SAS — Capital/Financing Update 2010

May 5, 2010

SAS announces final results of SAS rights issue - oversubscribed by 50.0 percent - and the record date for the reverse split

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

OR THE UNITED STATES

SAS announces final results of SAS rights issue - oversubscribed by 50.0

percent - and the record date for the reverse split

The final results of SAS AB's ("SAS") rights issue of which the

subscription period ended 29 April 2010, show that 7,377,901,437 shares,

corresponding to 99.7 percent of the offered shares were subscribed for

with subscription rights. In addition, 3,728,907,697 shares were

subscribed for without subscription rights, corresponding to 50.4

percent of the offered shares. Of the shares subscribed for without

subscription rights, 24,598,563 shares have been allocated to

subscribers based on the principles described in the prospectus

published on 9 April 2010. As a result the rights issue was

oversubscribed by 50.0 percent and the underwriting commitments did not

need to be utilised.

Through the rights issue SAS expects to receive proceeds of SEK

4,959,675,000 before transaction costs.

In order to enable and facilitate the rights issue, the Annual General

Meeting on 7 April 2010 resolved to reduce the company's share capital

by SEK 4,515,525,000 without redemption of shares whereby the quota

value for each share will be reduced from SEK 2.50 to SEK 0.67. As a

result of the rights issue the share capital is expected to be increased

by SEK 4,959,675,000 and following registration of the rights issue and

the reduction of share capital, the share capital will amount to SEK

6,612,900,000. The number of shares in the company is expected to be

increased by 7,402,500,000 shares to 9,870,000,000 shares.

The final day for trading in the BTA 1 is expected to be on or around 6

May 2010. Note that trading in BTA 1 on NASDAQ OMX Stockholm that occurs

on 6 May 2010 will settle with a two bank day settlement scheme as

opposed to three bank day settlement scheme. Trading in the new shares

subscribed for with subscription rights on NASDAQ OMX Stockholm, NASDAQ

OMX Copenhagen and Oslo Børs is expected to commence on or around 7 May

2010. Trading in the new shares subscribed for without subscription

rights on NASDAQ OMX Stockholm, NASDAQ OMX Copenhagen and Oslo Børs is

expected to commence on or around 21 May 2010.

The Annual General Meeting on 7 April 2010 resolved upon a reverse split

of SAS shares and authorized the Board of Directors to decide the record

date for the reverse split. Following the authorization the Board of

Directors has decided that the record date shall be 9 June 2010. The

reverse split will have the effect that thirty shares are consolidated

into one share. The last day of trading in the company's shares on

NASDAQ OMX Stockholm, NASDAQ OMX Copenhagen and Oslo Børs before the

reverse split is 4 June 2010 and the first day of trading in the

company's shares after the reverse split is 7 June 2010.

J.P. Morgan, Nordea and SEB Enskilda, are acting as Joint Global

Coordinators, Joint Lead Managers and Joint Bookrunners, DnB NOR Markets

and The Royal Bank of Scotland, are acting as Joint Lead Managers and

Joint Bookrunners, and Danske Markets, is acting as Co-Lead Manager for

the rights issue.

For further information, please contact

Sture Stølen, Head of SAS Group Investor Relations, +46 70 997 14 51

SAS Group Investor Relations

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 5 May 2010, at 5:10 p.m.

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.