Atlantic Sapphire

Board/Management Information • Feb 22, 2021

Atlantic Sapphire ASA: Changes to Executive Management

Atlantic Sapphire ASA: Changes to Executive Management

Miami, FL, February 22, 2021

Atlantic Sapphire ASA (“the Company”) announces that Karl Øystein Øyehaug today has been promoted to Chief Financing Officer and Alejandro Castro today has been promoted to Chief Accounting Officer and will together be responsible for the financial function of the Company. Mr. Øyehaug and Mr. Castro have both been elevated to these positions internally following a comprehensive external search. Both positions will be reporting to the CEO.

Karl Øystein Øyehaug, Chief Financing Officer and Managing Director of the Company, will be responsible for maintaining an optimal capital structure for the Company’s future growth, and handling external financial stakeholders.

Alejandro Castro, Chief Accounting Officer, will be responsible for managing the Company’s internal financial infrastructure including accounting, treasury, tax, procurement and insurance.

Karl Øystein Øyehaug, Chief Financing Officer and Managing Director

Since September 2020, Mr. Øyehaug was the Interim Chief Financial Officer at Atlantic Sapphire. Mr. Øyehaug has been employed as the Group's Finance Director since 2018 and was elected as Managing Director of the Company at the time of conversion to public limited liability company in May 2020. Prior to joining the Group, Mr. Øyehaug served as Equity Analyst at Carnegie Investment Bank in Oslo, Norway, covering the seafood sector. Mr. Øyehaug holds a degree in economics & business administration from the Norwegian School of Economics (NHH) and Columbia University in the City of New York.

Alejandro Castro, Chief Accounting Officer

Alejandro Castro, a licensed Certified Public Accountant, was Atlantic Sapphire’s Group Controller since 2018. Before joining Atlantic Sapphire, Mr. Castro held CFO and VP of finance positions in high growth international companies. Furthermore, Mr. Castro is ex Deloitte where he worked in Audit and Transaction Advisory roles. Mr. Castro holds a Master in Business Administration from Northwestern University – Kellogg School of Management. Additionally, he holds a Master of Science & a Bachelor of Science in Accounting from Florida International University.

For further information, please contact:

Johan E. Andreassen

Chairman, Atlantic Sapphire ASA;

Karl Øystein Øyehaug

Chief Financing Officer & Managing Director, Atlantic Sapphire ASA

investorrelations@atlanticsapphire.com

About Atlantic Sapphire ASA

Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming, locally, and transforming protein production, globally. Atlantic Sapphire has been operating its innovation center in Denmark since 2011 with a strong focus on R&D and innovation to equip the company with technology and procedures that enable the company to commercially scale up production in end markets close to the consumer.

In the US, the Company has since 2010 worked to identify and permit the ideal location for Bluehouse® farming in Miami, Florida. The Company is close to completion of its phase 1 build out which is projected to harvest approximately 10,000 tons of salmon annually and performed its first commercial harvest in the US in September 2020. The Company has secured the key US water permits to produce up to 90,000 tons onsite, and has a targeted harvest volume in 2031 of 220,000 tons.