Salmon Evolution ASA — Share Issue/Capital Change 2023

May 9, 2023

Salmon Evolution ASA: Cancellation of the potential subsequent offering

Salmon Evolution ASA: Cancellation of the potential subsequent offering

Reference is made to the stock exchange announcement published by Salmon

Evolution ASA ("Company") on 19 April 2023 regarding the successful placing of a

private placement of 68,181,818 shares at a subscription price of NOK 7.7 (the

"Subscription Price") in the Company to raise gross proceeds of NOK 525 million

(the "Private Placement") and a potential subsequent share offering of up to

6,500,000 new shares at the Subscription Price (the "Subsequent Offering"). The

Company expressed that any such potential Subsequent Offering was conditional

on, inter alia, prevailing market price of the Company's shares being higher

than the Subscription Price.

The Company's shares have for an extended period traded below the Subscription

Price, which is also currently the case. Since the placing of the Private

Placement, the total traded volume at prices at or below the Subscription Price

is higher than the maximum size of the potential Subsequent Offering. As a

result, existing shareholders who did not participate in the Private Placement

have had the opportunity to reduce the dilutive effect of the Private Placement

at trading prices at or below what would have been the subscription price in the

potential Subsequent Offering. The board of directors of the Company has

therefore decided not to proceed with the Subsequent Offering.

As a result, the board of directors has withdrawn the agenda item 5 "Board

authorization for subsequent offering" on the extraordinary general meeting to

be held on 11 May 2023 regarding approval of a board authorization to issue new

shares for the purposes of the Subsequent Offering.

For more information, please contact:

Trond Håkon Schaug-Pettersen, CEO: +47 911 91 327

About Salmon Evolution

Salmon Evolution is a Norwegian land-based salmon farming company targeting a

production capacity of 100,000 tonnes HOG by 2032. The Company's core focus is

on extending the ocean's potential by transferring the best preconditions

offered by the sea to farm fish on land through its chosen hybrid flow-through

system technology (HFS). This secures a truly sustainable production process

with controlled and optimal growth conditions and limiting operational and

biological risk.

The Company's first production facility is strategically located at Indre Harøy

on the Norwegian west coast with unlimited access to fresh seawater, renewable

energy, established infrastructure, and an educated and experienced work force.

Phase 1 is already in operation and will have an annual capacity of 7,900 tonnes

HOG at steady state. Fully developed, the Indre Harøy facility will have an

annual capacity of 31,500 tonnes HOG.

The Company has also entered into a joint venture with Dongwon Industries where

the parties will develop, construct and operate a land-based salmon farming

facility in South Korea with an annual production capacity of 16,800 tonnes HOG,

using Salmon Evolution's chosen HFS technology.

Furthermore, Salmon Evolution has initiated a process with the aim of

establishing a land-based salmon farming operation in North America.

Salmon Evolution ASA is listed on Oslo Børs under the ticker SALME.

To learn more, please visit www.salmonevolution.no.