish growth was slower and harvest weights lower
• Expect higher price achievement in H1 2023
• Under stable conditions, ~80-90% of total harvest is expected to be sold at the Bluehouse premium price, raising the average price achievement considerably
• Targeting ~USD 12/kg in average price achievement in H2 2023

Improved Biological Performance And Strong Salmon Market Are Expected To Increase Price Achievement

1: Atlantic Sapphire 'Bluehouse premium' is fresh, superior, ~3kg+ salmon on Return To Farm basis (excluding freight costs). Average price achievement does not include revenues from the sale of frozen inventory and certain by-products.

Highlights of the ESG Report

Selected milestones achieved in 2022

• Scope 1 & 2 GHG emissions
• Reported based on management and supplier estimates for 2022
• Commitment to include Scope 3 reporting in 2023 report
• Transition to renewal energy
• Engaged with Florida Power and Light to plan transition to renewal energy
• Recyclable packaging
• 80% of finished product packed in compostable and recyclable shipping boxes
• Circular economy
• 100% of by-product from fileting operation sold as pet food ingredients
• Feed sustainability
• Maintained FIFO¹ under 1, making us a net marine protein producer
• Healthy protein production
• American heart association "heart check" certified
• Community engagement
• Supported several community initiatives with employee representation

Several Milestones Achieved In 2022, Ambitious Targets Set For 2023 and 2030

1 FIFO: Fish In Fish Out Ratio

2022 Financial Statements

2022 Consolidated Statement of Operations

• Total US harvest volume of 2,253t HOG in 2022, up 26% from 1,788t HOG in 2021
• Indirect production costs expensed through cost of materials for underutilized capacity flat Y/Y at ~USD 16m
• ~USD 2m in extraordinary temporary labor cost in Q4 2022 tied to the infrastructure upgrades and biofilter "resets"
• Reduction in other operating expenses Y/Y driven by lower temporary chiller costs of USD 5.9m (2021: USD 11.0m)
• USD 25.3m reversal of impairment of the Denmark asset in H1 2022 upon the successful completion of the insurance case
• Adjusted Group EBITDA loss reduced by USD 10.4m to USD(73.5m) driven by overhead cost reductions and no operational losses from Denmark

(USD 1,000)	31 December 2022	31 December 2021	Change in USD
Revenue	18,954	16,851	2.103
Cost of materials	(70, 030)	(65, 607)	(4, 423)
Fair value adjustment on biological assets	95	1.429	(1, 334)
Salary and personnel costs	(6, 294)	(10, 584)	4,290
Other operating expenses	(16, 309)	(24, 723)	8,414
Other income (expense), net	25,542	151	25,391
Impairment of non-current assets		(34, 754)	34.754
Depreciation and amortization	(14, 217)	(15,056)	839
Operating loss (EBIT)	(62, 259)	(132, 293)	70,034
Finance income	4.907	3.362	1.545
Finance expense	(7,654)	(3, 847)	(3,807)
Loss before income tax	(65,006)	(132, 778)	67.772
Income tax		$\overline{a}$
Net loss	(65,006)	(132, 778)	67.772
Non-IFRS measures
Operating loss (EBIT)	(62, 259)	(132, 293)	70.034
Add back: depreciation and amortization	14,217	15,056	(839)
EBITDA	(48, 042)	(117, 237)	69,195
Add back: fair value adjustment on biological assets	(95)	(1.429)	1,334
Add back: impairment of non-current assets		34,754	(34, 754)
Less: insurance proceeds from Denmark fire	(25, 322)		(25, 322)
EBITDA, adjusted	(73, 459)	(83, 912)	10.453

2022 Financials Reflect Ramp-Up Of US Phase 1 Production

2022 Financial Statements

2022 Consolidated Statements of Financial Position

• Total 2022 capital expenditures of USD 52.4m
• Largely tied to US Phase 2 construction
• ~USD 91m invested in Phase 2 at year-end 2022
• Group equity ended 2022 at USD 296.4m, up from USD 239.6m at year-end 2021
• NIBD as of December 31, 2022: USD 23.4m
• USD 47.1m in drawn term debt
• USD 20m RCF facility undrawn¹
• USD 100m in undrawn term debt earmarked for Phase 2 construction2

