Reference is made to the previous stock exchange announcements by Norwegian Air
Shuttle ASA (the "Company") regarding the conversion of debt to equity. As
described inter alia in the Company's prospectus dated 5 May 2020 and the stock
exchange notices dated 20 May 2020, 17 June 2020 and 20 July 2020, the Company
has been working with certain of its creditors to convert further debt into
equity and to reduce overall claims. Following constructive discussions with its
operating lessors, the Company has reached an agreement to convert approximately
USD 24.0 million of lease debt into 55,070,783 new shares at the conversion
price of NOK 4.24919, all such conversion shares to be subject to lock-up,
whereby 1/3 of such shares shall be released on each of 9 August 2020, 9 October
2020 and 9 December 2020.

The new shares are expected to be issued today, 6 August 2020, subject to timely
registration of the share capital increase in the Norwegian Register of Business
Enterprises (Nw.: Foretaksregisteret). 

The conversion of lease debt as set out above is part of the debt restructuring
program to address the outstanding debt of the Company. The Company is
continuing the work with repayment plans and possible further conversions of
debt to equity.

For further information, please contact: 
Tore Østby, EVP Strategic Development, phone: +47 995 464 00



Important information 

The release is not for publication or distribution, in whole or in part directly
or indirectly, in or into Australia, Canada, Japan or the United States
(including its territories and possessions, any state of the United States and
the District of Columbia) or in any other jurisdiction where such publication or
distribution is unlawful. This release is an announcement issued pursuant to
legal information obligations, and is subject of the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading Act. It is issued
for information purposes only, and does not constitute or form part of any offer
or solicitation to purchase or subscribe for securities, in the United States or
in any other jurisdiction. The securities mentioned herein have not been, and
will not be, registered under the United States Securities Act of 1933, as
amended (the "US Securities Act"). The securities may not be offered or sold in
the United States except pursuant to an exemption from the registration
requirements of the US Securities Act. 

This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act.

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