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Company Presentation June 2021

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Company Presentation June 2021 Company Presentation June 2021 Strictly Private & Confidential This document is for the use of the recipient only and should not be copied or distributed to any other person or entity. Please refer to important disclosures at the following pages Presenting team Asle Rønning Gunnar Aftret Lars Måsøval CEO CFO CoB Måsøval Måsøval Måsøval 2 Successfully raised NOK 300m to support ongoing growth initiatives Sources NOKm Key comment Planned capital expenditure going forward (NOKm)1) Equity ~300 ▪ Net proceeds from primary issue Maintenance Growth 668 Total Sources ~300 Uses NOKm Key comment Recent M&A ▪ Investments in biomass, sites and service capacity to utilize ▪ Pure Norwegian Seafood (65%) ▪ Investments to utilize new MAB acquired 2020 auction capacity and new educational ▪ Pure Farming (100%) license ▪ Gunnar Espnes (remaining 34%) ▪ Acquisitions Q1-2021 ~300 ▪ Måsøval Fishfarm (remaining 36%) ▪ Acquisitions of 2.07 licenses in PO6, seasoned sales ▪ Stokkøy Skjell (100%) ▪ New post-smolt facility organization and processing facility, and service company ▪ General corporate purposes ▪ Phase 1 of Skjelvika Post-smolt project initiated in 2020, possibility to expand facility further 143 128 Total Uses ~300 86 84 Remaining capex above NOK 300m is considered to be funded by operating cash flow and debt financing 2021 2022 2023 2024 2025 3 1) Excluding Aqua Semi, pending investment decision due to ongoing negotiations with suppliers Måsøval at a glance Key highlights Established farming stronghold ~50 Years operational track-record ~150 Dedicated and experienced professionals Frøya Integrated Trondheim Value chain from eggs to plate PO6 Kristiansund +34% +31% PO5 28.5 21.3 6.0 16.3 17.5 22.5 Smolt Aqua Semi1) Farming site Existing 2020 2021e 2022e Potential conventional Processing licenses Target harvest volumes (kt HOG) & sales 1) Licenses granted, pending investment decision due to ongoing negotiations with suppliers – hence, not currently included in 4 capex plan A pioneer in salmon since 1973, with a strong growth history and outlook GENEROUS RESPONSIBLE STEADFAST BOLD Harvest volumes, HOG (In thousand tonnes) Existing conventional licenses Aqua Semi1) ~28.5 6.0 1st large fish farmer in Norway that swapped diesel aggregators with land-based power ~21.3 supply, reducing emissions and pollution 17.5 16.3 15.4 +20% CAGR 13.2 12.4 11.6 10.6 22.5 8.6 8.6 7.7 8.1 8.1 7.9 6.8 5.6 5.5 3.9 3.1 2.1 0.6 Founded 1973 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021e 2022e Firm potential 1) Licenses granted, pending investment decision due to ongoing negotiations with suppliers – hence, not currently 5 included in capex plan Strong farming operations with a focus on fish health and growth Stellar operational track-record… 12 month rolling mortality rate as a % of fish stock 20% … yielding improved efficiency… 16% Yearly harvest volume per capacity (MAB) 1.8x 12% Production 1.7x area 6 1.5x …and falling production cost 8% 1.2x 1.2x 1.2x Production cost, NOK / kg, HOG 1.1x 1.1x 4% 38 38 43 ~43 0% 2017 2018 2019 2020 -19% 49 42 42 39 2017 2018 2019 2020 Average Norway Måsøval1) 2017 2018 2019 2020 Måsøval Average Norway2) 6 1) Production on own licenses; 2) Average production cost per kilo (HOG) including transportation for large Norwegian companies | Source: Fiskeridirektoratet Key investment highlights 1 2 3 Integrated value chain and strong Attractive license portfolio in one of Near term growth secured through operational performance resulting in the best production areas in Norway recent acquisitions and new licenses highly attractive value generation 4 5 6 Increasing efficiency and falling Favourable outlook for salmon farming Multiple additional avenues to production cost driven by a supported by underlying mega trends increase growth and value generation seasoned management 7 Valuable license portfolio and attractive sites with capacity to optimize 1 operations across sites Flatøyan 15 A growing license portfolio with large potential Fjølværet 14 ▪ Total owned license portfolio with 9,760 tonnes 15.2 thousand tonnes MAB 13 MAB after auction round in 2020 (added ~2,000 Lamøya = ~19.5 licenses Langøya 12 tonnes) and recent M&A (added 780 tonnes) in 11 (assuming each at 780 tonnes MAB) Bukkholmen 2021 8 9 10 7 Måøydraget Ilsøya ▪ Additional 2,340 tonnes currently operated by 15.2 Fagerholmen Espnestaren Måsøval under agreements 3.1 ▪ 3,120 tonnes granted in connection with Aqua Production Semi development project which can be utilized 0.8 area 6 5 subject to execution of the project 1.6 Production Hårkallbåen Kistvika area 5 6 ▪ Site capacity of 41,340 across farming sites giving high flexibility to optimize farming ▪ Application pending