Investor presentationJanuary 2018

Disclaimer (1 / 2)

2

About this Presentation

We, Norwegian Air Shuttle ASA, have prepared this presentation, together with its enclosures and appendices (collectively, the “Presentation"), to provide introductory information

solely for use in connection with the contemplated offering of bonds (“Bonds”) issued by us and expected to be initiated in January 2018 (the “Transaction”). We have retained Danske

Bank, Norwegian Branch, Nordea Bank AB (publ) filial i Norge and Pareto Securities AS (the “Managers”) as managers of the Transaction.

This Presentation is not in itself an offer to sell or a solicitation of an offer to buy any securities.

Accuracy of information and limitation of liability:

Any decision to invest must only be made with careful consideration and not in reliance solely on the introductory information provided herein which does not purport to be complete.

Any application to invest will be subject to a term sheet setting out the terms and conditions of the securities and an application form to which any investment will be subject to. Please

do not hesitate to ask us any questions which would be relevant for your consideration and which are not contained herein.

We have assimilated the information contained herein from various sources and unless stated the information is a result of our own activities. We have taken reasonable care to ensure

that, and to the best of our knowledge as of 23 January 2018, material information contained herein is in accordance with the facts and contains no omission likely to affect its

understanding.

Please note that we make no assurance that the assumptions underlying forward-looking statements are free from errors. Readers should not place undue reliance on forward-looking

information, which will depend on numerous factors, and any reader must make an independent assessment of such projections.

If at any time prior to the pricing and application for the Bonds an event occurs which we, based on our knowledge, reasonably expect would affect the assessment of the Bonds, or as a

result of which this Presentation would be misleading, include any untrue statement of any material fact or omit to state any material fact necessary to make the statements therein,

we will promptly notify in sufficient detail, through the Managers, the potential applicants of the Bonds.

The Managers have performed a limited review of our information which has consisted of a review of the financial statements including management accounts provided by us and

which were audited last time on 31 December 2016.

The Managers, their respective parent or subsidiary undertakings or affiliates or any such person’s directors, officers, employees, advisors or representatives shall not have any liability

whatsoever arising directly or indirectly from the use of this Presentation and to the extent an investment is made, such investment will be made subject to this limitation of liability.

Disclaimer (2 / 2)

3

Risk factors:

An investment in the Bonds involves a high level of risk. Several factors could cause the actual results, performance or achievements of the Company to be materially different from any

future results, performance or achievements that may be expressed or implied by statements and information in this Presentation. There may also be a limited secondary market for

the Bonds which may result in a substantial liquidity risk. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual

results may vary materially from those described in this Presentation. Please refer to slides 35-38 for a description of certain risk factors associated with the Company and the Bonds.

Selling and transfer restrictions:

Neither this Presentation nor any copy of it nor the information contained herein is being provided, and nor may this Presentation nor any copy of it nor the information contained

herein be distributed directly or indirectly to or into the United States of America (unless in accordance with an available exemption) or any other jurisdiction in which such distribution

would be unlawful. No action has been taken or will be taken to allow the distribution of this Presentation in any jurisdiction where action would be required for such purposes. Nordea

Bank AB (publ), filial i Norge is not registered with the U.S. Securities and Exchange Commission as a U.S. registered broker-dealer and will not offer or sell the Bonds within the United

States.

Neither we nor the Managers have authorized any offer to the public of securities, or has undertaken or plans to undertake any action to make an offer of securities to the public

requiring the publication of an offering prospectus, in any member state of the European Economic Area which has implemented the EU Prospectus Directive 2003/71/EC.

Please see the application form for further applicable selling and transfer restrictions.

Manager’s financial interests:

The Managers and/or its employees may hold shares, bonds or other securities of the Company and may, as principal or agent, buy or sell such securities. The Manager may have other

financial interests in transactions involving these securities.

