Profit warning

Full Year 2001 estimate downgraded at least 25% The development in passenger mix worsened in July and August compared with previous months. Overall Business Class is lower than last year putting yields and revenues under pressure. Particularly, the Business Class traffic on the important European routes is significantly down. In August 2001 Business Class was down 10% on the European segment compared with 2000. This trend is experienced by many European airlines; still SAS continues to gain market shares in this weak market. The weaker Swedish economy is also affecting the Business Class traffic in SAS main markets negatively. There are no clear signs that this development will reverse in the short- term perspective as the development of the economies in main SAS markets continues to weaken and thereby weakens demand. However, the growth in overall total traffic is still quite strong (5,8% in July 2001 and 7,6% in August 2001) and is expected to develop well also for the remaining months of 2001. As a consequence of the weak development in Business class traffic for July and August and, no clear signs of recovery the next few months as well as the increased uncertainties in the world economies, the income before taxes, excluding capital gains, is now expected to be at least 25% lower than last year. In the forecast provided in the interim report for the second Quarter of 2001, given on August 8, 2001, the Group expected to achieve an income before taxes, excluding capital gains, on the same level as the previous year, i.e. MSEK 1,200. The change in the Full Year forecast has not taken into account any effect from yesterday's tragic event in the United States. This terrible event will affect the global economies; travel patterns as well as fuel prices and it will increase the uncertainty in our business. The impact from these factors in the short term as well as long term is still too early to foresee. Stockholm, September 12, 2001 SAS AB Jørgen Lindegaard President and CEO ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/09/12/20010912BIT00800/bit0001.doc http://www.waymaker.net/bitonline/2001/09/12/20010912BIT00800/bit0001.pdf