SAS Group's March 2012 traffic figures

• SAS Group carried 2.4 million passengers in March, up 4.5% corresponding to
106 000 passengers.

• The SAS Group’s capacity (ASK) increased by 3%.

•
SAS Group's traffic (RPK) increased by 9.3%.

• The passenger load factor
increased by 4.2 p.u. in March to 72.3%.

Group market trends, RASK and yield
development

Traffic growth was good on most routes during March as the SAS
Group continued to carefully managed its capacity to improve the load
factor.

During February 2012, currency adjusted yield was down by 2.9% versus
previous year and RASK was unchanged. For March 2012, (change vs last year), the
yield and RASK development will be somewhat weaker than February.

The
response to market campaigns is still good and forward booking levels are above
last year’s level, but premium bookings are weaker on certain routes. Overall,
the market growth continues to be good, but remains unpredictable due to added
capacity in certain markets, risk in the global economy and continued high jet
fuel prices. This adds uncertainty to the yield and RASK outlook going forward.
The SAS Group plans to gradually increase the capacity in line with the
seasonally stronger demand and in total increase the capacity by 5-6% during
2012 as 28 new routes are planned to be launched.