SAS Group 1 st interim report 2011

SAS Group 1 st interim report 011 Media/analyst presentation May 10, 011 Q1 Improved earnings driven by Core SAS cost reductions Continued strong macro development in Scandinavia Additional capacity is beeing added d Continued yield pressure and weaker load factors Currency adjusted revenues up 4.1% due to capacity growth Sharply increased jet fuel prices SAS with good hedging position limited effect from fuel surcharges Core SAS continues to deliver important cost savings unit cost 7.1% Q1 (excluding fuel) EBT before non recurring items improved MSEK 339 1

Increased traffic but lower load factors Market capacity increase expected to be approx 10 % in 011 SAS Group Traffic Development per market during Q1 011 SAS Group All markets Q1 Traffic: Capacity: Load factor: +3.4% 34% +7.3%.5 p.u. Q1 Domestic i Norway Traffic: +10.6% Capacity: +.7% Load factor: +4.7 p.u. Q1 Intercontinental Traffic: 1.% Capacity: +8.3% Load factor: 7.1 p.u. Q1 Intra Scandinavian Traffic: +4.8% Capacity: +10.7% Load factor: 3.4 p.u. Q1 Domestic Denmark Traffic: 1.9% Capacity: 17.5% Load factor: +3.5 p.u. Q1 Domestic Sweden Traffic: +11.1% Capacity: +11.0% Load factor: +0.1 p.u. Increasing traffic as recovery continues Norwegian and Swedish routes strongest development in Q1 011 Business Class growing faster than Economy Class Q1 Europe Traffic: +3.3% Capacity: +7.5% Load factor:.6 p.u. 3 Growing revenues in Q1 driven by capacity growth Revenues, MSEK 9 495 49-640 474 138-5 -47 917 +4,1 % 8 855 010 Q1 Currency Curr. adj rev 010 Capacity increase Other rev. Cargo rev. Passenger C/F Passenger yield 011 Q1 4

95% of Core SAS cost program implemented SEK 1.4 bn earnings effect remaining (SEK) 7.8 bn 0.4 bn 0.5 7.8 bn 0.9 bn 14 1.4 bn 7.4 bn 3.6 bn 0.6 bn. bn Total long-term effect Q1 011 Remaining Implementation schedule 009 010 011 01 Estimated earnings effect 5 Significantly improved result despite lower revenues and record fuel prices Result Development (MSEK) Revenues EBT EBT before nonrecurring items Jan-Mar 011 9 17 554 505 Jan-Mar 010 9 495 97 844 6 3

Our focus areas in 011 Create capacity for profitable growth Drive collaboration & communication Focus on people & performance Passionate customer focus 7 Create capacity for profitable growth Streamlining of fleet in process Harmonised production platform in Oslo and Stockholm Phasing out Boeing 737 Classic and MD 80 (008 014) Boeing 737NG Harmonised production platform in Copenhagen Phasing out MD 80 (01 016) A30 family Harmonised production platform in Helsinki (Blue 1) Phasing out Avro and MD 90 (010 01) Phasing in of Boeing 717 under way Boeing 717 Indicative saving from streamlining approximately MSEK 00-300 (not included in Core SAS cost program) 4

Create capacity for profitable growth New technology introduced Internet on board NFC Real time high speed Internet Access Web browsing on all Internet sites Full E mail support VPN corporate access 9 Drive collaboration and communication Bi Annual Top 100 meetings Reachesmore than100top leaders Quarterly union meetings Quarterly dialogue meetings All major sites across Scandinavia > 000 people Quarterly Business Reviews Regular visits to international offices Tokyo London 10 5

Focus on people & performance Scandinavian Airlines departure within 15 min Core SAS delivered according to plan Improved employee satisfaction (PULS) External recognition EuroBonus Frequent Traveler Award Innovator of the Year by IGLTA Norwegian Customer barometer Reputation Institute, Denmark Punctuality further improved 11 Passionate customer focus World class punctuality and improved CSI Number one in punctuality in Europe during 010 according to Flightstats We take care of your time Customer perceived punctuality is improving 1 6

