NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO
THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY JURISDICTION IN WHICH SUCH
RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL

NORWEGIAN AIR SHUTTLE (NAS) - Contemplated secondary placing 

1 September 2021. Reference is made to the "Terms of Dividend Claims" for
Norwegian Air Shuttle ASA (the "Company") dated 11 March 2021 (the "Dividend
Claim Terms") relating to the dividend claims (the "Dividend Claims")
representing part of the dividends approved by (i) the scheme of arrangement
under the Irish examinership commenced by the presentation of a petition on 18
November 2020 for the Company and certain of its Irish subsidiaries as
formulated by the examiner of the Company pursuant to section 534 of the Irish
Companies Act 2014 and (ii) the reconstruction plan under the Norwegian
reconstruction negotiations (Nw. rekonstruksjonsforhandling) in respect of the
Company pursuant to section 23 of the Norwegian Temporary Reconstruction Act
(Nw. rekonstruksjonsloven) commenced by service of a petition dated 8 December
2020. Furthermore, reference is made to the stock exchange announcement from the
Company dated 27 July 2021 regarding the Structured Sale Process of shares on
behalf of the Structured Sale Creditors. For further details, please see
previously published stock exchange notices. 

Capitalised terms used but not defined in this notice shall be given the meaning
given to such term in the Dividend Claim Terms described in the "Proposals for a
Scheme of Arrangement" published by the Company on 11 March 2021.

ABG Sundal Collier ASA and DNB Markets, a part of DNB Bank ASA (together the
"Managers") have been engaged to sell up to 94,961,294 existing shares in the
Company (the "Structured Sale Shares") on behalf of the Structured Sale
Creditors. The Structured Sale Shares represent 11.84% of the share capital in
the Company.

The Structured Sale Process will be directed towards Norwegian and international
institutional investors, in each case subject to and in compliance with
applicable exemptions from relevant prospectus or registration requirements and
other selling restrictions. 

The offer price for the Structured Sale Shares will be determined through an
accelerated bookbuilding process. The bookbuilding period will commence
immediately following the publication of this announcement and will close at 2
September 2021 at 08:00 CEST. The Managers reserve the right at any time in
their sole discretion to close or extend the bookbuilding period. If the
bookbuilding period is extended, the other dates referred to herein will be
extended accordingly. The final offer price will be determined by the Managers
in their sole discretion on behalf of the Structured Sale Creditors. A further
announcement will be made following pricing of the shares in the placing. The
Managers, on behalf of the Structured Sale Creditors, reserve the right, at
their own discretion, to sell fewer shares or no shares at all.

The minimum order and allocation amount have been set to the NOK equivalent of
EUR 100,000. The Managers may, however, in their sole discretion, allocate an
amount below EUR 100,000 to the extent applicable exemptions from the prospectus
requirements set forth in the Prospectus Regulation (EU) 2017/1129, the
Norwegian Securities Trading Act and ancillary regulations are available.

The allocated Structured Sale Shares are expected to be settled on or about 6
September 2021, on a delivery-versus-payment basis. 

The net proceeds from the Structured Sale Process will be distributed to the
Structured Sale Creditors in due course, in accordance with the Dividend Claim
Terms.

Dividend Claims in an approximate amount of NOK 1.1 billion will be converted to
approximately 125 million additional new shares in the Company (No-Sale
Conversion Shares) and issued to No-Sale Creditors on or about the No-Sale
Conversion Date in accordance with the Dividend Claim Terms. The "No-Sale
Conversion Date" means the earlier of: 

(a) a date to be determined by the Obligor and communicated to the Conversion
Agent no later than five (5) Business Days prior to its occurrence, such date to
fall promptly following the completion of the Structured Sale; and 
(b) the date falling three (3) months after the commencement of the Structured
Sale.

After such conversion has been completed no further new shares in the Company
will be issued as a result of conversion of Dividend Claims to shares. Dividend
Claims in an approximate amount of NOK 120 million will remain outstanding after
the No-Sale Conversion Date, subject however to any Additional Dividend Claims
being acknowledged in accordance with the Dividend Claim Terms after the date
hereof.

For further information, please contact:
ABG Sundal Collier: +47 22 01 60 11
DNB Markets: +47 24 16 90 20

The information in this stock exchange notice is considered to be inside
information pursuant to the EU Market Abuse Regulation, and is subject to the
disclosure requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act. 

Important Notice

The distribution of this announcement and the offer and sale of the shares in
certain jurisdictions may be restricted by law. The shares may not be offered to
the public in any jurisdiction in circumstances which would require the
preparation or registration of any prospectus or offering document relating to
the shares in such jurisdiction. No action has been taken by the Managers or any
of their affiliates that would permit an offering of the shares or possession or
distribution of this announcement or any other offering or publicity material
relating to such securities in any jurisdiction where action for that purpose is
required. Persons into whose possession this announcement comes are required to
inform themselves about and to observe any such restrictions. Any failure to
comply with these restrictions may constitute a violation of the securities laws
of any such jurisdiction.

This press release is for information purposes only and does not constitute or
form a part of an offer to sell or a solicitation of an offer to purchase any
security of the Company in the United States or in any other jurisdiction where
such offer or solicitation is unlawful. The securities of the Company described
in this press release have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the "Securities Act"), or any applicable
state or foreign securities laws and may not be offered or sold in the United
States absent registration or an exemption from the registration requirements of
the Securities Act.  There will be no public offering of securities in the
United States.

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