Continued good growth in most SAS Group markets first Quarter SAS Group EBT trend on the right track. Improved Result 1 st Quarter 2007

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1 Continued good growth in most SAS Group markets first Quarter 7 Continued favorable economic cycle Good growth on all markets Strong market growth, particularly in Finland and Norway SAS Group 1 st Quarter Report 7 Analyst material Stockholm, May Norway:.%.% Denmark: 5.1%.% Sweden:.%.% Finland: 8.6%.7% Estonia: Lithuania: Latvia: 6.8% >1.% Expected GDP growth (7) Passenger growth (Q1 vs. last year) 7.% 11.%.%.% Spain:.% ~% Eurozone: 6.%.% Improved Result 1 st Quarter 7 SAS Group EBT trend on the right track SAS Group (MSEK) Revenues EBITDAR EBIT EBT before non-recurring items Result Drivers Jan Strong business cycle New business models Capacity & cost control months rolling EBT before nonrecurring items, SAS Group Q Q1 Q Q Q Q1 Q Q Q Q1 Q Q Q 5 Q1 Q Q Q 6 Q1 Q Q Q 7 Q1 EBT before nonrecurring items (rolling 1 months)

2 Improvement in SAS Scandinavian Airlines explains most of group improvement EBT before nonrecurring items SAS Scandinavian Airlines SAS Individually Branded Airlines SAS Aviation Services Group eliminations, other SAS Group Jan Gunilla Berg CFO 6 Improvement in all Scandinavian Airline companies Weak Quarter in Spanair and STS Scandinavian Airlines Results Revenues (MSEK) SAS Braathens Q SAS Danmark Q SAS Sverige Q SAS International Q Business Area Individually Branded Airlines Subsidiary Spanair Widerøe EBT before nonrecurring items -7 vs. last year EBIT margin EBT before nonrec. (MSEK) 6,% 18 +1,8 p.u. +5 % +1,5 p.u. + 7,6% ,7 p.u. +5-1,% , p.u. +7 SAS Aviation Services Blue1 airbaltic SGS STS SAS Cargo - 7 8

3 SEK,5 bn cost measures 85% implemented Financial gearing significantly down after hotel transaction and improved cash flows Ground & Technical Services Administration/Sales & Fligt related costs Measures 6 1 Implemented 85% 85% implemented in ch 7 Implemented activities (examples): New and simplified sales organization New IT platform for online sales Reduced AOC administration cost Simplified procedures within SGS Equtiy/Total assets % 5% % 5% % 15% 1% 5% % Financial net debt dec- 1-dec -dec -dec -dec 5-dec 6-dec 1-mar Equity/Total assets Financial net debt, MSEK Financial net debt 1 Current structure of Strategy 11 Questions to be answered What should we offer? Our position today What should we become? How should we behave? How should we be managed? What should be our result targets? Mats Jansson President & CEO 1

4 New routes and commercial initiatives New York (night flight) Reykjavik Kangerlussuaq Beijing Bangkok Dubai News onboard Scandinavian Airlines SAS Business Sleeper installed on all intercontinental aircraft Improved service for SAS frequent flyers Economy Extra available at lower prices SAS Group to introduce 5 new international nonstop routes from the Baltic region new within Europe 5 new intercontinental routes Sum up 1 st Quarter Improved result Strong market growth Strong yields New Business Models Good cost control Capacity focus Next phase Strategy 11 to be communicated in June New efficiency and revenue measures 7 Outlook Currently no signs of weaker market Stable market growth in SAS Group markets Uncertainties about strength of future growth, fuel prices, and competitive situation 1 1 Additional slides for further information 16

5 Capacity, fuel, yield and load factor More streamlined SAS Group structure after sale of Rezidor SAS Group 7 estimates Fuel Costs (SEK, billion) 1.5 ASK up 5-7% Load factor slightly up SAS Scandinavian Airlines 7 vs. 6 Yield Positive 1st Half, Stable nd Half ASK Flat Load factor SAS Group Scandinavian Airlines Danmark SAS Braathens slightly up 7 vs. 6 +/- % +% SAS Braathens Scandinavian Airlines Danmark Scandinavian Airlines Sverige Scandinavian Airlines International Spanair Widerøe Blue1 airbaltic SAS Ground Services SAS Technical Services SAS Cargo Scandinavian Airlines Sverige +6% Strategic affiliated company: Estonian Air Scandinavian Airlines International -% Spanair +15% Blue 1 +% Widerøe -% airbaltic +% Revenues growing in the the airline business areas areas New customer offer,5,5 1,5 1,5 Revenues (SEK bn),6, Jan- 6 Jan- 7,5,5 1,5 1,5 SAS Aviation Services SAS Individually Branded Airlines Revenues (SEK bn),5,7 Group revenue distribution SAS Scandinavian Airlines Revenues (SEK bn) 8,,1 Jan- 6 Jan- 7 Improved customer offer to frequent passengers More harmonized product concept Increased product differentiation BB Corporate agreements Brand positioning New product offer Improved service in Business Class Economy Flex renamed to Economy Extra with more customer advantages Fast Track Security to be introduced at more airports Economy Extra to be available at lower prices EuroBonus Gold members will receive added benefits Automatic check in for traveling in Economy Target Customer Satisfaction index of 7 (today 66) Capture revenue potential in market Jan- 6 Jan- 7 1

