Q3 2022 PRESENTATION

16 November 2022

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 of any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction.

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• Highlights

Extending the ocean potential™
Operations
Financials
Summary and outlook
Appendices

Q3 2022 HIGHLIGHTS

Q3 2022

Proof of concept continued strong biological performance for batch 1 with average weight end of quarter at 3.3 kg and 4.7 kg as per 15 November. Carried out extensive quality testing confirming good filet quality and excellent taste
Batch 2 continuing to demonstrate excellent biological performance
International expansion plan proceeding according to plan, both in South Korea and North America
Indre Harøy phase 2 preparations continuing monitoring market development and targeting cost savings
Available liquidity of NOK 645 million per 30 September 2022 including committed undrawn credit facilities

Post quarter events

First harvest of batch 1 successfully completed early November with the remainder of batch 1 to be harvested during Q4 – expected average harvest weight of around 4 kg HOG for the batch as a whole
Continuing production ramp up with new successful smolt release about 200,000 smolt with an average weight of 220 grams stocked late October
Håkon André Berg stepped down as CEO for personal reasons CFO Trond Håkon Schaug-Pettersen appointed Interim CEO

Batch 1 testing, August 2022

4 Q3 2022 Presentation

Highlights
Extending the ocean potential™
Operations
Financials
Summary and outlook
Appendices

SALMON EVOLUTION AT A GLANCE

North America

Total grow-out capacity

Company overview

Established in 2017
Based in Hustadvika, strategically located on the west coast of Norway
Listed on main list at Oslo Stock Exchange in 2021
Market capitalization of USD 300m+
Highly competent management, all with >15 years of relevant experience
~60 FTEs across Management & Administration, Operations, Projects, Technology and Sales & Marketing
First mover with Hybrid flow-through system (HFS) setting Salmon Evolution apart from other land-based salmon farming players

Operational value chain

Securing key inputs through strategic partnerships with world-leading suppliers

Salmon farming facilities

Further expansion 20

32 100

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

FIRST HARVEST SUCCESSFULLY COMPLETED

Continued strong biological performance with batch 1 now at 4.7 kg and batch 2 already 1.2 kg
Successfully completed first harvest of batch 1 with about 30,000 salmon harvested early November
- ➢ Expected average harvest weight for batch 1 of around 4 kg HOG
- ➢ Rest of batch 1 to be harvested during the fourth quarter
Mortality levels for both batches remain low
Very good product quality confirmed following first harvest and initial feedback from customers
- ➢ Good filet quality
- ➢ Firm meat texture
- ➢ Nice and consistent red meat colour
- ➢ Excellent salmon taste
- ➢ Strong filet yield
- ➢ 94% superior share and tight weight spread on volumes harvested so far

GROUP BIOMASS OVERVIEW

Group biomass development
		30 September 2022			15 November 2022
Batch	Units (#)	Weight (g)	Biomass (tonnes)	Units (#)	Weight (g)	Biomass (tonnes)	Comments
Batch #1	~98,000	~3,315	325	~66,000	~4,700	310	~30,000 salmon harvested early November
Batch #2	~230,000	~710	163	~230,000	~1,200	276	Stable conditions. Strong appetite and very low mortality.
Batch #3				~200,000	~270	54	Feeding commenced according to plan
Total Indre Harøy	~328,000	~1,490	488	~496,000	~1,290	640

Smolt	~2,120,000	~65	137	~1,925,000	~73	140	External customer contract completed in Q2 2022
Total Group	~2,448,000		625	~2,421,000		780

• Continued strong biological performance for batch 1, but growth negatively impacted by about 1 week of lost feeding in connection with customary starvation prior to fish transfer process and splitting of the batch into 2 tanks

• Rest of batch 1 planned harvested during Q4 2022 – harvesting of batch 2 scheduled for Q2 2023

STRONG BIOLOGICAL PERFORMANCE

NO CHANGES IN PRODUCTION PLAN

Gradual ramp-up in production provides operating flexibility alongside gradually taking the remaining parts of the facility into operation
Next smolt release planned in December batch 2 harvest scheduled for Q2 2023

State of the art downstream capabilities forming a strong foundation for long term price premiums

Enabled by partnership with Vikenco State of the art processing plant Industrial scale cost level Full range of value-added products (VAP) Market access & distribution 1 2 3 4 ▪ Highly experienced and reputable seafood processing provider ▪ Ideally located 10km by wellboat from our Indre Harøy facilities ▪ Enabling industrial scale from day 1 ▪ 25kt/year slaughter capacity with planned expansion to 60kt/year ▪ 30kt VAP capacity with potential to double ▪ Full range of filets, portions and byproducts – fresh and frozen ▪ Pre- and post-rigor filet production ▪ Various packaging options ▪ Vikenco with strong presence in fastgrowing US market, notably fresh and frozen filets ▪ Cost-efficient distribution chain with large volumes

