Arctic Fish Holding

Legal Proceedings Report • Feb 23, 2023

Fire at Arctic Smolt construction site

Fire at Arctic Smolt construction site

On February 23, 2023 at approximately 9:30 AM CEST, a fire broke out at a construction site of Arctic Smolt, the smolt production company in Iceland of Arctic Fish and is owned by Arctic Fish Holding AS (Arctic Fish). While all employees have been accounted for, both the staff of Arctic Smolt as well as the staff of the contractors, three employees of the contractors needed medical attention for minor injuries. The fire is ongoing, and the fire department is handling the situation.

The Company expects the construction site and progress to be impacted by the fire and the material impact on the already existing uncomplete structure is not clear yet, but the progress plan and construction plans will be impacted by this incident. The cause of the fire is currently unknown. At this point in time there is no impact expected on the production plans and smolt production targets of 2023 and 2024 nor are the other existing buildings impacted by the incident.

The ongoing construction is insured against fire.

The Company will provide additional updates as more information becomes available.

For further information, please contact:

CFO Neil Shiran Thorisson, +354 8315300

Arctic Fish in brief

Arctic Fish (AFISH) has 27 100 tonnes of Maximum Allowed Biomass licenses (MAB)

to farm salmon and trout. The licenses are in the Westfjords of Iceland. Out of

the total license volume, 5,300 tonnes are for trout, which are not currently

being utilized and will be converted to salmon licenses in the ongoing

application process. Arctic Fish is one of the leading salmon farmers in Iceland

and has an attractive and sustainable setup of licenses with active licenses in

4 fjords and applications being finalized in one additional fjord that can bring

the total volume up to 31,900 tonnes in the coming years. The company owns a

state-of-the-art RAS hatching and smolt production that is the foundation of the

operations. Further investments are being made in smolt production and

harvesting that will contribute to the future growth of the company.