Gigante Salmon AS: New CEO and Chairperson - Changes in management and the board of directors

Bodø, Norway, 23 April 2024

The board of directors of Gigante Salmon AS (the "Company") has today resolved
to appoint Kjell Lorentsen as CEO of Gigante Salmon AS. Lorentsen was appointed
as acting CEO on 19 March 2024, and is now transitioning into the role on a
permanent basis.

Kjell Lorentsen was CEO in the Company from its establishment until September
2021 and has been a member of the Company's non-executive board. He has through
his role as CEO and acting CEO convinced the board of directors that he has the
experience, the decisiveness, the vision and the ambition to drive the further
development of the Company.

"It is with great enthusiasm, I embrace the position of Chief Executive Officer
at Gigante Salmon AS. Following 2.5 years of dedicated construction, it's truly
rewarding to witness the success of our efforts, evidenced by the thriving fish
in our facility. I look forward to developing the company into a commercially
robust participant in the future of land-based aquaculture industry," says Kjell
Lorentsen.

In addition, the Company's nomination committee announces today its
recommendation for composition of the Company's board of directors. Liv Monica
Stubholt is recommended as new chairperson of the board, succeeding Eirik
Sørgård, who will step down from the board as he transitions into retirement.
Kristian Lorentsen, Dagfinn Eliassen and Iselin Tenfjord are proposed as new
board members and Kristin Ingebrigtsen retires from the board.

The composition of the board of directors has been evaluated comprehensively
based on competence and experience. Liv Monica Stubholt will, with her
experience from the seafood industry, politics and law, strengthen the board
with valuable insights. Iselin Tenfjord brings strong expertise in finance,
while Dagfinn Eliassen brings operational experience and insights from the
aquaculture industry. Kristian Lorentsen brings solid competence in management
and auditing.

Liv Monica Stubholt has been a member of the non-executive board of directors in
the Company since 2022 and the nomination committee expresses strong confidence
in her qualifications to assume the position of chairperson. With Liv Monica
Stubholt as chairperson, not only is the professional competence required to
lead the board's work in listed company ensured, but also continuity in the
board's work. 

"I am committed to developing a commercially strong and sustainable land-based
aquaculture industry in Norway. Gigante Salmon has a role to play in leveraging
both the seafood industry competencies and capacity already in place in Norway
and the north. In connection with my proposed appointment as the new chairperson
of the board, I am particularly pleased that Kjell Lorentsen has agreed to join
as CEO on a permanent basis. I look forward to working together with an
experienced and energetic entrepreneur and leader," says Liv Monica Stubholt.

Based on this, the Company has assembled a management team and a board of
directors with drive and competence to further advance the Company towards
becoming a competitive and commercially strong participant. Liv Monica Stubholt,
Iselin Tenfjord and Kristian Lorentsen will attend in person when the Company
presents its Q1 figures at the Seafood Expo Global in Barcelona, stand 5G501, on
Tuesday, 23 April at 13:00.

The Company would at the same time like to take the opportunity to extends its
appreciation to Helge E. W. Albertsen for his work as CEO. The Company expresses
gratitude for his contributions. Albertsen will continue to serve as an advisor
to the Company until 30 June 2024 to ensure a smooth transition.

The Company further expresses its gratitude for the contribution to the Company
made by the outgoing board member Kristin Ingebrigtsen and particularly to Eirik
Sørgård, who has served as chairperson from 2021. Eirik Sørgård's leadership,
dedication, and guidance have been instrumental in navigating the Company
through challenges and opportunities. His vision, experience, and commitment
have left a lasting impact and set a standard for future initiatives. The
Company expresses gratitude for his contributions and wishes him continued
success in his future endeavours.

The election to Gigante Salmon's board of directors will take place at the
Company's annual general meeting on 15 May 2024. The nomination committee's
recommendation will be sent out along with the notice of the general meeting.

Information about the CEO and the proposed board members:

Kjell Lorentsen has been involved in aquaculture since 1988 and is the founder
of the profitable aquaculture group Gigante Havbruk AS. Gigante Havbruk AS is
family-owned and has direct or indirect ownership across all stage of salmon
production. The group has an annual production of approximately 14,000 tons of
salmon, it holds ownership interests in the Salten Aqua group, and through its
subsidiaries Gildeskål Forskningsstasjon AS and LetSea AS, it is the world's
largest private provider of R&D services in salmon aquaculture.

Liv Monica Stubholt has a long track record from the seafood industry including
as former CEO and President of Aker Seafoods ASA. She is a partner at law firm
Advokatfirmaet Selmer AS, where she heads the ESG and Compliance team. Stubholt
primarily works in the seafood and energy transition industries. She holds
several Norwegian and international non-executive board positions. She has
served on the non-executive board of other aquaculture industry companies
including Biomega Group AS (ingredients) and Aquaship AS (well boats).

Stubholt served in politics as deputy minister of Foreign Affairs from 2005 to
2007 and in the Ministry of Petroleum and Energy from 2007 to 2009, focusing on
northern policies and support to Norwegian business and exports. Stubholt is
strongly committed to developing the legal dimension of sustainability. She was
instrumental in developing Arctic Economic Council and she has served on the
international board of the World Ocean Council. This has provided her with
expertise in geopolitics, business development in the north, the EEA agreement
and Norway's cooperation with the EU. 

Iselin Tenfjord has extensive experience in finance, mergers, and acquisitions.
She is the director of the M&A department at Norsk Hydro ASA and has previously
led the strategy and M&A department at Storebrand ASA. Tenfjord has a background
in investment banking at Pareto Securities and holds a master's degree in
finance from the Norwegian School of Economics (NHH). Her appointment to the
board of Gigante Salmon AS is motivated by the need to strengthen the Company's
financial expertise, improve investor relations, and ensure effective management
of the Company's listing.

Kristian Lorentsen brings broad experience, including his role as CEO of Gigante
Havbruk AS, where he oversees subsidiaries in the group. He has also served as
deputy CFO of Gigante Salmon AS and held several board positions in various
companies. Lorentsen is currently a member of the Company's nomination committee
but will resign from this role if he is elected to join the board. With a
background in auditing at EY and executive management education from NHH,
Lorentsen contributes with a solid financial and strategic expertise to the
board of Gigante Salmon AS.

Dagfinn Eliassen began his career as an area manager in Finnmark for the cages
of the former Follalaks AS, later acquired by Cermaq AS. Over time, he advanced
to the role of regional and production manager for Cermaq AS in the North,
responsible for three slaughterhouses and 15 facilities. He also has experience
from Norsk Fisketransport AS (NTS), where he served as marketing manager and
later as deputy CEO. He has also held several board positions, including at
Norway Royal Salmon ASA (NRS). Today, he holds the position of marketing manager
at the equipment supplier SkaMik AS. Eliassen's appointment to the board of
Gigante Salmon AS is particularly justified by his extensive experience and
expertise within aquaculture.

For further information, please contact:

Kjell Lorentsen, CEO
Phone: [phone]
E-mail: [e-mail]

Rune Johansen, CFO
Phone: [phone]
E-mail: [e-mail]

Gigante Salmon:
Gigante Salmon is a land-based salmon farming company with its first production
facility under construction on Lille Indre Rosøy in Rødøy, Norway. The Company's
aquaculture concept is based on a flow-through system, combining the benefits of
conventional and land-based aquaculture while simultaneously eliminating issues
associated with conventional, sea based, farming. Visit www.gigantesalmon.no for
more information.

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