SAS completes acquisition of Cimber

SAS is completing the acquisition of Cimber after meeting all of the terms of
the transaction, including approval from the Danish Competition and Consumer
Authority. SAS has appointed Kent Hansen as the new president of the airline. He
will succeed the current president on March 1, 2015.
On December 8, 2014, SAS announced that it had agreed to acquire 100% of the
shares in Cimber, that the value of the transaction was MDKK 20 and that the
transaction was subject to customary terms including receiving approval from the
Danish competition authority.

The Danish Competition and Consumer Authority has notified its approval of SAS’s
acquisition of Cimber. In parallel, the remaining terms of the agreement have
been met and, accordingly, SAS’s acquisition of Cimber can now be completed.

“With formal approval now in place, we look forward to making rapid progress in
establishing the company as an efficient airline specializing in regional air
traffic. We will build a simple, focused and flexible organization that is able
to deliver SAS’s well-known product to our customers with punctuality, service
and many departures,” says SAS President and CEO Rickard Gustafson.

For the position of president and role of accountable manager, SAS has recruited
Kent Hansen from the Danish Transport Authority where he is Head of Division at
the Centre for Aviation. His appointment as accountable manager is dependent on
approval from the authorities. SAS has also appointed Kjetil Grønevik as Finance
Director.

As previously announced, the acquisition means an opportunity for SAS to
transfer production by its 12 CRJ900s to Cimber, thereby, allowing more focused
and flexible production to be achieved. The transfer is planned to be completed
on 1 March, 2015.

SAS Investor Relations

For further information, please contact:

SAS press hotline, Tel. +45 (0)32 32 31 35