1

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

4th 4th 4th 4th QuarterQuarterQuarterQuarter PresentationPresentationPresentationPresentation

FebruaryFebruaryFebruaryFebruary 14th 200814th 200814th 200814th 2008

CEO BjCEO BjCEO BjCEO Bjøøøørn Kjosrn Kjosrn Kjosrn Kjos

0

200

400

600

800

1 000

1 200

1 400

Q 4 0 4 Q 4 0 5 Q 4 0 6 Q 4 0 7

MN

OK R

evenue

51 %

Strong revenue growth in Q4

• MNOK 1,145 in revenue, 51% growth since last year– International: MNOK 659; 85% growth

– Domestic: MNOK 486; 20% growth

Q4 04 Q4 05 Q4 06 Q4 07

Revenue 331 531 760 1145

Domestic 223 299 404 486

International 108 232 356 659

Domestic Growth -10 % 34 % 35 % 20 %

International Growth 300 % 114 % 53 % 85 %

2

Steady EBITDA margin

on high growth

Q4 06 Q4 07EBITDA Group MNOK -19 -36

Earnings aft. tax Group -25 -21

EBITDA Group margin % -2 % -3 %

EBITDA Norwegian w/o Polska & FlyNordic 35 18

EBITDA Norwegian Polska -52 -25

EBITDA FlyNordic n/a -30

0

200

400

600

800

1 000

1 200

1 400

Q 4 0 4 Q 4 0 5

MN

OK

Revenue

51 %

Strong double digit growth

• Annual turnover of 4,226 MNOK, 44% increase since last year

• Strong revenue growth from international expansion

0

1 000

2 000

3 000

4 000

5 000

Revenue M

NO

K

Revenue

Domestic

International

44 %

2004 2005 2006 2007

Revenue 1 210 1 972 2 941 4 226

Domestic 830 1 048 1 472 1 785

International 380 924 1 470 2 441

Domestic Growth -7 % 26 % 40 % 21 %

International Growth 467 % 143 % 59 % 66 %

3

-200

-150

-100

-50

0

50

100

150

200

250

300

2004 2005 2006 2007

-12 %

-7 %

-2 %

3 %

8 %

13 %

18 %

EBITDA Group MNOK

EBITDA Margin Norway MNOK

EBITDA Margin MNOK

Best year ever!

• Total earnings (EBITDA) of 208 MNOK in 2007 (21)

• Earnings after tax of 85 MNOK (-22)

• Fuel price increase reduced earnings with MNOK 60 in 2007

Less Polish

operation

Less FlyNordic

2004 2005 2006 2007EBITDA MNOK -141 56 21 208

Earnings aft tax -110 28 -22 85

EBITDA margin % -12 % 3 % 1 % 5 %

Amplified seasonal variations

and rising fuel prices

• Average fuel price in Q4 2006 wasNOK 5,053 compared to NOK 6,402 this year – equivalent to MNOK 65 in extra fuel costs in Q4

Quarterly Revenues

2007

2006

2005

2004

0

200

400

600

800

1 000

1 200

1 400

Q1 Q2 Q3 Q4

Revenue M

NO

K

Quote Jet Fuel CIF NWE Cargoes

500

600

700

800

900

1 000

Q4 2006 Q4 2007

• Larger share of the route portfolio on

international routes increases

seasonal fluctuations

4

Positive cash flow from operations

• Positive cash flow from operations of 498 MNOK in 2007 (76)

• Negative cash flow of 9 MNOK from operations in Q4 (-122)

• Investments:

– Boeing pre-delivery payment MNOK 50

– Currency hedge deposit of MNOK 215

• Financial activities:

– Equity issue in August in relation to the purchase of FlyNordic

– Equity issue in October in relation to the share option program

CASH FLOW STATEMENT (KNOK)

