Salmon Evolution ASA — Capital/Financing Update 2021

Oct 12, 2021

Salmon Evolution and Cargill enter strategic partnership for feed - Cargill invests USD 5 million in Salmon Evolution through a private placement

Salmon Evolution and Cargill enter strategic partnership for feed - Cargill invests USD 5 million in Salmon Evolution through a private placement

Salmon Evolution ASA ("Salmon Evolution" or the "Company", OSE: SALME) is

pleased to announce that it has entered into a strategic partnership agreement

with Cargill. Under the agreement, Cargill will supply 100% of Salmon

Evolution's feed volumes for the Indre Harøy facility which is scheduled to

commence production in March 2022.

Cargill has further committed to allocate significant resources and R&D capacity

with the purpose of developing sustainable feed solutions tailored to Salmon

Evolution's operational targets, hereunder high biological performance and

premium product quality.

Mr. Håkon André Berg, CEO of Salmon Evolution comments:

"Having the best possible feed is essential for every salmon farmer.

Particularly, in our HFS system where we create optimal and stable living

conditions for the salmon, we see a strong and untapped potential in tailoring a

feed focused on maximizing biological performance and product quality.

Given Cargill's solid reputation and track record as a supplier of high

-performance feed solutions, combined with their substantial R&D capabilities

and capacities both in Norway and abroad, we are confident that we have found an

ideal partner."

Mr. Fredrik Witte, Managing Director of Cargill Aqua Nutrition, North Sea

further comments:

"Cargill works with salmon farmers around the world, providing feed that

supports fish welfare and improves farmer productivity and earnings potential,

while reducing the environmental impact of aquaculture. One of the key areas to

realizing the massive potential in land-based salmon farming is having optimal

feed tailored to the salmon's specific living environment - and we're committed

to working with Salmon Evolution to help them realize this potential."

In connection with the agreement, Cargill will also invest approximately USD 5

million in Salmon Evolution, by way of a private placement of new shares to be

issued, with a subscription price of NOK 7.71 per share which equals the volume

weighted average price the last 20 trading days (the "Private Placement"). The

proceeds from the Private Placement will be used for general corporate purposes

including evaluation and development of future expansion opportunities, further

underpinning Salmon Evolution's strategy of taking a lead role in the global

land-based salmon farming industry.

Through the Private Placement Salmon Evolution will issue 5,541,374 new shares

(the "Issue Shares") which will be subscribed for by Cargill's Norwegian

subsidiary Ewos AS. The Issue Shares will be issued pursuant to the board

authorization granted by Salmon Evolution's general meeting on 19 May 2021 and

is expected to be issued during October 2021. Upon issuance of the Issue Shares,

Salomon Evolution will have a share capital of NOK 15,539,824.45 consisting of

310,796,489 shares, each with a par value of NOK 0.05.

The Private Placement entails a deviation of the existing shareholders

preferential rights. The Board has considered the Private Placement in light of

the equal treatment obligations under the Norwegian Public Limited Companies

Act, the Norwegian Securities Trading Act and the rules on equal treatment under

Oslo Rule Book II for companies listed on the Oslo Stock Exchange and the Oslo

Stock Exchange's Guidelines on the rule of equal treatment, and is of the

opinion that the Private Placement is in compliance with these requirements. The

Board is of the view that it is in the common interest of the Company and its

shareholders to carry out the Private Placement based on inter alia the

strategic partnership achieved with Cargill, that the Private Placement is

structured to ensure that a market based subscription price is achieved,

existing shareholders will be subject to very low dilution (approx. 1.8%) and

the private Placement will not alter any majority or control positions amongst

shareholders in the Company.

For further information, contact:

Håkon A. Berg

CEO, Salmon Evolution

+47 411 92 257

Trond Håkon Schaug-Pettersen

CFO, Salmon Evolution

+47 911 91 327

About Salmon Evolution

Salmon Evolution is a Norwegian land-based salmon farming company focused on

extending the ocean's potential by transferring the best preconditions offered

by the sea to farm fish on land through its hybrid flow-through system

technology (HFS). This secures a truly sustainable production process with

controlled and optimal growth conditions and limiting operational and biological

risk.

The Company's first production facility is under construction at Indre Harøy,

strategically located on the Norwegian west coast with unlimited access to fresh

seawater, renewable energy, established infrastructure for salmon farming, and

an educated and experienced work force. The entire project is designed for an

annual capacity of approx. 31,500 tonnes HOG.

The Company has also entered into a joint venture with Dongwon Industries where

the parties will develop, construct and operate a land-based salmon farming

facility in South Korea with an annual production capacity of 16,800 tonnes HOG,

using Salmon Evolution's HFS technology.

Salmon Evolution ASA is listed on Oslo Børs under the ticker SALME.

To learn more, please visit www.salmonevolution.no.

About Cargill

Cargill's 155,000 employees across 70 countries work relentlessly to achieve our

purpose of nourishing the world in a safe, responsible and sustainable way.

Every day, we connect farmers with markets, customers with ingredients, and

people and animals with the food they need to thrive. We combine 155 years of

experience with new technologies and insights to serve as a trusted partner for

food, agriculture, financial and industrial customers in more than 125

countries. Side-by-side, we are building a stronger, sustainable future for

agriculture. For more information,

visit Cargill.com (https://www.cargill.com/home) and Cargill's News

Center (https://www.cargill.com/news).

This information includes inside information pursuant to the Market Abuse

Regulation and have been published by Hans Petter Mortveit, Finance Manager in

Salmon Evolution on 12 October 2021, at 17:30 CEST. This information is subject

to the disclosure requirements pursuant to section 5-12 of the Norwegian

Securities Trading Act.