Norse Atlantic ASA

Earnings Release • Dec 8, 2022

­­Norse operational update - Successful completion of first charter operations and launch of Paris to New York ticket sales

­­Norse operational update - Successful completion of first charter operations and launch of Paris to New York ticket sales

Arendal, 08 December2022: Norse Atlantic Airways ("Norse" or the "Company")

recorded an aggregate load factor in November of 50 per cent, with load factors

on routes from London and Berlin to the US remaining strong while significantly

lower from Oslo. In addition, the Company had four aircraft on sublease for the

month, while a fifth aircraft is expected to go on sublease during December.

Cargo performance continues to get stronger, with average cargo revenue up 23%

per flight compared to October, the fourth consecutive month that month-on-month

cargo revenue has increased on a per flight basis.

During November Norse announced a private placement equity raise for the NOK

equivalent of USD 30 million, which was one and a half times oversubscribed. The

equity raise will ensure that Norse Atlantic is in a strong position to

capitalise on its full planned network next summer, including start-up of

operations by its wholly-owned UK subsidiary, Norse Atlantic UK Ltd ("Norse

UK"). Norse UK has secured five daily slot pairs at London Gatwick at no cost

for summer 2023 and intends to commence operations during Q1 2023.   The ramp up

of UK operations and wider network in Summer 2023 will provide much needed

competition on transatlantic routes, benefiting consumers and stimulating

economic growth on both sides of the Atlantic.

Norse Atlantic Airways successfully completed three charters in November, a

first for the Company, on behalf of the US and Norwegian armed forces. Norse was

chosen for the flexibility and quick turnaround of services, as well as the

reliability and comfort provided by the Dreamliner fleet. The Company is in

advanced discussions to provide additional charter services for international

airlines and other operators during the winter.

Norse launched its sales of its initial routes for summer 2023 during November,

including Paris to New York ticket sales, and will be adding further routes for

sale for summer 2023 shortly. The Company increased its customer offering via

flynorse.com, announcing partnerships with both

Booking.com (https://www.booking.com/), the leading accommodation provider, and

Tickitto, (https://tickitto.com/) providing access to book tickets to events,

tours and attractions across the markets that we serve.

Norse Atlantic is deeply concerned by the Norwegian government's announced 45

per cent increase in the high rate band of air passenger tax in accordance with

the national budget for 2023. Norse Atlantic Airways operates direct

intercontinental point to point routes in a highly competitive and price

-sensitive market. This planned increase means that we may be forced to reassess

our investment in direct routes to from Norway to the detriment of Norwegian

businesses and passengers.

During November, Norse Atlantic Airways operated a total 190 flights.  88 per

cent of operated flights arrived within 15 minutes of the scheduled arrival

time, an improvement of 13 percentage points compared to the previous month.

Norse Atlantic carried 29,816 passengers in November, a decrease on the

preceding month, mainly due to a decrease in available seat kilometres of 52%

following a reduction in capacity as previously announced in September.

Key traffic figures for November are attached.

"Load factor on specific routes remain decent and we are pleased with the

performance of our cargo operations which continue to strengthen month on month.

Our business model is built on adaptability and securing profitable

opportunities such as our charter operations during the quieter winter months

and the 18-month sub leasing agreements for five aircraft to Air Europa. These

income streams provide an additional financial base during the traditionally

leaner winter period.

We are proud that the investor market has shown confidence in our strategy and

for the support that we received during the private placement that took place

towards the end of the month. We will soon be announcing our expanded schedule

between London to the US and look forward to a successful summer 2023

programme," said Bjorn Tore Larsen, CEO Norse Atlantic Airways.

Contacts:

Investors: CFO, Ben Boiling, ben.boiling@flynorse.com

Media: SVP Communications, Philip Allport, philip.allport@flynorse.com

Norse Atlantic Airways is a new airline that offers affordable fares on long

-haul flights between Europe and the United States. The Company was founded by

CEO and major shareholder Bjørn Tore Larsen in March 2021. Norse has a fleet of

15 modern, fuel-efficient and more environmentally friendly Boeing 787

Dreamliners that will serve destinations including New York, Los Angeles, Fort

Lauderdale, Orlando, Oslo, London, Berlin and Paris. The Company's first flight

took off from Oslo to New York on June 14, 2022.