SAS releases preliminary Q3 result and information regarding its financial position.

Following numerous rumors in Scandinavian media, SAS announces that it will
report on 8 November 2012 a positive result for Q3 – with an EBT of 568 MSEK.
Passenger revenue growth of 9% and unit cost reduction of 6%

In a very difficult and competitive industry environment, the positive
development in Q3 is proof that implementation of the 4 Excellence strategy has
proceeded according to plan-. As a result of the implementation of the 4
Excellence strategy SAS has been able to increase passenger revenues by 9% and
lower its unit cost (CASK - fuel and currency adjusted) by 6% percent in the
third quarter of 2012.

Furthermore, SAS has for some time signaled the need for significant further
efficiency improvements in order to secure its long term competitiveness. The
company is currently finalizing a comprehensive plan to fundamentally address
its cost on a long-term basis, to increase cost flexibility, reduce complexity
and also reduce for the effect of the potential equity write down in 2013 due to
pension accounting changes. The financial benefit from this plan is expected to
amount to approximately 3 bn SEK in EBT. The plan further encompasses disposals
of non-core assets to reduce the company’s long term dependency on third party
funding going forward. These disposals total approximately 3 bn SEK.

In light of the importance of this plan, a Board decision on the plan is
expected to be made and subsequently communicated within the near future.

SAS’ present financial preparedness is 17% with liquid funds equivalent of 2.4
bn SEK and available credit facilities of 4.7 bn SEK that will expire in June
2013. SAS is currently in negotiations regarding the extension and amount of its
revolving credit facility and backstop bilateral facilities. The finalization of
the comprehensive plan to address the company’s cost structure and complete
asset disposals is an essential part of the negotiations.

The company will provide further updates when material developments occur.

SAS Communication, Sweden, Tel: +46 8 797 2944

SAS is publishing this information in accordance with the Swedish Securities
Market Act and/or the Swedish Financial Instruments Trading Act and
corresponding Danish and Norwegian legislation. This information was submitted
for publication on October 30, 2012 at 11.00 CET.