SAS — Capital/Financing Update 2016

Nov 9, 2016

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

SAS finances eight aircraft

As part of SAS's focus on optimizing the capital structure and reduce financing costs, SAS has agreed to refinance two Boeing 737 and four Airbus A319 with a credit facility of MUSD 75 including Standard Chartered Bank and Norddeutsche Landesbank. The facility matures in January 2023. The aircraft will be refinanced in the period until January 2018 and were previously financed through lease agreements.

As part of the transaction, SAS has also entered into a Sale and leaseback transaction with Standard Chartered Bank for the first two delivered Airbus A320neo with CFM Leap-1A engines during 2016 with a lease period of ten years.

SAS Investor Relations

Björn Tibell, Head of Investor Relations, +46 70 997 1437

This information is information that SAS AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08.00 CET on 9 November 2016.