Salmon Evolution ASA — Investor Presentation 2023

Feb 8, 2023

Q4 2022 PRESENTATION

8 February 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.

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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
• Financials
• Summary and outlook
• Appendices

Q4 2022 HIGHLIGHTS

Q4 2022

• Batch 1 fully harvested out with very strong results harvest volume of ~340 tonnes HOG at avg. weight of ~3.75 kg HOG (~4.5 kg LW) – excellent product quality confirmed by industry leading superior share of 96%
• On track for profitable farming operations in Q2 2023 and steady state production from late Q3 2023
• Production ramp-up proceeding according to plan with batch 3 and 4 stocked in October and December, respectively
• Continued strong biological performance with minimal mortality batch 2 scheduled for harvest in Q2 2023
• Increasing focus on international expansion plan, both in South Korea and North America
• Indre Harøy phase 2 preparations continuing clear signs of normalization in construction markets
• Available liquidity of NOK 400 million per 31 December 2022 including committed undrawn credit facilities

Post quarter events

• Strengthening of the executive management team – Trond Håkon Schaug-Pettersen appointed as CEO and Trond Vadset Veibust as CFO

4 Q4 2022 Presentation

• Highlights

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

SALMON EVOLUTION AT A GLANCE

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

Total grow-out capacity Further expansion 20

100

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

BATCH 1 FULLY HARVESTED OUT DURING Q4 2022 WITH VERY STRONG RESULTS

• Total batch 1 harvest volumes of ~340 tonnes HOG at an average weight of ~3.75 kg HOG (~4.5 kg LW)
• Harvest spread over 3 harvesting rounds from early November to early December – effective production cycle of around 7-8 months since stocking
• Strong product quality confirmed through industry leading superior share of 96% for batch 1 as a whole
• Very homogeneous weights across the batch despite not being sorted on size – confirms good feed distribution
• Last harvesting round with less than 2% below 3 kg HOG and ~80% above 4 kg HOG

Comments Harvest weight distribution (HOG)

Harvest 1 Harvest 2 Harvest 3 Total

OUR SALMON WELL RECEIVED IN THE MARKET

World premiere – from local to global Selected customer feedback

Local
National
Global	Tier 1 international processors, importers and distributors

• Harvest volume sold to more than 20 customers globally across different segments and channels
• Strong customer feedback product proven to be well suited for both conventional cooking, raw consumption and smoked
• Average realized price of NOK 75/kg and NOK 78/kg for Superior 3+ kg HOG*, outperforming relevant Nasdaq prices by NOK ~3/kg
• Established solid commercial platform for increasing harvest volumes over the coming quarters, starting with batch 2 harvest in Q2 2023
• Received Global G.A.P. CoC certification in January 2023

"Presentation of fillets – excellent, colour, trim, no gaping, no black spots (exactly how the conventional product comes in). Taste – excellent , no off flavour, 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

"Average colour : 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

CONTINUING PRODUCTION RAMP UP NEW ALL-TIME HIGH BIOMASS PRODUCTION AT INDRE HARØY

• New all-time high biomass production at Indre Harøy in January with ~225 tonnes
• Only fish in 4 out of 12 tanks in January following batch 1 being fully harvested in December
• Batch 2 successfully split into two fish groups in November using our highly automated fish logistics and grading system – minimal registered mortality
• Batch 2 on track for Q2 2023 harvest new splitting and size grading planned for Q1
• Total biomass of 970 tons end of January including smolt

13 Q4 2022 Presentation

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

CONTINUED VERY LOW MORTALITY LEVELS CONFIRMATION OF GOOD AND STABLE WATER QUALITY

GROUP BIOMASS OVERVIEW

Group biomass development
	31 December 2022		31 January 2023
Batch	Units (#)	Weight (g)	Biomass (tonnes)	Units (#)	Weight (g)	Biomass (tonnes)	Comments
Batch #2	~228,000	~1,875	428	~228,000	~2,375	540	Split into two groups with average weight of 2.6 kg and 2.15 kg, respectively
Batch #3	~200,000	~555	112	~200,000	~870	174	Minimal mortality. Increasing appetite
Batch #4	~265,000	~360	96	~265,000	~550	145	th smolt release 6 December. Minimal 4 mortality and increasing appetite
Total Indre Harøy	~695,000	~915	637	~695,000	~1,240	859
Smolt	~2,305,000	~42	96	~3,025,000	~37	111
Total Group	~3,000,000		733	~3,720,000		970

• Batch 2 successfully split into two fish groups and sorted on size in November with minimal registered mortality

• Batch 4 successfully stocked in December 265,000 individuals with an average weight of 260 grams
• New "full size" batches planned stocked every second month going forward with next batch planned for February
• Batch 2 on track for harvesting in Q2 2023

SIGNIFICANT OPPORTUNITY TO UNLOCK LONG-TERM POTENTIAL AT INDRE HARØY

Short term target	Focus areas	Long-term target	Implications
Achieve steady state	Optimizing	Capturing built-in	Improved profitability
production of 7,900	production	upside potential in
tonnes HOG	Feed	production plan
Strongly supported by	Genetics	Increase current planned	Reduced capex/kg and
existing production		6 smolt releases per year	improved opex
figures	AI	and/or utilizing spare tank capacity for post smolt

Continuous focus on improvement across all disciplines

PHASE 1 PROJECT UPDATE

• All buildings and structural facilities completed
• 8 out of 12 tanks taken over with remaining 4 tanks to be taken over in February and March
• Work at site now mainly focused on commissioning and testing of remaining tanks and connecting technical rooms
• On track for phase 1 final completion in Q1 2023

