SAS — Earnings Release 2014

Nov 10, 2014

SAS traffic figures - October 2014

SAS traffic figures - October 2014

. SAS carried a total of 2.7 million passengers in October, up 7.9%.

. The total traffic (RPK) increased by 7.2%.

. The total capacity (ASK) was up by 4.2%.

. The total load factor increased by 2.1 p.u. to 75.8%.

. The yield and PASK were up 1.9% and 4.6% respectively in September.

The currency adjusted yield was down 1.9% while the currency adjusted

PASK was up 0.7%.

Market trends, PASK and yield development

Market conditions remain challenging. Since the introduction of the

summer 2014 program, load factors have improved and in October 2014, SAS

reports its seventh consecutive month with an improvement in the load

factor versus last year.

In September, SAS' yield and PASK were up 1.9% and 4.6% respectively.

The currency adjusted yield was down 1.9% while the currency adjusted

PASK was up 0.7%, in line with expectations. In October 2014 the change

in the currency adjusted PASK vs. last year is also expected to be close

to unchanged compared with last year.

SAS scheduled traffic development in October

SAS scheduled capacity increased in October by 4.7%.

Traffic grew by 8.1% resulting in a 2.3 p.u. improvement in the load

factor to 74.6%. The traffic on SAS intercontinental routes grew 4.8%,

driven by the USA routes. Traffic on SAS European/ Intrascandinavian

routes grew 11.7%.The growth was strongest on SAS intrascandinavian and

European leisure oriented routes.

Domestic routes grew 4.4% combined with a positive load factor

development.