Salmon Evolution ASA — Share Issue/Capital Change 2023

Apr 18, 2023

Salmon Evolution ASA: Key information related to the Subsequent Offering

Salmon Evolution ASA: Key information related to the Subsequent Offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR

INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, HONG KONG, SOUTH AFRICA OR THE

UNITED STATES, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR

DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER

OF ANY OF THE SECURITIES DESCRIBED HEREIN.

19 April 2023: Reference is made to the stock exchange announcement by Salmon

Evolution ASA ("Salmon Evolution" or the "Company") on 19 April 2023 regarding a

successfully placed private placement of new shares in the Company (the "Private

Placement").

The Board of Directors has resolved to propose to the Company's extraordinary

general meeting that the Company carries out a subsequent offering (the

"Subsequent Offering") with gross proceeds of approximately NOK 50 million by

issuing up to 6,500,000 new shares at NOK 7.70 per share, equal to the

subscription price in the Private Placement.

The Subsequent Offering will, on the basis of a prospectus to be approved by the

Norwegian Financial Supervisory Authority (the "Prospectus"), be directed

towards eligible shareholders in the Company who are shareholders in the Company

as of 18 April 2023, as registered in the Company's register of shareholders

with Euronext Securities Oslo, the central securities depositary in Norway (Nw.

Verdipapirsentralen) (the "VPS") on 20 April 2023, and who (i) were not

allocated new shares in the Private Placement, and (iii) not resident in a

jurisdiction where such offering would be unlawful or, for jurisdictions other

than Norway, would require any prospectus, filing, registration or similar

action. Such shareholders will be granted non-tradable subscription rights to

subscribe for, and, upon subscription, be allocated new shares.

In accordance with the continuing obligations for companies listed on the Oslo

Stock Exchange, the following key information is given with respect to the

Subsequent Offering:

· Date on which the terms and conditions for the subsequent offering were

announced: 19 April 2023

· Last day of trading in the Company's shares including subscription rights:

18 April 2023

· Ex. Date: 19 April 2023

· Record date: 20 April 2023

· Date of approval: 11 May 2023 ("EGM")

· Maximum number of new shares to be issued: 6,500,000

· Subscription price: NOK 7.70 per share

The Subsequent Offering is subject to certain terms and conditions, including

completion of the Private Placement, approval by the EGM and approval of the

Prospectus. It is expected that the subscription period for the Subsequent

Offering will commence in second half of May 2023.

See announcement by the Company on 19 April 2023 for further information. The

Company's board of directors may, in its sole discretion, decide that the

Company shall not carry out the Subsequent Offering if, inter alia, the

prevailing market price of the Company's shares is lower than the subscription

price in the Subsequent Offering.

The Company has appointed DNB Markets, a part of DNB Bank ASA, and Nordea Bank

Abp. filial i Norge as Joint Global Coordinators and Joint Bookrunners, and

Arctic Securities AS and Pareto Securities AS as Joint Bookrunners.

Advokatfirmaet BAHR AS is acting as legal advisor to the Company.

This information is subject to the disclosure requirements pursuant to section

5 12 of the Norwegian Securities Trading Act.

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

IMPORTANT NOTICE

This announcement is not and does not form a part of any offer to sell, or a

solicitation of an offer to purchase, any securities of Salmon Evolution ASA.

The distribution of this announcement and other information may be restricted by

law in certain jurisdictions. Copies of this announcement are not being made and

may not be distributed or sent into any jurisdiction in which such distribution

would be unlawful or would require registration or other measures. Persons into

whose possession this announcement or such other information should come are

required to inform themselves about and to observe any such restrictions.

The securities referred to in this announcement have not been and will not be

registered under the U.S. Securities Act of 1933, as amended (the "Securities

Act"), and accordingly may not be offered or sold in the United States absent

registration or an applicable exemption from the registration requirements of

the Securities Act and in accordance with applicable U.S. state securities laws.

The Company does not intend to register any part of the offering or their

securities in the United States or to conduct a public offering of securities in

the United States. Any sale in the United States of the securities mentioned in

this announcement will be made solely to "qualified institutional buyers" as

defined in Rule 144A under the Securities Act and "major U.S. institutional

investors" as defined in SEC Rule 15a-6 under the United States Exchange Act of

In any EEA Member State, this communication is only addressed to and is only

directed at qualified investors in that Member State within the meaning of the

Prospectus Regulation, i.e., only to investors who can receive the offer without

an approved prospectus in such EEA Member State. The expression "Prospectus

Regulation" means Regulation 2017/1129, as amended, together with any applicable

implementing measures in any Member State.

This communication is only being distributed to and is only directed at persons

in the United  Kingdom that are (i) investment professionals falling within

Article 19(5) of the Financial Services  and Markets Act 2000 (Financial

Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities,

and other persons to whom this announcement may lawfully be communicated,

falling within Article 49(2)(a) to (d) of the Order (all such persons together

being referred to as "relevant persons"). This communication must not be acted

on or relied on by persons who are not relevant persons. Any investment or

investment activity to which this communication relates is available only for

relevant persons and will be engaged in only with relevant persons. Persons

distributing this communication must satisfy themselves that it is lawful to do

so.

Matters discussed in this announcement may constitute forward-looking

statements. Forward-looking statements are statements that are not historical

facts and may be identified by words such as "believe", "expect", "anticipate",

"strategy", "intends", "estimate", "will", "may", "continue", "should" and

similar expressions. The forward-looking statements in this release are based

upon various assumptions, many of which are based, in turn, upon further

assumptions. 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.

Actual events may differ significantly from any anticipated development due to a

number of  factors, including without limitation, changes in investment levels

and need for the Company's services, changes in the  general economic, political

and market conditions in the markets in which the Company operate, the Company's

ability to attract, retain and motivate qualified personnel, changes in the

Company's ability to engage in commercially acceptable acquisitions and

strategic investments, and changes  in laws and regulation and the potential

impact of legal proceedings and actions. Such risks, uncertainties,

contingencies and other important factors could cause actual events to differ

materially from the expectations expressed or implied in this release by such

forward-looking statements. The Company does not provide any guarantees that the

assumptions underlying the forward-looking statements in this announcement are

free from errors nor does it accept any responsibility for the future accuracy

of the opinions expressed in this announcement or any obligation to update or

revise the statements in this announcement to reflect subsequent events. You

should not place undue reliance on the forward-looking statements in this

document.

The information, opinions and forward-looking statements contained in this

announcement speak only as at its date, and are subject to change without

notice. The Company does not undertake any obligation to review, update,

confirm, or to release publicly any revisions to any forward-looking statements

to reflect events that occur or circumstances that arise in relation to the

content of this announcement.

Neither the Managers nor any of their respective affiliates makes any

representation as to the accuracy or completeness of this announcement and none

of them accepts any responsibility for the contents of this announcement or any

matters referred to herein.

This announcement is for information purposes only and is not to be relied upon

in substitution for the exercise of independent judgment. It is not intended as

investment advice and under no circumstances is it to be used or considered as

an offer to sell, or a solicitation of an offer to buy any securities or a

recommendation to buy or sell any securities in the Company. Neither the

Managers nor any of their respective affiliates accepts any liability arising

from the use of this announcement.