SAS AB 7. Financials 8. Outlook 2002 Result Analyst Presentation - - PDF document

SLIDE 1

The SAS Group Investor Relations

• Tel. +46 (0) 8 797 1451 Fax: +46 (0)8 797 5110

e-mail: investor.relations@sas.se --- Homepage: www.scandinavian.net -- Results Jan -Sep 2002

SAS AB Result Analyst Presentation Third Quarter 2002, November 13 Stockholm, London

11/12/2002 2

Table of contents

• 1. Summary of 3rd Quarter 2002
• 2. Result improvement measures
• 3. Business area – Scandinavian Airlines
• 4. Business area –Subsidiary Airlines & Affilliates
• 5. Business area – Airline related
• 6. Business area – Rezidor SAS Hospitality
• 7. Financials
• 8. Outlook 2002
• 9. Appendices

11/12/2002 3

3rd Quarter 2002 – according to set out plan, yields and revenues under pressure 1st Quarter – weak - according to plan 2nd Quarter – according to plan – passenger load factors and yields better than expected 3rd Quarter – according to plan – yields & revenues under pressure Pressure on revenues expected for 4th Quarter

Expected economic recovery delayed Restructuring charge of MSEK 600

11/12/2002 4

Important events of note 3rd Quarter

Rezidor SAS investing in multi-brand concept

Regent, Country Inns, Park Inn

Scandinavian Airlines launches additional low price internet booking alternatives to most European cities SAS Flight Support to acquire ASG –name change to European Aeronautical Group Scandinavian Airlines structural improvement measures

– Verification process completed – Increased target to MSEK 6 400 (4 000) – Restructuring charge of MSEK 600 Q4

11/12/2002 5

($7 500 million) ($7 500 million) ($7 500 million) ($7 500 million)

Increased transparency through five Business Areas

SLIDE 2

The SAS Group Investor Relations

• Tel. +46 (0) 8 797 1451 Fax: +46 (0)8 797 5110

e-mail: investor.relations@sas.se --- Homepage: www.scandinavian.net -- Results Jan -Sep 2002

11/12/2002 7

Record cabin factors but pressure on yields in Scandinavian Airlines

Total traffic increased by 32,2% vs. Q3 2001

– Group passenger load factors at record levels

Scandinavian Airlines + 4,0 p.u. 72,2% Braathens + 9,0 p.u. 63,6% Spanair + 3,6 p.u. 68,5%

Yields mixed

Scandinavian Airlines

• 2%

Spanair +26% Braathens +/- 0%

11/12/2002 8

Significant uplift in 2nd and 3rd Quarter compared with 1st Quarter 2002

Summary of income statement (MSEK) Operating revenues Operating costs EBITDAR Operating lease cost external EBITDA Contr from affiliated Depreciation Gain on sales EBIT Net financial items EBT 13 775 17 868 16 592 48 235

• 13 191
• 14 620
• 14 462
• 42 273

584 584 584 584 3 248 3 248 3 248 3 248 2 130 2 130 2 130 2 130 5 962 5 962 5 962 5 962

4,2% 18,2% 12,8% 12,4%

• 878
• 1 050
• 932
• 2 860
• 294

294 294 294 2 198 2 198 2 198 2 198 1 198 1 198 1 198 1 198 3 102 3 102 3 102 3 102

• 328
• 12

3

• 337
• 651
• 715
• 781
• 2 147
• 133
• 141

625 351

• 1 406

1 406 1 406 1 406 1 354 1 354 1 354 1 354 1 041 1 041 1 041 1 041 989 989 989 989

• 40
• 291
• 405
• 736
• 1 446

1 039 640 233

• 1 313

1 313 1 313 1 313 1 180 1 180 1 180 1 180 15 15 15 15

• 118

118 118 118

Actual Actual Actual Actual Q1 Q1 Q1 Q1 Actual Actual Actual Actual Q2 Q2 Q2 Q2 Actual Actual Actual Actual Q3 Q3 Q3 Q3 Jan Jan Jan Jan-

