Aker BioMarine

Investor Presentation • Aug 22, 2024

Investor Presentation

22 August 2024

Important information and disclaimer

This presentation has been prepared by Aker BioMarine ASA (the "Company"). The presentation does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company or any of its subsidiaries nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any of its subsidiaries, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. No reliance may be or should be placed by any person for any purposes whatsoever on the information contained in this presentation, or on its completeness, accuracy or fairness.

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Section 1

Introduction to Aker BioMarine

Table of contents

1 - Introduction to Aker BioMarine

3

• 2 Business overview
• 3 Market overview
• 4 Financial performance
• 5 Appendix

There is a growing global human health challenge and Aker BioMarine is well positioned to be part of the solution

Leading causes of death 2016 vs. 2040¹ Diseases

Dramatic growth of lifestyle diseases Consumers are increasingly aware of nutrition links

Total dietary supplements market size worldwide² USD billions

Aker BioMarine focuses on improving human health

Omega-3 helps prevent lifestyle diseases

• >9 000 studies document the effects of Omega-3's on humans

HEART LUNG DIABETES

Contributing to science, knowledge and innovation

• AKBM is actively performing clinical studies and has completed >60 studies

\$1 SPENT om Omega-3's USD 2.3SAVED³ by society

3

Raising global awareness and availability

• Investment to build a global footprint and best in class technical and commercial expertise

Source: 1) "Global Burden of Disease", The Lancet via. Healthdata.org, 2017; 2) Statista - Dietary supplements market size worldwide 2028 forecast; 3) Food Supplements Europe "Healthcare Cost Savings of Omega 3 Food Supplements in the European Union"e European Union"

Aker BioMarine is a uniquely positioned global human health and nutrition company

Aker BioMarine at glance Financial development

A leading human health and nutrition company with strong growth, protected market positions and operational leverage

Currently listed on the Oslo Stock Exchange with a total market capitalization of NOK 8.8bn¹

Three well positioned business units:

Human Health Ingredients – Global leader in IP protected krillbased ingredients with science backed claims with a strong position in the Omega-3 and broader supplement segment

Consumer Health Products – exclusive, innovative dietary supplements for US retailers' own brands with >25 years track record with leading mass market retailers

Emerging Businesses – a portfolio of high potential scale-ups with unique positions in attractive markets

Highly visible path to realizing significant growth and cash generation

LTM revenue development

USD millions

Revenue

LTM adjusted EBITDA development

USD millions

Aker BioMarine has a track record of successful growth dating back to 2006

Aker BioMarine has strong market aligned business units with targeted development focus

Aker BioMarine business units have strong financial performance in their respective market segments

Note: 1) As of LTM Q2'24 and % of revenue excluding Other/Eliminations Source: Company information

Section 2

Business overview

Table of contents

1 - Introduction to Aker BioMarine

9

• 2 - Business overview
• 3 Market overview
• 4 Financial performance
• 5 Appendix

Human Health Ingredients is a unique, premium krill-based ingredient sales & manufacturing business with IP protection, strong science and secure supply

HHI business overview HHI brands

Revenue

Quarterly revenue

• Krill oil revenue composition 2023 by geography • Manufactures and sells premium krill oil to the B2B nutrition segment under the brand Superba
• % of revenue • Products backed by IP protection and strong science, enabling high gross margins at 50-60%
• Strong position in attractive Omega-3 market, with >90% market share in the krill oil segment
• Production facility in Houston, with industry-leading operations
• Secured long-term exclusive access to raw material from Feed Ingredient business unit, with fixed price
• Experienced global sales force, R&D and regulatory expertise and strong manufacturing capabilities
• Growing NPD portfolio with krill based Lysoveta and PL+ as well as expansion into algae Omega-3s

Adjusted EBITDA and margin Quarterly adj. EBITDA USDm

Krill oil revenue composition 2023, %

HHI is in the large and growing human omega-3 B2B nutrition market, with growing market share

Estimated Omega-3 market share²

Aker BioMarine Omega-3 market

• Aker BioMarine to boost omega-3 market share by expanding distribution trough increasing customer base and help customers prioritize our products
• Superba sales projected to increase in most regions, with stable pricing
• High continued sales growth expected in several Asian markets over the next few years

