NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTOTHE 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 byNorwegian Air Shuttle ASA (the "Company" or "NAS") with respect to the Irish examinership processes inIreland for the Company and certain of its related Irish companies (the "Examinership Companies") (the "Examinership"), the supplementary reconstruction process for the Company inNorway (the "Reconstruction") and the capital raise of up toNOK 6,000 million (the "Capital Raise"), and in particular to the stock exchange announcement of11 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 theNorwegian Register ofBusiness Enterprises , expected to occur shortly after close of trading on theOslo 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 theOslo 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 approximatelyNOK 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 withBoeing and Airbus representing CAPEX commitments of approximatelyNOK 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 inNorway and the Nordics or fromNorway /the Nordics to ContinentalEurope . 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 approximatelyNOK 16 - 18 billion, of whichNOK 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 approximatelyNOK 7 billion . Advisors:DNB Markets , a part ofDNB Bank ASA , acted as Sole Global Coordinator and Joint Bookrunner for the Capital Raise andABG 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 andAdvokatfirmaet Thommessen AS acted as legal counsel to the Managers. For further information, please contact:Geir Karlsen , Chief Financial Officer, phone: +47 916 08 332 Fornebu26 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 intoAustralia ,Canada ,Japan orthe United States (including its territories and possessions, any state ofthe United States and theDistrict 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, 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. 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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