6 Group Revenue SAS Group s seasonal pattern CFROI and EBITDAR improved SAS Group Revenues (per month) SAS Group (MSEK) Jan-7 Jan Revenue EBITDAR EBITDAR-margin CFROI (1 months) 1 8 6,8% 17% ,5% 1% , p.u., p.u. jan feb mar apr maj jun jul aug sep okt nov dec 1 Best 1 st Quarter since 1 Positive trend in EBIT-margin and revenues MSEK, EBT before gains and nonrecurring items Q1 Q Q Q Revenues MSEK Q Q Q Q 1Q Q Revenues Q Q Q1 5 Q 5 EBIT-margin Q 5 Q 5 Q1 6 Q 6 Q 6 Q 6 Q1 7 EBIT-margin 1,% 5,%,% -5,% -1,% -15,%

7 Strong growth in most Group airlines 6 5 % Passenger growth in Jan- 7 vs 6,1 million passengers in 1 st Quarter - new record Fuel costs SEK 1,5 billion in 6 - Expected to be 1,5 billion in SAS Group strategy to offset jet fuel price Hedging -6% of expected consumption (1 months) Yield management Cost initiatives 1 1 jan- jul- jan- jul- jan-1 jul-1 jan- jul- jan- jul- jan- jul- jan-5 jul-5 jan-6 jul-6 jan-7 Current hedges 5% Apr - 8 capt at 75 USD/MT Of which only appr. 15 p.u. with swaps at 68 USD/MT -1 Blue1 airbaltic Spanair SAS Sweden Widerøe SAS Group SAS Braathens SAS Denmark SAS International 5 6 Split down of SAS Group s fuel hedging during 7 Jet fuel prices SAS Group consumption Apr 7 8 1% 8% 6% % % 15% % % % Swaps -way & zero cost hedging Call options Spot market Hedging prices Average 75 USD/MT Swaps at 68 USD/MT Average market prices on high jet fuel (-7) Year Q1 7 USD/MT Consumption (mmt) % 7 8

8 Business areas SAS Scandinavian Airlines Significant result improvement in SAS Scandinavian Airlines EBITDAR up 77 MSEK in 1 st Quarter SAS Scandinavian Airlines Revenues Operating expenses EBITDAR Lease EBITDA Depreciation Income from sales/affiliated EBIT EBT EBT before nonrecurring items Q1 7 (MSEK) Q1 6 (MSEK) EBITDAR, SAS Scandinavian Airlines (MSEK) Q1 Q Q Q

9 Positive result development in all SAS Scandinavian Airlines companies Strongest improvement in Norway and Denmark EBT before nonrecurring items (1 months rolling) SK Results SAS Braathens SAS Denmark SAS Sweden SAS International 8 SAS Braathens 6 Q 5 Q1 6 Q 6 Q 6 Q 6 Q1 7 SAS Denmark Q 5 Q1 6 Q 6 Q 6 Q 6 Q SAS Sweden Q 5 Q1 6 Q 6 Q 6 Q 6 Q1 7 Scandinavian Airlines International Q 5 Q1 6 Q 6 Q 6 Q 6 Q1 7 (MSEK) Total Revenues EBITDAR EBT before nonrecurring items Jan Jan SAS Braathens Jan- 7 Solid traffic development No No of of pass up up,1% Cabin factor up up 1,5 p.u. to to 6,7% Yield up up 1% Unit cost marginally up up SAS Sweden Jan- 7 Capacity adjusted to to demand Cabin factor up up, p.u. to to 68,8% Yield up7,6% Unit cost up up,6% ket capacity in in balance Jan- Jan SAS Denmark Jan- 7 Stable traffic and good yield No No of of pass up up 1,% Cabin factor down,6 p.u. to to 65,1% Yield up up 1,7% Unit cost down,% SAS International Jan- 7 Development as expected in in Jan- Cabin factor at at 78,6% Yield up up 1,% Unit cost up up 6,% SAS Business Sleeper installed and improvements in in Economy Extra Key airline profitability drivers improving Yield up 16% in Q1 7 vs 6 Jan- Yield, SAS Scandinavian Airlines 1-months rolling 1, Traffic (RPK) Cabin Factor Yields (RPK) -.% +. p.u. + 16% 1, 1, RASK Total unit costs Fuel Fuel adj. adj. unit unit cost cost + 1.6% +.1% -.% 1,1 1 dec- mar- jun- sep- dec- mar-5 jun-5 sep-5 dec-5 mar-6 jun-6 sep-6 dec-6 mar-7 5 6

