SAS - Capital/Financing Update 2017

SAS transfers two landing and take-off rights ("slot-pairs") at London Heathrow and generates a positive earnings impact of MUSD 75

· SAS has entered into a slot transaction at London Heathrow whereby two slot

-pairs have been transferred.

· The transaction will generate a positive earnings impact of the equivalent

of MUSD 75 for SAS to be accounted for during the second quarter of the fiscal

year 2016/2017 with a corresponding cash effect during the fiscal year

2016/2017.

SAS is the sixth largest airline operating at London Heathrow measured in number

of departures and had before this transaction 19 daily slot-pairs at London

Heathrow, which now will be reduced to 17 daily slot-pairs. As part of the

transaction, it is agreed that SAS can continue to use these two slot-pairs for

up to three years and maintain its present network.

SAS operates from London Heathrow to Copenhagen, Oslo, Stockholm and Stavanger.

Even after the transaction, SAS will continue to offer a strong and

comprehensive network between Scandinavia and London Heathrow. The intention is

to maintain the seat capacity to/from London Heathrow through the use of larger

aircraft on remaining departures.

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