SAS — Capital/Financing Update 2010

Feb 26, 2010

SAS Group announces an updated financial calendar in connection with the proposed rights issue process

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN AUSTRALIA, CANADA, JAPAN

OR THE UNITED STATES

SAS Group announces an updated financial calendar in connection with the

proposed rights issue process

In connection with the ongoing process and preparation for the rights

issue announced by the SAS Group on 9 February 2010, the SAS Group

financial calendar for spring 2010 will be changed as below:

. March 5, February traffic numbers to be released (unchanged)

. March 12, SAS Group's Annual Report to be released (unchanged)

. March 30, January-February financial update to be released

- In order to provide the market with updated financial and operating

information prior to the launch of the rights issue, the SAS Group has

decided to publish a summary financial update on the result of the first

two months of 2010.

- The report will contain information on key financial developments and

will also include an update on the implementation of Core SAS strategy,

in particular the cost savings program.

. April 7, Annual General Meeting

. April 9, March traffic numbers to be released (unchanged)

The SAS Group Monthly Traffic Data during 2010 will normally be

published on the fifth working day of each month at 11 am (CET). The

dates of the publications can be changed. For precise dates, please see

www.sasgroup.net under Investor Relations/Financial calendar.

Timetable for the rights issue 2010

. April 6, Subscription price and subscription announced through a press

release

. April 7, Annual General Meeting approves the rights issue resolved by

the Board of Directors and resolves on all other proposals by the Board

of Directors related to the rights issue

. April 8, First day of trading in the shares, excluding right to

participate in the rights issue

. April 9, Publication of the prospectus

. April 12, Record date for participation in the rights issue, i.e.

shareholders registered in the share register of SAS as of this date

will receive subscription rights for participation in the rights issue

(subject to applicable securities laws restrictions based on the

jurisdiction in which a shareholder resides)

. April 22, Supplementary prospectus with first quarter information to

be released in connection with the First quarter interim report

. April 15-26, Trading in subscription rights

. April 15-29, Subscription period

. May 5, Announcement of outcome

For further information, please contact

Sture Stølen, Head of SAS Group Investor Relations, +46 70 997 1451

SAS discloses this information pursuant to the Swedish Securities Market

Act and/or the Swedish Financial Instruments Trading Act. The

information was provided for publication on February 26, 2010, at 5:55

pm CET

Disclaimer

This document is not being distributed to persons in any state or

jurisdiction where the offer or sale of the rights or shares is not

permitted.

These materials are not an offer for sale of securities in the United

States. Securities may not be sold in the United States absent

registration with the United States Securities and Exchange Commission

or an exemption from registration under the U.S. Securities Act of 1933,

as amended. The issuer of the securities does not intend to register

any part of the offering in the United States or to conduct a public

offering of the Rights or the Shares in the United States.

This document is only being distributed to and is only directed at (i)

persons who are outside the United Kingdom or (ii) to investment

professionals falling within Article 19(5) of the Financial Services and

Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii)

high net worth companies, and other persons to whom it may lawfully be

communicated, falling within Article 49(2)(a) to (d) of the Order (all

such persons in (i), (ii) and (iii) above together being referred to as

"relevant persons"). The Rights and the Shares are only available to,

and any invitation, offer or agreement to subscribe, purchase or

otherwise acquire such securities will be engaged in only with, relevant

persons. Any person who is not a relevant person should not act or rely

on this document or any of its contents.

This document is an advertisement and is not a prospectus for the

purposes of Directive 2003/71/EC (such Directive, together with any

applicable implementing measures in the relevant home Member State under

such Directive, the "Prospectus Directive"). A prospectus prepared

pursuant to the Prospectus Directive will be published, which, when

published, can be obtained from the SAS Group. Investors should not

subscribe for any securities referred to in this document except on the

basis of information contained in the prospectus.

In any EEA Member State that has implemented the Prospective Directive,

this communication is only addressed to and is only directed at

qualified investors in that Member State within the meaning of the

Prospectus Directive.