Pareto Nordic Corporate Bond Conference 7 March 2017 Tore Østby, VP IR

Pareto Nordic Corporate Bond Conference 7 March 2017 Tore Østby, VP IR

Content 1. Investment case and strategy 2. Key figures, financing and outlook 3. Summary of risk factors 4. Appendix 2

Investment highlights 3 rd largest low cost airline in Europe Young fleet with low operational cost Financing flexibility and availability Strong footprint in the Nordic region and selected European markets 7 th largest overall airline in Europe 6 th largest low cost airline in the world Strong market position in key markets and highly scalable platform Average age of fleet of 3.6 years Low fuel cost through a modern and fuel efficient fleet Significant cost advantage relative to key competitors (legacy carriers) Flexible order book with ca 260 aircraft on order (incl. operating leases on 11 787-9) Leasing to third parties to optimize fleet utilization and create options for exit plans Export financing (Ex-Im and ECA) EETC (Enhanced Equipment Trust Certificates) and Private placements Sale and leaseback (SLB) Bonds Manufacturer support Attractive assets with a liquid secondhand market First mover advantage in European low cost long haul Successful launch of long haul in UK/London, US, Paris and Scandinavia Reached critical mass and profitable operations Dreamliner program ensures commitment towards long term strategy 3

The history of Norwegian NAI approved by DoT Long haul 30 120 Caribbean 19+8 118 3 100 80 60 40 20 0 6 6 8 2002 B788/B789 owned B788/B789 leased A320neo owned B738 owned B738 S&LB B738 leased B733 owned B733 leased M80 leased 8 2003 Lavpris kalenderen 11 11 13 2004 13 2005 New distributionsystem 22 2 20 2006 42 32 2 5 22 8 2007 First-800 delivery 40 7 16 23 5 2008 ATW Awards 6 46 2 57 2 21 5 5 23 22 2009 Boeing SKY 15 62 7 15 2010 15+3 8 23 5 11 2011 222 68 23 10 25 85 2 1 13 29 5 5 5 5 2012 95 2 5 30 41 2013 Arctic Aviation Assets Ltd 13 29 5 2014 99 3 5 51 13 27 2015 9 2 64 17 23 2016 4

Continued growth in production and improving load factor 60 000 ASK Load Factor Load +1.5 p.p 100% 86,2% 87,7% 90% 50 000 80,1% 78,7% 78,2% 77,4% 79,3% 78,5% 78,3% 80,9% 80% 40 000 70% 60% 30 000 50% 40% 20 000 30% 10 000 20% 10% 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 0% ASK 7 561 11 530 13 555 17 804 21 958 25 920 34 318 46 479 49 028 57 910 Load 80.1% 78.7% 78.2% 77.4% 79.3% 78.5% 78.3% 80.9% 86.2% 87.7% Full-year figures according to traffic figures reported for December 2016 5

Market shares in key airports (LTM) 12,000,000 + 1,096,000 pax 42 % mkt share 10,000,000 8,000,000 + 495,000 pax 21 % mkt share + 1,661,000 pax 5 % mkt share 6,000,000 + 486,000 pax 17 % mkt share + 657,000 pax 11 % mkt share 4,000,000 + 185,000 pax 14 % mkt share 2,000,000 0 Oslo Arlanda Copenhagen Helsinki Gatwick Spanish bases Mkt: 26 mill Mkt: 27 mill Mkt: 29 mill Mkt: 17 mill Mkt: 42 mill Mkt: 146 mill Q4 11 Q4 12 Q4 13 Q4 14 Q4 15 Q4 16 Strong market share in home markets and successful growth into the UK and Spain Source: Avinor, Swedavia, Copenhagen Airport, Finavia, Gatwick Airport, Aena 6