Confidentiality:

This Presentation and its contents are strictly confidential and may not be reproduced, or redistributed in whole or in part, to any other person unless we have consented thereto in

writing. By receiving this Presentation or receiving a review of this Presentation, you agree to be bound by this confidentiality obligation.

Governing law and legal venue:

By investing in our company, any dispute arising in respect of this Presentation is subject to Norwegian law and the exclusive jurisdiction of Norwegian courts.

Investment highlights

4

3rd largest low

cost airline in

Europe

• Strong footprint in the Nordic region and selected European markets

• 7th largest overall airline in Europe

• 6th largest low cost airline in the world

• A moderate single digit growth rate in short haul going forward

Young fleet with

low operational

cost

• Average age of fleet of 3.6 years

• Low fuel cost through a modern and fuel efficient fleet

• Continue to reduce unit cost and strengthen competitive advantage vs legacy peers

• Order book with 220+ aircraft on order (incl. operating leases on seven 787-9)

• Leasing option to third parties adds flexibility to growth rates

First mover

advantage in

European low

cost long haul

• Successful launch of long haul with 787 Dreamliners has reached critical mass

• Build scalable organization and gained operating licenses for traffic rights

• Ramping up widebody operations to 32 aircraft by end 2018 (from 12 in 2016)

• Launch customer of 737 MAX 8 to operate new innovative Trans-Atlantic routes

Financing

flexibility and

availability

• Export credit financing (Ex-Im and ECA) and Insurance syndicate (AFIC)

• EETC (Enhanced Equipment Trust Certificates), Private Placements, Commercial Banks

• Sale and leaseback (SLB)

• Bonds

• Manufacturer support

• Attractive assets with a liquid secondhand market

Highlights Q4 2017

Added one 737-800 and two 787-9 to operations

Agreed with the Scandinavian pilot unions on a new three year agreement

Got concessions for 153 routes in Argentina

Financed the first aircraft with a combination of UKEF and JOLCO

Successful placement of new secured bond (NOK 250 mill)

Launched transatlantic routes from Amsterdam, Madrid and Milan

Norwegian Reward celebrated 10 years

Awarded best European low fare carrier by Airlineratings.com

5

The history of Norwegian

6

222

6

15

Long haul

Boeing SKY

ATW Awards

First-800 delivery

New distribution-systemLavpris

kalenderen

Arctic Aviation

Assets Ltd

19+8

Caribbean

30

NAI approved

by DoT 2

42

NUK approved

by DoT

15+3

Strategy 2018-2020: Maintain short haul within Europe, grow medium/long haul between Europe and the rest of the world & exploit new/underserved markets

North America

South

America

Africa

Europe

Asia

Gro

wth

We

ste

rn/C

en

tra

l A

fric

a

Core / GrowthMid-sized cities US & Europe / New markets

CoreLarge cities in U.S. & Europe

CoreWithin

Europe

Growth

Arg. & Chile

ShortB737-8

MediumA320neo B737-MAX

B737-MAX

LongB787-8/9

Legend

Gro

wth

So

uth

ern

Afr

ica

7

Oceania

The co-existence of multiple AOCs within the Group provides a global platform for growth

8

EU-AOC

only

EU-AOC

only

EU-AOC

only

EU-AOC

only

EU-AOC

only

EU-AOC

only

UK AOC

only

UK AOC

only

UK AOC

only

NORWAY-AOC

only

NORWAY-AOC

only

NORWAY-AOC

only

EU-AOC

only

The future requires a flexible corporate structure

9

Ancillary

All activities not directly related

to aircraft operations

ResourcesNational entities –

Terms and conditions in tune with social welfare systems

and regulations in each individual country

Aircraft OperationsNorwegian & EU AOCs

Securing traffic rights & expansion also outside Europe

Asset / FinancialAircraft Financing Cluster

– Cape Town – ECA support – Leasing

(Securing access to financing)

Staff Dry Lease

Dry

Lease

Norwegian Air Shuttle

ASAParent Company

• Flexible corporate structure ensures appropriate platform to support international expansion

