Q3 2021 SUMMARY PRESENTATION

Strong growth between periods with better price achievement compared to NASDAQ

Volume guidance for 2022 increased by 1.000 MT to 16.000 MT

Note: Numbers may appear slightly inconsistent due to different accounting principles in SalMar and Icelandic Salmon

RECENT OPERATIONAL MILESTONES Q3 PRESENTATION

CAPACITY INCREASE

The development of the two smolt/post-smolt facilities acquired earlier in the year is progressing according to plan with applications for conversion to salmon well underway.
The stations are now empty from Arctic Char and are being prepared for salmon production.
The additional smolt capacity is expected to allow for an increase in harvest volume of approximately 7.000 MT with the capacity for bigger smolts, thereby allowing for better license utilization in line with long term growth plans.

Our operations in Reykjavik were moved to a new office on the 1st of November. The new office is centrally located with good facilities and more space for our growing team.
Arnarlax Academy was successfully held for the second time in October with good participation from all levels of our value chain.
- Close to 150 participants with focus on continued development and operational improvements.
Branding is moving towards implementation with good reception from customers and stake holders.

SALES AND MARKETING STRATEGY SHOWING RESULTS Q3 PRESENTATION

Contract share is 17% for Q4.
Contract in place for weekly supply of pre-rigor filets for FY 2022, produced by nearby third party.
Will be shipped by boat to US. 6% of harvested volume.
Increased share to North America in Q3, mainly due to increased use of shipment by boat.
Good feedback on the quality of our fish by ship.
Reducing carbon footprint by 95% pr kg HOG compared to air transport.
Game changing position for Iceland as a farming region.
Sales team and CEO recently visited the US market, kicking of the strategy work towards the region.

COMPARISON BETWEEN QUARTERS

Note: Icelandic sales represent trade sales and VAP.

Arnarlax has a 10k MT verdict in place from the Planning Agency, including three prime site locations in Ísafjörður. Application is now awaiting approval of license and advertisement from Food and Veterinary Authorities (MAST and the Environmental Agency).
Licenses for fertile salmon are limited to 12.000 MT in Ísafjarðardjúp but carrying capacity is 30.000 MT, making order of approvals important for the split between fertile and sterile salmon.
- Arnarlax has filed a complaint to the Appeal Committee regarding the order of approvals and expects clarity before 1H next year.

Arnarlax furthermore has an application of 4.500 MT. in Arnarfjörður that is being handled by the Appeal Committee where ruling can be expected before year end 2021.
Depending on the ruling the application process of the final license may take 12-24 months, either through the auction framework according to the new law or the "old" license regime.

The export value from the aquaculture industry has in the first 10 months of 2021 already surpassed to whole year of 2020 which was a record year for aquaculture in Iceland.
- 5% of the total value of exported goods in Iceland
- 12,7% of the total export value of marine products

The Icelandic legal framework for salmon farming has been developing for the last few years. New farming legislation was passed in 2019, where a new tax regime, MAB system, was implemented together with an auction system for additional MAB.
Production density farmed salmon pr KM coastline is very low compared to other regions.
Should the Icelandic authorities decide to issue more farming licenses, Arnarlax should be well positioned for that growth having built full control of all parts of the value chain.