Atlantic Sapphire

Investor Presentation • Mar 7, 2022

Monthly Update – February 2022 March 7, 2022

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.

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Biological Performance

1 Biomass gain: Estimated net change in standing biomass in the period, adjusted for actual harvest volumes. Includes any culling or mortality.

2 Feb '22 biomass gain for Initial Batches: Elevated mortality and harvest deviations on the Initial Batches contributed with negative 130t RLW of biomass adjustment, which is excluded from the biomass gain development overview

Monthly Update – Feb '22

Monthly Update – Feb '22

1 Time from introduction into start feeding. The graph shows the fish in salt water.

US standing biomass overview1 as of February 28, 2022
Feb 28, 2022	Number	Average Weight (grams)	Standing Biomass (kg)	Quarter introduced in start-feed	Comment
Initial batches2	260k	3,400	884,000		Groups exposed to uneven and suboptimal conditions early in the cycle (chiller plant breakdown, key water treatment tools missing)
B I	415k	1,500	622,500	Q4 '20	Stable conditions in line with plan
B II	490k	950	465,500	Q1 '21	Stable conditions in line with plan
B III	360k	550	198,000	Q2 '21	Stable conditions in line with plan
B IV	180k	345	62,000	Q2 '21	Fungus in hatchery stage, stable conditions thereafter
Freshwater3	2,350k	70	164,500		Stable conditions in line with plan
Total	4,055k		2,396,500

1 The biomass overview is based on management estimates, and may change based on counting and weight sampling

2 Remaining batches introduced before mid-2020, that have not had stable conditions and therefore have mixed biological performance. To be harvested out by Q2 2022. 3 Excludes eggs in the hatchery

Biological Performance – JEA Index

Monthly Update – Feb '22

Comments

• ~60% of the planned 'Ph. 1 steady state' standing biomass was stocked end-February
• Average JEA index will increase gradually with growing biomass and replacement of Initial Batches with New Batches
• 12 identical saltwater ongrowing systems
• Budget JEA Index of 0.47 in Phase 1, which yields ~9,500t HOG of annual production

JEA Index To Increase With Growing Biomass

1 Johan E. Andreassen (JEA) Index on operational performance based on management estimates: kg RLW biomass gain per m3 per day

2 Feb '22 biomass gain for Initial Batches: Elevated mortality and harvest deviations on the Initial Batches contributed with negative 130t RLW of biomass adjustment, which is excluded from the JEA index overview

Price Achievement and Footprint

Monthly Update – Feb '22

Consistently High Price Achievement For Premium Bluehouse Salmon

1 Bluehouse Salmon store locator is updated 'live' at bluehousesalmon.com/where-to-buy/

2 Atlantic Sapphire 'Bluehouse premium' is superior, 3kg+ salmon on Return To Farm basis (excluding freight costs). Fishpool index price converted to USD using Norges Bank fx rates

Phase 2 Capex Status

Monthly Update – Feb '22

Capex Status as of January 31, 2022

• \$225 million total budget
• \$159 million committed, of which
  • \$42 million invested
  • \$117 million forecasted
• \$66 million currently uncommitted
• Phase 2 construction capex and speed remains solely at the Company's discretion

Schedule of Estimated Project Completion

• Phase 2 expected to be ready for fish early 2023
• Forecasted amounts are based on expected cash flows from future bid packages

Monthly capex spending and commitments 42,000 44,000 34,000 1,000 7,000 30,000 24,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 Committed Uncommitted

19,000

Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23

13,000

Phase 2 Construction Progressing According To Plan

0

Invested as of January 31, 2021

10,000

USD 1,000

5,000 2,000

4,000

Phase 2 Construction Photos

Monthly Update – Feb '22

Phase 2 Will Bring Total Annual Harvest Volume Capacity To 25,000t HOG

Other Updates

Monthly Update – Feb '22

Jon-Birger Løvik appointed Chief Operating Officer (COO)

• Mr. Løvik joined the AS USA in April 2021 as Director of Aqua Technology
• In charge of farm operations since August 2021, based in Miami, FL
• Involved directly and indirectly in Atlantic Sapphire since inception of the Company in 2010
• Contributes with ~20 years of experience from the broader seafood industry
• Managing Director of Atlantic Sapphire Denmark (Jun '15 Dec '18)
• Production Manager in Villa Organic, a 30,000t capacity salmon farming company
• Responsible for building up and operating land-based smolt facilities in Norway