SAS — Share Issue/Capital Change 2010

Jun 1, 2010

SAS carries out the reverse split 1:30

SAS carries out the reverse split 1:30

The Annual General Meeting on 7 April 2010 resolved upon a reverse split

of SAS shares and authorized the Board of Directors to decide the record

date for the reverse split. Following the authorization the Board of

Directors has decided that the record date shall be 9 June 2010. 

The last day of trade in SAS' shares on NASDAQ OMX Stockholm, NASDAQ OMX

Copenhagen and Oslo Børs before the reverse split is 4 June 2010. The

first day of trade in SAS' shares after the reverse split is 7 June

2010, which implies that the share price from and including 7 June 2010

will reflect the effect of the reverse split. In connection to the

reverse split the SAS share will change ISIN code. From and including 7

June 2010 the share will be traded with a new ISIN code. The new ISIN

code is SE0003366871. 

A reverse split 1:30 implies that 30 shares in SAS, each with a quota

value of SEK 0.67 will be consolidated into one share with a quota value

of SEK 20.10. Following the reverse split the number of shares will be

reduced from 9,870,000,000 to 329,000,000. 

For those shareholders who on the record date for the reverse split do

not hold a number of shares corresponding to a whole number of new

shares, ownership of the excess shares will pass from such shareholders

to SAS and thereafter be sold. The proceeds from the sale will be

distributed among the shareholders who are entitled thereto. This will

occur around 10 June 2010 in Denmark and around 15 June 2010 in Sweden

and Norway. The currency conversion for payment in DKK of the proceeds

from the sale will be determined based on ECB's fixing exchange rate on

8 June 2010, according to the following formula: EUR/DKK ÷

(EUR/SEK-0.05). For payment in NOK, the currency conversion will be

based on ECB's fixing exchange rate on 14 June 2010, according to the

following formula: EUR/NOK ÷ (EUR/SEK-0.05). 

"The reverse split is carried out to facilitate the trade in the SAS

share, and thereby improve the liquidity of the share. The reverse split

does not require the shareholders to take any direct measurements.

However, to avoid selling excess shares, the number of shares on the

record date shall be equally divisible by 30. The last trading day to

obtain a number of shares that is equally divisible by 30 is 4 June

2010", says Sture Stölen, Head of SAS Group Investor Relations. 

Time table for the reverse split

4 June  Last day of trade in the SAS' shares before the reverse

split

- Last day with the possibility of obtaining a number of

shares in SAS equally divisible by thirty

7 June  First day of trade in the SAS' shares after the reverse

split

- New share price and ISIN-code

9 June Record date for the reverse split

around 10 June Payment of proceeds from sale of excess shares in

Denmark

around 15 June Payment of proceeds from sale of excess shares in Sweden

and Norway

An information sheet with information about the reverse split is

available on SAS website.

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 1 June 2010, at 11:00 a.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.