SAS — Share Issue/Capital Change 2010

May 21, 2010

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES

SAS

SAS Group

21 May 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 in relation to oversubscription 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 6,612,900,000 divided into 9,870,000,000 shares, each with a nominal value of SEK 0.67. The new shares in SAS will be registered in Verdipapirsentralen ("VPS") 26 May 2010 and trading in the new shares on Oslo Børs will commence 24 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

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 21 May 2010, at 11.15 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

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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES

SAS Group

21 May 2010

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.