Norse Atlantic ASA

Major Shareholding Notification • Nov 13, 2023

Norse Atlantic ASA: Mandatory notification of redelivery of borrowed shares and disclosure of large shareholdings

Norse Atlantic ASA: Mandatory notification of redelivery of borrowed shares and disclosure of large shareholdings

Arendal, 13 November 2023: Reference is made to the stock exchange announcement

published by Norse Atlantic ASA (the "Company", ticker: NORSE) on 4 November

2023 (the "Announcement") regarding the successful completion of a private

placement raising gross proceeds of approximately NOK 612 million (equal to

approx. USD 55 million) (the "Private Placement"). All terms used in this notice

shall have the meaning ascribed to such terms in the Announcement.

Reference is further made to the stock exchange announcement published on 4

November 2023 on the Company's ticker regarding the mandatory notification of

trade and disclosure of large shareholding relating to the lending by B T Larsen

& Co Ltd, a company closely associated with the Company's CEO, Bjørn Tore

Larsen, to Pareto Securities AS, acting on behalf of the Managers, of 9,978,161

existing and unencumbered shares in the Company that are already listed on

Euronext Expand Oslo, to facilitate delivery-versus-payment settlement to

investors allocated Offer Shares in Tranche 1 of the Private Placement.

Today, following registration of the share capital increase pertaining to the

Company's board of directors resolution to issue the 9,978,161 new shares in

Tranche 1 on 3 November 2023, Pareto Securities AS, acting on behalf of the

Managers, has redelivered the 9,978,161 new shares to B T Larsen & Co Ltd as

settlement of the borrowed shares described above. The new shares issued by the

Company were used for the redelivery. See the enclosed form for further details

about the transaction.

Upon redelivery of the borrowed shares and following the share capital increase,

B T Larsen & Co Ltd. holds 13,211,089 shares in the Company, representing

approximately 17.27% of the issued share capital and votes in the Company.

Consequently, B T Larsen & Co Ltd. has exceeded the 15% threshold pursuant to

section 4-2 of the Norwegian Securities Trading Act. B T Larsen is controlled by

Zulu Holding Ltd, which in turn is wholly owned by the Company's CEO, Bjørn Tore

Larsen.

Furthermore, upon the registration of the share capital increase resolution to

issue new shares in Tranche 1, Scorpio Holdings Limited holds 13,636,056 shares

in the Company, representing approximately 17.83% of the issued share capital

and votes in the Company. Consequently, Scorpio Holdings Limited has fallen

below the 20% threshold pursuant to section 4-2 of the Norwegian Securities

Trading Act.

For further information, please contact:

Investors: CFO, Anders Jomaas, Anders.Jomaas@flynorse.com

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

About Norse

Norse Atlantic Airways is an 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, Orlando,

Boston, Washington, Boston, Jamaica, Barbados, Bangkok, Miami, Oslo, London,

Berlin, Rome and Paris. The company's first flight took off from Oslo to New

York on June 14, 2022.

This information is subject to the disclosure requirements in Regulation EU

596/2014 (MAR) article 19 number 3 and sections 4-2 and 5-12 of the Norwegian

Securities Trading Act.