Norwegian and Strawberry agree on jointly owned loyalty company

14 May 2024 14:30 CEST

Norwegian and Strawberry have agreed on a joint platform for their
10-million-member strong loyalty programmes Norwegian Reward and Strawberry.
Following the initial announcement in June last year, the arrangement has now
been fully agreed and the jointly owned company is up and running.

The value proposition to both the members and partners has been improved
compared to what was originally envisioned. The structure of the joint venture
has been changed such that a majority of the loyalty programme value remains
within Norwegian and Strawberry respectively, and Norwegian will not recognize
the initial accounting gain previously announced. In the new setup, Norwegian
and Strawberry will each hold 50 percent ownership of the joint company from
start. Final closing of the transaction took place today, with a market launch
targeted for the second half of 2024. Following this revised transaction
structure, the agreement with the financial service partner Avida will be
revised to support the structure of the joint venture.

“I am very pleased that we have reached this agreement with Strawberry, to the
benefit of our more than 10 million Norwegian Reward and Strawberry members. Our
partnership will be a loyalty game changer, with the world’s first multi-partner
rewards points ecosystem with a single loyalty currency. This will give members
the opportunity to earn and use a shared loyalty currency across participating
programs and their partners. I am truly excited to share this exciting news with
our members, and not least to welcome new partner companies in the time to
come,” said Geir Karlsen, CEO of Norwegian.

“The deal marks an important part of history for our two Nordic companies, which
both have a legacy of challenging our own industries. Norwegian shares our
desire to develop innovative and better solutions for our guests and members,
and our partnership is a strategic and cultural fit that will create enormous
synergies for our members and partners. From the beginning, our clear ambition
has been to create a shared loyalty currency and platform which will turbocharge
Norwegian and Strawberry's membership programmes, as well as to attract new and
valuable partners to the ecosystem. When we enter the market with the Nordics'
new loyalty currency, all our members will have access to endless possibilities
of travel, spa, restaurants, hotels, and much more, and the journey has just
begun,” said Petter A. Stordalen, founder and owner of Strawberry.


For further information, please contact:
Jesper M. Hatletveit, Investor Relations at Norwegian, Tel: +47 906 64 401
Hans-Jørgen Wibstad, CFO at Norwegian, Tel: +47 916 89 661


Fornebu, 14 May 2024
Norwegian Air Shuttle ASA



This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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