On the right track cost cuts taking effects 1 st Quarter Weakest quarter in history for airline industry

On the right track cost cuts taking effects st Quarter Weakest quarter in history for airline industry Stockholm Arlanda, August 2th London Radisson SAS, August 2th 2 nd Quarter Continued pressure on revenues reduced operating costs Volumes & yield pressure due to SARS and Iraq war and weak economies Scandinavian Airlines unit cost down 3% in Q2 Traffic recovery noted in May/June U.S./Asian traffic has recovered Bookings to Europe back to 2002 levels Turnaround 2005 (Plan B + C) forcefully implemented 3-4 billion SEK in cost savings 6 000 redundancies 2 2 2 nd Quarter revenues hit hard by weak economies and SARS/Iraq 2nd Quarter MSEK 2003 2002 Revenue 5 300 7 868-4,4% EBITDAR 608 3 248-50% EBT bef. cap gains -57 80 EBT incl. gains 87 039 Extremely weak April Recovery noted as from May 2003 Monthly EBT before gains 2003 2002 Apr Maj Jun 3 3 4 4

Severe Revenue Pressure Passenger revenues down 3 729 MSEK Scandinavian Airlines January-June Revenues 3 68 MSEK - 2,5 % Volume - 8.3% Yields* -,8% Currency -2,7% * Including Intercont effect and reduced travel agency comissions Events 2 nd Quarter 2003 Actions taken under Turnaround 2005 New agreements with unions with productivity improvements - block hours up by more than 40% Agreements with all three cabin unions June/July Negotiate reduction of overhead by more than 40% Centralization of base maintenance to Stockholm PFI for pilots under implementation Scandinavian Airlines most punctual airline in Europe in June. Best punctuality and regularity in 0 years Snowflake well received in market place Passenger load factor > 80% 5 5 6 6 The SAS Group Turnaround 2005 Identified cost measures of billion SEK in Turnaround 2005 2-3 billion Turnaround 2005 4 2 0 New activities PlanC launched in April 2003 Activities under implementation Plan B,2,4,2,3 cost savings 3-4 billion SEK 8 6 3,3 0,9,5 4,8 2 0 Management & Production Commercial Distribution & SGS STS Subsidiary & Total Under Administration concept strategies incl Sales Affiliated identification inflight Airlines 7 7 8 8

Streamlined organization for a/c and flight deck OSL B737 CPH STO B737 MD-80 Q400 MD-80/90 A32 Q400 Advantage A330/A340 Improved a/c productivity (less complex planning) Reduced type costs for C/A and F/D (productivity and stand-by) Reduced type costs for technical maintenance (personal, spare parts and quality) Overhead reductions by 40% in Scandinavian Airlines - To be implemented as from September New agreements with possibility to increase crew and pilot block hours by over 40% 750 700 650 600 550 500 450 400 350 300 Block hours per year, cabin crew > 40% 600 > 40% 2002 2005 Cabin crew block hours from 530 to 750 Pay freeze 2003/2004 Flexible scheduling 700 650 550 500 450 400 350 300 Block hours per year, pilots 2002 2005 Work day from 0,5 to 2 hrs/day Hours/week up from 42 to 45 Pay freeze 2003/2004 Block hours from 490 to 700-750 9 9 0 0 New organization three bases Separation of bases and new leaner organization New agreements with unions and separation of bases => Productivity improvements up to 750 blhr/year CPH Network Strategies, and network Revenue and Strategies revenue Marketing and Channel Product Management OSL CEO/GM COO STO Staber Staff unit (STODQ) Accountable Manager and Operations Management Intercont Board Commuter SAS Technical Services (STS) concentrate its base maintenance to Stockholm Base maintenance to Stockholm. Heavy maintenance in Oslo. Line maintenance at all airports. Approximately 900 redundancies due to transfer Additional measures to be implemented to reduce costs significantly 2 2

Large number of redundancies expected Production (pilots, cabin crew, traffic planning etc.) 3 000 FTE (of which 900 within STS) Sales & Administration 500 FTE Management & Administration 700 FTE Subsidiary & Affiliated Airlines 400 FTE In total 6 000 redundancies of which 400 already have been implemented New modulated product concept the base for future customer set up SK Premium SK Base SK Base + extra comfort Lounge access Improved inflight product Seating comfort (pitch) Low Cost Carrier + network carrier advantages our terms and your terms Timetable Transfers, partners & interline Peak availability All distribution channels Lojality program 3-classes LONG HAUL Base 2-classes - MEDIUM Base -class - SHORT Base Extra Premium Premium Low and high prices In all categories 3 3 4 4 How to bridge the gap to reach target of MSEK 5 000 Snowflake over 80% cabin factor in July MSEK 5 000 Result 2002 Turnaround 2005 Network to be extended with Beirut from winter program Trip is booked one way. Two single trips area round trip One price is offered on each separate booking occasion No advance booking rules, no stay-away rules = simple and clear rules 5 Volume & Price 5 Inflation & other www.flysnowflake.com 6 6

Gunilla Berg CFO 2nd Quarter Earnings before tax - Business area Business area Q2 03 Q2 02 Change Scandinavian Airlines -77 32-398 Subsidiary & Aff. Airlines 24 45-20 Airlines Support Businesses 44 37-93 Airline Related Businesses 34 4-7 Hotels -39 59-98 Group eliminations -89 66 EBT 87 039-952 7 7 8 8 Effects from Turnaround 2005 offset by severe pressure on revenues Billion, SEK 3 2 0 - -2-3 -4 Volume (RPK) -8% -,2 Yield -2% -2,0 Other, currency -0,2 (3,4) Total revenue,9 Total costs 9 0,3 Lease, depr, Net financ. 9 (,2) Total change Turnaround +,7 Volume +, Increased prices: Fuel & Charges. -0,5 Inflationary comp. -0,8 Others incl curren. +0,3 Number of employees down payroll expenses up due to pensions and payroll overhang from 200 MSEK 800 700 600 Payroll cost Scandinavian Airlines -3 338 Act 2002-230 Pay increases +380-430 -3 +25 Volume Pension Currency Other 20 20-3 596 Act 2003 Number of employees down 8,3%, but offset by increased pension costs and pay increases Pay freeze as from April 2003 for all employees in Scandinavian Airlines and other key units