• Sep 02

Sep 02 Sep 02 Sep 02 EBT EBT EBT EBT bef gains bef gains bef gains bef gains

EBITDAR-marginal

11/12/2002 9

Jan-Sep 2002 vs 2001

MSEK MSEK MSEK MSEK

Jan Jan Jan Jan-

• Sep 2002

Sep 2002 Sep 2002 Sep 2002 Jan Jan Jan Jan-

• Sep 2001

Sep 2001 Sep 2001 Sep 2001

• Revenue

48 235 38 623

• EBIT

989 27

• EBT

233 7

• EBT excl. cap gains
• 118
• 202

11/12/2002 10

SAS Group 2001/2002 EBITDAR – operating performance improved

EBITDAR MSEK million

EBITDAR significantly stronger 3rd Quarter 2002 compared with 2001 EBITDAR 3rd quarter: – Positively affected by Braathens of 428 MSEK – Spanair of 541 MSEK – Widerøe 95 MSEK – Air Botnia 58 MSEK

• 500

500 1 000 1 500 2 000 2 500 3 000 3 500 Q1 Q2 Q3 Q4 2001 2002

11/12/2002 11

SAS Group 2002 – EBT

EBT bef gains MSEK million

77 142

• 421
• 1313

1180 15

• 1 500
• 1 000
• 500

500 1 000 1 500 Q1 Q2 Q3 2001 2002

11/12/2002 12

EBITDAR up 81% 9m EBITDAR margin up, but CFROI unchanged as capital increase

MSEK 200 MSEK 200 MSEK 200 MSEK 2002 2 2 2 2001 2001 2001 2001 Change Change Change Change

Revenue 48 235 38 623 25% EBITDAR 5 962 3 290 +81% EBITDAR 12% 7% +5 p.u. margin CFROI 13% 13% 0 p.u.

SLIDE 3

The SAS Group Investor Relations

• Tel. +46 (0) 8 797 1451 Fax: +46 (0)8 797 5110

e-mail: investor.relations@sas.se --- Homepage: www.scandinavian.net -- Results Jan -Sep 2002

11/12/2002 13

in MSEK in MSEK

+ 25%

5 962 3 290

2001 2002

+81%

48 235 38 623

2001 2002

Total Revenues EBITDAR

Revenues driven by acquisitions EBITDAR up 81%

11/12/2002 14 11/12/2002 15

Group Group Group Group improvement improvement improvement improvement measures measures measures measures

11/12/2002 16

5 10 15 600 800 1 000 1 200 1 400 1 600 1 800 2 000

Euro Cents/ASK British Airways Air France Lufthansa Average Stage Length (Kms) KLM

Target to reduce unit costs in Scandinavian Airlines by 20% by 2004

Scandinavian Airlines Austrian Airlines Iberia

Low Cost Segment

Spanair Braathens

11/12/2002 17

Structural improvement measures increased from 4 000 MSEK to 6 400 MSEK

6 400 MSEK 1000 2000 3000 4000 5000 6000 7000 Structural improvements Identified structural improvements November 2002 Increased and identified structural measures

Distrubution of effects (net):

2003: 3 000 MSEK 2004: 5 500 MSEK 2005: 6 400 MSEK

Spring 2002 identified structural measures 4 000 MSEK

Of which is revenue effect:

2003: 600 MSEK 2004: 1 300 MSEK 2005: 1 600 MSEK

11/12/2002 18

The SAS Group’ improvement measures - target increased to SEK 12,8 billion

Target when fully implemented 2004/05 Reduce unit costs by 20% in Scandinavian Airlines Significantly improved cabin factors Enable Scandinavian Airlines to manage lower prices

Short term measures = MSEK app. 6 400 (2002/03) Short term measures = MSEK app. 6 400 (2002/03) Short term measures = MSEK app. 6 400 (2002/03) Short term measures = MSEK app. 6 400 (2002/03) Short term measures = MSEK app. 6 400 (2002/03) Short term measures = MSEK app. 6 400 (2002/03) Short term measures = MSEK app. 6 400 (2002/03) Short term measures = MSEK app. 6 400 (2002/03) Structural measures = MSEK app. 6 400 (2004/05) Structural measures = MSEK app. 6 400 (2004/05) Structural measures = MSEK app. 6 400 (2004/05) Structural measures = MSEK app. 6 400 (2004/05) Structural measures = MSEK app. 6 400 (2004/05) Structural measures = MSEK app. 6 400 (2004/05) Structural measures = MSEK app. 6 400 (2004/05) Structural measures = MSEK app. 6 400 (2004/05)