Top modern fleet with an average age of 3.6 years 2017: Deliveries 787-9 +3096 seats Deliveries 737-800 and 737Max +4,296 seats Re-deliveries 737-800 -744 seats 163 160 140 120 100 80 60 40 20 0 8 8 11 13 2003 B788/B789 owned B788/B789 leased B737 MAX 8 owned B738 owned B738 S&LB B738 leased B733 owned B733 leased M80 leased 11 13 2004 2005 22 2 20 2006 7 15 46 2 40 2 8 32 7 16 21 2 5 5 23 5 22 23 8 5 2007 2008 23 22 2009 57 2010 62 5 11 2011 68 23 10 25 85 21 13 29 5 5 5 5 2012 95 2 5 30 41 2013 13 29 5 2014 99 3 5 51 13 27 2015 116 3 9 64 17 23 2016 144 7 14 6 79 19 19 2017 12 20 16 81 19 15 2018 7

Access to the most cost efficient aircraft through current order book Boeing 737-800 Boeing 737 MAX8 19 undelivered Boeing 737-800 108 undelivered Boeing 737 MAX8 Airbus 320neo and 321LR 787-9 (Dreamliner) 70 undelivered Airbus 320neo and 30 321LR 30 undelivered Dreamliners + 152 purchase rights 8

Operations skewed towards high cost competitors Source: OAG Aviation Worldwide Schedules Analysis 9

Passenger bookings by country (FY 2016) Over 3.6 million passengers in Spain (+1.1 million) in FY 2016 Strongest passenger growth in Spain, US and UK 3 % passenger growth in Norway (adj. for the strike in 2015) Growth in number of passengers in 2016 (%): Split passengers by origin for 2016: 10

Lowest cost always wins 0,60 Norwegian has successfully cut costs over time 0,56 0,55 0,53 Unit Cost (CASK) (NOK) 0,50 0,45 0,40 0,49 0,46 0,46 0,45 0,43 0,42 0,42 0,35 0,30 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source: Based on official full-year 2014 annual report for Norwegian Air Shuttle, Finnair, Air Berlin, Vueling, SAS Group (31.10.2014), Easyjet (30.09.2014), and full year 2015 report for Ryanair and WizzAir (31.03.2015) Cost per available seat kilometer is an industry-wide cost level indicator often referred to as CASK. Usually represented as operating expenses before depreciation and amortization (EBITDA level) over produced seat kilometers (ASK). 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. 11

Unit cost comparison based on the latest full-year results (in NOK) Sources: Based on official full-year 2015 annual report for Norwegian Air Shuttle, Finnair, Vueling, SAS Group (31.10.2015), Easyjet (30.09.2015), and full-year 2015 report for Ryanair and WizzAir (31.03.2016). Eurowings figures are from the Eurowings Management Presentation 10.06.2016. Cost per available seat kilometer is an industry-wide cost level indicator often referred to as CASK. Usually represented as operating expenses before depreciation and amortization (EBITDA level) over produced seat kilometers (ASK). 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. 12

A total of 50 intercontinental routes in 2017 Adding USA - Barcelona and Copenhagen - San Francisco in 2017 More new routes to be announced and adding frequency to existing routes 13

Key figures and estimated Dreamliner growth Key figures Dreamliners 2013 2014 2015 2016 ASK (million) 1,571 8,087 10,388 14,681 Load Factor 89 % 87 % 93 % 93 % Passengers 192,579 941,265 1,293,767 1,872,694 Legs 769 3,683 4,799 6,668 Forecast Dreamliners 2016 2017P 2018P ASK 14,681 23,500 47,000 growth 41 % 60 % 100 % Legs 6,668668 10,400 19,500 growth 39 % 60 % 100 % 14

Scaling up the Dreamliner fleet to 32 by 2018 Widebody aircraft (delivered and firm orders) Deliveries 787-8 (291 seats) Deliveries 787-9 (344 seats) 2013 2014 2015 2016 2017 2018 Aircraft 3 7 8 12 21 32 Seats 873 2 037 2 328 3 704 6 800 10 584 15

