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


Reference is made to the stock exchange announcement of Norwegian Air Shuttle
ASA (the "Company" or "NAS") dated 25 May 2021 regarding the final results of
the capital raise (consisting of a new capital perpetual bonds offering, a
private placement and a rights issue) raising gross proceeds of approximately
NOK 6,000 million by issuing 658,945,686 new shares (the "New Shares") and new
capital perpetual bonds in the Company (the "New Capital Perpetual Bonds").
Further reference is made to the stock exchange announcement of 11 March 2021
regarding the launch of a scheme for an exit from the Irish examinership (the
"Examinership") and Norwegian reconstruction (the "Reconstruction") processes
for the Company and certain of its related Irish companies (the "Examinership
Companies") 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") and the stock exchange announcement
published by the Company earlier today regarding the occurrence of the Effective
Date (as defined in the Restructuring Proposal). 

The share capital increases pertaining to the rights issue and the private
placement have now been registered in the Norwegian Register of Business
Enterprises (Nw. Foretaksregisteret). The Company's new share capital is NOK
70,125,485.40, divided into 701,254,854 shares, each with a nominal value of NOK
0.10. 

The new shares issued in the rights issue are expected to be registered on the
respective subscribers' VPS accounts on or around 28 May 2021 and will be listed
and tradable on the Oslo Stock Exchange on or about 27 May 2021, subject however
to the relevant subscriber having paid the subscription amount. The new shares
issued in the institutional offering of the private placement are expected to be
delivered to the respective investors on a delivery versus payment basis on or
around 27 May 2021, whereas the new shares issued in the eligible creditor
offering of the private placement are expected to be delivered to the respective
investor on or around 28 May 2021, subject however to the relevant investor
having properly paid for the allocated shares in accordance with the procedures
set out in the securities note dated 6 May 2021.

Furthermore, the issuance of the convertible loan pertaining to the New Capital
Perpetual Bonds has today been registered with the NRBE.

Consequently, the Effective Time (as defined in the Restructuring Proposal) has
occurred and the Company and the Examinership Companies have successfully
emerged from the Examinership and the Reconstruction.


Advisors:
DNB Markets, a part of DNB Bank ASA, is acting as Sole Global Coordinator and
Joint Bookrunner for the Capital Raise and ABG Sundal Collier ASA is acting as
Joint Bookrunner (jointly the "Managers"). Seabury Securities ltd serves as
financial advisor for the Capital Raise and Lead Financial Restructuring
Advisor. Advokatfirmaet BAHR AS is acting as lead legal counsel to the Company
for the overall financial restructuring and the capital raise, Matheson is
acting as legal counsel to the Company in Ireland, Weil Gotshal & Manges is
acting as legal counsel to the Company in the USA. Advokatfirmaet Thommessen AS
is acting 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

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 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