SLIDE 4

The SAS Group Investor Relations

• Tel. +46 (0) 8 797 1451 Fax: +46 (0)8 797 5110

e-mail: investor.relations@sas.se --- Homepage: www.scandinavian.net -- Results Jan -Sep 2002

11/12/2002 19

Structural measures 5 areas of focus

1300 1200 1200 1600 200 400 600 800 1000 1200 1400 1600 1800 Production concept Management & Administration New commercial strategies Distribution & Sales Ground & Technical Services 1100 MSEK

Revenue Revenue Revenue Revenue enhancement enhancement enhancement enhancement

AES AL C AL F AMS ARN BDU BGO BOO BRU CDG CPH DU B DU S E VE E WR FCO FRA GOT HAU KKN KR S L HR M A N MXP NCE SVG TOS TRD AA L AAR AG P ALC AM S ARN BCN B GO BHX BKK BLQ BRU BUD CDG CGN DEL DUB D US EWR FCO FRA GD N G OT GVA HAJ HAM HEL IAD JKG KGD KRK KSD LE D LHR LIN M AD M AN M UC M XP NCE NRK NRT ORB ORD OSL PEK P M I POZ PRG SEA SFJ STN STR SVG SVO TLV TRD TRF VIE VNO VST VXO WAW WRO ZRH

Nytt koncept

A G H AMS BRU CDG CPH D UB DU S EW R FC O FRA GOT GVA HAM HEL KID KL R KRN KSD LE D LHR L IN LLA MM X M XP NCE OER ORD OSD OS L RNB S DL SF T ST N S VO TKU TL L TMP TXL U M E VNO VXO W AW Z RH 29 000 31 000 33 000 35 000 37 000 JAN FEB MAR APR MAJ JUN JUL AUG SEP OKT NOV DEC JAN FEB MAR APR MAJ JUN JUL AUG SEP OKT NOV DEC A 01 A 02 F1 02 4/ 7 % SAS Price SAS Price Agent mark-up possibili ty Today Tomorrow SAS Price SAS direc t sal es mark-up

(ROSA)

11/12/2002 20

Why will we succeed this time?

Most ambitious improvement measures ever introduced in pipeline

– Strong top management commitment – Everything on plan so far

• Short term 2003
• Structural 2004/05

Healthy internal competition

– If you deliver you expand!

Increased transparency New competitive arena externally

AES AL C ALF AM S ARN BDU BGO BOO BRU CDG CPH DUB DUS E VE EW R F CO F RA GOT HAU KKN KRS L HR M AN MXP NCE SVG TOS TRD AAL AAR A GP ALC AMS A RN BCN BGO B HX BKK B LQ BRU BUD CD G CGN DEL DUB DUS EWR FCO FRA G DN G OT GVA H AJ HAM H E L IAD J K G KG D KR K K SD LED LHR LIN MAD M AN MUC M XP NC E NR K NRT O RB ORD O SL PEK PMI PO Z PR G S EA S FJ STN STR SV G S VO TLV TRD TRF VIE V NO VST VXO WAW WRO ZRH

Nytt koncept

AGH AMS BRU CDG CPH DUB DUS EW R F CO FRA GOT GVA HAM HEL KI D KLR KRN KSD L ED L HR LIN LL A MM X MXP NCE OER ORD OSD O SL RNB SDL SFT STN SVO TKU T LL T M P TXL UME V NO VXO WAW ZRH