Plan B according to plan Total financial effect of implemented activities compared to plan MSEK 6400 6400 3400 3400 47% 3000 3000 47% Reduction of personnel 2700 2700 300 250 52% 400 450 To be implemented Implemented 53% Sharp reduction in unit cost 2 nd Quarter Index last year (currency adjusted) Scandinavian Airlines 0% 5% 0% -5% -0% -5% st Q 200 2nd Q 3rd Q 4th Q st Q 200 200 200 2002 2nd Q 3rd Q 4th Q st Q 2nd Q 2002 2002 2002 2003 2003 Q unit cost down 2,0% Q2 unit cost down by 3,0% Turnaround 2005 Net pricing model Limited long haul effect Some effect from snowflake introduction Plan Status July 2003 Plan Status July 2003 2 2 22 22 50% 40% 30% 20% 0% 0% -0% -20% -30% -40% -50% -60% Bookings have stabilized to almost same level as last year Net bookings 2003 vs. 2002 - Europe 456 7234567234567234567234567234567234567234567234567234567234567234567234567234567234567234567234567234567234567234567234567234567234567 8 9 0 2 3 4 5 6 7 8 9 20 2 22 23 24 25 26 27 28 29 Total bookings in line with 2002 Bookings to Europe back to 2002 levels Strong U.S traffic during summer Asia recovered since June Weaker on domestic & intrascand 000 900 800 700 600 500 400 300 200 00 - High financial maneuverability Aircraft CAPEX 2000 200 2002 2003F 2004F 2005F 2006F Liquidity of MSEK 8 55 (unchanged since Q) Committed credit facilities MSEK 7 500 Solidity 2% No Rating Triggers Investment program completed Young fleet Additional sources of capital Aircraft Real estates Non-core businesses 23 23 24 24

Subsidiary & Affiliated Airlines not immune to falling revenues New improvement measures of MSEK 200 identified and initiated Apr-Jun in MSEK Jørgen Lindegaard CEO Revenues 997 8% 736-6% 647-6% 262-4% EBITDAR 382 45% 274-53% 2-26% 55-48% EBT 86 n/a 73 n.m 43 n.m 6-75% 25 25 26 26 Overall weak market development Spain weak yield, some recovery in charter traffic Norway weak yield and growth Europe weak yield, but traffic has improved Finland weak yield development Latvia promissing development A number of improvement measures initiated for Subsidiary airlines MSEK 500 450 400 350 300 250 200 50 00 50 0 300 500 400 Spanair Braathens Widerøe Initiated April 2003 Full effect 2004 Total measures of at least MSEK 200 Air Botnia ongoing improvements 27 27 28 28

Hotels weak hotel markets and high energy costs in Norway Affected by SARS and Iraq war Main capitals in Central Europe more affected than Eastern Europe and smaller cities New loyalty program introduced- Goldpoints Number of hotels increased from 84 to 23 January June 2003 2002 Total revenue 745 624 EBITDA -76 24 EBITDA, adjusted -72 37 EBIT -35-8 EBT -54-26 Sum up Significant pressure on revenues due to Weak economies Iraq/SARS (March/April) Cost measures takes effect Turnaround 2005 forceful implementation Unit cost down in Q2 by 3% for Scandinavian Airlines Strengthened position for Spanair Air Botnia & AirBaltic Good financial maneuverability to implement & carry through turnaround 29 29 30 30 The Board of Directors Thank you for your attention! Assessment for full year 2003: Continued weak economies Recovery on U.S/Asia and European routes Turnaround 2005 forceful implementation EBT bef taxes and gains approximately negative MSEK 2 000 This presentation can be downloaded at the SAS Group s homepage www.sasgroup.net 3 3 32 32

SAS Group st Half EBITDAR and CFROI Additional slides for further information MSEK 2003 2002 Revenue 29 00 3 643-8,3% EBITDAR 20 3 832-68% EBITDAR 4,2% 2,% -7,9 p.p. margin CFROI 8% 9% 33 33 34 34 SAS Group 2002 Quarterly EBT EBT bef gains MSEK million 500 000 500 0-500 - 000-500 -2 000-2 500 77 42-59 -63-33 80 5-809 -939 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 200 2002 2003-57 Scandinavian Airlines 2003/2002 Quarterly EBITDAR development EBITDAR, Scandinavian Airlines MSEK 2 000 500 000 500 0-500 Q Q2 Q3 Q4 Q Q2 2002 2003 35 35 36 36

3 500 3 000 Breakdown of Turnaround 2005 Structural changes in Turnaround 2005 Agreements with pilots and crew with potential to increase productivity by more than 40% in Scandinavian Airlines New traffic system point to point 750 700 650 600 550 500 450 400 350 Cabin crew > 40% 2 500 2 000 500 000 500 0 Management & Administration Production concept Commercial Strategies incl Inflight Distribution & Sales SGS STS Subsidiary & Affiliated Airlines Utilize aircraft more hour per day More efficient and improved traffic & planning at 3 bases Aircraft types allocated to bases Decrease overhead and administration in Scandinavian Airlines by more than 40% Centralization of base maintenance to Stockholm-Arlanda New aircraft configuration with app 7% more seats Increase internet sales share Improve check-in automatisation 300 700 650 600 550 500 450 400 350 300 2002 2005 Pilots > 40% 2002 2005 37 37 38 38 Three separate independent bases to reduce complexity Breakdown of new identified initiatives within STS 300 800 OSLO STOCKHOLM 220 80 50 50 COPENHAGEN Pree flight Fewer A/C in service inspection (PFI) + No maintenance at sub stations Implemented as from August, 2003 Standardize fleet Maintenance planning Internal improvements in organization Total new initiatives 39 39 40 40

