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Regulatory press release

Norse Atlantic Airways AS: Norse Atlantic ASA: Contemplated private placement of USD 30 million of convertible bonds

Norse Atlantic
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Arendal, Norway, 21 August 2025 - Reference is made to the stock exchange announcement on 19 August 2025 regarding investment meetings related to a convertible bond issue. Norse Atlantic ASA ("Norse" or the "Company") has today mandated Arctic Securities AS, Pareto Securities AS, SpareBank 1 Markets AS (together, the "Managers") to advise on and effect a private placement of a new convertible bond with gross proceeds of USD 30 million (the "Bond Issue"). The subscription period starts today, 21 August at 09:00, and is expected to end 21 August at 16:30.

The 2-year convertible bond will be convertible into Norse Atlantic shares at a share price 35% above the arithmetic average of the volume weighted average share price converted into USD (VWAP) for the last two trading days (19 and 20 August), equal to a conversion price of USD 1.2662 per share. The convertible bond can be redeemed by the Company at 120% of nominal amount during the first 9 months and the conversion may be settled in cash.

If all convertible bonds are converted, the new shares will constitute approximately 13.8% of the post-conversion number of shares.

The net proceeds of the Bond Issue will be applied towards refinancing of existing debt and general corporate purposes.

The Managers have received indications for the full subscription amount.

For further inquiries, please contact: Anders Hall Jomaas (CFO) - anders.jomaas@flynorse.com

This information is subject to disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

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