for three exhibition licenses, 12.1 each of 780 tonnes MAB 9.8 Production cost 2020 (NOK / kg)4) 3 4 Or -6% -4% Kattholmen 2 Development (Aqua Semi)1) 42 41 39 Gaustad Education (leased)2) 3) Operated Orholmen Commercial (owned) Avg. Norway Avg. Mid-Norway Måsøval 1 Farming site Listed companies 1) Four development licenses grated which can be used contingent on development of Aqua Semi project; 2) Leased 2021-2031; 3) 8 Owned by Aquagen, operated by Måsøval receiving ~47.5% of the value generation; 4) Based on quarterly reports Several growth initiatives recently finalized to accelerate production 2 growth and build a more comprehensive operational platform Recently executed growth initiatives… …to strengthen platform for profitable growth Impact on Net effect from traffic light regulation and auction available MAB Operated Owned Impact on MAB (tonnes) ▪ 2,000 tonnes MAB acquired through auction in H2-2020 1,960 +29% ▪ Net reduction from traffic light regulation of 40 tonnes MAB 0 0 ▪ First harvest on new licenses in 2022 780 +780 +840 12,100 1,960 +780 -780 -840 Lease agreement for one education license (Guri Kunna) 2,340 ▪ Bid won for operation of educational license during 2020 780 +1,960 ▪ Lease effective 10 years from Apr-2021, with first harvest 9,360 on new operated license in 2022 Growth from 3,180 optimizing production +58% Acquisition of Pure farming Growth from increase ▪ Acquisition of Pure Farming with one license of 780 tonnes1) 0 in MAB ▪ License operated by Måsøval since 2019 ▪ Potential to increase utilisation by some 50% 9,760 Roll-up of minorities ▪ Purchased remaining 34% of Gunnar Espnes 0 6,180 Fiskeoppdrett and 36% of Måsøval Fishfarm ▪ Increasing effectively owned MAB by ~840 tonnes Acquisition of Pure Norwegian Seafood (PNS) MAB prior Auction and Guri Kunna Pure Farming Roll-up of MAB after ▪ Purchased 65% of Pure Norwegian Seafood n.a. ▪ Securing in-house processing capacity and sales / to growth traffic light minorities growth initiatives regulation initiatives distribution to capture value from downstream activities (Jan-2020) (Apr-2021) 9 1) 100% acquisition Four development licenses granted for the Aqua Semi project 2 - a semi-closed farming unit Aqua Semi – illustration Harvest potential1) Great potential economic benefit with considerable cost / kg reduction due to In tonnes HOG i.a. lower mortality and no sea lice related costs ~6 000 Signed development contract Increased salmon welfare and minimal environmental footprint Utilize new areas of the sea, currently not used to improve biological conditions and produce more healthy food Financing of project to be concluded together with final investment decision – expected at earliest Q3 2021 75,000 m3 holding capacity Estimated harvest Targeting first generation to be potential from Aqua harvested in 2024 Semi at full capacity 1) Licenses granted, pending investment decision due to ongoing negotiations with suppliers – hence, not currently included in 10 capex plan Targeting ~21,300 tonnes harvest in 2022 2 - with further growth potential from executing the Aqua Semi project Secured additional volumes from visible and ongoing strategic plan In thousand tonnes HOG (✓) Roll-out of Aqua Semi >30% Optimization volume (4 development ✓ / growth on licenses) MAB growth since existing ✓ acquired in 2020 secured licenses Operation of ~28.5 2020 auction education license ~6.0 ~21.3 ~1.2 ~3.5 First year with ~16.3 ~1.4 full effect from license expansion 2020 New education license Purchased license volume Targeted harvest in 2022 Organic growth Aqua Semi1) Potential harvest volume / optimisation of existing license portfolio 1) Licenses granted, pending investment decision due to ongoing negotiations with suppliers – hence, not currently included in 11 capex plan 3 Integrated value chain capturing value generation from end to end Smolt production Salmon farming Processing Sales and distribution ▪ Strong relationship with Aquagen for ▪ Ideal farming conditions across 15 ▪ Processing handled in-house (PNS) and ▪ Sales and distribution setup in-house delivery of quality salmon roe salmon production sites in the southern through external parties through PNS, in addition to sales part of Trøndelag and Nordmøre through Seaborn and Norway Royal ▪ Smolt to execute on growth plan ▪ In process of moving most processing Salmon secured through two in-house ▪ Total available MAB capacity of 12,100 in-house by 2023 production facilities and suppliers tonnes (ordinary and other) ▪ In process of moving most sales / ▪ ~23,000 tonnes capacity per annum at distribution in-house by 2022 ▪ Proximity to high quality fresh water and ▪ Additional 3,120 capacity granted as in-house facility located at Averøy an experienced team have enabled a development licenses from Aqua Semi outside of Kristiansund
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