AquaBounty Technologies : Investor Presentation, March 2023

R o t h C o n f e r e n c e

AquaBounty Technologies, Inc.

NASDAQ: AQB

March 2023

Forward-Looking Statements

Safe Harbor Statement

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this presentation are forward-looking statements, including, but not limited to, statements regarding the economic viability of land-based production facilities; the economic and operational benefits of Genetically Engineered (GE) salmon; the projected cost and timing of construction and completion for the Ohio Farm (and other future farms), and the availability and timing of debt financing these projects; projections for pricing, revenue, margin, and payback periods; the potential for increases in productivity, EBITDA, and the profitability of AquaBounty Technologies, Inc. ("AquaBounty"); the size and timing of future harvests and egg production; projected growth in seafood consumption and market size, expansion of the aquaculture industry, and increasing demand for salmon; growth rates of GE salmon and KPIs; continuing supply constraints and their impact on pricing; impacts of future environmental conditions; market interest in land-based aquaculture; anticipated benefits of GE salmon and land-based production to consumers and the environment; non-exposure to pathogens, parasites, or environmental contaminants; the use of antibiotics, chemicals, and medications; continued operational performance against targets; consumer acceptance of GE salmon; AquaBounty's farm development and commercial strategy, including demonstration of commercial viability, successful positioning and messaging of GE salmon, the establishment and types of sales channels, agreements with distributors and industrial producers, joint-venture relationships, and progress against commercial launch timelines; potential for the development of additional products, traits, operational efficiencies and scale, nutritional enhancements, recirculating aquaculture system improvements; potential siting and countries for expansion; the completion of field trials, approval of GE salmon, and potential relationships with local partners in other markets. Although management believes that the plans, objectives, and expectations reflected in or suggested by these forward-looking statements are reasonable, all forward-looking statements involve risks and uncertainties, and actual future results may be materially different from the plans, objectives, and expectations expressed in this presentation. These risks and uncertainties include, but are not limited to: (i) our limited operating history and track record of operating losses; (ii) our cash position and ability to raise additional capital to finance our activities, including to fund the construction and operation of Farm 3; (iii) the anticipated benefits and characteristics of GE salmon; (iv) the ability to secure any necessary regulatory approvals to commercialize any products; (v) our ability to adapt to changes in laws or regulations and policies; (vi) the uncertainty of achieving the business plan, future revenue, and operating results; (vii) the impact of business, political, legal, or economic disruptions or global health concerns, including the impact of the current global health pandemic, labor shortages and supply chain disruptions; (viii) developments concerning our research projects; (ix) our ability to successfully enter new markets or develop additional products; (x) competition from existing technologies and products or new technologies and products that may emerge; (xi) actual or anticipated variations in our operating results; (xii) market conditions in our industry; (xiii) our ability to protect our intellectual property and other proprietary rights and technologies; (xiv) the rate and degree of market acceptance of any products developed through the application of bioengineering, including bioengineered fish; (xv) our ability to retain and recruit key personnel; (xvi) the success of any of our future joint ventures, acquisitions or investments; (xvii) international business risks and exchange rate fluctuations; (xviii) the possible volatility of our stock price; (xix) our estimates regarding expenses, future revenue, capital requirements, and needs for additional financing , including to fund the construction and operation of Farm 3 and (xx) our ability to leverage our experience with Farm 3 to create additional farms. We caution you that the foregoing list may not contain all of the risks to which the forward-looking statements made in this presentation are subject. For a discussion of other risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, see AquaBounty's public filings with the Securities and Exchange Commission ("SEC"), available on the "Investors" section of our website at www.aquabounty.comand on the SEC's website at www.sec.gov. Forward-looking statements are not promises or guarantees of future performance, and we may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements. Actual results or events could differ materially from the plans, intentions, and expectations disclosed in the forward-looking statements we make, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments that we may make. All information in this presentation is as of the date of its release, and AquaBounty undertakes no duty to update or revise this information unless required by law.

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Company And Market

Overview

AquaBounty: Leaders in Aquaculture and Biotechnology

Company Profile
Headquarters:	Maynard, MA
Total Employees:	110

Key Milestones

1989 First genetically engineered ("GE") Atlantic salmon line created

1995 Regulatory approval process begins for GE salmon

RAS Farms:	Albany, Indiana and
	Prince Edward Island, Canada

2015

U.S. Food and Drug Administration ("FDA") approves GE salmon

for consumption in the US

• Committed to feeding a growing world with land-based salmon; farmed efficiently, sustainably and profitably
• Pioneers in land-based aquaculture, using proprietary technology to deliver game changing solutions to global problems
• Blazed the trail for genetically engineered animal protein; overcoming political, regulatory and perceptual hurdles
• Significantly increasing profitability for salmon farming in land- based Recirculating Aquaculture Systems ("RAS")
• Leveraging 25+ years of operational experience with RAS to produce efficiently and ensure success of new farming methods

2016 Health Canada approves GE salmon for consumption in Canada

2017 AquaBounty purchases Indiana Farm

2018 Conventional salmon eggs enter Indiana farm hatchery

2019 GE salmon eggs enter Indiana farm hatchery

2020 First conventional salmon harvested in June

First GE salmon harvested in May

2021 Selected Pioneer, OH for first large-scale farm Regulatory approval for GE salmon granted in Brazil in June

2022 Broke ground on Farm 3 site in Pioneer, Ohio

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Investment Highlights

• $17 billion1 global salmon market driven by a massive supply-demand imbalance and increasing need for fresh and nutritious proteins for a growing global population2
• Proprietary salmon genetics utilized to create genetically engineered (GE) Atlantic salmon3 - the first of its kind, genetically engineered animal approved for consumption by FDA, Health Canada and CTN Bio Brazil
• GE salmon offers superior economics vs. conventional salmon by enabling 70% more harvest output while using 25% less feed⁴ - expected to provide EBITDA margins 2x higher than conventional salmon in land-basedfarms⁵

AquaBounty Technologies, Inc.

(NASDAQ: AQB)

Share Price6	$0.74
Market Cap6	$52.6M
Cash7	$102.6M
Debt7	$8.7M
Shares Outstanding6	71.1M

• Competitive moat created by the regulatory framework gives us a significant lead on anyone planning to come to market with genetically engineered salmon
• Market validation from continuing successful harvests and sales demand for GE salmon since Q2 2021

Float Shares6	65.3M
Institutional Ownership6	29.2%

1. Data as of March 3, 2023
2. Cash and debt as of December 31, 2022. Cash includes restricted cash.

• Construction on Pioneer, Ohio farm continuing - a 10,000 metric ton commercial scale farm; construction began in Q1 2022
• Industry leading management team that brings significant food service, supply & production experience with a robust biotechnology & aquaculture background

1. FAO Statistical Data Search (December 2019)	4. Effects of combined 'all-fish' growth hormone transgenics and triploidy on growth and
2. Westhoek et al., The Protein Puzzle (2011) - United Nations	nutrient utilization of Atlantic salmon (Salmo salar L.) fed a practical grower diet of known
3. U.S. FDA AquAdvantage Salmon Fact Sheet, https://www.fda.gov/animal-veterinary/animals-intentional-	composition - Elsevier, May 24, 2013
AquaBounty.com genomic-alterations/aquadvantage-salmon-fact-sheet	5. Management estimates based on current assumptions	5