Group seasonality pattern January, February, July and December seasonally weak months Revenues in Q3 in average 8% lower than Q2 the last four years Revenues in Q4 in average 3% lower than Q2 the last four years Winter Summer Winter jan feb mar apr maj jun jul aug sep okt nov dec 999 2000 200 2002 2003 Significant pressure on revenue halts EBITDAR improvement EBITDAR MSEK million 3 500 3 000 2 500 2 000 500 000 500 0-500 - 000 Q Q2 Q3 Q4 200 2002 2003 EBITDAR in Q2 2003 was 608 (3 248) MSEK EBITDAR Scandin Airl. 667 MSEK Braathens 274 MSEK Spanair 382 MSEK Widerøe 2 MSEK Air Botnia 55 MSEK 4 4 42 42 st Half Earnings before tax - Business area Business area H 03 H 02 Change Scandinavian Airlines - 330-528 -802 Subsidiary & Aff. Airlines -350 65-45 Airlines Support Businesses -84 8-202 Airline Related Businesses 8 75-57 Hotels -54-26 -28 Group eliminations -89 - EBT - 789-407 - 382 43 43 44 44

Scandinavian Airlines hit by weak economies and uncertain markets Scandinavian Airlines Number of personnel January June 2003 2002 Passenger revenue 3 68 7 347 Other revenue 950 59 Operating revenue 5 568 8 938 EBITDAR 285 746 8 000 7 500 7 000 7 778 ACT -Delayed wind up of redundancies in SCO due to late conclusion of cabin labour agreements 6 896 6 607 EBIT -98-39 6 500 Forecast EBT - 330-528 6 000 JAN02 FEB MAR APR MAJ JUN JUL AUG SEP OKT NOV DEC JAN-03 FEB MAR APR MAJ JUN JUL AUG SEP OKT NOV DEC 45 45 46 46 Reduction of capacity in 2003 for Scandinavian Airlines Scandinavian Airlines key airline profitability drivers Domestic incl. intrascand Europe Intercontinental Total** Capacity forecast for 2003 vs. 2002-20% -6%* +% -4%** 2003 vs 2002 January-June Traffic (RPK) down 8,3% Cabin Factor down 3,9 p.u. Yields (currency adjusted) down,8% Unit costs down 6,8% * +3% including Snowflake ** -% including Snowflake 47 47 48 48

Passenger Yield 2 nd Quarter 2003 vs 2002 Nominal Currency Adjusted Route Sector yield effect yield Scandinavian Airline 82 04 86 Intercontinental 83 93 Europe 80 03 82 Intrascandinavian 90 02 92 Denmark* 45 0 46 Norway 83 03 86 Sweden 98 00 98 *) Incl Greenland 2002 Passenger load factor down for most Group airlines Total traffic decreased by 4,0% vs. H 2002 Total capacity up by 0,8% vs. H in 2002 Group passenger load factors hit by weak economies, Iraq and SARS situation H passenger load factors Scandinavian Airlines -3,9 p.u. 63,3% Spanair -,4 p.u. 57,5% Braathens +2,6 p.u. 58,5% Widerøe +,5 p.u. 52,% Air Botnia -4, p.u. 46,4% 49 49 50 50 Scandinavian Airlines passenger load factors in line with AEA average Pass load factor (%) 3 weeks roling 80 75 70 65 60 55 50 45 40 6 6 2 26 3 36 4 46 5 4 9 Week 2002-2003 4 9 24 29 Source: AEA SK (Geograpical Europe) Spanair AEA (Geograpical Europe) Traffic on North Atlantic hit by war in Iraq but recovery noted in bookings RPK 80 6 6 2 26 3 36 4 46 5 4 9 4 9 24 60 40 20 0-20 -40 95 90 85 80 75 70 65 Cabin factor (%) North Atlantic January March May July September November January March May Load factors close to 90% during summer Daily frequencies from Copenhagen, Oslo and Stockholm since March Oslo-New York nonstop three times per week with A330 during next winter Traffic in Jan-Jun 2003: European airlines (AEA) traffic up 2,9% SAS traffic up 0,6% 5 5 Month SAS AEA 52 52

Net bookings to North America have improved significantly 2345672345672345672345672345672345672345672345672345672345672345672345672345672345672345672345672345672345672345672345672345672345672 Iraq situation 6 7 8 9 0 2 3 4 5 6 7 8 9 20 2 22 23 24 25 26 2728 2002 2003 53 53 Asian traffic severely affected by SARS recovery from June 40 30 20 0 0-0 -20-30 -40-50 -60 95 90 85 80 75 70 65 60 55 50 RPK 5 9 Week Cabin factor (%) Asia SAS AEA January February March April May June July August September October November December Month SAS AEA 3 7 2 25 29 33 37 4 45 49 5 9 3 7 2 25 January February March April May June 54 54 Scandinavian Airlines ranked high in customer surveys To resume daily frequencies to Bangkok/ Singapore and Beijing as from August 22 nd Strengthened market position Traffic in Jan-Jun 2003: AEA traffic down 2,% SAS traffic down 6,% Bookings to Japan positive, Bangkok and Beijing affected by SARS Capacity to Beijing reduced by 50% (Daily flights to be reintroduced on August 22n) Capacity to Bangkok/Singapore reduced by one third (daily flights from September) 2345672345672345672345672345672345672345672345672345672345672345672345672345672345672345672345672345672345672345672345672345672345672 6 7 8 9 0 2 3 4 5 6 7 8 9 20 2 22 23 24 25 26 2728 2002 2003 30 25 20 5 0 5 0-5 -0-5 -20 75 70 65 60 55 50 45 European routes affected by uncertain market conditions RPK Week Cabin factor (%) Europe 5 9 3 7 2 25 29 33 37 4 45 49 5 9 3 7 2 25 SAS AEA January March May July September November January March May Weak market Cabin factor in line with AEA Traffic Jan-Jun 2003: AEA traffic down,2% SAS traffic down 4,8% 55 55 Month SAS AEA 56 56

