INNKALLING TIL ORDINÆR GENERALFORSAMLING

I MÅSØVAL AS

(ORG NR 933 792 854)

Det innkalles med dette til ordinær generalforsamling i Måsøval AS, org nr 933 792 854 ("Selskapet") som avholdes 9. juni 2022 kl 10.00 på Selskapets kontorer i Nordfrøyveien 413, 7260 Sistranda, Frøya, jf aksjeloven § 5‐8.

Aksjeeierne oppfordres til å avgisin stemme ved innsendelse av fullmaktsskjema i forkant av den ordinære generalforsamlingen. Det følger nærmere informasjon om fullmaktsskjema nedenfor.

Generalforsamlingen vil bli åpnet av styrets leder, Lars Måsøval. Styrets leder vil opprette fortegnelse over møtende aksjeeiere og fullmakter.

Agenda: Agenda:

VALG AV MØTELEDER OG EN PERSON TIL Å MEDUNDERTEGNE PROTOKOLLEN

Lars Måsøval foreslås som møteleder. Person til å medundertegne protokollen velges blant oppmøtte aksjonærer.

Styret foreslår at generalforsamlingen treffer følgende vedtak:

"Lars Måsøval velges som møteleder. [NN] velges til å medundertegne protokollen sammen med møtelederen."

GODKJENNING AV INNKALLING OG DAGSORDEN

Styret foreslår at generalforsamlingen treffer følgende vedtak:

"Innkallingen og dagsorden godkjennes."

GODKJENNE ÅRSREGNSKAP FOR 2021

Styrets forslag til Selskapets årsregnskap for regnskapsåret 2021, herunder konsernregnskapet, resultatdisponering og konsernets årsberetning, ble publisert 26. april 2022 og er tilgjengelig på selskapets nettside www.masoval.no (https://en.masoval.no/investor/reports‐and‐presentations). Årsregnskap og årsrapport er også inntatt som vedlegg 2 til denne innkallingen.

Styret foreslår at generalforsamlingen treffer følgende vedtak:

"Selskapets årsregnskap for regnskapsåret 2021, herunder konsernregnskap, resultatdisponering og styrets årsberetning, for regnskapsåret 2021, godkjennes."

(OFFICE TRANSLATION)

NOTICE OF ORDINARY GENERAL MEETING OF MÅSØVAL AS (ORG NR 933 792 854)

An ordinary general meeting of Måsøval AS, reg no 933 792 854 (the "Company") will be held 9th of June 2022 ay 10.00 hours (CEST) at the Company's office at Nordfrøyveien 413, 7260 Sistranda, Frøya, cf section 5‐8 of the Norwegian Private Limited Liability Companies Act (the "Companies Act").

The shareholders are recommended to vote by submitting the form of a proxy priorto the ordinary general meeting. Please see further information about the proxy below.

The general meeting will be opened by the chair of the board of directors, Lars Måsøval. The chair will register the attendance of shareholders present and proxies.

ELECTION OF A CHAIR OF THE MEETING AND A PERSON TO CO‐SIGN THE MINUTES

Lars Måsøval is proposed to chair the meeting. Co-signator will be elected among shareholders present.

The board of directors proposes that the general meeting passes the following resolution:

"Lars Måsøval is elected to chair the meeting. [NN is elected to co‐sign the minutes together with the chair of the meeting."

APPROVAL OF THE NOTICE AND AGENDA

The board of directors proposes that the general meeting passes the following resolution:

"The notice and the agenda are approved."

APPROVE THE ANNUAL ACCOUNTS FOR 2021

The board of directors' proposal for the Company's annual accounts for the financial year 2021, including the group's annual accounts, allocation of profits and the group's board of directors' report, were made public on 26th of April and are available at the Company's web page www.masoval.no (https://en.masoval.no/investor/reports‐and‐presentations). The annual accounts and annual report is also included as appendix 2 to this notice.

The board of directors proposes that the general meeting passes the following resolution:

"The Company's annual accounts for the financial year ended 2021, including the group's annual accounts, allocation of profits and the board of directors' report, for the financial year 2021, are approved."

Styret foreslår at revisors honorar for å revidere regnskapet for 2021 godkjennes etter regning. Styret foreslår at generalforsamlingen treffer følgende vedtak:

"Generalforsamlingen godkjenner revisors honorar for 2021 etter regning."

Innstilling til nytt styre publiseres senest to dager før generalforsamling.

Styret foreslår at styrets honorar er som følger for perioden fra 01.07.2022 til 30.06.2023.

Styrets leder: kr 270 000
Styremedlemmer: kr 234 000

I tillegg får både styrets leder og styremedlemmer særskilt kompensasjon på kr 5 200 for hvert ordinære styremøte de deltar på og kr 5 200 for hvert ekstraordinære møte med fysisk oppmøte. Det gis ingen særskilt kompensasjon for ekstraordinære styremøter uten fysisk oppmøte.

På bakgrunn av det ovenfor nevnte foreslår styret at generalforsamlingen beslutter å vedta følgende:

"Styrets forslag om godtgjørelse til medlemmene av styret for perioden 01.07.2022 til 30.06.2023 godkjennes."

Styret foreslår at kompensasjonskomiteen, konstituert av styret, gis følgende årlige honorar:

Leder: NOK 30.000
Medlem: NOK 25.000

Det foreslås at honoraret godkjennes både for arbeid utført av kompensasjonskomiteen i 2021 og 2022 frem til den ordinær generalforsamlingen i 2022, samt for arbeid som utøves frem til neste ordinære generalforsamling.

På bakgrunn av det ovenfor nevnte foreslår styret at generalforsamlingen beslutter å vedta følgende:

"Styrets forslag om godtgjørelse til medlemmene av kompensasjonskomiteen for perioden 30.06.2021 til ordinær generalforsamling i 2023 godkjennes."

GODKJENNELSE AV GODTGJØRELSE TIL REVISOR APPROVAL OF REMUNERATION TO THE AUDITOR

The board of directors proposes that the auditor's fee for the financial year 2021 is approved as per the auditor's invoice. The board of directors proposes that the general meeting passes the following resolution:

"The general meeting approves the auditor's fees for the financial year 2021 as per the auditor's invoice."

VALG AV STYREMEDLEMMER ELECTION OF BOARD MEMBERS

Proposal for new board will be published at the latest two days before the general assembly.

STYRETS HONORAR REMUNERATION TO THE BOARD OF DIRECTORS

The board of directors proposes that the remuneration to the board of directors will be as follows from the period from 01.07.2022 and until 30.06.2022:

Chairman of the board: NOK 270,000
Board members: NOK 234,000

In addition, the chairman of the board and the board members will each receive NOK 5,200 in additional compensation for each ordinary board meeting they attend, and NOK 5,200 for each extraordinary board meeting with physical attendance. There will be no additional compensation for non‐physical attendance in extraordinary board meetings.

Based on the above, the board of directors proposes that the general meeting resolves the following:

"The board of directors proposal for remuneration for the members of the board of directors for the period 01.07.2022 until 30.06.2023 is approved."

KOMPENSASJONSKOMITEENS HONORAR REMUNERATION TO THE COMPENSATION COMMITTEE

The board of directors proposes that the yearly remuneration to the compensation committee, appointed by the board of directors, will be as follows:

Leader: NOK 30,000
Member: NOK 25,000

It is suggested that the remuneration is approved for work conducted by the compensation committee in 2021 and 2022 up until the annual general meeting in 2022, and for the work that shall be conducted until the next annual general meeting.

Based on the above, the board of directors proposes that the general meeting resolves the following:

"The board of directors proposal for remuneration for the members of the compensation committee for the period 30.06.2021 until the annual general meeting in 2023 is approved."

FULLMAKT TIL Å FORHØYE AKSJEKAPITALEN AUTHORISATION TO THE BOARD OF DIRECTORS TO

For å finansiere investeringer og kjøp av virksomhet gjennom kontantemisjoner og tingsinnskudd ble det utstedt en fullmakt til å forhøye aksjekapitalen med inntil 10% av aksjekapitalen i en ekstraordinær generalforsamling avholdt 7 juni 2021. Denne fullmakten løpte frem til 1. september 2021. Styret foreslår at en tilsvarende fullmakt gis med varighet til neste ordinære generalforsamling. Det følger av formålet med fullmakten at styret vil kunne ha behov for å sette eksisterende aksjonærers fortrinnsrett til side, noe fullmakten åpner for.

På denne bakgrunn ønsker styret å foreslå for generalforsamlingen å treffe beslutning om å utstede en fullmakt til å forhøye aksjekapitalen med inntil 10% i samsvar med aksjeloven §10‐14 slik som beskrevet nedenfor.

På bakgrunn av det ovenfor nevnte foreslår styret at generalforsamlingen beslutter å vedta følgende:

(i) I henhold til aksjeloven § 10‐14 gis styret fullmakt til å forhøye Selskapets aksjekapital, i én eller flere omganger, med inntil kr 3 062 500.
(ii) Aksjeeiernes fortrinnsrett fravikes, jf aksjeloven § 10‐ 5, jf. § 10‐4.
(iii) Fullmakten omfatter kapitalforhøyelse mot innskudd i andre eiendeler enn penger og rett til å pådra Selskapet særlige plikter etter aksjeloven § 10‐2.
(iv) Fullmakten omfatter ikke kapitalforhøyelse ved fusjon etter aksjeloven § 13‐5.
(v) Fullmakten gjelder fra registrering i Foretaksregisteret og frem til Selskapets ordinære generalforsamling i 2023.
(vi) Fullmakten omfatter også retten til å gjøre eventuelle endringer i Selskapets vedtekter som kapitalforhøyelsen nødvendiggjør.

FULLMAKT TIL Å ERVERVE EGNE AKSJER – INCENTIVPROGRAM FOR ANSATTE

Styret mener det vil være i Selskapets og aksjonærenes beste interesse å etablere en bonusordning med mulighet for aksjekjøp for å tiltrekke seg og holde på nøkkelpersoner i Selskapet.

Styret ber generalforsamlingen nå om å godta den foreslåtte styrefullmakten til å erverve egne aksjer på inntil NOK 153 250, som tilsvarer ca. 0,5% av Selskapets aksjekapital på datoen for innkallingen til generalforsamling. Fullmakten vil gi bidra til at

INCREASE THE SHARE CAPITAL

8.1 Bakgrunn 8.1 Background

At the extraordinary general assembly June 7th 2021 the board of directors received authorisation to increase the company's share capital with up to 10% to finance investments and acquisitions both through cash contributions and contributions in kind. This authorisation was valid until September 1st 2021. The board of directors proposes that a similar authorisation is granted with validity until next ordinary general assembly. It follows from the purpose of the authorisation that the board can set aside the shareholders' preferential right to a capital increase.

On this basis, the board of directors proposes to the general meeting to grant an authorisation to the board of directors to increase the share capital with up to 10% pursuant to section 10‐ 14 of the Companies Act.

8.2 Forslag til vedtak 8.2 Proposed resolution

Based on the above, the board of directors proposes that the general meeting resolves the following:

(i) Pursuant to section 10‐14 of the Companies Act, the board of directors is granted an authorisation to increase the share capital, in one or several rounds, by up to NOK 3,062,500. (ii) The shareholders' preferential right is deviated from, cf section 10‐5, cf section 10‐4 of the Companies Act. (iii) The authorization comprises share capital increases against contribution in kind and the right to incur specific obligations on behalf of the Company, cf. Section 10‐2 of the Companies Act. (iv) The power of attorney does not include a decision on a merger pursuant to section 13‐5 of the Companies Act. (v) The authorization shall be effective from the date it is registered in the Norwegian Register of Business Enterprises and shall be valid until the Company's annual general meeting in 2023.
- (vi) The power of attorney also includes the right to make any amendments to the Company's articles of association that the share capital increase necessitates.

AUTHORISATION TO THE BOARD OF DIRECTORS TO ACQUIRE OWN SHARES – INCENTIVE SCHEME FOR EMPLOYEES

9.1 Bakgrunn 9.1 Background

The board believes it will be in the Company's and the shareholders' best interest to attract and retain key employees to the Company through a bonus incentive scheme with a possibility to purchase shares.

The board asks that the general meeting approve the proposed board authorization to acquire own shares with a maximum aggregate value of NOK 153,250, equal to approximately 0.5% of the Company's share capital at the date of the notice to the

Selskapet kan benytte egne aksjer for helt eller delvis oppgjør i forbindelse med det fremtidige incentivprogrammet.

Basert på det ovennevnte ber styret generalforsamlingen om fullmakt til å erverve egne aksjer med det formål at Selskapet skal kunne gjennomførehelt eller delvis oppgjør i aksjer i forbindelse med et fremtidig bonusprogram for nøkkelansatte:

(i) Styret gis fullmakt til, ved enten en eller fler anledninger, å erverve, på vegne av Selskapet, egne aksjer med en samlet pålydende verdi på inntil NOK 153 250 (tilsvarende 0,5 % av Selskapets aksjekapital).
(ii) Det høyeste beløp som kan betales per aksje er NOK70 og det minste NOK 30.
(iii) Erverv og avhendelse av egne aksjer skal benyttes til utstedelse av aksjer til nøkkelansatte i Selskapet i forbindelse med incentivprogram.
(iv) Fullmakten gjelder fra tidspunktet fullmakten registreres i Foretaksregisteret, og varer i to år fra datoen for generalforsamlingens vedtak.