Göran Jansson CFO SAS Group 13 Improving result driven by unit cost reductions Yield pressure reduced Passenger growth of 6.% Total unit revenue, RASK, Reduced yield pressure down.4% in Q1 Weaker load factors Improving cargo yield Core SAS cost savings program of SEK 7.8 bn on track 7.1% 1 total unit cost reduction in Q1 95% of the total cost savings have been implemented 89% of FTE reduction completed Remaining earnings effect of ~1.4 bn SEK until 01 Stable financial platform 9% of revenue in financial preparedness SEK 11.9 bn in total financial preparedness SEK 14.5 bn in equity 7% equity ratio 1 Currency adjusted for Scandinavian Airlines compared to the same period in 010. Adjusted for Jet fuel. 14 7

Positive traffic development weaker load factors put pressure on RASK SAS Group Q1 010 Q 010 Q3 010 Q4 010 Q1 011 Traffic (RPK) -1.3% -6.3% +5.4% +10.9% +3.4% Passenger load factor +6.3 p.u. +1.8 p.u. +. p.u. +.3 p.u. -.5 p.u. Scandinavian Airlines Passenger yield -11.4% -6.6% -4.3% -6.7% -1.3% Total unit revenue (RASK) -1.7% -5.6% +0.4% +0.9% -.4% Total unit cost (excluding fuel) 7.8% 5.5% 8.7% 8.3% 7.1% 15 95% of targeted cost saving measures implemented Core SAS cost savings Implemented program (MSEK) Potential Dec 010 Mar 011 Additional MSEK 700 implemented in the 1 st Quarter, to total SEK 7.4 bn or 95%. Additional 100 FTE reduced during the 1 st Quarter, taking the total to 4,100 FTE or 89% of the planned reduction of 4,600 FTE. Earnings effect of SEK 0.6 bn during the 1 st Quarter. Remaining effects of SEK ~1.4bn in 011 01 Cabin crew/flight deck Ground services SAS Tech Sales, marketing & Commercial Purchasing ~1,900 ~900 ~1,800 ~700 ~400 Unit cost, down 7.1% 1 in the 1 st Quarter (excluding jet fuel). Blue1, Widerøe, Cargo ~600 Administration ~1,400 Other ~100 ~1,900 ~550 ~1,350 ~650 ~400 ~550 ~1,50 ~50 ~1,900 ~700 ~1,700 ~700 ~400 ~550 ~1,350 ~100 Total ~7,800 ~6,700 ~7,400 1 For Scandinavian Airlines compared with the same period in 010, adjusted for currency. 16 8

Dramatic fuel price increase Hedging and yield development do not fully mitigate impact 4% higher fuel price in Q1 011 Has increased further since Q1, but sharp fall recent days. Jet fuel spot price (USD/Ton) +4% higher h jet fuel prices in Q1 011 vs Q1 010 57% of SAS estimated consumption hedged - will delay cost impact SAS fuel hedges had a positive market value per March 31 of 176 MUSD. Industry yields expected to rise - will mitigate earnings impact SAS has increased fuel surcharges by EUR 3-5 on domestic and European tickets as of February and by another 5 EUR from March. Fierce competition and overcapacity make it challenging to realize full effect of fuel surcharges. 17 Best Q1 since 007 limited one offs during the quarter (MSEK) Total operating revenue Jan-Mar 011 9,17 Payroll expenses 3,16 Fuel 1,748 Government charges 945 Other operating expenses,91 Total operating expenses 8,767 Leasing costs, aircraft 390 Depreciation 409 Other 156 EBT before non-recurring items 505 EBT before non-recurring items and Non-recurring ash cloud items effects EBT (including non-recurring items) 49 554 Jan-Mar 010 9,495 3,445 1,434 1,00 3,340 9,39 453 407 40 844 18 97 Change -.9% 8.% -1.9% 7.3% 1.8% 5.1% 13.9% -0.5% 35% 40.% 61.7% 43.0% Non-recurring items excluded above EBT, Continuing business 18 9

