Norwegian Air Shuttle ASA - M&A Activity 2017

Contemplated offer to acquire shares in Norwegian Air Shuttle ASA

HBK Holding AS, majority owned by Bjørn Kjos and with Bjørn

H. Kise as co-owner and chairman, has engaged Arctic

Securities AS and Danske Bank (the "Managers") to explore

the opportunity to acquire up to approximately one million

shares (~2.8 per cent of the share capital) in Norwegian Air

Shuttle ASA, but with the possibility for HBK Holding AS at

its full discretion to decrease the number of shares to be

acquired (the "Offer").

The Offer is carried out through a book building process.

The Managers will gather and accumulate sales orders from

existing shareholders. All existing shareholders are invited

to offer shares at a price level defined by the selling

shareholder. For all selling shareholders the purchase price

will be set at a level representing a satisfactory price and

offering volume. The purchase price will be identical for

all selling shareholders.

The book building process commences immediately, and will

close no later than at 08:00 CET, 14 September 2017. The

book building period can be closed earlier or extended at

the Managers' own discretion. If an acquisition is to be

completed, pricing and allocation will follow shortly

thereafter. Allocation will then be made 14 September 2017,

and settlement will then take place on 19 September 2017.

HBK Holding AS reserves the right to terminate the Offer or

make any amendments with regard to the volume or other terms

of the Offer.

For shareholders wishing to participate in the Offer, please

contact:

Arctic Securities AS - Tel: +47 21 01 31 85

Danske Bank - Tel: +47 22 86 13 85

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