Norwegian Air Shuttle ASA — Share Issue/Capital Change 2021

Mar 30, 2021

Norwegian Air Shuttle ASA (NAS) – Conversion of Perpetual Bonds – New share capital registered

Norwegian Air Shuttle ASA (NAS) – Conversion of Perpetual Bonds – New share capital registered

Reference is made to the following perpetual bond issues of Norwegian Air Shuttle ASA (the “Company”):

(i) Norwegian Air Shuttle ASA perpetual 0% EUR convertible bond loan with ISIN NO 0010883416 in the aggregate amount of EUR 7,617,931 (“EUR Perpetual Bonds”); and

(ii) Norwegian Air Shuttle ASA perpetual 0% USD convertible bond loan with ISIN NO 0010883515 in the aggregate amount of USD 73,606,742 (“USD Perpetual Bonds”).

The EUR Perpetual Bonds and the USD Perpetual Bonds form part of the Company’s subordinated perpetual bond issues as further described in the prospectus dated 5 May 2020 (the “Prospectus”). As set out in the Prospectus, the perpetual bonds have been issued on multiple ISINs reflecting different currencies of issue.

The Company has received conversion notices from bondholders representing

(a) EUR 450,000 of EUR Perpetuals Bonds; and

(b) USD 4,068,862 of USD Perpetuals Bonds,

which pursuant to standard terms set out in the bond terms are convertible into 113,108new shares in the Company.

Following the conversion, NAS has perpetual bonds in issue in the nominal amount of approximately NOK 770 million (including amounts issued in other currencies exchanged into NOK at the fixed exchange rate set out in the applicable perpetual bond agreements) which may in the option of the holders be converted into approximately 1.8 million shares in the Company at NOK 424.919 (the “Conversion Price”), subject to anti-dilution provisions as set out in the Prospectus.

The Company’s share capital is increased by NOK 11,310.80 by issue of 113,108 new shares. The increase pertaining to the conversion of the USD Perpetual Bonds has today been registered in the Norwegian Register of Business Enterprises (Nw.: Foretaksregisteret). The Company’s new share capital is NOK 4,048,340.30 divided into 40,483,403 shares, each with a nominal value of NOK 0.10.

Issuance of the new shares in the VPS is expected to take place tomorrow.

Fornebu, 30 March 2021

Norwegian Air Shuttle ASA

This information is subject of the disclosure requirements according to Market Abuse Regulation (MAR) Article 17 no. 1, and was prepared by Tore Østby, EVP Strategic Development at Norwegian Air Shuttle ASA, tel +47 99546400.