1

Norwegian Air Shuttle ASA Norwegian Air Shuttle ASA Norwegian Air Shuttle ASA Norwegian Air Shuttle ASA

2nd 2nd 2nd 2nd QuarterQuarterQuarterQuarter PresentationPresentationPresentationPresentation

JulyJulyJulyJuly 17th 200817th 200817th 200817th 2008

CEO BjCEO BjCEO BjCEO Bjøøøørn Kjosrn Kjosrn Kjosrn Kjos

0

200

400

600

800

1000

1200

1400

1600

1800

Q2 04 Q2 05 Q2 06 Q2 07 Q2 08

Revenue 311 531 765 1 019 1 551

Domestic revenue 204 280 381 459 560

International revenue 107 251 384 560 991

Domestic revenue growth 37 % 36 % 20 % 22 %

International revenue growth 135 % 53 % 46 % 77 %

Q2 08Q2 04 Q2 05 Q2 06 Q2 07

Double-digit revenue growth

continues in Q2 2008

• MNOK 1,551 in total revenue, 52 % growth since last year– Domestic Revenue: MNOK 560 (+ 22 %)

– International Revenue: MNOK 993 (+ 77 %)

+52 %

2

-42-23

-80

-30

20

70

120

170

220

31 36

85

-42

28

-23

-47

-80

-30

20

70

120

170

220

Q2 2005 Q2 2006 Q2 2007 Q2 2008

200

Strike

Norwegian CAA

Fuel price

increase

compared

to Q2 07

Q2 2008 EBITDA* +206

-25

-200

* EBITDA Adjusted

EBITDA margin heavily affected

by the soaring fuel price

EBITDA development Q2 EBTIDA Q2 08 breakdown

Norwegian Ops

Swedish Ops

Polish Ops

Wet Lease

-25

-200

– Norwegian’s core operation with positive EBITDA result of MNOK 28

– Spot price of fuel up 82 %; equivalent to an additional fuel bill of MNOK 200

– One-offs of MNOK 48

Massive increase in fuel price

• The Jet Fuel spot price increased by 82 % in Q2 compared to last year’sspot price

• Additional fuel bill of MNOK 200; equivalent to 13% of total revenues in the period

Second Quarter 2008 First Half 2008

500

600

700

800

900

1 000

1 100

1 200

1 300

1 400

2008 2007

Q2

April May June500

600

700

800

900

1 000

1 100

1 200

1 300

1 400

2008 2007

January February March April May June

Q1 Q2

H1

• The Jet Fuel spot price increased by 67 % in H1 compared to last year’sspot price

• Additional fuel bill of MNOK 275; equivalent to 10% of total revenues in the period

3

Net change in cash of MNOK - 13

• Cash Flows from operations MNOK 99 – Net CF from operating activities of was

affected by the operating loss, different advance

booking pattern and a larger share of charter sales

• Cash Flows from investing activities MNOK -106– New aircraft and upgrade of existing fleet: MNOK - 251

– Prepayment on the Boeing contract: MNOK – 71

– Release of financial investments: MNOK + 216

• Cash and cash equivalents MNOK 434– The company has proposed a rights issue of MNOK 400

which will be resolved by the general meeting in August.

– The company has mandated Natixis Transport Finance to

provide pre-delivery payment loan financing for the initial

batch of 10 purchased Boeing 737-800 HGW aircraft

(NOK 1 000) Q2 08 Q2 07 H1 08 H1 07 2007

Net cash flows from operating activities 98 938 257 222 113 362 491 160 497 920

Net cash flows from investing activites -106 380 -43 939 -169 798 -62 392 -532 619

Net cash flows from financial activities -5 809 302 184 -11 754 382 975 306 425

Exchange rate effect on cash 191 4 937 750 5 165 -2 025

Net change in cash and cash equivalents -13 059 520 405 -67 441 816 908 269 700

Cash and cash equivalents in beginning of period 447 028 528 213 501 410 231 710 231 710

Cash and cash equivalents in end of period 433 969 1 048 618 433 969 1 048 618 501 410

Considerable production

growth in Q2

• 34 % growth in production

• 33 % growth in passenger traffic

0

500

1 000

1 500

2 000

2 500

3 000

3 500

Q2 04 Q2 05 Q2 06 Q2 07 Q2 08

40 %

50 %

60 %

70 %

80 %

90 %

100 %

ASK Norwegian.se

ASK Norwegian.no

Load

ASK Norwegian.no 642 940 1 324 1 763 2 370

RPK Norwegian.no 433 730 1 047 1 400 1 856

Load 67 % 78 % 79 % 79 % 78 %

ASK Norwegian.se - - - - 603

RPK Norwegian.se - - - - 474

Load - - - - 79 %

Q2 04 Q2 05 Q2 06 Q2 07 Q2 08

4

4.3 million passengers carried by Norwegian

during first half of 2008 - an increase of 50 %

0

500

1 000

1 500

2 000

2 500

Q2 04 Q2 05 Q2 06 Q2 07 Q2 08(000)

