Conversion of subscription price into DKK and NOK - for subscription without subscription rights

Conversion of subscription price into DKK and NOK - for subscription without
subscription rights

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN AUSTRALIA, CANADA, JAPAN OR THE
UNITED STATES

According to the final results of SAS AB's (“SAS”) rights issue, 99.6 percent of
the offered shares were subscribed for with subscription rights. In addition,
566,900,561 shares were subscribed for without subscription rights,
corresponding to 24.6 percent of the offered shares. 
Of the shares subscribed for without subscription rights, 9,466,679 shares have
been allocated to subscribers based on the principles described in the
prospectus published on 17 March 2009. 

Those who have subscribed for new shares without subscription rights in Denmark
or Norway, and who have been allocated shares will pay an amount in DKK or NOK
respectively corresponding to the subscription price of SEK 2.63 per share.

The currency conversion rates for subscription without subscription rights have
been determined and resulted in an amount of DKK 1.799921 per share to be paid
in Denmark, and in an amount of NOK 2.13536 per share to be paid in Norway. The
conversion rates are based on ECB's fixing exchange rates at 2:15 CET on 16
April 2009, adjusted as described in the prospectus.

For further information, please contact
Sture Stølen, Head of SAS Group Investor Relations, +46 8 797 14 51
SAS Group Investor Relations


Disclaimer
This document is not being distributed to persons in any state or jurisdiction
where the offer or sale of the Rights or Shares is not permitted.

These materials are not an offer for sale of securities in the United States. 
Securities may not be sold in the United States absent registration with the
United States Securities and Exchange Commission or an exemption from
registration under the U.S. Securities Act of 1933, as amended.  The issuer of
the securities does not intend to register any part of the offering in the
United States or to conduct a public offering of the Rights or the Shares in the
United States.

This document is only being distributed to and is only directed at (i) persons
who are outside the United Kingdom or (ii) investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other
persons to whom it may lawfully be communicated, falling within Article 49(2)(a)
to (d) of the Order (all such persons in (i), (ii) and (iii) above together
being referred to as “relevant persons”).  The Rights and the Shares are only
available to, and any invitation, offer or agreement to subscribe, purchase or
otherwise acquire such securities will be engaged in only with, relevant
persons.  Any person who is not a relevant person should not act or rely on this
document or any of its contents.

This document is an advertisement and is not a prospectus for the purposes of
Directive 2003/71/EC (such Directive, together with any applicable implementing
measures in the relevant home Member State under such Directive, the “Prospectus
Directive”).  A prospectus prepared pursuant to the Prospectus Directive will be
published, which, when published, can be obtained from the SAS Group. Investors
should not subscribe for any securities referred to in this document except on
the basis of information contained in the prospectus.

In any EEA Member State that has implemented the Prospective Directive, this
communication is only addressed to and is only directed at qualified investors
in that Member State within the meaning of the Prospectus Directive.