SAS traffic figures - August 2016

• Scheduled traffic (RPK) increased 12% and the capacity (ASK) was up 11%.
• The scheduled load factor improved by 0.7 p.u. versus last year to 81.2%.
• SAS carried 2.5 million scheduled passengers in August, up 4% vs. last year.
• The preliminary currency adjusted yield and PASK were down 7% and 6% in August
2016. The nominal yield and PASK were down 8% and 7% in August 2016.
Market development
The demand for long haul traffic, European leisure routes and domestic routes
continues to grow. At the same time, the overall Scandinavian market capacity
has increased resulting in intensive competition. The intensive competition
combined with lower jet fuel prices have put pressure on the yield that has
declined more than anticipated in 2016.

 SAS is increasing its intercontinental capacity by about 25% during fiscal year
2015/2016 through new routes and frequencies. Overall, this has resulted in a
longer average stage length with subsequent effect on the yield/PASK and will
contribute to an expected scheduled capacity growth of 10% during 2015/2016. The
total number of flights is at the same time expected to increase by about 1%.

In 2016/2017, SAS plans to increase capacity (ASK), primarily as a result of the
full-year effect of the investment in the intercontinental routes that was
started in 2015/2016, increased capacity on leisure

routes and the fact that the Airbus A320neo is larger than the aircraft it will
be replacing. The total increase will be lower than in 2015/2016.

SAS scheduled traffic development in August  SAS increased its scheduled
capacity in August by 11% and the traffic grew 12%. The overall load factor
increased by 0.7 p.u. to 81.2% during the month. The higher load factor was
driven by improvements within SAS long haul and domestic networks.

SAS intercontinental traffic increased 26.7% and the capacity was up 25.6%. The
growth was driven by the new routes to Hong Kong, Los Angeles and Boston as well
as more frequencies to Shanghai and New York.

SAS Europe/Intrascandinavian routes grew by 3.2%. The growth was strong on
leisure oriented routes where traffic grew by more than 10%. On domestic routes,
the capacity was increased by 0.3% and the traffic was up by 5.1% following
positive developments in all three Scandinavian domestic markets.