Fuel efficiency of the top 20 airlines on transatlantic routes Pax-km/L fuel 1. Norwegian 40 --- 2. Airberlin 35 +14% 3. Aer Lingus 34 +20% 4. Air France 33 +22% 5. Turkish 33 +22% 6. Aeroflot 33 +22% 7. Air Canada 33 +22% 8. KLM 33 +22% 9. Icelandair 32 +26% 10. Delta 32 +26% 11. Alitalia 31 +30% 12. American 31 +30% 13. Iberia 31 +30% 14. United 30 +36% 15. Swiss 29 +38% 16. Virgin Atlantic 29 +38% 17. US Airways 29 +38% 18. SAS 28 +44% 19. Lufthansa 28 +44% 20. British Airways 27 +51% Industry Average Excess fuel/ Pax-km Source: Transatlantic Airline Fuel Efficiency Rankin, 2014, ICCT (The International Council on Clean Transportation) published November 2015 16

Implemented the new corporate structure 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) Norwegian Air Shuttle ASA Parent Company Ancillary All activities not directly related to aircraft operations Resources National entities Terms and conditions in tune with social welfare systems and regulations in each individual country Aircraft Operations Norwegian & EU AOCs Securing traffic rights & expansion also outside Europe Asset / Financial Aircraft Financing Cluster Cape Town ECA support Leasing (Securing access to financing) Staff Dry Lease Dry Lease 17

Content 1. Investment case and strategy 2. Key figures, financing and outlook 3. Summary of risk factors 4. Appendix 18

Clean EBITDA* increased to NOK 3.2 bn NOK million Q4 16 Q4 15 Chg 2016 2015 Chg Revenue 6,102 5,319 783 26,055 22,491 3,563 EBITDA as reported 673-266 940 3,116 1,481 1,635 Other losses/gains 852-515 1,367 577-474 1,051 EBITDA ex. other losses/gains -179 249-427 2,540 1,955 584 Non-recurring items: - industry action - - - -110 - additional expense engine overhaul - - - -118 - extra passenger compensation and refunds - - -192 - - writedown assets for sale, gain SLB 75-60 104-60 - wetlease -60 - -529-105 Sum non-recurring items 15-60 -617-393 Clean EBITDA -194 309-502 3,157 2,348 808 Margin clean EBITDA -3.2 % 5.8 % 12.1 % 10.4 % * Clean EBITDA: Reported EBITDA adj. for other losses/gains and non-recurring items 19

Margin recovery following long haul build-up 25% 20% 15% 10% Financial crisis launched Long haul Fuel price drop 5% 0% -5% -10% EBITDAR-margin (12 months rolling) EBIT-margin (12 months rolling) 20

Hedging FX and fuel As international operations continue to grow, cost/income currency exposures decrease Hedging fuel when levels are deemed attractive Currently hedged 52 % for 2017 and 14 % for 1H 2018 at ca 50 USD/boe (Brent Blend) Split revenue and opex by currency Revenue - FY 2015 Opex - FY 2015 USD 6% NOK 40% EUR 16% NOK 42% USD 47% SEK 19% PLN; 1% GBP 8% DKK 10% Other 5% EUR 6% 21

Operating expenses potential to cut further Overview of operating expenses Development in operating expenses Gen. and adm. exp. 5 % Other flight ops. exp. 4 % Depr. 4 % Sales/ distrib. 2 % Fuel 22 % 0.16 0.14 Technical 9 % 0.12 Leasing 10 % Personnel 16 % 0.10 Fuel Handling 12 % Airport & ATC 12 % 0.08 Personnel Key drivers to reduce unit costs: Replace older leased aircraft (Fuel, Tech, Handling, Airport/ATC & Personnel) Large scale (Overhead, Sales & Distribution, Personnel) Further automation (Overhead, Personnel, Handling, Sales & Distribution) Higher utilization (Leasing, Depreciation) 0.06 0.04 0.02 Airport/ATC Handling Leasing Other Technical Depreciation Sales & Distribution Global operations (Personnel, Handling, Airport, Overhead) 0.00 Q4 11 Q4 12 Q4 13 Q4 14 Q4 15 Q4 16 12 mths rolling 12 mths rolling 12 mths rolling 12 mths rolling 12 mths rolling 12 mths rolling 22

