Investor Day - Miami

May 10th, 2019

Accelerating US Growth

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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,
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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
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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
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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
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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.

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1. Accelerating US Build-out

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

Annual harvest volumes (kt HOG)

220
New plan 2
Former plan New plan yields 200
~65kt in
cumulative harvest
by 2026 165

140 3
1 Long term annual
120
Immediate harvest volume plan
investment yields 95 increased to 220kt,
an additional up from 90kt
~13kt in harvest 75
volume in 2022
55
35 90
23 60
13
6 30 30
10 10
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

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

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3. US Photos

August 2018 April 2019

Roofing extended Grow out tank

Start feeding tanks Post-smolt tanks

Construction in progress

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

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4. Strategy Development

Technology innovation and existing infrastructure expected to enable accelerated production phasing

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

New capacity phasing
Former capacity phasing
30
▪ The new plan allows for continuous build-out in smaller
phases expected to reduce construction completion time
40 per step.
▪ Immediate commencement and longer planning time benefit
the company and key suppliers in execution.
30 30 ▪ Expected to reduce construction completion risk
▪ Expected to enable earlier production capacity utilization

20 20 20 20 20 20 20 ▪ 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
10 10 10 10
planned for 2019
▪ Establishes a path for the company to deliver 220,000kt+ of
annual production by 2031, which will require additional
land
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

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

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5. Revised US Production Plan

Cumulative harvest volumes (kt HOG)

Cumulative Volume addition
harvest New plan expected to increase cumulative harvest vs former plan
350 volumes in the amount of ~45kt (~53%) by 2024 65%
~ 59%
60%
300 ~ 53%
55%
50%
250 ~ 41% 45%
~ 36% 40%
200 35%
30%
150
25%
~ 16% 20%
100
15%
50 10%
5%
0 0%
2020 2021 2022 2023 2024 2025 2026

▪ Attractive economics realized in earlier future cash flow

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

Higher Cumulative Harvest Increases Cash Flow Within The Projection Period

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6. Vertical Integration Opportunities

Packaging
Broodstock
material
Sustainable Secondary
power processing

BluehouseTM vertical
integration opportunities
Feed Fertilizer

Value-added
Oxygen
ingredients

▪ 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

The US BluehouseTM Platform Presents Broad Strategic And Operating Leverage Opportunities

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7. Use of Proceeds

Initiatives Description Use of proceeds

▪ 2019 - begin phase 2a design and pre-construction planning
Advance US 2a build- ▪ 2020 - equity to construct 6 independent grow out systems
out (+10kt HOG in 2021) USD 42 million
▪ 2021 - increase US projected biomass gain (rlw) from 12kt to 24kt
▪ 2019 - 2021 Secure land opportunities for the planned expansion

▪ Take out USD ~13 million1 DNB bridge loan facility balance in February
Bridge loan payoff USD 13 million
2019, reducing interest and fees

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

US and DK (USD ~9 million) USD 9 million
DK + US phase 1
▪ Delayed DK harvest (USD ~1 million), higher US debt transaction fees
funding USD 6 million
(USD ~1 million) and construction budget omissions and cost overruns
(USD ~3 million)

▪ Offering size increased due to strong investor demand indications

Additional equity or
▪ Proceeds will be used to increase US “phase 2a” equity share of USD 16 million
other investments
financing and/or for other strategic investment opportunities

Total proceeds 90 USDm2

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

1 Balance as of end of April 31, 2019.

2 Numbers may not add up due to rounding, assuming 5% transaction costs
.

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8. Phase 2a Financing

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

~115

~73
~42

Contemplated equity and new

Phase 2a + land equity from Additional net debt and Phase 2a capex debt is projected to construct 6
private placement1 operating cash flow and working capital
additional, independent grow out
▪ Phase 2a & 2b capex is estimated to 10 USD/kg, and 11 USD/kg in for
systems in 2020, returning +10kt
the build-out thereafter
HOG harvest from 2022
▪ 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.