Superba is the leading krill-based supplement, difficult-to-replicate with 50+ studies enabling claims across multiple needs states

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Heart, Liver and	Blood lipids	Omega-3 Index (human)	Nor seman Pilot (Omega-3 Sport high performance (human) and human)		Lupus (human)		NAFLD Pilot (human)		Metabolism claims study Korea
performance			Liver health			Crossfit study (human)	Muscle mass and function	Muscle mass elderly (human)
Health aging			Osteoar thritis (human)					Healthy aging (C. elegance/human cells)
Joints & in flammation	Exercise and immune Skin function				Skin hydration III (human)	Skin hydration IV (human)		Skin hydration V (human) Joint health claim study Korea Skin health studies Korea
Women health	(human)	hydration (human)		Skin hydration II (human)	Curcumin Bio availability		+30 Studies
Brain	Cognition adolecents (human)			Conducted from 2009 to 2015 Performance (US Rangers)
Safety and uptake	Review article prect ijn, studies	NMR Brain			PC update/distribution
	Cognition adolecents (human)	fingerprint of Krill oil	growth	Choline update (human)				x Finalized	x	Ongoing

Strong and growing scientific pipeline Krill oils unique composition drives health benefits and provides strong differentiation

HHI has achieved premium margin through a strong value proposition and favorable market dynamics

Aker BioMarine has built a diversified customer base with large growth potential in all major markets going forward

Superba's market diversification has increased significantly since 2016 Targeted strategy to unlock growth potential in key markets

Superba revenue development USDm

China

• Local presence since 2011
• Accelerated growth last two years, and consumers awareness reaches critical mass
• Recently obtained first government approved health claim

Australia

• Largest krill oil market per capita
• Recently obtained government approved health claim for arthritis
• 3rd time in history Australian government approved medical claim for a dietary supplement

US Mass market

• Largest market today
• Still large untapped potential
• Recent change in leadership

Europe

• Focused resources on the biggest opportunities in a fragmented market
• Use distributor partners on small- and medium size accounts
• Inside sales model for pipeline development

South Korea

• Re-obtained regulatory approval in Q2 '23, after 3 years out of market
• Broadened distribution strategy with focus on TV, e-commerce and partnerships

HHI's manufacturing facility produces IP protected krill derived ingredients and is now also producing algae oil

Note: 1) Annual index linked price adjustment, 2024 price set at USD 3,500/MT delivered at Houston

PL+: Enhanced ingredient bio availability with krill based delivery technology

PL+ at a glance

• PL+ is an advanced delivery platform designed to enhance ingredient bioavailability
• Utilizes the unique composition of Superba krill oil to improve nutrient absorption
• Backed by proprietary scientific research
• Manufactured at Aker BioMarine's company's state-of-the-art facility in Houston, Texas
• Development begins with sourcing the purest and most sustainable marine phospholipids from Antarctic waters using Eco-Harvesting technology onboard vessels
• Phospholipids are extracted and concentrated at the Houston facility using patented Flexitech technology
• Final stage of PL+ technology involves removing non-polar lipids and adding supplements to create the finished product

Technology pipeline: From harvesting to product innovation

Lysoveta: Innovative brain and eye health ingredient derived from krill

• EPA / DHA in Lysophosphatidylcholine (LPC) form for targeted to the brain
• First global commercially available offering; NDI approval in the US
• Backed by extensive pre-clinical science, clinicals in planning (growth driver)
• Patent protected
• Superior cost advantage driven by raw material (krill oil) composition
• Produced in the company's factory in Houston

Lysoveta in brief LPC transports DHA/EPA into the brain

Standing in the forefront of brain health innovation Performance of LPC-DHA compared to DHA on brain and eye

FloraMarine: High concentration DHA algae oil for human consumption

FloraMarine delivers the highest, natural concentration of Algae DHA on the market

• FloraMarine is a new algae oil product line for human consumption
• Delivering the highest, natural concentration of algae DHA on the market
• Received PO end of 2023 for the full 2024 production capacity
• Produced in the company's factory in Houston
• Positive market backdrop with continued pressure on fish oil prices