Yields under severe pressure 200-2nd Quarter 2003 Total system - currency adjusted 2% 0% -2% -4% -6% -8% -0% -2% -4% -6% 3rd Quarter 200 4th Quarter 200 st Quarter 2002 2nd Quarter 2002 3rd Quarter 2002 4th Quarter 2002 st Quarter 2003 2nd Quarter 2003 Yields down 4,5% in 2nd Quarter 2003 Affected by: introduction of Snowflake by app 7-8 p.p Easter holidays Class mix negative Price campaigns More RPK s of intercontinental traffic with lower yield Reduced commissions by ~3% ECA European cooperation agreement continued negative effects but improvements in 2 nd Quarter Tri-party Joint Venture agreement with BMI, Lufthansa and SAS signed November 9, 999 In effect from January, 2000 Main scope: To integrate the parties scheduled pass. transport to/ from London/ Manchester Negative result effect 2002: MSEK 48 (335) Effect Q 2003 - MSEK 20 Effect Q2 2003 - MSEK 88 57 57 58 58 US Dollar per Barrel 60 50 40 30 20 0 0 Brent Crude vs. Jet Fuel January 998 to Date 998-0-02 998-03-30 Brent st Nearby Close Jet CIF Cargoes NWE 998-06-26 998-09-2 998-2-6 999-03-6 999-06-5 999-09-08 999-2-0 2000-02-29 2000-05-26 2000-08-2 2000--4 59 200-02-2 200-05-0 200-08-03 200-0-30 2002-0-25 59 2002-04-24 2002-07-23 2002-0-5 2003-0-0 2003-04-04 2003-07-02 450 400 350 300 250 200 50 00 50 0 US Dollar per Metric Ton 2003 fully hedged Average rates: 2000 265 USD/MT 200 255 USD/MT Q 2002 96 USD/MT Q2 2002 226 USD/MT Q3 2002 235 USD/MT Q4 2002 258 USD/MT Q 2003 278 USD/MT Q2 2003 264 USD/MT Current hedging until year end 95% Mainly CAPS Estimated jet fuel cost MSEK 3 000 60 60

Scandinavian Airlines new net pricing model accepted well in marketplace Net price concept to be introduced st January 2003 Today 4/7 4,7% % SAS Price SAS Price Agent mark-up possibility Tomorrow SAS Price SAS Price SAS Price SAS Price SAS direct sales mark-up Prices lowered with same amount as commissions (app 3%) Agent will set their own price to the customer Markup can vary from channel to channel Introduction of service fees in SAS direct channels Introduction of new agent program 90% of agents agreed 35% 30% 25% 20% 5% 0% 5% 0% Electronic Channels increased to 32% in Q2 jan-00 mar-00 maj-00 jul-00 sep-00 nov-00 0-jan 0-mar 0-maj 0-nov Q-2002 Q3-2002 Q-2003 % Sold - Travel Pass, Travel Pass Corporate, ETIX, Internet % Sold via Internet Direct internet sales 3,9% of total sales (excluding Travel Pass and bookings through agents) Important to reduce cost of sales Total volume E-channels in Q2 MSEK 2 346 32% of total passenger sales in Q Lowest price on homepage 6 6 62 62 Income Subsidiary & Affiliated Airlines (MSEK) January June 2003 2002* Operating revenues 8 45 7 749 Operating expenses -7 584-6 83 EBITDAR +867 + 566 EBT bef gains -396 +58 * = Spanair was included as an affiliated company Jan/Feb 2002 63 63 64 64

Subsidiary & Affiliated Airlines not immune to falling revenues New improvement measures of MSEK 200 identified and initiated Jan-Jun in MSEK Revenues 3 372 5,6% 3 285-8% 288 0,9% 485-9,7% EBITDAR 324 8% 378-57% 68-28% 6-58% Improvements in Spanish market as from June Revenue increased by 5,6% in H Unit costs down by 2,7% in H Charter traffic successively better Spanair joined Star Alliance as from April 2003 New price concept released One way pricing and booking Availability pricing Extra 30 EUR for Business Class EBT -283 22% -9 n.m 2-82% -3 n.m January June 2003 2002 Operating revenue 3 372 3 93 EBT -283-365 65 65 66 66 Braathens affected by significantly lower yield Yield down 9,% - partly explained by average longer routes Four new destinations introduced as from March 3st Cabin factor increased by 2,6 p.u Substantial new cost measures initiated of app MSEK 500 with full effect 2004 January June 2003 2002 Operating revenue 3 285 3 572 EBT -9 444 Air Botnia affected by weak market Two new non stop routes Helsinki- Brussels and Düsseldorf introduced Increased market shares in weak market January June 2003 2002 Operating revenue 485 537 EBT -3 60 Widerøe hit by weak yield development Yield down by 20% To implement MSEK 400 in cost improvement measurements January June 2003 2002 Operating revenue 288 277 EBT 2 68 67 67 68 68

Airline Support Businesses January June (MSEK) 2003 2002 Operating revenues 9 434 0 088 Operating expenses -9 97-9 703 EBITDA 237 385 EBT -84 8 SAS World Sales to be integrated in Scandinavian Airlines as from Q3 69 69 70 70 SAS World Sales (SWS) To be integrated in Scandinavian Airlines as from August 2003 Implementing new improvement measures to offset weak demand SAS Technical Services (STS) MSEK 800 identified in new cost improvements Improved earnings as cost improvement measures start to give effect To concentrate base maintenance to Stockholm-Arlanda January June 2003 2002 Total revenue 2 540 3 267 Whereof external 24,9% 0,3% EBITDA 82 75 EBIT 54 49 Employees 2 422 2 53 January June 2003 2002 Total revenue 2 796 2 793 Whereof external 3,6% 3,% EBITDA 66 20 EBIT 28 - Employee 3 659 3 868 7 7 72 72

