SAS — M&A Activity 2023

Sep 26, 2023

SAS' evaluation process ongoing following expiration of final bid deadline

SAS' evaluation process ongoing following expiration of final bid deadline

SAS AB ("SAS" or the "Company") is running a competitive and broad equity

solicitation process as part of its ongoing chapter 11 process in the U.S., with

the aim of soliciting investments in the reorganized company. The deadline for

potential investors to submit final bids in the equity solicitation process

expired on September 25, 2023. SAS will announce the winning bidder or bidders

as soon as the evaluation process has been completed.

Additional information about the Company's voluntary Chapter 11 process is

available on the Company's dedicated restructuring

website, https://sasgroup.net/transformation. Court filings and other documents

related to the Chapter 11 process 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 SASInfo@ra.kroll.com.

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. Seabury is also serving as restructuring advisor, and FTI Consulting is

serving as financial advisor to SAS.

For further information, please contact:

SAS Press office, +46 8 797 29 44

Investor Relations, +46 70 997 7070

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.

SAS is a founding member of the Star AllianceT, and together with its partner

airlines offers a wide network worldwide. Learn more at https://www.sasgroup.net

ADDITIONAL INFORMATION

The press release does not constitute an offer to sell or issue, or the

solicitation of an offer to buy or acquire, or subscribe for, shares or any

other financial instruments in SAS.

This press release contains forward-looking statements that reflect SAS' current

view of future events as well as financial and operational development. These

statements may include, without limitation, any statements preceded by, followed

by or including words such as "intend", "assess", "expect", "may", "plan",

"estimate" and other expressions involving indications or predictions regarding

future development or trends and other words and terms of similar meaning or the

negative thereof. These forward-looking statements have been prepared for

illustrative purposes only, are not based on historical facts, are not

guarantees of future performance, reflect SAS' beliefs and expectations, and are

subject to known and unknown risks, uncertainties and assumptions and other

factors that could cause actual events and performance to differ materially from

any expected future events or performance expressed or implied by such forward

-looking statements. As a result of these risks, uncertainties, assumptions and

other factors, you should not place undue reliance on these forward-looking

statements as a prediction of actual future events or otherwise. The information

contained in this press release is subject to change without notice and, except

as required by applicable law, SAS does not assume any responsibility or

obligation to update publicly or review any of the forward-looking statements

contained in it, whether as a result of new information, future events or

otherwise. Nothing in this press release constitutes or should be construed as

constituting a profit forecast.