20.4.2026 23:33:49 CEST | 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 20 April 2026 regarding, inter alia, a
contemplated private placement (the "Private Placement") of new shares in the
Company.

The Company hereby announces that it has allocated 14,000,827 new shares (the "
Offer Shares") at a subscription price of NOK 27.50 per share (the "Offer Price
"), raising gross proceeds of approximately NOK 385 million. The net proceeds
from the Private Placement will be used for advancement of the Company's
construction at Kvalnes to reach production capacity of 17,000 tons (HOG +
post-smolt) and for general corporate purposes.

Certain close associates to primary insiders have been allocated Offer Shares in
the Private Placement, including i.a.:

* Jerónimo Martins Agro-Alimentar S.A., close associate to board member Antonio
Serrano, was allocated 5,549,818 Offer Shares, and

* Eidsfjord Sjøfarm AS, close associate to board member Knut Roald Holmøy, was
allocated 3,636,363 Offer Shares.

Further information regarding these and other allocations of Offer Shares to
close associates of primary insiders is specified in the attached PDMR
notification forms.

Notification of allocation of Offer Shares is expected to be distributed to the
applicants on or about 21 April 2026 by 08:00 (CEST) by the Managers (as defined
below).

The Company's board of directors (the "Board") has allocated a number of Offer
Shares exceeding the number of shares that may be issued pursuant to the
authorization to issue new shares granted to the Board at the Company's
extraordinary general meeting on 30 December 2025 (the "Board Authorization").
As a result, the completion and settlement of the Private Placement will be
divided into two tranches.

The first tranche will consist of 11,491,566 Offer Shares resolved issued by the
Board pursuant to the Board Authorization ("Tranche 1" and the "Tranche 1 Offer
Shares"). The second tranche will consist of 2,509,261 Offer Shares ("Tranche 2"
and the "Tranche 2 Offer Shares"). The Tranche 2 Offer Shares have been
conditionally allocated to Jerónimo Martins Agro-Alimentar S.A.

Completion of Tranche 1 is subject to (i) the Board resolving to issue the
Tranche 1 Offer Shares pursuant to the Board Authorization and (ii) the Share
Lending Agreement (as defined below) being in full force and effect (the "
Tranche 1 Conditions"). Completion of Tranche 2 is subject to (i) completion of
Tranche 1 and (ii) the Board being granted an authorization at the Company's
annual general meeting on 30 April 2026 (the "AGM") sufficient to cover the
issuance of the Tranche 2 Offer Shares, or, failing which, the Board convening
an extraordinary general meeting resolving to issue the Tranche 2 Offer Shares
(the "Tranche 2 Conditions", and together with the Tranche 1 Conditions, the "
Conditions").

Item (i) of the Tranche 1 Conditions was fulfilled by the Board's resolution to
allocate (conditionally in respect of Tranche 2) the Offer Shares. Subject to
the continued satisfaction of the Tranche 1 Conditions, settlement of Tranche 1
is expected to take place on or about 23 April 2026. Subject to the satisfaction
of the Tranche 2 Conditions, and provided that the Board is granted an
authorization to issue new shares at the AGM, settlement of Tranche 2 is
expected to take place on or about 5 May 2026.

The Offer Shares in Tranche 1 are expected to be settled on a
delivery-versus-payment basis by delivery of existing and unencumbered shares in
the Company already admitted to trading on Euronext Growth Oslo pursuant to a
share lending agreement (the "Share Lending Agreement") entered into between the
Company, the Managers and Jerónimo Martins Agro-Alimentar S.A. As a result,
applicants who have been allocated Offer Shares in Tranche 1 of the Private
Placement will receive tradeable shares upon delivery.

The Managers will settle the Share Lending Agreement with the new shares to be
issued upon completion of Tranche 1.

Following registration of the share capital increases pertaining to the Private
Placement with the Norwegian Register of Business Enterprises, the Company will
have a share capital of NOK 121,191,981 divided into 121,191,981 shares, each
with a nominal value of NOK 1.

NO SUBSEQUENT OFFERING

The Private Placement represents a deviation from the shareholders' pre-emptive
right to subscribe for the Offer Shares. The Board has considered the Private
Placement in light of the equal treatment obligations under the Norwegian
Private Limited Liability Companies Act, the rules on equal treatment under
Euronext Growth Rule Book II - Euronext Growth Oslo and the Oslo Stock
Exchange's Guidelines on the rule of equal treatment, and deems that the
proposed Private Placement is in compliance with these obligations. 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, particularly in light
of the current market conditions and the purpose for which the funds are raised.
Thus, the waiver of the preferential rights inherent in a directed share capital
increase is considered necessary.

By structuring the equity raise as a private placement, the Company has been
able to raise equity efficiently and at an issue price close to the prevailing
market price on Euronext Growth. On this basis, and in Iight of the limited
dilution and other relevant factors, the Board has resolved not to proceed with
a subsequent repair offering.

ADVISORS

Arctic Securities AS, DNB Carnegie, a part of DNB Bank ASA, Nordea Bank Abp,
filial i Norge and SB1 Markets AS (the "Managers") have acted as joint global
coordinators and joint bookrunners in connection with the Private Placement.
Schjødt acted as legal advisor to the Company, and AGP acted as legal advisor to
the Managers. 

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

 * 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 -
https://protect.checkpoint.com/v2/r02/___http:/www.andfjordsalmon.com___.YzJlOnN
jaGpkdGFzOmM6bzplZjdhNDkwYWMyYTE5ZDJkODA2MWI5OTE0YjI2YTNlMjo3OjVkZWI6MTY1M2M5ODQ
3NmUzNTRmMjdmYzM0NmU2ZDhlMGYxYTEyYWUwZDdlMzEzY2Q2ZTBmNTExZWViMTk4NGY0NTMxYjpwOlQ
6VA.

IMPORTANT INFORMATION

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. 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.

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 "U.S.
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 U.S. Securities Act and in accordance with applicable U.S.
state securities laws. The Company does not intend to register any part of the
offering 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 U.S. Securities Act and "major U.S. institutional
investors" as defined in Rule 15a-6 under the United States Exchange Act of
1934.

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
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression "EU
Prospectus Regulation" means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 as amended (together with any
applicable implementing measures in any Member State).

In the United Kingdom, this communication is only addressed to and is only
directed at persons who are "qualified investors", as defined in paragraph 15 of
Schedule 1 to the Public Offers and Admission to Trading Regulations 2024, and
who are: (i) persons having professional experience in matters relating to
investments falling within Article19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"): or (ii)
high net worth entities falling within Article 49(2)(a) to (d) of the Order