Scandinavian Ground Services (SGS) Increased volumes for SAS Cargo Affected by lower volumes Turnaround 2005 measures under implementation Improved result but yield down by 5% Integrated with Braathens Cargo Increased demand on intercontinental routes January June 2003 2002 Total revenue 2 796 2 967 Whereof external 3,5% 2,0% EBITDA -02 9 EBIT -67-54 Employee 6 879 6 669 January June 2003 2002 Total revenue 467 304 Wherof traffic rev 080 045 EBITDA 43-23 EBIT 22-44 EBT -4-40 73 73 74 74 Income Business Area Airline Related Business SAS Cargo moved to Business Area Airlines Support Businesses in 2002 SMART sold in August 2002 January - June MSEK 2003 2002 Operating revenues 2 383 3 089 Operating expenses -2 253-2 805 EBITDA 30 284 Income before taxes 8 75 75 75 76 76

Scandinavian IT Group Improved profitability in weak market conditions Implementation of Turnaround according to plan Higher automotive in Scandinavian Airlines January June 2003 2002 Total revenue 028 08 Wherof external rev 0,2% 4,2% EBITDA 97 06 EBIT 48 44 EBT 49 43 SAS Trading affected by weaker NOK www.scandinavian.net SAS Trading is a business in the SAS Group and a operator within Travel Retail. SAS Trading had 342 employees in H 2003 Result negatively affected by weaker Norwegian currency New agreement with Inflight Service January-June 2003 2002 Total Revenues 752 074 EBITDA -63 20 Profit before taxes -49-4 www.scandinavianit.com 77 78 77 78 SAS Flight Academy Revenue under pressure SFA will coordinate all pilot and cabin trainin for Scandinavian Airlines, Braathens and Widerøe at Gardemoen (Oslo) Jetpak Jetpak is one of the fastest growing companies within express logistic in the Nordic countries. Improved profitability as a result of good cost control Weak market, but some improvements have been noted in the end of the period. January-June 2003 2002 Total Revenues 266 38 January-June 2003 2002 Total Revenues 226 8 EBITDA 62 89 EBITDA 5-6 www.sasflightacademy.com Profit before taxes 36 www.jetpak.com Profit before taxes -0 79 79 80 80

REZIDOR SAS Hospitality REVPAR under pressure but still better than industry SIH 5% 0% 5% 0% -5% -0% -5% -20% -25% 0- jul 0- sep oct 0- dec 02-02- mar apr may jun jul aug sep oct nov dec 03- feb mar apr may jun aug nov jan feb jan REVPAR - Rezidor REVPAR - Market 8 8 82 82 Rezidor SAS Hospitality expanding with new brands Market position Large potential of chain brands in Europa Three new brands added: 2 20 6 6 5 3 8 2 4 9 3 2 Number of hotels 5 4 Financials 250 200 50 00 50 0 '94 '95 '96 '97 '98 '99 '00 '0 '02 Q2 2003 Franchised Managed Leased Owned 2 2 2 83 83 84 84

Clear Targets to Reduce Indebtedness - Long-term Targets established No undervalues despite reduced aircraft prices and weaker USD to SEK Key figures Today Target Equity/assets ratio (solidity) 2% >30% Financial net debt/ equity 44% <50% Fin. net debt+npv Oplease/ equity 232% <00% Fin. net debt+7* Oplease/ equity 32% <00% Targets will be reached by: Turnaround measures Relesase of main assets: Aircraft Properties Non-core subsidiaries 85 85 MSEK 6000 5000 4000 3000 2000 000 0 992 993 Surplus value, aircraft 994 995 996 997 998 999 2000 86 86 200 Q 2002 Q2 2002 Q3 2002 Q4 2002 Q 2003 Q2 2003 Gearing levels peaking Consolidation ahead 340% 290% 240% 90% % 40% 90% 40% -0% Leverage Ratios dec-98 dec-99 dec-00 dec-0 Dec-02 mar-03 jun-03 Net Debt / Equity Fin Net Debt / Equity Fin. Net Debt + 7*Op lease / Equity Leverage peaking during 2003 Clear targets to reduce Leverage Liquidity position maintained Commited Credit Facilities of MSEK 7 500 MSEK Liquid Funds 30/06-03 8 55 Available Credit Facilites: Revolving Credit Facility (MUSD 700) 3 200 Aircraft Finance Lease Facility 2 400 Bi-lateral Facilities 00 Others 800 Total Available Facilities 7 500 Total Available Funds 5 655 87 87 88 88

Reduced CAPEX will improve free cash flow going forward Cash flow first half MSEK April June 2003 2002 Cash flow from operations 550 754 Change in working capital 229 560 Net financing from operations 779 2 34 Investments, advance payments - 260-3 78 Acquisition/sale of subsidiaries (net) - -8 Sales of fixed assets, etc. 604 67 Financing deficit/surplus 23-878 Changes in external financing, net - 502 426 MSEK January June 2003 2002 Cash flow from operations -545 326 Change in working capital -355 380 Net financing from operations -900 706 Investments, advance payments - 2 224-5 28 Acquisition/sale of subsidiaries (net) -9-46 Sales of fixed assets, etc. + 906 + 388 Financing deficit/surplus - 237-2 080 Changes in external financing, net - 329 54 89 89 90 90 Weak traffic figures in Scandinavia H Group passenger load factor down by 3,8 p.u. Scandinavian Airlines load factor down by 3,9 p.u Passenger- Seat capacity Cabintraffic (RPK) (ASK) factor SAS Group Total -4,0% +0,8% 6,4% Intercontinental -4,4% +9,9% Europe +2,4% +5,5% Domestic and -2,8% -2,8% Intrascandinavian Recovery on traffic to US and Asia in July Group passenger load factor down by, p.u. Scandinavian Airlines load factor up by 0,4 p.u Group traffic in Europe up by 0,4% Passenger- Seat capacity Cabintraffic (RPK) (ASK) factor SAS Group Total - 0,% +,4% 70,6% Intercontinental - 0,5% +2,9% Europe +0,4% +9,2% Domestic and -9,0% -3,5% Intrascandinavian 9 9 92 92

