SAS — Earnings Release 2015

Feb 6, 2015

SAS traffic figures - January 2015

SAS traffic figures - January 2015

. SAS carried a total of 1.7 million passengers in January, unchanged versus

last year.

. The total traffic (RPK) decreased by 1.4%.

. The total capacity (ASK) was reduced by 3.5%.

. The total load factor increased by 1.4 p.u. to 67.2%.

. The yield and PASK were up 9.9% and 12.9% respectively in December. The

currency adjusted yield and PASK were up 7.6% and 10.7% respectively.

Market trends, PASK and yield development

In line with earlier communication, SAS is reducing the overall capacity during

the winter program 2014/2015 and, as a result, total capacity was reduced by

3.5% in January 2015. Scheduled capacity was down 2.2% as some capacity was

moved from charter operation to scheduled services. In January 2015, SAS reports

its tenth consecutive month with an improvement in the load factor versus last

year.

In December 2014, SAS' yield and PASK were up 9.9% and 12.9% respectively. The

currency adjusted yield and PASK were up 7.6% and 10.7%, in line with

expectations. In January 2015 the change in the currency adjusted PASK vs. last

year is expected to be positive but not as strong as in December 2014.

SAS scheduled traffic development in January

SAS scheduled capacity decreased in January by 2.2%. Despite decreased capacity,

scheduled traffic grew by 0.9% resulting in a 2 p.u. improvement in the load

factor to 65.7%.

SAS increased its intercontinental capacity by 2.4% reflecting increased number

of frequencies on the USA routes. The added capacity was not completely absorbed

and traffic decreased 1.9%. Traffic on SAS European/ Intrascandinavian routes

grew 4% with strongest growth on SAS intrascandinavian routes. Domestic traffic

grew 0.3% combined with a positive load factor development.