Q3 2021 PRESENTATION

16 November 2021

DISCLAIMER

This presentation (the "Presentation") has been prepared by Salmon Evolution ASA (the "Company" and together with is subsidiaries, the "Group") except where context otherwise requires, solely for information purposes. This Presentation, and the information contained herein, does not constitute an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities of the Company and neither the issue of the materials nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity. and do not constitute or form part o f any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction.

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Introduction and highlights
Extending the ocean potential™
Operations
Financials
Summary and outlook
Appendices

SALMON EVOLUTION – EXTENDING THE OCEAN POTENTIAL

A Norwegian land-based salmon farming company with a goal to become a global supplier of high-quality and sustainable salmon

First production facility under construction in Norway – annual harvesting capacity of 31,500 tonnes head-ongutted ("HOG") fully developed

Joint v enture with Dongwon Industries for a 16,800 tonnes HOG production facility in South Korea – first grow-out production targeted in 2024

Utilizing hybrid flow-through system ("HFS") with 30%-35% fresh seawater intake, reducing complexity and biological risk and securing optimal growth at low cost

Targeting a position as a global leading land-based farmer, enabled by a strong ESG profile

I ndre Harøy illustration – fully developed Sout h Korea project illustrat ion (Source: Dongwon)

Q3 2021 HIGHLIGHTS

Q3 2021

Construction of Phase 1 at Indre Harøy progressing according to plan – on time on budget
Intensified focus on preparations for first smolt release at Indre Harøy in Q1 2022 – recruitment of operating personnel
Acquired renowned smolt company Kraft Laks AS securing in-house sourcing of high quality smolt for Indre Harøy phase 1, with identified growth potential to cover smolt needs for at least Phase 2
Kraft Laks smolt performing well, Indre Harøy March 2022 batch already 200+ gram
First draw down under NOK 625m debt financing package
Listing of the company's shares at the main list on Oslo Stock Exchange
Available liquidity of NOK 1,198 million per 30 September 2021 (cash + committed undrawn credit facilities)*

Post quarter events

• Entered into strategic feed partnership with Cargill – USD 5 million private placement towards Cargill

I ndre Harøy, Oct ober 2021

5 Q3 2021 Presentation

ACQUISITION OF KRAFT LAKS

Kraft Laks has been a family ow ned smolt producer located in Dalsfjorden in Volda municipality
Current production of around 1.8 million smolt p.a. but license to produce 5 million smolt p.a. subject to certain conditions
Documented track record as a high quality smolt producer - smolt production at the site since 1995 under the selling family's ow nership
Over the last years the majority of the smolt produced has been sold to one of the major salmon farmers
Production technology is based on HFS; reuse of w ater, CO2 stripping and oxygenation
Excellent freshw ater supply form 3 inlet stations (2 rivers). The company also has a royal resolution securing minimum freshw ater supply from the local pow er station
The acquisition of Kraft Laks gives Salmon Evolution full operational control over the critical value chain and secures that SE is fully w ith smolt for phase 1 at Indre Harøy
Reduced risk and increased flexibility for Salmon Evolution in a cost and capex effective manner
Identified growth potential to cover SE's smolt needs for at least phase 2 at Indre Harøy

Kraft Laks AS – Key financials
NOKm	2020	2019	2018
Revenues	27.6	30.9	26.9
EBITDA	8.7	11.1	10.2
EBITDA %	31%	36%	38%

Book equity	19.8	23.9	16.0
Total assets	27.6	32.6	28.5

Transaction highlights

Enterprise value	NOK 70m 7x last 3 years average EBITDA
Share purchase price	NOK 76.5m
Share settlement	NOK 16.6m in new Salmon Evolution ASA shares @ NOK 7.5775 per share (W VAP last 20 days). 12 month lock-in
Cash settlement	NOK 35.0m at closing
Sellers credit	NOK 24.9m payable over 12-18 months

TEAMING UP WITH MARKET LEADER CARGILL TO UNLOCK LAND-BASED GROWTH POTENTIAL

Entered into strategic feed partnership with market leader Cargill
Salmon Evolution to become Cargill's global flagship customer within land-based full grow out salmon production
Commitment from Cargill to allocate significant resources and R&D capacity in Norway and abroad
Focus on developing sustainable feed solutions ensuring high biological performance and premium product quality – tailored to Salmon Evolution's specific production environment
Optimized feed is essential to realize untapped growth potential and reduced production cycles
USD 5.0m private placement @ NOK 7.71/share signalling strong and long-term commitment

• Introduction and highlights

Extending the ocean potential™
Operations
Financials
Summary and outlook
Appendices

CONSERVATIVE APPROACH IN A "DISRUPTIVE INDUSTRY"

There is much to learn, even though we have decades of experience →That's why we start in Norway 2

International expansion can be accelerated with strong local partners →That's why we don't go solo on our first project overseas 3

OPTIMIZED BIOLOGY WITH HFS TECHNOLOGY

No biofilters less complexity
Each tank functions as one independent biozone
Maintenance flexibility, separate cleaning and disinfecting between biomass transfers
Easy to operate and reduced risk of technical accidents
Area efficient

