Atlantic Sapphire ASA - Launch of Recommended Mandatory Tender Offer by Coral HoldCo AS

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, 30 July, 2026

Reference is made to the stock exchange notice dated 26 June 2026 regarding the
transfer of shares in Atlantic Sapphire ASA ("Atlantic Sapphire" or the
"Company") to Coral HoldCo AS (the "Offeror") as a result of which the Offeror
would become the owner of 22,301,236 shares equaling approximately 62.20% of the
shares and votes in the Company, and that the Offeror would make an
unconditional mandatory offer for all the remaining 13,552,809 issued and
outstanding shares in the Company (the "Shares") not owned by the Offeror
pursuant to Chapter 6 of the Norwegian Securities Trading Act (the "Offer").

The offer document for the Offer (the "Offer Document") was approved by the
Norwegian Financial Supervisory Authority (Nw.: Finanstilsynet) in its capacity
as takeover supervisory authority today, on 30 July 2026. 

The offer price in the Offer is NOK 0.80 per Share (the "Offer Price"). The
acceptance period for the Offer will commence at 09:00 hours (CEST) on 31 July
2026 and will expire at 16:30 hours (CEST) on 28 August 2026, unless extended
(the "Offer Period"). The terms and conditions of the Offer, including
procedures for accepting the Offer, are set out in the Offer Document. The Offer
may only be accepted on the basis of the Offer Document and will not be made in
any jurisdiction in which the making of the Offer would not be in compliance
with the laws of that jurisdiction.

The Offer is unanimously recommended by the Board of Directors of the Company
consisting of its independent members (the "Board"). The Board's recommendation
is appended to the Offer Document. 

As part of the restructuring agreement announced on 23 May 2026, the Board has,
subject to customary conditions, undertaken to amend, qualify or withdraw its
recommendation of the Offer only if a competing offer is made, and the Board of
the Company, acting in good faith and taking into account all aspects of such
offer, considers it to be materially more favorable to the shareholders of the
Company, and the Offeror has not matched the superior offer within five business
days.

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

Pareto Securities AS has been appointed by the Norwegian Financial Supervisory
Authority in its capacity as takeover supervisory authority to provide an
independent expert statement in accordance with Section 6-16 of the Norwegian
Securities Trading Act.

The Offer Document will be sent to all shareholders registered in the Company's
shareholder register in Euronext Securities Oslo as of 30 July 2026 in
jurisdictions where the Offer Document may be lawfully distributed. Subject to
applicable regulatory restrictions, the Offer Document shall also be made
available digitally at https://atlanticsapphire.com/investor-relations/ and may
be obtained free of charge during ordinary office hours at the offices of DNB
Carnegie, a part of DNB Bank ASA (the "Receiving Agent") at Dronning Eufemias
gate 30, 0021 Oslo, Norway.

For information on the procedure for accepting the Offer, please refer to the
Offer Document. Questions regarding the acceptance procedure may be directed to
the Receiving Agent at telephone +47 91 50 48 00 or by e-mail to [email protected].

Wikborg Rein Advokatfirma AS is acting as legal advisor to the Offeror in
connection with the Offer. Advokatfirmaet CLP is acting as legal advisor to the
Company and the Board in connection with the Offer. 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 section 5-12. 

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.
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.\