Atlantic Sapphire

Investor Presentation • Jan 6, 2022

Monthly Update – December 2021 January 6, 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.

Monthly Update – Dec '21

• Phase 1 conditions stable after a long period of commissioning efforts and construction challenges
• Performance of New Batches is in line budget expectations
• The New Batches represented ~65% of the total biomass gain in December compared to ~45% in November
• No maturation identified in New Batches

Biomass gain of Initial Batches vs. New Batches

Focus Is On The New Batches

US standing biomass overview1 as of December 31, 2021
Dec 31, 2021	Number	Average Weight (grams)	Standing Biomass (kg)	Quarter introduced in start-feed	Comment
Initial batches2	485k	3,500	1,698,000		Groups exposed to uneven and suboptimal conditions early in the cycle (chiller plant breakdown, key water treatment tools missing)
B I	415k	950	394,000	Q4 '20	Stable conditions in line with plan
B II	500k	567	284,000	Q1 '21	Stable conditions in line with plan
B III	365k	282	103,000	Q2 '21	Stable conditions in line with plan
B IV	180k	150	27,000	Q2 '21	Fungus in hatchery stage, stable conditions thereafter
Freshwater3	2,100k	30	63,000		Stable conditions in line with plan
Total	4,045k		2,569,000

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

Monthly Update – Dec '21

Comments

• 60% of the planned 'Ph. 1 steady state' standing biomass was stocked end-December
• 66% is the lower performing Initial Batches and 34% the high performing New Batches
• Average JEA index will increase gradually with growing biomass and replacement of Initial Batches with New Batches
• 12 identical saltwater ongrowing systems
• Tracking the best performing ongrowing system will provide early evidence of individual systems delivering the expected production capacity
• 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

Price Achievement and Footprint

Monthly Update – Dec '21

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

Capex Status as of November 30, 2021

• \$225 million total budget
• \$115 million committed, of which
  • \$30 million invested
  • \$85 million forecasted
• \$110 million currently uncommitted
• Phase 2 construction capex and speed remains solely at the Company's discretion until capex is committed

Schedule of Estimated Project Completion

• Phase 2 construction progressing according to plan, expected to be ready for fish around YE '22
• Forecasted amounts are based on expected cash flows from future bid packages

Capex Spending May Be Adjusted To Secure Group Liquidity

Phase 2 Construction Photos

Monthly Update – Dec '21

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

Other Updates

Monthly Update – Dec '21

US offtake

• Stable price achievement expected on the premium fish going forward
• Higher percentage of downgrades and smaller sized fish expected to be harvested through Q1 2022
• Promotional calendar for 2022 set with retail ads across the US and Canada

Other

• Stable supply outlook and storage levels of liquid oxygen despite current surge in Covid-19 cases
• Continue to see high processing costs due to the use of external filleting
• New cost-efficient, high-energy feed with only ~13% marine content rolled out after long period of testing