Norway Royal Salmon ASA (NRS): Proposal for subsequent share offering and correction of the number of Offer Shares in the Private Placement

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

Trondheim, 31 March 2022: Reference is made to the stock exchange notice by Norway Royal Salmon ASA ("NRS" or the "Company") on 31 March 2022 at 07:12 (CEST) announcing the successful placement of a private placement of new shares in the Company (the "Offer Shares") raising gross proceeds of approximately NOK 1.9 billion (the "Private Placement"), where the Company also announced that it would consider to conduct a subsequent share offering (the "Subsequent Offering").

The Board of Directors of the Company (the "Board") has today proposed to conduct the Subsequent Offering with gross proceeds up to NOK 303 million by issuing up to 1,500,000 new shares at the same subscription price as in the Private Placement, being NOK 202 per share (the "Subscription Price").

The Subsequent Offering is proposed directed towards shareholders of the Company as of 30 March 2022 (as registered with the VPS on 1 April 2022) who (i) were not allocated shares in the Private Placement, (ii) have not explicitly decided not to participate in the Private Placement and (iii) who are not resident in a jurisdiction where such offering would be unlawful or (for jurisdictions other than Norway) would require any prospectus, filing, registration or similar action). Such shareholders will be granted non-transferable subscription rights that provide rights to subscribe for and be allocated shares in the Subsequent Offering at the Subscription Price.

Completion of the Subsequent Offering is conditional upon the Private Placement and the issuance of the Share Consideration, as further described in the stock exchange notices of i.a. 30 March 2022 at 16:30 (CEST) and 31 March 2022 at 07:12 (CEST), being approved by the extraordinary general meeting of the Company to be held on 7 April 2022, and that the general meeting in a subsequent extraordinary general meeting resolves to adopt the Subsequent Offering. The Board will following the extraordinary general meeting of 7 April 2022 convene a new extraordinary general meeting, expected to be held on on 2 May, 2022 to approve the Subsequent Offering.

The Company hereby also corrects the number of allocated Offer Shares in the Private Placement as stated in the stock exchange notice of 31 March 2022 at 07:12 (CEST). The correct number is 9,430,693 Offer Shares.

Advisors:

ABG Sundal Collier is sole manager (the "Manager"), and Advokatfirmaet Wiersholm AS is acting as legal advisor to NRS in connection with the Subsequent Offering. AGP Advokater AS is acting as legal advisor to the Manager.

For further information, please contact:

Klaus Hatlebrekke, Interim CEO: +47 975 16 757

Ola Loe, CFO: + 47 911 79 411

Norway Royal Salmon in brief:

The Norway Royal Salmon (NRS) group owns 36,085 tonnes MAB for salmon farming located in Troms and Finnmark, and 21,800 tonnes MAB for salmon farming and 5,300 MAB for trout farming on Iceland through the company Arctic Fish. In addition, the group has minority interest in two associated Norwegian fish farming companies which together own 9 fish farming licenses. NRS is an attractively positioned fish farming group, which offers salmon to the market through its own sales organisation. For further details, please visit www.norwayroyalsalmon.com.

Important Notice:

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 "US 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 US 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 US Securities Act.

In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that EEA 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 2017/1129 as amended together with any applicable implementing measures in any EEA 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, the 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 the Company's 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 operates, 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 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 document.

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 the Manager nor any of its respective affiliates make any representation as to the accuracy or completeness of this announcement and none of them accept 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 Manager nor any of its affiliates accept any liability arising from the use of this announcement.

This announcement is an advertisement and is not a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on prospectuses to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (as amended) as implemented in any Member State.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation, and is subject of the disclosure requirements of section 5-12 of the Norwegian Securities Trading Act.

The stock exchange announcement was published by Bjørn Kleven, Group Accounting Manager of Norway Royal Salmon ASA at the time set out above.