NOK 3 bn cash-flow from operations in 2016 Invested NOK 6.5 bn in new aircraft of which NOK 3.2 bn financed by own cash NOK 2.3 bn in cash at the end of Q4 (+NOK 0.7 bn in undrawn facility) NOK million Q4 16 Q4 15 Chg 2016 2015 Chg Profit before tax 300-703 1,003 1,508 75 1,433 Paid taxes - - - -29-44 16 Depreciation 338 367-29 1,296 1,133 163 Change air traffic settlement liabilities -445-186 -259 652 1,049-397 Change working capital 13 245-231 -381 143-524 Net cash flows from operating activities 206-278 483 3,047 2,357 690 Net cash flows from investing activities -1,112-657 -455-6,512-5,189-1,323 Net cash flows from financial activities 981 1,081-100 3,303 3,282 21 Foreign exchange effect on cash 16 11 5 33-7 40 Net change in cash and cash equivalents 90 158-67 -131 443-574 Cash and cash equivalents, end of period 2,324 2,454-131 2,324 2,454-131 23

Equity improved by NOK 1.1 bn Added 13 new 737-800 on balance the last 12 months + PDP s NOK 21 bn net debt (from 17 bn in 2015) 11 % equity ratio (9 %). 16 % when adding market value of Bank Norwegian (NOFI) 40,000 35,000 30,000 25,000 18,482 Aircraft 22,572 Aircraft financing 17,580 14,890 NOK million 20,000 15,000 10,000 5,000 0 5,939 2,102 2,657 2,454 Aircraft PDP 7,156 Other assets 2,241 Receivables 3,470 Cash 2,324 Q4 15 Q4 16 PDP and bonds 5,895 4,695 Other liabilities 5,573 5,070 Pre-sold tickets 4,666 4,014 Equity 4,049 2,965 Q4 16 Q4 15 24

Balanced mix of funding 30 aircraft financed in US capital markets, 37 by export credits Debt mix: 3.7 % blended interest rate on longterm aircraft financing 95 % of aircraft financing on fixed rates Debt maturity profile: 10 000 9 000 Number of aircraft: 8 000 NOK million 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0 2017 2018 2019 2020 After 2020 Long-term financing PDP Bonds # aircraft B737 B787 A320 Export credits 34 3 EETC 10 Private placement/banks 20 2 SLB 17 Leasing 23 9 Total 104 12 2 25

Financing on track Expected capex (all aircraft incl. PDP) USD 1.8 bn for 2017 (reduced from USD 2.1 bn) USD 2.1 bn for 2018 (increased from USD 2.0 bn) PDP financing / liquidity PDP financing for 50 320neos in place New unsecured bond in January (SEK 800 million) New credit facility (NOK 1 bn) Long-term financing Ex-Im and ECA guaranteed financing EETC financing Private placements Sale leaseback (SLB) Banks 26

A strong track record in attracting financing Main debt financing sources Comments Ex-Im guaranteed funding since 2009 Long term Aircraft Financing Sale and lease-back of 17 737-800 aircraft Commercial funding EETC and Ex-Im Bond in 2014, 2015 and 2016 Pre-delivery Payment Financing ( PDP ) January 2016: AAAL arranged for pre-delivery payment financing (PDP) of fifty Airbus 320 Neo aircraft scheduled for delivery in 2016 to the end of 2019. Tenor: Matures at the delivery of each aircraft Bond Financing NAS04 Size: 1,000 MNOK Coupon: 3mN+375bps Maturity: 3 Jul-17 NAS06 Size: 1,250 MNOK Coupon: 3mN+575bps Maturity: 20 May-18 NAS05 Size: 225 MNOK Coupon: 3mN+400bps Maturity: 21 Nov-17 NAS07 Size: 185 MEUR Coupon: 7.25% Maturity: 11 Dec-19 NAS08 Size: 800 MSEK Coupon: 3mS+500bps Maturity: 7 Aug-20 27

