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.

Norwegian Air Shuttle ASA (the “Company”) is pleased to announce that it has
received strong support from lessors for a minimum conversion to equity of USD
730 million (excluding conversion under the so-called power-by-the-hour
arrangement), up from the previously announced USD 550 million. The conversion
is supported by a significant number of lessors and the Company continues to
discuss with other of its lessors for possible further conversion of debt to
equity. 

The Company yesterday announced that major contributions from all bondholders
have been agreed. With the significant contributions from lessors and
bondholders, the Company expects to convert more than NOK 10 billion in debt to
equity. With this, the Company expects to significantly outperform the 8% equity
ratio requirement in the Government State Aid Package. In addition, the Company
expects that the shareholders will approve a public offering of up to NOK 400
million in new equity (the “Public Offering”). The Company is also pleased to
announce that it has received commitments from bondholders to subscribe a
meaningful amount in the suggested Public Offering. 

With the conversion of more than NOK 10 billion from debt to equity now, a
successfully completion of the Public Offering and significant concessions on
future lease costs in the range of USD 200 million that will additionally be
converted into equity, the Company has laid a solid foundation for New Norwegian
and a strong return to the skies once the COVID-19 situation improves. 

The Company has already received approximately 60% support of the convertible
bondholders in the Senior Unsecured Convertible Bonds 2019/2024 in respect of
reconfirming their resolution on 1 May 2020. The Company’s consent solicitation
is attached. 

Norwegian has scheduled its extraordinary general meeting to approve the debt
conversion and share issue on Monday 4 May at 8:30 CET.



 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The release is not for publication or distribution, in whole or in part directly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, if a prospectus is published. Copies of any such
prospectus will, following publication, be 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
(http://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.