Reference is made to the previous stock exchange announcements byNorwegian Air Shuttle ASA (the "Company") regarding 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 and17 July 2020 , the Company has been working with vendors for conversion of overdue payables into equity and to reduce the overall claims. The Company has through constructive dialogue with vendors achieved conversion of debt to equity whereby a total of approximatelyNOK 26.3 million in outstanding payables will be converted into 6,183,077 new shares at the conversion price ofNOK 4.24919 , to be issued to the converting vendors. The conversion shares are not subject to lock-up. The 6,183,077 new shares to be issued following the conversion of vendor debt are expected to be issued before open of trading tomorrow,7 August 2020 , subject to timely registration of the share capital increases in theNorwegian Register ofBusiness Enterprises (Nw.: Foretaksregisteret). Following the registration of the capital increase in respect of the vendor conversion, the Company's new share capital will beNOK 362,888,678.20 divided into 3,628,886,782 shares, each with a nominal value ofNOK 0.10 . The conversion 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please contact: Tore Østby, EVP Strategic Development, phone: +47 995 464 00 Important information The release is not for publication or distribution, in whole or in part directly or indirectly, in or intoAustralia ,Canada ,Japan orthe United States (including its territories and possessions,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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