Reference is made to the previous stock exchange announcements by Norwegian Air
Shuttle ASA (the "Company") regarding conversion of debt to equity. As described
inter alia in the Company's prospectus dated 5 May 2020 and the stock exchange
notices dated 20 May 2020, 17 June 2020 and 17 July 2020, the Company has been
working with vendors for conversion of overdue payables into equity and to
reduce the overall claims. The Company has through constructive dialogue with
vendors achieved conversion of debt to equity whereby a total of approximately
NOK 26.3 million in outstanding payables will be converted into 6,183,077 new
shares at the conversion price of NOK 4.24919, to be issued to the converting
vendors. The conversion shares are not subject to lock-up.

The 6,183,077 new shares to be issued following the conversion of vendor debt
are expected to be issued before open of trading tomorrow, 7 August 2020,
subject to timely registration of the share capital increases in the Norwegian
Register of Business Enterprises (Nw.: Foretaksregisteret).

Following the registration of the capital increase in respect of the vendor
conversion, the Company's new share capital will be NOK 362,888,678.20 divided
into 3,628,886,782 shares, each with a nominal value of NOK 0.10.

The conversion is part of the debt restructuring program to address the
outstanding debt of the Company. The Company is continuing the work with
repayment plans and possible further conversions of debt to equity.

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The release is not for publication or distribution, in whole or in part directly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. 

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

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