BioFish Holding AS

Investor Presentation • May 31, 2022

2021 Investor Report - EuroNext

Expansion of post-smolt production – www.BioFish.no

Land-based post-smolt production

Highlights – ready to scale up

Company Overview

• Land-based post-smolt production facility for annually capacity of 2,200 tons will be ready in 2022
• About NOK 164 million invested per year-end including post-smolt
• Turnover 18 mNOK with +6 million smolt produced until date
• Holds an aquaculture hatchery license for production of 5 million smolt and discharge license for 2,200 ton
• Established post-smolt producer, operating and producing smolt since 2016 with enhanced RAS – technology
• PEOPLE + RAS technology = Quality POST-SMOLT

RAS facilities nearly completed

Business Model

• BioFish has since 2018 delivered about 6 million smolts with weights in the range of 100 - 550 grams to several customers
• Applied for food-fish license. Experience through SkatteFUNN project.
• Proven business model historical production with healthy EBITDA margin
• Extension to 2.200 tons production capacity nearly completed with 85 percentage completion
• Long-term expansion plan for a total of 10,000-ton annual production on existing sites
• Vision of 50.000 tons production through expansion of network, partnership and growth opportunities through ESG business model

Financials

• 2021 Year of building RAS production facilities
• Results effected by building capex, delay in operational license, increased costs and lead - times
• Building biomass and inventory for future deliverers
• KEY Events 2021
• Successfully launched 150.5 million in an IPO and Listed on EuroNext Growth Oslo August 2021
• Entered into a long-term loan agreement of 60 mNOK
• Repaid
  • Bond loan/ vendors and deleted pledges
  • a lost arbitration effected results

Company Overview	Income Statement BioFish Group	Note	2021.12.31	2020.12.31
	Operating revenue	2	Unaudited 18 329 596	Audited 30 923 355
Business Model	Operational expenses Salaries and personnel expenses Depreciations Operating expenses	3	11 400 405 2 122 646 400 000 25 484 667	19 372 696 4 297 085 422 490 24 092 271	- Lost arbitration
	Operating profit/ loss		-7 155 072	6 831 084	- OPEX/ CAPEX decisions effects profit & loss
Financials	Net finance		-37 514	1 939 541
	Ordinary result before tax		-7 192 586	8 770 625
	Tax expenses	5	3 393 269	-1 956 012
Market	Net profit		-3 799 317	6 814 613

Company Overview	Balance BioFish Group	Note 2021.12.31 Unaudited	2020.12.31 audited
Business Model	Assets Non-current assets Intangible assets Fish licenses etc.	-	-
	Property, plant and equipment 6 Non-current assets		148 606 210 124 464 121 148 606 210 124 464 121
	Current assets Inventory and biological assets	15 182 177	8 945 000
Financials	Short-term receivables Current assets	8 223 179 23 405 356	8 140 425 17 085 425	Cash utilized to successfully
	Cash and cash equivalents 4	49 558 927	477 389	completion of land-based facility in 2022
Market	Total current assets	72 964 283	17 562 814
Outlook	Total assets		221 570 493 142 026 935

Company	Balance
Overview	BioFish Group	Note	2021.12.31 unaudited	2020.12.31 audited
	Equity and debt
	Share capital and paid in capital	1	151 340 000	8 840 000
	Retained earnings		8 327 008	12 126 325
Business	Total equity		159 667 008	20 966 325
Model	Debt
	Deferred tax		0	3 393 269
	Bond loan		0	50 113 032
	Bank loan		59 000 000	-
	Total non-current debt		59 000 000	53 506 301
Financials	Current debt
	Accounts payable		2 006 396	43 239 148
	Annen kortsiktig gjeld		897 089	24 315 161
	Current debt		2 903 485	67 554 309
Market	Total debt			61 903 485 121 060 610
Outlook	Total equity and debt			221 570 493 142 026 935

	 Notes to financial statements
Company Overview	 The financial report has been prepared in accordance with Norwegian General Accepted Accounting Principles for small-medium-businesses. For more details, see Prospectus & Annual Financial statement
Business	 Profit and loss – notes 2,3 & 5
Model	 Operating revenue is delivery of Atlantic Smolt to customers where operational expenses varies with timing of delivery.
	 The unforeseen biological factors are always present
Financials	 Balance sheet – notes 1, 4 & 6
	 CAPEX consist building a complete land-based fish farm with enhanced RAS technology.
Market Outlook	 Listed on EuroNext Growth Oslo August 2021 BioFish improved cash level with successfully IPO after balance sheet date.

Market Outlook

• Currently the Norwegian production of smolt is about 400 million units, whereof about 25% is produced by independent smolt producers
• The salmon farmers are continuously increasing use of larger smolt (post-smolt), but currently making up only about 16% of the market
• Most existing facilities are not capable of producing large smolt due technology and lack of waste control/ management and high consumption of both water and electricity
• Use of larger smolt has the benefit of shorter production cycles in sea, reducing cost and allowing higher utilization of licenses (Maximal Allowed Biomass)

Company Overview

Background and Track Record

• BioFish acquired an on-land fish farming facility in Ljones from Green Salars bankruptcy estate

• Since the acquisition BioFish transformed the facility to a profitable recirculating aquaculture system (RAS)

• NOK 12m invested to restore the old facility with new RAS technology

• Signed land lease contract until 2054 with an option of extension to 2064
• Granted rights to produce up to 150 tons p.a.

