SAS Group’s December Traffic Figures

• SAS Group’s (OSE:SASNOK) (STO:SAS) traffic decreased by 12.5% during December and seat capacity was down 10.2% vs 2007.
• SAS Group carried 2.2 million passengers in December, down 3.0% vs 2007.
• Total passenger load factor in December was down by 1.7 p.u. to 64,8%.

Group market trends and yield development
Yield for Scandinavian Airlines in November was up by 3.3%, in line with earlier indications. For December 2008, the change in yield is expected to improve slightly and be positive versus last year.

The market is characterized by lower demand due to weaker macroeconomic development in Scandinavia and worldwide. The challenges within the credit market will most likely result in an even more difficult macroeconomic environment in SAS Group’s core markets. The SAS Group is currently implementing measures - Profit 2008 - to improve the result development. The measures comprise both revenue enhancing and cost measures totaling SEK 1.5 billion. Capacity reductions of 10% as announced earlier are gradually taking effect. The program is running according to set out plan. More capacity cuts are likely to be implemented in 2009.

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