• Aircraft and leases assembled in Arctic Aviation Assets Ltd. enables ability to lease out aircraft not used in

own operation, personnel and cost optimization across geographies

• Cash-flow from operations (ticket sales) controlled by Norwegian Air Shuttle ASA (parent Company)

Financials

Stable load despite high ASK growth

11

25 % growth in capacity (ASK) and traffic (RPK)

ASK (12m) 11,530 13,555 17,804 21,957 25,920 34,318 46,479 49,027 57,910 72,341

Load Factor (12m) 78.7 % 78.2 % 77.4 % 79.3 % 78.5 % 78.3 % 80.9 % 86.2 % 87.7 % 87.5 %

78.7 % 78.2 % 77.4 %79.3 % 78.5 % 78.3 %

80.9 %

86.2 % 87.7 % 87.5 %

0%

20%

40%

60%

80%

100%

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

55,000

60,000

65,000

70,000

75,000

80,000

Q4 08 Q4 09 Q4 10 Q4 11 Q4 12 Q4 13 Q4 14 Q4 15 Q4 16 Q4 17

Load

Fac

tor

Ava

ilab

le S

eat

KM

(A

SK)

ASK (12m) Load Factor (12m) Load-0.2 p.p.

Flat unit revenue despite high ASK growth

12

December traffic highlights:

32 % production growth (ASK)

Cabin factor of 84.6 %

12 % passenger growth

Average distance increased by 16 %

Flat unit revenue (RASK) y/y

December Dec-17 Dec-16

Internet bookings 79 % 78 % 1 p.p

ASK (mill) 6,423 4,853 32 %

RPK (mill) 5,435 4,107 32 %

Load factor 84.6 % 84.6 % 0.0 p.p

Passengers 2,402,005 2,145,043 12 %

Traffic 12 mth rolling Dec-17 Dec-16

Internet bookings 75 % 75 % 0 p.p

ASK (mill) 72,341 57,910 25 %

RPK (mill) 63,320 50,798 25 %

Load factor 87.5 % 87.7 % -0.2 p.p

Passengers 33,149,555 29,301,397 13 %

chg

chg

EBT 12 mthsEBT

Paid taxes 12 mthsPaid taxes

Depreciation, amortization and rent 12 mthsDepreciation, amortization and rent

Changes in air traffic settlement liabilities 12 mthsChanges in air traffic settlement liabilities

Other adjustments 12 mthsOther adjustments

Investing Activities 12 mthsInvesting Activities

Q3 14 Q3 15 Q3 16 Q3 17 Financing Activities 12 mthsFinancing Activities

EBT margin -4 % -2 % 2 % 2 % Net change in cash and cash equivalents 12 mthsNet change in cash and cash equivalents

Cash & Cash equivalents

-727

-407

506

664

-800

-400

0

400

800

NO

K m

illio

n

Revenues 12 mthsRevenues

EBITDAR 12 mthsEBITDAR

EBITDA 12 mthsEBITDA

EBT 12 mths EBT

Net profit 12 mthsNet Profit

Q3 14 Q3 15 Q3 16 Q3 17

EBT margin 10 % 17 % 17 % 3 %

Q3 14 Q3 15 Q3 16 Q3 17 Other losses / (gains) 12 mthsOther losses / (gains)

EBT 505 1,098 1,270 1,351

505

1,098

1,270

1,351

0

250

500

750

1,000

1,250

1,500

NO

K m

illio

n

664

800

Q3 EBT of NOK 1.4 billion

13

EBT development Q3 12 mths rollingEBT development Q3

Q3 17 Q3 16 Chg

12 mths rolling

Q3 17

12 mths rolling

Q3 16 Chg

Revenue 10,074 8,331 1,743 29,131 25,243 3,887

EBITDAR 3,180 2,573 607 4,920 4,896 23

EBITDA 1,991 1,725 266 1,385 2,177 -792

Pre-tax profit (EBT) 1,351 1,270 81 664 506 158

Net profit 1,032 992 39 817 564 253

Q3 17 Q3 16 Chg

12 mths rolling

Q3 17

12 mths rolling

Q3 16 Chg

10,074 8,331 1,743 29,131 25,243 3,887

EBITDA as reported 1,991 1,725 266 1,385 2,177 -792 Passenger com. and ref.

