NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED
STATES OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE
UNLAWFUL. THIS ANNOUNCEMENT IS NOT A PROSPECTUS AND DOES NOT CONSTITUTE AN OFFER
TO SUBSCRIBE OR PURCHASE ANY OF THE SECURITIES DESCRIBED HEREIN. NO ONE SHOULD
PURCHASE ANY SECURITIES IN NORWEGIAN AIR SHUTTLE ASA (THE "COMPANY") EXCEPT ON
THE BASIS OF INFORMATION IN THE PROSPECTUS PUBLISHED BY THE COMPANY IN
CONNECTION WITH THE OFFERING. COPIES OF THE PROSPECTUS ARE AVAILABLE, SUBJECT TO
CERTAIN EXCEPTIONS, THROUGH THE WEBSITE OF THE COMPANY AND THE MANAGERS.


Reference is made to the stock exchange announcement of Norwegian Air Shuttle
ASA (the "Company" or "Norwegian") dated 7 May 2021 regarding the commencement
of the subscription period in the capital raise of up to NOK 6,000 million (the
"Capital Raise"), comprising of:

(i)	an offering of new capital perpetual bonds raising gross proceeds of up to
NOK 1,875 million, 
(ii)	a rights issue raising gross proceeds of up to NOK 395 million (the "Rights
Issue"), and 
(iii)	a private placement of new shares (the "Private Placement") limited to an
amount so that the total gross proceeds from the Capital Raise will not exceed
NOK 6,000 million, 

In addition, reference is made to the stock exchange announcement of the Company
dated 14 May 2021 regarding subscription by primary insiders in the Rights Issue
and the Private Placement. 

The following additional primary insiders of the Company, including their close
associates, have subscribed for shares in the Rights Issue and the Private
Placement at the offer price of NOK 6.26 per share as follows:

Niels Smedegaard, Chairman of the board, has subscribed for 5,283 offer shares
in the Rights Issue based on subscription rights granted for an amount of NOK
33,072.

Sondre Gravir, Director, has subscribed for 2,353 offer shares in the Rights
Issue based on subscription rights granted and 25,000 additional offer shares in
the Private Placement for a total amount of NOK 171,230.

Ingrid Elvira Leisner, Director, has subscribed for 1,756 offer shares in the
Rights Issue based on subscription rights granted for an amount of NOK 10,993.

Eric Holm, Director, has subscribed for 256 offer shares in the Rights Issue
based on subscription rights granted for an amount of NOK 1,603.

Endre Hermansen, CEO adviser, has subscribed for 132 offer shares in the Rights
Issue based on subscription rights granted for an amount of NOK 826. This is in
addition to the announced subscription for 69,888 offer shares in the Private
Placement for an amount of NOK 437,499, announced 14 May 2021.

The applications are subject to completion of the Rights Issue and the Private
Placement and have been made according to the terms and conditions for the
Rights Issue and the Private Placement described in the prospectus comprising of
a summary, a securities note and a registration document, all dated 6 May 2021
(collectively, the "Prospectus"). Please see attached notifications for persons
discharging managerial responsibilities in Norwegian in accordance with
Regulation EU 596/2014 (MAR) article 19 .


Fornebu 20 May 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, 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). This release is an announcement issued pursuant to
legal information obligations and is subject of the disclosure requirements
pursuant to the Market Abuse Regulation (MAR) Article 19. 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. 

The Company does not intend to register any portion of the offering of the
securities in the United States or to conduct a public offering of the
securities in the United States. Copies of this announcement are not being made
and may not be distributed or sent into Australia, Canada, Japan or the United
States. 

In any EEA Member State, other than Norway, the information and documents on
this portion of the website are only addressed to, directed at and  the
Securities may only be offered to, qualified investors in that Member State
within the meaning of  Article 2 (e) of Regulation (EU) 2017/1129 of the
European Parliament and of the Council of 14 June 2017 on prospectuses to be
published when securities are offered to the public or admitted to trading on a
regulated market, and repealing Directive 2003/71/EC (as amended) as implemented
in any Member State .

This announcement is only directed at (a) persons who are outside the United
Kingdom; or (b) investment professionals within the meaning of Article 19 of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the
"Order"); or (c) persons falling within Article 49(2)(a) to (d) of the Order; or
(d) persons to whom any invitation or inducement to engage in investment
activity can be communicated in circumstances where Section 21(1) of the
Financial Services and Markets Act 2000 does not apply.

Any offering of the securities referred to in this announcement will be made by
means of a prospectus. This announcement is an advertisement and is not a
prospectus for the purposes of Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 on prospectuses to be published
when securities are offered to the public or admitted to trading on a regulated
market, and repealing Directive 2003/71/EC (as amended) as implemented in any
Member State. Investors should not subscribe for any securities referred to in
this announcement except on the basis of information contained in the
aforementioned prospectus, if a prospectus is published. Copies of any such
prospectus will, following publication, be available from the Company's
registered office and, subject to certain exceptions, on the websites of the
Managers.
 
The issue, subscription or purchase of shares in the Company is subject to
specific legal or regulatory restrictions in certain jurisdictions. Neither the
Company nor the Managers assume any responsibility in the event there is a
violation by any person of such restrictions. The distribution of this release
may in certain jurisdictions be restricted by law. Persons into whose possession
this release comes should inform themselves about and observe any such
restrictions. Any failure to comply with these restrictions may constitute a
violation of the securities laws of any such jurisdiction. 

The Managers are acting for the Company and no one else in connection with the
offering and will not be responsible to anyone other than the Company providing
the protections afforded to their respective clients or for providing advice in
relation to the offering and/or any other matter referred to in this release. 

Forward-looking statements: This release and any materials distributed in
connection with this release may contain certain forward-looking statements. By
their nature, forward-looking statements involve risk and uncertainty because
they reflect the Company's current expectations and assumptions as to future
events and circumstances that may not prove accurate. A number of material
factors could cause actual results and developments to differ materially from
those expressed or implied by these forward-looking statements. No assurance can
be given that such expectations will prove to have been correct. The Company
disclaims any obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.

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