Reference is made to the previous stock exchange announcements by Norwegian Air
Shuttle ASA (the "Company"), regarding, inter alia, the conversion of bond,
lease and vendor debt into equity in the Company and convertible perpetual bonds
(the "Debt  Conversion") as further described in the Company's prospectus dated
5 May 2020 (the "Prospectus") and subsequent announcements. Reference is further
made to the announcement of the Company dated 18 November 2020 regarding its
decision to initiate an examinership process in Ireland relating to its
subsidiary Norwegian Air International Limited (NAI), its wholly-owned asset
company Arctic Aviation Assets DAC (AAA) and some of AAA's subsidiaries, and
that the Company will also enter in and get protection of the Irish Examinership
process as a related party.

As set out in the Prospectus and subsequent stock exchange announcements,
certain amounts of shares and perpetual bonds that have been issued as result of
the Debt Conversion are subject to lock-up regulations. Following the decision
set out in the 18 November 2020 notice, such shares and perpetual bonds shall be
released from lock-up on 25 November 2020.

Accordingly, 842,538,007 Company shares shall on 25 November 2020 be released
from lock-up and transferred to the Company's ordinary ISIN NO0010196140.

In addition, perpetual bonds in a nominal amount of approximately NOK
739,236,930 (including amounts issued in other currencies exchanged into NOK at
the fixed exchange rate set out in the applicable perpetual bond agreements)
shall on 25 November 2020 be released from lock-up. Such perpetual bonds shall
become transferrable and may in the option of the holder be converted into
approximately 173,971,256 ordinary shares in the Company, subject to certain
adjustment provisions including Euro-market standard anti-dilution provisions.
See section 5.5 of the Prospectus and the stock exchange announcement of the
Company dated 30 September 2020 for a further description of the perpetual
bonds.

Fornebu 29 November 2020
Norwegian Air Shuttle ASA


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The release is not for publication or distribution, in whole or in part directly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) or in any other jurisdiction where such publication or
distribution is unlawful. 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.