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9. Land Expansion Opportunities

▪ 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

Atlantic Sapphire USA 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

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

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Company Overview

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2. Management

Selected board
Executive management
members
Johan E. Andreassen Jose Prado
CEO & Co-Founder CFO & EVP
▪ Headed a 30,000 tonnes capacity salmon farming company, Villa Organic, ▪ 21 years full investment cycle experience, from early stage to mid-cap
from idea inception to IPO and strategic exit at age 32 exit, 18 years in Florida
▪ Was the lead supplier to Whole Foods for 7 years ▪ MBA from Kellogg School of Management (1993-1995)

Dharma Rajeswaran Thue Holm

COO CTO & Co-Founder
▪ More than 26 years of salmon farming experience ▪ Thue trained as an environmental biologist at Roskilde University in
Henrik Krefting
▪ More than 20 years in MOWI ASA, with main focus on their land-based Denmark
RAS facilities for smolt/post-smolt ▪ Worked 7 years in Billund Aquaculture, a leading supplier of RAS systems

(To Be Announced) Mario Palma

Chief Development and Infrastructure Officer (CDIO) Director of Aquaculture
▪ Close to 20 years experience in the maritime industry including executive ▪ MOWI Chile RAS, water quality, water treatment and project engineering
roles within maritime operations experience
▪ Extended expertise in land based aquaculture management
Bjørn Myrseth
Damien Claire Eric Meyer
EVP - Offtake Director of Operations
▪ Currently CEO of Platina Seafoods1, the US sales channel of Atlantic ▪ Professional hydrogeologist
Sapphire ▪ Wastewater injection well design, permitting, construction
▪ 10 years US salmon industry national account management experience ▪ Exploration and development of groundwater supply and operation &
maintenance of public water system

Cristina Espejo Ole Christian Norvik

Director of Human Capital Managing Director, Atlantic Sapphire Denmark
▪ 15 years human resource leadership experience. ▪ Extensive salmon farming background in Norway, both in ocean net pen
▪ Worked 12 years in DNV GL, a global provider of classification and farming and particularly in land based RAS farming
certification services ▪ Previously worked for Sintef, MOWI and NRS Alexander Reus

Experienced Management Team – Equity-Linked Performance Culture

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.

12 |
3. Opportunity

… and is experiencing high sea lice and disease management

Sea farming requires 2-20 ̊C sea temperature and sheltered areas…
issues

Area not eligible for conventional net pen salmon farming

▪ Close to 100% of the global supply of Atlantic salmon is produced in sea ▪ The conventional industry experiences significant risk and costs
based net pens1 related to disease, sea lice and other parasite management
▪ Sea based production is dominated by Norway and Chile due to vast ▪ Regulatory and environmental limitations may prevent the
areas of suitable conditions conventional industry from meeting growing demand

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

1 Source: DNB Markets.

13 |
5. US Market Potential

Estimated US market size, Atlantic salmon (kt)1 US market projection, 2027 (kt)1

~900 ~900

+7%
Large addressable market
at play for Sapphire and
other land-raised producers

120

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Supply from Total US market
conventional
sea farming

Conventionial sea farming Land-raised addressable market Atlantic Sapphire

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

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

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6. Global Salmon Trade Patterns1

Norway, Faroe
kt
Islands, Iceland
Harvest 1,403
Market 54 Russia kt
Harvest 34
Market 130
North America kt
EU kt
Harvest 190 Harvest 240
Market 595 Asia kt
Market 1,142
Harvest 30
Market 615

5-8 days

LatAm kt
Harvest 930
Market 160 Oceania kt
Harvest 83
Market 75
= High freight cost, large carbon footprint, reduced product shelf life

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

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

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7. Unique Value Proposition

Typical conventional sea based salmon farming value chain

Land-based Well boat Sea based Well boat End

Processing Trucking Airfreight Trucking
hatchery transport net pens transport consumer

Atlantic Sapphire Miami operation value chain

BluehouseTM Trucking End consumer

Atlantic Sapphire Collapses Costs Inherent In The Incumbent Value Chain

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8. Conventional Industry Environmental Issues

Diseases and
parasites Escapes

Untreated fish waste

Conventional ocean
net pen farming
experiences a series of
Impact on wild
concerns
salmon

