Atlantic Sapphire

Investor Presentation • May 4, 2020

Oslo Stock Exchange Listing Company Update May 4th, 2020

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.

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 May 4, 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.

Massive Transformative Purpose

1. Corporate Overview

¹ HOG - Head-on-gutted (the same as "GWE"), a standardized industry-known weight measure, assumed to be 83% of the weight of a live fish

2. Management

Johan E. Andreassen

• CEO, AS USA & Co-Founder
• Headed a 30,000 tonnes capacity salmon farming company, Villa Organic, from idea inception to IPO and strategic exit at age 32
• Was the lead supplier to Whole Foods for 7 years

Dharma Rajeswaran COO

• More than 26 years of salmon farming experience
• More than 20 years in MOWI ASA, with main focus on their land-based RAS facilities for smolt/post-smolt

Svein Taklo

Chief Development and Infrastructure Officer (CDIO)

▪ Close to 20 years experience in the maritime industry including VP of Marine Operations in Royal Caribbean Cruise Lines

Damien Claire

EVP - Offtake

• Currently CEO of Platina Seafoods¹ , the US sales channel of Atlantic Sapphire
• 10 years US salmon industry national account management experience

Cristina Espejo

Head of HR and ESAP

▪ 15 years human resource leadership experience. ▪ Worked 12 years in DNV GL, a global provider of classification and certification services

Ole Spicker

Managing Director, AS Denmark

• 15 years of experience in Operational Manager positions
• Background as trout farm manager in AKVA Group Denmark

Selected management

Jose Prado CFO & EVP

• 21 years full investment cycle experience, from early stage to mid-cap exit, 18 years in Florida
• MBA from Kellogg School of Management (1993-1995)

Thue Holm

CTO & Co-Founder

• Trained as an environmental biologist at Roskilde University in Denmark
• Worked 7 years in Billund Aquaculture, a leading supplier of RAS systems

Karl Øystein Øyehaug

Managing Director, AS Norway & Director of Finance

▪ 3 years as an Equity Analyst at Carnegie Investment Bank in Oslo, Norway, 2 years covering the fish farming sector

Mario Palma

Director of Aquaculture

• MOWI Chile RAS, water quality, water treatment and project engineering experience
• Extended experience in land-based aquaculture management

Eric Meyer

Director of Water Infrastructure

• Professional hydrogeologist
• Wastewater injection well design, permitting, construction
• Exploration and development of groundwater supply and operation

Danielle Villoch

Head of Legal

• 9 years of legal experience in capital markets and bank finance
• Advised borrowers and lenders in a variety of debt financing, refinancing and liability management transactions

Alexander Reus

Patrice Flanagan

¹Platina Seafood Inc , majority owned by Johan E. Andreassen, has an arms length relationship with Atlantic Sapphire. ² Management and board account for approx. 25% direct and indirect equity.

Selected board

3. Opportunity

• Close to 100% of the global supply of Atlantic salmon is produced in sea based net pens¹
• Sea based production is dominated by Norway and Chile due to vast areas of suitable conditions

… and is experiencing high sea lice and disease management issues

• The conventional industry experiences significant risk and costs related to disease, sea lice and other parasite management
• Regulatory and environmental limitations may prevent the conventional industry from meeting growing demand

Sea Based Salmon Farms Are Limited To Suitable Geographic Regions, Remote From Large End Markets, And Experience High Disease And Sea Lice Management Costs

1 Source: DNB Markets.

4. US Salmon Market

US is the single largest market for Atlantic salmon…

• 98 % of Atlantic salmon is imported to the US (ranking: Chile #1, Canada #2, Norway #3, Europe (exc. Norway) #4)
• 80% of consumption (~380kt rlw) is fresh

…and the US demand for salmon is increasing rapidly… …with considerable upside potential

• The demand for salmon has increased with an average of 9 % the last 8 years
• It reached an all time high in 2018 and 2019, with a growth of 8% from the year before

² Salmon consumption per capita (kg/year)³

▪ There is still large potential in increasing the salmon consumption per capita in the US

Atlantic Sapphire Is Targeting The ~380k Metric Tons Fresh, Farmed Atlantic Salmon Market In The US

Source: Kontali (Salmon world 2020 and Salmon Market Analysis 2018).

¹ 2018 figure for US and 2017 figures for remaining countries (Kontali: Salmon World 2019, Production, market and supply update 2019).

² Kontali Salmon World 2020.

³Kontali Salmon Market Analysis 2018 .

5. US Market Potential

¹ Market size estimates are based on projections of Atlantic Sapphire management.

6. Global Salmon Trade Patterns¹

¹ Source: Kontali (Salmon world 2020, wfe, all salmonids).

7. Conventional Industry Environmental Issues

8. ESG Leadership

Source: Coller FAIRR 2019 Protein Producer Index Report – Farm Animal Investment Risk & Return. ¹ Based on FAIRR Index.

9. Unique Value Proposition

10. BluehouseTM Infrastructure

11. Location Rationale – Miami, Florida

¹Based on management experience.

²Source: Management estimates based on data from U.S. Energy Information Administration.

