SAS — Major Shareholding Notification 2017

Nov 9, 2017

Notification of Changes in Major Shareholdings

Changes

$\sqrt{\phantom{a}}$ Own holdings
On behalf of a company
On behalf of a third party

Holder (company or first name and surname)

Company name	$\mathbf{r}$ First name	Surname
Den norske stat

Instrument

Issuer SAS AB (publ)		Class/type of shares Ordinary shares/stamaktier SE0003366871	$ISIN*$
Changes due to Acquisition	Disposal	Corporate action	Other

Threshold reached/exceeded/fallen below

Percentage of voting rights
$\Box$ 5% 0 10% 15% 20% 25% 30% 50% 66 2/3 % 90%
Percentage of total number of shares
$\Box$ 5% 010% 15% 20% 25% 30% 50% 66 23 % 90%
Threshold date: 9 November 2017

Holdings of shares or depositary receipts

Equity
Number of shares before the transaction *	37,800,000
Number of shares after the transaction	37,800,000
Percentage of shares after the transaction9.70%.
Voting rights
Number before the transaction*
Number directly held after the transaction	37,800,000
Number indirectly held after the transaction0
Percentage directly held after the transaction	9.86%
Percentage indirectly held after the transaction

Resulting distribution of total holdings

Percentage of voting rights
$Shares1$
Instruments - FITA_Ch. 4, section 2, first paragraph, line 2 2
Instruments - FITA Ch. 4, section 2, first paragraph, line $33$ :
Physically settled $\qquad \qquad \blacksquare$
Cash settled
Total voting rights (%)9.86%
Number of shares or underlying shares through
Shares 1 37,800,000
Instruments - FITA Ch. 4, section 2, first paragraph, line $2^2$
Instruments - FITA Ch. 4, section 2, first paragraph, line $33$ :
Physically settled0 ٠
$Cash settled$ 0
Total number of shares and/or underlying shares37,800,000

Finansinspektionen Box 7821 SE-103 97 Stockholm, Sweden [Brunnsgatan 3]
Tel +46 8 408 980 00 Fax +46 8 24 13 35 finansinspektionen@fi.se www.fi.se

	when young by proxy, the former holders or young rights are
First name	Surname/Company name	Company	Voting rights	End date

When voting by provy the former holders of voting rights are

Chain of controlling companies

Company	Number of voting rights	Percentage of voting rights

Total group holdings

Number of voting rights37,800,000
Percentage of voting rights9.86
Number of shares

Identity of the holder

Nat. ID/Company Reg. No.	Full name/Company name
912 660 680	Den norske stat, ved Nærings- og fiskeridepartementet
Address
Kongens gate 8, 0153 Oslo, Norway
E-mail address	Fax	Phone
postmottak@nfd.dep.no		+47 2224 9090

Signature
Place and date
Oslo 9 November 2017
Signature
Printed name
Mette I. Wikborg

Send the signed notification to reporting@fi.se

¹ Also applies to depositary receipts which grant the holder voting rights for the referenced shares.

$2$ Instruments giving the holder the right to acquire already issued shares in the company (FITA = Financial Instruments Trading Act (1991:980)).

³ Instruments not included in the previous category, but which are referenced to shares referred to in that category and with a similar economic effect to that of the instruments in that category, whether the instruments are settled physically or in cash.