Q2 2022 PRESENTATION

18 August 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

Q2 2022 HIGHLIGHTS

Q2 2022

Strong batch 1 biological performance with growth well exceeding expectations. Average weight around 20% ahead of plan and already ~2.3 kg as per 15 August – on track for first commercial harvest in Q4 2022
Carried out extensive quality testing confirming good filet quality and excellent taste
Launched North America expansion plan and increasing long term production target to 100,000 tonnes
Indre Harøy phase 2 preparations continuing monitoring market development and targeting cost savings
Completed NOK 300 million private placement to partly fund planned Indre Harøy phase 2 build out and smolt facility expansion
Available liquidity of NOK 762 million per 30 June 2022 including committed undrawn credit facilities

Post quarter events

Successfully completed the upsized second smolt release at Indre Harøy which comprised about 230,000 smolt with an average weight of ~125 grams
Completed limited test slaughter at Vikenco ahead of first commercial harvest

Batch 1 filet sample, June 2022

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

SALMON EVOLUTION AT A GLANCE

Phase 1 Phase 2

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
~50 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

SALMON EVOLUTION IS AIMING TO BE THE GLOBAL LEADER IN LAND-BASED SALMON FARMING

Salmon Evolution in a nutshell

BIOLOGY IS OUR NUMBER ONE PRIORITY

Key drivers of technology choice

INTERNATIONAL EXPANSION ENABLED BY OUR COMPETENCE AND TRACK RECORD

Global opportunities enabled by HFS technology

Scalable and capital light expansion models enabled by technological & operational know-how

Taking water from different depths mitigates geographical limitations

An ocean of opportunities to farm salmon closer to consumers

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

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

CONTINUED STRONG BIOLOGICAL PERFORMANCE

Batch 1 has continued to perform well and is around 20% ahead of plan at current ~2.3 kg – on track for Q4 harvest
Batch 2 released in July strong initial growth figures
Feeding and growth numbers continuing to exceed expectations, reflecting stable conditions and good water quality, fish health and fish welfare
Continued low mortality levels
Extensive fish quality testing carried out in June with very positive results
- ➢ Good fish health and filet quality
- ➢ Firm meat texture
- ➢ Nice and consistent red meat colour
- ➢ Excellent salmon taste
- ➢ No early maturation issues

STRONG START TO INDRE HARØY FARMING OPERATIONS

Group biomass development
	30 June 2022			15 August 2022
Batch	Units (#)	Weight (g)	Biomass (tonnes)	Units (#)	Weight (g)	Biomass (tonnes)	Comments
Batch #1	~100,000	~1,480	148	~100,000	~2,250	225	Stable conditions with growth well exceeding expectations
Batch #2				~230,000	~235	54	Stable conditions and very responsive to feeding shortly after stocking
Total Indre Harøy	~100,000	~1,480	148	~330,000	~845	279

Smolt	~1,795,000	~30	54				External customer contract completed in Q2 2022
Total Group	~1,895,000		202

Maintained stable conditions within the farm daily mortality levels in line with expectations
Successfully completed limited test slaughter of batch 1 at Vikenco on track for first commercial harvest in Q4 2022
Successful batch 2 smolt transfer process in July building on experiences from batch 1
Very quick adoption to new environment for batch 2 highly responsive to feeding

13 Q2 2022 Presentation

VERY GOOD START FOR BATCH 2 AND BATCH 1 CONTINUING TO PERFORM WELL

PHASE 1 PROJECT UPDATE

All buildings and structural facilities completed
Remaining construction work mainly related to installation of equipment and piping as well as system integration
Two tanks currently in operation next two tanks to be taken into operation in connection with splitting and transfer of batch 1
Coordination between operations and construction working well – physical barriers and clearly defined procedures
Phase 1 final completion date pushed to Q1 2023 following somewhat lowered productivity on the construction site
- ➢ Higher degree of complexity during ongoing system integration process and commissioning phase
- ➢ Supply shortages on relevant personnel
- ➢ Longer lead times on some equipment

Batch 2 smolt release (July 2022)

NO CHANGES IN PRODUCTION PLAN

Planned June and August smolt release was combined into one batch released in July
Production plan has significant built-in flexibility steady state release volumes expected from Q4 2022

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

consisting of 2 equal phases of 8,400 tons HOG each • Activity during the quarter centred around design and

• Target construction start for phase 1 late 2022 and first grow out

engineering activities – several visits to Korea from both Billund Aquaculture and Salmon Evolution team members

• K Smart JV with Dongwon Industries formalized end of March 2021 and first tranche of equity investment completed in May

• Ownership split 49/51% for SE and Dongwon, respectively

• Dongwon to provide 75% debt financing

• Continued work as to regulatory approvals – constructive dialogue with Korean authorities

• Fully developed production capacity of 16,800 tons HOG,

• Dedicated organization located at Dongwon head office in Seoul – 4 FTEs from Salmon Evolution now based in Korea

