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. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT
THE END OF THIS STOCK EXCHANGE ANNOUNCEMENT. THIS ANNOUNCEMENT DOES NOT
CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.


Reference is made to previous stock exchange announcements by Norwegian Air
Shuttle ASA (the "Company" or "NAS") with respect to the Irish examinership
processes in Ireland for the Company and certain of its related Irish companies
(the "Examinership Companies") (the "Examinership"), the supplementary
reconstruction process for the Company in Norway (the "Reconstruction") and the
capital raise of up to NOK 6,000 million (the "Capital Raise"), and in
particular to the stock exchange announcement of 11 March 2021 regarding the
launch of a scheme for an exit from the Examinership and Reconstruction and
proposed schemes of arrangement related to the Examinership and a restructuring
plan related to the Reconstruction (as further set out therein and together the
"Restructuring Proposal").

The Effective Date (as defined in the Restructuring Proposal) will occur today.
The Effective Time (as defined in the Restructuring Proposal) is subject to the
registration of the share capital increases and the issuance of convertible
loans pertaining to the Capital Raise with the Norwegian Register of Business
Enterprises, expected to occur shortly after close of trading on the Oslo Stock
Exchange today.

Consequently, the Company and the Examinership Companies have successfully
emerged from the Examinership and the Reconstruction, completed the Capital
Raise, implemented the Restructuring Proposal and concluded the restructuring.
The Reconstruction Proposal will take effect upon the occurrence of the
Effective Time, expected to occur shortly after close of trading on the Oslo
Stock Exchange today, 26 May 2021.

Throughout the Examinership and Reconstruction processes, the Company has
managed to reduce its total debt since the end of 2019 by approximately NOK 63 -
65 billion. In addition, it has discontinued its long haul operations, reduced
its fleet from 156 aircraft to 51 aircraft, as well as terminated aircraft
orders with Boeing and Airbus representing CAPEX commitments of approximately
NOK 85 billion in aggregated value. 

The Company has negotiated and signed competitive agreements for 4 owned and 44
leased aircraft and intends to operate the fleet on a short-haul network
primarily in Norway and the Nordics or from Norway/the Nordics to Continental
Europe. An additional 3 aircraft are under documentation to be retained and
leased. All 51 aircraft will be operated based on "Power by the Hour" agreements
through Q1 2022 which significantly increase the Company's flexibility and limit
lease payments in the event of a prolonged period with challenging markets due
to the COVID-19 pandemic.

The Company's total liabilities upon completion of the Restructuring Proposal
will be approximately NOK 16 - 18 billion, of which NOK 5.8 - 6.3 billion is
aircraft related debt. The Company's cash balance (including restricted cash)
upon completion of the Restructuring Proposal is estimated to be approximately
NOK 7 billion. 

Advisors:
DNB Markets, a part of DNB Bank ASA, acted as Sole Global Coordinator and Joint
Bookrunner for the Capital Raise and ABG Sundal Collier ASA acted as Joint
Bookrunner (jointly the "Managers"). Seabury Securities ltd served as financial
advisor for the Capital Raise. Advokatfirmaet BAHR AS acted as legal counsel to
the Company and Advokatfirmaet Thommessen AS acted as legal counsel to the
Managers.

For further information, please contact: 

Geir Karlsen, Chief Financial Officer, phone: +47 916 08 332 


Fornebu 26 May 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). This release is an announcement issued pursuant to
legal information obligations and is subject to 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. 

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 exclusively for the Company and no one else in
connection with the Capital Raise and will not be responsible to anyone other
than the Company for 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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© Oslo Bors ASA, source Oslo Stock Exchange