Selskapets aksjer er registrert i den papirløse Verdipapirsentralen i Norge (VPS). Styret i selskapet ser det som fordelaktig å kunne kommunisere med Selskapets aksjonærer ved bruk av elektroniske hjelpemidler og gjøre dokumenter tilgjengelige for aksjonærene på Selskapets hjemmeside.

På denne bakgrunn og i henhold til aksjeloven § 5‐11 a, foreslår Styret at generalforsamlingen vedtar å endre vedtektene som følger, ved å legge til et nytt § 8:

"Når dokumenter som gjelder saker som skal behandles på generalforsamlingen er gjort tilgjengelig for aksjeeierne på selskapets internettsider, gjelder ikke aksjelovens krav om at dokumentene skal sendes til aksjeeierne. Dette gjelder også dokumenter som etter lov skal inntas i eller vedlegges innkallingen til generalforsamlingen."

Videre, ettersom Selskapets aksjer er registrert i VPS, foreslår styret at generalforsamlingen vedtar å endre § 4 til å lyde som følger:

"Aksjekapitalen er kr 30.627.113,75 fordelt på 122.508.455 aksjer, hver pålydende kr 0,25. Selskapets aksjer skal være registrert i verdipapirsentralen."

Generalforsamlingen kan gi styret fullmakt til å utdele utbytte. Slik fullmakt er betinget av at selskapet har utbyttekapasitet i henhold til det siste godkjente årsregnskapet.

general meeting. The authorisation will contribute to give the Company the opportunity to use own shares as consideration, in full or in part, in the future bonus incentive scheme.

9.2 Forslag til vedtak 9.2 Proposed resolution

Based on the above, the board requests the general meeting for a power of attorney to acquire own shares in order to give the Company the opportunity to use own shares as consideration, in full or in part, in the future bonus incentive scheme:

(i) The board of directors is given an authorization to, on one or several occasions, on behalf of the Company, acquire own shares with a maximum aggregate value of NOK 153,250 (equivalent to 0.5 % of the Company's share capital).
(ii) The highest amount that may be paid per share is NOK 70 and the lowest amount is NOK 30.
(iii) Acquisition and sale of shares shall be used to issue shares to key employees in the Company in relation to a bonus incentive scheme.
(iv) The authorisation is valid from the time of registration in the Norwegian Register of Business Enterprises and lasts for two years from the date of the general meeting's resolution.

VEDTEKTSENDRINGER AMENDMENT OF THE ARTICLES OF ASSOCIATION

The Company's shares are registered in the paperless Norwegian Central Securities Depositary (VPS). The board of directors of the Company acknowledges the benefit of being able to communicate with the Company's shareholders by way of electronic means and by making documents available to shareholders at the Company's website.

On this basis and in accordance with Section 5‐11(a) of the Companies Act, the Board proposes that the General meeting adopts the following amendment of the Articles of Association, by adding a new paragraph 8:

"Documents related to matters that are to be discussed at the company's general meeting, including documents which pursuant to law shall be included in or enclosed to the notice of the general meeting, are not required to be sent to the shareholders if such documents are available at the company's website."

Further, as the Company's shares are registered in the VPS, the Board proposes that the General meeting amends section 4 in the Articles of Association to read as follows:

"The share capital is NOK 30,627,113.75 divided into 122,508,455 shares, each with a nominal value of NOK 0.25. The Company's shares shall be registered in the Central Securities Depositary."

FULLMAKT TIL Å UTDELE UTBYTTE POWER OF ATTORNEY TO DISTRIBUTE DIVIDEND

The general meeting may authorise the board to distribute dividends. Such authorisation is conditional on the Company having a dividend capacity in accordance with the most recently approved annual accounts.

En fullmakt til styret til å utdele utbytte vil gi selskapet fleksibilitet og medføre at selskapet, med utgangspunkt i utbyttekapasitet i henhold til det siste godkjente årsregnskap, kan utdele flere utbytter uten å måtte innkalle til ekstraordinær generalforsamling.

Innenfor de rammer som følger av fullmakt og aksjeloven, avgjør styret om fullmakten skal benyttes, om den eventuelt skal benyttes én eller flere ganger, størrelsen på det enkelte utbyttet mv.

Styret foreslår derfor at generalforsamlingen fatter følgende vedtak:

1. I henhold til aksjeloven § 8‐2 (2) gis styret fullmakt til å beslutte utdeling av utbytte på grunnlag av selskapets årsregnskap for 2021.
1. Utbyttet er begrenset til maks 1,5 kr per aksje.
1. Fullmakten gjelder fra 9 juni 2022 og frem til selskapets ordinære generalforsamling i 2023, likevel ikke lenger enn til 30. juni 2023.

Måsøval AS er et aksjeselskap underlagt aksjelovens regler. Selskapet har per dagen for denne innkallingen en aksjekapital på kr 30.627.113,75 fordelt på 122.508.455 aksjer hver med en nominell verdi på kr 0,25. Hver aksje har én stemme på generalforsamlingen. Aksjene har også for øvrig like rettigheter.

Skjema for tildeling av fullmakt, med nærmere instruksjoner for bruk av fullmaktsskjemaet, er vedlagt denne innkallingen. Utfylte fullmaktsskjemaer kan sendes til Selskapet per e‐post til [email protected]. Det bes om at fullmakter er sendt slik at de er Selskapet i hende innen 7. juni 2022 kl. 12:00.

Dersom aksjer er registrert i VPS på en forvalter, jf aksjeloven § 4‐4, jf allmennaksjeloven § 4‐10, og den reelle aksjeeieren ønsker å avgi stemmer for sine aksjer, må aksjene før generalforsamlingen registreres på en separat VPS‐konto i den reelle aksjeeierens navn.

En aksjeeier har rett til å fremsette forslag til beslutninger i saker på dagsordenen og til å kreve at styremedlemmer og daglig leder på generalforsamlingen gir tilgjengelige opplysninger om forhold som kan innvirke på bedømmelsen av (i) godkjennelse av årsregnskapet og årsberetningen, (ii) saker som er forelagt generalforsamlingen til avgjørelse og (iii) Selskapets økonomiske stilling, herunder virksomheten i andre selskaper som Selskapet deltar i, og andre saker som generalforsamlingen skal behandle, med mindre de opplysninger som kreves ikke kan gis uten uforholdsmessig skade for Selskapet.

An authorisation for the board of directors to distribute dividends will give the Company flexibility and entails that the Company, based on dividend capacity in accordance with the most recently approved annual accounts, may distribute dividends on several occasions without having to convene an extraordinary general meeting.

Within the framework of the authorisation and the Companies Act, the board of directors decides whether the authorisation is to be used, whether it is to be used one or several times, the size of the dividend in question, etc.

The board of directors therefore proposes that the general meeting makes the following resolution:

1. In accordance with Section 8‐2 (2) of the Companies Act, the board of directors is granted a power of attorney to resolve to distribute dividend on the basis of the company's annual accounts for 2021.
1. The dividend shall be limited to maximum NOK 1,5 per share.
1. The power of attorney is valid from 9 June 2022 and until the company's Annual General Meeting in 2023, but no longer than 30 June 2023.

* * * * * *

Måsøval AS is a private limited liability company subject to the rules of the Companies Act. As of the date of this notice, the Company has a share capital of NOK 30,627,113.75, divided on 122,508,455 shares with a nominal value of NOK 0.25. Each share carries one vote at the general meeting. The shares also have equal rights in all other respects.

The proxy form, including detailed instructions on how to use the form, is enclosed to this notice. Completed proxy forms may be sent to the Company by e‐mail to [email protected]. Proxy forms are requested to be sent so that they are received by the Company by 7th June 2020 at 12:00 hours.

If shares are registered by a nominee in the VPS, cf. section 4‐4 of the Companies Act, cf. section 4‐10 of the Norwegian Public Limited Liability Companies Act, and the beneficial shareholder wishes to vote for his/her shares, then the shares must be reregistered on a separate VPS account in his/her own name prior to the general meeting.

A shareholder may make proposals for resolutions with respect to matters on the agenda and may require that members of the board of directors and the chief executive officer at the general meeting provide available information about matters which may affect the assessment of (i) the approval of the annual accounts and the board of directors' report, (ii) matters that are presented to the shareholders for decision and (iii) the Company's financial situation, including operations in other companies the Company participates in, and other matters to be discussed at the general meeting, unless the requested information cannot be disclosed without causing disproportionate damage to the Company.

***

Frøya, Norge, 25. mai 2022 På vegne av styret i Måsøval AS Lars Måsøval Styreleder

Frøya, Norway, 25 May 2022 On behalf of the board of directors of Måsøval AS Lars Måsøval Chairman

***

Vedlegg:

1. Skjema for fullmakt til generalforsamlingen
1. Årsrapport med årsregnskap for 2021

Appendices:

1. Power of attorney to the general meeting
1. Annual report with financial statements for 2021

MÅSØVAL AS

FULLMAKT

ORDINÆR GENERALFORSAMLING 9. juni 2022

Aksjeeiere som ønsker å være representert ved fullmektig bes om å fylle ut denne fullmakten for å gi stemmeinstruks til fullmektigen og sende den pr e-post til: [email protected]. Fullmakten må være datert og signert.

Fullmakten bes sendt slik at den er kommet frem senest den 7. juni 2022 kl. 12:00 Undertegnede gir herved (sett kryss):

Lars Måsøval eller den han bemyndiger, eller

___________________________________ (Navn på fullmektigen med blokkbokstaver)

fullmakt til å møte og representere meg/oss på den ordinære generalforsamlingen i Måsøval AS den 9. juni 2022. Dersom det er sendt inn fullmakt uten avkryssing overfor eller uten navngivning av fullmektigen, anses fullmakten gitt til Lars Måsøval eller den han bemyndiger.

Stemmeavgivningen skal skje i henhold til instruksene nedenfor. Merk at dersom det ikke er krysset av i rubrikkene nedenfor, vil dette anses som en instruks om å stemme "for" forslagene i innkallingen, likevel slik at fullmektigen avgjør stemmeavgivningen i den grad det er fremmet forslag i tillegg til, som erstatning for, eller som endring i forslagene i innkallingen.

Sak:		For	Mot	Avstår	Fullmektigen avgjør
1.	Valg av møteleder og en person til å medundertegne protokollen
2.	Godkjenning av innkalling og dagsorden
3.	Godkjenne årsregnskap for 2021
4.	Godkjennelse av godtgjørelse til revisor
5.	Valg av styremedlemmer
6.	Styrets honorar
7.	Kompensasjonskomiteens honorar
8.	Fullmakt til å forhøye aksjekapitalen
9.	Fullmakt til å erverve egne aksjer – incentivprogram for ansatte
	10. Vedtektsendringer
	11. Fullmakt til å utdele utbytte

__________________________________________ (Aksjeeierens navn og adresse med blokkbokstaver)

Sted Dato Aksjeeierens underskrift

Dersom aksjeeieren er et selskap, stiftelse mv, skal dokumentasjon i form av firmaattest, og eventuelt fullmakt, vedlegges fullmakten.

____________________ ____________________ ______________________________

MÅSØVAL AS

POWER OF ATTORNEY

ORDINARY GENERAL MEETING 9 June 2022

Shareholders who wishes to authorise another person to act on his or her behalf at the ordinary general meeting of Måsøval AS to be held on 9 June 2022 must complete this power of attorney form and return it to: [email protected]. The power of attorney must be dated and signed.

The power of attorney should be received no later than 7 June 2022 at 12:00 hours. The Undersigned hereby grants (please tick the relevant alternative):

-			-

Lars Måsøval or the person he appoints, or

________________________________ (Name of attorney in capitalised letters)

power of attorney to attend and vote for my/our shares at the ordinary general meeting of Måsøval AS to be held on 9 June 2022. If the power of attorney form is submitted without stating the name of the attorney, the attorney will be deemed to have been given to Lars Måsøval or the person he appoints.

The votes shall be cast in accordance with the instructions below. Please note that if the alternatives below are not ticked off, this will be deemed to be an instruction to vote "in favour" of the proposals in the notice, provided, however, that the attorney determines the voting to the extent proposals are put forward in addition to, instead of, or as adjustments to the proposals in the notice.

	Agenda for the ordinary general meeting	In favour	Against	Abstain	At the attorney's discretion
1.	Election of a chairman of the meeting and a person to co-sign the minutes
2.	Approval of the notice and the agenda
3.	Approve the annual accounts for 2021
4.	Approval of remuneration to the auditor
5.	Election of board members
6.	Remuneration to the board of directors
7.	Remuneration of the compensation committee
8.	Authorisation to the board of directors to increase the share capital
9.	Authorisation to the board of directors to acquire own shares – Incentive scheme for employees
	10. Amendment of the articles of association
	11. Power of attorney to distribute dividends

_______________________________________________ (The shareholder's name and address in capitalised letters)

Place Date Shareholder's signature

If the shareholder is a company, please attach documentation in the form of certificate of registration, or separate power of attorney, if applicable, to this power of attorney.

