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Conversion of subscription price into NOK – for subscription by exercising subscription rights

April 28, 2010 16:00

As previously announced, SAS AB (“SAS”) has resolved to conduct an issue of ordinary shares of approximately SEK 5 billion with preferential rights for existing shareholders. The subscription price is SEK 0.67 per share. Holders of subscription rights registered in Norway electing to exercise subscription rights will pay an amount in NOK corresponding to the subscription price of SEK 0.67 per share.

The currency conversion rate has been determined and resulted in an amount of NOK 0.55100 per share to be paid. The conversion rate for subscription by exercising subscription rights is based on ECB’s fixing exchange rate at 2:15 p.m. CET on 28 April 2010, adjusted as described in the prospectus approved by the Board of Directors of SAS and published on 9 April 2010.

The prospectus, the supplementary prospectus and an information brochure in Norwegian are available from Nordea Bank Norge on telephone number +47 22 48 62 62 and on the website of SAS, www.sasgroup.net.

For further information, please contact
Nordea, +47 22 48 62 62
Sture Stølen, Head of SAS Group Investor Relations, +46 8 797 14 51
SAS Group Investor Relations

SAS discloses this information pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was provided for publication on April 28, 2010, at 4:00 p.m. CET

Disclaimer
This document is not being distributed to persons in any state or jurisdiction where the offer or sale of the rights or shares is not permitted.

These materials are not an offer for sale of securities in the United States. Securities may not be sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended. The issuer of the securities does not intend to register any part of the offering in the United States or to conduct a public offering of the Rights or the Shares in the United States.

This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons in (i), (ii) and (iii) above together being referred to as “relevant persons”). The Rights and the Shares are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

This document is an advertisement and is not a prospectus for the purposes of Directive 2003/71/EC (such Directive, together with any applicable implementing measures in the relevant home Member State under such Directive, the “Prospectus Directive”). A prospectus prepared pursuant to the Prospectus Directive will be published, which, when published, can be obtained from the SAS Group. Investors should not subscribe for any securities referred to in this document except on the basis of information contained in the prospectus.

In any EEA Member State that has implemented the Prospective Directive, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.

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