Capital structure strengthened Good financial preparedness with SEK billion bond issue Equity of SEK 14.5 billion Financial preparedness of SEK 11.9 billion corresponding to 9% of the annual revenue Liquid assets of SEK 6.6 bn Successfull issue of bonds in March 011 of SEK billion to significantly improved terms Core SAS impact Mar31 31, 011 Mar31 31, 010 on key figures Financial preparedness Adjusted equity/assets ratio Financial net debt, MSEK Adjusted debt/equity ratio 9% 16% 7% 0% 818 86 0.86 1.70 Q1 cash flow negatively impacted by the EU fine payment (660 MSEK) 19 011 Outlook Positive result still valid but more challenging Strong GDP Growth in Scandinavia a growing aviation market SAS Capacity growth 011, 6% Additional capacity being added Risk of overcapacity and continued RASK pressure Uncertainties regarding jet fuel development up 4% in Q1 011 vs 010 challenging to offset through surcharges Still financial exposure to Spanair Still targeting profitability in 011, subject to no unforeseen events and ability to offset fuel increase 0 10

Appendices Core SAS strategy Product improvements Fleet & productivity Unit revenue (yield & RASK) Traffic Financial update Currency & Fuel 1 The SAS Group s new business structure (reporting segments as from Q1 011) SAS Group Scandinavian Airlines Widerøe Blue1 11

Drivers and prioritization of expansion Drivers: Profitable expansion the expansion shall strengthen SAS long term profitability position The routes shall strengthen SAS home market position Expansion is based primarily on business destinations A combination of own production and partners shall be used Priority a: Re instate capacity on Business routes (minors and majors) Priority 1: Strengthen the home market Priority 4: Southern Europe / Charter is managed where there are openings in production Priority b: Intercontinental routes to gateways with access to strong partners Priority 3: Newroutes to potential growth markets in the Baltic s / Russia / Eastern Europé / Middle East 3 Through the implementation of Core SAS, SAS is positioned for growth Reduced unit cost additional savings under implementation World class quality Attractive commercial offerings and significantly improved CSI SAS ambition is to minimum grow in pace with the market growth 4 1

Appendices Core SAS strategy Product improvements Fleet & productivity Unit revenue (yield & RASK) & Unit cost Traffic Financial update Currency & Fuel 5 Product update Environmental SAS Group airlines SAS, Blue1 and Widerøe are the only airlines in the world with both ISO 14001 and EMAS Mobile services Voice, SMS, GPRS data Real time high speed Internet Access Walled Garden Portal Internet Wireless Inflight Communication and Iphone applicaton Intercontinental expansion Oslo New York, March 011 Copenhagen Shanghai, Winter 011 Shorthaul 150 new frequencies during spring 011 Oslo Moscow in March 011 6 13

Differenced product range further strengthen SAS position in Scandinavia Most extensive network Strong and innovative product concepts Multiple distribution channels, most visited airline website in Scandinavia SAS Credits SAS EuroBonus Corporate programs 7 Appendices Core SAS strategy Product improvements Fleet & productivity Unit revenue (yield & RASK) & Unit cost Traffic Financial update Currency & Fuel 8 14

SAS Group fleet March 011 Aircraft Type Owned Leased Wet leased TOTAL Leased out Age On order Airbus A330/340 Airbus A319/30/31 / Boeing 737 Classic Boeing 737 NG Boeing 717 MD 8/87 MD 90 Avro RJ85 Fokker 50 dehavilland Q series SAAB 000 Bombardier CRJ00 Bombardier CRJ900 NG ATR4/7 5 4 1 7 8 4 1 6 10 11 45 9 14 5 4 13 4 3 11 14 1 67 9 41 8 5 4 37 4 1 3 1 1 8 7 8.8 7.7 18.1 9.9 10.6 1.1 14. 9.3 1.0 13.4 14.1 13.1 1.8 1.1 Total aircraft 103 117 9 9 3 1.6 0 In operation Total in traffic Age Scandinavian Airlines 155 11.8 Widerøe 34 13.7 Blue1 17 8.9 9 Productivity is improving Block hours, 1 months rolling, Mar 011 Aircraft, hours/day Pilots, hours/year Cabin, hours/year Scandinavian Airlines Widerøe Blue1 7.69 6.18 7.59 64 430 618 651 453 739 30 15

