Atlantic Sapphire

Pre-Annual General Meeting Information • Sep 29, 2025

Atlantic Sapphire ASA – update on proposals to the EGM

Atlantic Sapphire ASA – update on proposals to the EGM

Reference is made to the notice of the extraordinary general meeting in Atlantic Sapphire ASA (the "Company") published on 9 September 2025, and to earlier stock exchange notices regarding the contemplated convertible loan with gross cash proceeds of approximately USD 35 million (the "Convertible Loan").

Following allocation of subscriptions in the Convertible Loan, the Company's Board of Directors proposes that the size of the Convertible Loan is set to a total of USD 59,246,066. This amount includes capitalizations for capitalization of; (i) a previously granted bridge loan and associated fees and interest; (ii) a previously granted convertible loan of USD 20 million and incurred interest thereunder, and (iii) underwriting fee payable in connection with the Convertible Loan.

Further, the Board of Directors has resolved to withdraw the proposal for issuance of independent subscription right that was put on the agenda. The issuance of instruments in the contemplated Long-Term Incentive Plan will instead be based on Board authorizations. However, the Board of Directors may propose to a later general meeting to issue independent subscription rights to cover instruments in the Long-Term Incentive Plan.