IMPORTANT INFORMATION

This presentation (the "Presentation") has been produced by Atlantic Sapphire AS (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 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.

By reviewing this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the businesses of the Company. This Presentation must be read in conjunction with the recent financial reports of the Company and the disclosures therein. The distribution of this Presentation in certain jurisdictions may be restricted by law. Persons in possession of this Presentation are required to inform themselves about, and to observe, any such restrictions. No action has been taken or will be taken in any jurisdiction by the Company that would permit the possession or distribution of this Presentation in any country or jurisdiction where specific action for that purpose is required.

No shares or other securities are being offered pursuant to this Presentation. This Presentation does not constitute an offer to sell or form part of, and should not be construed as, an offer or invitation for the sale or subscription of, or a solicitation of an offer to buy or subscribe for, any shares or other securities in any jurisdiction, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any offer, contract, commitment or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of the Company.

By reviewing this Presentation you agree to be bound by the foregoing limitations.

This Presentation speaks as of March 5, 2020. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The Company does not intend, and does not assume any obligation, to update or correct any information included in this Presentation. This Presentation shall be governed by Norwegian law, and any disputes relating to hereto is subject to the sole and exclusive jurisdiction of Norwegian courts, with Oslo District Court as legal venue.

US Update

Biological and water quality performance in line with expectations

~3.1m fish in total across 7 batches
First transfer to grow-out completed in Feb '20. First harvest in Q3(20)
- ~0.5m fish in lead batch with an average weight of ~600g
Water quality and fish appetite in first grow-out system supporting long term expectations

Risk of simultaneous construction, commissioning and operations remains high

Commissioning of 5 grow-out systems remaining
Onsite processing line to be completed for whole fish and fillets

Phase 2

▪ Construction start expected in H2(20)

US On Track For First Harvest In Q3(20)

US Photos

Denmark Update

February 29th incident in grow-out system #2

Mortality incident likely due to nitrogen supersaturation, ~227,000 fish lost
Retrofitting of improved oxygen injectors revealed design flaw driving high nitrogen levels
These design issues now addressed in DK & US, mitigating risk of a future similar event
Demonstrates value of multiple independent systems, finishing commissioning and strategic role of DK as an innovation pilot.
Harvest and revenue pushed back ~4 months
Biomass insured, but complete financial impact assessment in progress

Denmark KPIs trending positively towards steady state plan

▪ Biomass gain increased in Q4(19), despite ongoing commissioning work (buffer tank)

Learnings From February 29 Incident Already Implemented Across US And DK, Mitigating Future Event Risk

Finance Update

Phase 2 debt financing

Advanced discussions underway with a leading financial institution
USD210m to refinance existing debt, as well as fund US phase 2 construction
A committed term sheet is expected in the near future

Contemplated listing on the Oslo Stock Exchange

▪ Transaction requires transfer from the Merkur Market to the OSE main list by end-2020

Miami-Dade County \$5m performance-based incentive awarded, payable over 10 years

▪ Job creation and investment tax rebate awarded, based on 2020-2022 plan achievement. Supports alignment with responsible economic development in Miami-Dade County.

Completion Of US Phase 2 Financing Underway For Commencement Of Construction In 2020