SAS — Earnings Release 2010

Dec 7, 2010

The SAS Group Traffic figures November 2010

The SAS Group Traffic figures November 2010

SAS Group's November 2010 traffic figures

. SAS Group's traffic (RPK) increased by 11.3% during November and

capacity (ASK) increased 6.9% vs same period  2009.

. The passenger load factor improved by 2.8 p.u.to 70.0%.

. SAS Group carried  2.2 million passengers in November, up 7.8% vs.

same period in 2009.

Group market trends, RASK and yield development

The currency adjusted yield for Scandinavian Airlines in October 2010

was down 4.3%, but was more than offset by improved load factor

resulting in an increased RASK of 1.5%. The yield and RASK in November

is expected to continue the trend with relatively flat RASK development

but continued yield pressure.

The market continues to improve but is still unpredictable particularly

regarding the yield development due to overcapacity on certain markets,

but due to improved load factors RASK has been relatively stable. A

recovery has been noted on both intercontinental and certain short haul

Business routes. Scandinavian Airlines is continuously improving its

premium product and a noticeable increase in customer satisfaction has

been achieved. The implementation of the cost saving program is on

track.

Capacity is planned to increase further in December and be approximately

4-6% higher in 2011 than 2010 for Scandinavian Airlines.

SAS Group product and news update

. Check-in using Internet, SMS- or Mobile Site check-in was 41.3% in

October for Scandinavian Airlines operated flights, a new all time high.

. SAS entered into a code-share agreement with Singapore Airlines in

December 1 and added its SK prefix on Singapore Airlines'

Copenhagen-Singapore and Singapore-Bangkok routes, while the SQ prefix

will be added onto SAS' flights from Copenhagen to Helsinki, Oslo and

Stockholm.

Scandinavian Airlines' traffic development

. Number of passengers increased by 6.7% to 1.9 million.

. Traffic increased 11% and capacity was up 5.1%.

. The load factor was up by 3.8 p.u.to 71.7%.

The intercontinental traffic grew by 18.2% in November and capacity

increased by 13.7% resulting in an improved load factor of 3.1 p.u. to

81.7%. On European routes, traffic was up 6.7% in combination with

stronger load factors. Traffic on intrascandinavian routes responded

well to the increased capacity and grew by 12.5%. Danish domestic

traffic decreased 7.4%, but load factors improved. Norwegian domestic

traffic increased 4.5% with a 5.6 p.u. improvement in the load factor

albeit fierce competition. Swedish domestic traffic increased by 13.4%

with improved load factor.

Widerøe and Blue1's traffic development

Widerøe carried 210.000 passengers in November, up 16.5%. The capacity

increased with 16,7% compared to last year. The growth in capacity and

number of passengers is mainly driven by Widerøe taking over SAS' Fokker

50 routes in western Norway. The overall load factor decreased 0.8p.u.

to 59,2%.

Blue1's traffic increased by 14.3% during November and number of

passengers was up 11.8%. The capacity was increased on domestic routes

and traffic was up 30%. On European routes the traffic increased by 32%

due to new destinations and additional frequencies. Total capacity was

increased by 30.6%. As not all capacity was absorbed by increased

demand, the load factor fell 7.6 p.u. to 53.7%.

For detailed information, see attached document.

For questions, please contact Head of SAS Group Investor Relations Sture

Stølen

+ 46 8 797 1451

sture.stolen@sas.se

Homepage: www.sasgroup.net