SAS Reaches Agreements to Amend the Terms of Existing Aircraft and Equipment Lease Agreements

SAS AB ("SAS" or the "Company") announces that it has reached agreements with 10
lessors, representing in aggregate 36 aircraft, to amend the terms of existing
aircraft and equipment lease agreements. The agreements constitute an important
step in reconfiguring the fleet and achieving the SEK 7.5 billion in annual cost
savings under the SAS FORWARD plan. The amended lease agreements are subject to
approval by the U.S. Bankruptcy Court for the Southern District of New York (the
"Court"), and to the plan of reorganization in the chapter 11 process becoming
effective.

The amended lease agreements have been entered into with 10 lessors - AerCap
Holdings N.V., Aergo Capital Limited, Aircastle Limited, ALAFCO Aviation Lease
and Finance Company, Avolon Aerospace Leasing Limited, CDB Aviation, Dubai
Aerospace Enterprise (DAE) Ltd., ICBC Aviation Leasing Co., Ltd., ORIX Aviation
Systems Limited and SDH Wings International Leasing Limited - representing in
aggregate 36 aircraft, including 3 wide bodies and 33 narrow bodies, as well as
certain equipment related thereto.

Through the amended lease agreements, SAS is well on track in achieving the
targeted annual cost savings of at least SEK 850 million to 1.0 billion in
reduced aircraft lease and capital costs, which constitutes an important step in
achieving the SEK 7.5 billion in annual cost savings by fiscal year 2026 under
the SAS FORWARD plan. The Company intends to continue negotiations with certain
other of its lessors to achieve further amendments in existing lease agreements.

Anko van der Werff, President and Chief Executive Officer of SAS, says:

"We continue to make progress in our chapter 11 process. The amended lease
agreements allow us to reconfigure our fleet and improve our cost structure,
which is a key element of our SAS FORWARD plan. We are grateful to our lessors
for working constructively with us, as we continue taking necessary actions to
become a more competitive airline and a stronger business partner to them. We
are continuing to pursue additional lease amendments so we can achieve our
targets."

Additional Information About the Chapter 11 Process and Implementation of SAS
FORWARD

On July 5, 2022, to accelerate the implementation of its comprehensive business
transformation plan SAS FORWARD, SAS announced that it had voluntarily filed for
chapter 11 in the U.S., a well-established and flexible legal framework for
restructuring businesses with operations in multiple jurisdictions. Through this
process, SAS aims to reach agreements with key stakeholders, restructure the
Company's debt obligations, reconfigure its aircraft fleet, and emerge with a
significant capital injection. The SAS FORWARD plan encompasses raising at least
SEK 9.5 billion in new equity capital as well as reducing or converting SEK 20
billion of debt into common equity (of which a majority is on-balance sheet
debt), including state hybrid notes, commercial hybrid notes, Swiss bonds, term
loans from states, aircraft lease liabilities and maintenance contract
obligations and other executory contract obligations. The new equity raise and
debt-to-equity conversions contemplated as part of SAS FORWARD will entail very
substantial dilution to existing shareholders. SAS targets to complete its court
-supervised process in the U.S. within 12 months from the commencement of the
chapter 11 process in July 2022.

Additional information about the Company's voluntary chapter 11 process is
available on the Company's dedicated restructuring
website,https://sasgroup.net/transformation. Court filings and other documents
related to the chapter 11 process in the U.S. are available on a separate
website administered by SAS' claims agent, Kroll Restructuring Administration
LLC, athttps://cases.ra.kroll.com/SAS. Information is also available by calling
[phone] (U.S./Canada) or [phone] (International), as well as by
email at [e-mail].

Advisors

Weil, Gotshal & Manges LLP is serving as global legal counsel, Norton Rose
Fulbright is serving as special aircraft finance counsel, and Mannheimer
Swartling Advokatbyrå AB is serving as Swedish legal counsel to SAS. Seabury
Securities LLC and Skandinaviska Enskilda Banken AB are serving as investment
bankers, Seabury is also serving as restructuring advisor. FTI Consulting is
serving as financial advisor.

For further information, please contact:

SAS Press office, [phone]

Louise Bergström, VP Investor Relations, [phone]

This is information that SAS AB is obliged to make public pursuant to the EU
Market Abuse Regulation. The information was submitted for publication by Louise
Bergström at 08:00 a.m. CEST on October 5, 2022.

SAS, Scandinavia's leading airline, with main hubs in Copenhagen, Oslo and
Stockholm, is flying to destinations in Europe, USA and Asia. Spurred by a
Scandinavian heritage and sustainable values, SAS aims to be the global leader
in sustainable aviation. We will reduce total carbon emissions by 25 percent by
2025, by using more sustainable aviation fuel and our modern fleet with fuel
-efficient aircraft. In addition to flight operations, SAS offers ground
handling services, technical maintenance and air cargo services. SAS is a
founder member of the Star AllianceT, and together with its partner airlines
offers a wide network worldwide. Learn more at https://www.sasgroup.net

ADDITIONAL INFORMATION

The press release does not constitute an offer to sell or issue, or the
solicitation of an offer to buy or acquire, or subscribe for, shares or any
other financial instruments in SAS.

This press release contains forward-looking statements that reflect SAS' current
view of future events as well as financial and operational development. These
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-looking statements. As a result of these risks, uncertainties, assumptions and
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contained in this press release is subject to change without notice and, except
as required by applicable law, SAS does not assume any responsibility or
obligation to update publicly or review any of the forward-looking statements
contained in it, whether as a result of new information, future events or
otherwise. Nothing in this press release constitutes or should be construed as
constituting a profit forecast.

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