Norse operational update

Arendal, 12 September 2022: During August Norse Atlantic Airways continued its record of flying 100% of all scheduled flights, while new routes to London Gatwick, Berlin and Los Angeles were launched during the month. Norse recorded a load factor for August of 69%, representing a decrease compared to the preceding month, which can be linked to commencement of new routes. Since Norse’s first flight in June the Company has achieved an aggregate load factor of 75% and successfully flown all scheduled flights.

With the backdrop of high inflation in Europe and the US, continued high fuel prices and a reduction in the pent-up travel demand post-Covid, the coming months will be challenging for the global aviation industry. Norse will be cautious with regards to its winter 2022 program and is continuously evaluating all routes, including potentially decreasing its program in line with demand.

Norse continues to enjoy the benefits of flexible aircraft lease terms, including power by the hour and low lease rates, as well as having a lean organization.

Norse has recently gone live on more ticket selling platforms and travel content providers, allowing a wider reach to both consumer and corporate travellers. The Company will continue to work on adding further channels.

The Company's cargo performance has been strong and continues to develop well on core routes.

Contacts:

Investors: CFO, Ben Boiling, ben.boiling@flynorse.com

Media: VP Communications & PR, Philip Allport, philip.allport@flynorse.com