SAS Group's January traffic figures

• SAS Group’s traffic increased by 4.8% in the first month of the year and seat capacity was up by 6.9% vs 2007.
• SAS Group carried 2.3 million passengers in January, up 4.3% vs 2007.
• Total load factor was down 1.3 p.u. to 63.1%.

Group market trends and yield development
SAS Group carried 2.3 million passengers in January that was up 4.3% vs 2007. The growth was strongest in airBaltic and Norway. The capacity was increased by 6.9%, which resulted in a lower load factor of 1.3 p.u. The Q400 has been replaced by leased aircraft with larger seat capacity, which had a negative impact on the load factor in Denmark and Sweden.
Yield for Scandinavian Airlines in December was down 4%. The yield is positively affected by active yield management and positive effects from the new commercial initiatives. The larger leased aircraft have had a negative impact on the yield. For January 2008 the change is expected to be in line with, or more positive than, the change for December 2007.

The market is characterized by good demand and passenger growth, but the Q400 replacement leases are affecting the Group’s load factor negatively. It is becoming more challenging to compensate the record high jet fuel price, but the SAS Group’s continued strategy is to compensate this by yield management, hedging and cost initiatives. There are still uncertainties regarding the strength of future growth as well as the competitive situation.

For further information Please contact VP, Head of SAS Group Investor Relations Sture Stølen
+ 46 8 797 1451 sture.stolen@sas.se
Homepage: www.sasgroup.net