Atlantic Sapphire ASA: Grant of Share Options – Primary Insider Notification

Reference is made to the resolution by the general meeting of Atlantic Sapphire of 17 September 2024 where it was approved to update the share option scheme as per the proposal of the Board. The Company has annulled the prior option program and granted a new option program with a total of up to 369,817,828 share options with a striking price from NOK 0.12 to NOK 0.21 and a vesting period over three years. Share options have been allocated to the following primary insiders: - Pedro Courard, Chief Executive Officer, has been granted 118,416,701 share options, each with a strike price of NOK 0.12; - Gunnar Aasbo-Skinderhaug, Deputy Chief Executive Officer and Chief Financial Officer, has been granted 94,825,084 share options, each with a strike price of NOK 0.12; - Mario Palma, Chief Technology Officer, has been granted 42,291,679 share options, each with a strike price of NOK 0.12; - Damien Claire, Chief Sales and Marketing Officer, has been granted 28,447,524 share options, each with a strike price of from NOK 0.12 to NOK 0.21; - Valerie Leath, Head of Human Resources & HSE, has been granted 9,482,508 share options, each with a strike price of from NOK 0.12 to NOK 0.21; and - Gonzalo Acevedo, Director of Processing, has been granted 9,482,508 share options, each with a strike price of from NOK 0.12 to NOK 0.21. The strike price of minimum NOK 0.12 constitutes a 20% premium to the recent issuing price of the Atlantic Sapphire shares. The granted share options hold an expiration date of December 10, 2029. Further, the total option program has a three-year vesting period with 25% of the total options vesting each year of which the first 25% have been vested as of December 10, 2024. Each option gives the holder the right upon exercise to purchase one new share in the Company. The Board of Directors in Atlantic Sapphire has proposed a reverse share split of the Atlantic Sapphire share with a ratio of 200:1 and if approved by the EGM the option program will be adjusted accordingly, both number of options and strike price. Further information with regards to the allocation to primary insiders are included in the attached notification forms. The Company has 7,170,808,449 shares outstanding, each with a par value of NOK 0.05. For further information, please contact: Gunnar Aasbo-Skinderhaug, Deputy CEO & CFO investorrelations@atlanticsapphire.com This information is subject to the disclosure requirements pursuant to the Market Abuse Regulation art. 19 and the Norwegian Securities Trading Act section 5-12. About Atlantic Sapphire ASA: Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming, locally, and transforming protein production, globally. Atlantic Sapphire operated its innovation center in Denmark from 2011 until 2021 with a strong focus on R&D and innovation to equip the Company with the technology and procedures that enable the Company to commercially scale up production in end markets close to the consumer.  In the US, the Company holds the requisite permits and patents to construct its Bluehouse® in an ideal location in Homestead, Florida, just south of Miami. The Company's Phase 1 facility is in operation, which provides the capacity to harvest up to approximately 9,500 tons (HOG) of salmon annually. The Company completed its first commercial harvest in the US in September 2020. Atlantic Sapphire is currently constructing its Phase 2 expansion, which will bring total annual production capacity to 25,000 tons and has a long-term targeted harvest volume of 220,000 tons.