The SAS Group Traffic figures December 2004

SAS Group - Total passenger traffic (RPK) increased by 2,0% in December 2004 vs 2003. - The SAS Group transported 2,2 million passengers in December 2004, an increase of 0,8%. For the full year the SAS Group transported 32,4 million passengers. - Overall group passenger load factor decreased by 3,2 p.u. to 57,2% for December 2004 vs. 2003. - Yields improved further. Group market trends and yield development Group total traffic volumes increased in December with a traffic (RPK) growth of 2,0%. Capacity (ASK) increased by 7,6% resulting in a reduced load factor of 3,2 p.u.. Passenger load factor was down for all airlines except Blue1 and SAS Braathens. Demand continues to be weak on Swedish domestic routes and on certain European routes. Yield for Scandinavian Airlines in November was down by 0,4% vs. 2003. Yield for December will be reported next month, but indications show further improvements due to weak comparable figures and full effect on fuel charges. Capacity increase, on intercontinental routes, was not absorbed and load factor was down 6,4 p.u. vs last year. SAS Group European routes continued to stabilize with a traffic increase of 3,8% but cabin factor was down by 2,6 p.u.. The SAS Group Norwegian domestic traffic continued to develop well and increased by 3,9% and the load factor increased by 0,2 p.u.. Spanair's traffic was down 0,2% negatively affected by the strike in November and load factor was down with 5,2 p.u.. Swedish domestic routes continued to be weak due to severe overcapacity on many routes. Scandinavian Airlines organized on behalf of the Scandinavian governments 24 evacuation flights from Asia, whereof 9 flights were with fully or partly reconfigured aircraft with strechters, after the tsunami disaster bringing 1 600 passengers home. Group traffic growth slowed in December and passenger cabin factor continued to develop weaker than expected. On the other hand yield continued to improve. In November yield for Scandinavian Airlines was down by 0,4% vs 2003. Yield indications for Scandinavian Airlines for December show further improvements due to last years price reductions and implemented fuel charges. It must be noted that the fourth quarter result was negatively affected by one-off effects of approximately 250 MSEK due to strike in Spanair, cabin conflict and ATC disturbances. In summary, yields are expected to develop better, but due to the situation with weaker growth and continued overcapacity and the competitive situation with continued potential price pressure, the overall outlook remains cautious. For further information Please contact Head of SAS Group Investor Relations Sture Stølen + 46 8 797 1451 sture.stolen@sas.se Homepage: www.sasgroup.net

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