Medicines and
pesticides

Predators
Micro plastics

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

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9. ESG Leadership

Salmon Farming Is Regarded As An ESG Leader In Protein Production1

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

Salmon farmers

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

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

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10. Location Rationale – Miami, Florida

Atlantic Ocean

1 Discharge water – Unique geology to

5¢ 10¢ sustainably discharge salt water in quantities
required to scale
14¢
2 Intake water – Highly productive aquifers
Atlantic Ocean

with stable, high quality salt and fresh

11¢ groundwater
7¢
3 Electricity prices – Historically among the
Pacific Ocean lowest in the US2
7¢ 4 Logistics – US import salmon hub,
established logistics & knowledge in place
5 Labor – Accessibility to high quality labor

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

¢ / kWh power price Areas with wild salmon

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

1Based on management experience.

2Source: Management estimates based on data from U.S. Energy Information Administration.

19 19 |
11. BluehouseTM Infrastructure

1 Egg hatchery

2 Juvenile tanks

4 3 Smolt tanks

4 4 Grow out tanks

6
3
5 Biofilters
5 2
1 6 Processing
7
5
7 Truck pick-up

Treated, non-toxic
waste water Fresh and saline
discharged intake water

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

20 |
12. US Water Infrastructure

Unique Florida groundwater aquifer production and discharge geology

✓ Critical production wells are already

Biscayne Aquifer- fresh water supply completed and tested water quality
successfully
1
✓ Onsite access to underground aquifers for
fresh and saline water supply

Floridan Aquifer – bio secure ✓ Deep well waste water discharge to the lower
salinee water supply “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 Bluehouse TM Production At Scale1

1 Based on management knowledge and experience.

21 21 |
13. Summary

Why Atlantic Sapphire

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

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

Denmark Experience
from continued process improvements, as well as mistakes

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

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

▪ Capital formation. Diversifies systemic risk, achieves operating leverage. High return
Scale
on incremental invested capital

Compelling Investment Rationale

1 Based on management knowledge and experience.

22 |
23 |
 Human Capital Update

Cristina Espejo - Director of Human Capital

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Core Values & Massive Transformative Purpose

Core Values Massive Transformative Purpose

Passion – Purpose. Dedication. Drive.

Performance – Initiative. Collaboration. Results. TM

Pioneering Bluehouse Farming, Locally;
Innovation – Continuous improvement. Insights. Learning. Transforming Protein Production, Globally;
To Feed The World Sustainably.
Integrity – Accountability. Open communication. Respect.

Balance – Healthy Fish. Wellness. Sustainable planet.

“Blue Is The New Green”

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HR Function Roadmap

PERFORMANCE

CULTURE TALENT STRUCTURE

MTP & Workforce Onboarding Compensation Technology
Core Values Planning Platform

Process Diversity Other Development Core

Integration Industries Processes

Safety Recruiting Localization Sapphire Administration &

Academy Compliance

26 |
27 |
 Denmark Update

Ole Christian Norvik – MD, Denmark

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Denmark – April 2019

29 |
 200
400
600
800

0
1000
1200
2018/26
2018/27
2018/28
2018/29
2018/30
2018/31
Denmark Biomass

2018/32
2018/33
2018/34
2018/35
2018/36
2018/37
2018/38
2018/39
2018/40
2018/41
2018/42
2018/43
2018/44
2018/45
2018/46

Grow Out I
2018/47
2018/48
2018/49
2018/50
2018/51
2018/52
Grow Out II

2019/01
2019/02
2019/03
2019/04
2019/05
2019/06
2019/07
▪ Standing biomass target achieved: ~870 metric tons (rlw)

Atlantic Sapphire DK - Biomass (Tonnes rlw)

2019/08
2019/09
2019/10
2019/11
2019/12
2019/13
2019/14
2019/15
2019/16
2019/17
2019/18
2019/19
30 |
Denmark Mortality

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

construction commissioning)

31 |
Denmark Harvest

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

Harvest net biomass (tonnes rlw)