486 -178 664 -1,110 761 -1,872 Write-down old AC for sale

EBITDA ex. other losses/gains 1,505 1,904 -398 2,495 1,415 1,080 Wetlease

EBITDA (ex. other losses/gains) bridge

14* Ex. other losses/gains

Comparison of unit cost incl. depreciation

15

•Foreign exchange rates used are equivalent to the daily average rates corresponding to the reporting periods and as stated by the Central Bank of Norway

• Note: For some carriers the available financial data represents Group level data which may include cost items from activities that are unrelated to airline operations.

• Other losses / (gains) is not included in the CASK concept as it primarily contains hedge gains/losses offset under financial items* as well as other non-operational income and/or cost items such as gains on the sale of spare part inventory and unrealized foreign

currency effects on receivables/payables and (hedges of operational expenses).

*Norwegian hedges USD/NOK to counter foreign currency risk exposure on USD denominated borrowings translated to the prevailing currency rate at each balance sheet date. Hedge gains and losses are according to IFRS recognized under operating expenses

(other losses/ (gains) while foreign currency gains and losses from translation of USD denominated borrowings are recognized under financial items.

Sources: Based on official full-year 2016 annual reports

YTD split of unit revenue and cost by currency

Currency split gross RASK*: Currency split CASK:

16* Includes ancillary and other revenue in addition to passenger revenue

Net debt reduced by close to 3 billion YTD

17

Added two 787-9s, six 737 MAXs and three 320neos on balance the last 12 months

NOK 18.3 net debt (reduced from 19.3 bn in Q2 2017)

11 % equity ratio (10 %)

2,233

Cash5,567

3,405

Current assets7,862

2,109

Other assets1,877

6,583

Aircraft PDP 5,313

20,573

Aircraft22,649

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

Q3 16 Q3 17

NO

K m

illi

on

Equity4,826 3,587

Pre-sold tickets6,895 5,111

Otherliabilities

7,717

5,284

PDP and bonds6,045

4,777

Aircraft financing

17,775

16,145

Q3 17 Q3 16

Q3 14 Q3 15 Q3 16 Q3 17

1,431

2,297 2,233

5,567

-

1,000

2,000

3,000

4,000

5,000

6,000

NO

K m

illio

n

NOK 1.0 billion cash flow from operations in Q3

18

Cash development Q3Highlights

Strong liquidity with NOK 5.6 bn in cash at the end of Q3

Cash flow from operations of NOK 3.8 bn the last 12 months (2.6 bn)

Invested NOK 2.3 bn the last 12 months

NOK million Q3 17 Q3 16 Chg

12 mths rolling

Q3 17

12 mths rolling

Q3 16 Chg

Profit before tax 1,351 1,270 81 664 506 158

Paid taxes -9 -29 20 32 -29 60

Depreciation 401 352 50 2,025 1,325 700

Change air traffic settlement liabilities -2,143 -2,140 -3 1,784 911 874

Change working capital 1,357 157 1,200 -686 -82 -604

Net cash flows from operating activities 958 -390 1,348 3,818 2,631 1,188

Net cash flows from investing activities -700 -1,748 1,049 -2,327 -6,075 3,748

Net cash flows from financial activities -457 1,322 -1,780 1,890 3,403 -1,513

Net change in cash and cash equivalents -135 -777 643 3,448 -64 -3,512

Cash and cash equivalents, end of period 5,567 2,233 3,334 5,567 2,233 3,334

A strong track record in attracting financing

19

• Long term aircraft financing

NAS07

Size: 185 MEUR

Coupon: 7.25%

Maturity: 11 Dec-19

CommentsMain debt financing sources

• Pre-delivery payment financing

(“PDP”)

