Proximar Seafood AS — Capital/Financing Update 2021

Mar 2, 2021

PROXI: Proximar Seafood signs contract with Daiwa House Industry to start construction of its RAS facility by the end of the quarter

PROXI: Proximar Seafood signs contract with Daiwa House Industry to start construction of its RAS facility by the end of the quarter

Proximar Seafood AS (“Proximar” or the “Company”) is pleased to announce that the construction contract and a final land purchase agreement with Daiwa House Industry are signed. The construction preparations are set to start by the end of 1st quarter 2021, which is in line with the previously communicated time schedule. Signing of the contracts are important milestones for the company in starting construction of the first large-scale RAS facility for Atlantic salmon in Japan.

“We are very pleased to have signed the construction contract, bringing us one step closer to serving the Japanese market with fresh Atlantic salmon harvested the same day. Having a strong local Japanese partner like Daiwa House Industry involved in this project has a significant value for us and we appreciate the close relationship we have built over time. After years of preparations and planning together with Daiwa House Industry and Aqua Maof, all parties have a detailed understanding of how to move through the construction steps. We are therefore very confident about the execution”, says Joachim Nielsen, CEO of Proximar.

The construction contract is related to civil works, representing a value of approximately JPY 6 billion. The facility is located at the foot of the iconic Mt Fuji, in proximity to the 38 million inhabitants in the greater Tokyo area. From the facility, Proximar will serve the Japanese market with the freshest Atlantic salmon available, raised in a sustainable environment and in high quality groundwater from Mt. Fuji.

Daiwa House Industry is a Japanese Construction company with ~47,000 employees and an annual revenue of about USD 40 billion. Daiwa House Industry is by Proximar considered as a strong long-term local partner with excellent execution capabilities. The two companies have, together with RAS technology provider Aqua Maof, been working closely together since 2018 on designing and construction planning.

For more information, please contact:

Joachim Nielsen, CEO, +47 92 85 55 59, jn@proximarseafood.no

Pål K. Grimsrud, CFO, +47 99 47 75 99, pkg@proximarseafood.no