SAS — Earnings Release 2014

Apr 7, 2014

SAS traffic figures March 2014

SAS traffic figures March 2014

. SAS carried 2.2 million scheduled passengers in March, up 7.1%.

. The scheduled traffic (RPK) increased by 3.3%.

. The scheduled capacity (ASK) was up by 8.4%.

. The scheduled load factor decreased by 3.4 p.u. to 69.5%.

. The yield and PASK were down 9.1% and 11.9% respectively in February

and currency adjusted down 6.9% and 9.7%.

Market trends, PASK and yield development

Overall, the competition and capacity in the Nordic market has

intensified. Although SAS has focused on defending its yield, as

expected, this development has continued in the second quarter of the

2013/2014 financial year with a negative yield/PASK and low growth. The

yield pressure affects the revenues even further due to the weakening of

the NOK versus last year.

Generally, demand continues to be strongest on intercontinental routes

and relatively stable on routes within Scandinavia, while weaker on

European routes.

In March 2014, SAS expects the change in yield and PASK vs. last year to

continue to be negative.

SAS scheduled traffic development

SAS increased its scheduled capacity by 8.4% in March 2014 versus last

year. Compared with previous months, the higher growth was driven by the

Easter holiday that partly occurred in March 2013, when the capacity was

seasonally reduced.

The growth in March 2014 was strongest in the Norwegian and the Swedish

markets, with number of passengers increasing 13%. Intercontinental

traffic was marginally down while capacity increased 2.9%. Traffic on

European/Intrascandinavian routes increased 3.1% and capacity was up

7.4%. On domestic routes, traffic was up 9.5%.

SAS scheduled capacity increase for the financial year 2013/14 is

expected to be up approximately 3-4%.