SAS — Capital/Financing Update 2016

Jan 5, 2016

SAS completes Pre-Delivery Payment Financing for five Airbus aircraft with DVB

SAS completes Pre-Delivery Payment Financing for five Airbus aircraft with DVB

SAS has secured a Pre-Delivery Payment Financing Facility ("PDP Facility") with

DVB Bank covering a portion of the pre-delivery payments that SAS is making for

five Airbus A320neo under the aircraft order with Airbus. The PDP Facility is

structured as a revolving credit facility under which SAS may draw up to MUSD

-       Through this agreement, SAS has secured pre-delivery payments of in

total 11 Airbus A320neo until the beginning of 2018. It is our second agreement

relating to pre-delivery payments that we have completed and demonstrates that

there is a strong interest amongst investors for the aircraft that SAS has on

order, says Göran Jansson Executive Vice President and CFO at SAS.

The loans under the PDP Facility will be repaid upon delivery of each aircraft

to SAS.

SAS Investor Relations