SAS Group highlights

· Total passenger traffic (RPK) increased by 8,1% in January 2005 vs 2004.

· The SAS Group transported 2,2 million passengers in January 2005, an increase of 6,5%.

· Overall group passenger load factor decreased by 1,0p.u. to 55,1% for January 2005 vs. 2004.

· Yields continued to improve.

Group market trends and yield development

Group total traffic volumes increased in January with a traffic (RPK) growth of 8,1%. Capacity (ASK) increased by 10,1% resulting in a reduced load factor of -1,0 p.u..

Yield for Scandinavian Airlines in December 2004 was up by 12% vs. 2003 due to improved yield management and full effect of fuel charges. The increase was particularly strong in December due to a different holiday pattern and weak comparable figures. Yield for January will be reported next month, and is expected to be flat or slightly positive.

Capacity on intercontinental routes, was not fully met and load factor was down 6,0 p.u. vs last year.

SAS Group European routes continued to stabilize with a traffic increase of 15,3% and cabin factor increased by 0,1p.u.. SAS Braathens on Norwegian domestic traffic developed well and traffic increased by 7,1% and the load factor increased by strong 5,0 p.u.. Spanair’s traffic was up 7,5% and load factor was down with 3,1 p.u.. Swedish domestic routes continued to be weak due to severe overcapacity on many routes.