Salmon Evolution ASA — Investor Presentation 2023

May 23, 2023

Q1 2023 PRESENTATION

CEO: Trond Håkon Schaug-Pettersen CFO: Trond Vadset Veibust

23 May 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

This Presentation speaks as of the date hereof. All information in this Presentation is subject to updating, revision, verification, correction, completion, amendment and may change materially and without notice. None of the Company or its affiliates or representatives undertakes any obligation to provide the recipient with access to any additional information or to update this Presentation or any information or to correct any inaccuracies in any such information. The information contained in this Presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect developments that may occur after the date of this Presentation. These materials do not purport to contain a complete description of the Group or the market(s) in which the Group operates, nor do they provide an audited valuation of the Group. The analyses contained in these materials are not, and do not purport to be, appraisals of the assets, stock or business of the Group or any other person. The Company has not authorized any other person to provide any persons with any other information related to the Group and the Company will not assume any responsibility for any information other persons may provide

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.

These materials are not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to local laws or regulations, and by accepting these materials, each recipient confirms that it is able to receive them without contravention of any unfulfilled registration requirements or other legal or regulatory restrictions in the jurisdiction in which such recipients resides or conducts business. In member states of the European Economic Area ("EEA"), the materials are directed at persons, who are "qualified investors" as defined in Article 2(e) of the Prospectus Regulation (Regulation (EU) 2017/1129, as amended) ("Qualified Investors"), and in the United Kingdom only at (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order; or (iii) other persons to whom it may otherwise be lawfully communicated. The materials do not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States, and the securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The materials are not for general distribution in or into the United States of America, but directed only at persons reasonably believed to be a "qualified institutional buyer", as defined in the Securities Act.

This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts with Romsdal City Court as first venue.

• Highlights

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

Q1 2023 HIGHLIGHTS

• Continued production ramp-up at Indre Harøy. Batch 5 stocked in February and all-time high biomass production in March
• Focus on international expansion plans, both in South Korea and North America
• Indre Harøy phase 2 preparations ongoing clear signs of normalization in the construction market
• Signed agreement with DNB and Nordea for a new green debt financing package totaling NOK 1,550 million relating to phase 1 and 2 at Indre Harøy
• Available liquidity of NOK 454 million per 31 March 2023 including committed undrawn credit facilities

Q1 2023 Post quarter events

• Completed takeover of the two last remaining tanks in phase 1 at Indre Harøy on the 17th of April
• Carried out NOK 525 million private placement on 18th April 2023 as part of Indre Harøy phase 2 financing
• On 29th April 2023, the Company reported that it was experiencing increased mortality in selected fish groups at Indre Harøy. The Company has taken swift and appropriate actions to remedy the situation and the situation is now stabilizing, with daily mortality back to normal levels post freshwater treatment.

• Highlights

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

SALMON EVOLUTION AT A GLANCE

Company overview

• Established in 2017
• Based in Hustadvika, strategically located in the salmon farming cluster on the west coast of Norway
• Listed on Oslo Stock Exchange in 2021
• Highly experienced and complementary management team
• ~65 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

Focusing own efforts where we are competitive and can create most value Securing key inputs through strategic partnerships with world-leading suppliers

Salmon farming facilities

Total grow-out capacity Further expansion 20

100

BIOLOGY IS OUR NUMBER ONE PRIORITY

Fresh seawater is our primary form of water treatment, complemented by standard CO² stripping and oxygenation – no need for complex systems that significantly increase biological risk

• Highlights

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

ENDING Q1 WITH ALL-TIME HIGH BIOMASS

• All-time high biomass production in March with about 320 tonnes in net biomass gain (~740 tonnes in total for Q1)
• Standing biomass of almost 1,500 tonnes end of Q1
• Batch 2, 3 and 4 sorted and graded on size during February and early March
• Producing at targeted densities and continuing to verify system capacities – batch 2 split into new groups at 65 kg/m3 which is in line with production plan
• Batch 5 stocked in February about 257,000 individuals with an average weight of 230 grams