Indre Harøy (December 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
• Jeongseon smolt facility set for 90% design review during Q1 2023, after which early construction works is expected to commence
• Design works for grow out facility intensified during the fourth quarter
• Continuing work related to regulatory approvals constructive dialogue with Korean authorities – clarification on several key permits expected over the coming months, allowing for construction start of grow-out facility during 2023
• 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

FARMING COSTS TRENDING THE RIGHT WAY ON TRACK FOR PROFITABLE FARMING OPERATIONS IN Q2 2023

Farming segment key figures Q4 2022 Farming EBITDA cost (NOK/kg HOG)*

• Total farming revenues of 26.8m in Q4 2022 of which NOK 20.4m in December
• Farming segment EBITDA slightly negative in December

• On track for profitable farming operations in Q2 2023

• Alongside increasing volumes, farming cost is coming down

• Batch 2 with NOK ~56/kg HOG farming EBITDA cost per Dec 2022 at a fish weight of 1.9kg LW*
• Cost trend supporting steady state production cost on par with conventional farming

GROUP PROFIT & LOSS

Summary of result

(figures in NOK 1000)	Note	Q4 2022	Q4 2021	2022	2021
from with Revenue contracts customers	2	26 814 ,	0	46 107 ,	12 047 ,
Other income		594 1 ,	5	574 1 ,	209
Total operating income		28 408 ,	5	47 681 ,	12 257 ,
Cost of materials	4 5 ,	-16 498 ,	-681	-34 706 ,	-2 610 ,
in inventory Change	4 5 ,	8 587 ,	2 223 ,	34 077 ,	1 702 ,
Personnel expenses	12	-16 609 ,	-6 918 ,	-49 996 ,	-21 067 ,
Other operating expenses		-26 520 ,	-6 228 ,	-65 538 ,	-25 894 ,
Operational EBITDA		-22 631 ,	-11 599 ,	-68 481 ,	-35 612 ,
Depreciations	3	-2 108 ,	-819	-6 190 ,	-2 229 ,
Operational EBIT		-24 739 ,	-12 418 ,	-74 671 ,	-37 841 ,
Fair adjustment of biomass value	4	2 868 ,	0	11 740 ,	0
Operating Profit (EBIT)		-21 872 ,	-12 418 ,	-62 931 ,	-37 841 ,
Financial income	7	17 648 ,	3 389 ,	35 322 ,	12 852 ,
Financial expense	7	-1 817 ,	-2 069 ,	-4 170 ,	-7 335 ,
of income from associated companies Share net	7	-451	-660	-947	-634
Financial - net expense		15 380 ,	661	30 205 ,	4 884 ,
Profit/loss before tax	9	-6 492 ,	-11 757 ,	-32 726 ,	-32 957 ,
Income tax expense	9	0	0	0	026 -1 ,
Change in deferred tax		0	0	0	539 7 ,
Profit/loss for the period	10	-6 492 ,	-11 757 ,	-32 726 ,	-26 444 ,

• NOK 46.1m in customer revenues for 2022 relating to both external smolt sales and sale of salmon from Indre Harøy
• EBITDA before fair value adjustment of biomass of NOK -22.6m in Q4 2022
• ➢ 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 -21.9m in Q2 2022
• ➢ NOK 2.9m in fair value adjustments of the biomass during the quarter
• Positive net financials of 30.2m YTD reflecting unrealized profit on interest rate swaps and contract related to power supply

INDRE HARØY PHASE 1 CAPEX

• Q4 2022 capex of NOK 115m1) • Accumulated capex of NOK 1,578 million from project initiation in 2019 compared to guiding of phase 1 completion capex of 1,560-1,590m • Project almost completed with focus now mainly on testing and commissioning • Remaining phase 1 capex is expected to be moderate with exact amount dependent on: ➢ Finalization of contract settlements with suppliers ➢ Chosen de- and remobilization strategy between ➢ Overall productivity during remaining commissioning 1,578 Comments Accumulated Indre Harøy phase 1 CAPEX (NOKm) 50 1 528 110 1 688 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Capitalized internal G&A Investments (Indre Harøya) Land

24 Q4 2022 Presentation

work

phase 1 and 2

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
• Clear signs of normalization of construction markets
• No contractual phase 2 commitments taken on – maintaining full flexibility

Preparations for phase 2 and 3 water intake station

FULLY FUNDED FOR COMMITTED PROJECTS IN ADVANCED DISCUSSIONS FOR FAVOURABLE PHASE 2 BANK DEBT FINANCING

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

ROADMAP TO 100,000 TONNES HOG

SUMMARY & OUTLOOK

• Proof of concept batch 1 fully harvested out with very strong results – excellent product quality confirmed by industry leading superior share of 96%
• On track for profitable farming operations in Q2 2023
• Continued strong biological performance with minimal mortality – batch 2 scheduled for harvest in Q2 2023
• Production ramp-up proceeding according to plan with steady state production expected from late Q3 2023
• Increasing focus on international expansion plan, both in South Korea and North America
• Indre Harøy phase 2 preparations continuing clear signs of normalization in construction markets
• Strong financial position

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 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

Anne Breiby Board member

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

Håkon André Berg Board member

▪ Chief Executive Officer Skeie Technology. Former CEO Salmon Evolution

Board of directors Ownership as per 31 December 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	6.5 %
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
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	2.2 %		Shareholder in processing partner Vikenco
J.P. Morgan SE	2.1 %
Verdipapirfondet DNB Norge	1.7 %
Others	50.1%
Total	100.0 %

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