SAS — Capital/Financing Update 2023

May 15, 2023

SAS Receives Court Approval for Equity Solicitation Procedures

SAS Receives Court Approval for Equity Solicitation Procedures

SAS AB ("SAS" or the "Company") announces that the U.S. Bankruptcy Court for the

Southern District of New York (the "Court") has approved SAS' equity

solicitation procedures. Through these procedures, SAS will run a competitive

and broad solicitation process to secure the best available terms and conditions

for new equity capital.

On April 6, 2023, SAS announced that the Company had taken the next step in its

comprehensive business transformation plan SAS FORWARD, initiating a process to

solicit equity investment in a reorganized SAS. Today, the Court has approved

the procedures that will govern the Company's equity solicitation process. The

deadline for potential investors to present final bids takes place in

approximately 13 weeks.

Anko van der Werff, President and Chief Executive Officer of SAS, says:

"The equity raise process is the key next step in SAS FORWARD, our

transformation plan that aims to improve our financial strength, secure long

-term competitiveness and fortify our position as Scandinavia's leading

airline.  We will conduct a competitive and broad solicitation process to secure

equity capital that will help drive our airline forward and facilitate our

emergence from the chapter 11 process."

Additional Information About the Chapter 11 Process and implementation of SAS

FORWARD

On July 5, 2022, to accelerate the implementation of its comprehensive business

transformation plan SAS FORWARD, SAS announced that it had voluntarily filed for

chapter 11 in the U.S., a well-established and flexible legal framework for

restructuring businesses with operations in multiple jurisdictions. Through this

process, SAS aims to reach agreements with key stakeholders, restructure the

Company's debt obligations, reconfigure its aircraft fleet, and emerge with a

significant capital injection.

At the outset of its restructuring process, the Company's SAS FORWARD plan

envisioned raising at least SEK 9.5 billion in new equity capital as well as

reducing or converting SEK 20 billion of debt (of which a majority is on-balance

sheet debt), including state hybrid notes, commercial hybrid notes, Swiss bonds,

term loans from states, aircraft lease liabilities and maintenance contract

obligations and other executory contract obligations. The final amount of equity

financing raised will depend upon the competitive equity raise process along

with the Company's ongoing ability to generate additional liquidity.

SAS targets to complete its court-supervised process in the U.S. in the latter

part of the second half of 2023.

Additional information about the Company's voluntary chapter 11 process is

available on the Company's dedicated restructuring

website, https://sasgroup.net/transformation. Court filings and other documents

related to the chapter 11 process in the U.S. are available on a separate

website administered by SAS' claims agent, Kroll Restructuring Administration

LLC, at https://cases.ra.kroll.com/SAS. Information is also available by calling

(844) 242-7491 (U.S./Canada) or +1 (347) 338-6450 (International), as well as by

email at SASInfo@ra.kroll.com.

Advisors

Weil, Gotshal & Manges LLP is serving as global legal counsel and Mannheimer

Swartling Advokatbyrå AB is serving as Swedish legal counsel to SAS. Seabury

Securities LLC and Skandinaviska Enskilda Banken AB are serving as investment

bankers, Seabury is also serving as restructuring advisor, and FTI Consulting is

serving as financial advisor to SAS.

For further information, please contact:

SAS Press office, +46 8 797 29 44

Investor Relations, +46 70 997 7070

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.

ADDITIONAL INFORMATION

The press release does not constitute an offer to sell or issue, or the

solicitation of an offer to buy or acquire, or subscribe for, shares or any

other financial instruments in SAS.

This press release contains forward-looking statements that reflect SAS' current

view of future events as well as financial and operational development. These

statements may include, without limitation, any statements preceded by, followed

by or including words such as "intend", "assess", "expect", "may", "plan",

"estimate" and other expressions involving indications or predictions regarding

future development or trends and other words and terms of similar meaning or the

negative thereof. These forward-looking statements have been prepared for

illustrative purposes only, are not based on historical facts, are not

guarantees of future performance, reflect SAS' beliefs and expectations, and are

subject to known and unknown risks, uncertainties and assumptions and other

factors that could cause actual events and performance to differ materially from

any expected future events or performance expressed or implied by such forward

-looking statements. As a result of these risks, uncertainties, assumptions and

other factors, you should not place undue reliance on these forward-looking

statements as a prediction of actual future events or otherwise. The information

contained in this press release is subject to change without notice and, except

as required by applicable law, SAS does not assume any responsibility or

obligation to update publicly or review any of the forward-looking statements

contained in it, whether as a result of new information, future events or

otherwise. Nothing in this press release constitutes or should be construed as

constituting a profit forecast.