Combining plant-based health with the power of marine omega-3

Plant based

FloraMarine is a 100% plantbased omega-3 in the DHA form not usually found in plants

Marine sourced

Only marine sources of omega-3 come in the form of EPA and DHA, recognized as the two most important omega-3 fatty acids for human health

Sustainability

FloraMarine algae strains collected once in the environment are producing infinitely renewable algae oil, responsibly with minimal impact to environment

Consumer Health Products serves US mass market through premium store products in the supplement category

Lang Pharma Nutrition business overview

• Revenue composition 2023 by customer % of revenue • Lang is a key partner to leading US mass-market retailers, producing and distributing nearly 200 private label vitamins, supplements and other natural products, including krill oil
• The private label market in the US is growing, with retailers increasingly focusing on these offerings to compete with ecommerce

• 25-year relationships with major tier-1 mass retailers and exclusive relationships with raw material suppliers

• Growth driven by private label innovation across major US retailers, expanding into new product categories and retailers
• Asset-light business model through a network of co- manufacturers and co-packers, enabling product flexibility
• Business model with very high cash flow conversion

Quarterly revenue USDm

Quarterly adj. EBITDA USDm

Revenue composition 2023

Gummy Prenatal Brain Health

Other

Human Health Ingredients Consumer Health Products Emerging Businesses

Consumer Health Products serves the large and growth US supplement market with private label products in mass market retail

Source: Nutrition Business Journal. Note: 1) US – xAOC (without amazon, Online and Costco)

CHP is a strong, steady business with H2 2024 growth expected following H1 inventory build down by retailers

Increased out of store sales indicate that retailers are reducing inventory Lang displays stable development in revenue

Lang – out of stores sales (POS) USDm

2023 2024

Lang revenue LTM development USDm

CHP's innovative & customer tailored product development enables fast-paced launches to meet new consumer needs

Product idea generation

Execution phase

Lang's inhouse supporting functions

Supply chain Management Procurement

Emerging businesses consists of five assets, with a plan to be divested and/or bring to cash breakeven

Understory protein B2C protein for human consumption

Aion Plastic circularity company

Qpaws app App for dog activity and health tracking

Omega-3 product with pharma potential

Brand portfolio Financial performance Emerging Business

Emerging business quarterly revenue development USDm

Emerging business quarterly adj. EBITDA development USDm

Epion markets and sells the Kori krill oil brand of products and has distribution in US tier-1 retailers and online

Business overview Revenue

• Epion Brands is Aker BioMarine's B2C brand platform and Kori is the flagship brand for health and wellness anchored in krill
• Epion is based in New York with experienced management from FMCG industry (e.g., Unilever, Nestle, eos Products)
• Launched Kori krill oil brand in 2020 to US mass market retailers in record time, growing to the 6th largest Omega-3 brand in the US
• Expanded to US omnichannel presence across mass market, club and online and now launching next product lines
• International expansion through licensing model, currently China and Japan

EPION LTM revenue development USDm

Club 2 4 5 6 5 4 8 11 13 16 14 13 13 12 11 ^{10 9} Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 0 Lost distribution of Costco in Q2'23 (40% of revenues), but remaining retails customers are still performing strong

Understory provides krill derived, IP protected ingredients to the large and growing market for protein human nutrition

• Understory has launched the first high purity protein peptides product, providing exceptional nutritional quality for the conscious consumer
• These protein peptides are ideal for incorporation into ready-to-mix and ready-to-drink beverages, as well as other premium formats for brands targeting the beauty, wellness, and sports/active consumer segments
• Understory has received regulatory approval for sale in the Unites States, Canada, Australia, and New Zealand with processes on-going in the EU and other target geographies
• Aker BioMarine has opened a new launch plant and development center that will be providing commercial product to the market in 2024

Understory in brief Upgrading krill meal into high quality protein Understory addresses consumer challenges¹

Expanding into the food segment Protein upgrading process

Investment in science driven innovation enables Aker BioMarine to increase the value of raw materials

