SAS — Earnings Release 2015

Sep 8, 2015

SAS traffic figures - August 2015

SAS traffic figures - August 2015

. SAS carried 2.4 million passengers in August, up 0.1%.

. Scheduled traffic (RPK) was down 1.1% and the capacity (ASK) was reduced by

0.3%.

. The load factor decreased by 0.7 p.u. to 80.5%.

. The currency adjusted yield and PASK were up 9.4% and 9.9% respectively in

July. The nominal yield and PASK were up 10.4% and 11,0% 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.

PASK and yield development

In July 2015, SAS' currency adjusted yield and PASK were up 9.4% and 9.9%

respectively, higher than guided. The nominal yield and PASK were up 10.4% and

11,0% respectively. In August 2015 the currency adjusted PASK is expected to be

in line with last year.

SAS scheduled traffic development in July

SAS strategy is to focus on Scandinavia's frequent travelers. During the summer

months the travel pattern amongst frequent travelers changes toward more leisure

oriented destinations. Customers have responded well to SAS seasonal

destinations, primarily offered to southern European destinations, while demand

was slightly lower for traveling within Scandinavia in August.

Scheduled capacity was decreased by 0.3% and traffic was down by 1.1%, which

resulted in a 0.7 p.u. lower load factor of 80.5%.

SAS intercontinental capacity was increased by 1,0% but the traffic was down

1.8% with load factors still at 90%. While SAS decreased its capacity on

European/ Intrascandinavian routes by 2.3%, traffic only fell 0.6% due to

positive response to the seasonal routes. Domestic traffic was down 1.2%. The

capacity was up 3.8% primarily reflecting increased capacity on Swedish domestic

routes.