Key productivity ratios improving for Scandinavian Airlines Aircraft utilization (1 months rolling) Cabin, pilot utilization (1 months rolling) Hrs/day Aircraft utilization (1 months roling) Hrs/yr 670 8,5 8,0 7,5 7,0 6,5 6,0 5,5 5,0 Jan 00 08 08 Jun 00 Capacity reduction initiated 08 Nov 00 9 Apr 00 9 Sep 00 0 Feb 01 Increasing productivity due to Core SAS strategy 0 Jul 01 0 dec-1 60 570 50 470 40 Jan 0 08 08 Jun 0 Capacity reduction initiated 08 Nov 0 09 Apr 0 Sep 0 09 Feb 0 10 10 Jul 0 Increasing productivity due to Core SAS strategy -10 dec- Pilots Cabin crew 31 Appendices Core SAS strategy Product improvements Fleet & productivity Unit revenue (yield & RASK) & unit cost Traffic Financial update Currency & Fuel 3 16

Positive traffic development weaker load factors put pressure on RASK in Q1 011 SAS Group Q1 010 Q 010 Q3 010 Q4 010 Q1 011 Traffic (RPK) -1.3% -6.3% +5.4% +10.9% +3.4% Passenger load factor +6.3 p.u. +1.8 p.u. +. p.u. +.3 p.u. -.5 p.u. Scandinavian Airlines Passenger yield -11.4% -6.6% -4.3% -6.7% -1.3% Total unit revenue (RASK) -1.7% -5.6% +0.4% +0.9% -.4% Total unit cost (excluding fuel) 7.8% 5.5% 8.7% 8.3% 7.1% 33 Yield and RASK development, Q1 011 Yield, currency adj Jan Mar Yield, NOK Jan Mar 1.3% 1.6% RASK, currency adj Jan Mar Yield, EUR Jan Mar.4% 4% 3.4% 34 17

Yield at lowest levels since 005, but load factor at historically high levels Load Factor 80% Yield (1 months rolling), SK Yield (SEK) 1,35 1,30 1,5 70% Load Factor (1 months rolling), SAS Group 1,0 1,15 110 1,10 1,05 60% 1,00 January 005 January 006 January 007 January 008 January 009 January 010 January 011 35 Yield development Scandinavian Airlines Scandinavian Airlines, currency adjusted yield vs last year 0,0% 15,0% 10,0% 5,0% 0,0% -5,0% -10,0% 0% -15,0% -0,0% -6,3% -14,3% -15,6% Q1 004 Q 004 Q3 004 1,% Q4 004-0,6% Q1 005 7,8% Q 005 1,% 1,9% 9,% 15,4% 16,0% 8,3%,7% 1,0% 0,1% 3,8%,9% 5,6% -0,6% -1,3% -4,3% -6,0% -7 8% -7,6% -6,6% -6,7% 7,8% -8,% -9,4% -11,4% Q3 005 Q4 005 Q1 006 Q 006 Q3 006 Q4 006 Q1 007 Q 007 Q3 007 Q4 007 Q1 008 Q 008 Q3 008 Q4 008 Q1 009 Q 009 Q3 009 Q4 009 Q1 010 Q 010 Q3 010 Q4 010 Q1 011 36 18

