SAS — Capital/Financing Update 2010

Apr 22, 2010

Publication of supplement to prospectus regarding the 2010 rights offering of SAS AB

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

OR THE UNITED STATES

Publication of supplement to prospectus regarding the 2010 rights

offering of SAS AB

Today SAS AB ("SAS") has published a supplement to the previously

published prospectus regarding SAS' ongoing rights offering. The

supplementary prospectus has been prepared due to the publication today

by SAS of the SAS group's interim report for the period January - March

2010 and the air traffic disruptions that have impacted the airline

industry as a result of volcanic ash from the Eyjafjallajökull volcano

in Iceland. The interim report, which contains information regarding the

impact of the air traffic disruptions due to the volcanic ash on SAS's

operations, is included in the supplementary prospectus.

The supplementary prospectus, which has been approved and registered

with the Swedish Financial Supervisory Authority (the "SFSA"), must be

read together with the prospectus in all parts. The supplementary

prospectus and the prospectus are available electronically on the

websites of the SFSA (www.fi.se), SAS (www.sasgroup.net) under Investor

relations, Nordea (www.nordea.se/placera) and SEB (www.seb.se/prospekt).

The supplementary prospectus is also available at SAS's head office

(Frösundaviks Allé 1, Solna, Sweden) and can, subject to applicable

securities regulations, be ordered free of charge by telephone from

Nordea in Sweden (+46 8 678 04 50), Denmark, (+45 33 33 50 92) and

Norway (+47 22 48 62 62).

Under Chapter 2, Section 34 of the Swedish Financial Instruments Trading

Act of 1991, those investors who have subscribed for or applied for, or

in any other manner consented to subscription for securities covered by

the prospectus before the publication of the supplementary prospectus

are entitled to withdraw their subscriptions, applications or consents

within five working days from the publication of the supplementary

prospectus, i.e. no later than on 29 April 2010. Any subscription,

application or consent that is not withdrawn will remain binding and

those who wish to remain as subscribers do not need to take any further

action.

For further information, please contact

Nordea in

Denmark: +45 33 33 50 92

Norway: +47 22 48 62 62

Sweden: +46 8 678 04 50

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 April 22, 2010, at 5.30pm

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.

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