The Board of Directors of SAS has resolved to complete the Offer by issuing preference shares of SEK 3.5 billion

On 7 February 2014, SAS announced an offer to the general public in Denmark,
Norway and Sweden, and institutional investors to subscribe for preference
shares amounting to approximately 4 million preference shares, at a subscription
price of SEK 500 per preference share, including an option to increase the offer
to 7 million preference shares in total (“the Offer”). The Offer, which was
conditional on, inter alia, the Annual General Meeting (”AGM”) authorising the
Board of Directors to resolve on the issue of preference shares, was increased
to 7 million preference shares on 18 February 2014.

The Offer has generated strong interest from both investors in SAS shares and
other financial instruments, the general public in Denmark, Norway and Sweden as
well as institutional investors.

With the support of the authorisation that the Board of Directors obtained at
the AGM on 18 February 2014, the Board has resolved to issue 7,000,000
preference shares at a price of SEK 500 per preference share. The issue provides
SAS with a total of SEK 3.5 billion before issue costs. Investors from the
general public in Denmark, Norway and Sweden and private banking clients were
allotted approximately 40% in total of the preference share issue and
institutional investors approximately 60%.

Settlement date is 28 February 2014 and the first day of trading in SAS
preference shares (ticker: SAS PREF) on NASDAQ OMX Stockholm is expected to be 7
March 2014. Interim shares (BTA) will not be admitted to trading. Record dates
for the following four dividend payments are 5 May 2014, 5 August 2014, 5
November 2014 and 5 February 2015.

The total number of shares in SAS will amount to 336,000,000 after the issue, of
which 329,000,000 are common shares and 7,000,000 are preference shares.

Following the successful issue, SAS has decided to cancel the current revolving
credit facility (the ”RCF”), which was signed in conjunction with the launch of
the realignment programme 4XNG during the autumn of 2012. The result will be
impacted by a charge of MSEK 234 in connection with the cancellation.

SAS’ CEO Rickard Gustafson says: “SAS’ issue of preference shares has generated
considerable interest and we are honoured by the support that the capital
markets have shown SAS once again. The demand has exceeded our expectations
several times over, and has resulted in significant oversubscription. The issue
will provide the appropriate conditions for SAS to reach its financial targets
ahead of what would otherwise have been the case, in addition to providing
capital for the ongoing modernisation of the aircraft fleet. We now move forward
with a strengthened financial platform which meets our long-term needs, without
the current RCF.”