SAS — Earnings Release 2014

Dec 9, 2014

SAS traffic figures - November 2014

SAS traffic figures - November 2014

. SAS carried a total of 2.2 million passengers in November, up 2.3%.

. The total traffic (RPK) increased by 0.2%.

. The total capacity (ASK) was down by 3.7%.

. The total load factor increased by 2.7 p.u. to 70.7%.

. The yield and PASK were up 1.8% and 5.0% respectively in October. The currency

adjusted yield was down 2.9% while the currency adjusted PASK was up 0.2%.

Market trends, PASK and yield development

As indicated earlier, as part of the winter-season program, SAS plans to hold

back on the capacity growth. In line with this, SAS reduced the capacity during

November 2014. Market conditions remain challenging, however load factor has

increased steadily since the introduction of the summer 2014 program, In

November 2014 SAS reports its eighth consecutive month with an improvement in

the load factor versus last year.

In October, SAS' yield and PASK were up 1,8% and 5% respectively. The currency

adjusted yield was down 2.9% while the currency adjusted PASK was up 0.2%, in

line with expectations. In November 2014 the change in the currency adjusted

PASK vs. last year is also expected to be positive.

SAS scheduled traffic development in November

SAS scheduled capacity was decreased in November by 1.4%. Traffic grew by 3.7%

resulting in a 3.4 p.u. improvement in the load factor to 69.5%.

The traffic on SAS intercontinental routes grew 3.5%, driven by the USA routes.

Traffic on SAS European/ Intrascandinavian routes grew 4.1% with strongest

growth on SAS intrascandinavian routes.

Domestic traffic grew 2.8% combined with a positive load factor development.