• Produced volume: 100 tons

• BioFish raised NOK 50m in bond financing and NOK 10m of paid-in equity from shareholders

• Signed a five-year delivery contract with Engesund Fiskeoppdrett AS for up to 600,000 smolt p.a. until 2023

Produced volume: 100 tons

• Finalized a new 2,000m2 production facility and the installation process of four new modern grow-out tanks reached its final stage
• Total of NOK 130m invested in the facility after the acquisition in 2016

Produced volume: 150 tons

Granted a waste license for up to 2,200-tons pro annum.

Production: 150 tons

• New production license achieved from 1.5m to 5m smolt
• First listed land-based post-smolt production facility with +6 million produced smolt
• Finalize the 2,200-tons production facility in 2022
• Longer leadt ime on equipment, increased prices, complex building process
• Ambition to produce up to 50.000 ton within 2030 with additional network and potential ideal location – sites

Production: Building capacity for 2.200 tons

Proven Smolt Farming Technology –Ready to Scale-Up

• BioFish was established in 2016 after the acquisition of a on-land flow-through smolt farming facility
• Since the acquisition, BioFish has invested approx. NOK 200m in RAS-technology, biomass and equipment
• Discharge license for production of up to 2,200 tons smolt
• Upgraded license to 5 million smolt in 2021
• The existing RAS facility consists of RAS hatchery, a RAS start feeding facility, 3 RAS growth departments and a vaccination department

Ideally Located Along the Hardangerfjord

Access to both freshwater from nearby lake and saltwater from the fjord

Ideal water temperature of approx. 10-14°C in the Hardangerfjord saves electricity costs of regulating the water temperature and facilitates a high daily growth rate

Ideally Located Along the Hardangerfjord

Value Chain Salmon Farming

Production of Smolt/ Post-smolt

• A smolt is produced over a period of 6-12 months from fertilization of an egg to a mature smolt weighing 100-250 grams
• Post-smolt production (250-1,000 grams) has become more common in recent years, accounting for 9.1% of the smolt release in 2019 in terms of individuals
• The idea behind larger smolt is to shorten the time at sea, thus reducing exposure to sea lice, disease and better growth to harvesting-size for the salmon
• The total post smolt production cycle takes approximately 10-16 months

Value Chain Salmon Farming

• In autumn, broodstock are stripped for eggs, and ova inlay takes place between September and March
• The producer can speed up the growth of the juveniles with light manipulation which accelerates the smoltification process by up to 6 months
• Production Cycle Spring and autumn are the two main periods to release smolt in Norway. However, there are smolt being released in all twelve months of the year

• Increased land-based production will keep demand up every day since steering production environment for optimal fish wellfare and daily-growth

• Harvesting is spread evenly across the year, although most harvesting takes place in the last half of the year with current production regime

• The seawater production cycle lasts around 12-24 months, giving a total cycle length of on average about 3 years

Strong Development in Use of Large Smolt (>250 grams) New Production Model Post - Smolt

• From 2012 smolt companies could apply for an exemption to produce smolt up to 1 kg, the previous limit being 250 grams. This changed in June 2016 so that such permits could be granted continuously without compensation. Mr. Ole Fredrik Skulstad, was a pioneer in this quest to change the regulation.

• In the traditional production model, it is common to put the smolt in the sea when it is 100 – 150 grams. Further feeding the salmon in the sea to it reaches an ideal harvest weight of approx. 5 kg within 15-20 months. In the new production model, the smolt will have a max weight of 1 kg before being transported into the sea, where the salmon will reach its harvest weight within 8-10 months.

• By setting post-smolt of significantly larger size in the sea, the producers will have reduced exposure time to lice's and diseases, which is today some of the largest cost drivers in the industry.

• 2020 figures show about 60 million units over 250 grams, about 16% of the total smolt production and the trend is raising towards lager smolt.
• Estimate for smolt releases over 250 grams is expected to increase by an additional 5 million units, to a total of 65 million for 2021.

Strong Development in Use of Large Smolt (>250 grams) Release of Smolt above 250 grams of total release

Strong Development in Use of Large Smolt (>250 grams) Development in Average Smolt Size (Norway)

Ljones

The facility in Ljones has an ideal location close to a larger number of salmon farmers

• The facility is located at the west-coast of Norway. This is the area in the country with the highest farming density and limited possibilities to increase number of licenses.
• Due to the high farming density and warm water, this is one of the areas in Norway where the sea lice issues are the highest, hence importance of using more robust smolt is also the highest.

Smolt can be transported over large distances

From Ljones 30-40% of the Norwegian production is within one day transport (260 km)

and Growth Plans

A Existing 2,000 m2 RAS facility

B Existing hatchery and office space

Investment and Growth Plans

0 Completed growth -out tanks including all water filtering, pumps and technical room for complete facility

1 Grow -out tanks completed

2 New RAS facility replacing current flow through tanks

X Future opportunity for expansion for facility to up to 10,000 -ton p.a.

? Future opportunities, increase production by offer RAS – technology with corporating networks?

Building Land -based fish farm

• individual RAS departments to avoid RISKS - Lower CAPEX on technology by BioFish - Decreased energy cost

Investments to increase production capacity and improving waste management.

Thank you!

Expansion of post-smolt production

May 2022