• Bond financingNAS09

Size: 250 MNOK

Coupon: 3mN+395bps

Maturity: 21 Nov-20

NAS06

Size: 1,250 MNOK

Coupon: 3mN+575bps

Maturity: 22 May-18

• Ex-Im guaranteed funding since 2009. ECA and AFIC in 2017

• Sale and lease-back of 737-800 aircraft

• Commercial funding

• EETC and Private Placements in 2014, 2015 and 2016

NAS08

Size: 1,000 MSEK

Coupon: 3mS+500bps

Maturity: 07 Aug-20

• Tenor: Matures at the delivery of each aircraft

• Covenants:

‒ Minimum equity (NOK 1,500 mill)

‒ Minimum liquidity (NOK 500 mill)

‒ Dividend payments less than 35% of net profit

Financing on track

Expected capex (all aircraft incl. PDP)USD 2.1 bn for 2018

PDP financing / liquiditySLB of a total 34 737-800s (the last two in 2018)

Paid down unsecured bond in July 2017 (NOK 1 bn)

Undrawn credit facility of NOK 325 million (of NOK 1 bn)

Long-term financingFinancing in place for all deliveries through Q1 2018

Utilizing a mix of long-term financing for the deliveries in 2018 to 2020 with AFIC and export credits

20

Markets and routes

A portfolio of more than 60 intercontinental routes

22

~17 % longer range to reach new markets

Standard Operational Rules

50% annual winds

Airways and traffic allowances included

737-800 includes optional winglets

737-8002,640 nm/4,889 km

737 MAX3,100 nm/5,741 km

Source: Boeing 23

737 MAX advantage

24

Boeing 737 MAX 8

4 % lower seat costs per trip

189 passengers (+3)

Boeing 737-800

Source: Boeing

13 % lower fuel consumption per seat per trip

11 % passenger growth in the Nordics

79 % and 25 % growth in the US and Spain respectively

Growth in number of passengers in Q3 17 (y/y): Split passengers by origin in Q3 17:

Accelerating growth in the US

25

Continued growth at all key airports

26Source: 12 month rolling passengers as reported by Avinor , Swedavia, Copenhagen Airports, Finavia, Gatwick Airport and Aena

Fleet and expansion

Adding 25 new aircraft in 2018

28

2018:Deliveries 787-9

+3,724 seats

Deliveries 737-800 and 737 MAX

+2,640 seats

Re-deliveries 737-800

-744 seats

Youngest fleet among peers

29

Source: Planespotters.net, January 20180 5 10 15 20 25

Norwegian

Aeroflot

Wizz Air

Spirit Airlines

Frontier Airlines

Emirates

Etihad

Qatar

Turkish Airlines

Ryanair

Vueling

Easyjet

Virgin America

Eurowings

Finnair

JetBlue

Flybe Group

Iberia

SAS

American Airlines

Southwest

Air France

KLM

Lufthansa

British Airways

United Airlines

Delta Airlines

Widerøe

Average fleet age

1. ---

2. +14%

3. +20%

4. +22%

5. +22%

6. +22%

7. +22%

8. +22%

9. +26%

10. +26%

11. +30%

12. +30%

13. +30%

14. +36%

15. +38%

16. +38%

17. +38%

18. +44%

19. +44%

20. +51%27

28

28

29

29

29

30

31

31

31

32

32

33

33

33

33

33

34

35

40

British Airways

Lufthansa

SAS

US Airways

Virgin Atlantic

Swiss

United

Iberia

American

Alitalia

Delta

Icelandair

KLM

Air Canada

Aeroflot

Turkish

Air France

Aer Lingus

Airberlin

Norwegian

Fuel efficiency of the top 20 airlines on transatlantic routes

30

Pax-km/L fuel

Excess fuel/

Pax-km

Industry Average

Source: “Transatlantic Airline Fuel Efficiency Ranking, 2014”, ICCT (The International Council on Clean Transportation) published November 2015

Outlook

31

Capacity adjusted forward bookings

32The graph shows booked and paid travels. Bookings per January 22, 2018 and January 23, 2017 (corresponding weekday).

