SAS — Capital/Financing Update 2017

Nov 13, 2017

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

Moody's and Standard & Poor's upgrade SAS credit ratings

The credit rating institutes Moody's and Standard & Poor's have today upgraded SAS AB's credit rating. The upgrade reflects SAS's increased earnings during 2017, which has improved SAS financial position.

Moody's increases the credit rating of SAS AB from B2 to B1 Standard & Poor's increases the credit rating of SAS AB from B to B+

Both credit rating institutes have set a 'stable' outlook for SAS credit rating.

SAS Investor Relations

Björn Tibell, Head of Investor Relations, +46 (0)70 997 1437

This information is information that SAS AB (publ) is obliged to disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 10.00 a.m. CET on November 13, 2017.