Consumers friction points have not been fully addressed Understory solves consumer friction points

Taste
Nutritional content
Texture
Mixability
Gut friendly
No additives
No fat
Sustainable

Main criteria for choosing protein products

Uniquely positioned for innovative formulators and brands combining a single source complete protein with lower environmental impact

Aker BioMarine has a state-of-the-art protein facility and innovation center in Ski, Norway

Located in Ski, Norway (30 minutes from Oslo)

Opened in 2023 with 2,500 m2 in total building size - partly financed by Innovation Norge

Designed for product development and commercial production

State of the art - fully automated facility with high technical capabilities

200-300 MT annual capacity

GMP and FDA registration in progress

Quick overview One-of-a-kind facility and innovation center Comments

• In 2023, Aker BioMarine officially opened a new protein plant in Ski, Norway
• The factory received partial funding from Innovation Norway, recognized for its sustainability and scalability potential
• Aker BioMarine established a new launch plant and development center, which will begin providing commercial products to the market in 2024
• The state-of-the-art pilot plant is where the unique protein ingredients are produced
• Equipped with advanced research and development labs, food-grade production zones, and stringent quality assurance protocols, the plant ensures excellence at every stage
• The factory meets GMP and FDA standards, guaranteeing the highest quality and safety of Understory protein ingredients

Section 3

Market overview

Table of contents

1 - Introduction to Aker BioMarine

27

• 2 Business overview
• 3 - Market overview
• 4 Financial performance
• 5 Appendix

Human Health Ingredients Consumer Health Products Emerging Businesses

The global dietary nutrition market is growing across all regions

Notes: 1) Statista - Dietary supplements market size worldwide 2028 forecast; 2) Statista – Value of dietary supplements market worldwide in 2018 and 2020 with a forecast to 2026

Large and consistently growing Omega-3 B2B nutrition market

The Omega-3 B2B nutrition market is expected to continue grow 5% annually Comments

• Large B2B Omega-3 market of USD 935 million 2023, expected to grow at ~4.5% p.a. between 2023 and 2027
• Omega-3 is one of most clinically researched and scientifically proven supplements
• Due to the solid documentation, most governments worldwide recommend increased Omega-3 intake, explicitly for heart health, with prescribed doses for daily consumption
• Within the Omega-3 market, krill oil is positioned as a premium product, outpacing the overall market

US consumers' increased focus and consciousness on health and wellness supporting growth across all segments

The human health retail market has shown a persistent path of consistent growth in the US Comments

VMS + Active Nutrition (retail sales US)1 USD billions				CAGR Percentage
Vitamins Herbals	Specialty supplements Sports nutrition supplements	Minerals	Meal supplements	6%	7%	4%
			70	4%	5%	1%
		65	4
		4	8	7%	5%	6%
		7
	46	9	11	9%	7%	6%
	3 5	12	13	5%	8%	5%
32	7
2 4 4	8	14	15	8%	9%	6%
6	9
6
11	14	19	19	5%	6%	0%
2012	2018	2023E	2025E	'12-'18	'18-23E	'23E-'25E

• Growth in human health market is supported by consumers' increasing focus and consciousness on health and wellness
• Aging population pursuing active lifestyles driving demand for pain ailments and supplements
• Supplement usage is becoming more advised by physicians
• Sector growth is also driven by continuous innovation to new categories and formats

CHP supplies premium private label products to key US mass market retailers

US supplements market on strong growth trajectory Private label outpacing national brands

Private label supplements sales growth Percentage vs LY (until 01/29/2023)

Attractive market sizes with steady and growing demand in the protein market

Section 4

Financial performance

Table of contents

1 - Introduction to Aker BioMarine

33

• 2 Business overview
• 3 Market overview
• 4 - Financial performance
• 5 Appendix

