Atlantic Sapphire

Investor Presentation • Nov 15, 2018

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 15 November 2018. 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
• First introduction of eggs expected in November 2018. Steady state production remains projected for Q3 2020
• Successful 90-day onsite hatchery trial has validated water quality and local conditions
• Receiving a symbolic "Key to the County" from the Miami-Dade Mayor. Continuing to strengthen community relations
• Denmark
• First fish moved into the new growout tanks in October, with water quality parameters meeting plan
• Phase II expansion completion expected by December 2018
• Controlled growth and strong biological performance is driving biomass gain
• Normalized production of 2.4 kt HOG annually expected from Q2 2019
• US Phase I will benefit from valuable DK commissioning and biofilter startup experience
• Financing
• Constructive process with key lenders continuing towards debt facility closing by year-end 2018
• Given the current business plan and the debt facility discussions outlook, the company continues to expect to be fully funded until steady state revenue is achieved in the US Phase I facility in 2020
• Other
• Atlantic Sapphire Denmark BluehouseTM receives Whole Foods 'Responsibly Farmed' Certification

US Phase I - On Track. Denmark Construction Completion Establishes Largest Growout Facility In The World.

• October 2018. Onsite trial facility with salmon fry. The first Atlantic Salmon born in Miami, Florida. Introduction of 800,000 eggs scheduled in November 2018.

Atlantic Sapphire Fry Biologically Performing In The Biscayne Aquifer Water

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November 15th Update, 2018

• Construction in progress. Photo from August 2018.

US

• Roofing now extended past the smolt tanks. Photo from October 2018.

Six Independent Growout Systems Within The Bluehouse™ Taking Form

November 15th Update, 2018

• October 2018. New growout tanks commencing operation.

• First fish harvested in 2018. Photo from Dean and DeLuca, New York.

Atlantic Sapphire Denmark Delivering Unprecedented Risk Management And Quality Control

Shareholder Overview (As of November 13th, 2018)

Atlantic Sapphire AS Total Shares Outstanding: 62,502,716 Oslo Bors, Merkur Market Ticker Symbol: ASA-ME Share Price (As of November 13 2018): NOK 74.00 / share Market Capitalization: NOK 4.6B

Share Price Performance (Last Twelve Months)

	Ranking Holding	Percentage Name		Country	Type of account
1	9,459,671		15% ALSCO AS	Norway	Ordinary
2	5,844,306	9%	SKAGEN KON-TIKI	Norway	Ordinary
3	2,832,893	4%	VATNE EQUITY AS	Norway	Ordinary
4	2,299,859	3%	EVERMORE GLOBAL VALUE FUND	Belgium	Ordinary
5	2,250,730	3%	UBS SWITZERLAND AG	Switzerland	Nominee
6	1,776,530	2%	Citibank	United States Nominee
7	1,663,358	2%	SUNDT AS	Norway	Ordinary
8	1,621,621	2%	BLUE FUTURE HOLDING AS	Norway	Ordinary
9	1,383,398	2%	HORTULAN AS	Norway	Ordinary
10	1,375,120	2%	Norron Sicav - Target	Luxembourg Ordinary
11	1,214,595	1%	JOH JOHANNSON EIENDOM AS	Norway	Ordinary
12	1,170,484	1%	LANI INVEST AS	Norway	Ordinary
13	1,132,665	1%	Norron Sicav - Active	Luxembourg Ordinary
14	1,102,630	1%	JEA INVEST AS	Norway	Ordinary
15	1,067,855	1%	VERDIPAPIRFONDET DNB SMB	Norway	Ordinary
16	964,010	1%	CANICA AS	Norway	Ordinary
17	917,007	1%	SEI INSTITUTIONAL INTERNATIONAL	NA	NA
18	906,363	1%	Nordea Bank Abp	Sweden	Nominee
19	850,000	1%	Taconic AS	Norway	Ordinary
20	781,695	1%	EIKA NORGE	Norway	Ordinary
21	744,284	1%	NORSK LANDBRUKSKJEMI AS	Norway	Ordinary
22	714,244	1%	BORGANO AS	Norway	Ordinary
23	713,700	1%	STATOIL PENSJON	Norway	Ordinary
24	689,400	1%	REGENTS OF THE UNIVERSITY OF MICHIGAN United States Ordinary
25	669,699	1%	INNOVATIVE AQUACULTURE INVESTMENTS NA		NA
Top 25	44,146,117	71%
Other	18,356,599	29%
Total	62,502,716	100%

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