2007 2006 2007 2006

Net cash flows from operation activities -8 855 -122 061 497 920 75 648

Net cash flows from investments -310 781 -33 601 -532 619 -245 257

Net cash flows from financial activities 9 425 306 425 139 864

Exchange rate effect on cash 1 539 -86 -2 025 -9

Net change in cash and cash equivalents -308 672 -155 747 269 700 -29 755

Cash and cash equivalents in beginning of period 810 082 387 456 231 710 261 464

Cash and cash equivalents in end of period 501 410 231 710 501 410 231 710

Full Year4. Quarter

Load factor target of 80% achieved

* Excl. FlyNordic

• 80 % Load factor in 2007 – absorbing production growth of 30%

• Started 26 new routes in 2007

80 %

79 %78 %

67 %

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

2004 2005 2006 2007

60 %

65 %

70 %

75 %

80 %

85 %

ASK Load Factor

5

Close to 7 million passengers in 2007

• The Group had more than 6.9 million passengers in 2007*

– 3.1 million domestically

– 3.8 million internationally

• Norwegian w/o subsidiaries transported 6.4 million passengers

* FlyNordic only Aug- Dec

0

1 000 000

2 000 000

3 000 000

4 000 000

5 000 000

6 000 000

7 000 000

8 000 000

2004 2005 2006 2007

Passengers LF

Passengers DY

36 %

27 %25 %

23 %

26 %

34 %

30 %28 %

33 %

42 %

35 %35 %

40 %

44 %

34 %

38 %

44 %

0 %

10 %

20 %

30 %

40 %

50 %

Bergen Stavanger Tromsø Trondheim

2004 2005 2006 2007

Steady increase in market

share in 2007

• Market share of 41 % on key domestic routes, 3 pp growth since

last year

• Timetable improvements pays off

6

Strong foothold on key

domestic routes in Q4 2007

• Market share in Q4

46 %45 %

42 %

37 %

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

40 %

45 %

50 %

Tromsø Stavanger Trondheim Bergen

0,53

0,54

0,55

0,59

0,50

0,55

0,60

2004 2005 2006 2007

0,51

Decrease in unit cost despite

significant increase in fuel prices

• Unit cost of 0.53 in 2007

• Cost level affected by higher fuel prices and one-offs

Fuel

One offs

Wet lease

Introduction B737-800

New Handling agent

7

Satisfactory utilization levels

• But still upside potential to achieve ”best in class”

performance

Aircraft avg. Utilization/ DaySource: Jacob s C o nsult ancy

0

2

4

6

8

10

12

14

Norw egian Most

Profitable

LCC

2nd Most

Profitable

LCC

3rd Most

Profitbale

LCC

Head-on

Competitor

2005

2006

2007

Passengers Per EmployeeSource: Jacobs C onsult ancy

0

2 000

4 000

6 000

8 000

10 000

12 000

Norw egian Most

Profitable

LCC

2nd Most

Prof itable

LCC

3rd Most

Profitbale

LCC

Head-on

Competitor

2005

2006

2007

Norwegian and the environment:

New aircraft

• The most environmentally friendly fleet available on order– 50 brand new B737-800 HGW on order (1 delivered)

– 3 used B737-800 on order (1 delivered)

– Option for further 42 B737-800 HGW

Relative Per Pax Emissions

Fuel/CO2 Fuel/CO2 Fuel/CO2 Fuel/CO2Nox Nox Nox Nox0 %

10 %

20 %

30 %

40 %

50 %

737-800HGW 737-800 737-300 MD-80

Base Base

4 % 5 %

23 %

17 %

33 %

43 %

BE

TT

ER

8

Emissions reduction and

significant bottom line savings

Consumption (t/yr/a/c) 8 867 Consumption (t/yr/a/c) 8 200 Consumption (t/yr/a/c) 8 467

40 40 31,5

5960 5960 5954

915 915 915

NOK/USD 5,54 NOK/USD 5,54 NOK/USD 5,54

Total Fuel Cost 1 797 824 361 Total Fuel Cost 1 662 649 597 Total Fuel Cost 1 351 916 608

Savings w/ 737-800 HGW445 907 753 Savings w/ 737-800 HGW310 732 989 Savings w/ 737-800 HGW 0

Jet-A1 price (USD/tonn)

Number of Seats Number of Seats Number of Seats

Jet-A1 price (USD/tonn) Jet-A1 price (USD/tonn)

McDonnell Douglas MD-80 Boeing 737-300 Boeing 737-800 HGW

Fleet size Fleet size Fleet size

0

5

10

15

20

25

30

35

40

Q4 04 Q4 05 Q4 06 Q4 07

MN

OK

Revenue

Freedom of choice pays off !

• Strong growth in 3rd party sales

• Continuing focus on existing ancillaries, introduction of new products

• In Q4 ancillaries accounted for more than NOK 35 per passenger

209 %

9

Norwegian Reward

• Norwegian Reward is a joint venture with BankNorwegian

• Implementation has been highly successful

• Call Norwegian is a fully owned subsidiary of the airline

Call Norwegian

Family & FriendsTelenor, NetCom

BusinessTelenor, NetCom, Ventelo

Low Cost - WebChess, Tele2, One Call

Youth & Control

Kontant / NC YoungTalk

ImmigrantsLebara

Attractive to travellers: In flight, at airports, abroad- Simple

- Competitive price

- Services adjusted to the segmentCall NorwegianMarket Position

10

Continued Expansion in 2008

• 7 Boeing 737-800 and 3 Boeing 737-300 adds capacity

– Norway: 4 B737-800 and 2 B737-300

– Sweden: 3 B737-800; 4 MD-80 phased out

– Poland: 1 B737-300

• Total fleet of 41 aircraft from June 2008

• Expected production increase of approximately 50 %

• New Rygge base starts on February 14th with two aircraft

0

500

1 000

1 500

2 000

2 500

3 000

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08

Mill

AS

K

Domestic

International

Excl. FlyNordic

Expectations for 2008

• Business Environment

– Continued pressure on yield

– Uncertain macro conditions

– Sustained demand

– Higher seasonal fluctuations

• Cost Development

– Unit cost in the area of NOK 0,50 for the Group*

– Down from 0.52 guided in Q3 due change in route portfolio mix. Same effect on yield.

• Subsidiaries/ Bases

– The Polish base is expected to continue its positive development, but will not be profitable due to continued expansion

– FlyNordic expected to be loss making during Q1, break even expected for the full year

– The Rygge start up with 16 new routes is expected to have losses in first half, but withpositive results in second half.

* Assuming fuel price of USD 850/ton

11

146 routes to 76 destinations