||

Investor Day - MiamiMay 10th, 2019

Accelerating US Growth

|2

IMPORTANT INFORMATION

This presentation (the "Presentation") has been produced by Atlantic Sapphire AS (the "Company") exclusively for information purposes. This Presentation has not been approved, reviewed or

registered with any public authority or stock exchange. This Presentation is not a prospectus and does not contain the same level of information as a prospectus. This Presentation may not be

disclosed, in whole or in part, or summarized or otherwise reproduced, distributed or referred to, in whole or in part, without prior written consent of the Company. To the best of the knowledge of

the Company and its Board of Directors, the information contained in this Presentation is in all material respect in accordance with the facts as of the date hereof, and contains no material

omissions likely to affect its import.

This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates or intends to

operate. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts",

"intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions,

opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to

differ materially from any anticipated development. None of the Company or any of its subsidiary undertakings or any such person's officers or employees provides any assurance that the

assumptions underlying such forward-looking statements are free from errors nor does 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. The Company assumes no obligation to update any forward-looking statements or to conform these forward-looking statements to our actual

results. Furthermore, information about past performance given in this Presentation is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future

performance. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions,

contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its parent or subsidiary

undertakings or any such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. Actual experience may differ, and those

differences can be material.

By reviewing this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your

own analysis and be solely responsible for forming your own view of the potential future performance of the businesses of the Company. This Presentation must be read in conjunction with the

recent financial reports of the Company and the disclosures therein. The distribution of this Presentation in certain jurisdictions may be restricted by law. Persons in possession of this Presentation

are required to inform themselves about, and to observe, any such restrictions. No action has been taken or will be taken in any jurisdiction by the Company that would permit the possession or

distribution of this Presentation in any country or jurisdiction where specific action for that purpose is required.

No shares or other securities are being offered pursuant to this Presentation. This Presentation does not constitute an offer to sell or form part of, and should not be construed as, an offer or

invitation for the sale or subscription of, or a solicitation of an offer to buy or subscribe for, any shares or other securities in any jurisdiction, nor shall it or any part of it or the fact of its distribution

form the basis of, or be relied on in connection with, any offer, contract, commitment or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of the

Company.

By reviewing this Presentation you agree to be bound by the foregoing limitations.

This Presentation speaks as of May 10 2019. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create

any implication that there has been no change in the affairs of the Company since such date. The Company does not intend, and does not assume any obligation, to update or correct any

information included in this Presentation. This Presentation shall be governed by Norwegian law, and any disputes relating to hereto is subject to the sole and exclusive jurisdiction of Norwegian

courts, with Oslo District Court as legal venue.

|3

Accelerated US Build Out Is Expected To Realize Higher Revenue And Return On Invested Capital

Annual harvest volumes (kt HOG)

75

2020

10 10

2021 2031

30

2022

30

2023 2024

55

90

60

2025 20302026

6

2027 2028 2029

1323

35

95

120

140

165

200

220New plan

Former plan

Long term annual

harvest volume plan

increased to 220kt,

up from 90kt

1. Accelerating US Build-out

Immediate

investment yields

an additional

~13kt in harvest

volume in 2022

New plan yields

~65kt in

cumulative harvest

by 2026

13

2

Performance to date in DK operations and US construction management are driving business plan acceleration

|4

1.6 Million Fish, Up To Parr, Under The Roof To Date. Project Completion Remains On Schedule

August 2018

Roofing extended

Post-smolt tanksStart feeding tanks

Construction in progress

April 2019

Grow out tank

3. US Photos

|5

4. Strategy Development

202620232020 20222021 2024 2025 2027

10

2028

40

2029

20

2030

20

10

30

10 10

2020 20

30

2020

30

New capacity phasing

Former capacity phasing

Technology innovation and existing infrastructure expected to enable accelerated production phasing

▪ The new plan allows for continuous build-out in smaller

phases expected to reduce construction completion time

per step.

▪ Immediate commencement and longer planning time benefit

the company and key suppliers in execution.

▪ Expected to reduce construction completion risk

▪ Expected to enable earlier production capacity utilization

▪ Initial step, “Phase 2a”, expected to bring 10kt of production

volume 12 months earlier than the former plan, increasing

2022 harvest

▪ First of several identified vertical integration opportunities

planned for 2019

▪ Establishes a path for the company to deliver 220,000kt+ of

annual production by 2031, which will require additional

land

Incremental capacity added: former vs new plan (kt HOG)

Constructing Additional Capacity Early And Developing Vertical Integration Expected to Drive Enterprise Value

|

350

300

250

0

150

50

100

200

2020 2021 2022 2023 2024 2025 2026

~ 16%

~ 59%

~ 36%

~ 53%

~ 41%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

65%

5. Revised US Production Plan

6

Higher Cumulative Harvest Increases Cash Flow Within The Projection Period

Cumulative harvest volumes (kt HOG)

