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Regulatory press release

NORSE: Norse Atlantic Airways and the Norwegian Pilots' Association sign collective agreement for Norway-based pilots

Norse Atlantic
Arendal, 16 December 2021: Norse and the company's pilots' association have
signed a collective agreement that is valid until March 2024. The parties are
represented by NHO Lustrarte/NHO and Norsk Flygerforbund/LO, respectively. The
agreement is the result of a constructive dialogue that commenced when Norse
launched its plans for long-haul flights earlier this year.

"We are very pleased with the agreement we have entered into with the Norwegian
Pilots' Association. This is a collaboration that will contribute to creating
many new pilot jobs in Norway and which is important for strengthening
intercontinental traffic from Oslo Airport and the tourism industry in Norway.
The negotiations have been characterized by professionalism, trust, enthusiasm
and a common goal of building an airline with long-term jobs and an inclusive
culture that will give us an important competitive advantage," said CEO and
founder Bjørn Tore Larsen of Norse.

For Norse, the agreement means that the company will have a predictable and good
framework for establishing and developing the business. The Norwegian Pilots'
Association looks forward to collaborating with and further developing Norwegian
aviation together with Norse.

"We are very pleased to have reached an agreement that ensures predictability
and security for both employees and the company. The negotiations have been
characterized by trust and collaboration between the parties, which has laid a
good foundation for further co-operation and development. Times are currently
tough for the aviation industry, and we unfortunately see that many actors are
still challenging social responsibility. That's why we are very pleased that a
serious player like Norse Atlantic Airways bases its operations on Norway's
working model and social values. We are convinced that this will contribute to
increased competitiveness," said union leader Yngve Carlsen of the Norwegian
Pilots' Association.

Building a new aviation adventure - with the right people

Norse Atlantic Airways is building a new airline that will offer
affordable transatlantic flights. Our vision is to be 'The Explorer's Airline'.
To achieve that we are building a high-performance culture and creating an
environment where we value diversity, and all colleagues feel a sense of
belonging. Not only are we going to work smarter, better, and faster than our
competitors, but we will also be known for our excellent customer service