Reference is made to the previous stock exchange announcements byNorwegian Air Shuttle ASA (the "Company") regarding the conversion of debt to equity. As described inter alia in the Company's prospectus dated5 May 2020 and the stock exchange notices dated20 May 2020 ,17 June 2020 and20 July 2020 , the Company has been working with certain of its creditors to convert further debt into equity and to reduce overall claims. Following constructive discussions with its operating lessors, the Company has reached an agreement to convert approximatelyUSD 24.0 million of lease debt into 55,070,783 new shares at the conversion price ofNOK 4.24919 , all such conversion shares to be subject to lock-up, whereby 1/3 of such shares shall be released on each of9 August 2020 ,9 October 2020 and9 December 2020 . The new shares are expected to be issued today,6 August 2020 , subject to timely registration of the share capital increase in theNorwegian Register ofBusiness Enterprises (Nw.: Foretaksregisteret). The conversion of lease debt as set out above is part of the debt restructuring program to address the outstanding debt of the Company. The Company is continuing the work with repayment plans and possible further conversions of debt to equity. For further information, please contact: Tore Østby, EVP Strategic Development, phone: +47 995 464 00 Important information The release is not for publication or distribution, in whole or in part directly or indirectly, in or intoAustralia ,Canada ,Japan orthe United States (including its territories and possessions, any state ofthe United States and theDistrict of Columbia ) or in any other jurisdiction where such publication or distribution is unlawful. This release is an announcement issued pursuant to legal information obligations, and is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. It is issued for information purposes only, and does not constitute or form part of any offer or solicitation to purchase or subscribe for securities, inthe United States or in any other jurisdiction. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "US Securities Act"). The securities may not be offered or sold inthe United States except pursuant to an exemption from the registration requirements of the US Securities Act. This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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