▪ Attractive economics realized in earlier future cash flow

▪ Cumulative harvest volumes through 2026 expected to increase from 235kt to 300kt (~30%)

New plan expected to increase cumulative harvest

volumes in the amount of ~45kt (~53%) by 2024

Volume addition

vs former planCumulative

harvest

|

6. Vertical Integration Opportunities

7

The US BluehouseTM Platform Presents Broad Strategic And Operating Leverage Opportunities

▪ Identified opportunities expected to increase efficiency and new revenue streams, while maintaining core focus on fish farming

▪ To be achieved through third party relationships, joint ventures, and including off-balance sheet financing opportunities

▪ Financial impacts are not reflected in the current business plan

BluehouseTM vertical

integration opportunities

Secondary

processing

Sustainable

power

Feed

Value-added

ingredients

Broodstock

Fertilizer

Oxygen

Packaging

material

|

7. Use of Proceeds

8

USD 42 Million Earmarked For Phase 2a Expansion And Land Acquisition

Initiatives Description Use of proceeds

▪ 2019 - begin phase 2a design and pre-construction planning

▪ 2020 - equity to construct 6 independent grow out systems

▪ 2021 - increase US projected biomass gain (rlw) from 12kt to 24kt

▪ 2019 - 2021 Secure land opportunities for the planned expansion

USD 42 million

▪ Take out USD ~13 million1 DNB bridge loan facility balance in February

2019, reducing interest and fees USD 13 million

▪ Increased productive capex (increases production or reduces risk) for

US and DK (USD ~9 million)

▪ Delayed DK harvest (USD ~1 million), higher US debt transaction fees

(USD ~1 million) and construction budget omissions and cost overruns

(USD ~3 million)

USD 9 million

USD 6 million

▪ Offering size increased due to strong investor demand indications

▪ Proceeds will be used to increase US “phase 2a” equity share of

financing and/or for other strategic investment opportunities

USD 16 million

Total proceeds 90 USDm2

Advance US 2a build-

out (+10kt HOG in 2021)

DK + US phase 1

funding

Bridge loan payoff

1 Balance as of end of April 31, 2019.2 Numbers may not add up due to rounding, assuming 5% transaction costs

.

Additional equity or

other investments

|9

8. Phase 2a Financing

Phase 2a + land equity from

private placement1

~115

~73

Additional net debt and

operating cash flow

Phase 2a capex

and working capital

~42

Contemplated equity and new

debt is projected to construct 6

additional, independent grow out

systems in 2020, returning +10kt

HOG harvest from 2022

Phase 2a (10kt) capex financing sources (USDm)

▪ Phase 2a & 2b capex is estimated to 10 USD/kg, and 11 USD/kg in for

the build-out thereafter

▪ In addition to the Phase 2a equity, Phase 2a capex and working capital

is intended to be financed through cash flow and new and/or

restructured debt financing

▪ Requirements to operationalize Phase 2a include: i) facility architectural

and engineering design, ii) pre-construction planning, iii) construction

management and iv) revised production planning and staffing

▪ Revised production plan expected to increase the number of eggs 2x in

Q4 2019 vs the former plan

This Offering Is Projected To Cover Required Equity For Phase 2a (10kt) – Build-Out Commencing In 2020

1 Includes capex, working capital and land that is required for later phases.

|

9. Land Expansion Opportunities

10

Additional Land Provides The Opportunity To Secure Additional Key Permits And Vertical Integration

▪ Atlantic Sapphire is targeting to acquire up to

an additional 300-500 acres of land in South

West Miami-Dade County that meets

BluehouseTM requirements

▪ The addressable area is ~35,000 acres, zoned

for agriculture, and consists primarily of

nurseries and raw crops

▪ No competing industrial activities expected for

salt water use, and limited local municipal

wastewater disposal into the Boulder Zone

supports favourable permitting

Atlantic Sapphire USA

|11

Company Overview

|12

2. Management

12

Johan E. AndreassenCEO & Co-Founder▪ Headed a 30,000 tonnes capacity salmon farming company, Villa Organic,

from idea inception to IPO and strategic exit at age 32

▪ Was the lead supplier to Whole Foods for 7 years

Damien ClaireEVP - Offtake▪ Currently CEO of Platina Seafoods1, the US sales channel of Atlantic

Sapphire

▪ 10 years US salmon industry national account management experience

Jose PradoCFO & EVP▪ 21 years full investment cycle experience, from early stage to mid-cap

exit, 18 years in Florida

▪ MBA from Kellogg School of Management (1993-1995)

