SAS — Capital/Financing Update 2014

Dec 12, 2014

Scandinavian Airlines SE-195 87 Stockholm Telephone: +46(0)8 797 0000 Fax: +46(0)8 797 1515

SAS completes Pre-Delivery Payment Financing for eight Airbus aircraft

SAS has secured a Pre-Delivery Payment Financing Facility ("PDP Facility") covering a portion of the pre-delivery payments that SAS is making under the aircraft order with Airbus. The PDP Facility covers certain payments in relation to two Airbus A330-300 Enhanced and six Airbus A320NEO aircraft and is structured as a revolving credit facility under which SAS may draw up to MUSD 74 in total, with a maximum of MUSD 54 outstanding at any one time. The loans under the PDP Facility will be repaid upon delivery of each aircraft to SAS.

- We are very pleased to have signed an agreement that secures PDP financing for the first two new long haul aircraft and for the first phase of our A320NEO order. The agreement reflects the strong working relationship we have with DVB and confirms the investor appetite for the aircraft we have on order, says Göran Jansson Executive Vice President and CFO for the SAS Group.

The aircraft will be delivered during the latter part of 2015 through to the early part of 2017. DVB Bank SE is the sole arranger and financier of the facility.

SAS Investor Relations

For further information:

SAS pressjour, tel +46 8 797 2944

SAS discloses this information pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act and corresponding Danish and Norwegian legislation. The information was provided for publication on December 12, 2014 at 8:00 a.m. (CET).