11/12/2002 21

Changes in production concept MSEK 1 600 in savings

New production philosophy = Restructuring and improving aircraft rotations

• Point to point rotation up from 40% to

95%

• Improved aircraft utilization rates

– ABH/ Block hour up from 7,5 to 9 9 hrs. – Legs/ a/c up

• Improved capacity utilization

– +5 p.u. on average

• Aircraft turn around by 5-10 min
• Utilize peak/ off peak for maintenance etc.
• Aircraft/ crew overnights reduced to

minimum

• Pilot hours up from less than 500 hrs to

600hrs per annum

AES ALC ALF AMS ARN BDU BGO BOO BRU CDG CPH DUB DUS EVE EWR FCO FRA GOT HAU KKN KRS LHR MAN MXP NCE SVG TOS TRD AAL AAR AGP ALC AMS ARN BCN BGO BHX BKK BLQ BRU BUD CDG CGN DEL DUB DUS EWR FCO FRA GDN GOT GVA HAJ HAM HEL IAD JKG KGD KRK KSD LED LHR LIN MAD MAN MUC MXP NCE NRK NRT ORB ORD OSL PEK PMI POZ PRG SEA SFJ STN STR SVG SVO TLV TRD TRF VIE VNO VST VXO WAW WRO ZRH

Nytt koncept

AGH AMS BRU CDG CPH DUB DUS EW R FCO FRA GOT GVA HAM HEL KID KLR KRN KSD LED LHR LIN LLA MMX MXP NCE OER ORD OSD OSL RNB SDL SFT STN SVO TKU TLL TMP TXL UME VNO VXO W AW ZRH

Scandinavian Airlines

Reduced peaks in Copenhagen hub will affect productivity positively

Total savings in Ground Services by MSEK 600

• Blue line

current movements

• Grey area

new schedule Departures Arrivals

11/12/2002 23 Scandinavian Airlines

Significant flight crew and a/c productivity improvements in pipeline 2002-2003

Current Current Current Current Short Short Short Short-

• term

term term term Change Change Change Change target target target target 2003/04 _ 2003/04 _ 2003/04 _ 2003/04 _ Cockpit Cockpit Cockpit Cockpit crew utilization crew utilization crew utilization crew utilization 490 490 490 490 600 600 600 600 +20% (BLH/pilot/year) Cabin Crew utilization Cabin Crew utilization Cabin Crew utilization Cabin Crew utilization 530 530 530 530 600 600 600 600 +13% Legs / Legs / Legs / Legs /ac ac ac ac/ / / /day day day day 6,70 6,70 6,70 6,70 6,87 6,87 6,87 6,87 +2,5% Aircraft night stops Aircraft night stops Aircraft night stops Aircraft night stops 800 800 800 800 500 500 500 500 +60%

11/12/2002 24

Reduction Overhead Support & Administration –MSEK 1 200 in savings effect as from 2003

Achieved: 32% reduction

in administrative costs and personnel in group functions, business units and Scandinavian Airlines

Reduced ambition levels Productivity

improvements

Personnel reductions well

according to plan

Reduction of 900 full time

employees by end 2005

29 000 31 000 33 000 35 000 37 000

JAN FEB MAR APR MAJ JUN JUL AUG SEP OKT NOV DEC JAN FEB MAR APR MAJ JUN JUL AUG SEP OKT NOV DEC A 01 A 02 F1 02

SLIDE 5

The SAS Group Investor Relations

• Tel. +46 (0) 8 797 1451 Fax: +46 (0)8 797 5110

e-mail: investor.relations@sas.se --- Homepage: www.scandinavian.net -- Results Jan -Sep 2002

11/12/2002 25

Short term measures redundancies

200 200 3 500 500 200 700 1500 200 Estimated redundancies fall 2001 Redundanci es Rest of Group Effect during 2002 Transferred to structural Employees In other activities Affect achieved through other act Halted Planned Expansion Will be effectuated In 2003

11/12/2002 26

Structural measures redundancies

2700 700 300 200 1500 500 1000 1500 2000 2500 3000 TOTAL Adm. Pilots Producing units 2003- 2004

Completed/agreed In process

11/12/2002 27

Total group Total group Total group Total group short short short short term term term term measures measures measures measures MSEK 6 400 MSEK 6 400 MSEK 6 400 MSEK 6 400 (Gross 2003 full year effect) Whereas Subsidiaries & affiliates MSEK 1 300 Scandinavian Airlines MSEK 5 100