10 %, RPK vs. Last year North Atlantic cabin factor above AEA %, Cabin factor Week January February ch April May June July August September October November ember January February ch Daily departures to/from New York, Washington DC, Chicago, Seattle from Copenhagen Second flight to/from New York to be introduced in May 7 Daily departures to/from New York and Chicago from Stockholm Positive mix Traffic in Jan- 7: European airlines (AEA) traffic up.% SAS traffic down 7.8% Stockholm-Beijing to be introduced on Asian routes %, RPK vs. Last year %, Cabin factor Week January ch May July September November January ch Scandinavian Airlines serving Bangkok, Beijing and Tokyo Stockholm-Beijing as from ch 7 Stockholm-Bangkok as from October 7 Dubai from Copenhagen to be introduced in October SAS Business Sleeper being installed Positive mix between Economy and Business Class Good development in Economy Extra Cabin factor higher than AEA Traffic in Jan- 7: AEA traffic up 6.% SAS traffic down 11.1% due to reduced capacity 7 8 Passenger load factor above AEA on European routes ECA agreement expires in %, RPK vs. Last year %, Cabin factor January February ch April May June July August September October November ember January February ch New Business Models a success Cabin factor above AEA average since September 5 Strong performance on UK, Netherlands, Finland and Italy New non stop destinations from Stockholm and Copenhagen during spring 7 Traffic Jan- 7: AEA traffic up 8.8% SAS traffic up 1.1% Tri-party Joint Venture agreement with BMI, Lufthansa and SAS signed November, 1 In effect from January 1, Main scope: To integrate the parties scheduled pass. transport to/ from London/ Manchester Negative result effect 1: MSEK 5 Negative result effect : MSEK 18 Negative result effect : MSEK Negative result effect : MSEK 1 Negative result effect 5: MSEK 15 Negative result effect 6: MSEK 15 Result effect 1 st Quarter 7: MSEK 157 (-1)

11 Strong top line in SAS Individually Branded Airlines SAS Individually Branded Airlines Result Q1 7 (MSEK) Q1 6 (MSEK) Revenues Operating expenses EBITDAR Lease EBITDA Depreciation Income from sales/affiliated 1 +1 EBIT EBT EBT before nonrecurring items SAS Individually Branded Airlines Spanair result weaker due to phasing out aircraft, strong improvement for Widerøe and Blue1 Estonian Air s growth is slowing down SAS Individually Branded Airlines Results (MSEK) Total Revenues EBITDAR EBT before nonrecurring items Spanair Jan Widerøe Jan Blue1 Jan airbaltic Jan The SAS Group holds % in Estonian Air Estonian Air number of passengers up 1% in Q1 Q1 growth lower due to one aircraft being maintained Competitive cost position Increasing charter operation Spanair Jan- 7 Strong traffic development Jan- 7 No No of of pass up up 11.% Cabin factor up up p.u. p.u. to to 61.1% Yield up up 5.6%% Affected by by maintenance and phase out costs of of MSEK 1 in in Q1 Blue1 Jan- 7 Strong traffic figures No No of of pass up up 15.7% Cabin factor up up.. p.u. p.u. to to 5.8% Start up cost for European expansion Strong growth on Finnish domestic routes Widerøe Jan- 7 Stable traffic development No No of of pass up up.8% Cabin factor down 5 p.u. p.u. to to 57.6% Yield up up 1.5% Cost reductions of of MSEK being implemented airbaltic Jan- 7 Strong traffic development in in Jan- No No of of pass up up 7.6% Cabin factor down.6.6 p.u. p.u. to to 55.% New destinations introduced east of of Baltic airbaltic successfully competes with Ryanair and Easyjet Number of passengers Estonian Air Jun Sep Jun Sep Jun Sep 1 month rolling Monthly figures Jun Sep