_______________ _______________ _________________________

ANNUAL REPORT 2021

Made by nature

Financial results

THE GROUP'S ACTIVITIES

Måsøval AS is a producer and marketer of salmon of high quality. The company is headquartered on the island Frøya, in the Trøndelag region of Norway.

The pillars of the Group's strategy are growth, efficient and cost-effective production of fish for human consumption, good fish health and high quality harvesting. In our opinion future growth in the Norwegian aquaculture industry must be based on sustainable principles, both in terms of environmental considerations and social responsibility. Måsøval wants to actively contribute to the further development of the industry in a sustainable direction.

The Group's fish farming operations are located in Central Norway with a focus on the area around Frøya, Nordmøre and Sunnmøre. The operations are based on the Group's own licenses with 12,694 tonnes of maximum allowed biomass ("MAB"), and three additional licenses totalling 2,340 tonnes MAB through co-location agreements with two external partners. In addition, the Group has four development licenses totalling 3,120 tonnes MAB in connection with the Aqua Semi development concept, which is awaiting final investment decision.

SIGNIFICANT EVENTS IN 2021

In 2021, Måsøval has strengthened its position as a future-oriented and growth-ambitious fish farming group. The year was characterized by record high production, good fish health, several investments in sustainable growth and strategic initiatives. The main highlights of the year were:

A record turnover of NOK 1,236 million, an operating profit of NOK 280 million and a profit before tax of NOK 210 million.
Harvested 16,888 tonnes of salmon gutted weight (GW).
Successfully listed on the Euronext Growth stock exchange in June 2021
Acquired 65% of Pure Norwegian Seafood AS, thereby establishing the Group as an integrated salmon farming company with its own harvesting facility and sales organization.
Acquired Pure Farming AS, including one license of 780 tonnes MAB.
Acquired the operational activities of the Vartdal Group including 4 licenses, two smolt and post-smolt facilities and harvesting operations.

As part of the financing of the Group's growth ambitions, Måsøval AS carried out two capital increases of in total NOK 900 million in 2021. In addition, the Group's net interest-bearing debt has increased from NOK 775 million to NOK 1,925 million. The total credit facility was increased from NOK 1,050 million to NOK 2,150 million. Furthermore, to strengthen the Groups financial possibilities the board does not propose a dividend for 2021.

SUSTAINABLE FOCUS AND ORGANIC GROWTH POTENTIAL

AQUA SEMI

At the end of 2018, the Directorate of Fisheries awarded 4 development licenses (3,120 tonnes MAB) to Måsøval for the development of Aqua Semi. The licenses represent a recognition of the project, where Måsøval and the Vard Group will develop a semi-closed fish farm dimensioned for high-current sea areas, designed to reduce the risk of lice and diseases. When located in high-current locations, the facility will increase the geographical utilization of Norwegian waters for fish farming and reduces the environmental footprint of operations.

The environmental conditions in high-current localities are attractive for salmon due to high water circulation. With steel skirts down to 25 meters, Måsøval expects a significant reduction in lice infestation, also reducing the potential for contagion from neighbouring farms. This will represent a substantial contribution to increased fish welfare, again leading to a sustainable growth in biomass.

After the development permits were awarded, Måsøval and the Vard Group have done considerable work to complete the concept design. Final detailed engineering will be completed during the summer of 2022. The goal is for the first release of fish into the sea to take place during the spring of 2024.

BOARD OF DIRECTORS' REPORT

INVESTMENT IN POST-SMOLT FACILITIES

In December 2021 Måsøval acquired the operational assets of Vartdal Invest AS, including two post-smolt facilities in Vartdal, Sunnmøre. In addition, Måsøval is evaluating opportunities to develop post-smolt in Production Area 6.

The Vartdal facilities have an expected production of 1,450 tonnes post-smolt.

The post-smolt projects are considered an important strategic move to increase the flexibility of the Group's smolt strategy and production plan, reduce biological risk, increase utilisation of licenses at sea and ensure access to post-smolt for both ordinary fish farming facilities and Aqua Semi.

FISH HEALTH

The Group has a strong focus on fish health and fish welfare. Good biological control, proven through low mortality, strong biomass growth and absence of disease are crucial both for production efficiency and for safeguarding our ethical responsibility as an animal farmer and socially responsible company.

For several years, Måsøval has worked systematically to improve fish welfare throughout the production cycle, from broodstock to harvest. The work has generally been based on the following objectives:

Reduce mortality
Increase biomass growth and thus reduce the residence time in open sea cages
Optimize preventive and reactive measures against sea lice
Improve biosecurity
Ensure stable good water quality in the hatcheries
Increased smolt quality
Increased focus on and improved systems for risk management

The work is generally defined through strategic projects and anchored in the day-to-day operations of our facilities as well as through strategic collaborations with external actors.

The Group has demonstrated strong development in terms of fish health and welfare over the last few years. For sea-based production, the 12 months rolling mortality rate in 2021 was significantly less than the average in Production Area 6, while the growth measured in TGC has increased from 2.55 to 3.15 in the period 2016 – 2021. In recent years, the Group has improved the efficiency of its measures against sea lice, with cleaner fish, mechanical systems for sea lice treatment, increased biomass growth (reduced exposure), strengthened monitoring and competence development as the most important individual elements.

STATEMENT OF THE ANNUAL ACCOUNTS THE INCOME STATEMENT

The Group achieved a record high turnover of NOK 1,236 million in 2021 compared to NOK 928 million in 2020. The Group's operating profit was NOK 280 million (2020: NOK 221 million). The Group's annual profit was NOK 164 million (2020: NOK 199 million).

In 2021, the Group had interest expenses of NOK 25 million (2020: NOK 16 million). The net of financial items was a loss of NOK 63 million in 2021 (2020: gain of NOK 21 million). The profit in 2020 comes from the sale of shares in Norway Royal Salmon to NTS ASA.

The parent company's annual profit in 2021 was NOK 147 million (2020: NOK 158 million). The operating profit was NOK 241 million against NOK 219 million in 2020. Most of the Group's core activities take place in the parent company and in Pure Norwegian Seafood AS.

THE FISH FARMING BUSINESS

The Group operates licenses with an MAB of 15,034 tonnes at the end of 2021. This includes licences of 3,712 tonnes purchased in 2021 (Pure Farming AS and Aqua Farms Vartdal AS) and 2,340 tonnes through colocation agreements with Aquagen AS (1,560 tonnes) and Trøndelag county (780 tonnes).

The majority of the Group's financial result derives from the fish farming segment. The segment harvested 16,888 tonnes in 2021 (2020: 16,253 tonnes), an increase of 3.9%. For the harvested volume, the segment achieved an operating profit per kg of NOK 18.8 (2020: NOK 15.4). The price achieved by the segment for sold salmon per kg ended at NOK 58.0 (2020: NOK 52.8), while production costs per kg increased to NOK 39.1 (2020: NOK 37.4).

THE SALES AND PROCESSING BUSINESS

The Group operates its own harvesting facility and sales organisation through Pure Norwegian Seafood AS (Pure), which was included in the Group from June 2021. From June to December 2021, Pure harvested 6,807 tonnes of fish and achieved a profit of 1.9 per kg.

In December 2021, the Group acquired a second harvesting facility in Vartdal, Western Seaproducts AS.

STATEMENT OF FINANCIAL POSITION

At the end of 2021, the Group's total assets was NOK 3,869 million up from NOK 1,668 million at the end of 2020.

The main reason for the increase in assets is the acquisition of Pure Norwegian Seafood AS, Stokkøy Skjell AS, Pure Farming AS and the Vartdal Group. The Group's total biomass has been increased by NOK 137 million due to the build-up of biomass to utilize new MAB and the acquisitions made. Trade receivables have increased by NOK 96 million due to significantly higher sales prices of salmon and higher volume and activity at the end of 2021 compared to 2020.

Bank deposits increased by NOK 100 million in 2021.

The Group's net interest-bearing debt per 31.12.2021 was NOK 1,925 million, up from NOK 775 million at the end of the previous year. The increase in interestbearing debt is mainly due to the acquisition of the previously mentioned companies, the acquisition of minorities in Gunnar Espnes Fiskeoppdrett AS and Måsøval Fishfarm AS, and acquisitions made in June 2021 and December 2021 for a total consideration of 1,659 million.

The net increase in equity of NOK 859 million is due to a net profit in the period of NOK 164 million, the acquisition of the minority's shares in Gunnar Espnes Fiskeoppdrett and Måsøval Fishfarm, and two capital increases with gross proceeds of NOK 900 million. The Group's equity ratio at the end of 2021 was 34.9% compared to 29.5% at the end of 2020.

The parent company's total assets was NOK 3,590 million at the end of the year (2020: NOK 1,632 million). The equity ratio in the parent company as of 31.12.2021 was 36.0% (2020: 29.3%).

CASH FLOWS

During the year, the Group had a positive cash flow from operating activities totalling NOK 59 million (down from NOK 131 million in 2020). The positive cash flow is mainly due to profit before tax expense of NOK 210 million, a decrease in current receivables of NOK 108 million and an increase in trade payables of NOK 110 million. Net increase in inventories of NOK 154 million, an increase in trade receivables of NOK 96 million and taxes paid of NOK 13 million have had a negative impact on cash flow.

The Group's net cash flow from investing activities in 2021 amounted to NOK – 1,954 million (2020: NOK -563 million). The majority of this is related to acquisitions of NOK 1,909 million (2020: NOK 0).

Cash flows from financing activities were NOK 1,945 million in 2021 (2020: NOK 325 million). This cash flow is attributable to new long-term debt of NOK 1,367 million and equity capital increases of NOK 900 million (NOK 878 million after expenses). Repayments of borrowings, net change in overdraft facility, payment of dividends and Group contributions contributed negatively with NOK -301 million to the cash flow from financing activities.

Bank deposits at the end of the period increased by NOK 100 million.

GOING CONCERN

The board of Måsøval AS confirms that the annual accounts have been prepared based on the going concern assumption in accordance with the Accounting Act §3-3a. This is justified by the Group's results, financial position and budgets.

RESEARCH AND DEVELOPMENT

The Group has a strong focus on sustainable biological production and fish welfare and has initiated or participated in the following projects:

Aqua Semi. A project to develop fish farms that facilitate sustainable growth in areas where current aquaculture technology has not been possible to utilize. In connection with the project, MAS has received development licenses with MAB of 3,120 tonnes. As of 31 December 2021, an investment of NOK 31.1 million has been capitalized on the project.
Participation in a number of projects concerning lice control, automatic lice counting and infectious diseases.
Several internal projects to improve feeding, lice control, infection management and the use of digital tools for improved monitoring and operations.

OPERATIONAL RISK AND RISK MANAGEMENT

THE FISH FARMING BUSINESS

There are several types of risk associated with the Group's business activities, of which the risk of negative, biological events concerning salmon in sea normally constitutes the risk with the highest potential impact on the Group's activities and results.

The biological challenges of the industry are related to smolt quality, mortality, disease development, sea lice, parasites, algae outbreaks, low oxygen levels, variation in sea temperature and the quality of fish harvested. In 2021, Måsøval avoided persistent disease outbreaks for large parts of the year, but experienced PD (pancreas disease) at several locations in the autumn of 2021. The outbreak was managed satisfactorily.

The Group has a strong focus on identifying causes of biological challenges and implementing necessary mitigation measures. In recent years, Måsøval has invested in securing inhouse capacity for e.g., lice handling, silage capacity, wellboat services and service boats.

In 2021, a dedicated fish cleaning manager was hired to improve the cleanliness of the Group's fish. All our

employees have a strong focus on fish welfare for each species involved in the production.

All sites are continuously monitored to ensure that they are most optimal for salmon production. Måsøval has invested in new equipment that maintain a good standard, and which satisfies our own and the public's requirements in relation to operations, fish health and risk of potential escape.

Risk management is a key responsibility of the management team. The Group has introduced routines and systems for monitoring key risk factors in all business segments. Great emphasis is placed on audits of facilities in accordance with the quality manual and defined standards at the facilities.

The Group transfers two separate generations of smolt to our sea-sites each year and has a strategy of having at least two biologically independent sites per generation. This reduces the risk of a major negative biological event and further contributes to the Group's growth. The Group is continuously working to increase predictability in the terms and permits for its production and seeks to reduce any regulatory risk through continuous dialogue with the relevant administrative bodies.

BOARD OF DIRECTORS' REPORT

The Group's financial position and future development largely depend on the price of farmed salmon. The price has historically been subject to significant fluctuations. The Group's strategy is not to hedge the price of salmon as this could result in an increased risk if a combination of unfavourable price development and a major biological event should occur.

