Year-End Report

January-December 1998 MAIN POINTS IN THE FINAL ACCOUNTS AS PER DECEMBER 31, 1998: SAS Group's income before taxes amounted to MSEK 2,829 (2,231). SAS Group's operating revenue increased by 5.2% to MSEK 40,946. Cash flow from operations was MSEK 3,807 (3,954). Capital gains from sale of aircraft and buildings amounted to MSEK 1,014 (83). Earnings per share for SAS Danmark A/S was SEK 13.78 (9.57), for SAS Norge ASA SEK 12.13 (10.11), and for SAS Sverige AB SEK 12.77 (10.13). Income after tax reported in SAS's parent companies amounted to: S Danmark A/S MDKK 545(389) S Norge ASA MNOK 541(440) S Sverige AB MSEK 900(714) The Board of Directors expects income before taxes for 1999 to be considerably below the 1998 level. Year-end report SAS Sverige AB 23 Changed accounting principles The SAS Consortium and the SAS Commuter Consortium have adopted IAS accounting principles, entailing that subsidiaries and associated companies are reported according to the equity method, whereby income and shareholders' equity in the SAS Group on the one hand and the SAS Consortium and the SAS Commuter Consortium on the other hand are the same. The accounting principles for the parent companies have been changed during the fiscal year insofar as they each include their own share of income and shareholders' equity in the SAS Group in their accounts. The comparison figures in both the statements of income and the balance sheets have been corrected accordingly. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/02/18/19990218BIT00770/bit0001.doc http://www.bit.se/bitonline/1999/02/18/19990218BIT00770/bit0002.pdf

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SAS is Scandinavia's largest airline group. Scandinavian Airlines flies to more than 100 destinations within Scandinavia, Europe, North America and Asia. Scandinavian Airlines is a member and one of the founders of the world's largest global airline alliance – Star Alliance. Together with the 27 members of Star Alliance, SAS flies to more than 1300 destinations in 192 countries worldwide. For more information: www.flysas.com