SAS — Earnings Release 2015

Apr 9, 2015

SAS traffic figures - March 2015

SAS traffic figures - March 2015

. SAS carried a total of 2.5 million passengers in March, up 6.1%.

. The total traffic (RPK) increased by 1.8%.

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

. The total load factor increased by 3.0 p.u. to 74.3%.

.The yield and PASK were up 8.3% and 11.3% respectively in February. The

currency adjusted yield and PASK were up 2.8% and 5.7% respectively.

Market trends

Market conditions in Scandinavia stabilized during the winter program and the

balance between capacity and demand is improving. As planned, SAS continued to

reduce the overall capacity during the winter program 2014/2015 and, as a

result, total capacity was reduced by 2.2% in March 2015.

PASK and yield development

In February 2015, SAS' yield and PASK were up 8.3% and 11.3% respectively. The

currency adjusted yield and PASK were up 2.8% and 5.7% respectively. In March

2015 the change in the currency adjusted PASK vs. last year will be positive.

SAS scheduled traffic development in March

In March, industrial action amongst Scandinavian and European carriers partly

affected SAS traffic. SAS scheduled capacity was increased in March by 0.5% as

capacity was moved from charter operation to scheduled services. Traffic was up

6.2%, resulting in a 3.9 p.u. improvement in the load factor to 73.4%.

SAS increased its intercontinental capacity by 2.5% and the traffic was up 3.6%,

driven by positive development on the USA routes. SAS traffic on European/

Intrascandinavian routes increased 5.1% with strongest growth on SAS

intrascandinavian routes. Domestic traffic grew 12.6% while capacity was

decreased 1.9%.

SAS regularity of 97.2% in March was lower than usual, primarily due to an

industrial action by cabin attendants in Copenhagen early in March and severe

weather conditions in Norway toward the end of March.