SAS — Earnings Release 2019

Dec 7, 2018

CORRECTION: SAS traffic figures - November 2018

CORRECTION: SAS traffic figures - November 2018

CORRECTION OF YIELD AND PASK NOMINAL AMOUNTS TO SEK 1.03 and 0.71, RESPECTIVELY

. SAS scheduled traffic compared to the same month last year:

- Number of passengers increased by 1.8% to 2.3 million.

- Capacity (ASK) and traffic (RPK) increased by 0.1% and 0.8%, respectively.

- Passenger load factor increased by 0.4 p.p. to 69.0%.

. Nominal yield and PASK increased by 5.0% and 5.7%, respectively.

Market and Capacity Development

. Capacity growth is expected to continue during winter 2018/19, and we expect

an overall growth of 4-5% during Q1.

. SAS plans to increase capacity by 2-3% in fiscal year 2019, primarily due to

more seats in the Airbus A320neo.

SAS - Scheduled Traffic Development

. Intercontinental traffic increased 2.6%, while capacity was down 1.8%. The

increase was mainly on Asian routes.

. European/Intrascandinavian traffic declined 1.5% and capacity increased 0.2%.

Traffic increased on Intrascandinavian routes but decreased on European routes.

. Domestic traffic increased 2.6% on the back of a 3.8% increase in capacity,

resulting in a lower passenger load factor. The pattern was similar in Norway

and Sweden.

SAS - In Other News

· SAS redeemed all remaining preference shares at 30 November 2018

· 23 Airbus A320neo in operation as of 6 December 2018

· High-speed WiFi now installed on 42 aircraft