Scandinavian Airlines Still decreasing yield Load factor Yield (SEK) 80% 70% 60% 50% 40% Load factor Yield (1 months rolling) 37 Scandinavian Airlines Total unit cost down 1.1% in Q1 011 albeit 9% higher jet fuel costs 10% 5% Negative effects from grounding of Q400 Higher jet fuel costs affecting unit cost by 4.8 p.u. in Q1 011 0% -5% -10% -15% -0% Turnaround 005 and increasing intercontinental capacity Unit cost decrease and capacity reduction at same time during core SAS Q1 011 Q4 010 Q3 010 Q 010 Q1 010 Q4 009 Q3 009 Q 009 Q1 009 Q4 008 Q3 008 Q 008 Q1 008 Q4 007 Q3 007 Q 007 Q1 007 Q4 006 Q3 006 Q 006 Q1 006 Q4 005 Q3 005 Q 005 Q1 005 Q4 004 Q3 004 Q 004 Q1 004 Q4 003 Q3 003 38 19

Unit cost development excluding jet fuel Scandinavian Airlines, Currency adjusted quartery change vs. last year excluding jet fuel 5% 0% -5% -10% -9,3% -,6% -6,0% -7,1% -15% -1,% Q1 010 Q 010 Q3 010 Q4 010 Q1 011 39 Scandinavian Airlines Breakdown of unit cost in Q1 011 Scandinavian Airlines, currency adjusted Unit cost breakdown Jan Mar 011 Jan Mar 010 Var, % Payroll expenses Jet fuel Government user fees Selling and distribution costs Handling costs Teachnical aircraft maint. Other operating expenses 1 Total operating expenses Leasing costs for aircraft Depreciation Adjusted EBIT - 737-1 553-80 -546-34 -501 70 6 48-373 -374 7 175 883 1 05 81 509 390 585 79 6 463 408 384 7 54 5.1% 8.8% 1.0% 7.% 1.4% 14.4% 190% 0.5% 8.6%.4% 1.1% Share of total var, %.0% 4.8% 0.1% 0,5% 0,7% 1.%.0% 0.5% 0,5% 0.1% 1.1% 1 Net of other operating revenues 40 0

Unit cost continues to decrease Scandinavian Airlines, Currency adjusted quartery change vs. last year 1% 7% % 1,4% 11,9% 73% 7,3% 76% 7,6% 8,1% 5,1% 5,1% 5,8% 3,8% 3,3%,1%,9%,0% -3% -1,5% -8% -13% -18% -3% -9,% -11,7% -13,6% -13,9% -15,0% -16,8% -3,9% -5,8% -0,9% -1,6% -1,1% -5,8% -5,5% -8,3% -7,8% -8,3% -9,% -8,7% -1,7% 1st Q 003 nd Q 003 3rd Q 003 4th Q 003 1st Q 004 nd Q 004 3rd Q 004 4th Q 004 1st Q 005 nd Q 005 3rd Q 005 4th Q 005 1st Q 006 nd Q 006 3rd Q 006 4th Q 006 1st Q 007 nd Q 007 3rd Q 007 4th Q 007 1st Q 008 nd Q 008 3rd Q 008 4th Q 009 1st Q 009 nd Q 009 3rd Q 009 4th Q 009 1st Q 010 nd Q 010 3rd Q 010 4th Q 010 1st Q 011 41 Appendices Core SAS strategy Product improvements Fleet & productivity Unit revenue (yield & RASK) & Unit cost Traffic and capacity outlook Financial update Currency & Fuel 4 1

Improved cost position, but pressure on yield continues Close to break even result before non-recurring items Yield still at low levels (partly offset by improved load factor) MSEK, Rolling 1 80% 1,35 Yield (1 months rolling), SK 1,30 1,5 70% SAS Group load factor (rolling 1 months) 1,0 1,15 1,10 1,05 60% Jan-005 Jan-006 Jan-007 Jan-008 Jan-009 Jan-010 Jan-011 1,00 Unit cost continues to decrease Scandinavian Airlines quarterly unit cost (excluding jet fuel) Improving customer satisfaction Index, Rolling 1 5% 0% CSI -5% -,6% -10% -9,3% -6,0% -7,1% -15% -1,% Q1 010 Q 010 Q3 010 Q4 010 Q1 011 43 Strongest traffic growth on routes within Scandinavia RPK Jan-Mar 011 vs 010 15% 10% 5% 0% 5% 10% 15% 44