World-class downstream capabilities from day 1… …while building a premium position

Valuable feedback from clients and partners worldwide

Samples and trial shipments distributed in more than 15 countries worldwide

"Presentation of fillets – excellent, color, trim, no gaping, no black spots (exactly how the conventional product comes in). Taste – excellent , no off flavor, very clean taste, no fishy taste. Not sure if it's the way I cooked it ,but it was very juicy, it was excellent, everyone enjoyed it. – no negative complaints. "

Major US distributor

"Very good quality, very nice fish. We want to buy again next time"

European processor & distributor

"Small head, ideal salmon shaped fish and no deformities on the skin. Great taste, real salmon taste Firm bite, strong meat"

European processor

Positive evaluation from high quality customers confirming versatility incl. raw consumption segments

"Average color : 29~30 Fat : It had less fat than sea-farmed Norwegian salmon. Taste : Not muddy smell, lighter taste than sea-farmed Norwegian salmon. Others : It had a small head and looked like a trout."

Japanese importer & distributor

"Observed fillet yields are significantly higher than conventional salmon".

European processor & smokehouse

PHASE 1 PROJECT UPDATE

All buildings and structural facilities completed
Currently fish in 4 tanks with next 2 tanks to be taken into operation shortly – remaining 6 tanks to be put into operation over the coming months
Remaining construction works focused on installation, piping, system integration, testing and commissioning – most of equipment is already on site
Coordination between operations and construction working well – physical barriers and clearly defined procedures
On track for phase 1 final completion in Q1 2023

Indre Harøy (August 2022)

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

K SMART FARMING – FOCUS ON ENGINEERING AND PERMITS

K Smart JV with Dongwon Industries formalized end of March 2021
Ownership split 49/51% for SE and Dongwon, respectively. Dongwon to facilitate 75% debt financing
Good progress on design and engineering activities during the third quarter
Continuing work related to regulatory approvals constructive dialogue with Korean authorities – key permits targeted during Q1 2023
Construction start Jeongseon smolt facility targeted during Q1 2023 followed by construction start at grow-out facility mid 2023
First grow-out production targeted late 2024
Fully developed production capacity of 16,800 tons HOG, consisting of 2 equal phases of 8,400 tons HOG each
Dedicated organization located at Dongwon head office in Seoul – 4 FTEs from Salmon Evolution now based in Korea

Illustration – Yangyang on-growing site

Illustration – Jeongseon smolt site

NORTH AMERICA – BUILDING PIPELINE FOR FUTURE GROWTH

Highlights
Extending the ocean potential™
Operations
Financials
Summary and outlook
Appendices

GROUP PROFIT & LOSS

Summary of result

(figures in 1000) NOK	Q3 22	Q3 21	YTD 22	YTD 21	2021
from contracts with customers Revenue	-223	12 251	19 293	12 251	12 047
income Other	-0	0	-19	0	209
Total operating income	-223	12 251	19 273	12 251	12 257
Cost of goods sold	11 220	-2 450	7 281	-2 450	-908
Personnel expenses	-15 700	-5 423	-33 387	-14 148	-21 067
Other operating expenses	-16 047	-8 407	-39 018	-19 666	-25 894
EBITDA before fair value adjustment	-20 750	-4 028	-45 850	-24 013	-35 612
Depreciations	-1 571	-643	-4 082	-1 410	-2 229
EBIT before fair value adjustment	-22 321	-4 671	-49 932	-25 423	-37 841
Fair Value Adjustment	6 226	0	8 873	0	0
Operating profit (EBIT)	-16 096	-4 671	-41 059	-25 423	-37 841
Financial income	8 589	4 213	24 559	9 463	12 852
Financial expense	-6 460	-5 192	-9 239	-5 266	-7 335
Share of net income from associated companies	-220	23	-496	26	-634
Financial - net expense	1 909	-956	14 824	4 223	4 884
Profit/loss before tax	-14 187	-5 627	-26 235	-21 201	-32 957

Income tax expense	0	0	0	0	026 -1
Change in deferred tax	0	0	0	0	7 539
Profit/loss for the period	-14 187	627 -5	-26 235	-21 201	-26 444