Outlook for 2017 Markets and business Negative impact from passenger tax in Norway Weaker demand in the UK post Brexit Booking volumes on par with last year, capacity adjusted An estimated production growth (ASK) of 30 % (unchanged) 737-800 / 737 MAX +20 %, 787 Dreamliners +60 % Increasing distance driven by mix Unit cost target of NOK 0.39 to 0.40 (up from 0.38 to 0.39) Assumptions: Fuel price of USD 500 per metric ton, USD/NOK 8.25, EUR/NOK 9.00 Impact of SLB (leasing is included in CASK) and ramp-up of intercontinental operations Based on the current route portfolio and planned production 32 new aircraft entering operations in 2017 17 737-800 (returning four old leased aircraft) Six 737 MAX Nine 787-9 Dreamliners (incl. five leased) Three 320neos to be leased out to HK Express (Seven neos delayed) 28

Content 1. Company overview 2. Key figures, financing and outlook 3. Summary of risk factors 4. Appendix 29

Content 1. Company overview 2. Key figures, financing and outlook 3. Summary of risk factors 4. Appendix 30

Key figures Financials (Amounts in NOK million) 2016 1) 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 Operating revenue (MNOK) 26 055 22 491 19 540 15 580 12 859 10 532 8 598 7 309 6 226 4 226 2 941 EBITDAR (MNOK) 5 958 3 694 1 184 2 784 1 822 1 540 1 175 1 341 200 504 201 EBITDA (MNOK) 3 116 1 481-662 1 500 789 710 397 721-208 208 21 EBIT/ Operating result (MNOK) 1 820 348-1411 970 404 416 210 572-338 134-31 EBT (MNOK) 1 508 75-1627 438 623 167 243 623 5 113-32 Net profit / loss (-) 1 135 246-1070 319 457 122 189 446 4 85-22 Basic earnings per share (NOK) 31.7 6.99-30.42 9.15 13.08 3.53 4.97 13.01 0.15 3.77-1.14 Diluted earnings per share (NOK) 31.5 6.92-29.89 9.02 12.99 3.47 4.87 12.89 0.15 3.77-1.14 Equity ratio 11% 9% 9% 19% 20% 22% 27% 32% 28% 22% 25% Cash and cash equivalents (MNOK) 2 324 2 454 2 011 2 166 1 731 1 105 1 178 1 408 608 501 232 Unit cost (CASK) 0.41 0.42 0.42 0.42 0.45 0.46 0.46 0.49 0.56 0.53 0.54 Unit cost (CASK) excluding fuel 0.32 0.31 0.29 0.29 0.31 0.32 0.34 0.38 0.37 0.4 0.41 ASK (million) 57 910 49 028 46 479 34 318 25 920 21 958 17 804 13 555 11 530 7 561 5 371 RPK (million) 50 798 42 284 37 615 26 881 20 353 17 421 13 774 10 602 9 074 6 059 4 223 Load factor 87.7% 86.2% 80.9% 78.3% 78.5% 79.3% 77.4% 78.2% 78.7% 80.1% 79.0% Passengers (million) 29.3 25.8 24.0 20.7 17.7 15.7 13 10.8 9.1 6.9 5.1 Internet sales 75% 77% 82% 80% 78% 82% 87% 88% 87% 86% 84% Number of routes (operated during the year) 472 447 402 391 308 271 249 206 170 114 86 Number of destinations (at year end) 130 138 130 125 121 114 97 93 87 70 57 Number of aircraft (at year end) 118 99 95 85 68 62 57 46 40 32 22 1) Reported preliminary full-year figures for 2016 31

