Salmon Evolution ASA — Investor Presentation 2021

Mar 2, 2021

Q4 2020 PRESENTATION

2 March 2021

DISCLAIMER

This presentation (the "Presentation") has been prepared by Salmon Evolution Holding AS (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 of any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction.

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Agenda

• Introduction and highlights
• Operations
• Financials
• Summary and outlook

SALMON EVOLUTION – EXTENDING THE OCEAN POTENTIAL

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

• First production facility under construction in Norway, with annual harvesting capacity of 31,500 tonnes HOG fully developed
• Signed joint venture term sheet with Dongwon Industries for a 20,000 tonnes production facility in South Korea – first grow-out production targeted in 2024
• Utilizing hybrid flow-through ("HFS") system 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
• On track for ~25,000 tonnes by 2024, clear roadmap to 70,000 tonnes by 2030
• Preparations for listing at Oslo Stock Exchange (main list) has started, and is expected to be materialized in Q2/Q3 2021

Indre Harøy illustration – fully developed

South Korea project illustration (Source: Dongwon)

Q4 2020 HIGHLIGHTS

Q4 2020

• Construction of Phase 1 at Indre Harøy progressing according to plan – on time and on budget
• Critical infrastructure completed including wastewater tunnel – project execution risk significantly reduced
• Received support of NOK 96.8 million from Enova
• Available cash of NOK 648 million at 31 December, NOK 2.95 per share

Post quarter events

Indre Harøy, January 2021

• Signed joint venture term sheet with Dongwon Industries for 20,000 tonnes project in South Korea
• Constructive discussions with banks for long term debt financing of phase 1 at Indre Harøy committed term sheet expected finalized Q1/Q2 2021

SOUTH KOREA EXPANSION STARTED – 20KT JV WITH DONGWON

• SE has entered into a term sheet for a JV1) ("K Smart") with seafood giant Dongwon Industries ("Dongwon") to develop, construct and operate a 20,000 tonnes LWE land-based salmon farming facility in South Korea using SE's technology and competence
• Ownership split 49/51% for SE and Dongwon, respectively
• Facility expected to be built in two phases, each phase with an annual harvest volume capacity of 8,400 tonnes (HOG)
• Target construction start for phase 1 during 2022 and first grow out production in 2024
• Highly attractive production site already identified in Yangyang on the north east coastline of South Korea
• Very good data on water quality
• Stable and optimal natural temperatures enabling highly attractive capex and opex efficiency
• All of South Korea within less than 1 day trucking distance securing unparalleled freshness vs. other available fresh salmon distribution chains
• Separate smolt site also identified existing salmonids production already in place with significant scaling potential

6 Q4 2020 Presentation

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

7 Q4 2020 Presentation

Consistent premium pricing of salmon to South Korea

K SMART – KEY FIGURES

Summary of estimated KPIs for the South Korean JV facility1)

Item	Phase 1	Phase 2	Total
Capex	NOK 1,400m	NOK 1,300m	NOK 2,700m
Total project cost	NOK 1,600m	NOK 1,500m	NOK 3,100m
SE equity requirement	NOK 200m	NOK 0m	NOK 200m
Annual volume (HOG)	8,400t	8,400t	16,800t
Capex / kg (HOG)	NOK ~165	NOK ~155	NOK ~160
EBITDA cost / kg (HOG)	NOK 39-41	NOK 39-41	NOK 39-41
EBIT cost / kg (HOG)	NOK 44-46	NOK 44-46	NOK 44-46

Expected strong relative price achievement combined with cost efficient operations enable solid operating margins and high return on invested equity

Dongwon to facilitate debt financing of K Smart1)

Salmon Evolution's capital contribution of ~NOK 200m is expected to be sufficient to finance both phases

Phase 2 is expected to be financed with issuance of local debt financing and retained earnings from K Smart

8 Q4 2020 Presentation

ROADMAP TO 70,000 TONNES HOG

Agenda

• Introduction and highlights
• Operations
• Financials
• Summary and outlook

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

• Separate production tanks secure bio-control
• Maintenance flexibility, separate cleaning and disinfecting between biomass transfers
• Low complexity easy to operate and reduced risk of technical accidents
• No biofilters
• Area efficient

HYBRID FLOWTHROUGH ADVANTAGES INCREASED COMPLEXITY ABOVE 65% RECIRCULATION

• Known technology
• HFS with fresh sea water being replaced every 4th hour
• Optimal production environment
• Minimal handling of the fish

PROJECT STATUS INDRE HARØY

• Construction progress in accordance with plan
• Wastewater tunnel completed
• Blasting work for fish-tanks and buildings completed
• Currently some 80 workers on site, increasing to approx. 200 this summer
• Managing the COVID-19 situation with its highest priority to safeguard employees, suppliers and partners
• The company remains on track for the first smolt release which is scheduled to be in March 2022 with first harvest in Q4 2022

Blasting work for wastewater tunnel

• Preparations for installation of first four fish tanks well underway – first centre column installed 23 February
• Phase 1 at Indre Harøy will consist of 12 fish tanks each with a diameter of 28 meter and a height of 13 meter – fully developed, Indre Harøy will consist of 48 fisk tanks with a combined cubic capacity of 240,000m3

