SAS — Earnings Release 2015

Mar 5, 2015

SAS traffic figures - January 2015

SAS traffic figures - January 2015

Market trends, PASK and yield development

According to plan, SAS continued to reduce the overall capacity during the

winter program 2014/2015 and, as a result, total capacity was reduced by 3.5% in

February 2015. Scheduled capacity was down 1.5% as some capacity was moved from

charter operation to scheduled services. In February 2015, SAS reports its

eleventh consecutive month with an improvement in the load factor versus

previous year.

In January 2015, SAS' yield and PASK were up 3.4% and 6.7% respectively. The

currency adjusted yield and PASK were down 0.4% and up 2.8% respectively, in

line with expectations. In February 2015 the change in the currency adjusted

PASK vs. last year is expected to be in line with January.

SAS scheduled traffic development in February

SAS scheduled capacity decreased in January by 1.5%. Despite decreased capacity,

scheduled traffic grew 1.3% resulting in a 1.8 p.u. improvement in the load

factor to 66.7%.

SAS decreased its intercontinental capacity by 2.9% and the traffic was down

4.3%. The lower volumes were primarily related to reduced capacity on SAS' Asian

routes.

SAS traffic on European/ Intrascandinavian routes grew 3.9% with strongest

growth on SAS intrascandinavian routes. Domestic traffic grew 3.9% combined with

a positive load factor development.

SAS regularity of 98.2% in February was lower than normally, primarily due to

industrial action, in breach of contract, by cabin attendants in Copenhagen

which resulted in 166 cancelled flights.