SAS completes Pre-Delivery Payment Financing for eight Airbus aircraft

SAS has secured a Pre-Delivery Payment Financing Facility (“PDP Facility”)
covering a portion of the pre-delivery payments that SAS is making under the
aircraft order with Airbus. The PDP Facility covers certain payments in relation
to two Airbus A330-300 Enhanced and six Airbus A320NEO aircraft and is
structured as a revolving credit facility under which SAS may draw up to MUSD 74
in total, with a maximum of MUSD 54 outstanding at any one time. The loans under
the PDP Facility will be repaid upon delivery of each aircraft to SAS.

-       We are very pleased to have signed an agreement that secures PDP
financing for the first two new long haul aircraft and for the first phase of
our A320NEO order. The agreement reflects the strong working relationship we
have with DVB and confirms the investor appetite for the aircraft we have on
order, says Göran Jansson Executive Vice President and CFO for the SAS Group.

The aircraft will be delivered during the latter part of 2015 through to the
early part of 2017. DVB Bank SE is the sole arranger and financier of the
facility.

SAS Investor Relations

For further information:

SAS pressjour, tel +46 8 797 2944