Mario PalmaDirector of Aquaculture▪ MOWI Chile RAS, water quality, water treatment and project engineering

experience

▪ Extended expertise in land based aquaculture management

Dharma RajeswaranCOO▪ More than 26 years of salmon farming experience

▪ More than 20 years in MOWI ASA, with main focus on their land-based

RAS facilities for smolt/post-smolt

Eric MeyerDirector of Operations▪ Professional hydrogeologist

▪ Wastewater injection well design, permitting, construction

▪ Exploration and development of groundwater supply and operation &

maintenance of public water system

Experienced Management Team – Equity-Linked Performance Culture

Bjørn Myrseth

Henrik Krefting

Selected board

members

1 Platina Seafood Inc , majority owned by Johan E. Andreassen, has an arms length relationship with Atlantic Sapphire.

** Management and board account for approx. 20% direct and indirect equity.

Thue HolmCTO & Co-Founder▪ Thue trained as an environmental biologist at Roskilde University in

Denmark

▪ Worked 7 years in Billund Aquaculture, a leading supplier of RAS systems

Ole Christian NorvikManaging Director, Atlantic Sapphire Denmark▪ Extensive salmon farming background in Norway, both in ocean net pen

farming and particularly in land based RAS farming

▪ Previously worked for Sintef, MOWI and NRS

Executive management

Alexander Reus

Cristina EspejoDirector of Human Capital▪ 15 years human resource leadership experience.

▪ Worked 12 years in DNV GL, a global provider of classification and

certification services

(To Be Announced)Chief Development and Infrastructure Officer (CDIO)▪ Close to 20 years experience in the maritime industry including executive

roles within maritime operations

|13

3. Opportunity

13

Sea farming requires 2-20 ̊C sea temperature and sheltered areas…… and is experiencing high sea lice and disease management

issues

Sea Based Salmon Farms Are Limited To Suitable Geographic Regions, Remote From Large End Markets, And Experience High Disease And Sea Lice Management Costs

▪ Close to 100% of the global supply of Atlantic salmon is produced in sea

based net pens1

▪ Sea based production is dominated by Norway and Chile due to vast

areas of suitable conditions

▪ The conventional industry experiences significant risk and costs

related to disease, sea lice and other parasite management

▪ Regulatory and environmental limitations may prevent the

conventional industry from meeting growing demand

Area not eligible for conventional net pen salmon farming

1 Source: DNB Markets.

|

5. US Market Potential

14

1 Market size estimates are based on projections of Atlantic Sapphire management.

20232020 20212018 20242019 20272022 2025 2026

~900

+7%

The US Salmon Market is Estimated to Grow up to ~900k Metric Tons Over The Next 8 Years- Significant Share is Addressable For In-Market Land-Raised Production

Estimated US market size, Atlantic salmon (kt)1

120

Supply from

conventional

sea farming

Total US market

~900

US market projection, 2027 (kt)1

Conventionial sea farming Atlantic SapphireLand-raised addressable market

Large addressable market

at play for Sapphire and

other land-raised producers

|15

6. Global Salmon Trade Patterns1

15

LatAm kt

Harvest 930

Market 160

North America kt

Harvest 190

Market 595

EU kt

Harvest 240

Market 1,142Asia kt

Harvest 30

Market 615

Oceania kt

Harvest 83

Market 75

5-8 days

Russia kt

Harvest 34

Market 130

= High freight cost, large carbon footprint, reduced product shelf life

Norway, Faroe

Islands, Icelandkt

Harvest 1,403

Market 54

Trade Patterns For Salmon Are Characterized By High Freight Costs And A Large Carbon Footprint

1 Source: Kontali (Salmon world 2019, wfe, all salmonids).

|

Well boat

transport

End

consumerTruckingAirfreightTruckingProcessing

16

7. Unique Value Proposition

16

Well boat

transport

Sea based

net pens

Land-based

hatchery

Typical conventional sea based salmon farming value chain

End consumerTruckingBluehouseTM

Atlantic Sapphire Miami operation value chain

Atlantic Sapphire Collapses Costs Inherent In The Incumbent Value Chain

|17

8. Conventional Industry Environmental Issues

Conventional ocean

net pen farming

experiences a series of

concerns

Diseases and

parasites

Untreated fish waste

Medicines and

pesticides

Micro plasticsPredators

Escapes

Conventional Ocean Net Pen Farming Industry Issues Are Significant and Costly.Atlantic Sapphire BluehouseTM Eliminates A Number Of Conventional Industry Environmental Issues.

Impact on wild

salmon

|18

Atlantic Sapphire Is Well Positioned To Be Top Ranked on ESG Parameters, Globally.

Salmon Farming Is Regarded As An ESG Leader In Protein Production1

Salmon farmers

FAIRR Index – Benchmarking intensive livestock and fish farming companies on ESG issues

Source: Coller FAIRR Protein Producer Index Report – Farm Animal Investment Risk & Return.1 Based on FAIRR Index.

9. ESG Leadership

|

Pacific Ocean

Atlantic Ocean

5¢

11¢

10¢

7¢

7¢

14¢

19

10. Location Rationale – Miami, Florida

19

Areas with salmon diseases Difficult areas to receive large scale discharge water permits1

¢ / kWh power price Areas with wild salmon

1Based on management experience.2Source: Management estimates based on data from U.S. Energy Information Administration.

