Norwegian Air Shuttle ASA - Disclosure of large shareholdings


Reference is made to the announcement made by Norwegian Air Shuttle ASA (“NAS”)
today regarding the completion of its recapitalization, which includes, inter alia, the
conversion of leasing debt into equity and an offering of new shares in the Company.

Following completion of this transaction Avolon Holdings Limited will, through certain of
its indirect wholly owned subsidiaries (collectively the “Relevant Entities”), have an interest
in a total of 168,787,395 ordinary shares, representing 5.50 % of the share capital and voting
rights in NAS.

The principal Relevant Entities through which Avolon Holdings Limited will hold an
interest in the above shares includes Chatsworth Aviation Limited.

Avolon Holdings Limited is 70% owned by an indirect subsidiary of Bohai Leasing Co., Ltd.,
a public company listed on the Shenzhen Stock Exchange (SLE: 000415) and 30% owned by
ORIX Aviation Systems, a subsidiary of ORIX Corporation which is listed on the Tokyo and
New York Stock Exchanges (TSE: 8591; NYSE: IX).

This notification is made pursuant to Section 4-3 of the Norwegian Securities Trading Act.