Reduced traffic program and less passengers in January as a direct consequence
of increased travel restrictions

During January, 280,000 passengers flew with SAS, a decrease of 28% compared to
December, when demand was higher during the holidays. Compared to January last
year, the number of passengers decreased by some 85%. Compared to December, SAS'
capacity decreased by 15%, which corresponds to a decrease of almost 78%
compared to last year. The load factor was 30%, a decrease of about 3 percentage
points compared to December and 37 percentage points in comparison to last year.

"During January, new travel restrictions have been introduced at short notice in
Scandinavia and the rest of the EU. This means that as of February 1, all SAS'
international destinations have either requirement for quarantine, requirements
for a negative PCR test or a general entry ban for non-residents. Reintroduced
and extended travel restrictions have significantly reduced the demand for air
travel and has forced SAS to adapt both the offered destinations and departures
to the prevailing conditions. The increased restrictions mean that we estimate
that demand, and thus our capacity, will remain at low levels for the rest of
the winter season" says Rickard Gustafson, CEO SAS.

[][]
SAS scheduled traffic    Jan21  Change[1]  Nov20- Jan21  Change[1]
ASK (Mill.)               801    -77.1%       2 748       -74.5%
RPK (Mill.)               240    -89.5%        804        -89.1%
Passenger load factor    29.9%  -35.7 p u     29.3%      -39.2 p u
No. of passengers (000)   280    -85.2%        998        -83.7%

Geographical        Jan21            Nov20-
development,         vs.             Jan21
schedule                 Jan20          vs.
                                     Nov19
                                     -Jan20
                     RPK      ASK     RPK     ASK
Intercontinental    -96.4%  -81.2%   -96.4%  -80.5%
Europe/Intrascandi  -90.4%  -83.9%   -90.7%  -83.2%
navia
Domestic            -72.6%  -53.2%   -69.1%  -41.6%
[][]
SAS charter traffic      Jan21  Change[1]  Nov20- Jan21  Change[1]
ASK (Mill.)                7     -95.8%         21        -95.9%
RPK (Mill.)                3     -98.2%         8         -98.3%
Load factor              38.9%  -53.8 p u     38.1%      -54.3 p u
No. of passengers (000)    1     -98.7%         2         -98.5%
[][]
SAS total traffic  Jan21  Change[1]  Nov20- Jan21  Change[1]
(scheduled and
charter)
ASK (Mill.)         808    -77.9%       2 769       -75.4%
RPK (Mill.)         242    -90.1%        812        -89.6%
Load factor        30.0%  -36.9 p u     29.3%      -40.2 p u
No. of passengers   281    -85.5%       1,001       -84.0%
(000)

[1] Change compared to same period last year. p u = percentage units


Preliminary yield and PASK   Jan21  Nominal change  FX adjusted change
Yield, SEK                    1.20           22.6%               29.8%
PASK, SEK                     0.36          -44.1%              -40.9%

                                                                 Jan21
Punctuality (arrival 15                                          72.8%
min)
Regularity                                                       98.4%
Change in total CO2                                            -73.8%
emissions, rolling 12
months
Change in CO2 emissions                                        -7.5%
per available seat
kilometer
Carbon offsetting of                                               43%
passenger related emissions

Definitions:

RPK - Revenue passenger kilometers
ASK - Available seat kilometers
Load factor - RPK/ASK
Yield - Passenger revenues/RPK (scheduled)
PASK - Passenger revenues/ASK (scheduled)
Change in CO2 emissions per available seat kilometers - SAS passenger related
carbon emissions divided with total available seat kilometers (incl. non-revenue
and EuroBonus), rolling 12 months
Carbon offsetting of passenger related emissions - Share of SAS passenger
related carbon emissions compensated by SAS (EuroBonus members, youth tickets
and SAS' staff travel)

From fiscal year 2020 we report change in CO2 emissions in total and per
Available Seat Kilometers (ASK) to align with our overall goal to reduce our
total CO2 emissions by 25% by 2025, compared to 2005.

For further information, please contact:

SAS press office, +46 8 797 29 44

Michel Fischier, VP Investor Relations, +46 70 997 06 73

SAS, Scandinavia's leading airline, with main hubs in Copenhagen, Oslo and
Stockholm, is flying to destinations in Europe, USA and Asia. Spurred by a
Scandinavian heritage and sustainable values, SAS aims to be the global leader
in sustainable aviation. We will reduce total carbon emissions by 25 percent by
2025, by using more sustainable aviation fuel and our modern fleet with fuel
-efficient aircraft. In addition to flight operations, SAS offers ground
handling services, technical maintenance and air cargo services. SAS is a
founder member of the Star AllianceT, and together with its partner airlines
offers a wide network worldwide. Learn more at www.sasgroup.net

This is information that SAS AB is obliged to make public pursuant to the EU
Market Abuse Regulation. The information was submitted for publication by Michel
Fischier at 11:00 a.m. CET on 5 February 2021.