SAS — Capital/Financing Update 2018

Jun 4, 2018

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

Stock Exchange announcement 4 June 2018

SAS increases its bond with MSEK 750

SAS AB (publ) has successfully completed a MSEK 750 tap issue, thereby increasing the size of its existing senior unsecured bond which matures on 24 November 2022 to MSEK 2,250. The tap issue was priced at 102.50, translating into an effective interest rate of 4.73% to maturity.

The proceeds from the tap issue will be used to further improve the financial flexibility for aircraft investments, upcoming debt maturities and general corporate purposes. The bond is listed at Nasdaq Stockholm and the increase of the bond will be registered at Nasdaq Stockholm according to normal practice.

"We are pleased with the interest from investors despite the general market turmoil, confirming the investors' continued confidence in SAS," says Jan Torberger, SAS Group Treasurer.

Danske Bank, Nordea Bank, SEB and Swedbank acted as Joint Lead Managers and Joint Bookrunners for the transaction.

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 4.10pm. CET on June 4, 2018.