SAS — Earnings Release 2014

Sep 5, 2014

SAS traffic figures - August 2014

SAS traffic figures - August 2014

. SAS carried a total of 2.6 million passengers in August, up 9.1%.

. The total traffic (RPK) increased by 6.3%.

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

. The total load factor increased by 2.4 p.u. to 82.9%.

Market trends, PASK and yield development

Market conditions remain challenging with declining yield and PASK.

However, since the introduction of the summer 2014 program, load factors

have improved and in August 2014, SAS reports its highest August load

factor ever.

In July, SAS' yield and PASK were down 10.7% and 8.6% respectively and

currency adjusted down 11.8% and 9.8%, both negatively affected by a

revaluation in July 2013 of EuroBonus' liability of MSEK 100. Adjusted

for this item, the currency adjusted yield and PASK were down 8.3% and

6.2% respectively. In August 2014 the change in PASK vs. last year is

expected to be negative, but not as negative as in July 2014.

SAS scheduled traffic development in August

During the summer months, SAS opened 35 new mostly seasonal routes.

These contributed to a positive traffic development in August and a

scheduled passenger growth of 9.2%.

SAS intercontinental routes developed as expected with a load factor

above 90% and traffic growth of 2.1%, primarily driven by a positive

development on the USA routes. Due to the launch of new leisure routes,

SAS European/Intrascandinavian traffic grew strongly by 10.1% combined

with significantly higher load factors.

Domestic routes grew 3.9%. The growth was strongest in the Norwegian and

Danish domestic markets.