Atlantic Sapphire

Investor Presentation • May 5, 2022

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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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This Presentation speaks as of May 5, 2022. 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.

Biological Performance

Monthly Update – April '22

Highlights of the month

• New Batches continue to perform good and represent all the net biomass gain in 2022
• 420t RLW gain from the New Batches in April 2022
• April 2022 harvest volume of ~120t HOG
• Expect lower June harvest due to installation of new filleting line
  • Improved processing yields and lower cost

Water quality

• Stable operating conditions across the farm, including water quality and temperatures
• Repair on a well pump reduced feeding for a week due to less available makeup water

Under Stable Conditions, Biomass Gain Of New Batches Is Increasing Steadily

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

2 2022 biomass gain for Initial Batches: Elevated mortality and harvest weight deviations on the Initial Batches contributed with a negative biomass adjustment, which is excluded from the biomass gain development overview. In Apr '22, the negative biomass adjustment was 104t RLW.

1 Time from introduction into start feeding. The graph shows the fish in salt water.

Mar 31, 2022	Number	Average Weight (grams)	Standing Biomass (kg RLW)	Quarter introduced in start-feed	Comment
Initial batches2	95k	2,685	255,000		Groups exposed to uneven and suboptimal conditions early in the cycle (chiller plant breakdown, key water treatment tools missing)
B I	415k	2,035	845,000	Q4 '20	Stable conditions in line with plan
B II	400k	1,465	585,000	Q1 '21	Stable conditions in line with plan, March '22 mortality not expected to impact future performance
B III	355k	930	330,000	Q2 '21	Stable conditions in line with plan
B IV	180k	555	100,000	Q2 '21	Fungus in hatchery stage, stable conditions thereafter
B V	330k	500	165,000	Q2 '21	Stable conditions in line with plan
B VI	320k	295	95,000	Q2 '21	Stable conditions in line with plan
Freshwater3	2,120k	54	115,000		Stable conditions in line with plan
Total	4,215k		2,490,000

The New Batches Represent All The 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

JEA index1, 2 0.13 0.11 0.19 0.22 0.22 0.26 0.17 0.21 0.19 0.28 0.45 0.20 0.35 0.64 0.37 0.44 0.45 0.45 0.32 0.53 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 Dec '21 Jan '22 Feb '22 Mar '22 Apr'22 JEA index Best performing ongrowing system Average across all ongrowing systems Comments ▪ ~60% of the planned 'Ph. 1 steady state' standing biomass was stocked end of April 2022 ▪ ~90% of standing biomass is New Batches ▪ Average JEA index will increase gradually with growing standing biomass ▪ 12 identical saltwater ongrowing systems ▪ 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 in the systems in use 2 Apr '22 biomass gain for Initial Batches: Elevated mortality and harvest deviations on the Initial Batches contributed with negative 104t RLW of biomass adjustment, which is excluded from the JEA index overview

Price Achievement and Footprint

Monthly Update – April '22

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

2 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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Monthly Update – April '22

Capex status as of March 31, 2022

• \$225 million total budget
  • \$163 million committed
  • \$62 million currently uncommitted
• Significant inflationary pressure on the uncommitted parts of the Phase 2 capex scope
  • Increased risk in the last weeks due to worsening construction lead times, shortages and cost inflation
• The timing of Phase 2 construction spending remains at the Company's discretion

Estimated project completion

• Working to minimize the impact related to global supply chain and construction issues on the timeline
• More time needed to get an accurate overview, will likely push some of the 2022 capex into 2023

Monthly estimated capex spending and commitments

Phase 2 Construction Focus Is On Minimizing Impact Of Longer Lead Times And Cost Inflation

Phase 2 Construction Photos

Monthly Update – April '22

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

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