Atlantic Sapphire

Investor Presentation • Jan 6, 2021

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Operational Update January 6, 2021

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.

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This Presentation speaks as of January 6, 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.

Q4 2020 trading update – additional details

Three months ending Dec 31, 2020	US	DK
Revenue per kg of total harvest (HOG)	USD9.4/kg	DKK33.1/kg
Revenue per kg for Sup 3kg+ (HOG)	~USD12/kg	~DKK35.9/kg
Bluehouse Salmon (Sup 3kg+) premium to Fish Pool commodity1	145%	18%
Net biomass gain (RLW)2	~1,500t	~600t
Harvest volume (HOG)	166t	341t
JEA index (tanks in use, kg biomass gain per m3 per day)	0.46	0.37

• US blended price achievement impacted by the "frontrunners" in Batch 1 having a lower superior share
  • Expect to see improved superior share in Batch 2 and thereafter ~95% superior share, in line with DK
• Harvest volumes transferred from Q4(20) to Q1(21), Q4 reduction equals Q1 increase
  • Decided to postpone harvest due to delayed start-up of filleting facility and to reach steady state production earlier
• Steady state³ budget for JEA index (kg RLW biomass gain per m3 per day) of 0.47 in both DK & US

Premium price achievement established in the US and biological performance in line with budget

1 Fish Pool spot index (Superior 3kg+) average salmon price for Q4 2020: EUR4.08/kg HOG (not volume weighted) or around USD4.9/kg HOG

2 Biomass gain estimate based on combination of actual feeding figures and management estimates

3 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.

Q4 2020 - US and DK production

• USA: Production volumes good despite impaired batch 1 constituting a large part of the standing biomass in Q4 2020
• Denmark: Ending the quarter with production volumes above budget

JEA index in stocked systems at or above budget, supporting production capacity assumptions

1 Week 40 and 53 are not full weeks of seven days 2 Biomass gain estimate based on actual feeding figures and management estimates 3 Johan E. Andreassen (JEA) Index on operational performance: kg RLW biomass gain per m3 per day

US phase 1 construction completion

• All growout systems ready for fish
  • Last two systems to be stocked in January
• State of the art filleting facility completed, will be in operation shortly
• Punch list items and final permitting inspections outstanding
• Second Covid-19 wave affected Q4 construction (reduced availability of labor), but reduced schedule impact than Q2 2020
• Focus now shifting to phase 2 construction

Full phase 1 production capacity now ready. Focus shifting to phase 2 construction.

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Footprint increasing with higher harvest volumes

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

Utilizing advanced technology to develop aquaculture of the future

• In-house technology department (8 employees), exclusively focused on technological innovations
• Autonomous feeding implemented in DK and under way in the US
  • Automated technology applied to pellet counting cameras, controlling the feeding
  • Ensuring maximum utilization of growth potential, eliminating risk of uncontrolled feed loss
• Artificial Intelligence (AI) technology introduced as a tool to optimize water quality and feeding
  • Leveraging the vast amount of data collected in a way that humans and conventional tools are not capable of
  • AI will increase the number of automated processes, improve operational efficiency and reduce cost and risk

Key strategic pillar to develop and implement cutting-edge technology in-house

Summary and upcoming milestones

Summary

• Q4 production and JEA index in stocked systems supporting production capacity assumptions
• Covid-19 operational impacts likely to continue in the first half of 2021
• Stable retail prices for Bluehouse Salmon expected for full phase 1 production
• Growing number of retail locations as harvest volumes increase
• Leading technological developments in autonomous feeding and use of AI

Upcoming Milestones

• Atlantic Sapphire has applied to be quoted on the US OTCQX market in Q1 '21, broadening access for US investors
• US phase 2 design and capex budget developed by Q1 '21, construction start in Q2 '21
• Advanced plan for current 160 acres of land by Q2 '21
• 2020 Annual Report to be published on April 15, 2021

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