Status Group short term Result Improvement measures 2002/2003

Network reductions MSEK 500 Revenue enhancements1) MSEK 2 200 Cost reductions MSEK 2 400

1) Price increase of 5% nominal and introduction of surcharge of 4 USD/ pax/leg Offset by increased insurance cost, security costs and negative mix

Result effects 2003 MSEK 2400 2002 MSEK 1700 Distribution: 1st Quarter 200-300 2nd Quarter 300-400 3rd Quarter 400-500 4th Quarter 600-700

11/12/2002 28

Status improvement programs

Gross full Gross full Gross full Gross full year effect year effect year effect year effect Jan Jan Jan Jan-

• Sep 2002

Sep 2002 Sep 2002 Sep 2002 Short term measures Reductions in traffic system 500 375 Revenue enhancement 2 200 *) Cost reductions 2 400 1 000 Other business areas than SK 1 300 700 Total

• Approx. 6 400

2 075

*) = Revenue enhancements comprising a supplementary charge of USD 4/passenger/flight/and a general price increase of 5% are neutralized to a considerable extent by a negative passenger mix and higher insurance costs.

Structural measures Total

• Approx. 6 400

TOTAL ALL MEASURES

• Approx. 12 800

2 075

11/12/2002 29

Business area Business area Business area Business area

11/12/2002 30

EBITDAR per business area

January - September 2002 2001 Scandinavian Airlines +2 652 +2 230 Subsidiary & aff. Airlines +2 694 +351 Airline Related Businesses +370 +506 Rezidor SAS Hospitality* +165 +203 Group eliminations* +81 EBITDAR +5 962 +3 290

* = Including leasing cost

SLIDE 6

The SAS Group Investor Relations

• Tel. +46 (0) 8 797 1451 Fax: +46 (0)8 797 5110

e-mail: investor.relations@sas.se --- Homepage: www.scandinavian.net -- Results Jan -Sep 2002

11/12/2002 31

Earnings before taxes – EBT

Bef cap. gains

January - September 2002 2001 Scandinavian Airlines

• 749
• 552

Subsidiary & aff. Airlines +374 +86 Airline Related Businesses +77 +183 Rezidor SAS Hospitality +98 +81 Group eliminations +82 EBT bef. gains

• 118
• 202

11/12/2002 32

Scandinavian Airlines

11/12/2002 33

Turnaround in Scandinavian Airlines underway, but challenges lay ahead

July July July July-

• September

September September September January January January January – – – – September September September September 200 200 200 2002 2 2 2 2001 2001 2001 2001 2002 2002 2002 2002 2001 2001 2001 2001

Passenger revenues 8 052 8 383 25 399 25 801 EBITDAR +758 +480 2 652 2 230 Net financials

• 316

43

• 613

47 EBT 192

• 294
• 377
• 350

EBT bef gains

• 431
• 501
• 749
• 552

Scandinavian Airlines 11/12/2002 34

Scandinavian Aielines key airline profitability drivers

Scandinavian Airlines

Traffic growth (RPK) down 1,0% down 0,6% Cabin Factor up 4,0 p.u. Up 2,8 p.u. Yields down 2,1% down 2,3% Unit costs down 0,3% up 2,6%

Jul Jul Jul Jul-

• Sep

Sep Sep Sep Jan Jan Jan Jan-

• Sep

Sep Sep Sep

2002 vs 2001 2002 vs 2001 2002 vs 2001 2002 vs 2001

11/12/2002 35

Passenger Yield

3rd Quarter 2002 vs 2001

Adjusted Adjusted Route Sector yield Q3 yield Jan-Sep

Scandinavian Airline

98 98

Intercontinental 99 96 Europe 101 98 Intrascandinavian 101 102 Denmark/Greenland 104 106 Norway 130 128 Sweden 102 103

Scandinavian Airlines 11/12/2002 36

Scandinavian Airlines passenger load factors close to AEA average

45 50 55 60 65 70 75 80 J a n A p r J u l O c t 1 4 7 1 1 3 1 6 1 9 2 2 2 5 2 8 3 1 3 4 3 7

