Establishment of Asset Management Company

has decided to establish a fully owned asset management company.  The
asset management company will be incorporated under the laws of Ireland and will
have USD as its functional currency. Ireland is the largest aviation finance
cluster in Europe which makes the country a natural location given Norwegian’s
global expansion and large aircraft orders.

The first
aircraft to be placed under the control of the asset management company is the
Boeing 737-800 due for delivery in September 2013. The asset management company
will operate as lessor of the aircraft. The incorporation of the new subsidiary
will also limit currency exposure to the balance sheet. The currency exposure
is primarily driven by a mismatch between USD denominated loans and aircraft
balance sheet values denominated in NOK, managed
today by extensive hedge arrangements.

August 30, 2013