Atlantic Sapphire

Investor Presentation • Aug 28, 2020

|| st Half, 2020 Update th August 2020

IMPORTANT INFORMATION

This presentation (the "Presentation") has been produced by Atlantic Sapphire ASA (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.

By reviewing this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the businesses of the Company. This Presentation must be read in conjunction with the recent financial reports of the Company and the disclosures therein. The distribution of this Presentation in certain jurisdictions may be restricted by law. Persons in possession of this Presentation are required to inform themselves about, and to observe, any such restrictions. No action has been taken or will be taken in any jurisdiction by the Company that would permit the possession or distribution of this Presentation in any country or jurisdiction where specific action for that purpose is required.

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 August 28, 2020. 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.

Contents 1

• Summary
• US Production
• Covid-19 Impacts
• Emergency Harvest Review
• Financing
• Product Quality and Customers
• Marketing
• 1 st Half, 2020 Financial Summary
• Shareholder Overview

Atlantic Sapphire Today

• 5.0m fish, ~2,200t of biomass, swimming in US and DK Bluehouse facilities
• DK harvest commenced and 'steady state'¹ standing biomass achieved
• 121 full time employees as of June 30, 2020
• USD266m in total assets as of June 30, 2020

Key Upcoming Milestones

• DK: Steady state production and harvest expected in Q4 '20
• US: First US harvest in Sep '20, ~3 million meals sold by year-end '20
• US: Phase 1 construction completion in Q4 '20, 'steady state'¹ production by Q1 '21
• US: Phase 2 design and capex budget developed by Q1 '21, construction start in Q2 '21

5 Million Atlantic Salmon In Production. Path To Steady State Harvest Advancing

1 Steady state: When the Company produces the equivalent of 9,500t HOG of annualized harvest volumes in phase 1 in the given period in the US, and 2,400t HOG annualized harvest volumes in Denmark.

US Production

Construction completion in Q4 '20

• Fish transfer to the 4th growout system underway
• Construction timeline has gradually extended due to Covid-19 and other unforeseen delays

Strong biological performance in fully commissioned systems

• ~4m fish swimming in the US Bluehouse, with the largest ready for first harvest in September
• Fish appetite and system capacity in line with expectations, when feeding is not held back due to construction delays

Revised phase 1 ramp-up projections

• Delayed ability to operate the farm at full capacity has pushed phase 1 'steady state' production until Q1 '21
• Q4 '20 harvest volume of ~1,000t HOG expected
• Revised phase 1 capex projection: ~USD22/kg
• USD1/kg increase due to productive investments and USD2/kg increase due to Covid-19 related delays and other inefficiencies

System Performance Supporting Steady State Biomass And Production Assumptions

Covid-19 Impacts 1

st Half, 2020 Update

US Phase 1 construction impacted

• Immigration and labor access interruptions due to Covid-19 negatively impacting system commissioning schedule
• No expected impact on long term capex/kg

New Covid-19 reality highlights advantages of local production and lean, integrated operations

• Well positioned for market trend towards value-added products versus traditional fish counter retail
• Cost of airfreight from Europe/LatAm to the US may remain 'higher for longer', adding to AS' cost advantage
• Full traceability "from egg to plate" driving price premium
• Differentiated Bluehouse product achieving pricing decoupled from Covid-19 related spot market volatility

Covid-19 Reality And Local, Integrated Production Strengthens US Strategic Position

DNB credit facility: USD30m increase in short term availability

• Reference is made to the announcement on April 21, 2020, in which the execution of a USD210m senior secured credit facility with DNB was announced
• Agreement executed with DNB that USD30m of the USD110m undrawn term debt will be issued as short term debt, without the same milestone requirements as the undrawn term debt, and not directly linked to phase 2 construction
• The short term debt will be immediately accessible for general corporate purposes, except for USD5m that will become accessible upon meeting an outstanding condition precedent
• In view of recent phase 1 construction delays and the updated timeline on reaching "steady state" harvest volumes in Q1(21), Atlantic Sapphire is looking into options to refinance its long term debt at more favorable terms for US phase 2 construction. This includes replacing the USD30m short term debt facility before its Nov 30, 2020 expiry date through either a loan facility, bond issue, or any other type of debt or equity capital market transaction

USD30 Million Converted From Long Term To Short Term Debt

Product Quality and Customers

1 st Half, 2020 Update

Excellent US product taste, quality and texture

• Taste, fillet color and texture at or above target KPIs
• Unmatched freshness and longer product shelf life than other salmon