12 SAS Aviation Services SAS Aviation Services Revenues Operating expenses EBITDA Depreciation Income from sales/affiliated EBIT EBT EBT before nonrecurring items Q1 7 (MSEK) Q1 6 (MSEK) SAS Aviation Services 6 Weak result in STS due to reduced volumes and prices, SGS result stabilizing Jan- in MSEK SAS Ground Services SAS Technical Services SAS Cargo Revenues Abs EBT before nonrec. items Abs Financial update 7

13 SAS Group Balance Sheet Strong cash flow in Q1 SAS Group Balance Sheet Liquid funds Aircraft, spare parts Other assets Total assets Operating liabilities Interest-bearing liabilities Deferred tax Equity Total liabilities and equity Financial net debt 1, , , SEK, billion Cash flow from operations in working capital Net financing from operations Investments, adv. payments Acquisitions/sale of subsidiaries (net) Sale of fixed assets etc. Financing deficit/surplus in external financing Cash flow from the period Financial net debt Available funds, including credit facilities Jan Jan No firm orders beyond 7 SAS Group has more than SEK 15 bn in available funds Firm Aircraft Orders Total 7 Schedule Available Funds MSEK 7 6 Airbus A1 Aug-Sep Liquid Funds Boeing 77 Jun-Jul Available Credit Facilites: Revolving Credit Facility (MEUR 66) Number of aircraft Revolving Credit Facility (MUSD 156) CAPEX Other investments approximately MSEK 1 5 /year Above orders, planned to be financed through sale and leaseback Total Available Facilities Total Available Funds Bi-lateral Facilities Others Available facilities: Utilized facilities Total facilities The Revolving Credit Facility of MEUR 66 with maturity in June 1 Improved terms and conditions New Revolving Credit Facility of MUSD 156 agreed in Q

14 SAS Group CAPEX holiday continues Strong improvement in gearing in 6 MSEK Key figures Equity/assets ratio (solidity) Adjusted equity/assets ratio* Adjusted gearing** Financial net debt/ equity Consolidation coming years Low investments Improved cash flow from operations 7 % % 166% % 6 1% 15% 6% 16% Target >% <1% <5% F 8F *Defined as: **Defined as: equity total assets + 7 operating lease financial net debt + 7* operating lease equity 5 5 Amortization profile of interest bearing liabilities Development of Financial Net Debt in 7, 1 st Quarter Financial Net Debt Financial net debt Cash flow from operating activities +5 Sale of subsidiaries Sale of aircraft and properties Investments onsolidation, currency & other Financial Net Debt Apr >

15 SAS Group Financial Net January ch 7 SAS Group Financial Net January ch 7 MSEK Interest net and others 1, , 6-8 MSEK Interest net and others Q1, 7-15 Q1, Exchange rate differences Exchange rate differences +6 Financial net Financial net Development and Breakdown of the Financial Net Debt 7 vs. 6 Development and Breakdown of the Financial Net Debt in Q1 MSEK Cash Other interest bearing assets Interest bearing liabilities Financial Net debt 1, , MSEK Cash Other interest bearing assets Interest bearing liabilities Financial Net debt 1, ,

16 Development of the Financial Net Debt, reduced by more than SEK 1bn since peak levels Development of the Equity/Asset ratio 5% 5% % 5% % 5% % 15% 1% 5% % Financial Net Debt/Equity ratio development Gearing ratios improved,5,, 1,8 1,5 1, 1,,8,5,, % 7% % 17% 1% 7% % -% Net Debt / Equity dec Fin Net Debt / Equity dec- 8 dec- dec- dec- 1 dec- mar- jun- sep- dec- mar- jun- sep- dec- mar- 5 jun- 5 sep- 5 mar- 6 jun- 6 sep- 6 dec- 7 mar- 7 Equity / Total Assets Fin. Net Debt + 7*Op lease / Equity 6 6

17 Sum up credit position APPENDICES Solid liquidity of MSEK 8 8 Available credit facilities of MSEK 6 65, up MSEK 1 16 since year end due to new credit facility Interest bearing liabilities down MSEK 77 in 7 Planned amortization of MSEK 1 Pre redemption of MSEK 1 1 Currency and other interest liabilities by MSEK - Limited aircraft CAPEX coming years MD 8 next aircraft to be replaced after 1 No financial covenance on debt on the balance sheet Consolidation of balance sheet will continue coming years Positive cash flow from operations and loss carry forward will limit tax payments going forward Traffic Data Yield Unit cost Fleet Financial key figures Yield development Improved yield and load factor Yield, SAS Scandinavian Airlines MSEK Jan- 7 Jan- 6 SAS Scandinavian Airlines 8% 1, 1, Yield (öre/rpk) % 7% 1, Currency adj. yield % 6% 1, 1,1 Yield, SAS Individually Branded Airlines Yield, local currency Jan % 1.5% -16.% -.7% 67 5% % -nov -jan -mar -maj Load factor -jul -sep -nov 5-jan 5-mar 5-may 5-jul 5-sep Yield (1 months rolling) 68 5-nov 6-jan 6-mar may-6 6-jul 6-sep o6-nov 7-jan 7-mar 1,1 1,