The Aqua Semi development is a complex project. There may be uncertainty associated with the estimated total investment cost and time of completion of the project. The uncertainty associated with these factors was intensified as a result of the corona situation and large currency fluctuations in 2021. The company has implemented measures to reduce this risk by carrying out a detailed engineering of the plant before a final investment decision is made and the construction contract is signed.

FINANCIAL RISK AND RISK MANAGEMENT

The Group faces various financial risks, including currency risk, interest rate risk, credit and liquidity risk. The Group monitors the degree of risk and has implemented procedures in order to reduce the risk to an acceptable level. This mainly relates to Pure Norwegian Seafood AS.

CURRENCY RISK

The Group is exposed to currency risk through its subsidiary Pure Norwegian Seafood which has a large part of its sales in foreign currency. Developments in exchange rates thus entail both direct and indirect economic risk. The company has currency accounts for all significant foreign exchange revenues. The currency accounts are used to reduce risk when actively managing the time of alternations. All foreign exchange revenues linked to fixed-price contracts are hedged through the subscription of forward contracts. Conditions for the use of hedging when posting futures contracts are met and recognition of the income statement is compared with the fuse object.

INTEREST RATE RISK

The Group's debt carries floating interest rates, which implies that the Group is exposed to changes in interest rates. Floating interest rates have been chosen for two reasons: i) floating interest rates are considered to provide the lowest interest rate in the long run, and ii) floating interest rates provide greater flexibility in dealing with the Group's changes in financing needs as caused by the Group's growth ambitions.

The subsidiary Pure Norwegian Seafood's loan portfolio currently has a combination of floating and fixed

interest bonds. The company's interest rate sensitivity is adapted to an appropriate hedging level when using interest rate swaps.

CREDIT RISK

The Group is exposed to credit risk mainly through its subsidiary Pure Norwegian Seafood AS. The credit risk is continuously monitored by Pure's management and most accounts are secured through credit insurance.

LIQUIDITY RISK

Liquidity risk is a product of the Group's earnings, financial position and available financing in the capital markets and represents the risk that the Group will not be able to meet its current financial obligations. The largest single factor associated with short term liquidity risk will be fluctuations in salmon prices. Longer term (> 6 months), a major, negative biological event at sea will have the largest effect on the liquidity. At the end of 2021 and through 2021 Måsøval has complied with all of its loan covenants. Overall, the Group's liquidity risk is considered to be at an acceptable level.

CORPORATE GOVERNANCE

The Group has implemented a system for internal control under which all balance sheet items in the accounts are reconciled on regular basis. Reports have been developed to uncover key figures that deviate from expectations. These are reviewed on a monthly basis.

Måsøval Eiendom AS has taken out a board liability insurance covering all subsidiaries owned more than 50%. The insurance covers the insured's liability for asset losses for claims against the insured during the insurance period as a result of a liability action or omission of the secured in property of the general manager, board member, member of management or equivalent governing body of the Group.

CORPORATE SOCIAL RESPONSIBILITY

Måsøval will ensure long-term profitability through sustainable food production. The Group exercises its social responsibility by putting sustainable development of food production first.

Our responsibility as a participant in the industry is linked to the sustainability work in the world around us. The company will therefore have an increased focus on linking its own activities to national and supranational initiatives, such as the UN's sustainability goals and the EU's taxonomy.

An overview of how we take social responsibility is available in the annual reports chapter 3.

Topics within social responsibility that are discussed in this report include:

Environmental responsibility
Social responsibility
Corporate governance
Future work in the area

The Group focuses on contributing to the local communities that make land and sea available for our operations. This is done mainly through three areas:

Sponsorship: Support local activities with a focus on children and young people.
Local sourcing: Emphasizes finding suppliers in the local areas where possible
Workforce: Offer employment to people from the local community

The Group has zero tolerance for corruption. This is controlled by ensuring that all payments are approved by at least two people and that all major agreements are negotiated by a team of at least two people. In connection with processes involving licenses, permits and other framework conditions we also have routines that involves multiple persons to ensure that all rules and regulations are adhered to.

The Group pollutes the external environment to a limited extent. Our sea sites use onshore electricity, and the Group was among the first to implement an electrification process for the sea bases

WORK ENVIRONMENT

As of 31 December 2021, the Group had 221 full-time employees. Of these, 112 work in the parent company Måsøval AS. The parent company is headquartered on Frøya.

The aquaculture industry is an industry that has traditionally been dominated by men. As of 31 December 2021, the proportion of women in the Group was 17.5% and the proportion of women in the parent company Måsøval AS was 17.6%. The Group's management consists of 6 men and two women. The Group's board comprise of one woman and three men.

The Group shall be a good and safe workplace for all employees. There shall be equality between women and men and there shall be no discrimination based on sex, ethnicity, national origin, skin colour, religion, disability or for other reasons. This is followed up through an annual employee survey. The survey is reviewed at

all levels of the Group and areas for improvement are identified and measures are implemented where necessary.

Sick leave for 2021 in the Group amounted to 4,8% (2020: 5.7%). 14 injuries were registered in the Group in 2021. One of these were a serious injury. The Group has a strong focus on correct reporting of accidents and near misses and works systematically to reduce the risk of accidents.

MARKET CONDITIONS AND THE PROSPECTS AHEAD

2021 was an exciting year for Måsøval and the Norwegian salmon industry. Despite the corona crisis, the year ended with record high exports of Norwegian salmon. The company has little influence on the salmon price and the main focus is to ensure low production costs to ensure robustness against fluctuations in the salmon price.

Prices going forward look strong and sector financial analysts expect continued strong prices through 2022 and 2023.

The pandemic has had an impact on the value chains that Måsøval is a part of. Continued upward pressure on our costs including feed, are seen. In addition, the Group observe strained value chains and some delivery problems, in particular to technical equipment, and challenges with the delivery of technical equipment for new builds. Måsøval has not had any problems with access to feed and roe, and the most important suppliers expect to be able to deliver in 2022 as well.

The ongoing war in Ukraine causes further uncertainty regarding access to raw materials. This situation can affect both planned purchases of equipment and purchase prices in particular on feed and transportation.

The Group expects a healthy growth rate in 2022 and expects to build biomass to utilize the purchased 2,936 tonnes MAB from the Vartdal Group and to utilise the new post-smolt facilities.

The board's expectations for the future are generally positive.

EVENTS AFTER THE BALANCE SHEET DATE

There are no significant events after the balance sheet date.

ALLOCATION OF PROFITS

The net profit for 2021 for the parent company Måsøval AS was NOK 146,592,956.

The profit is proposed to be allocated as follows:

Transferred to other equity NOK 146,592,956 Total allocations NOK 146,592,956

TRONDHEIM, 26 APRIL 2022

LARS MÅSØVAL ARNFINN AUNSMO OLA LOE Chair of the board Director Director

KARI SKEIDSVOLL MOE ANDERS MÅSØVAL ASLE RØNNING

Director Deputy Director CEO

The parent company has given total group contributions of NOK 21 million to four 100%-owned subsidiaries.

INCOME STATEMENT

Group					Parent company
2019	2020	2021	Note	Consolidated numbers in NOK 1000	2021	2020	2019
				Operating income and expenses
848 801	858 176	1 116 773	8,10	Revenue	711 034	861 050	831 592
39 389	69 935	118 781	8,10	Other operating income	378 522	59 531	63 587
888 190	928 111	1 235 555		Total operating revenues	1 089 556	920 581	895 178
456 614	458 864	611 983	8	Cost of goods and services	521 193	449 079	460 825
31 737	-48 256	-24 797		Change in biomass and feed inven	-39 920	-41 971	24 764
				tory
94 080	106 488	141 437	1	Personell costs	91 073	85 966	76 459
47 664	50 517	68 460	11	Ordinary depreciation	42 714	36 257	32 615
70 439 700 533	139 026 706 640	158 831 955 914	2,8	Other operating expenses Total operating expenses	226 805 841 865	171 888 701 218	108 000 702 662

235 321	271 988	348 101		EBITDA	290 405	255 620	225 131
187 656	221 471	279 641		Operational EBIT	247 691	219 362	192 516
-	-	6 755		Production tax	6 755	-	-
187 656	221 471	272 886		EBIT	240 936	219 362	192 516
				Financial income and costs
-	-	-	13	Income from subsidiaries	-	63 324	23 246
27	-1 281	-1 309	14	Income from associated companies	-	-	-
4 342	1 435	234		Interest income	149	1 313	4 150
1 837	59 851	6 803		Other financial income	643	6 358	250
6 206	60 006	5 728	9	Total financial income	791	70 995	27 646
16 141	16 389	25 504		Interest expenses	23 801	15 317	13 862
-	-	-	7	Group interest expenses	-	-	674
20 392	16 424	20 654		Profit sharing with co-location part	20 654	22 634	20 064
-	6 220	22 408	15	ners Other financial expenses	11 004	-	-
36 532	39 033	68 565		Total financial expenses	55 459	37 952	34 601

-30 326	20 973	-62 837	16	Net financial items	-54 667	33 043	-6 955
-	-	-		Share of profit to participants in joint production partnerships	-	-67 182	-55 504
157 330	242 444	210 049		Profit before income tax	186 269	185 224	130 058
35 101	43 305	45 750	3	Income tax expense	39 676	26 757	23 684
122 229	199 139	164 299		Net profit or loss for the period	146 593	158 466	106 373

				Profit attributable to:
12 754	35 276	-		Dividends	-	-	-
50 000	92 663	-		Group contributions (net of tax)	-	92 663	50 000
59 349	71 183	159 874		Allocated to (+)/from(-) retained earnings	146 593	65 803	56 373
126	16	4 425		Non-controlling interests	-	-	-
122 229	199 139	164 299		Total allocations	146 593	158 466	106 373

STATEMENT OF FINANCIAL POSITION

Group			Parent company
2019	2020	2021	Note	Consolidated numbers in NOK 1000	2021	2020	2019
				Assets

				Intangible assets
284 418	777 176	2 060 767	11	Licences	758 295	743 651	254 637
17 000	13 238	157 691	11	Goodwill	13 454	-	-
301 418	790 414	2 218 457		Total intangible assets	771 749	743 651	254 637

				Property, plant and equipment
2 397	4 441	210 969	11	Properties	3 083	4 441	2 319
141 190	157 152	333 841	11	Farming facilities, quay facilities, etc.	160 977	101 071	81 657
131 250	140 198	137 061	11	Vessels	76 815	124 103	110 294
13 248	13 195	84 450	11	Operating equipment, fixture and fittings	24 440	7 903	8 442
288 084	314 986	766 321		Total property, plant and equipment	265 315	237 517	202 712
				Non-current financial assets
-	-	-	13	Investments in subsidiaries	1 805 030	130 382	130 186
5 339	4 059	-	14	Investments in associated companies	-	2 750	2 750
2 510	-	544	9	Investments in other equity instruments	-	-	-
-	-	3 752		Other non-current receivables	-	-	-
7 850	4 059	4 296	1	Total non-current financial assets	1 805 030	133 132	132 936

597 352	1 109 459	2 989 074		Total non-current assets	2 842 095	1 114 300	590 285

				Inventories
8 312	9 260	20 049	18	Feed inventory	11 536	9 260	8 312
-	-	6 089	18	Finished goods	-	-	-
319 423	352 634	489 627	18	Biological assets	344 922	307 278	283 555
327 735	361 894	515 765		Total inventories	356 459	316 538	291 866

				Receivables
33 589	97 682	193 566	5	Accounts receivables	197 142	97 682	35 175
44 318	77 031	49 829	5	Other receivables	17 029	19 515	42 291
-	-	-	5	Receivables on group companies	162 938	81 010	46 919
77 906	174 713	243 395		Total Receivables	377 109	198 208	124 384

128 337	21 476	121 252	4	Cash and cash equivalents	14 822	2 922	101 254
533 978	558 084	880 412		Total current assets	748 390	517 668	517 504

1 131 330	1 667 543	3 869 487		Total assets	3 590 485	1 631 969	1 107 789

FINANCIAL RESULTS

Group			Parent company
2019	2020	2021	Note	Consolidated numbers in NOK 1000	2021	2020	2019
24 700	24 700	30 627		Share capital	30 627	24 700	24 700
-	-	872 432	12	Share premium reserve	872 432	-	-
24 700	24 700	903 059		Total paid-in equity	903 059	24 700	24 700
390 577	461 761	416 869		Other equity	387 910	453 323	387 520
5 544	5 560	30 656		Non-controlling interests	-	-	-
396 121	467 320	447 525		Total other equity	387 910	453 323	387 520
420 821	492 020	1 350 584	12	Total equity	1 290 969	478 023	412 220
-	-	-	7	Liabilities to participants in joint produc tion partnerships	-	18 000	18 000
70 569	77 048	195 829	3	Deferred tax	83 508	42 979	39 830
70 569	77 048	195 829		Total provisions	83 508	60 979	57 830
- 421 165	- 597 972	- 1 865 581	6	Liabilities to financial institutions	1 763 647	581 100	389 046
421 165	597 972	1 865 581		Total non-current liabilities	1 763 647	581 100	389 046
				Short term liabilities
695	198 567	180 564	6	Liabilities to financial institutions	180 353	196 043	-
71 352	65 615	175 795		Trade creditors	170 747	59 986	66 447
23 589	13 218	32 882	3	Tax payable	20 969	-	6 848
7 267	14 431	-4 571		Public duties payable	4 987	12 731	3 324
12 754	35 276	-		Dividends	-	-	-
-	-	-	7	Liabilities to group companies	20 607	73 601	71 903
103 119	173 396	72 823	7	Other current liabilities	54 697	169 506	100 172
218 775	500 503	457 493		Total current liabilities	452 360	511 866	248 693

