SAS

Capital/Financing Update • Aug 6, 2024

SAS announces update regarding record date for holders of commercial hybrid bonds

SAS announces update regarding record date for holders of commercial hybrid bonds

SAS AB (publ) (the "Company") announces that the new distribution record date

for holders of the Company's listed commercial hybrid bonds under the plan of

reorganization (the "Reorganization Plan") in the Company's company

reorganization proceeding in Sweden (Sw. företagsrekonstruktion) is expected to

be Thursday August 15, 2024.

On July 25, 2024, the Company announced that it, for practical reasons, had

agreed with Intertrust (Sweden) AB ("Intertrust"), in its capacity as agent

under the Company's listed commercial hybrid bonds, to postpone the record date

on which holders of the commercial hybrid bonds must be holders of such bonds to

be entitled to receive distributions under the Reorganization Plan. The Company

and Intertrust have agreed that the record date shall occur as soon as possible

after the last day of trading of the commercial hybrid bonds on Nasdaq

Stockholm, which is expected to occur on August 13, 2024, subject to the

Stockholm District Court's decision to approve the Reorganization Plan having

entered into legal force by that date. For technical reasons, the record date

will occur two business days after the last day of trading, i.e. on August 15,

2024 assuming that the last day of trading occurs on August 13, 2024. After the

record date, the instrument will be blocked for settlement in Euroclear Sweden's

system, meaning that it will not be possible to transfer ownership of commercial

hybrid bonds after such date. SAS intends to announce on August 12, 2024 whether

the conditions for the record date to occur on August 15, 2024 are satisfied.

The new record date will not impact the overall timeline for SAS' emergence from

its restructuring proceedings.

Information regarding SAS' U.S. chapter 11 cases and SAS AB's company

reorganization in Sweden

Additional information regarding SAS' voluntary chapter 11 cases in the U.S. and

SAS AB's company reorganization in Sweden is available on SAS' dedicated

restructuring website, https://sasgroup.net/transformation. U.S. court filings

and other documents related to the chapter 11 cases 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. Swedish court

filings related to SAS AB's company reorganization in Sweden can be requested

from the Stockholm District Court, and certain documentation is also provided by

the administrator on a separate website administered by Ackordscentralen (AC

-Gruppen AB), https://ackordscentralen.se/en/reorganisations/sas-ab/.

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, and Seabury Securities LLC is also serving as restructuring advisor to

SAS.

For further information, please contact:

SAS press office, +46 8 797 29 44

SAS, Scandinavia's leading airline since 1946, operates from its principal hub

at Copenhagen Airport (CPH), complemented by hubs in Oslo (OSL) and Stockholm

(ARN). Our mission is to connect Scandinavia with the world and the world with

Scandinavia. Each year, SAS serves more than 25 million passengers and

transports 55 tons of cargo to 135 destinations across Europe, the USA, and

Asia. With a passionate workforce of over 10,000 colleagues, we collaborate with

partners and customers to drive transformative changes in aviation. We are

committed to achieving net-zero emissions by 2050, embodying the visionary

spirit of our founders: "To move from the old to what is about to come, is the

only tradition worth keeping". Innovation and societal progress are at the heart

of everything we do.

For more information, visit our website at www.flysas.com or follow us on social

media for the latest updates and promotions.