Pass load factor (%)

SK (Geograpical Europe) AEA (Geograpical Europe)

Source: AEA

Average gap Scandinavian Airlines vs AEA 5 p.u. in 2001

Scandinavian Airlines

Month Month Month Month 2001 2001 2001 2001 Week 2002 Week 2002 Week 2002 Week 2002

SLIDE 7

The SAS Group Investor Relations

• Tel. +46 (0) 8 797 1451 Fax: +46 (0)8 797 5110

e-mail: investor.relations@sas.se --- Homepage: www.scandinavian.net -- Results Jan -Sep 2002

11/12/2002 37

• 100
• 50

50 100 150 200 35 39 43 47 51 3 7 11 15 19 23 27 31 35 39 Week SAS AEA

Airbus A340 introduced

• n New York and

Chicago from Copenhagen – Strong load factors during summer Week 01-week 39: – European airlines (AEA) traffic down 11,7% – SAS traffic up 14,5% Airbus A340 introduced

• n New York and

Chicago from Copenhagen – Strong load factors during summer Week 01-week 39: – European airlines (AEA) traffic down 11,7% – SAS traffic up 14,5%

Source: AEA, SAS

Cabin factor (%) North Atlantic

60% 65% 70% 75% 80% 85% 90% 95%

November December January February March April June July August September

Month

Recovery on North Atlantic traffic

RPK RPK RPK RPK

Scandinavian Airlines 11/12/2002 38

• 30
• 20
• 10

10 20 30 40 50 3 5 4 4 3 4 6 4 9 5 2 3 6 9 1 2 1 5 1 8 2 1 2 4 2 7 3 3 3 3 6 3 9 Week SAS AEA

Scandinavian Airlines ranked high in customer surveys New capacity incremental growth in RPK

Stable cabin factors Week 01-week 39:

– AEA traffic down 3,1% – SAS traffic up 20,6%

Scandinavian Airlines ranked high in customer surveys New capacity incremental growth in RPK

Stable cabin factors Week 01-week 39:

– AEA traffic down 3,1% – SAS traffic up 20,6%

Source: AEA, SAS

Cabin factor (%) Asia

70% 75% 80% 85% 90% 95%

November December January February March April May June July August September

Month

Strong performance on Asian routes

RPK RPK RPK RPK

Scandinavian Airlines 11/12/2002 39

• 20
• 15
• 10
• 5

5 10 15 20 25 30 37 40 43 46 49 52 3 6 9 12 15 18 21 24 27 30 33 36 39 Week SAS AEA

Cabin factor improved significantly in Q2 Seasonal effect in Jan, Feb Week 01-week 39: – AEA traffic down 3,8% – SAS traffic up 0,5% Cabin factor improved significantly in Q2 Seasonal effect in Jan, Feb Week 01-week 39: – AEA traffic down 3,8% – SAS traffic up 0,5%

Source: AEA, SAS

European routes – strong load factors, but adverse mix

Cabin factor (%) Europe

40% 45% 50% 55% 60% 65% 70% 75%

November December January February March April May June July August September

Month RPK RPK RPK RPK

Scandinavian Airlines 11/12/2002 40

European routes Continued fall in Business Class – the challenge of Scandinavian Airlines

Still negative mix compared with very weak October 01 Slowdown accelerated after September11 Total traffic Q3 –6,7%

• 40%
• 30%
• 20%
• 10%

0% 10% 20%

January Marsh May July September November January March May02 02-jul 02-sep

Business Class (RPK vs Last year) Europe

Scandinavian Airlines 11/12/2002 41

Yield development in Europe 2002

High cyclical pattern Pressure on yield Easy comparables Sep 02

• 15%
• 10%
• 5%

0% 5% 10% Jan Feb Mar Apr May Jun jul Aug Sep Europe 2 per. Mov. Avg. (Europe)

11/12/2002 42

Contingency plan in case of Iraq war

Implementation of plan as soon as conflicts start or when an escalation affect demand significantly Base case 10-15% capacity reduction Plan can be escalated in additional steps if market conditions weakens further Short lead times for reinstalling of capacity