Discharge water – Unique geology to

sustainably discharge salt water in quantities

required to scale

Intake water – Highly productive aquifers

with stable, high quality salt and fresh

groundwater

Electricity prices – Historically among the

lowest in the US2

Logistics – US import salmon hub,

established logistics & knowledge in place

Labor – Accessibility to high quality labor

1

2

3

4

5

As With Conventional Net Pen Farming – BluehouseTM Farming At Scale Requires Certain Natural Given Conditions

Atlantic Ocean

|20

11. BluehouseTM Infrastructure

From Egg To Plate – BluehouseTM Fully Controls Key Drivers Of Production Cycle, 12 Months Of The Year

20

Fresh and saline

intake water

Treated, non-toxic

waste water

discharged

12

3

4

5

5

4

Egg hatchery

Juvenile tanks

Smolt tanks

Grow out tanks

Biofilters

Processing

Truck pick-up

1

2

3

4

5

6

6

7

7

|21

12. US Water Infrastructure

Unique Florida groundwater aquifer production and discharge geology

21

✓ Critical production wells are already

completed and tested water quality

successfully

✓ Onsite access to underground aquifers for

fresh and saline water supply

✓ Deep well waste water discharge to the lower

“boulder zone” supports BluehouseTM up to

90kt annually

✓ US patent granted in 2018 for a duration of 20

years

Florida Provides Unique And Incomparable Water Infrastructure Conditions For BluehouseTM Production At Scale1

Biscayne Aquifer- fresh water supply

1

eFloridan Aquifer – bio secure

saline water supply

1 Based on management knowledge and experience.

|

13. Summary

22

Management Team ▪ Industry-leading, experienced team. Equity-linked performance culture

Denmark Experience▪ Technology proof of concept achieved in Denmark, including considerable learning

from continued process improvements, as well as mistakes

US Strategic Plan▪ Commercial scale up in the US market. Unique Florida water infrastructure1. Growth

opportunity, patents, unique continuous build up to 220,000kt + business plan

Scale▪ Capital formation. Diversifies systemic risk, achieves operating leverage. High return

on incremental invested capital

Compelling Investment Rationale

Why Atlantic Sapphire

1 Based on management knowledge and experience.

|23

||

Human Capital Update

Cristina Espejo - Director of Human Capital

|

Core Values & Massive Transformative Purpose

Pioneering BluehouseTM

Farming, Locally;

Transforming Protein Production, Globally;

To Feed The World Sustainably.

25

Passion – Purpose. Dedication. Drive.

Performance – Initiative. Collaboration. Results.

Innovation – Continuous improvement. Insights. Learning.

Integrity – Accountability. Open communication. Respect.

Balance – Healthy Fish. Wellness. Sustainable planet.

“Blue Is The New Green”

Core Values Massive Transformative Purpose

|26

HR Function Roadmap

CULTURE TALENT STRUCTURE

MTP &

Core Values

Workforce

Planning

Onboarding Compensation Technology

Platform

Process

Integration

Diversity Other

Industries

Development Core

Processes

Safety Recruiting Localization Sapphire

Academy

Administration &

Compliance

PERFORMANCE

|27

||

Denmark Update

Ole Christian Norvik – MD, Denmark

|29

Denmark – April 2019

|30

Denmark Biomass

0

200

400

600

800

1000

1200

201

8/2

6

201

8/2

720

18/

28

201

8/2

9

201

8/3

020

18/

31

201

8/3

220

18/

33

201

8/3

4

201

8/3

520

18/

36

201

8/3

7

201

8/3

820

18/

39

201

8/4

020

18/

41

201

8/4

2

201

8/4

320

18/

44

201

8/4

5

201

8/4

620

18/

47

201

8/4

8

201

8/4

920

18/

50

201

8/5

120

18/

52

201

9/0

1

201

9/0

220

19/

03

201

9/0

4

201

9/0

520

19/

06

201

9/0

720

19/

08

201

9/0

9

201

9/1

020

19/

11

201

9/1

2

201

9/1

320

19/

14

201

9/1

520

19/

16

201

9/1

7

201

9/1

820

19/

19

Atlantic Sapphire DK - Biomass (Tonnes rlw)

Grow Out I Grow Out II

▪ Standing biomass target achieved: ~870 metric tons (rlw)

|31

Denmark Mortality

▪ Mortality as % of biomass gain: ~3.5% (~2.5% resulted from new

construction commissioning)

|32

Denmark Harvest

0

10

20

30

40

50

60

Harvest net biomass (tonnes rlw)

▪ ~240 metric tons (rlw) harvested since March 2019, with an average weight of 5.1kg (rlw)

|33

Denmark – Ongrowing 1 and Ongrowing 2

Ongrowing 1 department – 100 grams to 1,8 kg

• 14 tanks (total volume 6,070 m3)