ASK outlook 011 Increase in 011 with existing resources except for additional aircraft Scheduled SAS Group Scandinavian i Airlines Widerøe Blue1 011 vs 010 approximately 6% +5% to +6% +15% to +0% +15% to +0% Scandinavian Airlines underlying capacity increase % in 011 Gross planned increase +5 6% Ash cloud effect 1.4% Intercontinental aircraft.5% Move of F50 to WF 0.3% 0 Underlying short haul increase: ~% Except for addition of 5 aircraft (including intercontinental), the capacity increase is managed with existing resources through increased productivity Other costs than aircraft represents an absolute majority of the operational costs Widerøe s capacity increase driven by incorporation of SAS Fokker 50 production Group charter capacity to be decreased by close to 1% during 011 45 North Atlantic Oslo New York commenced in March 011 Copenhagen to New York, Washington DC and Chicago Stockholm to New York and Chicago Increased frequencies this winter season Oslo New NewYork frommarch 011 Traffic development January March 011 SK traffic down.% AEA traffic up 4.1% Load factor 100% SAS 95% 90% AEA 85% 80% 75% 70% 65% 60% Jan 008 Feb 008 Mar 008 Apr 008 May 008 Jun 008 Jul 008 Aug 008 Sep 008 Oct 008 Nov 008 Dec 008 Jan 009 Feb 009 Mar 009 Apr 009 May 009 Jun 009 Jul 009 Aug 009 Sep 009 Oct 009 Nov 009 Dec 009 Jan 010 Feb 010 Mar 010 Apr 010 May 010 Jun 010 Jul 010 Aug 010 Sep 010 Oct 010 nov-10 dec-10 jan-11 feb-11 mar-11 46 3

Asian routes SAS load factor above AEA Scandinavian Airlines serving Bangkok, Beijing, Tokyo and Dubai (seasonal) from Copenhagen Shanghai to be introduced in winter 011/1 Traffic development January March 011: AEA traffic up 6.0% SAS traffic down 0.1% Load factor 95% 90% 85% 80% 75% 70% 65% 60% SAS AEA Jan 007 Feb 008 Mar 008 Apr 008 May 008 Jun 008 Jul 008 Aug 008 Sep 008 Oct 008 Nov 008 Dec 008 Jan 009 Feb 009 Mar 009 Apr 009 May 009 Jun 009 Jul 009 Aug 009 Sep 009 Oct 009 Nov 009 Dec 010 Jan 010 Feb 010 Mar 010 Apr 010 May 010 Jun 010 Jul 010 Aug 010 Sep 010 Oct 010 nov-10 dec-10 jan-11 feb-11 mar-11 47 Cross border European routes Core SAS measures have had a clear positive effect Growth for SAS in the first quarter 011 Traffic development January March 011: AEA traffic up 6.3% SAS traffic up 1.5% Load factor 85% 80% 75% SAS AEA 70% 65% 60% 55% Jan 008 Feb 008 Mar 008 Apr 008 May 008 Jun 008 Jul 008 Aug 008 Sep 008 Oct 008 Nov 008 Dec 008 Jan 009 Feb 009 Mar 009 Apr 009 May 009 Jun 009 Jul 009 Aug 009 Sep 009 Oct 009 Nov 009 Dec 009 Jan 010 Feb 010 Mar 010 Apr 010 May 010 Jun 010 Jul 010 Aug 010 Sep 010 Oct 010 nov-10 dec-10 jan-11 feb-11 mar-11 48 4

Is larger aircraft the solution for the record high Jet Fuel prices? Cost comparison between Boeing 737-300 and Boeing 737-800, MSEK Leasing F/D + C/A Maintenance Ground handling Airport+enroute charges Jet fuel Boeing 737-300 Boeing 737-800 Larger sizeaircraft do not reduce absolutecost rather increases the total costs Not always right to justify capacity growth due to change of aircraft type A 737 800 has only approximately 5% lower unit costs than a 737 300 due to significantly higher capital costs A 737 800 consumes the same amount of jet fuel as a 737 300 per trip Larger aircraft tend to reduce the yield => advantage from lower unit cost is dilluted by lower unit revenues (yield) SAS fleet decision is based on: a need to phase out MD80 complexity cost 49 Electronic check in options continue to increase 80 % 70 % 60 % 50 % 40 % 30 % 0 % 10 % 0 % 0011 00305 00311 00405 00411 00505 00511 00605 00611 00705 00711 00805 00811 00905 00911 01005 01011 Kiosk Internet Kiosk+internet 50 5

