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 stock
exchange notices 20 May 2020 and 17 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 between OSM Aviation
Group Ltd. ("OSMA") and the Company's wholly-owned subsidiary Norwegian Air
Resources Ltd. ("NAR") in respect of OSM 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 approximately NOK 812 million in compromised outstanding claims
into 190,988,375 new shares at the conversion price of NOK 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
the 9 August 2020, 9 October 2020 and 9 December 2020. The remaining 19,417,475
conversion shares are not subject to lock-up. The issuance of said shares is
expected on or about 20 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 by Shiphold Ltd, incorporated in
Cyprus with business reg. no. HE 208987, which in turn is controlled by Bjørn
Tore Larsen.
 

For more information, please contact: 
Geir Karlsen, Chief Financial Officer, phone + 47 916 08 332


Norwegian Air Shuttle ASA
Fornebu 17 July 2020




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The release is not for publication or distribution, in whole or in part directly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 disclosure is made pursuant to section 4-3 and 5-12 of the Norwegian
Securities Trading Act.

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