Norse Atlantic ASA

Norse operational update

Arendal, 12 September 2022: During August Norse Atlantic Airways continued its

record of flying 100% of all scheduled flights, while new routes to London

Gatwick, Berlin and Los Angeles were launched during the month. Norse recorded a

load factor for August of 69%, representing a decrease compared to the preceding

month, which can be linked to commencement of new routes. Since Norse's first

flight in June the Company has achieved an aggregate load factor of 75% and

successfully flown all scheduled flights.

With the backdrop of high inflation in Europe and the US, continued high fuel

prices and a reduction in the pent-up travel demand post-Covid, the coming

months will be challenging for the global aviation industry. Norse will be

cautious with regards to its winter 2022 program and is continuously evaluating

all routes, including potentially decreasing its program in line with demand.

Norse continues to enjoy the benefits of flexible aircraft lease terms,

including power by the hour and low lease rates, as well as having a lean

organization.

Norse has recently gone live on more ticket selling platforms and travel content

providers, allowing a wider reach to both consumer and corporate travellers. The

Company will continue to work on adding further channels.

The Company's cargo performance has been strong and continues to develop well on

core routes.

Contacts:

Investors: CFO, Ben Boiling, [email protected]

Media: VP Communications & PR, Philip Allport, [email protected]

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