Appendices Core SAS strategy Product improvements Fleet & productivity Unit revenue (yield & RASK) & Unit cost Traffic Financial update Currency & Fuel 51 SAS Q1 performance relative to Nordic competitors 009-011 0% EBT margin 5% 10% 15% 0% 5% Q1 009 Q1 010 Q1 011 5 6

Summary of the SAS Group s balance sheet MSEK 31 Mar 011 31 Dec 010 31 Mar 010 Aircraft and Spare parts Other non interest bearing assets Interest bearing assets Cash and cash equivalents 13 914 8 158 14 975 6 689 14 046 8 00 14 58 5 051 15 118 9 49 14 346 3 918 Total Assets 43 736 41 85 4 874 Total shareholders' equity 1 Deferred tax Other interest bearing liabilities Operating liabilities 14 515 36 13 843 13 14 14 438 306 11 897 13 184 10 731 60 15 165 14 376 Total shareholders' equity and liabilities 43 736 41 85 4 874 1 Including minority interests 53 Possible new IAS accounting rules from 013 SAS pension assets above DBO Unrecognized actuarial gain decreasing Difference between funded assets and DBO (cash), MSEK 400 00 0 00 400 600 800 1 000 008 009 010 Unrecognized actuarial loss 008-010 (accounting), MSEK 14 000 1 000 10 000 8 000 6 000 4 000 000 0 Reduction of unrecognized actuarial loss if discount rate was 1 p.u. higher 008 009 010 Discount rate changes performed in 010: From 5,5% to 5% in Norway From 4,5% to 4,5% in Sweden Sensitivities A 1 p.u. increase in the discount rate (from 4.9% to 5.9%) correponds to approximately SEK 4.3 bn reduction in the unrecognized actuarial gain A 46% growth in the equity market corresponds to an approximately SEK 4.3 bn reduction in the unrecognized actuarial gain. 9% of funded assets invested in equity market 54 7

Possible new IAS accounting rule from 013 Limited effects from inclusion of operational lease obligations on the balance sheet Many of the SAS Group s key figures already include off balance sheet aircraft leasing obligations Banks, credit agencies and investors adjust for off sheet balance sheet commitments already Accounting rule change to have limited real economic impact No changes expected relating to the SAS Group s credit rating or ability to new debt financing NPV of leasing obligations relating to properties of is approx. SEK 6bn Financial net debt to increase by roughly SEK 6 bn for properties from current SEK.8 bn to SEK 8.8 bn (as of March 011) 55 Overview of available funds Mar 011 Available funds, SEK billion Mar 011 Maturity Liquid funds Undrawn portion of credit facilities Total undrawn credit facilities Total available funds Total credit facilities Drawn portion of credit facilities Undrawn portion of credit facilities Revolving Credit Facility, 366 MEUR (total SEK 3.5bn) Revolving Credit Facility, 11 MUSD (total SEK 1 bn) Credit Facility, 15 MUSD (total SEK 1.0 bn) Bi lateral Revolving Credit Facilities (total SEK 1.3 bn) Others 6.6 3.3 0.0 0.4 1.3 0.3 5.3 11.9 6.5 1. 5.3 Jun 013 Apr 013 Jan 016 Jun 013 Dec 011 N/A 56 8

