Reference is made to the Norwegian Air Shuttle ASA (the "Company") FRN perpetual
subordinated convertible bond loan with ISIN NO 0010996440, ISIN NO 0010996432,
ISIN NO 0011157331 and ISIN NO 0011157356 in the outstanding amount of NOK
1,523,191,374 (the "New Capital Perpetual Bonds"). 

Pursuant to the bond terms, the New Capital Perpetual Bonds with ISIN NO
0010996440 in the aggregate amount of NOK 1,462,565,952 can be converted into
shares from the date falling on the second anniversary of the issue date (the
"Ordinary Conversion Bonds"). The New Capital Perpetual Bonds with ISIN NO
0010996432 in the aggregate amount of NOK 34,687,951 are convertible into shares
from the issue date, being 26 May 2021 (the "Early Conversion Bonds"). The New
Capital Perpetual Bonds with ISIN NO 0011157331 and NO 0011157356 in the
aggregate amount of NOK 25,937,471 can be converted into shares from the date
falling on the second anniversary of the issue date (the "PIK Bonds"). 

The Ordinary Conversion Bonds and the Early Conversion Bonds were issued as a
part of the capital raise being prescribed under the scheme of arrangement for
the financial restructuring of the Company and certain of its Irish
subsidiaries, which was implemented on 26 May 2021 through an Irish examinership
process and a Norwegian reconstruction process. For further details, please see
the stock exchange announcement on 11 March 2021, 3 May 2021, and 26 May 2021.
The PIK Bonds were issued on 1 December 2021 as payment in kind for interest
accrued on the Ordinary Conversion Bonds and the Early Conversion Bonds in the
interest period ending 1 December 2021.

The Company has received conversion notices from bondholders representing NOK
26,387 PIK Bonds, which pursuant to standard terms set out in the bond terms are
convertible into 2,810 new shares in the Company.

Following the conversion, the Company has New Capital Perpetual Bonds in issue
in the nominal amount of NOK 1,523,164,987, of which NOK 1,462,565,952
constitute Ordinary Conversion Bonds, NOK 34,687,951 constitute Early Conversion
Bonds and NOK 25,911,084 constitute PIK Bonds. The remaining New Capital
Perpetual Bonds may be converted into approximately 162.2 million shares in the
Company at a conversion price of NOK 9.39, subject to anti-dilution provisions. 

The Company's share capital is increased by NOK 281.00 by issue of 2,810 shares.
The capital increase pertaining to the conversion of the New Capital Perpetual
Bonds has today been registered in the Norwegian Register of Business
Enterprises (Nw.: Foretaksregisteret). The Company's new share capital is NOK
96,152,158.20 divided into 961,521,582 shares, each with a nominal value of NOK
0.10.

Issuance of the new shares in the VPS is expected to take place later today.


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


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.