SAS signs agreement to divest in Estonian Air

SAS signs agreement to divest in Estonian Air

Since 2003 SAS has a 49% ownership in the Estonian based Estonian Air.
According to the Core SAS strategy with focus on the Nordic home market
this stake has been set out for divestment. 

Today the SAS Group has reached an agreement, in principle, with the
Estonian Government that will result in SAS divesting its 49% stake. The
Estonian Government will provide approx MSEK 205 of new capital in a new
rights issue and SAS will convert approx MSEK 20 in loans into equity.
After the rights issue the Estonian Government will hold 90% and SAS 10%
of Estonian Air. SAS will remain lender of approx MSEK 70 in loans with
a maturity in 2014.

The transaction is neutral to profit and liquidity of the SAS Group.
Estonian Air has an option to buy SAS remaining stake and SAS has the
option to sell its stake at Fair Market Value after 4 years.

SAS will continue its commercial cooperation with Estonian Air. 

About Estonian Air:

AS Estonian Air, Estonia's national carrier was founded on 1 December
1991.  Estonian Air is owned by the Estonian state, SAS Group and
investment bank AS Cresco. The home base of Estonian Air is Tallinn
Airport.

As of today the fleet of the Group consists of six aircraft: two Boeing
737-500, two Boeing 737-300 and two Saab 340.

About SAS Group

SAS is the leading airline group in Northern Europe with 25 million
passengers in 2009 to over 134 destinations and SEK 45 billion in
revenues. SAS was Europe's most punctual major airline during 2009, with
an overall arrival punctuality of 89.11%. SAS was also the world's third
most punctual major airline for 2009.

For further information, please contact
Sture Stølen, VP Head of SAS Group Investor Relations +46 8 797 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 4 June 2010, at 1:25 p.m.
CET.