SAS — Earnings Release 2014

Aug 7, 2014

SAS traffic figures - July 2014

SAS traffic figures - July 2014

. SAS carried 2.4 million scheduled passengers in July, up 10.6%.

. The scheduled traffic (RPK) increased by 11.2%.

. The scheduled capacity (ASK) was up by 8.7%.

. The scheduled load factor increased by 1.9 p.u. to 86.5%.

. The yield and PASK were down 7.0% and 3.7% respectively in June and

currency adjusted down 8.6% and 5.3%.

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 July 2014 SAS reports its second highest ever load

factor for a single month.

In June, SAS' currency-adjusted yield and PASK fell by 8.6% and 5.3%

respectively slightly lower than expected. In July 2014 the change in

PASK vs. last year is expected to be negative due to the increased

number of longer leisure routes this year.

SAS scheduled traffic development in July

In July 2014 SAS launched 18 new routes. These contributed to a positive

traffic developed with a passenger growth of 10.6% and record number of

transported passenger for a single July month on SAS scheduled routes.

SAS intercontinental routes developed as expected with a load factor

above 90% and traffic growth of 4.7%, primarily driven by the

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

SAS European/Intrascandinavian traffic grew strongly by 16.9% combined

with higher load factors.

Domestic routes grew 3.6%. The growth was relatively evenly distributed

between the Norwegian and Swedish domestic routes.