Atlantic Sapphire

Investor Presentation • Nov 3, 2021

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Monthly Update – October 2021 November 3, 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.

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, as well as other public disclosures made by the Company. The distribution of this Presentation may in certain jurisdictions 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.

This Presentation does not in itself 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.

This Presentation must be read in conjunction with the stock exchange release to which it is attached.

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

This Presentation speaks as of November 3, 2021. 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.

US Biological Performance

Monthly Update – Oct '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 – Oct '21

Monthly Update – Oct '21

US standing biomass overview1 as of October 31, 2021
Oct 31, 2021	Number	Average Weight (grams)	Standing Biomass (kg)	Quarter introduced in start-feed	Comment
Initial batches2	600k	2,900	1,692,000		Groups exposed to uneven and suboptimal conditions (chiller plant breakdown, key water treatment tools missing)
B I	425k	538	230,000	Q4 '20	Stable conditions in line with plan
B II	500k	294	150,000	Q1 '21	Stable conditions in line with plan
B III	400k	122	49,000	Q2 '21	Stable conditions in line with plan
Freshwater3	2,460k	10	25,000		Stable conditions in line with plan
Total	4,385k	489	2,146,000

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 Index To Increase With Growing Biomass JEA index¹ 0.13 0.11 0.19 0.22 0.45 0.20 0.35 0.64 0.00 0.10 0.20 0.30 0.40 0.50 0.60 Jul '21 Aug '21 Sep '21 Oct '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

Monthly Update – Oct '21

Price Achievement and Footprint

Monthly Update – Oct '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

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Capex Status as of September 30, 2021

• Phase 2 construction capex and speed remains solely at the Company's discretion until capex is committed
• \$225 million total budget
  • \$60 million committed, of which
    • \$22 million invested
    • \$38 million forecasted
  • \$165 million currently uncommitted

Schedule of Estimated Project Completion

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

Monthly capex spending and commitments (USD 1,000)

Capex Spending May Be Adjusted To Secure Group Liquidity

Monthly Update – Oct '21

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

Other Updates

Monthly Update – Oct '21

US offtake

• Four successful promotions completed in October, including Publix, Sobeys (IGA), Sprouts and Safeway
  • All retailers are planning more promotions in Q4 2021
• Retail sales per store is increasing every week thanks to both repeat business and marketing efforts
• Bluehouse Salmon's social media fan base has grown exponentially to become the most followed brand in the salmon industry with best-in-class engagement levels

Other

• Audit Committee established
• Covid-19: 90%+ of company employees vaccinated. Borders reopening makes it easier to bring in suppliers and stakeholders

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