SAS — Earnings Release 2014

Dec 18, 2014

Year-end report November 2013-October 2014

Year-end report November 2013-October 2014

Comparative figures include Widerøe for the August to September 2013 period.

· Income before tax and nonrecurring items: MSEK 789 (601)

· Revenue: MSEK 10,966 (11,059)

· Unit revenue (PASK) declined 0.1%

· Unit cost (CASK) decreased 1.1%

· EBIT margin: -2.3% (16.5%)

· Income before tax: MSEK -450 (1,568)

· Net income for the period: MSEK -303 (1,465)

· Earnings per common share: SEK -1.21 (4.45)

· The outlook for the full year 2014/2015 is presented on page 8

· The Board proposes that no dividend be paid to holders of SAS AB's common

shares for the 2013/2014 fiscal year

· The Board proposes a dividend of SEK 50 per preference share to holders of

preference shares

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 December 18, 2014, at 8:00 a.m.