Comment from the chairman of SAS

Comment from Harald Norvik, Chairman of SAS AB, regarding formulations of the SAS/Maersk Affair in the stock market prospectus of May 2001 about a single share 1. The information in the prospectus is correct. 2. It could have been expressed more clearly that some form of penalty pertaining to the SAS/Maersk Affair was probable. 3. At the time the prospectus was prepared, SAS was involved in close discussions with the European Commission regarding this matter. It was then impossible to estimate the size of the penalty and its potential significance. Accordingly, the Board of Directors avoided speculation on this issue. 4. The penalty imposed in July 2001 was considerably higher than SAS had anticipated following the discussions conducted with the European Commission. Harald Norvik Chairman of the Board of SAS AB ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/08/23/20010823BIT01050/bit0002.doc http://www.waymaker.net/bitonline/2001/08/23/20010823BIT01050/bit0002.pdf