SAS — Earnings Release 2014

Oct 7, 2014

SAS traffic figures - September 2014

SAS traffic figures - September 2014

. SAS carried a total of 2.7 million passengers in September, up 7.3%.

. The total traffic (RPK) increased by 5.3%.

. The total capacity (ASK) was up by 3.2%.

. The total load factor increased by 1.6 p.u. to 78.1%.

. The yield was down 2.3% while PASK was up 1.1% in August and the

currency adjusted yield and PASK were down 4.6% and 1.3%.

Market trends, PASK and yield development

Market conditions remain challenging. However, since the introduction of

the summer 2014 program, load factors have improved and in September

2014, SAS reports the sixth consecutive month with an improvement in the

load factor versus last year.

In August, SAS' yield was down 2.3% while PASK was up 1.1%. Currency

adjusted yield and PASK were down 4.6% and 1.3%, as expected. In

September 2014 the change in the currency adjusted PASK vs. last year is

expected to be in line with last year.

SAS scheduled traffic development in September

Following the expanded leisure network during the summer months, SAS

seasonally increased its capacity on the more traditional businesses

routes in September. The capacity was increased by 3.9%, primarily

driven by intrascandinavian routes and larger European destinations.

Traffic grew by 6.7% resulting in a 2.0 p.u. improvement in the load

factor to 76.6%, the second highest load factor for a September month.

SAS intercontinental routes continued to perform well with a traffic

growth of 3.2%, driven by the USA routes.

Domestic routes grew 2.3% combined with a positive load factor

development.