Norse Atlantic ASA: Mandatory notifications of trades

Arendal, 9 December 2022; Reference is made to the stock exchange notice by Norse Atlantic ASA (the "Company") on 25 November 2022 regarding the completion of a conditional private placement of 120,000,000 new shares in the Company (the "Offer Shares" and the "Private Placement"), and a conditional private placement of 8,400,000 new shares in the Company (the "UWC Shares") as settlement of an underwriting commission to the underwriters of the Private Placement. The subscription price per Offer Share and UWC Share was NOK 2.50 (the "Offer Price").

Following approval by the extraordinary general meeting of the Company on 9 December 2022 of, amongst others, the Private Placement and the issuance of UWC shares, the following persons discharging managerial responsibilities and their close associates have been allocated and subscribed for Offer Shares and UWC Shares at the Offer Price:

• BT Larsen & Co Ltd (the largest shareholder and close associate of the Company's CEO and primary insider Bjørn Tore Larsen) has subscribed for 37,208,000 Offer Shares and 5,684,000 UWC Shares. Following such issuances, BT Larsen & Co Ltd will hold a total of 52,850,311 shares in the Company.

• Observatoriet Invest AS (a close associate of board member and primary insider Bjørn Kjos) has subscribed for 2,000,000 Offer Shares and 140,000 UWC Shares. Following such issuances, Observatorie Invest AS will hold a total of 2,140,000 shares in the Company, and together with Observatoriet Holding AS (also a close associate of Bjørn Kjos), close associates of Bjørn Kjos holds an aggregate of 2,640,000 shares in the Company.

• GS Consulting AS (a close associate of the Company's Chief Technology Officer and primary insider Gisle Stavland) has subscribed for 400,000 Offer Shares. Following such issuance, GS Consulting AS will hold a total of 400,000 shares in the Company.

• Alltid Alt AS (a close associate of the Company's Chief Cultural Officer and primary insider Kristin Berthelsen) has subscribed for 360,000 Offer Shares. Following such issuance, Alltid Alt AS will hold a total of 360,000 shares in the Company.

• Bosel AS (a close associate of the Company's Chief Financial Officer and primary insider Ben Boiling) has subscribed for 40,000 Offer Shares. Following such issuance, Bosel AS will hold a total of 85,000 shares in the Company.

• Yngve Carlsen (SVP Cargo/Charter & new projects and primary insider) has subscribed for 40,000 Offer Shares. Following such issuance, Yngve Carlsen will hold a total of 40,000 shares in the Company.

Please see the enclosed forms for further details about the transactions.

This information is subject to the disclosure requirements in Regulation EU 596/2014 (MAR) article 19 number 3 and section 5-12 of the Norwegian Securities Trading Act.

About Norse

Norse Atlantic Airways is a new airline that offers affordable fares on long -haul flights, primarily between Europe and the United States. The company was founded by CEO and major shareholder Bjørn Tore Larsen in March 2021. Norse has a fleet of 15 modern, fuel-efficient and more environmentally friendly Boeing 787 Dreamliners that will serve destinations including New York, Los Angeles, Fort Lauderdale, Orlando, Oslo, London, Berlin and Paris. The company's first flight took off from Oslo to New York on June 14, 2022.