12. US Water Infrastructure

13. Risk Mitigation With Scale

14. Risk Mitigation With Innovation

15. Land Expansion Opportunities

• Atlantic Sapphire is targeting to acquire up to an additional 300-500 acres of land in South West Miami-Dade County that meets BluehouseTM requirements
• The addressable area is ~35,000 acres, zoned for agriculture, and consists primarily of nurseries and raw crops
• No competing industrial activities expected for salt water use, and limited local municipal wastewater disposal into the Boulder Zone supports favourable permitting

Additional Land Provides The Opportunity To Secure Additional Key Permits And Vertical Integration

16. Offtake

Unique product attributes and brand promise

• Delicious taste – mild and less fishy flavour, versatile for cooking
• Sustainable – lower carbon footprint, possibility to switch to compostable packaging
• Eco-friendly – reduces impact on wild species and the environment
• All natural – free of antibiotics, hormones, pesticides and synthetic pigment
• Healthy – rich proteins, heart-healthy omega-3s, minerals and vitamins
• Sushi grade – parasite-free production, highest level of food safety
• Retail friendly – reduced number of days in transit leads to reduced shrinkage and food waste
• Local and Farm-to-Table – produced nearby, maximum freshness, longer shelf life
• Raised in the U.S.A – local economic impact, job creation and tax contribution

Endorsements

• Atlantic salmon grown in indoor recirculating systems worldwide (such as BluehouseTM) is rated Green Best Choice by Seafood Watch®
• BluehouseTM salmon is Ocean Wise ® recommended

Strong Offtake Demand With Unique Brand Promise

17. Unique Market Opportunities

1 Retail	Retailers moving towards more sustainable sourcing, in line with consumers' increasing focus on what's good for them and the planet
Food service 2	Bluehouse salmon has won blind tastings with Michelin-starred and celebrity chefs. Our name is printed on menus, building brand awareness
Military and other federal 3 agencies	The Berry Act requires for government agencies to purchase seafood that is caught or raised in the USA. Government agencies purchase high end proteins.
Unique product types 4	Market-leading freshness and food safety opens opportunities for unique offerings such as ultra-fresh sushi grade products, skin packs and ready-to-cook.

18. Vertical Integration Opportunities

• Identified opportunities expected to increase efficiency and new revenue streams, while maintaining core focus on fish farming
• To be achieved through third party relationships, joint ventures, and including off-balance sheet financing opportunities

The US BluehouseTM Platform Presents Broad Strategic And Operating Leverage Opportunities

19. US Build-out plan

20. 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	Unique Florida water infrastructure1 ▪ Commercial scale up in the US market. . Growth opportunity and patents support continuous build-out up to 220,000kt
	Scale	▪ Capital formation. Diversifies systemic risk, achieves operating leverage. High return on incremental invested capital
Compelling Investment Rationale

¹ Based on management knowledge and experience.

Oslo Stock Exchange Listing Company Update May 4th, 2020

Contents

• Oslo Stock Exchange Listing
• Covid-19 Update
• US Update
• US Product Quality Update
• 2020 Milestones
• US Photos
• Shareholder Overview

Oslo Stock Exchange Listing

May 5th, 2020 expected listing on the fully regulated Oslo Børs. Updated ticker: ASA

• Corporate governance actions, including conversion to a public company and board & management changes completed
• Enhances profile with investors, business partners and customers
• Provides greater liquidity for existing and prospective shareholders
• Broad access for additional equity investors

Oslo Seafood Index (OSLSFX)

The Oslo Seafood Index includes the leading companies in the seafood sector, globally.

Listing On The Leading Seafood Exchange Supports Enterprise Value Growth

US Phase 1 construction and operations advancing, despite Covid-19 risks

• Classified as an "essential business" by local authorities, operations and construction have proceeded without significant delays. Early implementation of prevention measures taken, and close management continues.
• Access to quality labor has improved in Florida. Immigration restrictions remain a risk.
• US and DK harvest commencing in Q3(20), H2(20) salmon price impact remains uncertain

Completed USD210 million debt refinancing, key in view of heightened Covid-19 financial market risk

▪ Supports liquidity and financing for US Phase 2 build-out

New Covid-19 reality highlights advantages of local production, supply chain control, as well as independence from airfreight and potential trade barrier interference

▪ Well positioned, long term, for developments in retail and online consumer preference

Covid-19 Reality Is Developing Opportunity For Integrated, In-Market Production

US Update

Fish transfer to the 2nd growout system completed

• Commissioning of remaining 4 systems on track
• ~3.5m fish swimming in the US BluehouseTM
• Over 80 full time employees

Lead tank of salmon average ~2kg, with largest ~3kg

• Fish appetite in line with expectations, despite feeding being held back to limit pressure on schedule
• System performance supporting long term biomass gain assumptions

US Bluehouse salmon

US Commissioned Tank Volume And Biomass Gain Now Exceeds Denmark

Excellent US product testing results: mild and versatile taste, ideal for US consumer preference