• Two water intake pipes each with a diameter of 1.6m

• Seawater intake at 25 and 90 meter water depth ensuring fresh and ideally tempered seawater free from sea lice

• The seawater is pumped through UV-filters for cleansing and then distributed to the twelve independently connected fish tanks
• At maximum capacity in phase 1, 245,000 litres are pumped per minute

• Preparations for installation of first four fish tanks well

• Phase 1 at Indre Harøy will consist of twelve fish tanks

fisk tanks with a combined cubic capacity of

underway – first center column installed 23th February

each with a diameter of 28 meter and a height of 13 meter – fully build out at Indre Harøy will consist of 48

A STEPWISE DEVELOPMENT OF STAND ALONE UNITS

Total ~31,500t HOG NOK 4.5 bn NOK 36.1

* Phase 1 related CAPEX only

** Smolt facility not included

First sales

Agenda

• Introduction and highlights
• Operations
• Financials
• Summary and outlook

PROFIT & LOSS

Summary of result

(figures in 1000) NOK	Q4 2020	Q4 2019	YTD 2020	YTD 2019
Total operating income	0	0	704	-175
Personnel expenses	-2 034 ,	-2 265 ,	-8 877 ,	-3 754 ,
Depreciations	-337	-91	-550	-181
Other operating expenses	214	570 -1 ,	-8 954 ,	752 -7 ,
Operating profit (EBIT)	-2 158 ,	-3 926 ,	-17 676 ,	-11 862 ,
Financial income	113 1 ,	622	114 1 ,	622
Financial expenses	-147	-9	-263	-30
Financial - net expense	966	614	850	593
Profit/loss before tax	-1 192 ,	-3 313 ,	-16 826 ,	-11 269 ,
Income tax expense	0	0	0	0
Profit/loss for the period	192 -1 ,	-3 313 ,	-16 826 ,	269 -11 ,

• Expenses mainly comprise personnel and other G&A
• Key management positions in place
• Increasing focus on implementation of quality systems, certifications, digital infrastructure and preparations for commercial activities
• Gradual build-up of organization during 2021 ahead of first smolt release in March 2022

CAPEX INDRE HARØY

• On time on budget
• Investments gradually increasing with higher workload and increased complexity on site
• Total CAPEX of NOK 71.8 million in Q4
• NOK 68.3 million related to turnkey project with Artec Aqua
• NOK 3.2 million capitalized personnel and shared cost
• Accumulated capex of NOK 220 million from project initiation in 2019

Accumulated CAPEX YE 2020

(NOK million)

CASH FLOW

Cash flow summary

(figures in NOK 1000)	Q4 2020	Q4 2019	YTD 2020	YTD 2019
Net cash flow from operating activities	-8,311	4,746	-29,890	-2,553
Net cash flow from investments activities	-58,755	-14,732	-146,092	-25,021
Net cash flow from financing activities	6,094	-1,479	802,664	48,328
Net change in cash and cash equivalents	-60,972	-11,464	626,682	20,753
Cash and cash equivalents at start of period	708,778	32,588	21,124	370
Cash and cash equivalents at end of period	647,806	21,124	647,806	21,124

• Solid funding base secured during 2020
• NOK 40 million bank debt drawn in Q4 2020
• NOK 500 million equity issue in connection with Euronext Growth listing
• NOK 50 million equity investment from Dongwon in July 2020
• NOK 258 million equity issue in March 2020
• Increasing appetite amongst banks for land-based salmon farming

FINANCING RESERVATIONS SECURE PROJECT CONTROL

• Project turnkey-agreement includes clause for financing reservations until financing is secured
• In Q4 2020 the company committed contracts with subcontractors of NOK 116 million
• Precast concrete elements
• Energy installation- and plant

80

• Fish-feeding system
• Payments will peak in Q4 2021

IMPROVED EQUITY FUNDING FLEXIBILITY FOLLOWING FOCUSED PROJECT EXECUTION, STRONG COST CONTROL AND RECEIVED GRANTS

Indre Harøy I - Project cost bridge from Sep 2020 to Mar 2021 (NOKm)

• Received total grants of NOK 111 million in 2020 Continuously monitoring opportunities to apply for public funding and grants
• Granted funding commitments from Enova of NOK 96.8 million
• Granted NOK 14 million in SkatteFUNN tax incentive scheme
• Project visibility significantly strengthened during last 6 months
• Total raised equity of NOK 860 million of which NOK 810 million in 2020
• Remaining equity need for Indre Harøy reduced, enabling financing of South Korea project within existing equity funding plan
• Constructive discussions with banks for long term debt financing at Indre Harøy, committed term sheet expected finalized during Q1/Q2 2021

1) Include net effect of strategic upgrades, change in NWC, CF projections and used cash buffer 2) Assuming NOK 400m in long term bank debt and NOK 55m in working capital facility 3) As guided in Admission Document in connection with the listing on Euronext Growth in September 2020

Agenda

• Introduction and highlights
• Operations
• Financials
• Summary and outlook

SUMMARY & OUTLOOK

• Construction of facility at Indre Harøy progressing according to plan – on time and on budget
• International ambitions. JV term sheet with Dongwon formalized, with target construction start during 2022
• Global demand growth for salmon expected to continue
• Salmon Evolution's HFS technology addressing industry growth and ESG challenges
• Solid funding supported by committed owners