SAS traffic figures - May 2016

• Scheduled traffic (RPK) increased 11.3% and the capacity (ASK) was up 9.5%.
• The scheduled load factor improved by 1.2 p.u. versus last year to 73.4%.
• SAS carried 2.5 million scheduled passengers in May, up 6.6%.
• The preliminary currency adjusted yield and PASK were down 6% and 5%
respectively in May 2016. The nominal yield and PASK were down 10% and 9% in May
2016.
Market development
Demand has been positive in Scandinavia in the beginning of 2016. Demand for
long haul traffic, European leisure routes and domestic routes continue to grow.
At the same time, the overall Scandinavian market capacity has increased about 6
-7% until May. Due to the high market capacity growth and lower jet fuel prices,
the PASK and yield have declined more than anticipated.

SAS is increasing its intercontinental capacity by about 25% during fiscal year
2015/2016 through new routes and frequencies. Overall, this has resulted in a
longer average stage length with subsequent effect on the yield/PASK and will
contribute to an expected scheduled capacity growth of 10% during 2015/2016.
Number of flights is at the same time expected to increase by about 1%.

SAS scheduled traffic development in May
SAS increased its scheduled capacity in May by 9.5% and the traffic was up by
11.3%. The overall load factor improved by 1.2 p.u. to 73.4% during the month.
The stronger load factor was primarily driven by higher load factors on European
routes to/from Norway and Sweden.

SAS intercontinental traffic increased 31.3% and the capacity was up 37.8%. The
long haul expansion has now peaked and the capacity growth will be somewhat
lower going forward. Despite decreasing the capacity by 3.3% on the
European/Intrascandinavian routes, traffic held up and was close to unchanged
versus last year. Capacity on the domestic routes was increased by 2.7% and the
traffic increased 6.2% with strongest growth noted on the domestic routes in
Denmark and Sweden.