Improved financial flexibility Scheduled amortization profile, MSEK Mar-Dec 57 Gearing ratios 400% 350% 300% 50% Fin Net Debt / Equity Equity / Total Assets Fin. Net Debt + 7*Op lease / Equity 00% 150% 100% 50% 0% dec-98 dec-00 dec-0 jun-03 dec-03 jun-04 dec-04 05-jun dec 06-jun 06-dec 07-jun 07-dec 08-jun 01-dec 09-jun 09-dec 10-jun 10-dec 58 9

SAS Group Financial Net January March MSEK Jan Mar 011 Jan Mar 010 Difference Interest net and others Exchange rate differences 147 3 01 9 +54 +6 Financial net 150 10 +60 59 Development and Break Down of Financial Net Debt MSEK Cash Other interest bearing assets Interest bearing liabilities 011 03 31 010 03 31* Difference 6 689 4 336 13 843 5 051 3 984 11 897 +1 638 +35 1 946 Financial net debt 818 86 +44 * Proforma, inclusive rights issue 60 30

Development of financial net debt 1993 011 MSEK 5 000 0 000 15 000 10 000 5 000 0 93-1 94-1 95-1 96-1 97-1 98-1 99-1 00-1 01-1 0-1 03-1 04-1 05-1 06-1 07-1 08-1 09-1 10-1 61 Equity / Assets Ratio 1993 011 6 31

Financial Net Debt / Equity Ratio 1993 011 63 Development of the financial net debt during Jan Mar 011 SEK billion Financial net debt December 010 Investments Sales Cash flow from operating activities Currency and others.8 0.3 0. 0.6 0.7 Financial net debt March 011.8 64 3

Appendices Core SAS strategy Product improvements Fleet & productivity Unit revenue (yield & RASK) & Unit cost Traffic Financial update Currency & Fuel 65 Breakdown of currency effects SAS Group, continuing operations January March 011 vs. 010 Total revenues & costs Total revenues & costs Forward cover costs Working capital Financial items Total currency effect USD DKK NOK EUR Asian currencies All others Total 010 011 Difference 010 011 Difference 010 011 Difference Currency effect 170 31 83 3 5 16 100 186 95 81 19 1 31 9 3 6 356 Not for release, publication or distribution in Australia, Canada, Japan or the United States 33

Changes in currency exchange rates affected the result by MSEK 356 compared to the same period in 010 Currency effects MSEK on SAS Group, continuing operations: 011 vs. 010 Jan Mar 011 Negative impact on revenues due to the stronger SEK Positive impact on other operating costs due to the stronger SEK Total revenue Total costs Forward cover costs & working capital Income before depreciation Financial items Income before tax 639 739 50 350 6 356 Not for release, publication or distribution in Australia, Canada, Japan or the United 67 States Currency distribution in the SAS Group 010 Revenues Expenses 68 34

Amended fuel hedging policy Jet fuel, spot price development, USD Current hedges 57% of the consumption hedged for April 011 March 01 Only swaps and options Swaps dedged at levels below USD 800MT until September 011 and below USD 830/MT in Q4 011 Amended policy to offset fuel price volatility Hedging 40 70% ofexpected consumption (1 months rolling) Up to 18 months hedging allowed Yield management Cost initiatives 69 Overview of the SAS Group s fuel hedging and costs for 011 SAS Group s jet fuel hedging portfolio Q 011 Q3 011 Q4 011 Q1 01 Options Strike price, USD/MT Swaps Price USD/MT 4% 1 038 50% 774 8% 75 47% 759 17% 868 43% 86 30% 1 036 7% 944 SAS Group s jet costs in 011 (annual average values) 5.0 SEK/USD 6.0 SEK/USD 7.0 SEK/USD 8.0 SEK/USD Market price 800 USD/MT 1 000 USD/MT 1 00 USD/MT 1 400 USD/MT SEK 5.8 bn SEK 6.3 bn SEK 6.8 bn SEK 7. bn SEK 6.6 bn SEK 7. bn SEK 7.8 bn SEK 8.3 bn SEK 7.4 bn SEK 8.1 bn SEK 8.8 bn SEK 9.4 bn SEK 8.3 bn SEK 9.1 bn SEK 9.8 bn SEK 10.5 bn 70 35

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