Solid customer pipeline developed: 10,000+ store footprint

• Premium price acceptance achieved from customers due to differentiated, unique product attributes and brand promise
• Additional inhouse investment underway to provide value-added and "ready-to-eat" products, in addition to HOG and fillets
• Partnership with leader, Acme Smoked Fish Corp, announced

Strong Outlook For US Premium Price Achievement

Marketing 1

US Photos (I)

US Photos (II)

1 st Half, 2020 Financial Summary 1

Six months ended 30 June 2020		Fish farming
Unaudited (USD 1,000)	Denmark	USA	Other and eliminations	Consolidated
Revenue from sale of salmon	2,812	172	(482)	2,502
EBITDA	(6,243)	(14,136)	(1,543)	(21,922)
Pre-tax loss	(8, 245)	(22,559)	(770)	(31,574)
Total assets	41,256	227,991	(2,926)	266,321
Total liabilities	37,551	85,350	(34,286)	88,615
Depreciation and amortization	1,215	74		1,289
Capital expenditures	1,474	31,284	$\overline{\phantom{0}}$	32,758
Six months ended 30 June 2019	Fish farming
Unaudited (USD 1,000)	Denmark	USA	Other and eliminations	Consolidated
Revenue from sale of salmon	2,021	$\overline{\phantom{a}}$	$\overline{\phantom{0}}$	2,021
EBITDA	(886)	(2,793)	(846)	(4,525)
Pre-tax loss	(2,538)	(4,501)	(2,404)	(9, 443)
Total assets	42,651	172,062	47,386	262,099
Total liabilities	35,037	43,928	(33,002)	45,963
Depreciation and amortization	342	27	670	1,039
Capital expenditures	9,334	32,771	2,994	45,099

1 st Half, 2020 Update

Atlantic Sapphire ASA Total Shares Outstanding: 71,286,100 Oslo Børs Ticker Symbol: ASA Share Price (As of August 27, 2020): NOK 104.50 / share Market Capitalization: NOK 7.4B

Rank	Holding		Stake Name	Country	Type
1	9,459,849		13.3% ALSCO AS	Norway	Ordinary
2	4,360,478		6.1% REGENTS OF THE UNIVERSITY OF MICHIGAN	United States	Ordinary
3	4,050,000		5.7% VATNE EQUITY AS	Norway	Ordinary
4	3,877,995		5.4% SKAGEN KON-TIKI VERDIPAPIRFOND	Norway	Ordinary
5	2,646,385		3.7% State Street Bank and Trust Comp	United States	Nominee
6	2,273,748		3.2% Morgan Stanley & Co. Int. Plc.	United Kingdom Nominee
7	2,028,621		2.8% Citibank, N.A.	Ireland	Nominee
8	2,008,733		2.8% U.S. Bank National Association	United States	Nominee
9	1,567,585		2.2% Brown Brothers Harriman & Co.	United States	Nominee
10	1,452,780		2.0% PERSHING LLC	United States	Nominee
11	1,340,926		1.9% JOH JOHANNSON EIENDOM AS	Norway	Ordinary
12	1,234,611		1.7% VERDIPAPIRFONDET NORGE SELEKTIV	Norway	Ordinary
13	1,162,997		1.6% LANI INVEST AS	Norway	Ordinary
14	1,073,770		1.5% JEA INVEST AS	Norway	Ordinary
15	1,036,806		1.5% UBS SWITZERLAND AG	Switzerland	Nominee
16	1,021,621		1.4% BLUE FUTURE HOLDING AS	Norway	Ordinary
17	994,112		1.4% Norron Sicav - Active	Luxembourg	Ordinary
18	936,644		1.3% Goldman Sachs & Co. LLC	United States	Nominee
19	884,834		1.2% VERDIPAPIRFONDET DNB NORDEN	Norway	Ordinary
20	882,603		1.2% Norron Sicav - Target	Luxembourg	Ordinary
21	712,479		1.0% ASINVEST AS	Norway	Ordinary
22	700,000		1.0% NORSK LANDBRUKSKJEMI AS	Norway	Ordinary
23	671,752		0.9% J.P. Morgan Securities LLC	United States	Nominee
24	669,699		0.9% INNOVATIVE AQUACULTURE INVESTMENTS	Norway	Ordinary
25	666,361		0.9% BNP Paribas Securities Services	France	Nominee
Top 25	47,715,389	67%
Other	23,570,711	33%
Total	71,286,100	100%

Share Price Performance (Last Twelve Months)