SAS — Earnings Release 2014

Mar 7, 2014

SAS traffic figures - February 2014

SAS traffic figures - February 2014

. The scheduled traffic (RPK) decreased by 0.1%.

. SAS scheduled capacity (ASK) was up by 3.1%

. The SAS scheduled load factor decreased by 2.0 p.u. to 64.8%.

. SAS carried 1.8 million scheduled passengers in February

. The yield and PASK were down 7.4% and 9.5% respectively in January and

currency adjusted down 5.2% and 7.3%

Market trends, PASK and yield development

Overall, the competition and capacity in the Nordic market intensified

combined with a lower growth rate during the end of calendar year 2013.

Although SAS has focused on defending its yield, as expected, this

development has continued in the first quarter of the 2013/2014

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

pressure will affect the revenues even further due to the weakening of

the NOK versus last year. Demand continues to be strongest on

intercontinental routes and relatively stable on routes within

Scandinavia, while weaker on European routes.

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

to continue to be negative.