Strategic focus areas of the different segments in Aker BioMarine

Human Health Ingredients (HHI)	Consumer Health Products	Emerging Businesses	Corporate overhead
• Manufacturing and selling krill oil to the human nutraceutical / supplement and pharmaceutical B2B markets through brand name SuperbaKrill, with a manufacturing facility in Houston	• Lang Pharma Nutrition - white label supplement brand selling in the seven largest retail chains in the US	• Epion Brands - Aker BioMarine's own omega-3 krill oil brand • Understory Protein - Premium protein product with new plant in Ski, Norway' • CaPre - developing a new omega-3 drug	• All overhead and corporate cost (finance, legal, ESG, HR communication and IT compliance) is booked under "Other/elim" • Profit eliminations from internal sales are also booked in this segment
and build	Optimize, grow, develop	Bring to cash break-even, optimize and divest	Scale cost to a sustainable level
35 USD m LTM adj. EBITDA1	9 USD m LTM adj. EBITDA1	-7 USD m LTM adj. EBITDA1	-13 USD m LTM SG&A excluding FI1,2

Consistently improving sales and EBITDA each quarter combined with sustainable growth in underlying margins

Quarterly LTM development USDm

HHI CHP EB Corporate/Elim

• Sales growth quarter over quarter driven by improved and robust performance in the HHI segment, which has seen growth across most regions. Additional growth is anticipated from continuous development of the krill oil business and ramp-up of algae oil sales, launched end of 2023
• CHP sales have declined recent quarters due to retail inventory build-down. However, the market remains strong, with out-of-store sales up 7% year-to-date through Q2 2024. CHP sales are expected to rebound as retailers adjust inventory levels back up.

Net sales Adjusted EBITDA

• Strong EBITDA growth has been driven by increasing sales of high-margin HHI products

• CHP's lower revenue base has led to a declining EBITDA margin
• EB is nearing break-even and has steadily reduced costs since 2022
• Going forward, EBITDA and margins are expected to increase in line with ramp-up of production at the Houston facility

Future volume growth will increase margins and operational leverage

• Recent years with lower production has negatively impacted the gross margin, as lower production volume increases the unit cost and hence the cost of goods sold
• Based on increased Superba sales, the production at the Houston facility will ramp up. This should drive a gradual margin improvement throughout the year with full effect expected from 2025 onwards
• Customer and product mix will impact margins going forward
• The gross margin in Lang is dependent on customer and product mix
• As a high share of CHP's SG&A cost base is fixed, improved sales volume going forward would unlock further operational leverage and expand margins

Decreasing cost base, several initiatives to be implemented driving costs further down going forward

Quarterly LTM development USDm

SG&A and other % of revenue

• Effects from successful implementation of improvement program have reduced SG&A past 18 months, particularly in HHI
• Managed to keep cost stable while growing
• Separate cost improvements in Lang and EB (Epion) have also reduced SG&A cost base
• Further cost initiatives in HHI and the Corporate segment will be launched following the close of the FI transaction to scale cost down to a sustainable level for the new company

HHI with strong operational leverage combined with capacity for further scale enable high margin expansion in conjunction with top-line growth

Note: 1) Assuming Nutra and QHP yield of 15% and 80%, respectively, and variable Houston costs of USD 6.5/kg and variable encapsulation costs of USD 30/kg. Production split assumed to be 77/23 bulk production and capsule production, respectively. Nutra cost of USD 3 500/MT and QHP price of USD 2 250/MT

Positive and stable net working capital with limited cyclicality

Net working capital Comments

Quarterly development of net working capital USDm

- Inventory

Accounts payables and other payables

Net working capital

Trade receiveables and prepaid expenses

• The company maintains a positive net working capital, primarily driven by inventory
• HHI inventory build-down last 12 months due to temporarily production stop in Houston last year and higher sales
• As above 50% of production costs in HHI is fixed, inventory levels as percent of sales is likely to come down as production and sales grows
• One-off Nutra transaction in Q4'23 temporarily inflated inventory levels
• CHP's inventory has also significantly decreased since Q4'22 due to improved inventory management
• Going forward, the company will purchase Nutra meal from FI in Q2 every year with payments end of Q3 or early Q4

Limited capex requirements going forward

• Capex mainly relates to maintenance work in Houston and certain smaller development investments (algae, Lysoveta, PL+)
• Capex for 2024 expected at USD 10-12 million, including
  • ― Maintenance capex in Houston at USD 5-6 million
  • ― Development capex related to Understory of USD 6 million
• All major capex projects are completed
• No major capex investments expected for the Houston facility over the next 5 years with current capacity of 1,500MT