• Max theoretical standing biomass 450 tons

New Ongrowing 2 department – 1,8 kg to ~4 kg

• 8 tanks - total volume ~11,100 m3

• Max theoretical standing biomas 825 tons

Harvest and processing

• 17-22 tons (rlw) per day (~3,500- 4,000 fish)

|34

Denmark Innovation

Testing and improving solutions

▪ Overall RAS system testing and

optimization

▪ Training of employees and

establishing operational protocols

▪ Feed trials for performance and

physical quality

▪ Fish movement and logistics

|35

Denmark - Measurement and Quality Control

▪ Highly improved water quality

measurements implemented

▪ Centralized system for online

measurement for improved controll

and derisking

|36

Denmark – Photos

Fish in a large 1,700m3 tank

Bluehouse salmon

(at local sushi restautant)Test of smoked salmon

Sensoric test at site

Color evaluation of fillets

|37

||

US Production Update

Mario R. Palma G.

Aquaculture Director

|39

US Operational Goals - 2019

▪ Safe environment & operations

▪ Commissioning of systems (SAT Tests)

▪ Production plan in line with biological KPIs

▪ Finalize processes, protocols and procedures

▪ Hire full team

▪ Develop training program

|

Batch Actual Number Wg (g) Accumulated Loss Yield (%) System Total Week Age

001A 267,155 3,93 8,33% 91,67% Parr 23

001B 283,457 3,47 13.2% 86.80% Parr 21

002 548,595 0.41 6.15% 93.85% Start Feeding 12

003 567,784 0,18 1.12% 98.88% Hatchery 1 4

1,666,991

40

Miami biological performance is in line with our budgeted KPIs

▪ Three batches are currently in the water, ~1.67m individuals

▪ Currently four RAS Production Systems fully operational: Hatchery 1, hatchery 2, start feeding and parr.

▪ Batch 1: Successfully transferred from start feeding to parr. Excellent appetite and behavior, accumulated loss of

Stofnifiskur and AquaGen group both under KPI. Transfer/grading of parr system to presmolt planned for week 20.

▪ Batch 2: Fish are already swimming up in start feeding system, good appetite and behavior, total accumulated losses

below KPI.

US Production Status

Figures as of May 6th, 2019

|41

▪ Batch Three: Fully hatched 20th of April, good general condition with mortality under KPI. Estimated transfer to start

feeding by late May.

▪ Batch Four: New batch to be stock in Hatchery 2 (~week 20).

▪ Water quality in all the systems under control, stable and improving conditions of biofilters.

▪ Preparing the team to commission the presmolt system in week 20

US Production Status

Batch Actual Number Wg (g) Accumulated Loss Yield (%) System Total Week Age

001A 267,155 3,93 8,33% 91,67% Parr 23

001B 283,457 3,47 13.2% 86.80% Parr 21

002 548,595 0.41 6.15% 93.85% Start Feeding 12

003 567,784 0,18 1.12% 98.88% Hatchery 1 4

1,666,991

Figures as of May 6th, 2019

|42

US Progress

System

Commissioning

Technical acceptance of hatcheries 1 and 2, start feeding, and parr

Pre-smolt technical acceptance expected ~week 20

Biofilter Start Up Complete new biofilters in parallel with construction

Egg Surveillance

and HatchingThree batches received to date, normal hatch process, low mortality

Fish Transfer to

SF

Successful transfer of two batches to start feeding (SF). Fish movement

process validated with good results (low mortality)

Fish Transfer

from SF to Parr

Successful transfer of fish by pump to parr system. Fish movement process

validated successfully (low mortality)

|43

US Phase 1 Pending Milestones

▪ Commissioning of 9 RAS systems

▪ Receive a new batch of eggs every 7th week

▪ Achieve budgeted KPIs in production (SGR, FCR, mortality rates)