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

POST QUARTER MORTALITY EVENT – SITUATION NOW STABILIZING

What happened	• Sudden increase in mortality in selected fish groups Increased mortality triggered by AGD, causing problems with gill health • Facility has otherwise been operating under stable conditions with relevant water quality parameters • at normal levels
Immediate actions taken	Lowered temperatures, reduced feeding and substantially increased UV dosage on intake water • • Initiated harvest of batch 2 – harvested out early May with good results in strong market • Secured wellboats with freshwater production capacity and successfully completed freshwater treatment of all remaining fish groups
Current status	• Situation is now stabilizing with daily mortality back to normal levels post freshwater treatment – sharp reduction in mortality seen shortly after freshwater treatment • Recommenced feeding across the farm and shifting back to production modus • Closely monitoring the situation
Going forward	• Maintaining substantially higher UV dosage on intake water • Secured on site freshwater production capacity to be installed over the next couple of weeks, reducing response time to a minimum while at the same time enabling precautionary freshwater treatments, for example in connection with fish transfers

GROUP BIOMASS OVERVIEW

Group biomass development

	31 March 2023			21 May 2023
Batch	Units (#)	Weight (g)	Biomass (tonnes, LW)	Units (#)	Weight (g)	Biomass (tonnes, LW)	Current status
Batch #2 (Jul 22)	~225,000	~3,450	777				Fully harvested out in early May yielding ~600 tonnes HOG with 93% superior grade share.
Batch #3 (Oct 22)	~198,000	~1,385	275	~162,000	~1,650	270	Consisting of two groups with about same avg. weight. One of the groups affected by elevated mortality.
Batch #4 (Dec 22)	~264,000	~970	256	~185,000	~1,520	280	Consisting of one large group at ~1.8 kg and one small group at ~0.9 kg. Smallest group affected by elevated mortality. Figures also include culling of ~25k fish to alleviate the situation.
Batch #5 (Feb 23)	~257,000	~370	96	~255,000	~650	165	Normal mortality throughout the period, but completed freshwater treatment as a precautionary step
Total Indre Harøy	~945,000	~1,485	1,403	~602,000	~1,185	715
Smolt	~2,610,000	~26	69	~3,300,000	~25	83	Two smolt groups prepared for stocking in Q2-2023 according to production plan
Total Group	~3,555,000		1,472	~3,902,000		798

• Total biomass of about 800 tonnes LW following batch 2 being fully harvested out which compares to 733 tonnes YE.

• Preparing for stocking of new fish groups and biomass growth over the coming months and quarters.

FIVE MORE SMOLT RELEASES PLANNED FOR REST OF 2023

BATCH 2 HARVESTED OUT IN MAY WITH GOOD RESULTS

Comments

• Total batch 2 harvest volumes of ~600 tonnes HOG
• Fast tracking of harvest in a historically strong market as a precautionary step with regards to fish welfare
• Harvest capacities and operational procedures fully stress tested – the whole batch was successfully harvested out over 9 days (8 harvest days)
• Similar tight weight concentration as seen in batch 1, also seen for the different subgroups of batch 2
• Good product quality evidenced by superior grade share of 93%, supporting strong price realization
• Average realized price of NOK ~95/kg¹ for batch 2 as a whole

CCO Odd Frode Roaldsnes with fish from batch 2 harvest

PROJECT STATUS – INDRE HARØY PHASE 1 & 2

Phase 1

• Completed takeover of the two last remaining tanks in phase 1 at Indre Harøy on the 17th of April 2023.
• Accumulated capex per Q1 of NOK 1,647m. This amount includes allowances for final contract settlements. In addition, accumulated capitalized G&A amounted to NOK 125m.

