SAS — Share Issue/Capital Change 2010

Apr 28, 2010

Conversion of subscription price into NOK - for subscription by exercising subscription rights

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN AUSTRALIA, CANADA, JAPAN

OR THE UNITED STATES

Conversion of subscription price into NOK - for subscription by

exercising subscription rights

As previously announced, SAS AB ("SAS") has resolved to conduct an issue

of ordinary shares of approximately SEK 5 billion with preferential

rights for existing shareholders. The subscription price is SEK 0.67 per

share. Holders of subscription rights registered in Norway electing to

exercise subscription rights will pay an amount in NOK corresponding to

the subscription price of SEK 0.67 per share.

The currency conversion rate has been determined and resulted in an

amount of NOK 0.55100 per share to be paid. The conversion rate for

subscription by exercising subscription rights is based on ECB's fixing

exchange rate at 2:15 p.m. CET on 28 April 2010, adjusted as described

in the prospectus approved by the Board of Directors of SAS and

published on 9 April 2010.

The prospectus, the supplementary prospectus and an information brochure

in Norwegian are available from Nordea Bank Norge on telephone number

+47 22 48 62 62 and on the website of SAS, www.sasgroup.net.

For further information, please contact

Nordea, +47 22 48 62 62

Sture Stølen, Head of SAS Group Investor Relations, +46 8 797 14 51

SAS Group Investor Relations

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 April 28, 2010, at 4:00 p.m.

CET

Disclaimer

This document is not being distributed to persons in any state or

jurisdiction where the offer or sale of the rights or shares is not

permitted.

These materials are not an offer for sale of securities in the United

States. Securities may not be sold in the United States absent

registration with the United States Securities and Exchange Commission

or an exemption from registration under the U.S. Securities Act of 1933,

as amended. The issuer of the securities does not intend to register any

part of the offering in the United States or to conduct a public

offering of the Rights or the Shares in the United States.

This document is only being distributed to and is only directed at (i)

persons who are outside the United Kingdom or (ii) to investment

professionals falling within Article 19(5) of the Financial Services and

Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii)

high net worth companies, and other persons to whom it may lawfully be

communicated, falling within Article 49(2)(a) to (d) of the Order (all

such persons in (i), (ii) and (iii) above together being referred to as

"relevant persons"). The Rights and the Shares are only available to,

and any invitation, offer or agreement to subscribe, purchase or

otherwise acquire such securities will be engaged in only with, relevant

persons. Any person who is not a relevant person should not act or rely

on this document or any of its contents.

This document is an advertisement and is not a prospectus for the

purposes of Directive 2003/71/EC (such Directive, together with any

applicable implementing measures in the relevant home Member State under

such Directive, the "Prospectus Directive"). A prospectus prepared

pursuant to the Prospectus Directive will be published, which, when

published, can be obtained from the SAS Group. Investors should not

subscribe for any securities referred to in this document except on the

basis of information contained in the prospectus.

In any EEA Member State that has implemented the Prospective Directive,

this communication is only addressed to and is only directed at

qualified investors in that Member State within the meaning of the

Prospectus Directive.