Reference is made to the applications of salmon licenses for up to 8,000 tonnes
maximum allowed biomass (MAB) in Isafjardardjup in the Westfjords of Iceland, as
disclosed in the Company's information document from 19th of February 2020. 

Today, MAST (Iceland Food and Veterinary Authority) and Umhverfisstofnun (The
Environment Agency of Iceland) have both advertised their proposal of new
farming licenses for Arctic Sea Farm, a 100% owned subsidiary of Arctic Fish
Holding AS for 8,000 tonnes (MAB) in Isafjardardjup. Of which the maximum
biomass of fertile salmon can amount to a maximum of 5,200 tonnes at any given
point in time, the remaining or all can be rainbow trout.  This license replaces
a previously issued rainbow trout license for 5,300 tonnes at one site in
Isafjardardjup, with two new sites being added and biomass production increased
from 5,300 tonnes to 8,000 tonnes.

Now stakeholders have until July 5th, 2023 to comment on the license and after
that, it should be issued. When the license has been issued the company will
hold 29,800 tonnes (MAB) of licenses; licenses for fertile salmon for 27,000
tonnes (MAB); and trout licenses for 2,800 tonnes (MAB). 

For more information contact the Arctic Fish CFO: Neil Shiran Thorisson,
nst@afish.is, +354 8315300

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