Andfjord Salmon

Investor Presentation • Mar 23, 2022

Q4 2021 Status and progress

23 March 2022

Martin Rasmussen CEO

Bjarne Martinsen CFO

Agenda

• o Introduction
• o Quarterly highlights and subsequent events
• o Operational update
• o Key financial figures
• o Summary and outlook

ANDFJORD SALMON AT A GLANCE

FOUNDED: 2014 - LOCATION: ANDØYA, NORWAY - EURONEXT GROWTH: ANDF

FLOW-THROUGH

Uses a closed flow-through system, which combines the benefits of both traditional and land based aquaculture while solving a number of traditional farming issues.

FIRST LOCATION

Andfjord Salmon™ has been granted a licence for 10 000 tonnes MAB with potential production volume of 19 000 tonnes HOG at Kvalnes, Andøya.

GULF STREAM

Strategically located at Andøya – with unique access to oxygen-rich seawater at stable temperatures. The unit is situated at a depth of 30 to 160 metres, depending on the season.

~90,000 TONNES IN TOTAL Andfjord Salmon has acquired three locations, with a clear roadmap towards achieving a total capacity of ~90,000 tonnes (HOG).

LOW ENERGY FACILITIES

No need to lift the water above sea surface. No need to heat or cool the sea water or other costly operations.

FISH FRIENDLY & SUSTAINABLE

Andfjord Salmon™ aims to build the world's most fish-friendly and environmentally friendly facility for salmon, with the lowest possible energy consumption and cost.

Q 4

EXPANSION POTENTIAL TO A TOTAL CAPACITY OF ~90.000t (HOG) ^Q

Indicative*)

• o Andfjord Salmon has secured, by purchase or purchase options, land on Andøya enabling an expansion of a total annual production volumes to ~90.000t (HOG)
• o License for Kvalnes I secured, licensing process for the expansion initiated
• o Support from local authorities for its planned project and expansion plans

*) Management base case assuming WFE/MAB=2.25 and HOG/WFE=0.84. 19 kt = 19 000t HOG based on existing licence of MAB 10 000t on the regulated production area of Kvalnes I.

QUARTERLY

HIGHLIGHTS AND

SUBSEQUENT EVENTS

OPERATIONAL

UPDATE

KEY

FINANCIALS

SUMMARY AND OUTLOOK

HIGHLIGHTS Q4

SUCCESSFUL TEST OF POOL FUNCTIONS

SUCCESSFUL VERIFICATION OF LAMINAR WATER FLOW

SUBSEQUENT TO YEAR-END: OPERATIONAL MILESTONES UNLOCKS STRATEGIC INVESTMENTS

NUTRECO – FEEDING THE FUTURE

MARKET LEADER Global leader in animal nutrition and aquafeed.

37 COUNTRIES Headquartered in the Netherlands, 12,000 employees in 37 countries.

SEAFOOD INVESTOR Invests in the seafood industry.

INVESTMENT

Invests NOK 20 million to become shareholder in Andfjord Salmon.

HOLMØY GROUP – FISH IS OUR PASSION

WHITEFISH AND SALMON Seafood group based in Vesterålen. One of Norway's largest players within whitefish and salmon., Norway

SEAFOOD INVESTOR

Operates trawlers, oceanbased fish farms (annual production: 20,000 t HOG), and offers cold storage of fish.

INVESTMENT

Invests NOK 8 million in Andfjord Salmon through fish farming company Eidsfjord Sjøfarm AS. Holmøy Group's CEO part of Andfjord Salmon's board of directors.

SUBSEQUENT TO YEAR-END: FEED AGREEMENT SIGNED

SKRETTING – FEEDING THE FUTURE

SUSTAINABLE Dedicated to driving the sustainability transformation within raw materials for fish feed

• STRATEGIC AGREEMENT Long-term running strategic feed supply agreement
  • SEAFOOD INVESTOR Tailored feed to Andfjord Salmon's flow-through technology. Ensures optimal water quality, fish welfare and growth conditions. Facilitates production of premium quality salmon

TECHNICAL ADVISORY Participation with Andfjord Salmon in technical advisory committee to continuously improve production protocols and conditions for fish.

UPDATE ZONING PLAN FOR FISKENES / BREIVIK

BREIVIK 25,000

69 DEGREES NORTH, ANDØYA, VESTERÅLEN

HOG IN TOTAL POTENTIAL PRODUCTION VOLUME

FISKENES

69 DEGREES NORTH, ANDØYA, VESTERÅLEN 25,000 HOG IN TOTAL POTENTIAL PRODUCTION VOLUME

• o Process managed by Andøy municipal council
• o Zoning plan approved by the municipal executive commitee ("Formannskapet") in March 2021
• o First public hearing for zoning plan proposal conducted in Q2 2021; second public hearing currently ongoing without objections from important regulatory stakeholders
• o Expect final decision from Andøy municipal council during H1 2022

OPERATIONAL

UPDATE

KEY FINANCIALS

SUMMARY AND OUTLOOK

QUARTERLY HIGHLIGHTS AND SUBSEQUENT EVENTS

KVALNES AREA DEVELOPMENT (PHASE 2)

STATUS KVALNES PHASE 2:

SCRAPING Scraping of area completed

Q 4

NEXT POOLS Blasting and excavation work started on the next pools

EXCAVATING Pools closest to first pool to be excavated first, then moving sequentially further away from first pool

POOL FUNCTIONALITY TESTS COMPLETED IN Q4 Q

STATUS FIRST KVALNES POOL (PHASE 1) – PROGRESSING AS PLANNED:

4

POOL FUNCTIONS

Testing of pool functions and equipment: power adapters, sensors, water measurement systems, filtration system for discharge water

POOL INFRASTRUCTURE Testing of pool infrastructure with seawater

SEAWATER

Obtained detailed knowledge about how the pool and equipment responds to seawater, both inside and outside the pool walls

⁴ SUCCESSFUL VERIFICATION OF LAMINAR WATER FLOW

1

2

The temperate water enters from Andfjorden, and our technological solution creates the unique laminar flow of water.

