Miami, FL, May 1, 2022

Reference is made to the resolution dated 11 May 2021 by the annual general
meeting of Atlantic Sapphire ASA (the "Company") whereby the general meeting
granted Johan Andreassen, Chairman and primary insider, a total of 1 million
share options (the "Share Options"). The Share Options were divided into 5
tranches, with 200,000 Share Options becoming effective annually. On 1 May 2022,
200,000 Share Options, each with a strike price of NOK 200, have become
effective.

Each Share Option gives the right to receive one (1) share in the Company
against payment of the abovementioned strike price. Each tranche of Share
Options shall vest over a period of four (4) years, with 25% of the Share
Options in each tranche vesting annually. Each tranche of Share Options shall
have a duration of 10 years following the grant date (term), which implies that
the Share Options shall expire automatically if they have not been exercised
within such term

Please refer to the attached notification form for further details on the grant
of the 200,000 Share Options that became effective today.

For further information, please contact:

Johan E. Andreassen 
Chairman, Atlantic Sapphire ASA, and CEO, Atlantic Sapphire USA LLC