60

50

40

30

20

10

32 |
Denmark – Ongrowing 1 and Ongrowing 2

Ongrowing 1 department – 100 grams to 1,8 kg New Ongrowing 2 department – 1,8 kg to ~4 kg

• 14 tanks (total volume 6,070 m3) • 8 tanks - total volume ~11,100 m3

• Max theoretical standing biomass 450 tons • Max theoretical standing biomas 825 tons

Harvest and processing

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

33 |
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

34 |
Denmark - Measurement and Quality Control

▪ Highly improved water quality

measurements implemented

▪ Centralized system for online

measurement for improved controll
and derisking

35 |
Denmark – Photos

Fish in a large 1,700m3 tank Sensoric test at site

Bluehouse salmon
Test of smoked salmon
(at local sushi restautant)

Color evaluation of fillets

36 |
37 |
 US Production Update

Mario R. Palma G.
Aquaculture Director

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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

39 |
US Production Status

Miami biological performance is in line with our budgeted KPIs

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

▪ 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.

Figures as of May 6th, 2019

40 |
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

▪ 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

Figures as of May 6th, 2019

41 |
US Progress

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

Commissioning Pre-smolt technical acceptance expected ~week 20

Biofilter Start Up Complete new biofilters in parallel with construction

Egg Surveillance
Three batches received to date, normal hatch process, low mortality
and Hatching

Fish Transfer to Successful transfer of two batches to start feeding (SF). Fish movement
SF process validated with good results (low mortality)

Fish Transfer Successful transfer of fish by pump to parr system. Fish movement process
from SF to Parr validated successfully (low mortality)

42 |
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

43 |
44 |
 Technology Update

Thue Holm, CTO

|
Systems Over 500 t/yr in Production

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

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

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

Kalness ▪ Company 4 – Planned 1200 t/yr – Kingfish – Start year 2017
RAS2020 ▪ Company 5 – Planned 2400 t/yr – Salmon – Start year 2019

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

▪ Billund Aqua ▪ 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

46 |
Design - RAS Grow-out Farms

Flow through Farm Reuse Technology

Goals of various designs

▪ Reduce investment

▪ High growth per m3

Artec Aqua & Salmon Evolution

▪ Ease fish movements Long donut concept

▪ Smaller foot print

▪ Recirculation degree

Losna Seafood Nordic Aquafarms

Examples Of Conceptual Grow-out Systems

47 |
Design - RAS Grow-out Systems

Biofilter optimal investment:

System investment € / kg production

kg production/year vs biofilter size Tanks per 3000 ton production system

8000.00 20.0
1.95 19.0
7000.00 18.0
1.90 17.0
6000.00

Square meters
16.0
1.85 15.0
5000.00 14.0

Meters
1.80 13.0
4000.00 12.0
1.75 Area need 11.0
3000.00
10.0
1.70 Area of walls 9.0
2000.00
8.0
1.65 7.0
1000.00
1.60 6.0
0.00 5.0
0 5000 10000 15000
1 3 5 7 9 11 13 15 17 19 21 23 25
Feed per day biofilter
Number of tanks

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

▪ Large systems reduce capex/kg, Tanks per Max Biomass Extra investment of total
but increase risk system Tanks total Total Area all buildning m2 per tank kg investment
3 36 110.797 679.822 0,00%
▪ Risk versus Size drives final 6 72 122.302 339.911 6,76%
capex 12 144 137.751 169.955 13,80%
24 288 158.776 84.978 21,13%

48 |
Design - Strategy

▪ 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”

49 |
Design - Future Design Considerations

US BluehouseTM

Reduce investment and production cost per kg:

▪ Standardized systems
▪ Increased automatization of systems

Future design input:

▪ Faster growth, e.g. improved genetics Design

▪ Improved feed for RAS

▪ New building techniques – concrete, tanks and
roofing Prototype

Commercialization

50 |
Vertical Integration Opportunities

Packaging
Broodstock
material
Sustainable Secondary
power processing

BluehouseTM vertical
integration opportunities
Feed Fertilizer

Value-added
Oxygen
ingredients

▪ 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

The US BluehouseTM Platform Presents Broad Strategic And Operating Leverage Opportunities

51 |
IP and R&D

R&D and IP
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

52 |
53 |
 US Groundwater Update

Eric Meyer, Director of Operations

|
US Groundwater

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

55 |
Florida Rationale

▪ 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.

