SAS Reaches Agreements with Two Additional Lessors - Concludes Lessor Negotiations as Part of Its Chapter 11 Process

SAS AB ("SAS" or the "Company") announces that it has reached agreements with
two additional lessors, representing 13 aircraft in the aggregate, to amend the
terms of existing aircraft and equipment lease agreements. With these
agreements, SAS concludes its lessor negotiations as part of the chapter 11
process. In total, SAS has reached agreements with 15 lessors, representing 59
aircraft. Through the amended lease agreements, SAS expects to achieve the
targeted annual cost savings of at least SEK 1.0 billion in reduced aircraft
lease expenses and annual cash flow items relating to aircraft financing. This
constitutes an important step in achieving the SEK 7.5 billion in annual cost
savings by fiscal year 2026 under the SAS FORWARD plan. The new amended lease
agreements are subject to approval by the U.S. Bankruptcy Court for the Southern
District of New York (the "Court") and to the plan of reorganization in the
chapter 11 process being confirmed and becoming effective.

As part of SAS' comprehensive business transformation plan, SAS FORWARD, SAS set
a target for annual cost reductions of SEK 7.5 billion by fiscal year 2026, as
compared to the annual cost base for fiscal year 2019. An important part of the
targeted cost reductions, at least SEK 1.0 billion, are expected to be achieved
in reduced aircraft lease expenses and annual cash flow items relating to
aircraft financing.

Today, SAS announces that SAS has entered into agreements with two additional
lessors - Air Lease Corporation and Jackson Square Aviation - representing 13
aircraft in the aggregate, including one wide body and twelve narrow body
aircraft, as well as certain equipment related thereto. With these agreements,
SAS concludes its lessor negotiations as part of its chapter 11 process, having
reached agreements with 15 lessors in total, representing 59 aircraft in the
aggregate, including seven wide bodies and 52 narrow bodies. Through the amended
lease agreements, SAS expects to achieve the targeted annual cost savings of at
least SEK 1.0 billion in reduced aircraft lease expenses and annual cash flow
items relating to aircraft financing, as part of the SAS FORWARD plan.

Anko van der Werff, President and Chief Executive Officer of SAS, says:

"We are pleased to announce that we have reached an important step in our
chapter 11 process, having concluded negotiations with aircraft lessors. Through
these agreements, we expect to achieve our targeted cost reductions related to
annual aircraft lease and financing costs, which constitutes important progress
in reaching our overall targets in the SAS FORWARD plan. We are grateful to our
lessors for working constructively with us. We continue making progress in our
transformation journey and in becoming a more competitive airline."

As of the date of this announcement, SAS expects its fleet to soon consist of
134 aircraft, of which 35 are contracted through third parties, 22 are owned by
SAS and 77 are subject to various financing arrangements. The reconfigured fleet
includes 59 aircraft that have been subject to restructuring and 18 aircraft
with lease agreement terms that have been determined to be at or better than
market levels.

Update on Chapter 11 Process - Second Tranche of SAS' DIP Financing

SAS is making steady progress in its chapter 11 process and continues to work
towards completing the process during the second half of 2023. As stated in SAS'
year-end report for fiscal year 2022, the second tranche of SAS' debtor-in
-possession ("DIP") financing, amounting to USD 350 million, was expected to be
available for utilization in the first quarter of fiscal year 2023 (November
2022-January 2023). SAS continues to work towards meeting certain conditions
under the DIP term loan agreement to access the second tranche of the DIP
financing as soon as possible during the second quarter of fiscal year 2023
(February-April 2023). SAS continues to have sufficient liquidity to maintain
its operations pending the utilization of the second tranche of the DIP
financing. SAS will revert with information on the timing of the utilization and
the next steps in the chapter 11 process in due course.

Additional Information About the Chapter 11 Process and Implementation of SAS
FORWARD

On July 5, 2022, to accelerate the implementation of its comprehensive business
transformation plan SAS FORWARD, SAS announced that it had voluntarily filed for
chapter 11 in the U.S., a well-established and flexible legal framework for
restructuring businesses with operations in multiple jurisdictions. Through this
process, SAS aims to reach agreements with key stakeholders, restructure the
Company's debt obligations, reconfigure its aircraft fleet, and emerge with a
significant capital injection. The SAS FORWARD plan encompasses raising at least
SEK 9.5 billion in new equity capital as well as reducing or converting SEK 20
billion of debt into common equity (of which a majority is on-balance sheet
debt), including state hybrid notes, commercial hybrid notes, Swiss bonds, term
loans from states, aircraft lease liabilities and maintenance contract
obligations and other executory contract obligations. SAS targets to complete
its court-supervised process in the U.S. during the second half of 2023, the
implementation of which is likely to entail additional legal proceedings in
other jurisdictions than the U.S. As a result, there is no assurance that there
will be any recovery for the shareholders of SAS AB.

Additional information about the Company's voluntary chapter 11 process is
available on the Company's dedicated restructuring
website,https://sasgroup.net/transformation. Court filings and other documents
related to the chapter 11 process in the U.S. are available on a separate
website administered by SAS' claims agent, Kroll Restructuring Administration
LLC, athttps://cases.ra.kroll.com/SAS. Information is also available by calling
[phone] (U.S./Canada) or [phone] (International), as well as by
email at [e-mail].

Advisors

Weil, Gotshal & Manges LLP is serving as global legal counsel, Norton Rose
Fulbright is serving as special aircraft finance counsel, and Mannheimer
Swartling Advokatbyrå AB is serving as Swedish legal counsel to SAS. Seabury
Securities LLC and Skandinaviska Enskilda Banken AB are serving as investment
bankers, Seabury is also serving as restructuring advisor. FTI Consulting is
serving as financial advisor.

For further information, please contact:

SAS Press office, [phone]

Louise Bergström, VP Investor Relations, [phone]

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 https://www.sasgroup.net

ADDITIONAL INFORMATION

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solicitation of an offer to buy or acquire, or subscribe for, shares or any
other financial instruments in SAS.

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constituting a profit forecast.

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