Reference is made to the following perpetual bond issues ofNorwegian Air Shuttle ASA (the "Company"): (i)Norwegian Air Shuttle ASA perpetual 0% USD convertible bond loan with ISIN NO 0010883515 in the aggregate amount ofUSD 80,956,203 ("USD Perpetual Bonds"); and (ii)Norwegian Air Shuttle ASA perpetual 0% USD convertible bond loan with ISIN NO 0010884646 in the aggregate amount ofUSD 17,652,897 as described in the Company's stock exchange notice dated30 September 2020 ("Future Maintenance Bonds"). The USD Perpetual Bonds and Future Maintenance Bonds form part of the Company's subordinated perpetual bond issues as further described in the prospectus dated5 May 2020 (the "Prospectus"). The Company has received conversion notices from bondholders representing: (a)USD 1,878,309 of USD Perpetual Bonds; and (b)USD 17,652,897 of Future Maintenance Bonds, which pursuant to their terms are convertible into 485,054 new shares in the Company. Following the conversion, NAS has perpetual bonds in issue in the nominal amount of approximatelyNOK 876 million (including amounts issued in other currencies exchanged into NOK at the fixed exchange rate set out in the perpetual bond terms) which may in the option of the holder be converted into approximately 2,061,715 shares in the Company atNOK 424.919 , subject to anti-dilution provisions as set out in the Prospectus (excluding certain perpetual bonds held by the Company). No further Future Maintenance Bonds remain outstanding. The Company's share capital is increased byNOK 48,505.40 by issue of 485,054 new shares. The increase pertaining to the conversion of the USD Perpetual Bonds and Future Maintenance Bonds has today been registered in theNorwegian Register ofBusiness Enterprises (Nw.: Foretaksregisteret) and issuance of the conversion shares in the VPS is expected to take place on22 February 2021 . The Company's new share capital isNOK 4,023,442 divided into 40,234,420 shares, each with a nominal value ofNOK 0.10 . For further information, please contact: Tore Østby, EVP Strategic Development, phone: +47 995 464 00 Fornebu,22 February 2021 Norwegian Air Shuttle ASA Important information The release is not for publication or distribution, in whole or in part directly or indirectly, in or intoAustralia ,Canada ,Japan orthe United States (including its territories and possessions,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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