SAS — Earnings Release 2010

May 7, 2010

The ash cloud substantially affected SAS Group traffic in April. - Estimated negative earnings impact of MSEK 650-700 up to May 7

SAS Group traffic figures April 2010

The ash cloud substantially affected SAS Group traffic in April. -

Estimated negative earnings impact of MSEK 650-700 up to May 7

The closure of the Scandinavian airspace due to the ash cloud from April

15 to 19 significantly affected the traffic figures for April. As from

April 20, SAS gradually returned to normal operations. Bookings in May

and June have also been affected, but to a much lesser extent. The

situation in the rest of Northern Europe has been similar and the

disruptions represent a major hit to the entire aviation industry.

SAS estimates the negative impact on earnings up until May 7 to be

between MSEK 650 and 700. The estimate includes lost bookings up to May

7, additional costs for alternative transportation and also

reimbursements to our customers such as hotel accommodation and meal

expenses etc.

'In addition to the damage inflicted to our passengers, the aviation

industry has in total lost more than SEK 25 billion, due to the closure

of the airspace. This is a natural disaster that is not covered by

insurance in our industry. Together with our industry organization AEA,

we continue to work for compensation from EU and the Scandinavian

governments based on a model that avoids distortion of competition',

says Mats Jansson, CEO and President.

In April, the number of passengers amounted to 1.6 million compared with

2.2 million during April last year. The estimated effect of the traffic

disruptions exceeds 0.6 million lost passengers, which indicates a small

underlying passenger increase.

The yield, which is a measure of the average ticket price, fell in March

by 10.1%, compared to March last year, which was more than offset by the

improving load factor. This resulted in an improved RASK, which is the

unit revenue, of 3.1%. There are uncertainties regarding the yield

development in April due to the disruptions, but it is expected to be

lower than the same period last year.

'It is a positive sign that the number of passengers and in particular

the load factor continues to improve, when excluding effects from the

traffic disruptions. This provide evidence that our Core SAS strategy is

providing results, as well as certain signs of improvements in the

aviation business cycle', says Mats Jansson.

For further information, please contact

Press duty telephone: +46 8 797 2944

SAS discloses this information pursuant to the Swedish Securities Market

Act and/or the Swedish Financial Instruments Trading Act. The

information was provided for publication on May 7, 2010, at 11.00 am CET