NOK 19.3m in revenues YTD 2022 relating to external smolt sales – last deliveries under existing contract completed during Q2 2022
EBITDA before fair value adjustment of biomass of NOK -20.8m in Q3 2022
- ➢ Includes NOK 4.5m in charges related to unutilized production capacity expensed directly in the P&L
EBIT after fair value adjustment of biomass of NOK -16.1m in Q2 2022
- ➢ NOK 6.2m in fair value adjustments of the biomass during the quarter
Positive net financials of 14.8m YTD reflecting unrealized profit on interest rate swaps used for hedging purposes

INDRE HARØY PHASE 1 CAPEX

Accumulated capex of NOK 1,475 million from project initiation in 2019 ex. capitalized internal G&A
Q3 2022 capex of NOK 121m1)
Full Phase 1 capex estimate of increased to NOK 1,560 – 1,590 million1) following extensive project review together with contractor Artec Aqua
Capex increase driven by:
- ➢ Higher degree of complexity during ongoing system integration processes and commissioning phase
- ➢ Many sub-supplier contracts now being subject to final settlement – higher than expected level of variation orders
- ➢ To a large extent "prototype" costs benefitting next building phases in Norway and abroad
NOK 85-115m in estimated remaining capex
23 Q3 2022 Presentation

Comments Accumulated Indre Harøy phase 1 CAPEX (NOKm)

CONTINUING INDRE HARØY PHASE 2 PREPARATIONS

Continuing phase 2 preparations focus on implementing learning effects from phase 1 and identifying cost savings
Completed blasting and excavation works for water intake station for both phase 2 and phase 3
Still inflation pressure on the raw material intensive part of the project, but now starting to see signs of the market cooling down
Continue to target a seamless transition from phase 1 into phase 2 to the extent possible
No contractual phase 2 commitments taken on

Preparations for phase 2 and 3 water intake station

FULLY FUNDED FOR COMMITTED PROJECTS

25 Q3 2022 Presentation

Highlights
Extending the ocean potential™
Operations
Financials
Summary and outlook
Appendices

ROADMAP TO 100,000 TONNES HOG

SUMMARY & OUTLOOK

Proof of concept first harvest successfully completed batch 1 to be fully harvested during Q4 2022 at an average weight of ~4kg for the batch as a whole
Continued strong biological performance with batch 1 at 4.7 kg and batch 2 already at 1.2 kg
International expansion plan proceeding according to plan on back of Indre Harøy proof of concept
Continuing preparations for Indre Harøy phase 2
Steady state smolt release volumes expected from Q4 2022
Batch 2 planned harvested during Q2 2023
Fully funded for all committed projects

First harvest ready for market (November 2022)

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

Strong management team with extensive experience leading a growing organization and corporation

Highly competent board of directors backed by strong owners

Tore A. Tønseth

Chairman of the board ▪ Investment Director at Ronja Capital
>15 years experience in finance

Peder Stette Board member

Glen Bradley Board member

▪ >20 years experience from technology development in the seafood industry

▪ Vice President and Chairman of Rostein, one of the largest wellboat operators globally

Eunhong Min Board member

▪ Chief Operating Officer of Dongwon Industries, one of the largest seafood groups globally

Ingvild Vartdal Board member

▪ Partner at Adviso law firm specialized in corporate and international tax

▪ Chief Executive Officer and majority owner of Strand Havfiske

Anne Breiby Board member

▪ Extensive experience from board positions in companies such as Ulstein Group, Rem Offshore and Akva Group

Board of directors Ownership as per 30 September 2022

Shareholders	Ownership share	Board representative	Comments
Ronja Capital II AS	7.9 %	Tore Tønseth	Owned by founder of Sølvtrans, a leading wellboat company
The Bank of New York Mellon SA/NV	6.6 %
Farvatn Private Equity AS	5.1 %
Dongwon Idustries	4.6 %	Eunhong Min	JV partner in South Korea
Rofisk AS	4.2 %	Glen Bradley	Owner of Rostein, a leading wellboat company
Stette Invest AS	3.3 %	Peder Stette	Former key executive and shareholder in Optimar
Kjølås Stansekniver AS	3.2 %	(Frode H. Kjølås, Chair Nomination Com.)	Former key executive and shareholder in Optimar
J.P. Morgan SE	2.4 %
Mevold Invest AS	2.4 %		Shareholder in processing partner Vikenco
Lyngheim Invest AS	2.3 %		Shareholder in processing partner Vikenco
Jakob Hatteland Holding AS	2.3 %
Ewos AS	2.2 %		Subsidiary of Cargill, strategic feed supplier to Salmon Evolution
Bortebakken AS	2.1 %		Shareholder in processing partner Vikenco
Verdipapirfondet DNB Norge	1.9 %
Others	49.4%
Total	100 %

Competent board of directors with extensive industrial experience Strong backing including highly strategic owners across the value chain

32 Q3 2022 Presentation