Yangyang on-growing site

Jeongseon smolt site

production in 2024

2021

LAUNCHING NORTH AMERICA EXPANSION

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

GROUP PROFIT & LOSS

Summary of result

(figures in NOK 1000)	Note	Q2 2022	Q2 2021	2022 YTD	2021 YTD	2021
from with Revenue contracts customers	2	12 689 ,	0	19 515 ,	0	12 047 ,
income Other		-11	0	-19	0	209
Total operating income		12 678 ,	0	19 496 ,	0	12 257 ,
Cost of goods sold	4	-1 830 ,	0	-3 939 ,	0	-908
Personnel expenses	11	-10 684 ,	-6 001 ,	-17 687 ,	-8 726 ,	-21 067 ,
Other operating expenses		-15 273 ,	-7 567 ,	-22 971 ,	-11 260 ,	-25 894 ,
before fair value adjustment EBITDA		108 -15 ,	-13 568 ,	-25 100 ,	-19 986 ,	-35 612 ,
Depreciations	3	467 -1 ,	-404	-2 510 ,	-767	-2 229 ,
before fair adjustment EBIT value		-16 575 ,	-13 971 ,	-27 610 ,	-20 753 ,	-37 841 ,
Fair Adjustment Value	4	2 647 ,	0	2 647 ,	0	0
Operating profit (EBIT)		-13 928 ,	-13 971 ,	-24 963 ,	-20 753 ,	-37 841 ,
Financial income	6	5 780 ,	4 017 ,	15 970 ,	5 250 ,	12 852 ,
Financial expense	6	-2 153 ,	-41	-2 779 ,	-74	-7 335 ,
Share of net income from associated companies	6	-177	3	-276	3	-634
Financial expense - net		3 450 ,	3 979 ,	12 915 ,	178 5 ,	4 884 ,
Profit/loss before tax	8	-10 478 ,	-9 993 ,	-12 048 ,	574 -15 ,	-32 957 ,
Income tax expense	8	0	0	0	0	026 -1 ,
in deferred Change tax		0	0	0	0	7 539 ,
Profit/loss for the period	9	-10 478 ,	-9 993 ,	-12 048 ,	-15 574 ,	-26 444 ,

NOK 12.7m in revenues in Q2 2022 relating to external smolt sales – last deliveries under existing contract completed during Q2 2022
EBITDA before fair value adjustment of biomass of NOK -15.1m in Q2 2022
- ➢ Includes NOK 3.7m in charges related to unutilized production capacity
EBIT after fair value adjustment of biomass of NOK -13.9m
Positive net financials of 13.1m YTD reflecting unrealized profit on interest rate swaps used for hedging purposes

Q2 2022 CASH FLOW

INDRE HARØY PHASE 1 CAPEX

Accumulated capex of NOK 1,354 million from project initiation in 2019 ex. capitalized internal G&A
Full Phase 1 capex estimate of increased to NOK 1,500 million1)
Capex increase driven by somewhat lower productivity at the construction site pushing final phase 1 completion date to Q1 2023
- ➢ Higher degree of complexity during ongoing system integration processes and commissioning phase
- ➢ Supply shortages on relevant personnel
- ➢ Longer lead times on some equipment
NOK 146m in estimated remaining capex

Comments Accumulated Indre Harøy phase 1 CAPEX (NOKm)

Remaining Indre Harøy phase 1 capex (NOKm) 1)

1) Net of grants directly tied to capital expenditure and exclusive of internal capitalized G&A costs

HIGH VOLATILITY IN RAW MATERIAL PRICES BUT MARKETS SEEM TO HAVE NORMALIZED SOMEWHAT LATELY

CONTINUING INDRE HARØY PHASE 2 PREPARATIONS

Commenced initial design and engineering activities with focus on implementing learning effects from phase 1 and identifying cost savings
Currently seeing inflation pressure on the raw material intensive part of the project
High uncertainty in the market and challenging to obtain qualified price quotes
Additional runway to identify further cost savings and monitor the market development following phase completion being pushed to Q1 2023
No contractual phase 2 commitments taken on

FAVORABLE CAPEX AND COMPETITIVE OPEX

Salmon Evolution cost position compared to traditional farming

FULLY FUNDED FOR COMMITTED PROJECTS

27 Q2 2022 Presentation

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

ROADMAP TO 100,000 TONNES HOG

SUMMARY & OUTLOOK

Continued strong biological performance with growth well exceeding expectations
Batch 1 about 20% ahead of plan and currently at ~2.3 kg
Limited test slaughter completed at Vikenco and on track for first commercial harvest in Q4 2022
Batch 2 already performing very well exceeding initial batch 1 performance so far
Continued focus on developing international expansion pipeline
Steady state smolt release volumes expected from Q4 2022
Phase 2 preparatory activities ongoing monitoring market development and chasing cost savings
Fully funded for all committed projects

Batch 1 test slaughter at Vikenco (August 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

Board of directors Ownership as per 10 August 2022

Total 100 %

Capital ▪ >15 years experience in finance

Tore A. Tønseth Chairman of the board ▪ Investment Director at Ronja

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
Janne-Grethe Strand Aasnæs Board member
- 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

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	4.0 %	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	2.7 %
Mevold Invest AS	2.4 %		Shareholder in Vikenco, leading processing plant
Lyngheim Invest AS	2.3 %		Shareholder in Vikenco, leading processing plant
Jakob Hatteland Holding AS	2.3 %
Bortebakken AS	2.2 %		Shareholder in Vikenco, leading processing plant
Ewos AS	2.2 %		Subsidiary of Cargill, strategic feed supplier to Salmon Evolution
Verdipapirfondet DNB Norge	1.9 %
Others	49.3 %

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