710 509	1 175 522	2 518 903		Total liabilities	2 299 515	1 153 945	695 569
1 131 330	1 667 543	3 869 487		Total equity and liabilities	3 590 485	1 631 969	1 107 789

STATEMENT OF CASH FLOWS

Group			Parent company

2019	2020	2021	Consolidated numbers in NOK 1000	2021	2020	2019
157 330	242 444		210 049 Profit before income tax	186 269	185 224	130 058
-27 266	-25 010		-13 218 Tax payable	-	-8 269	-14 568
-2 060	-113		6 130 Gain on disposal of property, plant and equipment	-6 531	-113	-2 060
47 664	50 517		68 460 Ordinary depreciation	42 714	36 257	32 615
6 923	-34 160		-153 871 (Increase)/decrease in inventories	-39 920	-24 672	21 323
17 913 23 776	-64 093 -5 738		-95 884 (Increase)/decrease in trade receivables 110 181 Increase/(decrease) in trade payables	-99 460 110 761	-62 508 -6 461	16 297 22 082
-11 904	-32 690		-73 269 (Increase)/decrease in other current receivables/liabilities	-2 961	-11 316	-23 755
212 376	131 157		58 578 Net cash from operating activities	190 872	108 142	181 992

-	894		7 002 Proceeds from disposal of property, plant and equipment	10 097	894	4 500
-165 948	-567 218		-518 447 Payments for property, plant and equipment	-71 703	-560 857	-60 898
-	-	-1 436 370	Payments for intangible assets	-	-	-
-	-		- Payments to Group loan receivables	-81 928	-	-
-491	3 791		- Payments to acquire financial assets	-	-196	-87 998
-	-		-3 752 Payments to other loan receivables	-	-	-
-	-		9 087 Proceeds from disposal of other assets	2 750	-	-
-	-		-11 703 Payments for shares, obligations, group con tributions	-1 909 436	-	-
-166 439	-562 534		-1 954 182 Net cash (used in)/generated by investing activities	-2 050 220	-560 159	-144 396
-14 823	203 501		1 366 882 Proceeds from current and non-current borrowings	1 237 649	29 691	-17 120
-	-		-99 273 Repayment of current and non-current	-55 102	192 054	-37 851
-	-		borrowings - Repayments from Group borrowings	-91 601	-	-
-20 807	197 872		-18 002 Net change in overdraft facility	-15 690	196 043	-
-	-		878 359 Proceeds of equity	878 359	-	-
-67 070	-76 857		-183 276 Payments of dividends and group contributions	-94 244	-64 103	-50 000
-102 700	324 516		1 944 689 Net cash (used in)/generated by financing activities	1 859 371	353 685	-104 971

-56 763	-106 860		49 085 Net increase/decrease in bank deposits	23	-98 332	-67 374
185 100	128 337		21 476 Bank deposits at the beginning of the period	2 922	101 254	168 628
-	-		- Net increase in bank deposits from merged subsidiaries	11 877	-	-
-	-		50 691 Net increase in bank deposits from acquired companies	-	-	-
128 337	21 476		121 252 Bank deposits at the end of the period	14 822	2 922	101 254

STATEMENT OF EQUITY 2021

Group (1000 NOK)	Share capital	Share premi um reserve	Other equity	Total equity	Owners of parent company	Non-control ling interests
Equity 31.12.2020	24 700	-	467 320	492 020	486 460	5 560
Net income	-	-	164 299	164 299	159 874	4 425
Cost of capital increase	-	-21 641	-	-21 641	-21 641	-
Change in accounting principles cost of biomass	-	-	-13 043	-13 043	-13 043	-
Capital increase	5 927	894 073	-	900 000	900 000	-
Aqcuisition of subsidiaries	-	-	26 231	26 231	-	26 231
Aqcuisition of non-controlling interests	-	-	-197 282	-197 282	-191 722	-5 560
Equity at 31.12.2021	30 627	872 432	447 525	1 350 584	1 319 928	30 656

Parent company (1000 NOK)	Share capital	Share premium reserve	Other equity	Total

Equity 31.12.2020	24 700	-	453 323	478 023
Net income	-	-	146 593	146 593
Cost of capital increase	-	-21 641	-	-21 641
Change in accounting principles cost of biomass	-	-	-13 043	-13 043
Capital increase	5 927	894 073	-	900 000
Aqcuisition of subsidiaries	-	-	-	-
Equity effect, merger Gunnar Espenes Fiskeoppdrett AS and Måsøval Fishfarm AS	-	-	-198 964	-198 964
Equity at 31.12.2021	30 627	872 432	387 909	1 290 969

STATEMENT OF EQUITY 2020

Group (1000 NOK)	Share capital	Other equity	Total equity	Owners of parent company	Non-con trolling interests
Equity 31.12.2019	24 700	396 121	420 821	415 277	5 544
Net income	-	199 138	199 138	163 846	35 292
Dividens	-	-35 276	-35 276	-	-35 276
Group contribution	-	-92 663	-92 663	-92 663	-
Equity at 31.12.2020	24 700	467 320	492 020	486 460	5 560

Parent company (1000 NOK)	Share capital	Other equity	Total
Equity 31.12.2019	24 700	387 520	412 220
Net income	-	158 466	158 466
Group contribution	-	-92 663	-92 663
Equity at 31.12.2020	24 700	453 323	478 023

INDEPENDENT AUDITOR'S REPORT

To the General Meeting in Måsøval AS

OPINION

We have audited the financial statements of Måsøval AS.

THE FINANCIAL STATEMENTS COMPRISE:

The financial statements of the parent company, which comprise the balance sheet as at 31 December 2021, the income statement and cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and
The financial statements of the group, which comprise the balance sheet as at 31 December 2021, the income statement and cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

IN OUR OPINION:

The financial statements comply with applicable statutory requirements.
The accompanying financial statements give a true and fair view of the financial position of the company as at 31 December 2021, and its financial performance and its cash flows for the year then ended in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway.
The accompanying financial statements give a true and fair view of the financial position of the graup as at 31 December 2021, and its financial performance and its cash flows for the year then ended in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financfal Statements section of our report. We are independent of the Company and the Graup as required by laws and regulations and International Ethics Standards Baard for Accountants' International Code of Ethics for Professional Accountants (including International lndependence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and approprfate to provide a basis for our opinion.

OTHER INFORMATION

The Board of Directors and the Managing Director (management) is responsible for the other information. The other information comprfses the Baard of Directors' report and other information in the Annual Report, but does not include the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. lf, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

OPINION ON THE BOARD OF DIRECTOR'S REPORT

Based on our knowledge obtained in the audit, in our opinion the Board of Directors' report

is consistent with the financial statements and
contains the information required by applicable legal requirements.

Our opinion on the Board of Director's report applies correspondingly for the statements on Corporate Social Responsibility.

RESPONSIBILITIES OF THE BOARD OF DIRECTORS AND THE MANAGING DIRECTOR FOR THE FINANCIAL STATEMENTS

The Board of Directors and the Managing Director (management) are responsible for the preparation of financial statements that give a true and fair view in accordance with the Norwegian Accounting Act and accounting standardsand practices generally accepted in Norway, and for such internat control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company's and Group's ability to continue as a going concem, disclosing, as applicable, matters related to going concem and using the going concem basis of accounting insofar as it is not likely that the enterprise will cease operations.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCTAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financfal statements as a whole are free from material misstatement, whether due to traud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

For further description of Auditor's Responsibilities for the Audit of the Financial Statements reference is made to: https: / / revisorforeningen. no/revisjonsberetninger

Trondheim, 26 april 2022

Arve Garberg State Authorised Public Accountant

Note: Translation from Norwegian prepared for information purposes only.

STATEMENT OF CASH FLOWS

ACCOUNTING PRINCIPLES

The financial statements have been prepared in accordance with the Accounting Act of 17.07.1998 and generally accepted accounting principles in Norway.

BASIS FOR CONSOLIDATION

The Group's consolidated financial statements comprise Måsøval AS and companies in which Måsøval AS has a controlling interest. A controlling interest is normally obtained when the Group owns more than 50% of the shares in the company and can exercise control over the company. Minority interests are included in the Group's equity. Transactions between group companies have been eliminated in the consolidated financial statement. The consolidated financial statement has been prepared in accordance with the same accounting principles for both parent and subsidiary.

COMPANIES CONSOLIDATED IN THE GROUP'S FINANCIAL STATEMENT

Måsøval AS
Måsøval Åsen AS
Måsøval Settefisk AS
Eidsvaag Akva AS
Pure Farming AS from June 2021
Pure Norwegian Seafood AS from June 2021
Stokkøy Skjell AS from April 2021
Aqua Farms Vartdal, Urke Fiskeoppdrett AS, Vartdal Fiskeoppdrett AS, Vartdal Fryseri AS and Western Seaproducts is consolidated with balance per 31st December 2021

The cost method is used as a principle for investments in subsidiaries and associated companies in the company accounts. The cost price is increased when funds are provided through a capital increase or when group contributions are made to subsidiaries. Dividends received are initially recognized in the income statement as income. Dividends that exceed the share of retained earnings after the acquisition are recorded as a reduction of the acquisition cost. Dividends and group contributions from subsidiaries are recognized in the same year as the subsidiary allocates the amount. Dividends from other companies are recognized as financial income when the dividend is approved.

An associate is an entity in which the Group has a significant influence but does not exercise control the management of its finances and operations (normally when the Group owns 20%- 50% of the company). In the consolidated financial statements investments in associated companies are accounted for using the equity method. Use of the equity method implies that the book value in the balance sheet corresponds to the share of

equity in the associated company, adjusted for any remaining excess values from the acquisition and unrealized internal gains. The profit share in the income statement is based on the share of profit after tax in the associated company, adjusted for amortization of excess values and unrealized gains. In the income statement, the profit share is presented under financial items.

When the Group's share of a loss exceeds the Group's investment in an associate, the amount carried in the Group's balance sheet is reduced to zero and further losses are not recognised unless the Group has an obligation to cover any such loss.

CONSOLIDATION PRINCIPLES

The purchase method is applied when accounting for business combinations. Companies which have been bought or sold during the year are included in the consolidated financial statements from the date when control is achieved and until the date when control ceases.

In the consolidated financial statements the line item shares in subsidiaries is replaced by the subsidiary's assets and liabilities. The consolidated financial statements are prepared as if the group were one financial unit. Transactions, unrealized profits and balances between the companies in the group are eliminated.

Acquired subsidiaries are recognized in the consolidated financial statements based on the parent company's acquisition cost. Acquisition cost is allocated to identifiable assets and liabilities in the subsidiary, which are recorded in the consolidated financial statements at fair value at the time of acquisition. Any excess value in addition to what can be attributed to identifiable assets and liabilities is recognized in the balance sheet as goodwill. Goodwill is treated as a residual and recognized in the balance sheet with the share observed in the acquisition transaction. Excess values in the consolidated financial statements are amortized over the expected useful lives of the acquired assets.

CHANGE IN ACCOUNTING PRINCIPLE

As of 2021, the Group changed the accounting principle regarding the classification of overhead costs in order to adapt to the industry standard. Overhead costs have been included in the production cost up to and including 2020. As of 2021, administration costs are separated from the production costs. The effect of this change in accounting principle is that the value of the biomass was reduced by NOK 13,0 million and the effect was carried against other equity.

USE OF ESTIMATES

Preparation of accounts in accordance with the Accounting Act requires the use of accounting estimates. Furthermore, the

ACCOUNTING PRINCIPLES

application of the company's accounting principles requires management to exercise judgement. Areas that to a large extent contain such judgemental assessments, a high degree of complexity or areas where assumptions and estimates are significant for the annual accounts are described in the notes.

CO-LOCATION AGREEMENTS.

Agreements have been entered into on co-location between group companies and external licence holders. See note 15 for further information.

SALES REVENUE

Revenue from the sale of goods and services is valued at the fair value of the consideration, net after deduction of VAT, returns, discounts and other discounts. Sales of fish are recognized in the income statement when the fish has been harvested and packed in boxes and picked up by the carrier (Ex Works). Services are recognized as income over time during the period in which the services are rendered. Most of the group's sales of services take place on the basis of accrued time and an agreed hourly rate.

CLASSIFICATION OF BALANCE SHEET ITEMS

Assets intended for long term ownership or use have been classified as non-current assets. Assets relating to the trading cycle have been classified as current assets. Other receivables are classified as current assets if they are to be repaid within one year after the transaction date. Similar criteria apply to liabilities. First year's installments on long term liabilities and long term receivables are, however, not classified as short term liabilities and current assets.