Phase 2

• Preparatory activities for phase 2 at Indre Harøy ongoing.
• Estimated phase 2 capex of NOK 1,600 1,700m¹ reflecting infrastructure investments already taken in phase 1, expected design and productivity improvements in phase 2 and estimated inflation effect.
• Completion of the Phase 2 expansion plan is planned to result in production capacity at Indre Harøy of 15.8 kTonnes HOG.
• In advanced negotiations with contractors for phase 2 construction - no contractual commitments made.

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

K SMART FARMING – FOCUS ON ENGINEERING AND PERMITTING

Project overview

• Joint venture between SE and Dongwon Industries, ownership split 49/51% respectively.
• Dongwon Industries to facilitate 75% debt financing.
• Targeted total annual capacity 16.8kt HOG.

Comments

• Good progress on design and engineering activities during the first quarter.
  • ➢ 90 % design review completed for smolt site.
  • ➢ Design works for grow-out facility ongoing.
• Dedicated CEO and CFO retained for K Smart during the first quarter.
• K Smart has during the first quarter received important clarifications with respect to key permits and expects continued progress on this over the coming months.

Illustration – Yangyang on-growing site

Illustration – Jeongseon smolt site

NORTH AMERICA – BUILDING A PIPELINE FOR FUTURE GROWTH

Project overview

• Established dedicated team and incorporated US corporate structure.
• Partnership model to be pursued once project matures, leveraging Salmon Evolution's human capital.

Comments

• Ongoing evaluation of identified potential production sites both on the US and Canadian side of the border.
• Initiated engagement with relevant public and private stakeholders.
• In April Tore-Jakob Reite started as Director Strategic Projects in SE with primary focus on our North America expansion plan.
  • ➢ Extensive experience from the industry former CEO of Entec Brimer and Head of Aquaculture in Linde Gas

Target areas

Site selection and initial due diligence Indicative timeline North America 2022 2023 2024 2025 2026 2027 2028 Due diligence, regulatory work & approvals and design & engineering Construction First harvest Production

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

GROUP PROFIT & LOSS

Profit/loss for the period	10	-32 378	-1 570	-32 726
Income tax expense	9		0	0
Profit/loss before tax	9	-32 378	-1 570	-32 726
Financial expense - net		-8 367	9 465	30 205
Share of net income from associated companies	8	-1 071	-99	-947
Financial expense	7	-9 14	-626	-4 170
Financial income	7	1 845	10 190	35 322
Operating Profit (EBIT)		-24 011	-11 035	-62 931
Fair value adjustment of biomass	3	547	0	11 740
Operational EBIT		-24 558	-11 035	-74 671
Depreciations	6	-2 197	-1 043	-6 190
Operational EBITDA		-22 361	-9 992	-68 481
Other operating expenses		-23 684	-7 698	-65 538
Personnel expenses	5	-17976	-7 002	-49 996
Cost of materials	3,4	-21 250	-2 685	-34 706
Change in inventory	3,4	37 578	576	34 077
Total operating revenue		2972	6 818	47 681
Other income		482	-8	1 574
Sales revenues	2	2 489	6 826	46 107
(figures in NOK 1000)	Note	Q1 2023	Q1 2022	2022

• The Group did not harvest any salmon during Q1 2023.
• EBITDA before fair value adjustment of biomass of NOK -22.4m in Q1 2023
  • ➢ Includes NOK 5.5m in charges related to unutilized production capacity expensed directly in the P&L
• EBIT after fair value adjustment of biomass of NOK -24.0m in Q1 2023
  • ➢ NOK 0.5m in fair value adjustments of the biomass during the quarter
• Negative net financials of 8.4m in the quarter reflecting changes in value on contract related to power supply (15.8m gain in Q4 2022).

