SAS — Share Issue/Capital Change 2010

May 6, 2010

SAS AB: New share capital registered

Reference is made to the press release dated 5 May

2010 regarding the final result of the rights issue

in SAS AB ("SAS").

The share capital increase in relation to the new

shares allocated by exercise of subscription rights

and resolved by the Annual General Meeting on 7 April

2010 has now been registered with the Swedish

Companies Registration Office. Following the

registration of the share capital increase, the new

share capital of SAS is SEK 6,596,418,962.79 divided

into 9,845,401,437 shares, each with a nominal value

of SEK 0.67. The new shares in SAS will be registered

in Verdipapirsentralen ("VPS") on 12 May 2010 and

trading in the new shares on Oslo Børs will commence

7 May 2010. The remaining new shares, allocated in

relation to oversubscription, are expected to be

registered with the Swedish Companies Registration

Office on or around 20 May 2010.

For full details regarding the rights issue reference

is made to the prospectus published on the 9 April

2010 and the supplementary prospectus published on

the 22 April 2010.

For further information, please contact

Sture Stølen, Head of SAS Group Investor Relations,

+46 70 997 14 51

SAS Group Investor Relations

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.