Section 5

Appendix

Table of contents

1 - Introduction to Aker BioMarine

41

• 2 Business overview
• 3 Market overview
• 4 Financial performance
• 5 - Appendix

USD millions	2022	2023
Net sales	166.1	196.7
Cost of goods sold	(98.4)	(123.8)
Gross profit	67.7	72.9
Gross margin
Selling, general and administrative expense	(66.4)	(72.0)
Depreciation, amortization and impairment	(14.0)	(18.7)
Other operating income/(cost), net	7.3	(0.1)
Operating profit	(5.4)	(17.8)
Net financial items	(6.0)	0.0
Tax expense	(1.6)	0.0
Net profit	(13.0)	(17.8)
EBITDA reconcilliation
Operating profit (loss)	(5.4)	(17.8)
Depreciation and amortization non -production assets	14.0	18.7
Depreciation and amortization production assets	5.9	4.4
EBITDA	14.5	5.3
Special operating items	(4.6)	10.7
Adjusted EBITDA bef. Corp allocation	9.9	16.0
Adjusted EBITDA margin	6.0%	8.1%
FI share of corporate costs	5.3	5.6
Adjusted EBITDA after corp allocation	15.2	21.6

Balance sheet (adjusted)

USD millions (unaudited)	Q2 2024	Adjustment	Q2 2024
	Reported	(Unaudited)	Adjusted
Property, plant and equipment	97.9		97.9
Right to use assets	4.3		4.3
Intangible assets and goodwill	139.7		139.7
Contract cost	2.1		2.1
Deferred tax asset	0.7		0.7
Other interest-bearing non-current receivables	2.7		2.7
Investments in equity-accounted investees	-		-
Total non-current assets	247.5		247.5
Inventories	110.9	-12.2	98.7
Trade receivable and prepaid expenses	45.3		45.3
Derivative assets	-		-
Current interest-bearing receivables	0.3		0.3
Cash and cash equivalents	16.3		16.3
Total current assets	172.5		172.5
Assets held for sale	390.0	+12.2	402.2
TOTAL ASSETS	810.1		810.1

USD millions (unaudited)	Q2 2024	Adjustment	Q2 2024
	Reported	(Unaudited)	Adjusted
Interest-bearing debt	164.7		164.7
Deferred tax liability	4.4		4.4
Other non-interest-bearing non-current liabilities	-		-
Total non-current liabilities	169.1		169.1
Interest-bearing current liabilities	17.5		17.5
Accounts payable and other payables	23.6		23.6
Total current liabilities	41.1		41.1
Liabilities held for sale	244.4		244.4
TOTAL LIABILITIES	454.6		454.6
Total equity	355.4		355.4
TOTAL EQUITY AND LIABILITIES	810.1		810.1

Experienced management team with a proven track record and deep competency driving continuous improvement within the organisation

MATTS JOHANSEN, CHIEF EXECUTIVE OFFICER (CEO)

Matts Johansen has been CEO of Aker BioMarine since 2015. He first joined the company in 2009 as Chief Operating Officer. Prior to his career in Aker BioMarine, Johansen served as the Chief Marketing Officer at Telefõnica O2. He studied at Oslo University College and completed executive education at Columbia University.

KATRINE KLAVENESS CHIEF FINANCIAL OFFICER (CFO)

TONE LORENTZEN EVP SUPPLY CHAIN

Katrine Klaveness became CFO of Aker BioMarine in 2018. Prior to joining Aker BioMarine, she spent the first part of her career in McKinsey & Company, followed by several years in senior positions in Aker ASA's investment team and Aker BP. Klaveness holds a master's degree from BI Norwegian Business School.

Tone Lorentzen joined Aker BioMarine in 2015 and currently oversees Aker BioMarine's entire supply chain, including global logistics, customer care, production at the krill oil factory in Houston, third party production, product quality and HSSE. Prior to joining the company, she held roles at Nycomed, Amersham, GE Healthcare and Trygg Pharm. From 2024, with the new organizational structure, Lorentzen is COO for the Human Health Ingredient- segment.

