Reference is made to the previous stock exchange announcements byNorwegian Air Shuttle ASA (the "Company") regarding conversion of debt to equity. As described inter alia in the Company's prospectus dated5 May 2020 and the stock exchange notices dated20 May 2020 ,17 June 2020 ,17 July 2020 and6 August 2020 the Company has been working with vendors for conversion of overdue payables into equity and to reduce the overall claims. Following bankruptcy ofOSM Aviation Sweden AB ("OSM") andPilot Services Sweden AB ("PSS"), the Company has through constructive dialogue with the bankruptcy estates of OSM and PSS reached an agreement whereby a total ofSEK 231.3 million in outstanding payables under certain crew provision agreements will be converted into 56,314,248 new shares at the conversion price ofNOK 4.24919 , with 2/3 of such shares being tradable immediately and 1/3 being released from lock-up9 December 2020 . The 56,314,248 new shares to be issued following the conversion are expected to be issued tomorrow,23 October 2020 , subject to timely registration of the share capital increases in theNorwegian Register ofBusiness Enterprises (Nw.: Foretaksregisteret). Following the registration of the capital increase, the Company's new share capital will beNOK 369,602,339.60 divided into 3,696,023,396 shares, each with a nominal value ofNOK 0.10 . The conversion is part of the debt restructuring program to address the outstanding debt. Norwegian is continuing the work with vendor repayment plans and possible further conversion 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please contact: Tore Østby, EVP Strategic Development, phone: +47 995 464 00 Important information The release is not for publication or distribution, in whole or in part directly or indirectly, in or intoAustralia ,Canada ,Japan orthe United States (including its territories and possessions,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 information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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