Conclusions of the SAS Board of Directors

Conclusions of the SAS Board of Directors following the Review Commission's report The Board of Directors of SAS has received the report of the independent Review Commission, following completion of the review of the handling of the so-called SAS/Maersk affair by the SAS Board. The Review Commission has established that the Board was not involved in, and did not have knowledge of, the prohibited agreement with Mærsk. The Review Commission states that the Board of Directors did not receive prompt, relevant and sufficient information in conjunction with entry into the agreement, nor during the period prior to the EU's "dawn raid", or after the dawn raid and prior to the European Commission's Statement of Objections. The Review Commission directed criticism towards the Board on such points as a lack of activity relating to the SAS/Maersk affair following the EU's "dawn raid" in June 2000. The Review Commission emphasizes that action by the Board at this time, naturally, could not have undone the breaches of the competition legislation. On the basis of the Commission's conclusions, the SAS Board of Directors has decided to call a Special General Meeting, with the task of electing a new Board for SAS. The Board will continue in its capacity until a new Board has been appointed. "It is important that the investigation has now confirmed that the Board was not involved in, and did not have knowledge of, the illegal agreement," says SAS Chairman Harald Nordvik. "Our own conclusion regarding SAS's situation and the criticism directed at the Board's handling of this issue, is that SAS is best served by our resignation and the election of a new Board of Directors." The SAS Board of Directors will hold a press conference at approximately 3:00 p.m., immediately after the Review Commission's press conference at the SAS head office, Frösundavik, Stockholm. Chairman Harald Norvik, and Deputy Chairmen Erik Sørensen and Bo Berggren, will participate in the press conference. BOARD OF DIRECTORS 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/2001/09/17/20010916BIT00020/bit0001.doc http://www.waymaker.net/bitonline/2001/09/17/20010916BIT00020/bit0001.pdf