PURCHASE COST

The purchase cost of assets includes the cost price of the asset, adjusted for bonuses, discounts and other rebates received, and purchase costs (freight, customs fees, public fees which are non-refundable and any other direct purchase costs). Purchases in foreign currencies are reflected in the balance sheet at the exchange rate at the transaction date. Purchase cost of property, plant and equipment and intangible assets also includes direct expenses to prepare the asset for use, such as expenses for testing the asset.

INTANGIBLE ASSETS AND GOODWILL

Goodwill has arisen in connection with the acquisition of a subsidiary. Goodwill is amortized over its expected useful life. Expenses for own development activities are expensed on an ongoing basis. Expenses for other intangible assets are capitalized to the extent that a future economic benefit related to the development of an identifiable intangible asset can be identified and the expenses can be measured reliably. Otherwise, such expenses are expensed on an ongoing basis. Capitalized development is depreciated on a straight-line basis over its economic life.

FIXED ASSETS

Land is not depreciated. Other property, plant and equipment are capitalized and depreciated on a straight-line basis at residual value over the expected useful lives of the fixed assets. In the event of a change in the depreciation plan, the effect is distributed over the remaining depreciation period (the "breakpoint method"). Maintenance of fixed assets is expensed under operating costs. Expenses and improvements are added to the fixed asset's cost price and depreciated in line with the fixed asset. The difference between maintenance and cost/improvement is calculated in relation to the condition of the fixed asset at the time of acquisition.

Leased fixed assets are capitalized as fixed assets if the lease is considered to be a financial lease.

OTHER LONG-TERM EQUITY INVESTMENTS

The cost method is used as a principle for investments in other shares etc. Dividends are initially accounted for as financial income, when the dividend has been approved. If the distributions significantly exceed the share of retained earnings after the purchase, the excess is recorded as a reduction in the cost price.

IMPAIRMENT OF FIXED ASSETS

If there is an indication that the book value of a fixed asset is higher than the fair value, a test for impairment is performed. The test is performed for the lowest level of fixed assets that have independent cash flows. If the book value is higher than both sales value and value in use (present value for continued use/ownership), a write-down is made to the higher of sales value and value in use. Previous write-downs, with the exception of write-downs of goodwill, are reversed if the conditions for the write-down are no longer present.

INVENTORY

Inventory is valued at the lower of acquisition cost (according to the FIFO principle) and fair value. Fish in sea (biological assets) and frozen fish are valued at the lowest value of the expected net sales value on the balance sheet date and full production cost. Acquisition cost for biological assets consists of expenses for feed, direct wages, other direct and indirect production costs. A generation of fish has a 24-month cycle, of which the last two to six months go to fallow before new release of hatchery fish. Indirect costs are attributed to biological assets in the first 18 months of the generation's 24-month cycle. The overhead costs are excluded from the production costs from 2021, see separate section on changes in accounting principles.

Feed stocks are accounted for at the lower of acquisition cost and fair value. Fair value is the estimated selling price less necessary expenses for completion and sale.

RECEIVABLES

Accounts receivables are recognised in the balance sheet after deductions for provisions for expected losses. Provisions for losses are made on the basis of an individual assessment of the receivables and an additional provision to cover other foreseeable losses. Significant financial problems with the customer, the probability that the customer will go bankrupt or undergo financial restructuring, and deferrals and deficiencies in payments are considered indicators that trade receivables have been impaired.

Other receivables, both current receivables and capital receivables, are recognised at the lower of nominal and fair value. Fair value is the present value of expected future payments. However, no discounting is made when the effect of discounting is insignificant for the accounts. Provisions for losses are assessed in the same way as for trade receivables.

INVESTMENTS IN LISTED SHARES

Short-term investments in listed shares are booked at market value. The value in the balance sheet corresponds to the market value of the investments per 31.12. Dividends received, and realized and unrealized gains / losses, are recognized in the income statement as financial items.

FINANCIAL DERIVATIVES AND HEDGING

Apart from the subsidiary Pure Norwegian Seafood (PNS) neither the company nor the group uses any kind of forward contracts or other financial derivatives. In Pure the Hedging Principle is applied when accounting for financial instruments that satisfy requirements for such treatment.

DEBT

Debt, with the exception of certain provisions for liabilities, is recognized in the balance sheet at the nominal debt amount.

PENSIONS

The company has various pension schemes. The pension schemes are financed through payments to insurance companies, with the exception of the AFP scheme. The parent company only has contribution plans.

In the case of contribution plans, the company pays contributions to an insurance company. The company has no further payment obligation after the contributions have been paid. The contributions are accounted for as payroll costs. Any prepaid contributions are capitalized as an asset (pension

funds) to the extent that the contributions can be refunded or reduce future payments.

The AFP scheme is an unsecured performance-based multicompany scheme. Such a scheme is in fact a defined benefit plan, but is treated in the accounts as a defined contribution plan as a result of the scheme's administrator not providing sufficient information to calculate the obligation in a reliable manner. Måsøval Åsen AS participates in the AFP scheme.

TAX

The tax expense in the income statement includes both tax payable for the period and change in deferred tax. Deferred tax is calculated on the basis of the temporary differences that exist between accounting and tax values, as well as any tax losses carried forward at the end of the financial year. Taxincreasing and tax-reducing temporary differences that reverse or can reverse in the same period have been offset. The entry of deferred tax assets on net tax-reducing differences that have not been settled and losses carried forward are justified by assumed future earnings.

Deferred tax and tax assets that can be recognized in the balance sheet are entered net in the balance sheet.

Tax deductions on group contributions made and taxes on received group contributions, which are entered as a reduction of the capitalized amount on investment in subsidiaries, are entered directly against tax in the balance sheet (against tax payable if the group contribution has effect on tax payable, and against deferred tax if the group contribution has effect on deferred tax). Deferred tax in both the company accounts and the consolidated accounts is accounted for at the nominal amount.

CASH FLOW STATEMENT

The cash flow statement is prepared according to the indirect method. Cash and cash equivalents include cash, bank deposits and other short-term liquid investments, which can be immediately converted into known cash amounts with an insignificant exchange rate risk and a remaining term of less than three months from the date of acquisition.

NOTE 1 - PERSONNEL COSTS

Parent company
(1000 NOK)	2021	2020	2021	2020
Salary costs	78 221	78 762	121 821	96 897
Pension costs	6 824	6 300	8 300	7 302
Social costs	1 530	546	2 021	657
Payroll tax	4 182	3 140	8 404	4 416
Other	316	-2 783	892	-2 783
Total	91 073	85 966	141 437	106 488
Number of FTE's	112	91	221	116

Pension agreements:

An agreement on mandatory occupational pensions has been entered into in group companies where this is mandatory.

	2021		2020
Remuneration to the board and management of the Group (1000 NOK)	CEO	Board	CEO	Board
Management in Måsøval AS (parent company)	3 981	1 013	3 653	780
Total	3 981	1 013	3 653	780

The chairman of the board of the parent company does not have a bonus agreement or agreement on remuneration upon termination of the board position.

The CEO of the parent company has a bonus agreement. Payment on the bonus agreement is linked to the Group's results.

NOTE 2 - OTHER OPERATING EXPENSES

Parent company			Group
(1000 NOK)	2021	2020	2021	2020
Rent	80 720	77 783	42 234	62 272
Maintenance	34 329	42 853	41 509	31 860
Energy	6 434	5 093	10 061	4 402
Freight	726	812	33 030	602
Public fees	82	6	281	166
Renovation	936	3 241	2 959	2 665
Professional fees	8 785	5 424	11 452	4 589
Other	94 794	36 677	17 304	32 470
Total	226 805	171 888	158 831	139 026

Fees to the auditor

		Parent company	Group
(1000 NOK)	2021	2020	2021	2020
Audit fees	565	290	881	447
Technical assistance and other attestations *)	62	45	113	89
Other non-audit services	480	173	762	185
Total	1 107	508	1 757	721

*) Technical assistance related to preparation of tax assessment, annual accounts and consolidation.

NOTE 3 - TAXES

Specification of differences between accounting and tax profit before tax expense and taxable income:

		Parent company		Group
(1000 NOK)	2021	2020		2021	2020
Profit before tax expense and group contribution	186 269	185 224		210 049	242 444
Group contributions from subsidiaries	-	-		20 607	-
Group contributions to subsidiaries	-20 607	-100 850		-20 607	-100 850
Permanent differences	-5 924	-63 599		-101 014	-52 062
Change in temporary differences via acquisitions	-	-		584 884	-
Change in temporary differences	-59 878	-20 774		-539 916	-29 448
This year's taxable income	99 860	-		154 003	60 084
Specification of tax cost:
Payable tax (22%)	21 969	-		33 881	13 218
Change in deferred tax	13 173	4 570		7 336	7 900
Tax effect of group contributions	4 533	22 187		4 533	22 187
Total tax expense	39 676	26 757		45 750	43 305
Specification of temporary differences: Parent company:
(1000 NOK)			01.01.20211 )	31.12.2021	Change
Current assets			67 856	344 922	277 066
Fixed assets			-13 664	-18 119	-4 455
Deferred income recognition from gains on sale of PP&E			1 389	7 084	5 694
Temporary differences through joint production partnerships			239 107	7 058	-232 049
Leasing			30 057	38 639	8 581
Provisions			-5 040	-	5 040
Total			319 705	379 583	59 878
Tax loss carry-forward			-	-	-
Net temporary differences			319 705	379 583	59 878
Deferred tax in the balance sheet			70 335	83 508	13 173
1) Temporary differences Måsøval AS for 2020 includes merged subsidiaries in 2021
Group:
(1000 NOK)			01.01.2021	31.12.2021	Change

Current assets	114 295	487 721	373 426
Fixed assets	-26 884	345 252	372 137
Deferred income recognition from gains on sale of PP&E	1 389	6 673	5 283
Temporary differences through joint production partnerships	237 207	5 997	-231 210
Leasing	29 249	44 489	15 240
Provisions	-5 040	-	5 040
Total	350 216	890 132	539 916
Tax loss carry-forward			-
Net temporary differences	350 216	890 132	539 916
Calculated deferred tax	77 048	195 829	118 780
Deferred tax in the balance sheet	77 048	195 829	118 780
Change in deferred tax as a result of acquisitions			-111 444
Deferred tax recognized in the income statement			7 336

NOTE 4 - RESTRICTED FUNDS

	Parent company			Group
(1000 NOK)	2021	2020	2021	2020
Restricted tax withholding funds (Norway)	2 945	2 922	6 088	3 780
Sum	2 945	2 922	6 088	3 780

NOTE 5 - SHORT-TERM RECEIVABLES

	Parent company		Group
Accounts receivable on group companies (1000 NOK)	2021	2020	2021	2020
Accounts receivable consolidated subsi diaries	105 095	599	-	-
Accounts receivable on other group companies	19 699	800	19 699	800
	Parent company		Group
Other receivables on group companies (1000 NOK)	2021	2020	2021	2020
Måsøval Settefisk AS	7 854	8 905	-	-
Åsen Settefisk AS	6 003	-	-	-
Western Seaproducts	14 277	-	-	-
Vartdal Fiskeoppdrett AS	71 134	-	-	-
Urke Fiskeoppdrett AS	20 399	-	-	-
Aqua Farms Vartdal AS	43 271	-	-	-
Eidsvaag Akva AS	1	-	-	-
Måsøval Fishfarm AS	-	5 854	-	-
Gunnar Espnes Fiskeoppdrett AS	-	2 927	-	-
Accrued dividend Måsøval Fishfarm AS	-	53 358	-	-
Accrued dividend Gunnar Espnes Fiskeoppdrett AS	-	9 966	-	-
Total other receivables on group companies	162,938	81,010	-	-

No maturity has been agreed on receivables on group companies.

	Parent company			Group
Other current receivables (1000 NOK)	2021	2020	2021	2020
Prepaid expenses	1 971	3 153	6 936	3 332
VAT	-	-	-	1 997
Other receivables	8 515	10 989	36 351	10 974
Måsøval Eiendom AS (ultimate parent company)	6 543	5 373	6 543	60 727
Total other current receivables	17 029	19 515	49 829	77 031

(a) - herav leasingleie (b) - herav leasingleie (c) - herav leasingleie (d) - herav leasingleie - Herav leasinggjeld

NOTE 6 - LONG-TERM DEBT, MORTGAGES, ETC.