56 |
The Boulder Zone

▪ 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

57 |
Utilization of Groundwater Resources

58 |
Permitting

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

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

59 |
Groundwater Contamination Risk Assessment

Biscayne Aquifer Flowing Artesian Well UF-1 (Brackish)

▪ 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

60 |
Future Permitting - Injection Wells

▪ 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

61 |
Future Permitting - Groundwater Production Wells

▪ 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.

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63 |
 US Construction Update

Arthur Hoynack, Owners Rep. to Atlantic Sapphire

|
US Construction Progress Update

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

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

65 |
US Design & Construction Management Team Structure

Atlantic Sapphire

Design Construction
Management

Water & Civil Aquaculture

Engineer Trade Trade Trade
Architect Aquaculture

Sub Sub Sub

Structural Tier 2 Tier 2 Tier 2
Engineer

MEP
Engineer

66 |
US Construction Progress Update

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.

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

67 |
68 |
 Sales & Marketing Update

Damien Claire
President, Platina Seafood USA

|
Contents

▪ Market Overview
▪ Competition
▪ Unique Product Attributes
▪ Target Segments
▪ Customers
▪ Consumers feedback
▪ Marketing Strategy

70 |
US Salmon Market

US is the single largest market for Atlantic …and the US demand for salmon is
…with considerable upside potential
salmon… increasing rapidly…

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

81 % implied increase in 7.9

500 500
US salmon demand if
450 +9%
400 lifted to German levels 5.9
400
300
350
200 2.4 2.8
300 2.0
1.7
100 1.4
250 0.5 0.7
0.0
0 200

Norway
Spain

Brazil

Spain
UK

US

US

UK
China

Germany

China

Germany
Sweden

Sweden
Russia

Russia
Japan

Japan
France

France
2011 2012 2013 2014 2015 2016 2017 2018

▪ 98 % of Atlantic salmon is imported to the ▪ The demand for salmon has increased ▪ There is still large potential in increasing
US (ranking: Chile #1, Canada #2, with an average of 9 % the last 7 years the salmon consumption per capita in the
Norway #3, Europe (exc. Norway) #4) ▪ It reached an all time high in 2018, with a US
▪ 80% of consumption (~380kt rlw) is fresh growth of 8% from the year before

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

71 |
Competing Product Origin and Brands

▪ There are many brands of salmon in the market

▪ Growing US market attracts all origins
▪ Many price levels, from commodity to premium brands

72 |
Unique Product Attributes

Brand attributes and promises

▪ 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)

Endorsements
▪ 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

73 |
Target Segments – Unique Opportunities

Description

Sapphire salmon has won blind tastings with

Michelin starred and celebrity chefs. Our name is
1 Restaurants and chefs printed on menus, building strong brand
awareness

Retailers are recognizing the value of having a

2 Retailers healthy and sustainable offering

Meal kit delivery is a growing trend with

Online retailers/Meal kit millennials. Online retailers such as Amazon
3
delivery often require short response time; Atlantic
Sapphire is in pole position for fast delivery.

The Berry Act requires for government agencies

4
Military and other federal to purchase seafood that is caught or raised in
agencies the USA. Government agencies purchase high
end proteins.

Market-leading freshness opens opportunities for

unique product types such as super fresh and
5 Unique product types sashimi raw products; the fastest growing new
trend in the USA is Poke.

74 |
Customers

75 |
North American Consumers Feedback

Positive feedback on product quality, brand attributes and taste

”Love there are no

Antibiotics”
“It has a mild, buttery
“Moister than other flavor that won’t
Atlantic salmon overpower anything you
when cooked” pair with it”

“Gateway fish for

spouse and children
who don’t like fishy
“It doesn’t have a strong fish…”
fishy taste like most “Tastes as a
salmon…” good as Organic”

76 |
Marketing Strategy

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

77 |
78 |