(USD 1,000)	Note	2022	2021
ASSETS
Non-current assets
Property, plant, and equipment, net	9	303,122	264,449
Right of use asset	8	2,512	2,604
Security deposits		1,167	748
Other investments	13	6	6
Trade and other receivables (non-current)	13,14	1,343	26
Total non-current assets		308,150	267,833
Current assets
Prepaid and other current assets		393	1,593
Inventories, net	15	4,368	6,590
Biological assets	5	18,690	16,795
Trade and other receivables, net	13,14	1,847	1,449
Restricted cash	13,16	420	468
Cash	13,16	23,683	17,012
Total current assets		49,401	43,907
TOTAL ASSETS		357,551	311,740
Total equity		296,382	239,556
Non-current liabilities
Borrowings (non-current)	13,19	28,287	50,000
Lease liability (non-current)	8	2,218	2,842
Total non-current liabilities		30,505	52,842
Current liabilities
Borrowings (current)	13.19	18,550
Lease liability (current)	8	416	324
Trade and other payables	13	11,698	19,018
Total current liabilities		30,664	19,342

2022 Financials Reflect Ramp-Up Of US Phase 1 Production and Phase 2 Construction

1 Approximately USD2.6m of the \$20m RCF facility is currently utilized as a Letter of Credit for equipment leasing 2 As amended in March 2023, when the maturity of all the Group's debt facilities were extended until April 2025. Undrawn term debt is available subject to certain incurrence tests related to harvest volume and EBITDA. Harvest volume = a minimum required annualized production level to be maintained for at least two months. EBITDA = (i) aggregate positive EBITDA over the last three months prior to drawdown and (ii) a minimum EBITDA level

2022 Financial Statements

2022 Key Financials by Segment

Year ended 31 December 2022 (USD 1,000)	Fish farming Denmark	Fish farming US	Other and eliminations	Consolidated
Revenue from sale of salmon	$\overline{\phantom{a}}$	18,954	$\overline{\phantom{a}}$	18,954
EBITDA	37,974	(71, 489)	(14, 527)	(48, 042)
EBITDA, pre-fair value adjustment on biological assets	37,974	(71, 584)	(14.527)	(48, 137)
EBITDA, adjusted*	12,652	(71, 584)	(14, 527)	(73, 459)
Pre-tax income (loss)	37,904	(96, 529)	(6, 381)	(65,006)
Total assets	910	351,821	4,820	357,551
Total liabilities	870	152,089	(91, 790)	61,169
Depreciation and amortization	36	14,182	(1)	14,217
Interest income	٠	506	4,401	4,907
Interest expense	34	11,364	(3, 744)	7,654
Impairment of non-current assets	٠	÷	٠	$\overline{\phantom{0}}$
Insurance proceeds	25,322	۰	$\overline{\phantom{a}}$	25,322
Capital expenditures	٠	52,447	$\sim$	52,447
Cash flows from operating activities	24,888	(79, 055)	1,263	(52, 904)
Cash flows from investing activities	$\overline{\phantom{a}}$	(56, 323)	499	(55, 824)
Cash flows from financing activities	(24, 916)	148,757	(7, 306)	116,535

All Focus Is On The US

Phase 2 Status

Phase 2 capex status as of December 31, 2022

• Phase 2 is estimated to take the total run-rate production volume to 25,000t HOG annually
• ~USD 91m¹ invested, cash conservation currently in focus
• Max. USD 10m in additional capex planned to be invested in Q1 2023
• Estimate for total Phase 2 capex is USD 275-300m²
• Focus on value engineering and working with contractors to optimize cost and quality for outstanding Phase 2 capex items

Estimated project completion

• Focus on finalizing the design and Phase 2 budget over the next months
• The Company decides when and how funds should be deployed towards Phase 2

Phase 2 aerial view (February 2023)

Phase 2 Construction Spending Will Be Kept At A Minimum Until Phase 1 "Break-Even" Is Accomplished

Atlantic Sapphire is at an Inflection Point