SAS — Share Issue/Capital Change 2010

May 10, 2010

SAS resolves that the 1.60 billion convertible bonds due 2015 will be convertible into ordinary shares

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

OR THE UNITED STATES

SAS resolves that the 1.60 billion convertible bonds due 2015 will be

convertible into ordinary shares

As announced on 19 March 2010, SAS AB (publ) ("SAS" or the "Company")

has issued SEK 1.60 billion of convertible bonds due 2015 with an annual

coupon of 7.5 per cent (the "Bonds"). The Board of Directors has on 7

May 2010, by virtue of the authorization by the 2010 Annual General

Meeting (the "AGM"), resolved to allow the Bonds to be converted into up

to in total 1,032,258,064 ordinary shares in the Company, each with a

quota value of SEK 0.67. If all Bonds are converted into shares, the

Company's share capital will increase by SEK 691,612,902.88. The Bond

holders' right to convert Bonds for cash will simultaneously cease to

apply.

The conversion price is SEK 1.55 per ordinary share. The conversion

price (and, as a consequence thereof, the number of ordinary shares that

may be received upon conversion) may be adjusted in the event of a bonus

issue, new share issue, issue of warrants or other convertible

securities and under certain other circumstances (including the

forthcoming reverse share split resolved upon by the AGM).

The net proceeds of the Bond issue have now been released to the Company

from escrow, increasing the Company's cash and cash equivalents by

approximately SEK 1.57 billion as of 7 May 2010.

For additional information on the Bonds, please see the Company's press

releases relating thereto on 19 March 2010 and 9 April 2010.

For further information, please contact

Sture Stølen, Head of SAS Group Investor Relations, +46 70 997 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 10 May 2010, at 08:30 CET.

DISCLAIMER

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

jurisdiction where the offer or sale of the securities 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 securities 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) 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 securities 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.