SAS — Earnings Release 2015

Oct 7, 2015

SAS traffic figures - September 2015

SAS traffic figures - September 2015

. Scheduled traffic (RPK) was up 0.6% and the capacity (ASK) was reduced by

0.1%.

. The load factor improved by 0.6 p.u. to 77.2%.

. SAS carried 2.6 million scheduled passengers in September, down 0.6%.

. The currency adjusted yield and PASK were up 1.2% and 0.3% respectively in

August. The nominal yield and PASK were up 3.3% and 2.5% respectively.

Market trends

Market conditions in Scandinavia have temporarily stabilized and the balance

between capacity and demand has improved in comparison with 2014. However, the

competition remains very intensive in certain markets and the demand in regions

with high exposure to the oil sector in particularly Norway has weakened.

PASK and yield development

In August 2015, SAS' currency adjusted yield and PASK were up 1.2% and 0.3%

respectively, as anticipated. The nominal yield and PASK were up 3.3% and 2.5%

respectively. In September 2015 the currency adjusted PASK is expected to be

marginally lower than last year.

SAS scheduled traffic development in September

SAS decreased its scheduled capacity in September by 0.1%. The traffic, however,

increased by 0.6%, primarily driven by growth on intercontinental routes. The

load factor improved 0.6 p.u. to 77.2%.

SAS intercontinental capacity increased 5.6% and the traffic was up 2.9%. The

growth was driven by the new route between Stockholm and Hong Kong. On European/

Intrascandinavian routes, capacity was reduced by 3.7% but traffic only fell

0.5%, with strongest performance on routes to/from Sweden. Domestic traffic was

down 0.6%, while capacity was increased 0.4%.