Q3: Fast-paced construction continues

Q2: Construction still ahead of schedule

Norway: 17 ktonnes MAB sold at Government auction

Q1: Construction progress and strengthened financials

Andfjord Salmon - Batch #1 continues to show strong metrics

Q2 EBIT in line; capex higher on Phase 2 preparations Continued strong biological performance for Batch #1 Operational metrics support further case de-risking ahead

Andfjord Salmon - Succsessful first smolt release at Kvalnes

Ticking off significant milestone; first smolt in pool The puzzle pieces are coming together in the short-term... …with important months ahead to show proof-of-concept

Andfjord Salmon - Q1: First smolt release only weeks away

Expect limited changes to consensus ‘22e EBIT First release of smolt scheduled for end of June… …a significant milestone for the company

Andfjord Salmon - Q4: water tech de-risked and ready for smolt

We expect limited est. changes to consensus Successful testing of all vital pool functions during Q4 On track for smolt release in Q2’22, we reiterate BUY

Andfjord Salmon - Water flow technology de-risked

Successful testing of the laminar water flow Next significant milestone is smolt release in Q2’22 Expect limited changes to consensus estimates

Andfjord Salmon - On schedule for first smolt release in Q2’22

Limited est. changes apart from lower capex short-term De-risking of laminar water flow in Q4’21-Q1’22 On track for smolt release in Q2’22, we reiterate BUY

Andfjord Salmon - Q3’21: Pool testing according to plan

First pool filled with water, testing of water flow up next First smolt release in Q2’22 as previously indicated We expect limited estimate changes to consensus

Andfjord Salmon - Q2’21: 1st pool ready for water testing

Water inlet fixed and ready to test the water flow First smolt release in Q2’22 as previously indicated We expect limited estimate changes to consensus

Sector Fast Comment - New Norwegian aquaculture strategy

Aquaculture strategy (“Havbruksstrategi”) published today Outlines high-level targets towards 2050 Will evaluate the regulatory regime to fuel growth

Andfjord Salmon - Increased value potential of Kvalnes 1

Potential to scale up Kvalnes, pushing smolt release Longer to proof of concept, but lower biological risk De-risking of water technology shortly, we reiterate BUY

Andfjord Salmon - Q4 report: On track for pool testing in Q2

Higher capex in Q4 from fast tracking of Kvalnes 1 On track for first smolt release summer 2021 We expect consensus to make limited estimate changes

Talking Points - Boozt: Not just a 2020 story

Online penetration still at low levels We upgrade to BUY (Hold), TP SEK 180 (61)

Andfjord Salmon - No time to lose – phase 2 on fast track

Plans to start excavation for the next pools in January Reduces risk of delays and interruption when ramping up We expect important milestones in H1’21, reiterate BUY

Sector Fast Comment - Strong Peruvian anchoveta quota at 2.8mt

’20 2nd anchoveta fishing quota in Peru at 2.8m tonnes Negative for fishmeal and fish oil prices Positive for salmon farming earnings (lower cost)

Talking Points - Andfjord Salmon (BUY): Ready for a big backyard pool ...

Skanska (BUY) Preview: Good outlook for EPS growth in ’21e Potential for lower capex and lower cost/kg if successful Initiating coverage with BUY and target price of NOK 62

Andfjord Salmon - Ready for a big backyard pool party

Land-based salmon farmer with less complex technology Potential for lower capex and lower cost/kg if successful Initiating coverage with BUY and target price of NOK 62