Capacity outlook Scandinavian Airlines Spanair Braathens Capacity forecast for 2003 vs. 2002 -%* +3% +4% APPENDICES Strategic development Traffic Data Yield Unit cost Fleet Financial key figures * -4% excluding Snowflake 93 93 94 94 What characterizes an highly efficient airline? Efficient production platform The efficient airline The SAS Group targeted position in the aviation market a greater diversity of travel choices Traffic flows Geography size of markets customers - competitors Aircraft High utilization Short/ Medium haul 9-0 hrs Long haul 5 hrs minimize stopovers Few aircraft types One base one hub Crew Minimize passive transfers and night stops Crew utilization 700-900 blh Other conditions in line with government regulations Few aircraft types Technical maintenance Critical mass Allocation of bases A/c types standardized aircraft Station service High level automation Uncomplicated products Sales & Distribution Cheapest prices only on the internet Strong incentive to use internet for most other ticket types Simple price structures Efficient call center structure Overhead & Support Simple organization Uncomplicated planning process one base = one aircraft type Uncomplicated products Business models Adapted for each business flow Future role of each airline in the group Competitiveness - profitability Efficient production platform Given flow and business model Review of the roles of the group airlines in the groups traffic network 95 95 96 96

Traffic flow determine cost level Strategic development Competitive unit cost in each traffic flow Domestic and southern Europe most comodity like type of flow Big five European destination and intercontinetnal room for more premium product features Enable active price reductions Long term profitability and competitveness Intercontinental and Europe (2 service-levels) On par with best full service operators in Europe (price, costs, service) Lowest prices close to the levels of the low cost carriers (on main airports) Intrascandinavia, domestic and Southern Europe On par with (price, costs and service) with the low cost carriers (on main airports) 97 97 98 98 Traffic and Yield January-June 2003 vs 2002 Scandinavian Airline Index Total Scheduled 2003 2002 variance Production (mill ASK) 6 603 7 06 97 Traffic (mill RPK) 0 53 468 92 Cabin factor (%) 63.3 67.2-3.9 Yield (öre/rpk) 29.5 5.3 86 Currency adj. yield 29.5 46.9 88 Traffic and Yield 2nd Quarter 2003 vs 2002 Scandinavian Airline Index Total Scheduled 2003 2002 variance Production (mill ASK) 8 563 8 773 98 Traffic (mill RPK) 5 64 6 240 90 Cabin factor (%) 65.6 7. -5.6 Yield (öre/rpk) 25.2 5.9 82 Currency adj. yield 25.2 47.4 86 99 99 00 00

Traffic and Yield January-June 2003 vs 2002 Traffic and Yield 2nd Quarter 2003 vs 2002 Index Braathens (Total scheduled) 2003 2002 variance Production (mill ASK) 2 482 2 220 2 Traffic (mill RPK) 453 243 7 Cabin factor (%) 58.5 55.9 +2.6 Yield 8 Index Braathens (Total scheduled) 2003 2002 variance Production (mill ASK) 340 97 2 Traffic (mill RPK) 852 77 9 Cabin factor (%) 63.6 59.8 +3.7 Yield 75 *) local currency *) local currency 0 0 02 02 Traffic and Yield January-June 2003 vs 2002 Index Spanair (Total scheduled) 2003 2002 variance Production (mill ASK) 3 444 3 246 06 Traffic (mill RPK) 98 94 04 Cabin factor (%) 57.5 58.9 -.4 Yield *) 00 Traffic and Yield 2nd Quarter 2003 vs 2002 Index Spanair (Total scheduled) 2003 2002 variance Production (mill ASK) 896 686 2 Traffic (mill RPK) 30 989 4 Cabin factor (%) 59.6 58.7 +0.9 Yield *) 93 *) local currency *) local currency 03 03 04 04

Traffic and Yield January-June 2003 vs 2002 Traffic and Yield January-June 2003 vs 2002 Index Spanair (Charter) 2003 2002 variance Production (mill ASK) 2 650 2 238 8 Traffic (mill RPK) 2 66 949 Cabin factor (%) 8.7 87. -5.4 Index Wideroe 2003 2002 variance Production (mill ASK) 475 393 2 Traffic (mill RPK) 247 99 24 Cabin factor (%) 52. 50.6 +.5 Yield *) 80 *) local currency *) local currency 05 05 06 06 Traffic and Yield 2nd Quarter 2003 vs 2002 Index Wideroe 2003 2002 variance Production (mill ASK) 242 202 20 Traffic (mill RPK) 33 07 25 Cabin factor (%) 54.9 52.9 +2.0 Yield *) 78 *) local currency Traffic and Yield January-June 2003 vs 2002 Index Air Botnia 2003 2002 variance Production (mill ASK) 423 320 32 Traffic (mill RPK) 96 6 22 Cabin factor (%) 46.4 50.5-4. Yield 74 *) local currency 07 07 08 08

Traffic and Yield 2nd Quarter 2003 vs 2002 Index Air Botnia 2003 2002 variance Production (mill ASK) 28 65 32 Traffic (mill RPK) 2 94 9 Cabin factor (%) 5.5 57.2-5.7 Yield 72 *) local currency Yield Development January June 2003 vs 2002 (currency adjusted),0% -,0% -3,0% -5,0% -7,0% -9,0% -,0% -3,0% Jan-Jun 2002 Jan-Jun 2003 09 09 0 0 Yield Development Q2 2002 Q2 2003 (currency adjusted) 2% 0% -2% -4% -6% -8% -0% -2% -4% -6% 2nd Quarter 2002 3rd Quarter 2002 4thQuarter 2002 st Quarter 2003 2nd Quarter 2003 Yields are under pressure from negative class mix /route mix Passenger Yield January-June 2003 vs 2002 Nominal Currency Adjusted Route Sector yield effect yield Scandinavian Airline 86 03 88 Intercontinental 85 0 93 Europe 86 02 88 Intrascandinavian 93 0 94 Denmark* 40 0 4 Norway 95 00 95 Sweden 99 00 99 *) Incl Greenland 2002 2 2

