27.2.2025 00:27:09 CET | Andfjord Salmon | Inside information

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN
AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S
REPUBLIC OF CHINA, SOUTH AFRICA, NEW ZEALAND, JAPAN OR THE UNITED STATES, OR ANY
OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL

Reference is made to the stock exchange announcement by Andfjord Salmon Group AS
("Andfjord Salmon" or the "Company") on 26 February 2025, regarding a
contemplated private placement of new shares (the "Offer Shares").

The Company hereby announces that it has allocated 17,142,858 Offer Shares at a
subscription price of NOK 35 per share (the "Offer Price"), raising gross
proceeds of approximately NOK 600 million (the "Private Placement"). ABG Sundal
Collier ASA, Arctic Securities AS and SpareBank 1 Markets AS acted as joint
bookrunners (the "Managers") in connection with the Private Placement. The net
proceeds from the Private Placement will be used for advancement of the
Company's Phase 2 construction at Kvalnes, optimization of fish logistics for
improved production output, preparations for adherence to expected regulatory
changes, as well as general corporate purposes.

Completion of the Private Placement remains subject to approval of the issuance
of Offer Shares by an extraordinary general meeting of the Company expected to
be held on or about 13 March 2025 (the "EGM").

The following close associates to primary insiders were allocated Offer Shares
in the Private Placement:

* Jerónimo Martins Agro-Alimentar, S.A., close associate to board member Antonio
Serrano, was allocated 6,471,428 Offer Shares

* Eidsfjord Sjøfarm AS, close associate to board member Knut Roald Holmøy, was
allocated 428,571 Offer Shares

* UFI AS, close associate to board member Kim Strandenæs, was allocated 285,714
Offer Shares

The Offer Shares are expected to be settled on a delivery versus payment basis
on or about 13 March 2025 by delivery of existing and unencumbered shares in the
Company that are already listed on Euronext Growth Oslo pursuant to a share
lending agreement (the "Share Lending Agreement") expected to be entered into
between the Company, Jerónimo Martins Agro-Alimentar S.A and the Managers. The
Managers will settle the Share Lending Agreement with new shares in the Company
to be resolved issued following approval by the EGM. The Offer Shares allocated
to applicants will be tradable from the time the market is notified that the
issuance of Offer Shares has been approved.

Completion of the Private Placement is subject to all necessary corporate
resolutions being validly made, including approval of the issuance of the Offer
Shares by the EGM. Further, completion of the Private Placement is subject to
registration of the share capital increase pertaining to the Private Placement
with the Norwegian Register of Business Enterprises and the Offer Shares being
validly issued and registered with Euronext Securities Oslo (VPS).

Members of management and key employees will agree with the Managers to a
lock-up for a period of 12 months from the settlement date for the Private
Placement, subject to customary exceptions. The Company and members of the
Company's Board will agree with the Managers to a lock-up for a period of six
months from the settlement date for the Private Placement, subject to customary
exceptions.

The Private Placement involves that the shareholders' preferential rights to
subscribe for and be allocated the Offer Shares are set aside. The Board of
Directors of the Company (the "Board") has considered the structure of the
equity raise in light of the equal treatment obligations under the Norwegian
Private Limited Companies Act, the rules on equal treatment under Euronext Oslo
Rule Book Part II and the Oslo Stock Exchange's Guidelines on the rule of equal
treatment. The Board is of the view that it is in the common interest of the
Company and its shareholders to raise equity through a private placement. The
Private Placement enables the Company to secure equity financing for advancement
of the Company's Phase 2 construction at Kvalnes, optimization of fish logistics
for improved production output, preparations for adherence to expected
regulatory changes, as well as general corporate purposes. Further, a private
placement will reduce execution and completion risk and allows the Company to
utilize current market conditions and raise capital more quickly, at a lower
discount compared to a rights issue and without the underwriting commissions
normally seen with rights offerings. Further, the Subsequent Offering (as
defined below), if implemented, will secure that eligible shareholders will
receive the opportunity to subscribe for new shares at the Offer Price in the
Private Placement. On this basis the Board has considered the proposed
transaction structure to be in the common interest of the Company and its
shareholders.

The Company intends to carry out a subsequent offering (the "Subsequent Offering
") with non-tradeable subscription rights of up to 1,714,286 new shares in the
Company which, subject to applicable securities law, will be directed towards
existing shareholders in the Company as of 26 February 2025 (as registered in
the VPS two trading days thereafter), who (i) were not allocated Offer Shares in
the Private Placement, and (ii) are not resident in a jurisdiction where such
offering would be unlawful or, would (in jurisdictions other than Norway)
require any prospectus, filing, registration or similar action. Whether or not
such Subsequent Offering will ultimately take place, will depend inter alia on
the development of the price of the shares in the Company after the Private
Placement. Further, the Subsequent Offering is subject to, inter alia,
completion of the Private Placement, approval by the board of directors, and the
publication of an offering prospectus.

