SAS

SAS' restructuring plan approved by European Commission

The European Commission has today declared the Kingdom of Denmark's and the

Kingdom of Sweden's participation in SAS' restructuring process compatible with

applicable EU State aid rules. The approval marks another important step forward

for SAS in its transformation plan and in the on-going restructuring

proceedings.

The effectiveness of SAS' chapter 11 plan of reorganization remains subject to

various conditions precedent, including approvals from various regulatory

authorities and a successful completion of SAS AB's company reorganization

proceeding in Sweden.

Information regarding SAS' U.S. chapter 11 cases and SAS AB's company

reorganization in Sweden

Additional information regarding SAS' voluntary chapter 11 cases in the U.S. and

SAS AB's company reorganization in Sweden is available on SAS' dedicated

restructuring website, https://sasgroup.net/transformation. U.S. court filings

and other documents related to the chapter 11 cases in the U.S. are available on

a separate website administered by SAS' claims agent, Kroll Restructuring

Administration LLC, at https://cases.ra.kroll.com/SAS. Information is also

available by calling (844) 242-7491 (U.S./Canada) or +1 (347) 338-6450

(International), as well as by email at [email protected]. Swedish court

filings related to SAS AB's company reorganization in Sweden can be requested

from the Stockholm District Court, and certain documentation is also provided by

the administrator on a separate website administered by Ackordscentralen (AC

-Gruppen AB), https://ackordscentralen.se/en/reorganisations/sas-ab/.

Advisors

Weil, Gotshal & Manges LLP is serving as global legal counsel and Mannheimer

Swartling Advokatbyrå AB is serving as Swedish legal counsel to SAS. Seabury

Securities LLC and Skandinaviska Enskilda Banken AB are serving as investment

bankers, and Seabury Securities LLC is also serving as restructuring advisor to

SAS.

For further information, please contact:

SAS press office, +46 8 797 29 44

Investor relations, +46 709 977 070

SAS, Scandinavia's leading airline, with main hubs in Copenhagen, Oslo and

Stockholm, flies to destinations in Europe, USA and Asia. Spurred by a

Scandinavian heritage and sustainability values, SAS aims to be the driving

force in sustainable aviation and in the transition toward net zero emissions.

We are continuously reducing our carbon emissions through using more sustainable

aviation fuel, investing in new fuel-efficient aircraft and technology

innovation together with partners - thereby contributing towards the industry

target of net zero CO2 emissions by 2050. In addition to flight operations, SAS

offers ground handling services, technical maintenance and air cargo services.

Learn more at https://www.sasgroup.net

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