Passenger Yield 2 nd Quarter 2003 vs 2002 Nominal Currency Adjusted Route Sector yield effect yield Scandinavian Airline 82 04 86 Intercontinental 83 93 Europe 80 03 82 Intrascandinavian 90 02 92 Denmark* 45 0 46 Norway 83 03 86 Sweden 98 00 98 *) Incl Greenland 2002 Unit Cost (adjusted) April - June 2003 vs 2002 MSEK Volume and curr. adjusted Share of Q2 2002 Q2 2003 Var. % total var % Personnel 77 748,8% 0,4% Fuel 694 75 3,% 0,2% Gov. charges 906 84-0,% -,% Selling costs 523 96-39,8% -7,0% Ground Services 333 5-3,7% -2,% Technical 38 46 0,7% 0,% Other oper. 96 668-27,% -2,9% TOTAL OPER NET COST 8 226 7 58-3,0% -2,3% Aircraft costs 464 486 4,8% 0,3% ADJUSTED EBIT 8 690 7 644-2,0% -2,0% Volume = average decrease in ASK: -2,4% 3 3 4 4 Unit Cost (adjusted) January - June 2003 vs 2002 MSEK Volume and curr. adjusted Share of JAN-DEC 02 JAN-JUN 03 Var. % total var % Personnel 3 424 3 596 5,0%,0% Fuel 33 470 2,0% 0,9% Gov. charges 723 60-6,6% 0,7% Selling costs 2 74 77-34,7% -5,6% Ground Services 2 653 2 39-2,6% -2,0% Technical 2 274 2 393 5,2% 0,7% Other oper. 865 590-4,7% -,6% TOTAL OPER NET COST 5 966 4 749-7,6% -7,2% Aircraft costs 909 977 7,6% 0,4% ADJUSTED EBIT 6 874 5 726-6,8% -6,8% Volume = average decrease in ASK: -2,7% Key airline profitability drivers January-June 2003 vs 2002 Traffic growth (RPK) down 8.3 % Cabin Factor down 3.9 p.u. Yields down.8 % Unit costs inkl A/C cost down 4.9 % * *) Adjusted for method change = down 6.8 % 5 5 6 6

Key airline profitability drivers 2 nd Quarter 2003 vs 2002 Passenger Revenue Analysis January-June 2003 vs 2002 Traffic growth (RPK) down 0.0 % Cabin Factor down 5.6 p.u. Yields down 4.5 % Unit costs inkl A/C cost down 0.2 % * *) Adjusted for method change = down 2.0% Revenues 3 68 MSEK - 2.5 % Volume -8.3 % Yields -.8 % Currency - 2.7 % 7 7 8 8 Passenger load factor 995-2003 Moving 2 months values 69% 68% Weaker USD offset by increased yield pressure 2 67% 66% 65% 0 9 8 7 6 2003 2002 200 2000 64% 63% DEC94 DEC95 DEC96 DEC97 DEC98 DEC99 DEC00 DEC0 DEC02 Dollar position gradually hedged Positive effect on operation costs Q2 by 478 MSEK Weak USD => increased yield pressure 9 9 20 20

Currency Effects SAS Group January-June 2003 vs 2002 MSEK JAN-JUN Total revenues -799 Total costs + 45 Forward cover costs & working cap. -44 Income before depr. +572 Financial items +293 Income before tax +865 Currency Effects SAS Group January-June 2003 vs 2002 Total revenues & costs: (Total +66 MSEK) Major approx. effects: USD +893 DKK 0 NOK -28 EUR +4 Asian curr. -7 All others -36 Forward cover costs: (Total +69 MSEK) 2002 +29 2003 +98 Working capital: (Total -3 MSEK) 2002 +88 2003-25 Financial items: (Total +293 MSEK) 2002 +39 2003 +332 Grand total +865 MSEK 2 2 22 22 Currency Effects SAS Group April-June 2003 vs 2002 MSEK APR-JUN Total revenues -60 Total costs +869 Forward cover costs & working cap. -94 Income before depr. +65 Financial items +8 Income before tax +283 Currency Effects SAS Group April-June 2003 vs 2002 Total revenues & costs: (Total +259 MSEK) Major approx. effects: USD +478 DKK -6 NOK -66 EUR +6 Asian curr. -67 All others -86 Forward cover costs: (Total +65 MSEK) 2002-0 2003 +55 Working capital: (Total -59 MSEK) 2002 +78 2003 +9 Financial items: (Total +8 MSEK) 2002-89 2003 +29 Grand total +283 MSEK 23 23 24 24

Currency distribution in the SAS Group 2002 Revenues Expenses NOK 33% SEK 22% GBP 4% USD 0% Others 4% DKK 0% EUR 7% SEK 20% NOK 26% GBP 2% USD 22% EUR 4% Others % DKK 5% Financial key figures and aircraft fleet data 25 25 26 26 Balance Sheet MSEK 30JUN03 3MAR02 Liquid funds 8 55 8 534 Other interest-bearing assets 8 433 7 902 Aircraft 26 552 27 530 Other assets 20 528 2 88 Total assets 63 668 65 54 Operating liabilities 7 568 7 846 Interest-bearing liabilities 28 487 29 448 Subordinated debenture loan 855 905 Deferred tax 3 436 3 57 Minority interests 93 76 Equity 3 229 3 362 Total liabilities and equity 63 668 65 54 Financial net debt 9 232 20 554 SAS Group Equity / Assets Ratio 922-0306 50% 45% 40% 35% 30% 25% 20% 5% 0% 5% 0% 992 993 994 995 996 997 998 999 2000 200 2002 Including parent company from January, 2000. Including Braathens from December, 200 and Spanair from March, 2002. 27 27 28 28

