Reference is made to the previous stock exchange announcements byNorwegian Air Shuttle ASA (the "Company") regarding the conversion of debt to equity. As described inter alia in the Company's prospectus dated5 May 2020 and stock exchange notices20 May 2020 and17 June 2020 , the Company has been working with vendors for conversion of overdue payables into equity and to reduce the overall claims. Further reference is made to the joint venture established betweenOSM Aviation Group Ltd. ("OSMA") and the Company's wholly-owned subsidiaryNorwegian Air Resources Ltd. ("NAR") in respect ofOSM Aviation Ltd. regarding delivery of long-term crew management services to the Company. NAR and OSMA have resolved to separate the business currently conducted through the joint venture such that (ii) certain companies in the joint venture are transferred to NAR and the remaining entities left in the ownership of OSM, and (ii) to convert approximatelyNOK 812 million in compromised outstanding claims into 190,988,375 new shares at the conversion price ofNOK 4.24919 . Of these conversion shares, approximately 171,570,900 shares are subject to lock-up, whereby 1/3 of the conversion shares shall be released from lock-up on each of the9 August 2020 ,9 October 2020 and9 December 2020 . The remaining 19,417,475 conversion shares are not subject to lock-up. The issuance of said shares is expected on or about20 July 2020 . Upon completion of the conversion,OSM Aviation Group Ltd. and its group companies will hold 190,988,375 shares in the Company, representing approximately 5.52 % of the outstanding shares and votes in the Company. Prior to completion of the conversion, neither OSM nor any of its controlling companies (identified below) held any shares or votes in the Company.OSM Aviation Group Ltd. is a company controlled byShiphold Ltd , incorporated inCyprus with business reg. no. HE 208987, which in turn is controlled by BjørnTore Larsen . For more information, please contact:Geir Karlsen , Chief Financial Officer, phone + 47 916 08 332Norwegian Air Shuttle ASA Fornebu17 July 2020 Important information The release is not for publication or distribution, in whole or in part directly or indirectly, in or intoAustralia ,Canada ,Japan orthe United States (including its territories and possessions, any state ofthe United States and theDistrict 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, inthe 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 inthe United States except pursuant to an exemption from the registration requirements of the US Securities Act. This disclosure is made pursuant to section 4-3 and 5-12 of the Norwegian Securities Trading Act.
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