SAS — Earnings Release 2015

Jul 7, 2015

SAS traffic figures - June 2015

SAS traffic figures - June 2015

. SAS carried a total of 2.8 million passengers in June.

. The total traffic (RPK) decreased by 5.2%.

. The total capacity (ASK) was reduced by 2.2%.

. The total load factor decreased by 2.6 p.u. to 81.6%.

. The currency adjusted yield and PASK were up 5.6% and 0.6% respectively in

May. The nominal yield and PASK were up 9.9% and 4.7% 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 May 2015, SAS' currency adjusted yield and PASK were up 5.6% and 0.6%

respectively as expected. The nominal yield and PASK were up 9.9% and 4.7%

respectively. In June 2015 the change vs last year in the currency adjusted PASK

is expected to be slightly negative.

SAS scheduled traffic development in June

SAS traffic development in June 2015 is a result of a planned reduction of the

capacity together with a more active yield management. The development shall

also be set in relation to last year's strong traffic growth, high passenger

load factor and weak yield. During June 44 seasonal routes were opened as part

of the network adjustment for the summer months as a response to increasing

demand on leisure routes, particularly to southern Europe. Traffic responded

above all well to/from Sweden where it grew by approximately 6%.

Scheduled capacity was decreased 0.2% while traffic during June decreased 3.8%,

which resulted in a decline in the load factor of 3 p.u. to 80%. SAS

intercontinental capacity was decreased by 3.7% and the traffic was down 5.6%.

During June, the fourth upgraded long haul aircraft was phased into traffic. SAS

traffic on European/ Intrascandinavian routes decreased 3.1% from high levels

last year. Domestic traffic was down 2.6% and capacity was up 2.7%.