Salmon Evolution ASA — Investor Presentation 2023

Jul 7, 2023

Q2 2023 OPERATIONAL UPDATE

7 July 2023

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.

This Presentation is furnished by the Company, and it is expressly noted that no representation, warranty, or undertaking, express or implied, is made by the Company, its affiliates or representative directors, officers, employees, agents or advisers (collectively "Representatives") as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. Neither the Company nor any of its affiliates or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss whatsoever and howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. The Presentation comprise a general summary of certain matters in connection with the Group and do not purport to contain all of the information that any recipient may require to make an investment decision. These materials have not been approved, reviewed or registered with any public authority or stock exchange. By attending a Presentation meeting or receiving these materials, you acknowledge that you will be solely responsible for your own assessment of the Company, the Group and its market position, and that you will conduct your own analysis and be solely responsible for forming your own view of the Company and its prospects. Each recipient should seek its own independent advice in relation to any financial, legal, tax, accounting or other specialist advice

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Matters discussed in this Presentation may constitute or include forward-looking statements. Forward-looking statements are statements that are not historical facts and may include, without limitation, any statements preceded by, followed by or including words such as "aims", "anticipates", "believes", "can have", "continues", "could", "estimates", "expects", "intends", "likely", "may", "plans", "forecasts", "projects", "should", "target" "will", "would" and words or expressions of similar meaning or the negative thereof. These forward-looking statements reflect the Company's beliefs, intentions and current expectations concerning, among other things, the Company's potential future revenues, results of operations, financial condition, liquidity, prospects, growth and strategies. Forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The forward-looking statements in this Presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions that may not be accurate or technically correct, and their methodology may be forward-looking and speculative. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. None of the Company or any of its Representatives provide any assurance that the assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. Forward-looking statements are not guaranteeing of future performance and such risks, uncertainties, contingencies and other important factors could cause the actual results of operations, financial condition and liquidity of the Company or the industry to differ materially from those results expressed or implied in this Presentation by such forward-looking statements. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved, and you are cautioned not to place any undue influence on any forward-looking statement. Furthermore, information about past performance given in these materials is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance.

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BIOMASS PRODUCTION BACK ON TRACK

• Standing biomass of 1,047 tonnes per Q2, up from 798 tonnes per 21 May
• Good appetite and normal mortality levels across all fish groups post successful freshwater treatment
• Freshwater treatment has proven highly effective against AGD
• On-site freshwater production capabilities installed and operative
  • ➢ Ensures minimal response time if needed
  • ➢ Enables Salmon Evolution to have freshwater treatments as a precautionary and integrated part of fish transfer processes
• Vast amount of operational know-how gained. Invaluable input to Indre Harøy phase 2 and international expansion projects

Comments Group biomass (tonnes, LW)

21 May 2023 30 June 2023

STRONG BIOLOGICAL PERFORMANCE

• Quarterly biomass growth run rate of around 1,000 tonnes based on daily feeding levels ultimo June – newly stocked batches to add further growth momentum over the coming months
• Exceptional performance for batch 5, average weight already above 1.1 kg, up from 650 grams per 21 May
• Batch 6 and 7 stocked end of May and end of June, respectively
• Batch 2 fully harvested in May
  • ➢ ~600 tonnes HOG with 93 % superior share and tight weight concentration
  • ➢ Average price of NOK 95/kg2) HOG
• Annual steady state production volumes of 7,900 tonnes HOG expected during Q4 2023
• 4 Extending the Ocean Potential

Comments Net biomass growth1) (LW) and harvest volumes (HOG)

GROUP BIOMASS OVERVIEW

Group biomass development

	21 May 2023			30 June 2023
Batch	Units (#)	Weight (g)	Biomass (tonnes, LW)	Units (#)	Weight (g)	Biomass (tonnes, LW)	Comments
Batch #3 (Oct 22)	~162,000	~1,650	270	~149,000	~2,010	300	Good appetite and normal mortality levels. First integrated grading and freshwater treatment completed in June with some initial operational challenges resulting in a loss of ~10k individuals. Root-cause identified and resolved.
Batch #4 (Dec 22)	~185,000	~1,520	280	~182,000	~1,980	360	Good appetite and normal mortality levels. Integrated grading and freshwater treatment successfully completed late June and early July with minimal mortality.
Batch #5 (Feb 23)	~255,000	~650	165	~251,000	~1,120	280	Appetite exceeding expectations. Grading completed mid June as planned.
Batch #6 (May 23)				~272,000	~140	38	Stocked late May at 90g. Strong appetite and low mortality first month in facility.
Batch #7 (Jun 23)				~275,000	~80	22	Stocked late June.
Total Indre Harøy	~602,000	~1,185	715	~1,129,000	~890	1,000
Smolt	~3,300,000	~25	83	~2,575,000	~19	47
Total Group	~3,902,000		798	~3,704,000		1,047

THREE MORE SMOLT RELEASES PLANNED FOR REST OF 2023

1) Steady state production is defined as an annualized production of 7,900 tonnes HOG 2) In-house sourcing of smolt

SUMMARY

• Biomass production back on track, strong biological performance
• Good appetite and normal mortality levels
• Established on-site freshwater production capabilities
• Batch 3, 4 and parts of batch 5 planned harvested during second half 2023
• Annual steady state production volumes of 7,900 tonnes HOG expected during Q4 2023
• Recent events proves robustness and flexibility of the hybrid flow-through technology

Next update: 17 August 2023 – Q2 2023 presentation

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