Reference is made to the stock exchange announcement dated 24 September 2021 and
subsequent announcements made on 16 December 2022 and on 2 March 2023, in which
Norwegian Air Shuttle ASA ("Norwegian") announced that it would seek judicial
review on whether it was obliged to surrender EU ETS allowances in full despite
being subject to reconstruction in the Norwegian courts, and whether the penalty
imposed on Norwegian for not doing so is valid.

The Oslo District Court has today rendered its judgement in the proceedings. The
court found that Norwegian was entitled to fulfil its EU ETS obligations for
2020 by offering dividend corresponding to the allowance obligations. The court
also ruled that the penalty for the failure to meet the EU ETS obligations for
2020 was unlawful. As announced in a stock exchange announcement on 2 March
2023, Norwegian paid the penalty amount of close to NOK 400 million to avoid
enforcement and reserved its rights to claim return of this amount plus interest
following a final conclusion. Thus, Norwegian is entitled to a full refund of
the penalty amount, including interest currently amounting to NOK 82.6 million,
if the decision becomes final and enforceable. In addition, Norwegian was
awarded compensation for legal costs amounting to NOK 9.8 million.

"This judgement confirms our understanding of the law, and we are grateful that
the court recognised the unique circumstances surrounding our reconstruction and
the constraints it placed on our ability to meet certain obligations. This
outcome allows us to concentrate fully on our ongoing commitment to reducing our
climate footprint," said Geir Karlsen, CEO of Norwegian.

The judgement from the Oslo District Court supports the views of other
stakeholders and experts. When Norwegian was informed about the potential
penalty in 2021, the Reconstructor in Norway, Håvard Wiker, was in dialogue with
both the Norwegian Environmental Agency and the Attorney General of Civil
Affairs. In this dialogue the Reconstructor clarified that Norwegian was under
reconstruction and was not allowed to fulfil its EU ETS obligations, and that
doing so could entail criminal liabilities. In the parallel Irish examinership
process, the Irish High Court ruled, in accordance with the view of the Irish
Examiner, that EU ETS obligations are subject to cram down.

The judgement from the Oslo District Court is not final. Norwegian will make a
stock exchange announcement when the judgement is final, depending on whether
the Ministry of Climate and Environment files an appeal to the Court of Appeal.
For further information, please see notes regarding Contingencies and Legal
Claims in the latest Quarterly Report and the Annual Report of 2023.


For further information, please contact: 
Jesper M. Hatletveit, Investor Relations at Norwegian Air Shuttle ASA Tel: +47
906 64 401


Norwegian Air Shuttle ASA 
Fornebu, 20 December 2024


This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.