Atlantic Sapphire

Investor Presentation • Apr 21, 2022

Annual Report 2021 April 21, 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.

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 April 21, 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.

2021 ESG Report 2021 Update

Highlights of the ESG Report

2021 Update

Selected milestones achieved in 2021

• Lowering our salmon feed's impact on the ocean
• 25% of fish oil replaced with domestic land produced Algal Oil (Veramaris)
• Marine derived ingredients (FFIF¹ ) down to under 0.75
• Reducing freshwater consumption
• ~95% of the water used is saline water from the Floridan aquifer
• Recyclable packaging
• 50% reduction in use of Styrofoam due to compostable and recyclable shipping boxes
• Carbon sequestration identified
• Estimate ~120 tons of CO2 captured per day (Phase 1+2) with deep injection well
• Circular economy
• 100% of by-product from fileting operation sold as pet food ingredients
• Healthy protein production
• American heart association "heart check" certified
• Local job creation
• 166 employees as of December 31, 2021

On Track With Key ESG Targets

1 FIFF: The feed fish inclusion factor estimates the combined fishmeal and fish oil concentration of the feed on a dry-weight basis relative to the wild fish.

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2021 Update

2021 Consolidated Statement of Operations

• Total harvest volume of 2,374t HOG in 2021, up 140% from 989t HOG in 2020
• USD34.8m impairment of the Denmark asset at Dec 31, 2022, as the insurance case was ongoing
• Gain to be recorded on the insurance settlement amount
• Accounting treatment required to be 'virtually certain'
• 2021 Group EBITDA excl. DK impairment: USD82.4m
• USD16.6m of indirect production costs expensed through cost of materials for underutilized capacity, rather than booked in the balance sheet
• USD11.0m in temporary chiller and generator rental costs in the US following the breakdown of the chiller plant ("PEC") in Q1 2021
• USD10m insurance claim process ongoing
• ~USD5m in chiller rental cost expected in 2022

(USD 1,000)	Note	2021	2020
Revenue	3	16,851	6,270
Expenses
Cost of materials	5,15	65,607	18,169
Fair value adjustment on biological assets	5	(1.429)	9,478
Salary and personnel costs	6, 18, 20	10.584	7.448
Other operating expenses	4,7,8	24,572	11,025
Impairment of non-current assets	9.23	34,754
Depreciation and amortization	$\overline{9}$	15.056	6,745
Total expenses		149,144	52,865
Operating loss		(132, 293)	(46, 595)
Finance income	10	3.362	889
Finance expense	10.19	(3.847)	(9.487)
Loss before income tax benefit		(132, 778)	(55, 193)
Income tax benefit	11
Net loss		(132, 778)	(55, 193)
Earnings per share:
Basic earnings per share		(1.53)	(0.74)
Diluted earnings per share		(1.53)	(0.74)

2021 Financials Reflect Ramp-Up Of US Phase 1 Production and Phase 2 Construction

2021 Financial Statements

2021 Update

	(USD 1,000)	2021	2020
2021 Consolidated Statements of Financial Position	ASSETS
	Non-current assets
▪ Reduction in PP&E related to USD34.8m impairment of the	Property, plant, and equipment, net	264,449	257,080
	Other	3,384	4,205
Denmark asset	Total non-current assets	267,833	261,285
▪ Gain to be recorded on the insurance settlement amount	Current assets
	Prepaid and other current assets	1,593	1,573
	Inventories, net	6,590	2,713
	Biological assets	16,795	24,610
▪ Total 2021 capital expenditures of USD57.5m	Trade and other receivables, net Restricted cash	1,449 468	1,869 386
▪ Largely tied to US Phase 2 construction	Cash	17,012	28,523
	Total current assets	43,907	59,674
▪ USD9m for US Phase 1 capex, USD2m in Denmark capex	TOTAL ASSETS	311,740	320,959
	EQUITY AND LIABILITIES
	Equity
▪ NIBD as of December 31, 2021: USD33m	Total equity	239,556	255,459
▪ USD1.1m "PPP loan" forgiven in H2 2021	Non-current liabilities
	Borrowings (non-current)	50,000	51,156
▪ USD20m RCF facility undrawn	Lease liability (non-current)	2,842	3,091
	Total non-current liabilities	52,842	54,247
	Current liabilities
	Lease liability (current)	324	482
	Trade and other payables	19,018	10,771
	Total current liabilities	19,342	11,253
	TOTAL EQUITY AND LIABILITIES	311,740	320,959

2021 Financials Reflect Ramp-Up Of US Phase 1 Production and Phase 2 Construction

2021 financials broken up between the US and Denmark

	Fish farming
Year ended 31 December 2021 (USD 1,000)	Denmark	US	Other and eliminations	Consolidated
Revenue from sale of salmon EBITDA EBITDA, pre-fair value adjustment on biological assets EBITDA, adjusted* Pre-tax loss	3,560 (43, 461) (45,062) (10, 308) (48, 076)	13,291 (71, 403) (71, 231) (71, 231) (89, 528)	(2, 373) (2, 373) (2, 373) 4,826	16,851 (117, 237) (118, 666) (83, 912) (132, 778)
Total assets Total liabilities	1,488 40,045	298,617 154,216	11,635 (122, 077)	311,740 72,184
Depreciation and amortization Interest income Interest expense Impairment of non-current assets Capital expenditures	2,899 1,716 34,754 1,908	12,157 1,388 7,356 55,549	1,974 (5, 225)	15,056 3,362 3,847 34,754 57,457
Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities	(3, 386) (2,674) 5,198	(63, 725) (55, 238) 112,805	(765) 1 (3, 144)	(67, 876) (57, 911) 114,859

All Focus Is On The US

2021 Financial Statements

2021 Update

US cost breakdown

• The US Phase 1 underlying cost base highlights cost/kg potential in steady state production
• Simplified, the feed is the main variable cost
  • Feed cost = biomass gain (t RLW) x eFCR x feed price
• Significant economies of scale with Phase 2
  • Overhead costs (Other Operating Expenses) should only increase marginally
  • Shared services and infrastructure
  • Design of phase 2 ensures "easier to operate" farm
• Operational cost reductions are expected under stable conditions
  • Numerous cost saving opportunities identified
• Lower processing costs, better yields and more consistent quality grading expected with new in-house filleting line

2021: Adjusted US Phase 1 fixed cost base walk1	USDm
Total expenses	84.7
External chiller rental	(11.0)
Extraordinary mortality	(7.7)
2021 feed cost	(13.1)
Adj. 2021 US "fixed cash cost" excl. feed	52.9

Current Cost Base Supports Profitability In US Phase 1 Steady State Production

1 Cost on an EBITDA level excluding extraordinary costs in 2021 and feed cost

Summary: Operational and Risk Improvements in 2021 2021 Update

Key operational focus in 2021

Risk of mortality events reduced both in size and frequency:

• All growout systems split in two, limiting individual incidents from six to three tanks
• Center drains modified throughout the facility, reducing the risk of initial smaller mortality disrupting the flow of new water into the tanks
• Key water quality parameters adjusted after a thorough vetting process, significantly reducing H2S toxicity and CO2 levels in the water
• Organizational restructuring with higher amount of staffing outside regular working hours
• The Facilities Operation Advisory Board (the "FOAB") vetting activities outside standard operating procedures
• Additions and fine tuning of automation systems, including operational dashboards

Significant Operational Improvements Have Dramatically Reduced Risk

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