18 Yield development SAS Scandinavian Airlines Break down of SAS Scandinavian Airlines Unit Cost Yields down.1% in Yields down. in 5 Yield up 1.% in Q1 6 Yield up 1.% in Q 6 Yield up.% in Q 6 Yield up 15.% in Q 6 Yield up 16.% in Q1 7 Cost analysis, volume, currency and method adjusted SAS Scandinavian Airlines Cost analysis Jan- 6 Jan- 7 Var % Share of total var% Personnel -1-5,7% 1,% Fuel ,%,% Gov. Charges ,%,% Selling cost ,8%,1% Ground Services ,% -,% -1 Technical ,% -,% -15 Other operating costs ,6% -1,% - Total operating expenses ,5%,% Q1 vs Q Q Q Q1 vs Q Q Q Q1 vs 5 Q Q Q Q1 vs 6 Aircraft costs ,% -,% Adjusted EBIT ,1%,1% 6 7 Unit cost slightly up, but down fuel adjusted Block hours development SAS Scandinavian Airlines unit cost change 8% % -% -7% -1% -17% -% Unit cost down 1.% in Unit cost down 1.7% in 5 Unit cost up 5.% in 6 Unit cost up.1% in Q1 7 Adjusted for fuel, unit cost was down.% Block hours, 1 months rolling, Apr months rolling SAS Scandinavian Airlines Spanair Widerøe Blue1 Air craft/day Pilots/year Cabin/year airbaltic st Q nd Q rd Q th Q 1st Q nd Q rd Q th Q 1st Q 5 nd Q 5 rd Q 5 th Q 5 1st Q 6 nd Q 6 rd Q 6 th Q 6 1st Q

19 Key productivity ratios SAS Scandinavian Airlines Self Service check in above 5% Internet check in over 5% Aircraft utilization (1 months roling) Cabin, pilot utilization (1 month roling) 8,5 8 7, % 5% 5% % 6,5 6 5,5 5 Jun Sep Jun Sep Jun Sep 5 7 Jun Sep Jun Cabin crew Sep Jun Pilots Sep 5% % 5% % Automat Automat+internet 7 7 Long term passenger cabin factor trend positive Continued weak USD in 7 8% 75% 7% 65% 6% DEC DEC5 DEC6 DEC7 DEC8 DEC DEC DEC1 DEC DEC DEC DEC5 DEC6 DEC

20 Currency effect SAS Group January-ch 7 vs 6 Breakdown of currency effect SAS Group January-ch 7 vs 6 MSEK Total Revenues Total costs Forward cover costs & working cap Income before depreciation Financial items Jan Total Revenues & costs Total Revenues & costs USD DKK NOK EUR Asian currencies All others Currency effect Income before tax Total +1 Forward cover costs Difference - Working capital Difference - Financial items Difference +6 Total currency effect Currency distribution in the SAS Group 6 SAS Group fleet ch 7 SAS Group fleet Average age Owned Leased Total Leased out On order Revenues SEK 18% USD 6% Expenses USD % Airbus A/A Airbus A1/A/A1 Boeing 77-series Boeing 717 (MD-5),8,1,5 5, NOK % Others 5% DKK 11% SEK 15% Others % DKK 1% Douglas MD-8-series Douglas MD--series Avro RJ-85/1 Fokker F5 dehavilland Q-series 17,8 1, 5, 17,, SAAB,8 GBP 5% EUR 6% NOK 1% GBP % EUR 18% Totalt SAS Scandinavian Airlines Spanair Wideroe 11,1 1, 11,1 11, Blue1 6, airbaltic 1,8 1 Total 11,

21 Development of the SAS Group s ket Capitalization 5 SAS share jan-5 maj-5 sep-5 jan-6 maj-6 sep-6 jan SAS Share vs Peers Index Number of traded shares increased slightly in 7 SAS ket Capitalization vs. European Peers measured in SEK (ember 1, - ch 1, 7) 5 Number of shares traded in SAS per month ,8, jan-5 apr-5 jul-5 okt-5 jan-6 apr-6 jul-6 okt-6 jan-7 Index peers Index SAS January February ch April May June July August September October November ember 8 8

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