Outlook for 2018

An estimated production growth (ASK) of 40 %

Increasing distance driven by mix (long haul)

Unit cost estimate of NOK 0.39-0.395 ex. depreciation and 0.405-0.41 incl. depreciation

Assumptions: Fuel price of USD 575 per metric ton, USD/NOK 7.75, EUR/NOK 9.00

Based on the current route portfolio and planned production

Fuel hedging

25 % of 2018 at USD 494

25 new aircraft entering operations in 2018

Two 787-800s

Twelve 737 MAXs

Eleven 787-9 Dreamliners (incl. six leased)

33

Summary of risk factors

34

Summary of risk factors (1 / 4)

35

No investor should make any investment decision without having reviewed and understood the risk factors

associated with investing in the Bonds. The order of appearance is not intended to indicate importance or

likelihood of occurrence. References to the “Company” shall be read as the Issuer, its Subsidiaries and/or

the Norwegian Air Shuttle group as a whole.

• Uncertain global economic and financial market conditions could adversely affect the Company’s business, results of operations, financial

condition, liquidity and capital resources.

• Changes in the general global or national economic and financial market situation or adverse market perception may affect the financial

performance of the Company.

• The aviation industry is highly competitive, and new market entrants could disrupt the competitive environment and the Company may not be able

to keep pace.

• The Company’s operating results may be materially affected by fluctuations in the price and availability of jet fuel.

• Airline insurance may become too difficult or expensive to obtain, which could expose the Company to substantial loss and may have a material

adverse effect on its business, financial condition and results of operations.

• The adoption of new regional, national and international regulations, or the revision of existing regulations, could have a material adverse effect

on the Company's business, financial condition and results of operations.

• Fluctuations in foreign exchange rates may affect the Company’s results of operations and financial position.

• The Company seeks to mitigate the effects of market fluctuations in currency, interest rate and jet fuel positions through the use of derivative

instruments. In certain circumstances, the market price of the derivatives may change substantially and the Company may suffer substantial

hedging losses.

• Currently, the Company’s firm aircraft orders totals 221 aircraft. The Company’s aircraft orders require substantial capital expenditures and are

associated with risks relating to delays and malfunctions. There can be no assurance that the Company’s capital resources will, at all times, be

sufficient to satisfy its business and liquidity needs or that it will be able to successfully deploy new aircraft into operation.

Summary of risk factors (2 / 4)

36

• Outbreaks of epidemics, pandemics or natural disasters can adversely affect the demand for air travel and have a significant impact on the

Company’s operations.

• Military conflicts or the threat of such conflicts, as well as their aftermath, may have a materially adverse effect on the Company's business.

• The Company has in the past experienced extensive operational and technical problems relating to the delivery and phase-in of its new

Dreamliner aircraft, which have led to extraordinary costs for the Company. There can be no guarantee that similar or other operational

disruptions and interruptions will not influence the Company in the future.

• The Company is exposed to the risk of significant losses, directly or indirectly, from aviation accidents involving its operations, including plane

crashes and other disasters.

• The Company’s insurance or indemnities may not adequately cover all risks or expenses.

• Geopolitical tension, terrorist attack, or the threat of such attacks, could result in a significant reduction in passenger airline travel and hence have

a material adverse effect on the Company’s business, financial condition, results of operations.

• Seasonal fluctuations and cyclical changes may have a material adverse effect on the Company’s business, financial condition, results of

operations and future prospects.

• The Company’s business, financial condition and results of operations may be affected by ability to secure new efficient aircraft deliveries in the

future.

• Norwegian`s largest shareholder has the ability to exert significant influence over the Company’s actions, even if it does not have decisive

influence or formally exercises negative control.