SAS Group Financial Net Debt/Equity Ratio 922-0306 SAS Group development of financial net debt 922-0306 2,5 2,3 2,0,8,5,3,0 0,8 0,5 0,3 0,0 992 993 994 995 996 997 998 999 2000 200 2002 Including parent company from January, 2000. Including Braathens from December, 200 and Spanair from March, 2002. MSEK Average 93 MSEK 5.900 25 000 20 000 5 000 0 000 5 000 Average 94 MSEK 9.700 Average 95 MSEK 4.950 Average 96 MSEK 2.350 Average 97 MSEK 2.50 Average 98 MSEK 2.900 Average 99 MSEK 6.750 Average 00 Average 0 Average 02 Average Q2 03 MSEK 5.450 MSEK 9.50 MSEK 7.950 MSEK 9.650 0 92-2 93-2 94-2 95-2 96-2 97-2 98-2 99-2 00-2 0-2 02-2 Including parents company from January,2000 Including Braathens from December, 200 and Spanair from March, 2002. 29 29 30 30 SAS Group fleet as of Jun 30, 2003 Aircraft Type Owned Leased Total Leased On Order SK,JK,BU,WF,KF In Out Airbus A340-300 5 2 7 Airbus A330-300 2 3 Airbus A32-200 8 5 3 5 Airbus A320 0 Boeing 767-300 3 4 7 Boeing 737-400 0 4 4 Boeing 737-500 0 4 4 Boeing 737-600 2 8 30 3 Boeing 737-700 6 9 5 Boeing 737-800 4 5 9 4 4 Boeing 77 0 4 4 Douglas MD-8 5 0 5 Douglas MD-82 7 26 43 Douglas MD-83 0 2 2 Douglas MD-87 0 6 6 Douglas MD-90-30 8 0 8 Avro RJ-85 0 5 5 Embraer ERJ 45 0 3 3 Fokker F28 3 0 3 Fokker F50 7 0 7 2 dehavilland Q00 6 7 dehavilland Q300 0 9 9 dehavilland Q400 9 8 27 SAAB 2000 0 5 5 Total 25 8 306 0 0 Company Owned Leased Total Leased On Order In Out SAS 02 85 87 0 9 Spanair 0 53 53 0 Braathens 4 23 27 0 0 Wideroe 9 0 29 0 0 Air Botnia 0 0 0 0 0 Total 25 8 306 0 0 Limited CAPEX SAS Group Firm Order CAPEX MUSD 350 Firm Aircraft Orders Total 2003 2004 2005 2006 as per 30/06-03 Airbus A330 Airbus A32 5 3 Boeing 737 4 2 TOT No. of A/C 0 3 5 CAPEX (MUSD) 348 3 38 46 33 3 3 32 32

Limited CAPEX SK Firm Order CAPEX MUSD 320 Firm Aircraft Orders Total 2003 2004 2005 2006 as per 30/06-03 Airbus A330 Airbus A32 4 3 Boeing 737 4 2 TOT No. of A/C 9 2 5 CAPEX (MUSD) 38 3 08 46 33 SAS financial position adequate Strengthening ahead 40% 30% % 20% 0% 0% Equity / Total Assets dec-98 dec-99 dec-00 dec-0 Dec-02 mar-03 jun-03 Equity MSEK 3 322 Equity ratio 2% Financial net debt MSEK 9 232 Fin net debt/ equity 44% 33 33 34 34 SAS Group Financial Net January June 2003 SAS Group Financial Net January June 2003 (MSEK) 03-06-30 02-2-3 Difference Interest net and others -476-988 N/A Exchange rate differences+332 +36 N/A Financial net -44-952 N/A (in % p.a. of average financial net debt) -,5% -5,3% +3,8% (MSEK) 03-06-30 02-06-30 Difference Interest net and others -476-369 -07 Exchange rate differences+332 +39 +293 Financial net -44-330 +86 (in % p.a. of average financial net debt) -,5% -4,0% +2,5% 35 35 36 36

SAS Group - Development and Break Down of Financial Net Debt 030630 SAS Group - Development and Break Down of Financial Net Debt 030630 (MSEK) 030630 0223 Difference Cash 8 55 0 72-2 566 Other interest bearing assets 954 89 +765 Interest bearing liabilities -29 34-29 782 +44 Financial Net debt -9 232-7 872-360 (MSEK) 030630 020630 Difference Cash 8 55 9 736-58 Other interest bearing assets 954 390 +564 Interest bearing liabilities -29 34-29 052-289 Financial Net debt -9 232-7 926-306 37 37 38 38 Development of Market capitalization SAS share Price development 20 000 8 000 6 000 4 000 2 000 0 000 8 000 6 000 4 000 2 000 0 jul-00 apr-00 jan-00 okt-99 jul-99 apr-99 jan-99 jul-0 apr-0 jan-0 okt-00 39 39 40 40 okt-02 jul-02 apr-02 jan-02 okt-0 apr-03 jan-03

30 20 0 00 90 80 70 60 50 40 SAS share price vs. Peers 2002-2003 3- dec- 0 SAS Market Capitalization vs. European Peers* measured in SEK (December28, 200 - June 30 2003) 3-28- jan- feb- 02 02 3-30- 3-30- 3- mar- apr- maj- jun- jul- 02 02 02 02 02 3- aug- 02 30- sep- 02 Index Peers 3-30- 3- okt- nov- dec- 02 02 02 * Peers: Alitalia, Air France, British Airways, Finnair, KLM, Lufthansa &Rynair 4 Index SAS 4 3-28- 3-30- 3-30- jan- feb- mar- apr- maj- jun- 03 03 03 03 03 03 64,5 63,5 300 000 250 000 200 000 50 000 00 000 50 000 0 Volume in SAS in Stockholm Average daily number of shares traded in Stockholm per month 2002 vs 200 2003 vs 2002 04045L 42 January February March April May June July August September October November December January February March April May June 42 Weak volume in industry downturn SAS AB 6 000 000 4 000 000 2 000 000 0 000 000 8 000 000 6 000 000 4 000 000 2 000 000 0 March April Number of shares traded in SAS per month 2002 vs 200 May June July August September October November December 04045L 43 43 2003 vs 2002 January February March April May June