The SAS Group traffic figures September 2004

The SAS Group Traffic figures
September 2004

Weak passenger load factors

· Total passenger traffic (RPK) increased by 3,4% in September 2004 vs
2003.
· The SAS Group transported 3,0 million passengers in September 2004 vs
2,9 million in 2003, an increase of 2,9%.
· Overall group passenger load factor decreased by 1,9 p.u to 65,3% for
September 2004 vs. 2003.

Group market trends and yield development
Group total traffic volumes continued to increase with a total group
traffic growth of 3,4%. Capacity increased by 6,4% resulting in a
reduced load factor by 1,9 p.u. Demand has been weaker than anticipated
for August and September as also business travel has not quite recovered
in the Nordic region.
Yields for Scandinavian Airlines in August were down by approx 7% vs.
2003. Yields for September will be reported next month, but indications
show a yield reductions slightly more or same as reported for August.

The reduction in traffic on Intercontinental routes can be explained by
reduced capacity to/from New York.
European routes continued to develop very weak for SAS Group with 4,7
p.e reduction in passenger load factor as capacity increased
significantly more by 17%.

Intrascandinavian routes developed strongly and traffic grew with 5,2%
and load factor improved with 5,2 p.u. for Scandinavian Airlines in a
market characterized by improving demand but large overcapacity. The SAS
Group Norwegian domestic traffic increased by 5,9% and the load factor
increased by a strong 5,3 p.u.

Braathens’ total traffic continued to grow impressively with an increase
by 15,8% in September and with improved cabin factor by 6,8 p.u..
Spanair’s traffic increased in August by 5,4% but with a 4,0 p.u.
reduced load factor.

During 2nd Quarter 2004 Scandinavian Airlines experienced unprecedented
yield reductions. Actions such as fuel charge, selective price
adjustments and active yield management are taking effect. Yield
indication for Scandinavian Airlines for September shows continued yield
reductions in line with or slightly more than July/ August.
The outlook for the yield is more stable, but due to the situation with
continued overcapacity and the competitive situation with continued
potential price pressure, the overall outlook remains cautious.
The weak traffic development on European routes and Swedish domestic
experienced in August / September also adds uncertainties and this
indicate weak traffic and weak load factors for the coming months.

Scandinavian Airlines
· Scandinavian Airlines traffic (RPK) decreased by 0,4% in September
2004 compared with 2003.
· Scandinavian Airlines passenger load factor decreased by 2,8 p.u.
to 66,3%

Demand on the long haul routes continued to be strong especially on the
North Atlantic routes.
Traffic on the European routes was up 5,2%, but did not meet
expectations and cabin factor was down with 6,1 p.u.. Snowflake showed a
load factor of above 65%. Swedish domestic showed reduced passenger
load factors.

For further information Please contact Head of SAS Group Investor
Relations Sture Stølen + 46 8 797 1451

sture.stolen@sas.se Homepage:
www.sasgroup.net

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