Norse Atlantic ASA

Earnings Release • Feb 13, 2023

­­Norse January operational update - Good performance from New Year promotional sales and on track to deliver a strong summer 2023 programme

­­Norse January operational update - Good performance from New Year promotional sales and on track to deliver a strong summer 2023 programme

Arendal, 13th February 2023: Norse continues to make good progress on its

business plan to have its UK airline, Norse Atlantic UK, become a significant

part of its operations, with the launch of ticket sales to two new destinations

expected this week. The company is ramping up towards the summer 2023 season

including having over half of its operational fleet based at London Gatwick.

Forward bookings have been good, helped by a successful marketing campaign

towards the end of December and through January.

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

month of 52 per cent, including charter operations. Norse Atlantic Airways

operated a total 229 flights. 74 per cent of operated flights arrived within 15

minutes of the scheduled arrival time. The company operated 98 per cent of

scheduled flights, four cancellations occurred due to general strike action by

the Ver.di union at Berlin airport involving airport staff in ground services

and aviation security, the strikes were not connected to the airline or its

employees. Norse Atlantic carried 35,150 passengers in January.

Building on the growing reputation of Norse Atlantic Airways as a dependable and

reliable charter and ACMI operator, Norse completed 15 charter flights during

the month of January.

During the month Norse Atlantic Airways announced the launch of ticket sales

between Rome Fiumicino (FCO) and New York JFK. The new route will become the

fifth European destination served by Norse from JFK, the daily service will

begin operations on 19th June 2023.

Further, the company is pleased to announce that this week two new US

destinations served from London Gatwick will be launched for sale, with

operations commencing during the summer 2023 programme. These flights will be

operated by the company's UK airline (AOC), Norse Atlantic UK. The beginning of

operations of Norse Atlantic UK marks a milestone for the company and follows

extensive support on both sides of the Atlantic from the Association of Flight

Attendants, Cockpit Association of Norway, British Airline Pilots Association

and Unite unions, airports, business leaders, government leaders and many

others. Further destinations from London Gatwick to the US for the summer 2023

schedule will be revealed by the end of February and will lead to a substantial

increase of the airline's presence in the UK.

To date Norse Atlantic Airways is performing on track or above the business plan

communicated during the Private Placement in November 2022. As previously

communicated, the company will carry out a repair offering to those shareholders

eligible as at 24 November 2022. The repair offering is expected to be done

during the spring once the required prospectus is approved by the Norwegian

Financial Services Authority.

Key traffic figures for January are attached.

"Two targeted sales campaigns in January generated encouraging forward bookings

and show that demand for travel across the Atlantic remains strong. We expect a

strong summer season across our network and especially in the UK as the

investment that we have made in that market reaches its full potential.

The recent announcement that Charles Duncan has joined Norse Atlantic as

President represents an important strengthening of our commercial strategy going

forward, I look forward to working closely with Charles as we fulfil our target

of reaching profitability by year end," 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, primarily 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 serve destinations including New York, Los Angeles, Fort

Lauderdale, Orlando, Oslo, London, Berlin, Rome and Paris. The company's first

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