Norwegian.no 572 868 1 289 1 595 1 892

Domestic passengers 437 484 695 768 907

International passengers 135 384 594 827 986

Norwegian.se - - - - 452

Q2 08Q2 04 Q2 05 Q2 06 Q2 07

0

1 000

2 000

3 000

4 000

5 000

Q2 04 Q2 05 Q2 06 Q2 07 Q2 08

971 1 418 2 303 2 898 3 523

789 893 1 299 1 464 1 709

182 525 1 004 1 434 1 814

- - - - 818

H1 07 H1 08H1 04 H1 05 H1 06

50 %

Second Quarter 2008 First Half 2008

Continued strong foothold on key

domestic routes

• 40 % market share on key domestic routes in Q2

33 %34 %

26 %27 %

40 %41 %

34 %35 %

43 %42 %

36 %

32 %

42 % 42 %

39 %

32 %

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

40 %

45 %

50 %

Bergen Trondheim Stavanger Tromsø

Q2 05 Q2 06 Q2 07 Q2 08

Bergen Trondheim Stavanger Tromsø

5

27

49

0

5

10

15

20

25

30

35

40

45

50

H1 07 H1 08

27 49

H1 08H1 07

26

47

0

5

10

15

20

25

30

35

40

45

50

Q2 07 Q2 08

Ancillary Revenue 26 47

Q2 08Q2 07

Significant growth in

ancillary revenue

• Better products and better fee structure

• Fully implementet on all routes in 2008

• Increased ancillary revenues expected going forward

81 %81 %

All figures excluding Norwegian.se

Improving cost development ex.

fuel and positive yield momentum

• Unit cost of 0.54 in Q2 2008– Up 2 % since last year

• Unit cost ex. Fuel was 0.37– Down 10 % since last year

-25 %

-20 %

-15 %

-10 %

-5 %

0 %

5 %

10 %

Jan Feb Mar Apr May Jun

Q1 Q2

Relative y.o.y. Yield development H1 2008

• New routes

• Opening of Rygge

• Fuel surcharge

• Better revenue management

• Longer average flying distance

CASK Development

0,53

0,55

0,530,54

0,430,42

0,41

0,37

0,30

0,35

0,40

0,45

0,50

0,55

0,60

Q2 05 Q2 06 Q2 07 Q2 08

CASK CASK ex. FuelLinear (CASK) Linear (CASK ex. Fuel)

Q2 05 Q2 06 Q2 07 Q2 08

All figures excluding Norwegian.se All figures excluding Norwegian.se

6

Cost reducing initiatives

norwegian.no• Renegotiations of supplier agreements

• Voluntary salary reduction in exchange for stock options

• Route portfolio adjustments

• Strengthening Norwegian domestic operation

• Cooperation with Sterling

Ålesund

• Ground inefficient MD-80 fleet ASAP

• Route portfolio adjustments; concentrating on domestic operation

• Charter contracts with 737-800s

• Cooperation with Sterling

Replace 8x MD-80

with 5x B737 at ARN

Cost reducing initiatives

norwegian.se

7

• Norwegian will operate most flights out of Oslo

• Sterling will operate most southbound flights out of Stockholm

• Rationale:– Reducing excess capacity

– Improved time table

– Reducing operational costs

Codeshare agreement

with Sterling

Code share Airport served by DY and NB

Code share route operated by DY

Code share route operated by NB

Expectations for remaining 2008

• Business Environment

– Sustained demand

– Overall, the market appears to absorb fuel surcharges

– Uncertain macro conditions

– Seasonal fluctuations

• Cost Development

– Unit cost in the area of NOK 0,55 for the Group

– Up from 0.52 guided in Q1 08 based on an average fuel price of USD 1 400 pr ton

– Cost reduction program intensified accross the organization

• Subsidiaries/ Bases

– Satisfactory development in Poland, however the route program for the coming winter

season will be closely monitored due to the present high fuel prices.

– The integration of Norwegian.se will continue to realize further synergies.

• Park MD80 fleet

• Focus on domestic routes

8

Norwegian operates 159 routes

to 87 destinations