Atlantic Sapphire

Investor Presentation • Oct 5, 2021

Monthly Update – September 2021 October 5, 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.

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Monthly Update – Sep '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 – Sep '21

Focus Is On The New Batches Initial batches continue to have mixed performance ▪ First batches have in periods been exposed to suboptimal conditions, which has negative trickle-down effects later in the life cycle ▪ Current biomass in the ongrowing systems is being optimized to ensure consistent supply to customers US batches introduced from mid-2020 have had stable conditions and will raise the bar on biological performance ▪ Phase 1 conditions now stable after a long period of commissioning efforts and construction challenges Biomass gain of initial batches vs. new batches 0 50 100 150 200 250 300 9 10 11 12 13 Grams Month Initial #1 Initial #2 Initial #3 B I

Monthly Update – Sep '21

US standing biomass overview1 as of September 30, 2021
Sep 30, 2021	Number	Average Weight (grams)	Standing Biomass (kg)	Quarter introduced in start-feed	Comment
Initial batches2	660k	2,700	1,782,000		Groups exposed to uneven and suboptimal conditions (chiller plant breakdown, key water treatment tools missing)
B I	425k	281	119,000	Q4 '20	Stable conditions in line with plan
B II	500k	162	81,000	Q1 '21	Stable conditions in line with plan
B III	400k	75	30,000	Q2 '22	Stable conditions in line with plan
Freshwater3	1,800k	7	12,000		Stable conditions in line with plan
Total	3,875k	522	2,024,000

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

Comments

▪ JEA Index¹

JEA Index To Increase With Growing Biomass

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

Price Achievement and Footprint

Monthly Update – Sep '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 currently 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

Capex status as of August 31, 2021

• Phase 2 construction capex and speed remains solely at the Company's discretion until capex is committed
• \$225 million total budget
• \$51 million committed, of which
  • \$17 million invested
  • \$34 million forecasted
• \$174 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

17,000 5,000 11,000 2,000 2,000 2,000 4,000 8,000 31,000 10,000 30,000 73,000 30,000 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 Invested as of August 31, 2021 Q3 '21 Q4 '21 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Committed Uncommitted

Monthly capex spending and commitments (USD 1,000)

Capex Spending May Be Adjusted To Secure Group Liquidity

Phase 2 Construction Photos

Monthly Update – Sep '21

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

Other Updates

Monthly Update – Sep '21

Denmark fire

• Investigation on the cause of the fire is currently ongoing
• Danish facility is insured for the full book value of approximately USD33m

US offtake

▪ Largest promotion and weekly sales of Bluehouse Salmon ever with this week's 1,280-store promotion in Publix