Norwegian (NAS)Q1 2006

Bjørn Kjos (CEO)

Oslo, 27. April 2006

Norwegian Air Shuttle ASA

2

Strong revenue growth in Q1● 539 MNOK in revenue in Q1 2006● Revenue growth of 69 % since Q1 2005

200

250

300

350

400

450

500

550

600

Q1 04 Q1 05 Q1 06

Revenue 236 320 539Earnings after tax -40 -34 -43EPS -2,72 -2,41 -2,90

35 %

69 %

Revenue MNOK

3

Continued margin improvement● EBITDA of -52 MNOK in Q1 2006● Earnings after tax -43 MNOK (-34)

● Margin up 4 pp in since Q105

-100

-80

-60

-40

-20

0

20

40

-25 %

-20 %

-15 %

-10 %

-5 %

0 %

Q104 Q105 Q106

EBITDA MNOK EBITDA margin

Revenue 236 320 539EBITDA MNOK -50 -44 -52EBITDA margin % -21 % -14 % -10 %

4

Margin development

● Margin has improved with 4 pp vs Q105● Margin growth of 11 pp in 2 years

Margin development - EBITDA

-30 %

-20 %

-10 %

0 %

10 %

20 %

30 %

2004 -21,1 % -11,7 % -3,4 % -13,0 %

2005 -13,8 % 5,8 % 10,8 % 0,9 %

2006 -9,8 %

Q1 Q2 Q3 Q4

5

Strong cash flow from advanced bookings

● Positive cash flow from operation of 192 MNOK● Investments : Aircraft purchase● Cash 522 MNOK included private placement 120 MNOK

CASH FLOW (TNOK)Form: 2006 2005Operation activites 192 732 1 832Investments -71 523 -11 421Financial activities 139 864 4

Net change 261 073 -9 585Opening balance 261 464 195 157Closing balance 522 538 185 572

First quarter

-50

0

50

100

150

200

250

300

Q1 Q2 Q3 Q4

2005 2006

Operation activities

6

Continued load factor growth● 64 % production increase from Q105 to Q106● 85 % growth in passenger traffic (RPK)● 77 % load factor in Q106, up 9 %-points

65 % 68 % 77 %

933

569

333703707037043709370

60 %62 %64 %66 %68 %70 %72 %74 %76 %78 %

Q1 04 Q1 05 Q1 06

Cabin Factor ASK

Cabin Factor

7

Strong passenger growth

PAX (000)* 398 550 1 014

-100

100

300

500

700

900

1 100

Q1 04 Q1 05 Q1 06

84 %

38 %

Thousand pax

*Tickets sold for travel

8

Enhanced competitive position● 40 % market share on key domestic routes● Capacity increased by 30 % since Q1 05

% Market Share

33 % 33 %

27 %30 %

42 % 43 %

34 %38 %

20 %

25 %

30 %

35 %

40 %

45 %

Bergen Trondheim Stavanger Tromsø

Q1 05 Q1 06

9

Strong revenue growth, both domestic and international

0

50 000

100 000

150 000

200 000

250 000

300 000

350 000

400 000

Q1 04 Q1 05 Q1 06

Turnover domestic Turnover abroad

● International turnover increased by 180 % since Q1 2005● Domestic turnover increased by 36 % since Q1 2005

Revenue

10

Still a guarantor for low fares● Domestic prices are down 4 % Q106 compared to Q105● Norwegian`s international fares vary due to introductory prices

on new routes, and seasonal variation

Minor price w ar (PW I)

Major price w ar (PW II)

Norwegian's average ticket price - index(Q1 03 = 100)

Profitable operation

40

60

80

100

Q1

03

Q2

03

Q3

03

Q4

03

Q1

04

Q2

04

Q3

04

Q4

04

Q1

05

Q2

05

Q3

05

Q4

05

Q1

06

Domestic International

11

CASK AT Q105 LEVEL DUE TO FUEL PRICE INCREASE

0,64

0,60

0,03

0,50

0,52

0,54

0,56

0,58

0,60

0,62

0,64

Q1 05 Q1 06

● Unit costs of 0.63 NOK in Q106,

● Cost reduction of 7 % ● Given same fuel price level as Q105,

EBITDA of - 22 MNOK in Q106

Fuel Q105/ Q106

CASK

12

Increased fleet and crew utilization

● Crew utilization of 680 block hours pr crew pr year, up 12 % from Q1 2005 (609)

● Aircraft utilization of 9.6 block hours pr plane pr day, up 41 % from Q1 2005 (6,8)

Block hours/crew/year

300

400

500

600

700

Q1 04 Q1 05 Q1 06

Block hours/plane/day

5

6

7

8

9

10

Q104 Q105 Q106

13

Lean organization● Carrying approx 7400* passengers per employee ● Approx 50 % growth since Q105● Non core activities outsourced

0

200

400

600

800

1000

1200

1400

1600

1800

2000

Q103 Q104 Q105 Q106

Passenger pr employee50 %

* Annualized

14

Lower distribution costs●Distribution costs pr sold ticket of NOK 23,5

down 10 % from Q1 2005

● Joint partnership with Amadeus will bring costs even further down

Distribution costs per passenger

NOK pr pax

15,0

20,0

25,0

30,0

35,0

40,0

Q1 04 Q1 05 Q1 06

15

Cost development on track to be profitable in Q1

-60

-30

0

30

60

Ebitda Q106 = - 52 MNOK

Passengers = 1,014 MILL

Needed cost reduction pr passenger to break even = 50 NOK

New handling contract

The trainee program

Capacity increase

Distribution costs

Fuel costs from price increase

Cost reduction pr pax

30

10

Leading Nordic LCC

17

Norwegian now fly from Poland to Europe

● New base in Poland from summer 2006● 4 new routes from Warsaw to southern Europe

18

Attractive timetable for corporate travellers

● Norwegian offers high frequencies on major domestic routes

2422

16

8

0

5

10

15

20

25

30

Bergen Trondheim Stavanger Tromsø

Legs from/to OSL

Legs : From OSL and Return OSL

19

Largest direct network to Europe

● Norwegian has 64 direct routes to major European cities● Daily departures to 13 European cities● “First to London” – Norwegian`s morning flight lands at 08.30

International Daily DeparturesParis NiceBerlin AlicanteBudapest PrahaDusseldorf RigaCopenhagen StockholmLondon WarsawMunich

20

Expectations for 2006Expected business environment :● Increased competition on international routes● Strong price competition on northbound routes● Seasonal fluctuation on yield● New “website” and connecting traffic expected to stimulate sales

Expected results:● Q2/Q3 06 total unit cost in the range of NOK 0,52-0,53*

– At current fuel and currency level

● Improved margins for the year

* Expansion in Poland is not expected to be profitable in 2006,

due to start up costs and low introductory prices

Thank you,

- and fly Norwegian!