HYBRID FLOWTHROUGH ADVANTAGES INCREASED COMPLEXITY ABOVE 65% RECIRCULATION

Proven technologyused in smolt production for decades
Fresh seawater as primary water treatment source
Optimal and stable production environment
Minimal handling of the fish

OUR TECHNOLOGY EXTENDS THE OCEAN POTENTIAL NEW AREAS POSSIBLE FOR LOW RISK PRODUCTION THROUGH USE OF HFS

Introduction and highlights
Extending the ocean potential™
Operations Norway
Financials
Summary and outlook
Appendices

INDRE HARØY CONSTRUCTION PROGRESS ACCORDING TO PLAN

Ten out of twelve fish tanks now assembled, remaining fish tanks expected to be completed in Q4
Solid progress on construction of buildings and structures
Water intake station nearing completion; water pipes and pumps already installed and in process of installing filters and electrical equipment
Installation of process equipment ongoing; heat pumps, heat exchangers, oxygen equipment, CO2 and nitrogen strippers and piping
Workload currently at peak with 150-200 workers on site
On track for first smolt release in March 2022

I ndre Harøy Oct ober 2021

MASSIVE TRANSFORMATION OF CONSTRUCTION SITE OVER THE LAST 6 MONTHS

Indre Harøy 16 April 2021

Indre Harøy 24 October 2021

• Seawater intake at 25 and 95 meter water depth ensuring fresh and ideally tempered seawater free from sea lice

The seawater is pumped through particle and UV -filters for cleansing and then distributed to the twelve independently connected fish tanks
At maximum capacity in phase 1, 240,000 litres are pumped per minute

• Concrete work on water intake station completed – full intake station expected to be completed during December 2021

• Water pumps and filters already installed – in process of installing electrical equipment

MARCH 2022 SMOLT ALREADY 200+ GRAMS AND THRIVING AT KRAFT LAKS

Phot o: COO Ingjarl Skarvøy (left) and Kraft Laks General Manager Knut Endre Heltne (right)

Introduction and highlights
Extending the ocean potential™
Operations Korea
Financials
Summary and outlook
Appendices

FIRST MOVER ADVANTAGE IN SOUTH KOREA – A FAST GROWING AND HIGH PAYING MARKET FOR SALMON WITH SOLID PRICE POTENTIAL

21 Q3 2021 Presentation

Consistent premium pricing of salmon to South Korea

K SMART FARMING – SOUTH KOREA EXPANSION STARTED

K Smart JV with Dongwon Industries formalized end of March and first tranche of equity investment (NOK 27.4m) completed in May
Ownership split 49/51% for SE and Dongwon, respectively
Target construction start for phase 1 during 2022 and first grow out production in 2024
Initial feasibility study delivered in October 2021for both the smolt site and grow out site – currently in process of tuning facility layouts and production plans
Retained highly experienced Korean civil engineering firm and project management company with global experience
Good progress on regulatory approvals and constructive dialogue with Korean authorities
Organization in place with dedicated focus
Established joint SE / Dongwon project team

Jeongseon smolt site – sketch project

Introduction and highlights
Extending the ocean potential™
Operations
Financials
Summary and outlook
Appendices

RECENT SPIKE IN EUROPEAN ELECTRICITY PRICES WOULD HAVE HAD A LIMITED EFFECT ON SALMON EVOLUTION'S PRODUCTION COST

Comments

Salmon Evolution is strategically located in NO3 which together with NO4 to a large extent has been detached from the recent spike in electricity prices in Europe
Energy intensive industries normally get exceptions from electricity tax – not applicable to land based salmon farming as of now, but perceived political support
Energy efficient HFS system about 6.5 KWh/kg (HOG) at maximum utilisation
Significant savings on grid cost from phase 3

2021 YTD electricity prices (EUR/MWh) Commodity spot price (EUR/MWh)

Sour ce: Snapshot fr om Nor dpool 27 Oct 2021

**Total electricity cost break down (example)* Electricity prices (commodity, EUR/MWh)**

24 Q3 2021 Presentation

* Commodity price in line with 2023 system forward prices. Grid cost as per 2020 estimated cost. 2022 electricity tax as per proposal from new Norwegian Government

GROUP PROFIT & LOSS

Summary of result

				YTD	YTD
(figures in NOK 1000)	Note	Q3 2021	Q3 2020	2021	2020	2020
Total operating income		12 251	674	12 251	704	704
Cost of goods sold		-2 450		-2 450
Personnel expenses	10	-5 423		-4 365 -14 148	-6 843	-8 877
Depreciations	2	-643	-64	-1 410	-212	-550
Other operating expenses		-8 407		-5 392 -19 666	-9 167	-8 954

