Salmon Evolution ASA — Regulatory Filings 2021

Feb 26, 2021

Salmon Evolution – South Korea update 26 February 2021

Entering into a JV with Dongwon to build a ~20kt facility in South Korea

Salmon Evolution applies a conservative approach in a "disruptive industry"

Biology is the most important consideration – Shown through our 1 choice of technology (HFS)

International expansion can be accelerated with strong local partners – That's why we don't go solo on our first 3 project overseas

• ✓ Separate production tanks secure bio-control
• ✓ Maintenance flexibility, separate cleaning and disinfecting between biomass transfers
• ✓ Low complexity easy to operate and reduced risk of technical accidents
• ✓ No biofilters
• ✓ Area efficient

HYBRID FLOWTHROUGH ADVANTAGES (HFS) INCREASED COMPLEXITY ABOVE 65% RECIRCULATION

• ✓ Known technology
• ✓ HFS with fresh sea water being replaced every 4th hour
• ✓ Optimal production environment
• ✓ Minimal handling of the fish

Dongwon Industries is one of the world's largest seafood companies and the leading salmon importer in South Korea

Total number of vessels 42 Year of establishment 1969 Revenue in 2020 \$2.4bn About Dongwon Industries Dongwon value chain – from catch to consumer Pre-processing World-class processing system Filleting Trimming Curing & Smoking Packing & Labeling Safety Inspection Leading salmon importer in South Korea Market share (%) 14% 13% 19% 19% 22% 25% 2016 2017 2018 2019 2020 2021 target Dongwon Industries Total assets 2020 \$2.6bn Fisheries Processing Sales and distribution Logistics • World leading seafood company headquartered in South Korea and part of the Dongwon Group, a major Korean conglomerate • Global sourcing and distribution network • Tier 1 player in the global tuna fishing industry and owner of several high value brands, such as StarKist and Dongwon Tuna • Covering the full value chain from fisheries to consumer products • Dominant position in the Korean salmon market with 20%+ market share

Source: Company

Project timeline – first grow out production targeted in 2024

	2021	2022	2023	2024	2025	2026
Phase 1 – 8,400 t HOG	Design and engineering, project planning, resource staffing and permits	Detailed engineering and construction preparations	Construction		Production
Phase 2 – 8,400 t HOG					Construction	Production
First harvest

First mover advantage in South Korea – a fast growing and high paying market for salmon with solid price potential

Consistent premium pricing of salmon to South Korea

Source: Norwegian Seafood Council, Kontali, Company.

High level summary of JV term sheet with Dongwon

Background • Joint venture between Salmon Evolution (49%) and Dongwon Industries (51%), to be named K Smart, which purpose is to develop, construct and operate a land-based salmon farming facility in South Korea Production facility and timeline • 20,000 tonnes LWE (16,800 tonnes HOG) capacity, developed in two phases of 10,000 tons each • Target construction start for phase 1 during 2022 with grow out production commencing in 2024 Capex and financing • Total project cost for phase 1 estimated to NOK 1.6bn • Dongwon Industries to facilitate debt financing for K Smart • Salmon Evolution expects to finance its equity contribution into K Smart within its already communicated equity funding plan • Phase 2 planned financed through bank debt and retained earnings Governance • Comprehensive set of governance principle aimed at maximizing the value of K Smart and serve as a solid foundation for a long-term partnership between the parties Future projects • The parties will jointly consider future opportunities for scaling similar projects in other attractive markets Final agreement • The parties target to enter into definitive agreements during Q2 2021 Summary of JV term sheet for the South Korean facility

Source: Company

Thank you