• Fillet color and texture at or above target KPIs, for fish size and stage of growth
• Unique, stable water source supporting product quality
• Longer product shelf life than competitors expected, providing extended sales window advantage
• Additional inhouse investment underway to provide value-added and "ready-to-eat" products, in addition to HOG and fillets

Fish Tasting In Miami Validating Excellent Product Quality And Flavor

2020 Milestones

• First ESG report (GRI) completed in Q2 '20
• DK: Harvest in Q3 '20
• US: Phase 1 construction completion in Q3 '20
• US: First US harvest in Q3 '20
• US: Phase 2 design and capex budget developed by Q4 '20
• US: Master plan developed for 160 acres by Q4 '20

US In-Market, Steady State Operations Established

US Photos (I)

US Photos (II)

Shareholder Overview (As of May 1st)

Atlantic Sapphire ASA Total Shares Outstanding: 71,276,100 Oslo Børs Ticker Symbol: ASA Share Price (As of May 1, 2020): NOK 115.00 / share Market Capitalization: NOK 8.2B

1

Type	Country		Percentage Name	Ranking Holding
Ordinary	Norway	13.3% ALSCO AS		9,459,849	1
Ordinary		REGENTS OF THE UNIVERSITY OF MICHIUnited States	6.1%	4,360,478	2
Ordinary	Norway	VATNE EQUITY AS	5.7%	4,050,000	3
Ordinary	Norway	SKAGEN KON-TIKI VERDIPAPIRFOND	5.5%	3,893,673	4
Nominee	United States	State Street Bank and Trust Comp	5.4%	3,872,938	5
Nominee	United States	Brown Borthers Harriman & Co.	4.4%	3,147,587	6
	United Kingdom Nominee	Morgan Stanley & Co. Int. Plc.	3.1%	2,241,547	7
Nominee	United States	U.S. Bank National Association	3.0%	2,145,751	8
Nominee	Ireland	Citibank, N.A.	2.9%	2,063,786	9
Ordinary		VERDIPAPIRFONDET NORGE SELEKTIV Norway	2.0%	1,448,104	10
Ordinary	Norway	JOH JOHANNSON EIENDOM AS	1.9%	1,340,926	11
Ordinary	Norway	LANI INVEST AS	1.6%	1,125,009	12
Ordinary	Norway	JEA INVEST AS	1.5%	1,072,270	13
Ordinary	Luxembourg	Norron Sicav - Active	1.5%	1,063,656	14
Nominee	Denmark	UBS SWITZERLAND AG	1.4%	1,032,250	15
Ordinary	Norway	BLUE FUTURE HOLDING AS	1.4%	1,021,621	16
Ordinary	Luxembourg	Norron Sicav - Target	1.2%	856,587	17
Ordinary	Norway	VERDIPAPIRFONDET DNB NORGE	1.2%	827,348	18
Nominee	United States	Goldman Sachs & Co. LLC	1.1%	804,944	19
Ordinary	Denmark	Okpas Invest ApS	1.1%	760,052	20
Ordinary	Norway	ASINVEST AS	1.0%	712,479	21
Ordinary	Norway	Taconic AS	1.0%	700,000	22
Ordinary	Norway	NORSK LANDBRUKSKJEMI AS	1.0%	700,000	22
Nominee	Sweden	J.P. Morgan Bank Luxembourg S.A.	1.0%	679,921	24
Ordinary	Norway	Innovative Aquaculture Investments	0.9%	669,699	25
			70%	50,050,475	Top 25
			30%	21,225,625	Other
			100%	71,276,100	Total

Share Price Performance (Last Twelve Months)

Proudly raised in the USA

We're sustainably raising salmon in the USA that are good for you and better for our oceans.

No added hormones, antibiotics, or pesticides. Delicious, all-natural, protein-rich, and the only fresh sushi-grade salmon.

Local production in the USA (Homestead, FL), supporting our economy and communities:

• ^o Local job generation
• ^o Supply chain control
• ^o Quality control
• ^o 100% traceable
• ^o Same day to 24-48 hr max transit time
• ^o No air-freight carbon footprint

Farming fish in a Bluehouse is one solution to feed our world's growing population

Challenges with ocean farming that we solve with our Bluehouses:

No disease and parasites No antibiotics and pesticides No microplastics No mercury No untreated fish waste No escapes No predators No air freight to main markets

Typical conventional value chain

Atlantic Sapphire Miami value chain

Our Unique Approach is the Leanest Salmon Value Chain and All-American

• ^o Mitigated risk of exposure and supply interruption
• ^o No styrofoam box for shipping
• ^o Compostable packaging
• ^o Extra shelf days
• ^o Less shrinkage at store

Responsibly raised on shore. Supports our economy. Low carbon footprint.

costal areas and the seabed.

We love our oceans which is why we let them be. Eliminates impact on wild salmon,

'Star of Innovation' at European SME Awards 2019

Atlantic Sapphire innovative technology is being recognized

• 'Most Innovative Small and Mid-Cap Company in Europe of 2019' at the European SME Awards
• The Awards aim to promote best practices and to highlight the best European Small and Mid-Sized Companies that have gained access to capital markets via an Initial Public Offering (IPO).