▪ Improve processes, protocols and procedures

▪ Complete hiring of the team by Q4 2019

▪ Start harvesting process mid-2020

|44

||

Technology Update

Thue Holm, CTO

|46

▪ Akva Group ▪ Company 1 – Planed 2000 t/yr – Salmon – Start year 2014

▪ Company 2 – Planned 3000 t/yr – Trout – Start year 2016

▪ Kruger

Kalness

RAS2020

▪ Company 3 – Planned 600 t/yr – Salmon – Start year 2016

▪ Company 4 – Planned 1200 t/yr – Kingfish – Start year 2017

▪ Company 5 – Planned 2400 t/yr – Salmon – Start year 2019

▪ Billund Aqua

▪ Atlantic Sapphire Denmark – Planned 3000 t/yr - Start year 2011

▪ Company 6 - Planned 1000 t/yr - Start year 2015

▪ Atlantic Sapphire USA – Planned 12,000 t/yr - Start year 2018

▪ Aquamaof ▪ Company 7 – Planned 600 t/y – Start year 2016

Many Systems Are Planned

Systems Over 500 t/yr in Production

|47

Goals of various designs

▪ Reduce investment

▪ High growth per m3

▪ Ease fish movements

▪ Smaller foot print

▪ Recirculation degree

Flow through Farm

Losna Seafood

Examples Of Conceptual Grow-out Systems

Reuse Technology

Artec Aqua & Salmon Evolution

Long donut concept

Nordic Aquafarms

Design - RAS Grow-out Farms

|48

1.60

1.65

1.70

1.75

1.80

1.85

1.90

1.95

0 5000 10000 15000

Biofilter optimal investment: kg production/year vs biofilter size

Syste

m in

ve

stm

en

t € / k

g p

rod

uctio

n

Feed per day biofilter

5.06.07.08.09.010.011.012.013.014.015.016.017.018.019.020.0

0.00

1000.00

2000.00

3000.00

4000.00

5000.00

6000.00

7000.00

8000.00

1 3 5 7 9 11 13 15 17 19 21 23 25

Me

ters

Squ

are

me

ters

Number of tanks

Tanks per 3000 ton production system

Area need

Area of walls

Tanks per

system Tanks total Total Area all buildning m2

Max Biomass

per tank kg

Extra investment of total

investment

3 36 110.797 679.822 0,00%

6 72 122.302 339.911 6,76%

12 144 137.751 169.955 13,80%

24 288 158.776 84.978 21,13%

Overview of concrete and building cost for 30,000 ton farm

▪ Large systems reduce capex/kg,

but increase risk

▪ Risk versus Size drives final

capex

Design - RAS Grow-out Systems

|49

▪ Give fish ideal conditions

▪ Innovation in the details

▪ Reduce risk

▪ Focus on production flow

▪ Cost efficient building methods

▪ Low maintenance

▪ Proven technologies preferred

▪ Implement Denmark learnings in the US

Transfer Of Denmark Experience To The US Is Key – “The Devil Is In The Details”

Design - Strategy

|50

Reduce investment and production cost per kg:

▪ Standardized systems

▪ Increased automatization of systems

Future design input:

▪ Faster growth, e.g. improved genetics

▪ Improved feed for RAS

▪ New building techniques – concrete, tanks and

roofing

Design

Prototype

Commercialization

US BluehouseTM

Design - Future Design Considerations

|51

The US BluehouseTM Platform Presents Broad Strategic And Operating Leverage Opportunities

▪ Identified opportunities expected to increase efficiency and new revenue streams, while maintaining core focus on fish farming

▪ To be achieved through third party relationships, joint ventures, and including off-balance sheet financing opportunities

▪ Financial impacts are not reflected in the current business plan

BluehouseTM vertical

integration opportunities

Secondary

processing

Sustainable

power

Feed

Value-added

ingredients

Broodstock

Fertilizer

Oxygen

Packaging

material

Vertical Integration Opportunities

|52

Intellectual Property Patents

Clusters 3

U.S. Issued Patent 1

U.S. Filed Application 3

Disclosure 1

Unfiled 19

________________________

Total 24

Research & Development

▪ Flavor management

▪ Biofilter bacteria

▪ Process optimization

IP and R&D Is A Key Strategic Focus In The Development Of The Company

R&D and IP

IP and R&D

|53

||

US Groundwater Update

Eric Meyer, Director of Operations

|55

US Groundwater

Abundant Groundwater Is The Key To Sustainable Land-Based Salmon Aquaculture

|56

▪ Presence of a high-capacity waste water disposal zone - Lower Floridan aquifer; the “boulder zone”

▪ This isolated zone is present at a depth of ~3,000 feet

▪ Injection well testing validated acceptance of 16,400 gpm at 46 psi wellhead pressure.

▪ Artesian aquifers – Upper and Middle Floridan aquifers

▪ capable of safe, sustained production of brackish and saline groundwater

▪ Wells in these zones have a capacity of approximately 3,000 gpm with ~100 feet of drawdown.

▪ A surficial aquifer (water table) that produces fresh groundwater - Biscayne aquifer

▪ Yield in excess of 3,000 gpm with ~2 feet of drawdown.

▪ Closed-loop supply and injection wells completed in the Biscayne aquifer

▪ for heat exchange for farm building climate control chillers.