	Parent company			Group
Borrowings (1000 NOK)	2021	2020	2021	2020
Mortgage debt	1 662 500	492 500	1 684 074	494 100
Leasing debt	101 147	88 600	168 426	103 872
Overdraft facility	180 353	196 043	193 644	198 567
Total	1 944 000	777 143	2 046 145	796 538

	Parent company
Assets pledged as collateral (1000 NOK)	2021	2020	2021	2020
Accounts receivable	197 142	97 682	193 566	97 682
Inventory	356 459	316 538	515 765	361 894
Equipment and aquaculture licence	1 037 064	981 168	2 827 088	1 092 162
Total	1 590 665	1 395 388	3 536 419	1 551 739

	Parent company			Group
Maturity structure long-term debt (1000 NOK)	2021	2020	2021	2020
- less than 1 year	144 851	49 383	164 636	51 914
- between 1 and 3	1 582 856	495 182	1 614 951	500 601
- between 3 and 5 years	21 840	17 408	44 020	22 725
- over 5 years	14 100	19 127	28 894	22 732
Total	1 763 647	581 100	1 852 501	597 972

FINANCIAL COVENANTS

AS OF 31 DESEMBER 2021

The Group's financing agreement includes requirements that the borrower and the Group must, at all times, maintain an equity ratio of at least 20% untill March 31st 2022, thereafter 25% untill December 31st 2022, and 30% from March 31st 2023. The interest coverage ratio shall be at least 4.0x. Furthermore, the pricing of the credit products in the agreement is linked to the Group's net interest-bearing debt in relation to operating profit before depreciation (EBITDA).

AS OF 31 DECEMBER 2020

The Group has entered into a new financing agreement in 2020. The agreement includes requirements that the borrower and the Group must, at all times, maintain an equity ratio of at least 30%. Furthermore, the pricing of the credit products in the agreement is linked to the Group's net interest-bearing debt in relation to operating profit before depreciation (EBITDA).

NOTE 7 - DEBT TO GROUP COMPANIES AND RELATED PARTIES

	Parent company		Group
Liabilities to participants in joint produ ction partnerships (1000 NOK)	2021	2020	2021	2020
Gunnar Espnes Fiskeoppdrett AS	-	6 000	-	-
Måsvøval Fishfarm AS	-	12 000	-	-
Total	-	18 000	-	-

Debt to participants in joint production partnerships is the partners' equity in the joint ventures. The deposit is risk capital and is not interest-bearing. Repayment is made in the event of a reduction of the deposit obligation or termination of joint ventures.

	Parent company		Group
Current liabilities to group companies (1000 NOK)	2021	2020	2021	2020
Aqua Farms Vartdal AS	3 472	-	-	-
Urke Fiskeoppdrett AS	11 048	-	-	-
Vartdal Fiskeoppdrett AS	3 252	-	-	-
Western Seaproducts AS	2 835	-	-	-
Gunnar Espnes Fiskeoppdrett AS	-	25 090	-	-
Måsøval Fishfarm AS	-	48 510	-	-
Total	20 607	73 601	-	-

Måsøval Eiendom AS (accrued group contribution) *)	-	112 704	-	112 704

*) Interest paid to Måsøval Eiendom AS in 2021: TNOK 237

NOTE 8 - INTRA-GROUP TRANSACTIONS

Parent company (1000 NOK)	2021	2020
Income
Income from subsidiaries	311 945	18 794
Total	311 945	18 794
Costs
Costs of goods charged by subsidiaries	55 788	47 190
Other costs charged by subsidiaries	114 548	17 898
Rental costs to Måsøval Eiendom AS	1 311	1 001
Total	171 647	66 090

NOTE 9 - SHARES IN OTHER COMPANIES

	Parent company		Group
(1000 NOK)	2021	2020	2021	2020
Nordic Subsea	-	-	539	-
Other companies	-	-	5	-
Total	-	-	544	-

The Group owns 490 shares in Nordic Subsea. The shares were classifies as non-current financial assets and booked at cost.

NOTE 10 - OPERATING REVENUES

By business area	Parent company		Group
(1000 NOK)	2021	2020	2021	2020
Sales revenues salmon	979 203	861 050	1 116 773	858 176
Other revenues	110 353	59 531	118 781	69 935
Total	1 089 556	920 581	1 235 555	928 111

	Parent company		Group
Geographical distribution (1000 NOK)	2021	2020	2021	2020
Norway	1 062 838	908 447	795 916	915 977
Other countries	26 718	12 134	350 130	12 134
Total	1 089 556	920 581	1 235 555	928 111

NOTES

Management monitors and allocates resources to the Group's business activities as thre e operating segments. Hence, Måsøval reports the Group's financial performance as three operating segments: Farming and Sales & Processing. The Farming segment includes the purchase of salmon roe, farming on land and sea, related service activities and the sale of salmon to exporters. The Sales and Processing segment includes harvesting activities and the sale of salmon and other species of fish in Norway and for export. Farming sites are located on Frøya, Aukra, Kristiansund and Vartdal.

		2021
	Farming	Sales & Processing	Other/ eliminations	Total
Sales revenues salmon	979 203	405 739	-268 170	1 116 773
Other revenues	100 541	32 685	-14 445	118 781
Total revenues	1 079 744	438 425	-282 615	1 235 555

Operating expenses	711 883	422 358	-246 787	887 454
Depreciation and amortization	49 772	2 860	15 827	68 460
EBITDA	367 861	16 067	-35 827	348 101
Operational EBIT	318 089	13 206	-51 655	279 641
Production tax	6 755	-	-	6 755
EBIT	311 334	13 206	-51 655	272 886
EBIT-%	28.8 %	3.0 %		22.1 %
Volume harvested	16 888	6 807
Sales price per kg salmon	58.0	59.6
Operational EBIT per kg salmon	18.8	1.9

Depreciation and amortisation in Other/eliminations is almost exclusively related to goodwill and surplus values from acquisitions.

	2020
	Farming	Sales & Processing	Other/ eliminations	Total
Sales revenues salmon	858 176	-	-	858 176
Other revenues	69 935	-	-	69 935
Total revenues	928 111	-	-	928 111

Operating expenses	632 522	-	23 601	656 123
Depreciation and amortization	45 482	-	5 035	50 517
EBITDA	295 589	-	-23 601	271 988
Operational EBIT	250 107	-	-28 636	221 471
Production tax	-	-	-	-
EBIT	250 107	-	-28 636	221 471
EBIT-%	26.9 %			23.9 %
Volume harvested	16 253
Sales price per kg salmon	52.8
Operational EBIT per kg salmon	15.4

NOTE 11 - SPECIFICATION OF FIXED ASSETS

Parent company (1000 NOK)	Goodwill	Licenses etc.	Land and property	Farming facilities and floating installations
Cost at 01.01.	-	743 651	5 700	213 535
Additions	15 829	14 644	802	35 633
Disposals	-	-	-2 159	-
Cost at 31.12.	15 829	758 295	4 343	249 168
Accumulated depreciations and amorti zations 01.01.	-	-	1 259	66 294
Depreciations and amortizations during the year	2 374	-	-	21 897
Accumulated depreciations and amortizations 31.12	2 374	-	1 259	88 191
Net book value at 31.12	13 454	758 295	3 083	160 977
Depreciation plan	20 years	0 years	3-5 years	7-15 years
Parent company (cont.) (1000 NOK):		Vessels	Operating equipment	Total
Cost at 01.01.		220 589	34 479	1,217,953
Additions		14 089	19 772	100,769
Disposals				-2,159
Cost at 31.12.		234 678	54 251	1 316 563
Accumulated depreciations and amorti zations 01.01.		142 656	26 576	236 785
Depreciations and amortizations in the year		15 207	3 235	42 714
Accumulated depreciations and amortizations 31.12		157 863	29 811	279 499
Net book value at 31.12		76 815	24 440	1 037 064
Depreciation plan		10 years	20 years

*) Figures include capitalised leased assets.

Group (1000 NOK):	Goodwill	Licenses etc.	Land and property	Farming facili ties and floating installations
Cost at 01.01.	18 881	777 199	7 240	276 149
Additions	152 277	1 283 567	214 593	202 929
Disposals	-	-	-5 327	-
Cost at 31.12.	171 158	2 060 767	216 506	479 078
Accumulated depreciations and amortizations 01.01.	5 643	-	2 799	118 998
Reversal of depreciation on disposed assets	-	-	-129	-
Depreciations and amortizations in the year	7 824	-	2 867	26 239
Accumulated depreciations and amortizations 31.12	13 467	-	5 537	145 237
Net book value at 31.12	157 691	2 060 767	210 969	333 841
Depreciation plan	20 years	0 years	5-7 years	7-15 years
Group (cont.) (1000 NOK):		Vessels*)	Operating equipment*)	Total
Cost at 01.01.		299 999	50 647	1 430 115
Additions		23 729	77 196	1 954 291
Disposals		-2 780	-	-8 107
Cost at 31.12.		320 947	127 843	3 376 299
Accumulated depreciations and amortizations 01.01.		159 801	37 452	324 692
Reversal of depreciation on disposed assets		-1 502	-	-1 631
Depreciations and amortizations in the year		25 588	5 942	68 460
Accumulated depreciations and amortizations 31.12		183 887	43 393	391 521
Net book value at 31.12		137 061	84 450	2 984 779

Depreciation plan

*) Figures include capitalised leased assets.

Facilities under development are included in Farming facilities with NOK 27,102,548. Development costs have been reduced by NOK 6,058,020 in grants/R&D incentive schemes (no: SkatteFUNN).

Facilities under development refer to the Aqua Semi project. In 2019, Måsøval was awarded 4 development licenses to develop the project. The concept is a partially submersible, semi-closed, production unit for salmon built in steel with a production volume of 75,000 m3 . The unit will be located at the Fagerholmen site in Frøyfjorden when it is completed. The project plans to complete the detailed engineering study by the summer of 2021 and sign a contract for construction with a development partner during 2021.

The plant is scheduled to be completed and taken into use in 2024. The plant will not be depreciated before completion.

Specification of farming licenses as per 31.12.21 (1000 NOK) Parent company		No. of licenses	MAB*) tonnes	Cost	Net book value
Mid Norway **) (incl. 4 development licenses, 3 120 tonn MAB).		13	12 102	758 295	758 295
Total Parent company		13	12 102	758 295	758 295
Subsidiaries
Mid Norway **)	Smolt	2		18 881	18 881
Mid Norway **)	Farming	1	780	180 590	180 590
Sunnmøre ***)	Smolt	2		163 000	163 000
Sunnmøre ***)	Farming	4	2 932	940 000	940 000
Total subsidiaries		9	3 712	1 302 471	1 302 471
Total Group		22	15 814	2 060 767	2 060 767

*) Maxium allowed biomass

**) incl. 4 development licenses, 3,120 tons MAB

***) Aqua Farms Vartdal AS (4 licenses) and Vartdal Fiskeoppdrett AS and Urke Fiskeoppdrett AS (2 smolt&post-smolt facilities)

During 2021 the Parent company acquired 100% of its subsidiaries Måsøval Fishfarm and Gunnar Espnes Fiskeoppdrett AS, that together held 3 licenses. These two companies were merged into Måsøval as in December 2021. All of the Parent company's licenses are located in production areas 5 and 6.

In June 2021, the Parent company acquired 100% of the shares of Pure Farming AS. Pure Farming held one license with 780 tonnes MAB.

In December 2021, the Parent company acquired Aqua Farms Vartdal AS, with 4 licenses of 2,932 tonnes MAB, and two companies - Vartdal Fiskeoppdrett AS and Urke Fiskeoppdrett AS - with smolt and post-smolt facilties.

LEASING

The Group applies NRS 14 Leases, and the leases mainly consist of fish farms and floating installations, boats and movable property with different lease terms. When entering into a contract, it is assessed whether an agreement contains a lease agreement that gives the Group the right to control the use of an identified asset. If the lease is identified as such, assets and related liabilities are recognized at the start of the lease. The Group determines the lease as the non-cancellable lease, together with periods covered by an option to extend the lease if it is reasonably certain to be exercised, or a period covered by an option to terminate the lease if it is reasonably safely exercised. Leases for the first twelve months after the balance sheet date are classified as current liabilities.

RIGHT TO USE ASSETS

The group recognizes property rights on the start date of the lease. The right of use of the asset is initially measured at acquisition cost, and subsequently at acquisition cost less accumulated depreciation and write-downs. The right to use assets is depreciated on a straight-line basis over the asset's estimated useful life, and is subject to impairment testing.

LEASE OBLIGATIONS

The lease obligation is initially measured at the present value of the lease payment that is not paid at the beginning, discounted with the interest implied in the lease, or, if it can not be easily determined, the Group's marginal borrowing rate as discounting which is generally the case for the Group. The rental fees include fixed payments and variable rental payments that depend on an index or interest rate. The lease obligation is subsequently increased by the interest cost of the lease obligation and reduced by the lease payment made. It is re-measured when there is a change in future leases as a result of a change in an index or interest rate, or when it is appropriate, changes in the assessment of whether it is reasonably safe to use an extension option or whether a termination option is reasonably certain not to to be exercised. Short-term lease and lease of assets with low value.

The group does not capitalize leases that have a lease period of 12 months or less from the start date and do not contain a call option. Leases that are considered low-value assets, primarily IT and office equipment, are not capitalized. Leases related to short-term leases and low-value assets are recognized on a straight-line basis as an expense in the income statement.

