Atlantic Sapphire

Investor Presentation • Mar 6, 2019

IMPORTANT INFORMATION

This presentation (the "Presentation") has been produced by Atlantic Sapphire AS (the "Company") exclusively for information purposes. This Presentation has not been approved, reviewed or registered with any public authority or stock exchange. This Presentation is not a prospectus and does not contain the same level of information as a prospectus. This Presentation may not be disclosed, in whole or in part, or summarized or otherwise reproduced, distributed or referred to, in whole or in part, without prior written consent of the Company. To the best of the knowledge of the Company and its Board of Directors, the information contained in this Presentation is in all material respect in accordance with the facts as of the date hereof, and contains no material omissions likely to affect its import.

This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates or intends to operate. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of its subsidiary undertakings or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation to update any forward-looking statements or to conform these forward-looking statements to our actual results. Furthermore, information about past performance given in this Presentation is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its parent or subsidiary undertakings or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. Actual experience may differ, and those differences can be material.

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No shares or other securities are being offered pursuant to this Presentation. This Presentation does not constitute an offer to sell or form part of, and should not be construed as, an offer or invitation for the sale or subscription of, or a solicitation of an offer to buy or subscribe for, any shares or other securities in any jurisdiction, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any offer, contract, commitment or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of the Company.

By reviewing this Presentation you agree to be bound by the foregoing limitations.

This Presentation speaks as of March 6 2019. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The Company does not intend, and does not assume any obligation, to update or correct any information included in this Presentation. This Presentation shall be governed by Norwegian law, and any disputes relating to hereto is subject to the sole and exclusive jurisdiction of Norwegian courts, with Oslo District Court as legal venue.

Denmark Operational Update NASF 2019

• Denmark BluehouseTM is performing in line with expectations
• Standing biomass target achieved: 870 tons (rlw)
• Steady state target yields ~2,900 tons (rlw) annualized harvest
• Number of fish: ~1 million (from egg to 5kg)
• Farm average weight: ~0.9kg
• Average weight in saltwater phase: ~2.2kg
• Last twelve month performance:
• Biomass gain: ~920 tons (rlw)
• Mortality as percentage of biomass gain: ~3%
  • ~2% resulted from new construction commissioning
• eFCR (net feed conversion): ~1.05
• JEA Index (biomass gain/m3/day)
• YTD: 0.36 → Projected to reach steady state 0.47 in Q2 2019

Denmark BluehouseTM Performance Improvement On-Track

Denmark 2019 objectives

• Achieve "steady state production" in Q2
• 8 tons of biomass gain per day. Continue to drive down operating risk
• Stabilize standing biomass at approximately 900 tons
• Continue to develop protocols to improve management of flavor and product quality
• Sell up to 80% of production to US market

US Operational Update

NASF 2019

• Operations
• First batch of eggs introduced in November
• Second batch of eggs introduced in February
• Total number of fish: ~1.15 million, performing on plan
• Construction
• Construction completion remains ahead of biological lifecycle
• Currently at peak activity, monthly capex will gradually decline as the project reaches completion
• Financing
• \$86m DNB/EKF bank financing closed in February, following equity rounds of NOK600m in 2017 and NOK640m in 2018
• We continue to expect to be fully funded until steady state revenue is achieved in the US Phase I

February 2019: First commercial batch swimming in Biscayne Aquifer water in the start feeding department

US Phase I Remains On Track

US – 2019 Objectives

• Construction in progress – 1/3 of capex spent. Photo from August 2018.

US

• Roofing extended over ongrowing areas. Photo from February 2019.

Six Independent Growout Systems Within The Bluehouse™ Taking Form

Summary – Why Atlantic Sapphire?

	Management Team	▪ Industry-leading, experienced team. Equity-linked performance culture.
	Denmark Experience	▪ Technology proof of concept achieved in Denmark, including considerable learning from continued process improvements, as well as mistakes.
	US Strategic Plan	▪ Commercial scale up in the US market. Growth opportunity, patents, unique three phase 90,000 tons business plan with key permits in place.
	Scale	▪ Capital formation. Diversifies systemic risk, achieves operating leverage. High return on incremental invested capital.
Compelling Investment Rationale

NASF 2019