SAS and Singapore Airlines sign joint venture agreement between Scandinavia and Singapore

The CEOs of Scandinavian Airlines and Singapore Airlines, Rickard Gustafson and
Goh Choon Phong, today signed a joint venture agreement in Singapore. This
follows the Memorandum of Understanding that was signed in January and covers
routes between Scandinavia and Singapore.

With a signed joint venture agreement, the Star Alliance carriers can now move
forward to plan further business opportunities within the partnership, such as
the co-ordination of flight schedules and joint sales activities, all of which
is subject to regulatory approval. Regulatory approval will now be sought from
authorities in Singapore and Europe.

The partnership is expected to lead to growth in existing air services between
Singapore and Scandinavia, and, subject to market conditions at the appropriate
time, pave the way for a new route between Singapore and Stockholm. Singapore
Airlines currently operates three weekly flights between Copenhagen and
Singapore in a code-share partnership with SAS.

“We are pleased that the joint venture agreement is now signed and we can
proceed with expanding our partnership and thereby also improve the service and
benefits for Scandinavian travelers. Singapore Airlines will be a vital part of
our Asian strategy and we look forward to jointly explore further growth
opportunities in this exciting and important market,” said Rickard Gustafson,
President and CEO, SAS.

“This agreement is a win-win for SIA and SAS, and benefits our customers by
making air travel more convenient between Asia and Scandinavia. We look forward
to co-ordinating schedules to enable more seamless connections to points in
Northern Europe, as well as Asia and Southwest Pacific, through our respective
hubs. When market conditions allow for it we also look forward to expanding
frequency between Singapore and Copenhagen, and adding new destinations in
Scandinavia,” said Goh Choon Phong, CEO, Singapore Airlines.

For more information, please contact:

Anders Lindström, PR Director

+46 70 997 3394; anders.lindstrom@sas.se

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 11 May 2012 at 11.05 a.m. CET.