Atlantic Sapphire

Capital/Financing Update • Mar 2, 2020

Atlantic Sapphire AS - Advanced discussions regarding financing of future expansions in Miami and contemplated listing on the Oslo Stock Exchange

Atlantic Sapphire AS - Advanced discussions regarding financing of future expansions in Miami and contemplated listing on the Oslo Stock Exchange

Miami, FL, March 2nd, 2020

Atlantic Sapphire AS is in advanced discussions with a leading financial institution regarding providing financing of USD 210 million to the Company that will refinance existing debt and finance future expansion of phase 2 in Miami as part of its master plan to reach 220,000 tons of annual salmon production in the US.

The conditions for the contemplated facility imply, among other things, moving the Company from the Merkur Market Exchange to the Oslo Stock Exchange's main list by the end of 2020.

The Company expects to enter into a committed term sheet in the near future and will provide detailed information thereafter.

For further information, please contact:

Johan E. Andreassen

Chairman, Atlantic Sapphire AS;

or Karl Øystein Øyehaug

Finance Director, Atlantic Sapphire AS

investorrelations@atlanticsapphire.com

About Atlantic Sapphire AS

Atlantic Sapphire is pioneering BluehouseTM (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 enables 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 BluehouseTM farming in Miami, Florida. The company is well underway with construction of its phase 1 build out which is projected to harvest approximately 10,000 tons of salmon annually, beginning in Q3, 2020. The company has also secured the key US water permits to produce up to 90,000 tons onsite, and a targeted harvest volume in 2031 of 220,000 tons.