Norse Atlantic ASA

Share Issue/Capital Change • May 8, 2023

Norse Atlantic ASA: Establishment of long-term incentive program - granting of share options to primary insiders

Norse Atlantic ASA: Establishment of long-term incentive program - granting of share options to primary insiders

Arendal, 8 May 2023: Reference is made to the extraordinary general meeting held

in Norse Atlantic ASA (the "Company" or "Norse") on 24 March 2023 where the

board was granted an authorisation to increase the share capital in connection

with a contemplated share option program.

The Company's board has established a share option program for members of the

Company's senior management and selected key employees. The program is designed

to further strengthen the ownership culture in the group to ensure alignment

between executive employees and shareholders.

Each share option granted under the program carries the right to acquire one

share in the Company. The total number of share options that may be issued under

the program's first year is 4,121,690, equal to approximately 6.2 % of the

shares currently outstanding in the Company. The share options will vest over a

period of five years, in equal parts yearly, and will lapse 2 years after the

expiry of the vesting period.

1,750,000 share options have today been granted to primary insiders under the

share option program at a strike price of NOK 12.75 per share:

· Charles Duncan (President) has been granted 1,000,000 share options.

Following the grant, Charles holds no shares and 1,000,000 share options in

Norse.

· Thom-Arne Norheim (Chief Operating Officer) has been granted 250,000 share

options. Following the grant, Thom-Arne holds no shares and 250,000 share

options in Norse.

· Ben Boiling (Chief Financial Officer) has been granted 250,000 share

options. Following the grant, Ben holds 107,000 shares through his wholly owned

company Bosel AS and 250,000 share options in Norse.

· Kristin Berthelsen (Chief Culture Officer) has been granted 250,000 share

options. Following the grant, Kristin holds 360,000 shares through her wholly

owned company Alltid Alt AS and 250,000 share options in Norse.

Please see the enclosed statutory forms for further details about the individual

transactions.

For further information, please contact:

Ben Boiling, CFO

Phone: +47 912 40 945

Email: ben.boiling@flynorse.com

About Norse Atlantic ASA:

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, Washington DC, San Francisco, Boston, 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 pursuant to the

Market Abuse Regulation article 19 and 5-12 of the Norwegian Securities Trading

Act.