SAS — Earnings Release 2015

May 8, 2015

SAS traffic figures - April 2015

SAS traffic figures - April 2015

. SAS carried a total of 2.2 million passengers in April, down 9.6%.

. The total traffic (RPK) decreased by 11.7%.

. The total capacity (ASK) was reduced by 0.1%.

. The total load factor decreased by 9.2 p.u. to 70.1%.

. The currency adjusted yield and PASK were up 8.1% and 13% respectively in

March. The nominal yield and PASK were up 13.8% and 20% respectively.

Market trends

Market conditions in Scandinavia have temporarily stabilized and the balance

between capacity and demand has improved in comparison with 2014. SAS summer

program has been well received with incoming bookings at expected levels.

However, the competition remains very intensive in certain markets. SAS traffic

development in April 2015 is an outcome of more active yield management and

shall also be set in relation to the strong traffic growth, record high

passenger load factor and double digit decrease in the yield in April 2014.

PASK and yield development

In March 2015, SAS' currency adjusted yield and PASK were up 8.1% and 13%

respectively. The nominal yield and PASK were up 13.8% and 20% respectively. In

April 2015 the change in the currency adjusted yield vs. last year is expected

to be positive, and the currency adjusted PASK is expected to be close to

unchanged.

SAS scheduled traffic development in April

The scheduled capacity was increased in April by 2.7% as capacity was moved from

charter operation to scheduled services. Traffic was down 9.1%, which resulted

in a decline in the load factor of 9 p.u. to 69.6%. Total number of passengers

in SAS Plus increased by 6.5%.

SAS decreased its intercontinental capacity by 5.3% and the traffic was down

10.9%. SAS traffic on European/Intrascandinavian routes decreased 11% from high

levels last year. Domestic traffic grew 1.2% and capacity was increased 7.2%.