Shareholders 31 December 2016 Overview of shareholders A/C TYPE SURNAME ADDRESS1 DIRECTORY OF POST OFFICES LAND HOLDING OF SHARES 1 HBK HOLDING AS c/o Adv Simonsen Vogt Wiig AS OSLO NORWAY 4,995,170 14.0 % 2 FOLKETRYGDFONDET Postboks 1845 VIKA OSLO NORWAY 3,259,303 9.1 % 3 HBK INVEST AS Postboks 1503, Vika OSLO NORWAY 2,252,500 6.3 % 4 SKAGEN VEKST C/O HANDELSBANKEN NORDIC CUSTODY OSLO NORWAY 1,300,000 3.6 % 5 FERD AS PB 484 LYSAKER NORWAY 1,300,000 3.6 % 6 DANSKE INVEST NORSKE INSTIT. II. POSTBOKS 1170, SENTRUM OSLO NORWAY 955,666 2.7 % 7 VERDIPAPIRFONDET DNB NORGE (IV) Dronning Eufemias gate 30 OSLO NORWAY 941,590 2.6 % 8 SKAGEN KON-TIKI C/O HANDELSBANKEN NORDIC CUSTODY OSLO NORWAY 700,000 2.0 % 9 VARMA MUTUAL PENSION INSURANCE THE NORTHERN TRUST CO LONDON, E14 5NT UNITED KINGDOM 650,000 1.8 % 10 VERDIPAPIRFONDET DNB NORGE SELEKTI Dronning Eufemias gate 30 OSLO NORWAY 587,877 1.6 % 11 KLP AKSJENORGE Dronning Eufemias gate 10 OSLO NORWAY 552,841 1.5 % 12 DATUM AS Postboks 1624 Vika OSLO NORWAY 500,000 1.4 % 13 DNB NOR MARKETS, AKSJEHAND/ANALYSE v/ DNB Markets Equity Derivatives OSLO NORWAY 497,148 1.4 % 14 DNB LIVSFORSIKRING ASA B-615 N Fremtidens Produkter BERGEN NORWAY 489,064 1.4 % 15 DANSKE INVEST NORSKE AKSJER INST POSTBOKS 1170, SENTRUM OSLO NORWAY 451,197 1.3 % 16 VERDIPAPIRFONDET PARETO INVESTMENT Postboks 1724 Vika OSLO NORWAY 410,000 1.1 % 17 VERDIPAPIRFONDET HANDELSBANKEN RÅDHUSGATAN 27 OSLO NORWAY 400,000 1.1 % 18 NOM CLEARSTREAM BANKING S.A. 42, AVENUE J.F. KENNEDY L-1855 LUXEMBOURG LUXEMBOURG 319,344 0.9 % 19 KOMMUNAL LANDSPENSJONSKASSE Dronning Eufemias gate 10 OSLO NORWAY 310,860 0.9 % 20 VERDIPAPIRFONDET ALFRED BERG NORGE Munkedamsveien 35 OSLO NORWAY 310,103 0.9 % 21 NORRON SICAV - TARGET P.O.BOX 487 L-2014 LUXEMBOURG LUXEMBOURG 215,000 0.6 % 22 VERDIPAPIRFONDET ALFRED BERG GAMBA Munkedamsveien 35 OSLO NORWAY 209,811 0.6 % 23 DANSKE INVEST NORGE II POSTBOKS 1170, SENTRUM OSLO NORWAY 201,844 0.6 % 24 STENSHAGEN INVEST AS Grindene 10 TRANBY NORWAY 189,492 0.5 % 25 VPF NORDEA KAPITAL NORDEA FONDENE NORGE AS OSLO NORWAY 185,649 0.5 % 26 NOM JPMORGAN CHASE BANK, N.A., LONDON JPMORGAN CHASE BANK BOURNEMOUTH, BH7 7DA UNITED KINGDOM 172,958 0.5 % 27 STOREBRAND NORGE I VERDIPAPIRFOND JPMORGAN CHASE BANK BOURNEMOUTH BH7 7DA UNITED KINGDOM 171,521 0.5 % 28 ULSVÅG INVEST AS SARAV 32 ALTA NORWAY 165,000 0.5 % 29 VERDIPAPIRFONDET PARETO NORDIC Postboks 1724 Vika OSLO NORWAY 156,000 0.4 % 30 NORDNET LIVSFORSIKRING AS Postboks 302Sentrum OSLO NORWAY 146,996 0.4 % 32

Norwegian operates 471 routes to 130 destinations Long Haul From bases in SWEDEN DENMARK FINLAND From bases in NORWAY From bases in SPAIN From the UK base 33