SAS - Capital/Financing Update 2022

Update on SAS progress on transformation plan

When Q1 results were released on February 22, SAS announced a new comprehensive

business transformation plan; SAS FORWARD, which is designed to secure long-term

competitiveness and improved financial strength. As outlined at that time, the

success of the SAS FORWARD Plan is entirely dependent upon an ability to

deleverage SAS and raise significant amounts of new equity capital. Both are

directly dependent upon SAS management and its key stakeholders working together

to deliver by FY2026 a full SEK 7.5 billion in annual cost reductions (inclusive

of interest expense and dividends on hybrid bonds issued by SAS).

SAS management and its advisors have outlined to certain key stakeholder groups

the importance of achieving the full burden sharing in an out-of-court process

as a means of reaching a competitive cost structure and earning the support from

financial parties for both the full debt-to-equity conversions and raising the

new equity capital. Unfortunately, to date, such negotiations have yielded

little results and much remains to be done before SAS management and board can

declare success with this program.

A more comprehensive update on the progress of the SAS FORWARD Plan, will be

published once discussions have progressed further. SAS will release its Q2

results on May 31, 2022, in accordance with its financial calendar.

For further information, please contact:

SAS press office: +46 8 797 29 44

Louise Bergström, VP Investor Relations: +46 70 997 04 93

SAS, Scandinavia's leading airline, with main hubs in Copenhagen, Oslo and

Stockholm, is flying to destinations in Europe, USA and Asia. Spurred by a

Scandinavian heritage and sustainable values, SAS aims to be the global leader

in sustainable aviation. We will reduce total carbon emissions by 25 percent by

2025, by using more sustainable aviation fuel and our modern fleet with fuel

-efficient aircraft. In addition to flight operations, SAS offers ground

handling services, technical maintenance and air cargo services. SAS is a

founder member of the Star AllianceT, and together with its partner airlines

offers a wide network worldwide. Learn more at: https://www.sasgroup.net

The information was submitted for publication by Louise Bergström at 11:58 a.m.

CET on April 29, 2022.

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