Arendal, 08 December2022: Norse Atlantic Airways ("Norse" or the "Company")
recorded an aggregate load factor in November of 50 per cent, with load factors
on routes from London and Berlin to the US remaining strong while significantly
lower from Oslo. In addition, the Company had four aircraft on sublease for the
month, while a fifth aircraft is expected to go on sublease during December.
Cargo performance continues to get stronger, with average cargo revenue up 23%
per flight compared to October, the fourth consecutive month that month-on-month
cargo revenue has increased on a per flight basis.

During November Norse announced a private placement equity raise for the NOK
equivalent of USD 30 million, which was one and a half times oversubscribed. The
equity raise will ensure that Norse Atlantic is in a strong position to
capitalise on its full planned network next summer, including start-up of
operations by its wholly-owned UK subsidiary, Norse Atlantic UK Ltd ("Norse
UK"). Norse UK has secured five daily slot pairs at London Gatwick at no cost
for summer 2023 and intends to commence operations during Q1 2023.   The ramp up
of UK operations and wider network in Summer 2023 will provide much needed
competition on transatlantic routes, benefiting consumers and stimulating
economic growth on both sides of the Atlantic.

Norse Atlantic Airways successfully completed three charters in November, a
first for the Company, on behalf of the US and Norwegian armed forces. Norse was
chosen for the flexibility and quick turnaround of services, as well as the
reliability and comfort provided by the Dreamliner fleet. The Company is in
advanced discussions to provide additional charter services for international
airlines and other operators during the winter.

Norse launched its sales of its initial routes for summer 2023 during November,
including Paris to New York ticket sales, and will be adding further routes for
sale for summer 2023 shortly. The Company increased its customer offering via
flynorse.com, announcing partnerships with both
Booking.com (https://www.booking.com/), the leading accommodation provider, and
Tickitto, (https://tickitto.com/) providing access to book tickets to events,
tours and attractions across the markets that we serve.

Norse Atlantic is deeply concerned by the Norwegian government's announced 45
per cent increase in the high rate band of air passenger tax in accordance with
the national budget for 2023. Norse Atlantic Airways operates direct
intercontinental point to point routes in a highly competitive and price
-sensitive market. This planned increase means that we may be forced to reassess
our investment in direct routes to from Norway to the detriment of Norwegian
businesses and passengers.

During November, Norse Atlantic Airways operated a total 190 flights.  88 per
cent of operated flights arrived within 15 minutes of the scheduled arrival
time, an improvement of 13 percentage points compared to the previous month.
Norse Atlantic carried 29,816 passengers in November, a decrease on the
preceding month, mainly due to a decrease in available seat kilometres of 52%
following a reduction in capacity as previously announced in September.

Key traffic figures for November are attached.

"Load factor on specific routes remain decent and we are pleased with the
performance of our cargo operations which continue to strengthen month on month.
Our business model is built on adaptability and securing profitable
opportunities such as our charter operations during the quieter winter months
and the 18-month sub leasing agreements for five aircraft to Air Europa. These
income streams provide an additional financial base during the traditionally
leaner winter period.

We are proud that the investor market has shown confidence in our strategy and
for the support that we received during the private placement that took place
towards the end of the month. We will soon be announcing our expanded schedule
between London to the US and look forward to a successful summer 2023
programme," said Bjorn Tore Larsen, CEO Norse Atlantic Airways.

Contacts:

Investors: CFO, Ben Boiling, ben.boiling@flynorse.com

Media: SVP Communications, Philip Allport, philip.allport@flynorse.com

Norse Atlantic Airways is a new airline that offers affordable fares on long
-haul flights between Europe and the United States. The Company was founded by
CEO and major shareholder Bjørn Tore Larsen in March 2021. Norse has a fleet of
15 modern, fuel-efficient and more environmentally friendly Boeing 787
Dreamliners that will serve destinations including New York, Los Angeles, Fort
Lauderdale, Orlando, Oslo, London, Berlin and Paris. The Company's first flight
took off from Oslo to New York on June 14, 2022.