Norse Atlantic ASA

Earnings Release • May 11, 2023

­­Norse operational update - Ticket sales for peak summer and winter schedules continue to demonstrate strong level of demand

­­Norse operational update - Ticket sales for peak summer and winter schedules continue to demonstrate strong level of demand

· Winter 2023 sun routes out for sale - Oslo to Bangkok and London to Kingston,

Montego Bay and Barbados. Strong bookings indicate that winter network strategy

is on the right track.

· All Norse Atlantic flights to and from New JFK now operate from Terminal 7,

providing a better experience for customers and more robust operation. Norse

offers five European destinations from New York JFK: London, Berlin, Oslo, Rome

and Paris.

· Summer peak travel period continues to show positive booking trends with

higher average fares and increased ancillary sales.

Arendal, 11[th] May 2023: Norse Atlantic Airways launched ticket sales for

direct flights from Oslo to Bangkok operating twice a week from 2[nd] November.

From London Gatwick the airline launched ticket sales to Barbados, Kingston and

Montego Bay, providing customers with lower fares while increasing competition

to these traditionally expensive holiday destinations.

The last remaining New York JFK flight operating into Terminal 1 took place on

30[th] April. All flights from Paris, Oslo, Berlin and London now operate from

JFK Terminal 7 providing a consistent customer experience and improved

operational performance.

Norse Atlantic celebrated moving to the regulated markets Euronext Expand Oslo

Børs. The uplifting to the Euronext Expand listing will allow the company to

welcome new investors and marked a key business objective for Norse Atlantic

Airways in the pursuit to become a leader in the international low-cost, long

-haul market.

"We are very pleased with the positive customer response to our winter sun

routes going out on sale. Oslo to Bangkok is a route that many customers have

been asking us to include in our network and it has proved to be an immediate

hit with travellers looking for an affordable long haul winter sun destination.

Our winter sun route strategy will continue to develop and we look forward to

announcing further destinations soon.

"We are eagerly looking forward to the coming peak summer season as that will be

the first time we have all aircraft generating revenue, and we maintain our goal

of delivering the lowest cost as well as the highest ancillary revenue per

passenger in the industry ," said Bjorn Tore Larsen, CEO Norse Atlantic Airways.

During April, Norse Atlantic Airways recorded an aggregate load factor for the

month of 67 per cent. Norse Atlantic Airways operated a total 218 flights. 79

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

time, an improvement of six per centage points compared to the previous month.

The company operated 99 per cent of scheduled flights. Norse Atlantic carried

48,847 passengers in April.

The second half of May sees the start of Norse accelerating ramp-up of

production, with London to Orlando commencing 25[th] May and London to Miami

-Fort Lauderdale starting 26[th] May, adding one aircraft. Norse will continue

increasing capacity when it adds London to Washington DC on 1[st] June, New York

to Rome on 19[th] June, London to Los Angeles on 30[th] June, equivalent to

adding a further three additional aircraft, while on 1[st] July Norse commences

London to San Francisco. Norse will have all aircraft in revenue generating

activity for the first time from 1[st] July. Demand for transatlantic travel is

strong and based on current bookings and estimates, load factor and average

fares will continue to increase month-by-month through the summer.

Key traffic figures for April are attached.

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, Boston, San Francisco, Washington DC, Oslo, London, Rome,

Berlin and Paris. The Company's first flight took off from Oslo to New York on

14[th ]June 2022.