Scandinavian Airlines

• 30,0%
• 25,0%
• 20,0%
• 15,0%
• 10,0%
• 5,0%

0,0% Case1 Case 2 Case 3

ASK ASK ASK ASK

SLIDE 8

The SAS Group Investor Relations

• Tel. +46 (0) 8 797 1451 Fax: +46 (0)8 797 5110

e-mail: investor.relations@sas.se --- Homepage: www.scandinavian.net -- Results Jan -Sep 2002

11/12/2002 43

New competitors has entered the marketplace

Small low cost carrier on Norwegian domestic New player in Sweden – Swedish domestic from Oct02 The Group takes threat seriously Key competitive advantages

Many frequencies, higher service levels, corporate accounts and strong network Main strategy for low cost competition

Reduce costs Price differentiation –internet sales Retain competitive advantages Use of other group companies with lower costs

11/12/2002 44

Reduction in capacity since 2001 Reduction in capacity since 2001 Reduction in capacity since 2001 Reduction in capacity since 2001

• 4% in 2002

4% in 2002 4% in 2002 4% in 2002 vs vs vs vs 2001 2001 2001 2001 +1% in 2003 +1% in 2003 +1% in 2003 +1% in 2003 vs vs vs vs 2002 2002 2002 2002 Domestic Domestic Domestic Domestic incl intrascan incl intrascan incl intrascan incl intrascan Europe Europe Europe Europe Intercontinental Intercontinental Intercontinental Intercontinental Total Total Total Total

Significant reduction in capacity to continue in 2003 for Scandinavian Airlines

Surplus of aircraft summer 2003 Surplus of aircraft summer 2003 Surplus of aircraft summer 2003 Surplus of aircraft summer 2003

• Phase out of 8 DC9’s
• Leased out 4 Boeing 737-800 and 3 MD 80's
• 13 aircraft are fully depreciated Fokker 50 and

Fokker 28's.

• Remaining 18 aircraft (3 Boeing 767) will be sold or

leased out Summer 03 Summer 03 Summer 03 Summer 03 November 01 November 01 November 01 November 01 153 153 153 153 199 199 199 199 46 46 46 46 Number Number Number Number

• f aircraft
• f aircraft
• f aircraft
• f aircraft
• 13%/

13%/ 13%/ 13%/ -

• 9%

9% 9% 9%

• 9%/

9%/ 9%/ 9%/-

• 13%

13% 13% 13% +11%/ +11%/ +11%/ +11%/-

• 8%

8% 8% 8%

• 4% /

4% / 4% / 4% / -

• 10%

10% 10% 10% Expected 2002 Expected 2002 Expected 2002 Expected 2002 ASK Single trips ASK Single trips ASK Single trips ASK Single trips

• 17%

17% 17% 17% -

• 18%

18% 18% 18% +5% +1% +5% +1% +5% +1% +5% +1% +13% +7% +13% +7% +13% +7% +13% +7% +1% +1% +1% +1% -

• 10%

10% 10% 10% Plan 2003 Plan 2003 Plan 2003 Plan 2003 ASK Single trips ASK Single trips ASK Single trips ASK Single trips

11/12/2002 45

Revenues 25 399 MSEK (-1,6%) Whereas currency +1.4% volumes

• 0.6%

yields

• 2.3%

Passenger revenues mainly affected by yield and currency Jan-Sep 2002

Price +6,1% Class mix

• 3,8%

Other mix

• 1,6%

Scandinavian Airlines 11/12/2002 46

Yields under pressure 3rd Quarter

2001-3rd Quarter 2002 Total system - currency adjusted

Yields down 2,2% in 3rd Quarter 2002

– Class mix negative – Campaigns – More RPK’s of intercontinental traffic with lower yield

Scandinavian Airlines

• 6%
• 5%
• 4%
• 3%
• 2%
• 1%

0% 1% 2%

3rd Quarter 2001 4th Quarter 2001 1st Quarter 2002 2nd Quarter 2002 3rd Quarter 2002 11/12/2002 47