Leased assets that are capitalized constitute the following values in the parent company and group:

Parent company (1000 NOK)	Farming facilities and floating installations	Land and property	Vessels	Equipment	Total leased assets
Cost at 01.01.	63 281		167 211	-	230 492
Additions	20 764	-	2 000	14 279	37 044
Cost at 31.12	84 046	-	169 211	14 279	267 536

Accumulated depreciations and amortizations 01.01.	20 902	-	90 932	-	111 834
Depreciations and amortisati ons in the year	5 651	-	11 719	1 458	18 827
Accumulated depreciations and amortizations 31.12	26 553	-	102 651	1 458	130 662
Net book value at 31.12	57 493	-	66 560	12 821	136 874

Leased assets that are capitalized constitute the following values in the parent company and group:

Group (1000 NOK)	Farming facilities and floating installations	Land and property	Vessels	Equipment	Total leased assets
Cost at 01.01.	63 281	-	196 364	-	259 645
Additions	28 120	23 717	30 384	41 705	123 926
Cost at 31.12	91 402	23 717	226 747	41 705	383 571
Accumulated depreciations and amortizations 01.01. Depreciations and amortisations	20 902 5 651	- -	103 990 14 260	- 2 957	124 892 22 868
in the year Accumulated depreciations and amortizations 31.12	26 553	-	118 250	2 957	147 760
Net book value at 31.12	64 849	23 717	108 497	38 747	235 811

	Parent Company		Group
(1000 NOK)	2021	2020	2021	2020
Leasing obligations	101 147	88 600	168 426	103 872

NOTE 12 - SHARE CAPITAL, SHAREHOLDER INFORMATION AND EQUITY

The share capital in Måsøval AS as of 31.12 consists of:	No. of shares	Face value	Book value
Ordinary shares	122 508 455	0,25	30 627
Total	122 508 455		30 627

The shares have equal rights in the company.

Ownership structure – the 20 largest shareholders as of 31.12.2021

Shareholder	Holding	Stake
MÅSØVAL EIENDOM AS	85 727 553	69,98 %
VERDIPAPIRFOND ODIN NORGE	9 467 218	7,73 %
VARTDAL INVEST AS	4 761 904	3,89 %
J.P. MORGAN BANK LUXEMBOURG S.A.	4 264 766	3,48 %
HENDEN NYGÅRD HOLDING AS	1 765 456	1,44 %
ABBA HOLDING AS	1 667 176	1,36 %
Morgan Stanley & Co. Int. Plc.	1 652 643	1,35 %
J.P. MORGAN BANK LUXEMBOURG S.A.	1 452 468	1,19 %
VICAMA AS	1 000 000	0,82 %
SONGA ASSET MANAGEMENT AS	879 817	0,72 %
J.P. MORGAN BANK LUXEMBOURG S.A.	871 253	0,71 %
SONGA CAPITAL AS	849 418	0,69 %
HAUSTA INVESTOR AS	667 860	0,55 %
YTTERVÅG AS	608 000	0,50 %
PATRIC INVEST AS	607 902	0,50 %
GÅSØ NÆRINGSUTVIKLING AS	488 700	0,40 %
BETINA I AS	418 963	0,34 %
RBC INVESTOR SERVICES TRUST	363 446	0,30 %
VERDIPAPIRFONDET EIKA ALPHA	323 710	0,26 %
GH HOLDING AS	300 000	0,24 %
Others	4 370 202	3,57 %
Total	122 508 455	100,00 %

NOTE 13 - INVESTMENT IN SUBSIDIARIES

As of 31.12, the parent company had following shares in other subsidiaries:

(1000 NOK)	Head Office	Book value	Ownership	Net profit 2021	Total equity
Måsøval Settefisk AS	Frøya	24 635	100%	560	36 357
Måsøval Åsen AS	Åsen	83 662	100%	5 272	41 587
Eidsvaag Akva AS	Frøya	4 532	100%	4 429	10 805
Stokkøy Skjell AS	Frøya	24 075	100%	1 388	6 969
Pure Norwegian Seafood AS	Averøy	59 911	65%	155 369	69 055
Pure Farming AS	Averøy	216 192	100%	12 944	36 022
Aqua Farms Vartdal AS	Vartdal	1 125 040	100%	-62 574	50 466
Urke Fiskeoppdrett AS	Vartdal	130 919	100%	-8 404	17 514
Vartdal Fiskeoppdrett AS	Vartdal	82 821	100%	-7 859	12 661
Western Seaproducts AS	Vartdal	20 239	100%	-2 559	3 481
Vartdal Fryseri AS	Vartdal	33 003	100%	96	4 777
Total		1 805 030

As of 31.12, the Group had following shares in other subsidiaries, owned by Pure Norwegian Seafood AS:

(1000 NOK)	Book value	Number of shares
Pure Expo AS	30	1000
Pure Focus AS	20	666
Total	50

Group contributions to subsidiaries recognized as increase in investment in subsidiary in the parent company:	2021	2020

Aqua Farms Vartdal AS	3 472	-
Urke Fiskeoppdrett AS	11 048	-
Vartdal Fiskeoppdrett AS	3 252	-
Western Seaproducts AS	2 835	-
Total	20 607	-

Dividends and group contributions from subsidiaries recognized as financial income in the parent company:	2021	2020
Måsøval Fishfarm AS		53 358
Gunnar Espnes Fiskeoppdrett AS	-	9 966
Total	-	63 324

NOTE 14 - INVESTMENT IN ASSOCIATED COMPANY

Associated companies:	Tjeldbergodden Rensefisk AS	Pure Shipping AS
Opening balance as of 01.01.20	5 339	-
Share of profit/(loss) 2020	-1 281	-
Closing balance as of 31.12.20	4 059	-
Additions	-	11 159
Share of profit/(loss) 2021	-	-4 822
Disposals	-4 059	-6 337
Closing balance as of 31.12.21	-	-

Tjeldbergodden Rensefisk AS was owned by Måsøval AS and Pure Shipping AS was owned by the daughter company Pure Farming AS.

NOTE 15 - CO-LOCATION

The group operates 3 licences on behalf of two external licence holders through an agreement on co-location.

For the co-location agreements, revenues and costs generated on the relevant licences are recognized in the income statement as ordinary production in line with the group's other activities.

The biomass is recognized in the consolidated accounts.

The licence holders' share of profits generated on the relevant licences is expensed as other financial expenses.

NOTE 16 - SHARE OF PROFIT TO PARTICIPANTS IN JOINT PRODUCTION PARTNERSHIPS

Måsøval AS has had a joint production partnership with Gunnar Espnes Fiskeoppdrett AS and Måsøval Fishfarm AS. In June 2021, Måsøval AS acquired the remaining minority shares of these two companies and became the sole shareholder. In December 2021 the companies were merged into Måsøval AS and the joint production partnership was dissolved. The merger had a tax- and accounting effect from January 1st 2021.

NOTE 17 - PUBLIC GRANTS

In 2021, the Group has had two active projects approved by the authorities to receive research and development grants. The Group has received TNOK 1 000 from the Norwegian Research Council regarding the development of Aqua Semi, and TNOK 250 from the Regional Research Fund Møre og Romsdal in connection with another research project.

NOTE 18 - BIOMASS

Inventory, including biomass, is recognized at cost.

Parent company:
Book value of inventory (1000 NOK)	2021	2020
Feed inventory	11 536	9 260
Finished goods	-	-
Biological assets	344 922	307 278
Total	356 459	316 538

Group company:
Book value of inventory (1000 NOK)	2021	2020
Feed inventory	20 049	9 260
Finished goods	6 089	-
Biological assets	489 627	352 634
Total	515 765	361 894

NOTE 19 - FINANCIAL MARKET RISK

INTEREST RATE RISK

Interest rate risk in short and medium-term occurs as a result of fluctuations in the floating market interest rates on company debts. A maximum limit has been set regarding debts with floating market interest rate. The lending portfolio has a combination of floating and fixed rate of interest. The company's exposure to interest rate fluctuations is appropriately fitted to the use of interest rate swaps, interest rate options and FRAs.

CURRENCY RISK

Currency fluctuations represent both a direct and an indirect financial risk for the company. Hedging of currency income and assets are done by the use of hedging instruments such as options and futures.

PRICE/LIQUIDITY RISK

Changes in material prices involve a financial risk in relation to fixed-price contracts for customers. To reduce the risk is that financial contracts have been signed through Fishpool The group had none active contracts per 31.12.2021.

Forward rate agreements
Currency	Net purchase/sale			Term
EURNOK		2,6		3 months
Interest rate swaps
Currency	MNOK	Receives	Pays	Date of payment
NOK	21,4	Floating	Fixed	2027
NOK	20	Floating	Fixed	2031

DESIGN BY FANTASTISKE OSBERGET

102

AI assistant

Masoval AS — AGM Information 2022

3661_rns_2022-05-25_8436a3ed-d5ea-4f4f-a8de-f46e7dc27111.pdf

INNKALLING TIL ORDINÆR GENERALFORSAMLING

I MÅSØVAL AS

Agenda: Agenda:

VALG AV MØTELEDER OG EN PERSON TIL Å MEDUNDERTEGNE PROTOKOLLEN

GODKJENNING AV INNKALLING OG DAGSORDEN

GODKJENNE ÅRSREGNSKAP FOR 2021

ELECTION OF A CHAIR OF THE MEETING AND A PERSON TO CO‐SIGN THE MINUTES

APPROVAL OF THE NOTICE AND AGENDA

APPROVE THE ANNUAL ACCOUNTS FOR 2021

GODKJENNELSE AV GODTGJØRELSE TIL REVISOR APPROVAL OF REMUNERATION TO THE AUDITOR

VALG AV STYREMEDLEMMER ELECTION OF BOARD MEMBERS

STYRETS HONORAR REMUNERATION TO THE BOARD OF DIRECTORS

KOMPENSASJONSKOMITEENS HONORAR REMUNERATION TO THE COMPENSATION COMMITTEE

FULLMAKT TIL Å FORHØYE AKSJEKAPITALEN AUTHORISATION TO THE BOARD OF DIRECTORS TO

FULLMAKT TIL Å ERVERVE EGNE AKSJER – INCENTIVPROGRAM FOR ANSATTE

8.1 Bakgrunn 8.1 Background

8.2 Forslag til vedtak 8.2 Proposed resolution

AUTHORISATION TO THE BOARD OF DIRECTORS TO ACQUIRE OWN SHARES – INCENTIVE SCHEME FOR EMPLOYEES

9.1 Bakgrunn 9.1 Background

9.2 Forslag til vedtak 9.2 Proposed resolution

VEDTEKTSENDRINGER AMENDMENT OF THE ARTICLES OF ASSOCIATION

FULLMAKT TIL Å UTDELE UTBYTTE POWER OF ATTORNEY TO DISTRIBUTE DIVIDEND

Appendices:

MÅSØVAL AS

FULLMAKT

ORDINÆR GENERALFORSAMLING 9. juni 2022

MÅSØVAL AS

POWER OF ATTORNEY

ORDINARY GENERAL MEETING 9 June 2022

Made by nature

Financial results

THE GROUP'S ACTIVITIES

SIGNIFICANT EVENTS IN 2021

SUSTAINABLE FOCUS AND ORGANIC GROWTH POTENTIAL

AQUA SEMI

BOARD OF DIRECTORS' REPORT

INVESTMENT IN POST-SMOLT FACILITIES

FISH HEALTH

STATEMENT OF THE ANNUAL ACCOUNTS THE INCOME STATEMENT

THE FISH FARMING BUSINESS

THE SALES AND PROCESSING BUSINESS

STATEMENT OF FINANCIAL POSITION

CASH FLOWS

GOING CONCERN

RESEARCH AND DEVELOPMENT

OPERATIONAL RISK AND RISK MANAGEMENT

THE FISH FARMING BUSINESS

BOARD OF DIRECTORS' REPORT

FINANCIAL RISK AND RISK MANAGEMENT

CURRENCY RISK

INTEREST RATE RISK

CREDIT RISK

LIQUIDITY RISK

CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

WORK ENVIRONMENT

MARKET CONDITIONS AND THE PROSPECTS AHEAD

EVENTS AFTER THE BALANCE SHEET DATE

ALLOCATION OF PROFITS

TRONDHEIM, 26 APRIL 2022

INCOME STATEMENT

STATEMENT OF FINANCIAL POSITION

FINANCIAL RESULTS

STATEMENT OF CASH FLOWS

STATEMENT OF EQUITY 2021

STATEMENT OF EQUITY 2020

INDEPENDENT AUDITOR'S REPORT

OPINION

THE FINANCIAL STATEMENTS COMPRISE:

IN OUR OPINION:

BASIS FOR OPINION

OTHER INFORMATION

OPINION ON THE BOARD OF DIRECTOR'S REPORT

RESPONSIBILITIES OF THE BOARD OF DIRECTORS AND THE MANAGING DIRECTOR FOR THE FINANCIAL STATEMENTS

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCTAL STATEMENTS

STATEMENT OF CASH FLOWS

ACCOUNTING PRINCIPLES

Masoval AS AGM Information 2022