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. 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.

Pursuant to the Dividend Claim Terms, all Dividend Claims, other than Dividend
Claims in respect of which the relevant Creditor has delivered a Conversion
Opt-out Notice or a Structured Sale Opt-out Notice within the Opt-out Deadline,
shall be converted to shares in the Company on the Structured Sale Conversion
Date.

Consequently, Dividend Claims in an amount of NOK 821,851,373.84 have been
converted to 94,961,294 new shares in the Company. Such shares will be sold by
ABG Sundal Collier and DNB Markets pursuant to the Structured Sale Process with
the net proceeds thereof to be distributed to the Structured Sale Creditors in
due course, as further set out in and in accordance with the Dividend Claims
Terms.

The Company's share capital is increased by NOK 9,496,129.40 by issue of the
above mentioned new shares. The increase pertaining to the conversion of the
relevant Dividend Claims has today been registered in the Norwegian Register of
Business Enterprises (Nw.: Foretaksregisteret). The Company's new share capital
is NOK 80,229,666.20 divided into 802,296,662 shares, each with a nominal value
of NOK 0.10.

Issuance of the new shares in the VPS is expected to take place later today. 

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 Claims Terms. 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. Approximately NOK
120 million of Dividend Claims 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.


Fornebu 27 July 2021

Norwegian Air Shuttle ASA



Important information 
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 and the Market Abuse Regulation (MAR) Article
17 no. 1, and was prepared by Tore Østby, Investor Relations at Norwegian Air
Shuttle ASA, tel. +47 995 46 400. 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.

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