Statt Torsk ASA

Investor Presentation • Mar 28, 2022

Statt Torsk

Company Update

28.03.2022

Disclaimer and important information

(General): By reading this presentation (the "Presentation"), or attending a meeting or an oral presentation held in relation thereto, you (the "Recipient") hereby acknowledge, agree and accept that you have read, and agree to be bound by the terms, conditions and limitations set out in this disclaimer. This Presentation has been produced by Statt Torsk AS (the "Company") solely for the purpose of presenting the Company's to the market and the investors.

The Presentation does not constitute or form part of, and should not be construed as, an offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction and neither the issue of the Presentation nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity.

(No representation or warranty / disclaimer of liability): To the best knowledge of the Company, the information contained in this Presentation is in all material respects in accordance with the facts as of the date hereof and contains no material omissions likely to affect its import. Please note that none of the Company or its affiliates, directors, officers, employees, advisors or representatives of any of the aforementioned (collectively the "Representatives") make any representation or warranty (express or implied) whatsoever as to the accuracy, completeness or sufficiency of any information contained herein, and nothing contained in this Presentation (including, but not limited to, projections, estimates, targets and opinions) is or can be relied upon as a promise or representation by the Company or any of the Representatives.

(Forward-looking statements / information from third parties): This Presentation contains certain forward-looking statements relating to inter alia the business, financial performance and results of the Company and the industry in which it operates. 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 in this Presentation are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of regulators and other factors such as the Company's ability to continue to obtain financing to meet its needs, changes in the political, social and regulatory framework in which the Company operates or in economic or trends or conditions. None of the Company or the Representatives provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of opinions expressed in this Presentation or the actual occurrence of forecasted developments, and the Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to its actual results. Investments in the Company's shares involves inherent risk and prospective investors risk to lose all or parts of their investment. This Presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information inaccurate or misleading.

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Statt Torsk at a glance

Demonstrable cod farming experience 3 pilot production cycles from egg to plate

Secured access to critical input factors

Management team with cod farming and industrial experience

Statt Torsk – entering step two in its four-step growth strategy

1

Completed third pilot production in January 2022

• Proof of costs and biological performance
• Valuable operational experience

Develop sustainable market foothold with year-around products to highend markets

• Start-up of year-around weekly deliveries to support high-end market strategy
• Develop products and brands in cooperation with key clients

Continue gradual build-up of efficient and sustainable Statt production cluster

• Target harvest volumes of 12.000 tons
• Two sites operational multiple applications for new licenses expect third location during 2022

4

Scale-up production with new production clusters

• Scalable production model
• Low-cost expansion due to low license cost

Statt to start delivering year-around products from 2H 2022

Statt has adapted its harvest plan to improve the probability of achieving a consistent price premium

Year around harvest is a pre-requisite to build a sustainable market position

Increased cod prices and potential for Statt to position as a predictable and stable year-around supplier of high-quality cod

Lower # of cod planned harvested during 2H 2022 Production is stretched into 2023 to deliver year-around

Statt Torsk is in process of strengthening its sales and marketing organization

Statt Torsk deliver sustainable, healthy & convenient meals

Unique product qualities

Source: Company information, FAO, OECD, Mowi's industry handbook (2020), Animalia, Sintef

*) Eurofins, **) Matvaretabellen 2021. Mattilsynet www.matvaretabellen.no (g=pr 100 g)

Strategic approach to price optimisation

Key value drivers for positioning of farmed cod towards premium price segments

Unique freshness Delivery 2-4 days ahead of wild cod – increased shelf life

Continuous deliveries Predictable supply year around

Superior product quality Consistent healthy, tasty high-quality product

V

Increased volumes Scale to develop the farmed cod category

Value Added Processing Product mix optimization and utilization of by-products

VI Sustainability branding Certification, Non-Governmental Organizations partnerships

Statt Torsk registered brand

Target harvest volumes of ~12,000 tons in 2025

Stepwise build-up of the first farming cluster

1) Based on Company's business plan and depends on additional licences on existing sites, new sites being secured and that applications for licences are approved

2) Based on current cost level

Source: Company information

Highly scalable and flexible expansion plan

Targeting annual harvest volumes of ~12,000 tonnes by 2025, to leverage significant economies of scale

1) Based on Company's business plan and depends on additional licences on existing sites, new sites being secured and that applications for licences are approved and current cost level

Source: Company information

Low-cost expansion due to low license cost

Expected capex need of NOK ~60m per new site

• Capex budget per site is based on prices for standard farming equipment in Norway
• Licenses for cod farming are currently free

Building the farmed cod value chain

The company intends to expand vertically to control and optimize the farmed cod value chain

Targets and key milestones

Key building blocks to reach the Company´s 2025 targets

Key targets

• Consistent price premium
• Year-around supply
• 12.000 tons (WFE) annual harvest volume
• Fully integrated value chain
• Transfer from Euronext Growth to Oslo Stock Exchange

Key milestones

• Launch of brands
• Long term agreements with key customers
• Approval of license applications
• IFRS accounts and reporting

Management with proven track-record

Management team with significant equity ownership in Statt Torsk

Gustave Brun-Lie, CEO

• With Statt Torsk since 2018

• Previously senior partner in Clarksons Platou and in R S Platou Shipbrokers
• Educated from the Norwegian Naval Academy

Bjug Borgund, CFO

+30yrs 3.5%

• With Statt Torsk since incorporation in 2014
• CEO Statt Torsk 2015-2018
• Certified accountant with extensive experience within financial management

Leif-Ronny Rætta, COO

+30yrs 0.3%

+30yrs

• With Statt Torsk since incorporation in 2014
• 20+ years experience from the seafood sector, focus on cod since 2004, previously at i.a. Atlantic Cod Farms and Mowi
• Educated within production, biology, operations, logistics and mgmt.

6.1%

Arild Borgund Iversen, VP Development • With Statt Torsk since incorporation in 2014

• 30+ years experience from international shipping through Wallenius Wilhelmsen (CEO) and Wilhelmsen
• Bachelor in Economy from BI

Synnøve Åhjem, Head of fish health

• With Statt Torsk since 2021
• External fish health biologist and senior adviser for marine species at STIM
• Experience from Fishguard and MOWI
• Fish health biologist from the University of Bergen

Merete Borgundvåg Pettersen, QA Manager

• With Statt Torsk since 2021
• Versatile work experience from trawling, purse seine, supply, anchor handling, instructor at safety center
• Navigator education at Austevoll Technical College and pedagogy from Bergen University College.

Anja Stokseth Rætta, HR manager

• With Statt Torsk since 2021
• 15+ year experience from education and the Norwegian labour and welfare administration (NAV)
• Management, communication and staff development from Volda University College.

+10yrs

+15yrs

Experienced Board of Directors

BoD with significant equity ownership in Statt Torsk

Nicolas Brun-Lie

• 30+ years experience as a lawyer through Wiersholm and Ro Sommernes
• Extensive experience within shipping, offshore and the seafood sector

Marianne Kveldstad

• Extensive experience within health sector, specialised in child and adolescent psychiatry

Øyvind Schanke

+25yrs 9.9%

+30yrs

22.5%

1.1%

+20yrs

• 25+ years experience from financial services and asset

Years of experience

Summary

2

Sustainable and healthy farmed cod nurtured in the pristine, clean cold waters of Norway

3

Tangible growth plan, benefiting from a highly scalable platform

4

Price optimisation initiatives positions for attractive margins

Experienced team of cod farming pioneers

A new frontier for Norwegian aquaculture

Learn more about Statt Torsk at www.statt.no