SAS traffic figures - December 2015

• Scheduled traffic (RPK) increased 7.9% and the capacity (ASK) was up by 12.7%.

• The load factor decreased by 68.2 p.u. to 3.1%.

• SAS carried 1.9 million scheduled passengers in December, up 2.1%.

• The preliminary currency adjusted yield and PASK were down 9% and 13% in
December 2015. The nominal yield and PASK were also down 9% and 13% in December
2015.
Market development and commentary
Demand has been positive in Scandinavia during 2015. A reduction in bookings
was, however, noted in November for about three weeks which has affected traffic
negatively in December.

Overall market capacity has gradually started to increase during the last months
and this trend is expected to continue, primarily on international routes. While
the competition remains very intensive in certain markets and the demand in
regions with high exposure to the oil sector is weaker, demand for leisure
oriented routes and SAS long haul traffic is growing.

In response to the growing demand, SAS is increasing its intercontinental
capacity by about 25% during the winter program 2015/2016 through new routes and
frequencies already announced. Also, until April 2016 larger aircraft will
replace phased out Boeing 717 primarily in Sweden. Overall, this will result in
a longer average stage length with subsequent effect on the yield/PASK and
contribute to an expected scheduled capacity growth of 10-12% during the winter
program. Excluding the long haul expansion the capacity growth is 3-4%. The
total number of flights will however only increase by about 1%.

SAS scheduled traffic development in December  SAS increased its scheduled
capacity in December by 12.7%. The traffic increased by 7.9%, primarily driven
by growth on intercontinental and European routes. The overall load factor
declined by 3.1 p.u. to 68.2%.

SAS intercontinental traffic increased 15% and the capacity was up 23%. The
growth was driven by the new route between Stockholm and Hong Kong and more
frequencies on existing routes. Within Europe/Intrascandinavia, SAS increased
seasonal capacity on longer leisure routes which contributed to an overall
capacity increase of 10.8%. In particular, demand responded well on routes
to/from Sweden. Domestic traffic was up 1.2%, and capacity was increased 1.4%.