Advokatfirmaet Schjødt AS acted as legal advisor to the Company in connection
with the Private Placement.

DISCLOSURE REGULATION

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 the Norwegian Securities Trading Act. This stock exchange
announcement was published by Bjarne Martinsen, CFO of the Company, at the date
and time set out herein, on behalf of the Company.

CONTACTS

 * Investors: Bjarne Martinsen, CFO, Andfjord Salmon Group AS, +47 975 08 345,
   bjarne.martinsen@andfjord.no 
 * Media: Martin Rasmussen, CEO, Andfjord Salmon Group AS, +47 975 08 665,
   martin@andfjord.no 

ABOUT ANDFJORD SALMON

Located at Andøya on the Arctic Archipelago of Vesterålen, Norway, Andfjord
Salmon is developing the world's most sustainable and fish-friendly aquaculture
facility of its kind. Through a proprietary flow-through system, Andfjord Salmon
combines the best from ocean and land-based salmon farming. In its first
production cycle, the company achieved an industry-leading survival rate of 97.5
percent, feed conversion ratio of 1.05, superior share of 91.1 percent, and
required 1 kWh to produce one kilo of salmon. For more information, see 
www.andfjordsalmon.com - http://www.andfjordsalmon.com - 
http://www.andfjordsalmon.com/.

Important notices

This announcement is not and does not form a part of any offer to sell, or a
solicitation of an offer to purchase, any securities of the Company. The
distribution of this announcement and other information may be restricted by law
in certain jurisdictions. Copies of this announcement are not being made and may
not be distributed or sent into any jurisdiction in which such distribution
would be unlawful or would require registration or other measures. Persons into
whose possession this announcement or such other information should come are
required to inform themselves about and to observe any such restrictions.

The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and accordingly may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act and in accordance with applicable U.S. state securities laws.
The Company does not intend to register any part of the offering or their
securities in the United States or to conduct a public offering of securities in
the United States. Any sale in the United States of the securities mentioned in
this announcement will be made solely to "qualified institutional buyers" as
defined in Rule 144A under the Securities Act.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
Prospectus Regulation, i.e., only to investors who can receive the offer without
an approved prospectus in such EEA Member State. The expression "Prospectus
Regulation" means Regulation 2017/1129 as amended together with any applicable
implementing measures in any Member State.

This communication is only being distributed to and is only directed at persons
in the United Kingdom that are (i) investment professionals falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities,
and other persons to whom this announcement may lawfully be communicated,
falling within Article 49(2)(a) to (d) of the Order (all such persons together
being referred to as "relevant persons"). This communication must not be acted
on or relied on by persons who are not relevant persons. Any investment or
investment activity to which this communication relates is available only for
relevant persons and will be engaged in only with relevant persons. Persons
distributing this communication must satisfy themselves that it is lawful to do
so.

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. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict and are beyond its control.

Actual events may differ significantly from any anticipated development due to a
number of factors, including without limitation, changes in investment levels
and need for the Company's services, changes in the general economic, political
and market conditions in the markets in which the Company operate, the Company's
ability to attract, retain and motivate qualified personnel, changes in the
Company's ability to engage in commercially acceptable acquisitions and
strategic investments, and changes in laws and regulation and the potential
impact of legal proceedings and actions. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The Company does not provide any guarantees that the
assumptions underlying the forward-looking statements in this announcement are
free from errors nor does it accept any responsibility for the future accuracy
of the opinions expressed in this announcement or any obligation to update or
revise the statements in this announcement to reflect subsequent events. You
should not place undue reliance on the forward-looking statements in this
announcement. 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 Company does not undertake any 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.

Neither of the Managers nor any of their respective affiliates makes any
representation as to the accuracy or completeness of this announcement and none
of them accepts any responsibility for the contents of this announcement or any
matters referred to herein. This announcement is for information purposes only
and is not to be relied upon in substitution for the exercise of independent
judgment. It is not intended as investment advice and under no circumstances is
it to be used or considered as an offer to sell, or a solicitation of an offer
to buy any securities or a recommendation to buy or sell any securities in the
Company. Neither the Managers nor any of their respective affiliates accepts any
liability arising from the use of this announcement.