Operating profit (EBIT)		-4 671				-9 147 -25 423 -15 518 -17 676
Financial income	8	4 213	0	9 463	1	1 114
Financial expense	8	-5 192	-101	-5 266	-117	-263
Share of net income from associated
companies	8	23	0	26	0	0
Financial expense - net		-956	-101	4 223	-116	850
Profit/loss before tax		-5 627				-9 248 -21 201 -15 634 -16 826
Income tax expense	4	0	0	0	0	0
Profit/loss for the period	5	-5 627				-9 248 -21 201 -15 634 -16 826

Kraft Laks included from August 2021 solid contribution on both revenues and operating profit
Net disagio of NOK 1.6m in Q3 relating to hedging of underlying EUR exposure – net positive agio of NOK 1.8m year to date
Recruitment of operating personnel ongoing ahead of first smolt release in March 2022
Kraft Laks successfully integrated into the Group
Continued focus on implementation of operational reporting, quality systems, certifications, digital infrastructure and preparations for commercial activities

SOLID CONTRIBUTION FROM KRAFT LAKS IN Q3 2021

• One-off costs of about NOK 4m in Q3 relating to OSE listing, debt financing package and Kraft Laks acquisition

Delivery of 700k smolt to external customer in Q3
Final smolt deliveries under existing customer contract during 1H 2022

26 Q3 2021 Presentation

*From and including August 2021 w hich is t he first month where Kraft Laks is consolidat ed into Salmon Evolution's financial account s

CAPEX INDRE HARØY

On time and on budget
All time high capex in Q3 on back of solid progress on site
Total CAPEX of NOK 238.5 million in Q3
- NOK 229.7 million related to turnkey project with Artec Aqua
- NOK 8.8 million capitalized personnel and shared cost
Accumulated capex of NOK 745 million from project initiation in 2019

Accumulated CAPEX Q3 2021 (NOK million)

HIGH ACTIVITY LEVEL ON SITE

Q4 2021 capex expected to be in line with Q3 – gradual reduction in capex from Q1
Concrete works for buildings, structures and fish tanks nearing completion
Installation of process equipment and aboveground piping ongoing
Going forward, the majority of capex is planned financed by draw downs under the NOK 525m construction loan of which NOK 475m is undrawn

1) Net of grant s direct ly tied t o capital expendit ure and exclusive of int ernal capit alized G&A cost s

FULLY FUNDED FOR COMMITTED PROJECTS

Introduction and highlights
Extending the ocean potential™
Operations
Financials
Summary and outlook
Appendices

ROADMAP TO 70,000 TONNES HOG

SUMMARY & OUTLOOK

Construction of facility at Indre Harøy progressing according to plan – on time on budget
K Smart project in Korea progressing as expected
Acquisition and integration of Kraft Laks successfully completed – strong smolt performance
First harvest end 2022 well aligned with strong salmon market outlook the next couple of years
Salmon Evolution's HFS technology addressing industry growth and ESG challenges
Solid financial position and ready for first smolt release in March 2022

Indre Harøy October 2021

Introduction and highlights
Extending the ocean potential™
Operations
Financials
Summary and outlook
Appendices

DEBT FINANCING PACKAGE AT HIGHLY COMPETITIVE TERMS

Summary of bank debt term sheet

	• Nordea and Sparebanken Vest (the "Lenders")
Lenders	• Innovation Norw ay
Credit Facilities	• NOK 525 million senior secured credit facility w hich will be used to finance construction capex for Indre Harøy phase 1 (the "Construction Facility")
	• NOK 525 million in long term debt w hich will refinance the Construction Facility upon completion of Indre Harøy phase 1 and consisting of the follow ing:
	➢ NOK 385 million senior secured term loan f acility with the Lenders (the "Term Loan Facility ")
	➢ NOK 140 million in a separate long term loan f acility with Innov ation Norway (the "IN Facility ").
	• NOK 100 million senior secured overdraft facility with Nordea (the "Overdraft Facility") which will be used for w orking capital purposes, hereunder financing of biomass and receivables
Term and profile	• The Term Loan Facility w ill be repaid over a 15 year profile and have a 3 year term from completion of Indre Harøy phase 1 w ith 2x1 year extension options
	• The IN Facility has a 15 year term and profile
Other commercial terms	• Cost and covenant structure aligned w ith "traditional bank financing"
Status	• Closed in June 2021, w ith first drawing of NOK 50m under the Construction Facility in July w hich was used to refinance existing NOK 40m bank loan

CASH FLOW

Cash flow summary

(figures in NOK 1000)	Q3 2021	Q3 2020	YTD 2021	YTD 2020	2020

Net cash flow from operating activities	-22 438	22 067	-57 801	14 711	-10 021
Net cash flow from investments activities	-324 823	-26 306	-544 403	-94 551	-165 961
Net cash flow from financing activities	56 161	522 886	531 151	767 495	802 664
Net change in cash and cash equivalents	-291 100	518 647	-71 053	687 654	626 682
Cash and cash equivalents at start of period	867 853	190 131	647 806	21 124	21 124
Cash and cash equivalents at end of period	576 753	708 778	576 753	708 778	647 806

• Solid cash position of NOK 577 million per Q3 2021 and total available liquidity of NOK 1,198 million (including undrawn committed credit facilities)