Atlantic Sapphire

Investor Presentation • Dec 6, 2021

Monthly Update – November 2021 December 6, 2021

IMPORTANT INFORMATION

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 is strictly confidential and 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.

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Highlights of the month	Biomass gain development
Overall biomass gain impacted negatively by the performance of the
Initial Batches, while New Batches continue to perform excellently	800 700
Elevated degree of maturation on Initial Batches	700
▪ Higher share of downgrades at harvest expected through Q1 2022	600
~40% of the November biomass gain in the New Batches, despite	500 W L
only representing ~20% of the total standing biomass	R 400 s n				300	300
BI and BII were transferred and restocked in November, setting the	o 300 T			250
stage for improved biomass gain in December	200	200	150
Water quality	100
Stable water quality and water temperatures	0 Q2 '21	Jul '21	Aug '21	Sep '21	Oct '21	Nov '21

1 Biomass gain: Estimated net change in standing biomass in the period, adjusted for actual harvest volumes. Includes any culling or mortality.

Monthly Update – Nov '21

Monthly Update – Nov '21

US standing biomass overview1 as of November 30, 2021
Nov 30, 2021	Number	Average Weight (grams)	Standing Biomass (kg)	Quarter introduced in start-feed	Comment
Initial batches2	550k	3,100	1,705,000		Groups exposed to uneven and suboptimal conditions early in the cycle (chiller plant breakdown, key water treatment tools missing)
B I	415k	709	295,000	Q4 '20	Stable conditions in line with plan
B II	500k	384	192,000	Q1 '21	Stable conditions in line with plan
B III	375k	200	75,000	Q2 '21	Stable conditions in line with plan
Freshwater3	2,380k	20	47,000		Stable conditions in line with plan
Total	4,220k	550	2,314,000

The New Batches Will Contribute Increasingly To Total Biomass Gain

1 The biomass overview is based on management estimates, and may change based on counting and weight sampling

2 Remaining batches introduced before mid-2020, that have not had stable conditions and therefore have mixed biological performance. To be harvested out by Q2 2022. 3 Excludes eggs in the hatchery

US Biological Performance – JEA Index

JEA index¹ 0.13 0.11 0.19 0.22 0.22 0.45 0.20 0.35 0.64 0.37 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 Jul '21 Aug '21 Sep '21 Oct '21 Nov '21 Best performing ongrowing system Average across all ongrowing systems Comments ▪ Average JEA Index¹ reflects that ~50% of overall Phase 1 capacity is utilized ▪ JEA Index will increase with growing biomass ▪ 12 identical saltwater ongrowing systems ▪ Tracking the best performing ongrowing system will provide early evidence of individual systems delivering the expected production capacity ▪ Budget JEA Index of 0.47 in Phase 1, which yields ~9,500t HOG of annual production

JEA Index To Increase With Growing Biomass

1 Johan E. Andreassen (JEA) Index on operational performance based on management estimates: kg RLW biomass gain per m3 per day

Monthly Update – Nov '21

Price Achievement and Footprint

Monthly Update – Nov '21

1 Bluehouse Salmon store locator is updated 'live' at bluehousesalmon.com/where-to-buy/

2 Aug '21 and Sep '21 average price achievement reflects ~50% of harvest volumes, the remaining ~50% is in inventory for new frozen and smoked programs and existing fresh programs, all expected to be sold at premium prices. The Aug '21 and Sep '21 average price achievement includes all early harvested fish from the 'LOX shortage harvest' that was sold at non-premium prices.

3 Atlantic Sapphire 'Bluehouse premium' is superior, 3kg+ salmon on Return To Farm basis (excluding freight costs). Fishpool index price converted to USD using Norges Bank fx rates

7

Capex Status as of October 31, 2021

• \$225 million total budget
• \$63 million committed, of which
  • \$26 million invested
  • \$37 million forecasted
• \$162 million currently uncommitted
• Phase 2 construction capex and speed remains solely at the Company's discretion until capex is committed

Schedule of Estimated Project Completion

• Phase 2 construction progressing according to plan, expected to be ready for fish YE '22
• Forecasted amounts are based on expected cash flows from future bid packages

Capex Spending May Be Adjusted To Secure Group Liquidity

Phase 2 Construction Photos

Monthly Update – Nov '21

Phase 2 Will Bring Total Annual Harvest Volume Capacity To 25,000t HOG

Other Updates

Monthly Update – Nov '21

US offtake

• Stable price achievement expected on the premium fish going forward
• Higher percentage of downgrades and smaller sized fish expected to be harvested through Q1 2022, which will reduce average price achievement
• Bluehouse Smoked Salmon SKUs listed with UNFI, one of the largest natural food distributor to independent retailers in North America

Other

• Initiated use of recycled and recyclable packaging as part of our mission to transition towards more sustainable alternatives throughout the value chain
• Conclusion on Denmark fire investigation expected by January 2022