Florida Rationale

|57

▪ Unique geologic unit of extremely high

transmissivity

▪ Commonly used for disposal of

municipal and industrial wastewater in

South Florida

▪ Sole geologic unit that can safely accept

the high flows at low such low injection

pressures

▪ Wells constructed to meet "Class I"

construction standards

▪ No wastewater limitation or criteria other

than the wastewater being non-

hazardous

The Boulder Zone

|58

Utilization of Groundwater Resources

|59

FDEP Injection Well System (Wastewater)

▪ Class V, Group 9 Aquaculture Injection Well – Construction and Operational Testing

▪ Maximum Injection Flow Rate: 13,842 gpm (10 feet/sec inside the final casing)

▪ Permit Renewal Date: December 15, 2021

▪ Apply for operational permit 18-months following system startup (estimated January 2021)

FDEP General Permit Notice – Class V, Group 1 (Cooling Return Flow Wells)

▪ Next permit renewal: August 15, 2023

▪ Closed-loop with no provision for additives

▪ Renew permit for continued operation by April 17, 2023

SFWMD Water Use Permit (Groundwater)

▪ 20-year permit that expires December 1, 2036

Permitting

Groundwater Allocations

Biscayne Aquifer (Freshwater): 16.50 MG Monthly 198.00 MG Annually Approx. Flow

375 gpm

Floridan Aquifer (Brackish Water): 466.70 MG Monthly 5,600.00 MG Annually Approx. Flow

10,410 gpm

Total: Monthly 483.20 MG Annually: 5,798 MG Approx Flow

10,785 gpm

|60

Biscayne Aquifer

▪ Cleared by the Florida Dept. of Health for use in the farms

▪ Aquifer is the principal source of freshwater for domestic and agricultural

use throughout Miami-Dade Co.

▪ Since this aquifer is unconfined (water table) there is potential for

contamination through spills of hazardous materials onsite or from

adjacent farms. However, routine groundwater sampling and analyses

are required by permit to assure that groundwater is safe for human

consumption.

Floridan Aquifer

▪ Artesian aquifer a with hydraulic head at elevation 46 feet (upper

aquifer)

▪ As shown in the photo groundwater flows from upper Floridan aquifer

wells

▪ Due to this pressure, this deep groundwater is not susceptible to

contamination

▪ Further, the nearest competing user is Florida Keys Aqueduct Authority

(FKAA) approximately 5 miles southeast of the farm

Groundwater Contamination Risk Assessment

Flowing Artesian Well UF-1 (Brackish)

|61

▪ Boulder Zone injection wells for municipal and industrial wastewater disposal are common

▪ Prohibition of wastewater disposal through ocean outfalls will add to Class I injection well permitting

and construction in the state

▪ The duration for design and permitting of a new Class V, Group 9 Aquaculture Injection Well System

is less than one year

▪ Most of the permitting work will be conducted by Atlantic Sapphire’s staff

▪ The cost of injection well construction is highly market driven since there are only two drilling

contractors

Future Permitting - Injection Wells

|62

▪ Current SFWMD groundwater use permit is allocated from the Biscayne aquifer and Floridan aquifer

▪ Permit expires in 20 years and can be renewed.

▪ Unregulated lower Floridan Groundwater is not economically viable for domestic use due to its near

seawater salinity

▪ For Bluehouse phase 1, permitting was accomplished in under six months (dialog with the SFWMD

was initiated ~two years prior)

▪ Future permitting can be accomplished by Atlantic Sapphire staff with outside services for

groundwater modeling.

Future Permitting - Groundwater Production Wells

|63

||

US Construction Update

Arthur Hoynack, Owners Rep. to Atlantic Sapphire

|65

In Operation

▪ Hatchery, start-feed and parr areas

▪ Pre-smolt area (~ week 20)

To Be Completed:

▪ Oxygen center

▪ Smolt

▪ 2nd floor offices

▪ Saltwater treatment system

▪ Injection, salt water and fresh water wells

▪ Post-smolt

▪ Ongrowing

▪ Processing

US Construction Progress Update

1 Productive capex is viewed to increase biological production or lower operating risk.

|

US Design & Construction Management Team Structure

66

Atlantic Sapphire

Design

Water & CivilEngineer

Architect

StructuralEngineer

MEPEngineer

Aquaculture

Construction Management

Aquaculture Trade

Sub Tier 2

Trade

Sub Tier 2

Trade

Sub Tier 2

|67

Considerable learnings have been gained during US Phase 1 design and construction process

Insights - design phase

▪ Complete documents -100% design & construction drawings before construction starts

▪ Scope - include all aquaculture and building systems to be constructed

▪ Team structure - consolidate all engineering under architect.

▪ Building - coordinate design around systems required

▪ Constructability - increase coordination of all accessory buildings as well as biological phases.

▪ Early input - secure buy-in from operations and end users

Insights - construction management phase

▪ CM At Risk (CMAR) agreement - GMP upon 100% construction documents completion

▪ Subcontractors - retain strong performers, replace under performers.

▪ Team structure - consolidate selected trades under subcontractors

▪ Means and methods – incorporate learnings from Phase 1

▪ Schedule – refine during design phase, solely update during construction phase

Improved Design And Construction Management Performance Mitigates Risk of Construction Schedule Delays, Temporary Solution Costs, Quality Control Issues and Unexpected Cost Items.

