SAS — Earnings Release 2016

May 9, 2016

Traffic traffic figures - April 2016

Traffic traffic figures - April 2016

. Scheduled traffic (RPK) increased 9.2% and the capacity (ASK) was up 9.1%.

. The scheduled load factor was unchanged at 69.6%.

. SAS carried 2.3 million scheduled passengers in April, up 5.4%.

. The preliminary currency adjusted yield and PASK were both down 7% in April

2016. The nominal yield and PASK were both down 11% in April 2016.

Market development

Demand has been positive in Scandinavia in the beginning of 2016. Overall market

capacity has increased about 7% in 2016, with the strongest growth on primarily

international routes. The market capacity growth is expected to slow down

slightly during the summer program. Demand for European leisure routes, long

haul traffic and domestic routes continue to grow. Due to the capacity growth in

the market and lower jet fuel prices, the PASK has declined somewhat more than

anticipated during February-April. In response, SAS has increased the level of

sales activities which gradually has improved the load factor and PASK trend

during the quarter.

SAS is increasing its intercontinental capacity by about 25% during fiscal year

2015/2016 through new routes and frequencies. Also, until April 2016 larger

aircraft have replaced phased out Boeing 717 primarily in Sweden, which has

affected the load factor negatively. Overall, this has resulted in a longer

average stage length with subsequent effect on the yield/PASK and will

contribute to an expected scheduled capacity growth of 10% during 2015/2016.

Number of flights is at the same time expected to increase by about 1%.

SAS scheduled traffic development in April

SAS increased its scheduled capacity in April by 9.1%. The traffic increased by

9.2%. The overall load factor was in line with last year at 69.6%. The load

factor was negatively affected by the timing of Easter but improved throughout

April.

SAS intercontinental traffic increased 31.4% and the capacity was up 37.7%. The

response to SAS refreshed long haul cabin has been strong and traffic in

Business Class increased during the month by more than 50%. Within Europe/

Intrascandinavia, SAS decreased its capacity by 5.8%, but traffic was only down

5.0%. Capacity on the domestic routes was increased by 8.4%, primarily due to

the different timing of Easter between 2016 and 2015. Demand responded well and

was up 8.4%.