Atlantic Sapphire

Capital/Financing Update • Mar 14, 2020

ATLANTIC SAPPHIRE AS – Committed term sheet signed with DNB for US$210m debt financing

ATLANTIC SAPPHIRE AS – Committed term sheet signed with DNB for US$210m debt financing

Miami, Fl, March 13, 2020

Atlantic Sapphire AS (the “Company”) today announces that it has entered into a committed term sheet with DNB for a US$210 million senior secured credit facility comprised of a US$180 million term loan and US$30 million revolving credit facility.

The proceeds of the facility will be used to (i) refinance the Company’s outstanding debt, which includes a US$54 million term loan and US$15 million revolving credit facility; (ii) finance the expansion of its BluehouseTM facilities in the United States and (iii) increase liquidity as well as provide working capital for the Company’s Danish and US operating subsidiaries. The contemplated expansion of the US BluehouseTM will increase annual production capacity to approximately 20,000 tonnes (HOG) in the US.

The facility will initially have an 18-month term with an 18-month extension option upon meeting certain conditions. In addition, the Company will be required to seek to transfer from the Merkur Market to the Oslo Børs, the main list of the Oslo Stock Exchange, no later than 31 December 2020.

Johan E. Andreassen, CEO & Chairman of Atlantic Sapphire: “We’re happy to secure a refinancing at competitive market terms compared to the industry. For Atlantic Sapphire, this is a tremendous sign of support from DNB.”

Financial close is subject to the satisfaction by the Company of various conditions precedent, including satisfactory due diligence and entering into legally binding documentation. The Company expects to close the facility in Q2 2020.

For further information, please contact:

Johan E. Andreassen

Chairman & CEO, Atlantic Sapphire AS;

or Karl Øystein Øyehaug

Finance Director, Atlantic Sapphire AS

investorrelations@atlanticsapphire.com

About Atlantic Sapphire AS

Atlantic Sapphire is pioneering Bluehouse™ (land-raised) salmon farming, locally, and transforming protein production, globally. Atlantic Sapphire has been operating its innovation center in Langsand, Denmark since 2011 with a strong focus on R&D and innovation to equip the Company with technology and procedures that enables the Company to commercially scale up production in end markets and bringing products closer to consumers.

In the US, the Company identified Homestead, Florida as the ideal location for its US-based Bluehouse™ and secured key US water permits in connection with its operations. The Company is nearing completion of its Phase I buildout, which is projected to harvest approximately 10,000 tonnes (HOG) of salmon annually beginning in Q3 2020.

This information is subject to the disclosure requirements pursuant to the Continuing Obligations for companies listed on the Merkur Market.