SAS in final agreement regarding Estonian Air

Since 2003 SAS has a 49% ownership in the Estonian based Estonian Air.

According to the Core SAS strategy with focus on the Nordic home market

this stake has been set out for divestment.

Today, the SAS Group has reached an agreement with the Estonian

Government that will result in SAS divesting its 49% stake. The

Estonian Government will provide approximately MSEK 200 in a new rights

issue and SAS will convert approximately MSEK 20 in loans into equity.

After the rights issue the Estonian State will hold 90% and SAS 10% of

Estonian Air. SAS will remain lender of approximately MSEK 70 in loans

with a maturity in 2014.

Estonian Air has an option to buy SAS remaining stake and SAS has the

option to sell its stake at Fair Market Value after 4 years. The

transaction is conditional upon parliamentary approval in Estonia. The

transaction is neutral to profit and liquidity of the SAS Group.

SAS will continue its commercial cooperation with Estonian Air.

For further information, please contact

Sture Stølen, VP Head of SAS Group Investor Relations +46 8 797 1451

SAS discloses this information pursuant to the Swedish Securities Market

Act and/or the Swedish Financial Instruments Trading Act. The

information was provided for publication on 17 September 2010, at 12

p.m. CET.

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