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SAS Capital/Financing Update 2016

Jan 5, 2016

2961_iss_2016-01-05_5920e804-4b90-4a33-bf90-3de36e556b0e.pdf

Capital/Financing Update

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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 46.

- 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

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 January 5, 2016 at 8:00 a.m. (CET).