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Press release -

Norwegian initiates a reorganisation plan with its daughter companies Norwegian Air International and Arctic Aviation Assets seeking protection under Irish Examinership

Following the government of Norway’s decision to withhold further support from the airline, and the ongoing COVID-19 pandemic, Norwegian Air Shuttle ASA (“Norwegian”) has decided to initiate an examinership process in Ireland relating to its subsidiary Norwegian Air International Limited (NAI), its wholly-owned asset company Arctic Aviation Assets DAC (AAA) and some of AAA’s subsidiaries; Norwegian will also enter in and get protection of the Irish Examinership process as a related party.

Norwegian has chosen an Irish process since its aircraft assets are held in Ireland. Norwegian has taken this decision in the interest of its stakeholders.

The purpose of the process is to reduce debt, rightsize the fleet and secure new capital. This reorganisation process protects the assets of the Norwegian group while allowing the company to focus on the rightsizing of the group. The process is estimated to take up to five months.

Norwegian will continue to operate its route network (currently limited due to the Covid situation) and trade as normal on the Oslo Stock Exchange (Oslo Børs). Norwegian Reward will continue as normal honouring and earning CashPoints for its members. Safeguarding as many jobs as possible, while rightsizing its asset base, will continue to be a top priority for the management team throughout this process.

Jacob Schram, Norwegian CEO, said: “Seeking protection to reorganise under Irish law is a decision that we have taken to secure the future of Norwegian for the benefit of our employees, customers and investors. Our aim is to find solutions with our stakeholders that will allow us to emerge as a financially stronger and secure airline.”

The process of examinership in Ireland allows financially sustainable businesses to address elements of the business which require restructuring with the aim of protecting jobs and preserving the core value of the business. This protection, through a court appointed examiner, ultimately allows a company to secure new capital and implement a legally binding scheme for the settlement of debts.

“Our intent is clear. We will emerge from this process as a more financially secure and competitive airline, with a new financial structure, a rightsized fleet and improved customer offering,” said Schram.

Based on Norwegian’s current cash position and the projections going forward, the company believes it has sufficient liquidity to go through the above-mentioned process.

*About AAA:

The Norwegian group’s aviation asset platform is held by companies based in Dublin, Ireland. Arctic Aviation Assets DAC is the parent company of these companies. This business area handles aircraft financing and ownership. Arctic Aviation Assets DAC is a wholly owned subsidiary of Norwegian.

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About Norwegian

The Norwegian story began over 27 years ago - we were founded in 1993 but only began operating as a low-cost carrier with bigger Boeing 737 aircraft in 2002. Norwegian expanded across the globe as the airline launched short-haul services across Europe and then entered the long-haul sector serving the US, Asia and South America. We operate a modern and fuel-efficient fleet consisting of Boeing 787 Dreamliners and Boeing 737s.

We were the first airline in the world to join the UN Climate Secretariat’s climate action-initiative in 2019, pledging to work systematically to become carbon neutral by 2050.

From being voted for six consecutive years as Europe’s Best Low Cost airline and for five consecutive years as the World’s Best Low Cost Long Haul Airline by Skytrax to winning Airline Program of the Year Europe & Africa for the fourth consecutive year at the 2020 Freddie Awards - In total Norwegian has won over 55 awards for our service, product and innovation in the industry since 2012.

Norwegian has become part of the fabric of Nordic culture and we take great pride in exporting our Nordic values across the world.

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Marketing/sponsorhip requests: marketing@norwegian.com

Marketing/sponsorhip requests: marketing@norwegian.com

Press contact Marketing/sponsorship requests: marketing@norwegian.com

Norwegian.com

Norwegian is the largest Norwegian airline and one of Europe’s leading low-cost carriers. The company has around 4,500 employees and offers a comprehensive route network between Nordic countries and destinations in Europe. Since 2002, more than 300 million passengers have flown with Norwegian. The most important task has been to offer affordable plane tickets to all and to offer more freedom of choice along the journey.

Norwegian is a driving force for sustainable solutions and the transformation of the aviation industry. The company’s goal is to reduce its CO2 emissions by 45 percent within 2030. To this means, the company is renewing its fleet, promoting sustainable aviation fuel, reducing its waste, and using wind and weather data to calculate the most efficient fuel-saving flights routes. Norwegian wants to become the sustainable choice for its passengers.

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