Atlantic Sapphire ASA: Preliminary Results of the Recommended Mandatory Tender Offer and Disclosure of Large Shareholding

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, INTO OR WITHIN CANADA, AUSTRALIA, HONG KONG, SOUTH KOREA, NEW
ZEALAND, SOUTH AFRICA, JAPAN, THE PHILIPPINES OR ANY OTHER JURISDICTION IN WHICH
THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

Miami, Florida, 28 August 2026

Reference is made to the recommended mandatory tender offer (the "Offer") by
Coral HoldCo AS (the "Offeror") to acquire all issued and outstanding shares
(the "Shares") in Atlantic Sapphire ASA ("Atlantic Sapphire" or the "Company")
not already owned by the Offeror, at an offer price of NOK 0.80 per Share,
pursuant to the offer document dated 30 July 2026 (the "Offer Document"). 

The acceptance period in the Offer (the "Offer Period") expired today, 28 August
2026, at 16:30 CEST.

At the expiry of the Offer Period, preliminary results indicate that the Offeror
has received acceptances under the Offer for a total of 2,341,744 Shares,
representing approximately 6.53% of the issued and outstanding share capital and
voting rights in the Company. In addition, the Offeror already owns 22,301,236
Shares. Consequently, and subject to final results and due settlement of the
Shares for which acceptances are received, the Offeror will, based on the
preliminary results, own 24,642,980 Shares in total, representing approximately
68.73% of the issued and outstanding share capital and voting rights in the
Company. As such, the Offeror's shareholding will pass upwards through the 2/3
threshold pursuant to Section 4-2 of the Norwegian Securities Trading Act.

Please note that the calculation of the number of Shares tendered in the Offer
is preliminary and is subject to change until the VPS accounts of the Company's
shareholders having accepted the Offer are debited and such Shares having been
transferred to a settlement account of DNB Carnegie, a part of DNB Bank ASA
(acting as "Receiving Agent" in the Offer). Furthermore, the final result of the
Offer is subject to customary verification by the Receiving Agent. The final
result of the Offer will be announced once confirmed by the Receiving Agent.

In accordance with the terms set out in the Offer Document, settlement of the
Offer shall take place as soon as possible and no later than 11 September 2026,
being fourteen calendar days after the date of expiry of the acceptance period
in the Offer.

The Offeror is a joint investment company established by, and holding the Shares
on behalf of, a group of the Company's largest shareholders and convertible loan
holders prior to their respective transfers to the Offeror, for the purposes of
the restructuring, consisting of: (i) Condire Management L.P., (ii) Nordlaks
Holding AS, (iii) Nokomis Capital, LLC, (iv) Strawberry Capital AS, and (v) Joh
Johannson Eiendom AS (the "Investor Group"). The Investor Group holds
approximately 93.7% of the USD 59.2 million convertible loan issued by the
Company and approved by its extraordinary general meeting on 30 September 2025.
The Offeror holds no rights to further shares or voting rights in the Company.

For further information about the restructuring of the Company please see the
Company's announcement 23 May 2026 together with subsequent announcements, and
the Offer Document.

Advisors
Wikborg Rein Advokatfirma AS is acting as legal advisor to the Offeror.
Advokatfirmaet CLP DA is acting as legal advisor to the Company. Arctic
Securities AS is acting as financial advisor to the Company and the Board in
connection with the Offer. DNB Carnegie, a part of DNB Bank ASA, is acting as
receiving agent in connection with the settlement of the Offer.

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
7,500-8,500 tons (HOG) of salmon annually. The Company completed its first
commercial harvest in the US in September 2020. Atlantic Sapphire's Phase 2
expansion will bring total annual production capacity to 25,000 tons and the
Company has a long-term targeted harvest volume of >100,000 tons.

This information is subject to the disclosure requirements pursuant to the
Norwegian Securities Trading Act sections 5-12 and 4-2.

Important notice 

The Offer and the distribution of this announcement and other information in
connection with the Offer may be restricted by law in certain jurisdictions. The
Offer Document and related acceptance forms are not and may not be distributed,
forwarded or transmitted into or within any jurisdiction where prohibited by
applicable law, including, without limitation, Canada, Australia, Hong Kong,
South Korea, New Zealand, South Africa, Japan and the Philippines. The Offeror
does not assume any responsibility in the event there is a violation by any
person of such restrictions. Persons in the United States should review "Notice
to U.S. Holders" below. Persons into whose possession this announcement or such
other information should come are required to inform themselves about and to
observe any such restrictions. 

