Reference is made to the following perpetual bond issues of Norwegian Air
Shuttle ASA (the "Company"):

(i) Norwegian Air Shuttle ASA perpetual 0% USD convertible bond loan with ISIN
NO 0010883515 in the aggregate amount of USD 80,956,203 ("USD Perpetual Bonds");
and

(ii) Norwegian Air Shuttle ASA perpetual 0% USD convertible bond loan with ISIN
NO 0010884646 in the aggregate amount of USD 17,652,897 as described in the
Company's stock exchange notice dated 30 September 2020 ("Future Maintenance
Bonds").

The USD Perpetual Bonds and Future Maintenance Bonds form part of the Company's
subordinated perpetual bond issues as further described in the prospectus dated
5 May 2020 (the "Prospectus").

The Company has received conversion notices from bondholders representing:
(a) USD 1,878,309 of USD Perpetual Bonds; and
(b) USD 17,652,897 of Future Maintenance Bonds,
which pursuant to their terms are convertible into 485,054 new shares in the
Company.

Following the conversion, NAS has perpetual bonds in issue in the nominal amount
of approximately NOK 876 million (including amounts issued in other currencies
exchanged into NOK at the fixed exchange rate set out in the perpetual bond
terms) which may in the option of the holder be converted into approximately
2,061,715 shares in the Company at NOK 424.919, subject to anti-dilution
provisions as set out in the Prospectus (excluding certain perpetual bonds held
by the Company). No further Future Maintenance Bonds remain outstanding.

The Company's share capital is increased by NOK 48,505.40 by issue of 485,054
new shares. The increase pertaining to the conversion of the USD Perpetual Bonds
and Future Maintenance Bonds has today been registered in the Norwegian Register
of Business Enterprises (Nw.: Foretaksregisteret) and issuance of the conversion
shares in the VPS is expected to take place on 22 February 2021. The Company's
new share capital is NOK 4,023,442 divided into 40,234,420 shares, each with a
nominal value of NOK 0.10.

For further information, please contact: 
Tore Østby, EVP Strategic Development, phone: +47 995 464 00

Fornebu, 22 February 2021
Norwegian Air Shuttle ASA



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The release is not for publication or distribution, in whole or in part directly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 information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act.

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