Reference is made to the stock exchange announcement published by Flyr AS ("Flyr" or the "Company") on 9 November 2022 regarding the updated terms of the contemplated capital raise to potentially raise gross proceeds of up to NOK 700 million through issuance of up to 70,000,000,000 new shares at a subscription price of NOK 0.01 per share (the "Offer Price"), comprising of the following elements:

i. A contemplated private placement of new ordinary shares in the Company (the "New Shares"), raising gross proceeds of NOK 250 million (the "Private Placement")
ii. A subsequent offering of new ordinary shares in the Company towards existing shareholders unable to participate in the Private Placement raising gross proceeds of up to NOK 100 million (the "Subsequent Offering")
iii. An allocation of one subscription right for each new share allocated to investors participating in the Private Placement that can be exercised partially or fully on 31 January 2023, 28 February 2023, or 31 March 2023, raising gross proceeds of up to NOK 250 million
iv. An allocation of one subscription right for each new share allocated to investors participating in the Subsequent Offering that can be exercised on 31 March 2023, raising gross proceeds of up to NOK 100 million (the subscription rights in item iii) and iv) together referred to as the "Subscription Rights").

The Company has been informed that the managers have received orders such that the Private Placement is oversubscribed.

Advisors

Arctic Securities AS, Carnegie AS and SpareBank 1 Markets AS act as Joint Bookrunners in the Private Placement.

For further information, please contact:

Brede Huser, Chief Financial Officer

Phone: +47 99 16 99 74

Email: brede.huser@flyr.com

About Flyr

Flyr is a Norwegian based low-cost carrier with a demand driven business model and a primary focus on the Norwegian market. The company targets a modern, digital, and efficient setup to ensure high operational efficiency through simplicity, optimized resource utilization and smart use of technology. Flyr AS is listed at Euronext Growth under the ticker FLYR.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation.  This stock exchange release was published by Brede Huser, Chief Financial Officer on the time and date provided.

Important information

The release is not for publication or distribution, in whole or in part directly or indirectly, in or into Australia, Canada, Japan Hong Kong or the United States (including its territories and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 of 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 Company does not intend to register any portion of any 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.

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 potential Private Placement in the Company, 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 Private Placement 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.