SAS: The sale of Widerøe completed

On 3 May 2013, SAS announced that an agreement had been signed to sell 80% of
the shares in Widerøe’s Flyveselskap AS (Widerøe) to an investment group
consisting of Torghatten ASA, Fjord1 AS and Nordland Fylkeskommune. The
transaction was expected to be completed during September 2013.

SAS has today transferred 80% of the shares in Widerøe to the investment group.
The total transaction proceeds amount to approximately SEK 2 billion, including
aircraft related transactions, which will reduce SAS’ net debt by a
corresponding amount. Approximately half of the total transaction proceeds are
strengthening SAS’ cash and cash equivalent position. In addition, the
transaction will reduce the previously announced negative effect on SAS’
shareholders’ equity from amended reporting rules for pensions by approximately
SEK 1 billion.

SAS has reserved MSEK -300 in the 2nd interim report 2012/2013 resulting from the
sale of Widerøe. The final capital result will be reported in the 4thinterim
report 2012/2013.

SAS will divest the remaining shares in Widerøe during 2016.