SAS — Capital/Financing Update 2010

Apr 9, 2010

SAS AB (publ) adjusts conversion price on SEK 1.60 billion convertible bonds due 2015

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BY APPLICABLE LAW

SAS AB (publ) adjusts conversion price on SEK 1.60 billion convertible

bonds due 2015

SAS AB (publ) ("SAS" or the "Company") today announces that it has

adjusted the conversion price on its SEK1.60 billion of convertible

bonds due 2015 with an annual coupon of 7.5 per cent (the "Bonds"). The

adjustment was undertaken based on Section 6 (b) (iv) of the Terms and

Conditions of the Bonds due to the SEK4,959,675,000 rights issue

approved by the Annual General Meeting of the Company on 7 April 2010.

Following the adjustment, the Bonds will carry a conversion price of

SEK1.55. Besides the conversion price, all other terms of the Bonds

remain unchanged.

This announcement does not constitute or form part of an offer to sell

or the solicitation of an offer to subscribe for any securities of SAS.

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 9 April 2010, at 08.00 CET.

Disclaimer

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jurisdiction where the offer or sale of the securities 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 securities 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) investment

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

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

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

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such Directive, the "Prospectus Directive").

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