Atlantic Sapphire

Investor Presentation • Nov 15, 2022

Q3 2022 Operational Update

November 15, 2022

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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Operational Update – Q3 '22

Focus On Getting To Full Phase 1 Production

1 Biomass gain: Estimated net change in standing biomass in the period, adjusted for actual harvest volumes. Includes any culling or mortality. 2 New Batches: US batches introduced into the Bluehouse from mid-2020, farmed under stable conditions

3 Steady state: Full capacity utilization of the Phase 1 facility, when annualized biomass gain and harvest volumes are estimated to ~9,500t HOG

Operational Focus Areas Operational Update – Q3 '22

H2 2022 biological issues (October 16, 2022 announcement)

• As announced, fish in certain independent systems were harvested out at sub-optimal weights after experiencing loss of appetite and elevated mortality
• The cause of the early harvest has been thoroughly analyzed and has been identified as an issue caused by sub-optimal operational procedures
• No disease or issue with any farm-wide infrastructure or production inputs, such as intake water or feed
• Actions taken:
• 1. Adjustments to automation and equipment
• 1. Optimization of farm operations and protocols

Issue Identified. Actions Taken To Avoid The Issue In The Future.

Operational Focus Areas Operational Update – Q3 '22

Status on the key optimization items

• New water chiller system: To be commissioned across all systems by end of November 2022. Temperature stability and sufficient cooling capacity is critical for good biological performance.
• Allows for pre-cooling of intake water
• Lower power consumption
• Added redundancy and reduced risk
• Simplifying operations significantly
• Lighting: Additional tank lights now installed across all systems to enhance appetite and mitigate early maturation
• Nutrition: Feed formula improvements fully implemented, with positive effect on fillet color
• New ozone system: Improved water clarity and reduced nutrient load

Important Optimization Activities That Will Stabilize And Improve Performance

Price Achievement and Footprint Operational Update – Q3 '22

Consistently High Price Achievement For Premium Bluehouse Salmon

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

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

Financials

Operational Update – Q3 '22

Q3 2022 Balance Sheet¹

• Cash position: USD53.7m
• Total drawn bank debt as of Sep 30, 2022: USD48.6m
• Operational cash losses expected to decrease gradually from Q3 2022 levels as harvest volumes increase until Steady State² production and cash flow positive operations are achieved
• Better biological performance across all systems will both increase production volumes and improve product quality, which will lead to higher average price achievement

Focus on reducing the fixed cost base

• Fixed cost base stable in Q3 2022 vs. H1 2022, expected to drop from Q4 2022
• Q3 2022 "run rate" cost of production excl. depreciation and feed cost was ~USD3.5m per month, SG&A was ~USD1.5m per month
• Q3 2022 feed price: USD2.4/kg (incl. USD0.3/kg in transportation)

Clear Path To Reduce The Fixed Cost Base And Achieve Profitability

Financials – Cash Position

1) Unaudited management financials

2) Including the net proceeds from the June 28, 2022 Private Placement that were received in July in Tranche 2 and the proceeds from the Subsequent Offering in August 2022

3) USD 20m RCF facility: Availability is tied to standing biomass and accounts receivable at the time of drawdown. Currently undrawn to reduce interest rate expenses.

Optimizing Terms on Phase 2

Operational Update – Q3 '22

Phase 2 capex status as of September 30, 2022

• ~\$80m invested, cash conservation in focus
• Maximum \$15m in additional capex planned to be invested before access to the Phase 2 term debt has been achieved
• Inflationary pressure on the phase 2 capex budget
• Estimate for total phase 2 capex is \$275-300m
• Focus on value engineering and working with contractors to optimize cost and quality for outstanding Phase 2 capex items

Estimated project completion

• Working to minimize the impact of construction and global supply chain issues on the timeline (e.g. concrete delivery delays)
• The Company decides when and how funds should be deployed towards Phase 2

Phase 2 Construction Spending Will Be Kept At A Minimum Until Phase 1 "Break-Even" Is Accomplished

Summary and outlook Operational Update – Q3 '22

• Biological performance: Good performance in July and August, while September and October was slow due to the operational issues
• Expected harvest in H2 2022 unchanged (# of fish): 800,000 1,000,000
• Phase 1 optimization: Stable temperatures and water quality will improve biological performance
• Steady State production and profitability expected by the end of Q1 2023
• Phase 2 construction: Value engineering in focus, expect to spend a maximum of USD15m before the Phase 2 bank debt is fully accessible
• Offtake: Additional programs and customers expected as harvest volumes increase, average price achievement expected to increase
• US salmon market: We expect a strong spot market for fresh salmon in the US in 2023 – upside on price achievement versus the historical Bluehouse premium

Focus On Reaching Phase 1 Steady State Production And Profitability