NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, HONG KONG OR JAPAN, OR
ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES
DESCRIBED HEREIN.

Reference is made to the previous stock exchange announcements by Norwegian Air
Shuttle ASA (the "Company"), regarding the public offering of new shares in the
Company, and the conversion of bond, lease and vendor debt into equity in the
Company and convertible perpetual bonds as further described in the Company’s
prospectus dated 5 May 2020 (the “Prospectus”) and subsequent announcements.

Certain amounts of shares and perpetual bonds that have been issued as described
in the abovementioned announcements are subject to lock-up regulations that
expire on 15 June 2020, 9 August 2020, 9 October 2020 or 9 December 2020.
Accordingly, 905,995,590 Company shares shall on 9 August 2020 be released from
lock-up and transferred to the Company’s ordinary ISIN NO0010196140.

In addition, perpetual bonds in a nominal amount of NOK 670,601,858.30
(including amounts issued in other currencies exchanged into NOK at the fixed
exchange rate set out in the applicable perpetual bond agreements) shall on 9
August 2020 be released from lock-up. Such perpetual bonds shall become
transferrable and may in the option of the holder be converted into
approximately 157,818,749 ordinary shares in the Company, subject to certain
adjustment provisions including Euro-market standard anti-dilution provisions.
See section 5.5 of the Prospectus for a further description of the perpetual
bonds.

For further information, please contact: 
 
Tore Østby, EVP Strategic Development, phone: +47 995 464 00


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The release is not for publication or distribution, in whole or in part directly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 of 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 Company does not intend to register any portion of the 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.

Any offering of the securities referred to in this announcement will be made by
means of a prospectus. This announcement is an advertisement and is not a
prospectus for the purposes of Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 on prospectuses to be published
when securities are offered to the public or admitted to trading on a regulated
market, and repealing Directive 2003/71/EC (as amended) as implemented in any
Member State. Investors should not subscribe for any securities referred to in
this announcement except on the basis of information contained in the
aforementioned prospectus. Copies of any such prospectus are available from the
Company's registered office and, subject to certain exceptions, on the websites
of ABG Sundal Collier ASA (www.abgsc.no), DNB Markets, a part of DNB Bank ASA
(www.dnb.no/emisjoner) and Danske Bank, Norwegian Branch (www.danskebank.no/nas)
(jointly, the "Managers").

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
offering 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 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.