LOW-COST AND STABLE ENERGY SUPPLY

Salmon Evolution is favorably located in power price area NO3

NO3 prices have been consistently lower than comparable prices

• Salmon Evolution is located in power price area 3 ("NO3") which is not directly connected to the grid towards continental Europe. A key price driver is local power supply and demand.
• Historically lower prices compared to other areas in Norway and European prices
• Green power purchase agreement in place with Statkraft, covering the vast majority of the Company's energy needs through 2023.
• Currently evaluating hedging strategy for 2024 and beyond, prices for long term contracts currently at

NEW GREEN DEBT FINANCING FACILITY IN PLACE

Debt funding plan Indre Harøy phase 1 and 2

• New green debt financing facility arranged by DNB and Nordea
• Increases debt on Phase 1 facility with 250 NOKm and secures 775 NOKm for Phase 2 capex
  • New debt levels correspond to combined c. 48%¹ LTV, and incremental LTV of c. 60-65%²
  • Competitive financing process with several potential lenders involved
• Improved flexibility yielding increased equity cash flows from
  • I. Full facility non-amortizing until Q4'25 or completion of Phase 2
  • II. Lower margin

21

• III. Covenants in line with existing facility
• RCF currently available for general corporate purposes including phase 2 capex
• Utilization of phase 2 construction facility subject to certain conditions, including fully funded status to be confirmed by banks

(1) LTV calculation based on estimated capex for Phase 1&2 and debt funding plan of 1,550 NOKm (2) Incremental LTV based on estimated capex for Phase 2 and Phase 2 debt financing facility consisting (Phase 1 increase of 250 NOKm and Phase 2 construction facility of 775 NOKm) (3) The Company currently has an overdraft facility of 100 NOKm for financing of Indre Harøy working capital – the new debt financing package allows for an increase of this overdraft facility to 300 NOKm

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

ROADMAP TO 100,000 TONNES HOG

²³ Q1 2023 Presentation

SUMMARY & OUTLOOK

• Long term plan unchanged
• Indre Harøy situation now stabilizing robustness of both the hybrid flow-through system and the organization fully demonstrated over the last weeks
• Taking precautionary actions and securing on-site freshwater production capabilities to minimize response time
• Recommencing production modus and preparing for stocking of new fish groups
• Continued work on international expansion plan with strengthened organizational resources
• Indre Harøy phase 2 preparations ongoing clear signs of normalization in construction markets
• Strong financial position

• Highlights
• Extending the ocean potential™
• Operations Norway
• Operations International
• 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

▪ Investment Director at Ronja Capital

Tore A. Tønseth Chairman of the board

▪ >15 years experience in finance

Peder Stette Board member

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

Glen Bradley Board member

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

Anne Breiby Board member

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

Eunhong Min Board member

▪ Chief Executive 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

Håkon André Berg Board member ▪ Chief Executive Officer Skeie

Technology. Former CEO Salmon Evolution

Board of directors Ownership as per 31 March 2023

Shareholder	Ownership share	Board representative	Comments
Ronja Capital II AS	7,9 %	Tore Tønseth	Owner by founder of Sølvtrans, a leading wellboat company
The Bank of New York Mellon SA/NV	6,5 %
Farvatn Private Equity AS	5,1%
Dongwon Industries Co. Ltd	4,6 %	Eunhong Min	JV partner in South Korea
Rofisk AS	4,2 %	Glen Bradley	Owner by founder of Rostein, a leading wellboat company
Stette Invest AS	3,3 %	Peder Stette	Former key executive and shareholder in Optimar
Kjølas Stansekniver AS	3,2 %	(Frode H. Kjølas, chair nomination committee)	Former key executive and shareholder in Optimar
Mevold Invest AS	2,4 %		Shareholder in processing partner Vikenco
Lyngheim Invest AS	2,3 %		Shareholder in processing partner Vikenco
akob Hatteland Holding AS	2,3 %
Bortebakken AS	2,2 %		Shareholder in processing partner Vikenco
Ewos AS	2,2 %		Subsidiary of Cargill, strategic feed supplier to Salmon Evolution
.P. Morgan SE	1,9 %
Verdipapirfondet Dnb Norge	1,7 %
Other	50,3 %
fotal	100,0 %

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