This announcement is for information purposes only and is not a tender offer
document and, as such, is not intended to and does not constitute or form any
part of an offer or the solicitation of an offer to purchase, otherwise acquire,
subscribe for, sell or otherwise dispose of any securities, or the solicitation
of any vote or approval in any jurisdiction, pursuant to the Offer or otherwise.
Investors may accept the Offer only on the basis of the information provided in
the Offer Document. Offers will not be made directly or indirectly in any
jurisdiction where either an offer or participation therein is prohibited by
applicable law or where any tender offer document or registration or other
requirements would apply in addition to those undertaken in Norway. 

Shareholders of Atlantic Sapphire ASA must rely upon their own examination of
the Offer Document. Each shareholder should study the Offer Document carefully
in order to make an informed and balanced assessment of the Offer and the
information discussed and described therein. Shareholders should not construe
the contents of this announcement as legal, tax or accounting advice, or as
information necessarily applicable to each shareholder. Each shareholder should
seek independent advice from their own financial and legal advisors prior to
making a decision to accept the Offer.

No profit forecasts or estimates 
No statement in this announcement is intended as a profit forecast or profit
estimate and no statement in this announcement should be interpreted to mean
that earnings or earnings per Share for the current or future financial years
would necessarily match or exceed the historical published earnings or earnings
per Share. 

Forward-looking statements 
Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. By their nature, forward-looking statements involve risk
and uncertainty because they reflect the companies' current expectations and
assumptions as to future events and circumstances that may not prove accurate. A
number of material factors could cause actual results and developments to differ
materially from those expressed or implied by these forward-looking statements.
No assurance can be given that such expectations will prove to have been
correct. The information, opinions and forward-looking statements contained in
this announcement speak only as at its date and are subject to change without
notice. The Offeror undertakes no obligation to review, update, confirm, or to
release publicly any revisions to any forward-looking statements to reflect
events that occur or circumstances that arise in relation to the content of this
announcement or otherwise. 

Notice to U.S. Holders 
U.S. Holders (as defined below) are advised that the Shares are not listed on a
U.S. securities exchange and that the Company is not subject to the periodic
reporting requirements of the U.S. Securities Exchange Act of 1934, as amended
(the "U.S. Exchange Act"), and is not required to, and does not, file any
reports with the U.S. Securities and Exchange Commission (the "SEC") thereunder.
The Offer will be made to holders of Shares resident in the United States ("U.S.
Holders") on the same terms and conditions as those made to all other holders of
Shares of the Company to whom an offer is made. Any information documents,
including the Offer Document, will be disseminated to U.S. Holders on a basis
comparable to the method that such documents are provided to the Company's other
Shareholders to whom an offer is made. The Offer will be made by the Offeror and
no one else.

The Offer is made to U.S. Holders pursuant to Section 14(e) and Regulation 14E
under the U.S. Exchange Act as a "Tier I" tender offer, and otherwise in
accordance with the requirements of Norwegian law. Accordingly, the Offer is
subject to disclosure and other procedural requirements timetable, settlement
procedures and timing of payments, that are different from those that would be
applicable under U.S. domestic tender offer procedures and law. 

Pursuant to an exemption from Rule 14e-5 under the U.S. Exchange Act, the
Offeror and its affiliates or brokers (acting as agents for the Offeror or its
affiliates, as applicable) may from time to time, and other than pursuant to the
Offer, directly or indirectly, purchase or arrange to purchase, Shares or any
securities that are convertible into, exchangeable for or exercisable for such
Shares outside the United States during the period in which the Offer remains
open for acceptance, so long as those acquisitions or arrangements comply with
applicable Norwegian law and practice and the provisions of such exemption. To
the extent information about such purchases or arrangements to purchase is made
public in Norway, such information will be disclosed by means of an English
language press release via an electronically operated information distribution
system in the United States or other means reasonably calculated to inform U.S.
Holders of such information. In addition, the financial advisors to the Offeror
may also engage in ordinary course trading activities in securities of the
Company, which may include purchases or arrangements to purchase such
securities.
er means reasonably calculated to inform U.S.\
Holders of such information. In addition\, the financial advisors to the Offeror\
may also engage in ordinary course trading activities in securities of the\
Company\, which may include purchases or arrangements to purchase such\
securities.\