Atlantic Sapphire

Major Shareholding Notification • May 8, 2019

ATLANTIC SAPPHIRE AS – PRIMARY INSIDER NOTIFICATION

ATLANTIC SAPPHIRE AS – PRIMARY INSIDER NOTIFICATION

Reference is made to the stock exchange notice issued on 8 May 2019 by Atlantic Sapphire AS (the "Company") regarding the completion of a private placement raising gross proceeds of approximately NOK 783 million through issuance of 8,464,864 new shares at a subscription price of NOK 92.50 per share (the "Private Placement").

The following board members and primary insiders have been allocated shares in the Private Placement:

- Johan E Andreassen, CEO and Chairman, and Bjørn Vegard Løvik, board member, have been allocated 10,453 shares through Alsco AS (a company jointly owned by Johan E Andreassen and Bjørn Vegard Løvik). Following completion of the Private Placement, Alsco AS will hold 9,470,124 shares in the Company, corresponding to 13.2% of the total shares outstanding in the Company after the Private Placement. In addition, Johan E Andreassen (personally and through related company JEA Invest AS) holds 1,057,270 shares, corresponding to 1.5% of the total shares outstanding in the Company after the Private Placement.

- Alexander Reus, board member, has been allocated 94,511 shares in the Private Placement. Following completion of the Private Placement, Alexander Reus will hold 1,323,351 shares in the Company, corresponding to 1.9% of the total shares outstanding in the Company after the Private Placement.

- André Skarbø, board member, has been allocated 82,121 shares in the Private Placement through controlled company ASInvest AS. Following completion of the Private Placement, André Skarbø will hold 691,479 shares, corresponding to 1.0% of the total shares outstanding in the Company after the Private Placement.

- Vatne Equity AS, represented on the board by Henrik Krefting, has been allocated 141,767 shares in the Private Placement. Following completion of the Private Placement, Vatne Equity AS will hold 2,974,660 shares, corresponding to 4.2% of the total shares outstanding in the Company after the Private Placement.

- Karl Øystein Øyehaug, Finance Director, has been allocated 5,405 shares in the Private Placement. Following completion of the Private Placement, he holds 5,405 shares in the Company.

For further information, please contact:

Johan E. Andreassen

Chairman, Atlantic Sapphire AS;

or Karl Øystein Øyehaug

Finance Director, Atlantic Sapphire AS

investorrelations@atlanticsapphire.com

About Atlantic Sapphire AS

Atlantic Sapphire is pioneering BluehouseTM (land-raised) salmon farming, locally, and transforming protein production, globally. Atlantic Sapphire has been operating its innovation center in Langsand, Denmark since 2011 with a strong focus on R&D and innovation to equip the company with technology and procedures that enables the company to commercially scale up production in end markets close to the consumer.

In the US, the company has since 2010 worked to identify and permit the ideal location for BluehouseTM farming in Miami, Florida. The company is well underway with construction of its phase 1 build out which is projected to harvest approximately 10,000 tons of salmon annually, beginning in Q3, 2020. The company has also secured the key US water permits to produce up to 90,000 tons onsite, annually.

This information is subject to the disclosure requirements pursuant to the Continuing Obligations for companies listed on the Merkur Market.