US Construction Progress Update

1 Productive capex is viewed to increase biological production or lower operating risk.

|68

||

Sales & Marketing Update

Damien Claire

President, Platina Seafood USA

|70

Contents

▪ Market Overview

▪ Competition

▪ Unique Product Attributes

▪ Target Segments

▪ Customers

▪ Consumers feedback

▪ Marketing Strategy

|71

US Salmon Market

0

100

200

300

400

500

Chin

a

Sw

ed

en

Ja

pa

n

Russia

Sp

ain

Bra

zil

UK

Fra

nce

Ge

rma

ny

US

0.00.5 0.7

1.41.7 2.0

2.42.8

5.9

7.9

Sp

ain

Fra

nce

US

Ge

rma

ny

Chin

a

Ja

pa

n

Russia

UK

Sw

ed

en

Norw

ay

Market size Atlantic salmon (kt)1 US Atlantic salmon demand (WFE kt)2 Salmon consumption per capita (kg/year)3

▪ 98 % of Atlantic salmon is imported to the

US (ranking: Chile #1, Canada #2,

Norway #3, Europe (exc. Norway) #4)

▪ 80% of consumption (~380kt rlw) is fresh

▪ The demand for salmon has increased

with an average of 9 % the last 7 years

▪ It reached an all time high in 2018, with a

growth of 8% from the year before

▪ There is still large potential in increasing

the salmon consumption per capita in the

US

Source: Kontali (Salmon world 2018 and Salmon Market Analysis 2018).1 2018 figure for US and 2017 figures for remaining countries (Kontali: Salmon World 2019, Production, market and supply update 2019).

2 Kontali Salmon World 2019.

3 Kontali Salmon Market Analysis 2018 .

Atlantic Sapphire Is Targeting The ~380k Metric Tons Fresh, Farmed Atlantic Salmon Market In The US

81 % implied increase in

US salmon demand if

lifted to German levels

US is the single largest market for Atlantic

salmon…

…and the US demand for salmon is

increasing rapidly……with considerable upside potential

71

200

250

300

350

400

450

500

201320122011 2014 2015 2016 2017 2018

+9%

|72

Competing Product Origin and Brands

72

▪ There are many brands of salmon in the market

▪ Growing US market attracts all origins

▪ Many price levels, from commodity to premium brands

|73

Unique Product Attributes

▪ Delicious taste – mild flavor, delicate texture, very versatile for cooking

▪ Sustainable – lower carbon footprint and FI:FO ratio

▪ Eco-friendly – reduces impact on wild species and the environment

▪ All natural – free of antibiotics, hormones, pesticides, PCBs, heavy metals and synthetic pigment

▪ Healthy – Rich proteins, hearth healthy omega-3s, minerals and vitamins

▪ Retail friendly – Reducing number of days in transit(logistics) leads to increased shelf-life

▪ Made in the U.S.A – local economic impact, job creation and tax contribution

▪ Local and Farm to Table – produced nearby, maximal freshness (~5 days extra than industry freshness window)

Brand attributes and promises

▪ Due to its strong brand attributes and promises, Atlantic Sapphire has already been recognized by large and

important NGOs

▪ One of the few farming methods for Atlantic Salmon recommended as “best choice” by Seafood Watch

Endorsements

73

|

Description

Restaurants and chefs

Sapphire salmon has won blind tastings with

Michelin starred and celebrity chefs. Our name is

printed on menus, building strong brand

awareness

RetailersRetailers are recognizing the value of having a

healthy and sustainable offering

Online retailers/Meal kit

delivery

Meal kit delivery is a growing trend with

millennials. Online retailers such as Amazon

often require short response time; Atlantic

Sapphire is in pole position for fast delivery.

Military and other federal

agencies

The Berry Act requires for government agencies

to purchase seafood that is caught or raised in

the USA. Government agencies purchase high

end proteins.

Unique product types

Market-leading freshness opens opportunities for

unique product types such as super fresh and

sashimi raw products; the fastest growing new

trend in the USA is Poke.

Target Segments – Unique Opportunities

1

2

3

4

5

74

|75

Customers

75

|76

North American Consumers Feedback

“Tastes as a

good as Organic”

Positive feedback on product quality, brand attributes and taste

“It has a mild, buttery

flavor that won’t

overpower anything you

pair with it”

“Moister than other

Atlantic salmon

when cooked”

”Love there are no

Antibiotics”

“It doesn’t have a strong

fishy taste like most

salmon…”

“Gateway fish for

spouse and children

who don’t like fishy

fish…”

|77

Marketing Strategy

77

Ongoing strategy

▪ Strong sales relationships in North America

▪ In-store education

▪ Partnerships with NGOs

Future developments

▪ “Fractional Marketing Director” engaged – new marketing strategy

▪ Develop marketing plan to support strong price premium

▪ Assist sales with educational and in-store promotions

▪ Recently hired creative agency – new brand strategy underway

▪ Incorporate core values and unique selling attributes into marketing

▪ Differentiate Bluehouse™ salmon from other sustainable salmon

▪ Focus on best selling attributes

▪ Brand will be repositioned in 2020 for Product of the USA

|78