SIMON SEWARD EVP HUMAN HEALTH AND NUTRITION

Simon Seward joined Aker BioMarine in 2019. He is responsible for global sales and marketing of the company's Human Nutrition & Health products. Prior to joining Aker BioMarine, he was SVP Sales & Marketing at Algalif and Commercial Director at NutraQ. Seward has a master's degree in Marketing from Staffordshire University. From 2024, with the new organizational structure, Seward is CEO for the Human Health Ingredients-segment.

TROND ATLE SMEDSRUD EVP STRATEGIC INVESTMENTS

Trond Atle Smedsrud joined Aker BioMarine in 2015. He is responsible for exploring securing and growing corporate investments. Smedsrud has also served as head of Aker BioMarine's Marketing and Innovation department. Previously, he held senior positions at Coca-Cola and PwC. He has a master's degree from BI Norwegian Business School. From 2024, with the new organizational structure, Smedsrud is CEO for the Emerging Businesses-segment.

HEGE SPAUN CHIEF OFFICER PEOPLE & EXTERNAL AFFAIRS

Hege Spaun joined Aker BioMarine in 2016. She is responsible for the People and Culture, as well as ensuring that the company is in the forefront of driving the sustainability agenda and transitioning our operations accordingly. She previously held various positions in DNV. Spaun holds a master's degree in Psychology from the university of Oslo.

Board of directors with strong experience and industry knowledge supporting the company towards sustainable success

OLA SNØVE CHAIRMAN

Ola Snøve has served as Aker BioMarine's Chair of the Board since 2014. Previously, he was Investment Director of Aker ASA for more than ten years, and he is the former President & CEO of Epax. Snøve holds a MSc and a PhD from the Norwegian University of Science and Technology, and an MBA with Distinction from INSEAD. He is a Norwegian citizen.

FRANK OVE REITE DIRECTOR

Frank O. Reite (born 1970) first joined Aker in 1995 and held the position as CFO in Aker ASA from August 2015 until August 2019. He is now an advisor. He holds a B.A. in business administration from BI Norwegian Business School in Oslo. Mr. Reite has previously held the position as President & CEO of Akastor and has previously also held a variety of executive positions in the Aker group.

ANNE HARRIS

DIRECTOR

Anne Harris has been the Chief Financial Officer (CFO) of Statkraft since 2019, and has previously held leadership roles in Norsk Hydro ASA, Entra Eiendom AS and Multiconsult ASA. She has been on the Board at the Institute for Energy Technology (IFE) (2015-2021) and COWI Holding from 2021. Harris holds an MSc from BI Norwegian Business School.

THOMAS RØKKE DIRECTOR, elected by the employees

Thomas Røkke, an employee-elected representative to the Board, has been a part of Aker BioMarine since 2017. He currently serves as an Engineer in the Technology and Process Development team. Røkke holds an MSc in Mechanical Engineering from the Norwegian University of Science and Technology.

KIMBERLY MATHISEN DIRECTOR

Kimberly Mathisen became CEO of HUB Ocean in January 2022, after serving as GM Norway for Microsoft. She is on the Board of Bayer and Aize and is on the Advisory Board of Nysnø and Sintef. She has served on the Boards of e.g Yara, Abelia, NHST and Kappa Bioscience. Mathisen has a Bachelor's degree from the University of Illinois and MBA from Harvard Business School.

KRISTIN HOLMGREN

DIRECTOR, elected by the employees

Kristin Holmgren, an employee-elected representative to the Board, has been a part of Aker BioMarine since 2019. Holmgren is the company's inhouse Intellectual Property manager. Holmgren has a degree in Molecular Biology from NTNU and is in progress to be an European Patent Attorney.

CILIA HOLMES INDAHL DIRECTOR

Cilia Holmes Indahl leads the foundation for EQT, a global investment company. She is also the Co-founder of Sustainability Hub Norway. Indahl holds an Economics degree with a double master's degree in International Business and Sustainable Innovation from the Norwegian School of Economics (NHH) and HEC Paris.