• The Company requires a significant amount of cash to service its debt and sustain its operations, and the Company may incur more debt in the

future. The Company’s ability to generate sufficient cash depends on many factors beyond its control, and its ability to incur more debt may be

restricted by debt covenants. There can be no assurance that the Company will be able to refinance any of the existing or future debt.

• Fluctuations in interest rates may affect the Company’s results of operations and financial position.

• Capacity constraints at airports or an inability to acquire and maintain airport slots or overflight rights may have a material adverse effect on the

Company’s business, financial condition or results of operations.

Summary of risk factors (3 / 4)

37

• The Company’s dependence on third-party suppliers has increased in recent years in line with the growth of the Company, exposing it to the risk

of quality and availability issues and/or unexpected costs associated with third-party suppliers.

• The Company is exposed to the risk of strikes and other work-related disruptions.

• The Company’s prior or present tax position may change as a result of the decisions of tax authorities or changes in laws and regulations,

possibly with retroactive effect, which may have a material adverse effect on the Company’s results of operations and financial position.

• The Company may not be successful in attracting, training and retaining sufficient skilled employees.

• The Company is dependent on the uninterrupted operation and security of information technology systems.

• Any deterioration in brand image or consumer confidence in its brand might adversely affect the Company’s ability to market its services and

attract and retain customers.

• The Company faces the risk of litigation, arbitration and other proceedings in relation to its business.

• The Company is exposed to the residual value risk and also to the impairment of the value of the aircraft it owns during the ownership period.

• A negative development in the Company's third party leasing operations might impair its ability to employ all its current and future aircraft, which

again may have a material adverse effect on the Company.

• The Company is dependent on several public authorizations, hereunder relating to the operations of its aircraft and routes, and any cancellation

of such authorizations might have a material adverse effect on the Company’s business, financial condition and results of operations.

• The Company may incur additional costs as a result of the EU Court ruling on compensations for delayed flights.

• The EU Regulation on OTC derivatives, central counterparties and trade repositories may limit the ability of the Company to enter into derivatives

transactions to manage its risk exposure.

Summary of risk factors (4 / 4)

38

• The Company may be subject to liability under both current and future environmental laws and regulations.

• The future development of the regulatory regime of member states in the European Union might have a material adverse effect on the Company’s business, financial condition and results of operations.

• The Bonds may not be a suitable investment for all investors.

• Movements of the market interest rate can adversely affect the value of the Bonds and can lead to losses for the holders of Bonds if they sell their Bonds.

• The Bonds are not guaranteed or secured and will be subordinated to all secured creditors of the Company. Any assets remaining after repayment of the Company's secured debt may not be sufficient to repay all amounts owing under the Bonds.

• The Company's issuance of further debt or granting of security may reduce the amount recoverable by the holders upon the winding-up or insolvency of the Company.

• Although the occurrence of specific change of control events affecting the Company or of a de-listing event will permit the holders to require the Company to redeem the Bonds, the Company may not be able to do so.

• There is no existing trading market for the Bonds, a trading market that provides adequate liquidity may not develop, the Bonds may be subject to purchase and transfer restrictions and the trading price of the Bonds may be volatile. No market-maker agreement is entered into in relation to the Bonds.

• Resolutions passed at meetings of holders of Bonds can bind all holders, including holders who did not attend and vote at the relevant meeting and holders who voted in a manner contrary to the majority.

• The Bonds and the Company are subject to Norwegian law, and Norwegian law may not be as favorable to Bondholders as laws of other jurisdictions, and there are risks of changes to such laws.

• The investment activities of certain investors are subject to legal investment laws and regulations, or review or regulation by certain authorities.

Materialization of any of the above or other risks may have a material adverse effect on the Company’s business, financial condition, results of operations and future prospects and thereby, on the Issuer’s ability to fulfill its obligations under the Bonds as well as the market price and value of the Bonds.

Norwegian offers more than 500 routes to over 150 destinations

39