SAS — Share Issue/Capital Change 2017

Nov 3, 2017

Scandinavian Airlines SE-195 87 Stockholm, Sweden Telephone: +46(0)8 797 0000

Resolution by extraordinary shareholders' meeting of SAS AB

The extraordinary shareholders' meeting of SAS AB, on Friday, November 3, 2017, resolved in accordance with the Board's proposal to authorize the Board, with deviation from the preferential rights of shareholders, up until the next AGM, to decide on issuance of no more than 66 million common shares corresponding to almost 20 percent of the number of common shares outstanding.

Any new issue of common shares is to be conducted at market terms, which means the subscription price for each new common share is determined through an auction procedure, known as an accelerated book-building process.

The SAS Board of Directors has not resolved to utilize the authorization, but now can make such a decision if market conditions and other circumstances are favorable.

SAS Investor Relations

Björn Tibell, Head of Investor Relations, +46 (0)70 997 1437