Contrast fluid verifies that the water flows at the same speed, in the same direction, and in the same layer throughout the pool.

Q

Q 4 COMPLETED TESTING OF ALL VITAL FUNCTIONS

WATER INTAKE TESTING COMPLETED

TESTING POOL FUNCTIONS TESTING COMPLETED

WATER DISTRIBUTION TESTING COMPLETED

COMPLETED MULTI CLEANING SYSTEM TESTING COMPLETED

LAMINAR FLOW TESTING COMPLETED

CONTROL ROOM TESTING COMPLETED

SMOLT IS GROWING WELL | NEXT STEP: IDENTIFY OPTIMAL RELEASE DATE

Q 4

Q1: Testing and finetuning of laminar flow and pool functions

Q1/Q2: Operational pool training, preparations for smolt release. Identify optimal release date.

Q2: First smolt released in pool

QUARTERLY

HIGHLIGHTS AND

SUBSEQUENT EVENTS

OPERATIONAL

UPDATE

SUMMARY AND OUTLOOK

INCOME STATEMENT

Andfjord Salmon AS

All amounts in NOK
	Q4 2021	Q4 2020	2021	2020
	1.10 – 31.12	1.10 – 31.12	1.1 – 31.12	1.1 – 31.12
	Unaudited	Unaudited	Unaudited
Operating income and expenses
Other income	0	180 863	0	180 863
Total operating income	0	180 863	0	180 863
Salary and personnel expenses	5 848 526	3 748 867	17 402 069	10 342 618
Depreciation of tangible
and intangible fixed assets	610 732	128 816	1 229 217	370 704
Other operating expenses	2 895 587	3 386 627	15 829 035	9 085 586
Total operating expenses	9 354 845	7 264 310	34 460 322	19 798 909
Operating profit/loss	-9 354 845	-7 083 448	-34 460 322	-19 618 046
Financial income and expenses
Other financial income	80 918	207 265	282 983	838 273
Other financial expenses	799 556	536	1 358 912	409 703
Net financial income/expenses	-718 638	206 728	-1 075 929	428 570

-10 073 484

-6 876 719

-35 536 250

-35 536 250

-6 876 719

-10 073 484

-19 189 476

Profit/loss before tax

Net profit/loss for the period

BALANCE SHEET

Andfjord Salmon AS

All amounts in NOK
Assets	31.12.2021 Unaudited	31.12.2020
Total intangible assets	2 664 757	1 219 832
Total property, plant & equipment	428 987 851	223 841 555
Total long-term fixed assets	123 970	159 390
Total fixed assets	431 776 578	225 220 777
Total receivables	33 673 118	17 609 321
Cash and deposits	14 918 370	148 846 067
Total current assets	48 591 488	166 455 388
Total assets	480 368 067	391 676 165

Figures do not include a NOK 20 million undrawn credit facility with Sparebank 1 Nord Norge and NOK 6 million in unpaid grants from Innovation Norway (NOK 5 million) and Samskap (NOK 1,1 million). In addition, a capital increase of NOK 38 million, including investments from Nutreco and Holmøy, was completed in Q1 2022.

Q 2 4

BALANCE SHEET

Andfjord Salmon AS

All amounts in NOK
Equity and liabilities	31.12.2021 Unaudited	31.12.2020
Total equity	323 273 127	354 137 205
Liabilities
Non-current liabilities
Liabilities to financial institutions	39 478 187	0
Other non-current liabilities	59 191 509	4 078 176
Total non-current liabilities	98 669 696	4 078 176
Current liabilities
Trade payables	49 689 856	29 788 856
Current tax liabilities	1 246 151	723 106
Other current liabilities	7 489 236	2 948 823
Total current liabilities	58 425 243	33 460 785
Total liabilities	157 094 939	37 538 961
Total equity and liabilities	480 368 067	391 676 165

CASH FLOW STATEMENT

Andfjord Salmon AS

All amounts in NOK
	Q4 2021	Q4 2020	2021	2020
	1.10 – 31.12	1.10 – 31.12	1.1 – 31.12	1.1 – 31.12
	Unaudited	Unaudited	Unaudited
Net cash flow from operating activities	5 691 802	-1 630 034	-20 620 952	-6 174 684
Net cash flow from investing activities	-58 745 810	-61 505 786	-207 820 439	-165 276 082
Net cash flow from financing acitivities	31 546 770	85 195 102	94 513 693	226 516 497
Net change in cash and cash equivalents	-21 507 237	22 059 282	-133 927 697	55 065 731

AGENDA Q 4

QUARTERLY

HIGHLIGHTS AND

SUBSEQUENT EVENTS

OPERATIONAL

UPDATE

KEY FINANCIALS

SUMMARY AND OUTLOOK

⁴ SUMMARY

FIRST POOL

INVESTORS & FEED FIRST SMOLT

o Successful verification of pool functions and laminar water flow

• o Holmøy Group and Nutreco
• o Feed agreement with Skretting

o First smolt to be released in Q2 2022

FISKENES - BREIVIK

o Zoning plan decision expected in H1 2022

ANDFJORD SALMON ON TRACK TO BUILD THE WORLD'S MOST SUSTAINABLE AND FISH-FRIENDLY AQUACULTURE FACILITY OF ITS KIND

Q & A

Contact us:

Andfjord Salmon / Kvalnes, Andøya, Norway www.andfjordsalmon.com, post@andfjord.no