SAS

Delisting Announcement • Aug 12, 2024

SAS announces last day of trading in its common shares and commercial hybrids bonds, and confirms previously announced record date

SAS announces last day of trading in its common shares and commercial hybrids bonds, and confirms previously announced record date

SAS AB (publ) (the "Company") announces that the last day of trading in its

existing common shares on Nasdaq Stockholm, Nasdaq Copenhagen and Oslo Børs (the

"Exchanges"), and the last day of trading in its listed commercial hybrid bonds

on Nasdaq Stockholm, will occur tomorrow, August 13, 2024. Accordingly, the

Company also confirms that the 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 August 15, 2024, as previously announced.

On July 19, 2024, the Company announced that the Reorganization Plan had been

approved by the Stockholm District Court, and that the Company had applied for

the delisting of its existing common shares from the Exchanges and for the

delisting of its commercial hybrid bonds from Nasdaq Stockholm, conditional upon

the decision to approve the Reorganization Plan entering into legal force. It

was confirmed today that the decision entered into legal force upon expiry of

the appeal period on August 9, 2024, and the Exchanges have consequently

communicated that the last day of trading of the existing common shares and

commercial hybrid bonds will occur on August 13, 2024. This also means that, as

of today, it will no longer be possible to carry out conversions of the common

shares between the securities depositary systems in Denmark, Norway and Sweden.

On August 6, 2024, the Company announced that it had agreed with Intertrust

(Sweden) AB, in its capacity as agent under the Company's listed commercial

hybrid bonds, that 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 shall occur two business days after the last day

of trading of the bonds on Nasdaq Stockholm. Against the above background, the

Company confirms that the record date will occur on August 15, 2024, as

previously announced. 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.

The registration of the changes to the Company's capital structure with the

Swedish Companies Registration Office (Sw. Bolagsverket) resolved as part of the

Reorganization Plan, and consequently the cancellation of the existing common

shares from the shareholders' registers maintained by Euroclear Sweden, Euronext

Securities Copenhagen and Euroclear Securities Oslo, as well as the redemption

and cancellation of the commercial hybrid bonds, will be effected following

emergence from the restructuring proceedings.

SAS currently expects to emerge from its restructuring proceedings around the

end of August 2024.

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

Investor relations, +46 709 977?070

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

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