Trend with increasing unit cost broken in 2nd and 3rd Quarter as improvement measures start to give effect

After a period of increases units costs are down in spite of weaker volumes (ASK)

• 4%
• 2%

0% 2% 4% 6% 8% 10%

1st Quarter 2001 2nd Quarter 2001 3rd Q 2001 4th Q 2001 1st Q 2002 2nd Q 2002 3rd Q 2002

Index last year (currency adjusted)

Scandinavian Airlines 11/12/2002 48

Unit Cost continued down in 3rd Quarter

• 1,0%

0,0% 1,0% 2,0% 3,0% 4,0% 5,0% 6,0% 7,0% 8,0% 9,0%

1st Quarter 2nd Quarter 2002 3rd Quarter Index last year (currency adjusted)

In spite of capacity reductions Unit Cost down 0,3% 3rd Quarter 2002 Unit Cost up 2,3% Jan-Sep 2002 In spite of capacity reductions Unit Cost down 0,3% 3rd Quarter 2002 Unit Cost up 2,3% Jan-Sep 2002

Scandinavian Airlines

SLIDE 9

The SAS Group Investor Relations

• Tel. +46 (0) 8 797 1451 Fax: +46 (0)8 797 5110

e-mail: investor.relations@sas.se --- Homepage: www.scandinavian.net -- Results Jan -Sep 2002

11/12/2002 49

All government insurance guarantees seized August 1, 2002

Government guarantees in place until June 30nd 2002 Danish Guarantee extended until July 31 As from August 1 all SAS aircraft insured in the commercial insurance market

– Costs neutral compared with guarantees

Total insurance costs 8-10 times higher than prior to Sep 11

Scandinavian Airlines 11/12/2002 50

ECA –European cooperation agreement continued negative effects

Tri-party Joint Venture agreement with BMI, Lufthansa and SAS signed November 9, 1999 In effect from January 1, 2000 Main scope: To integrate the parties scheduled

• pass. transport to/ from London/ Manchester

Negative result effect 2001: MSEK 335 Effect Q1 2002 - MSEK 113 Effect Q2 2002 -MSEK 104 Effect Q3 2002 – MSEK 86

Scandinavian Airlines 11/12/2002 51

Brent Crude vs. Jet Fuel January 1998 - October 2002

10 20 30 40 50 60 1998-01-02 1998-03-30 1998-06-26 1998-09-21 1998-12-16 1999-03-16 1999-06-15 1999-09-08 1999-12-01 2000-02-29 2000-05-26 2000-08-21 2000-11-14 2001-02-12 2001-05-10 2001-08-03 2001-10-30 2002-01-25 2002-04-24 2002-07-23 2002-10-15 US Dollar per Barrel 50 100 150 200 250 300 350 400 450 US Dollar per Metric Ton Brent 1st Nearby Close Jet CIF Cargoes NWE

11/12/2002 52

Current outlook 2002 lowered by MSEK 200 vs 2nd Quarter

Average rates: 2000 270 USD/MT 2001 255 USD/MT Q1 2002 189 USD/MT Q2 2002 224 USD/MT Q3 2002 233 USD/MT

Current hedging ratio Next 12 months 50% Hedging until year end 70%

Estimate Full year 2002 MSEK 3 200 (vs 3 400) (Based on current levels)

Scandinavian Airlines 11/12/2002 53

Scandinavian Airlines’ new net pricing concept as from 2003

• Estimated effect of 1 300

MSEK of which revenue enhancement 800 MSEK

• Net price concept to be

introduced 1 January 2003

• Prices lowered with same

amount as commissions

• Agent will set their own price

to the customer

• Markup can vary from

channel to channel

• Introduction of service fees in

SAS’ direct channels

• Introduction of new agent

program

4/7 % SAS Price SAS Price Agent mark-up possibility

Today Tomorrow

SAS Price SAS direct sales mark-up

SAS Price SAS Price SAS Price SAS Price SAS Price SAS Price SAS Price SAS Price SAS Price SAS Price SAS Price SAS Price

4,7%

Scandinavian Airlines 11/12/2002 54

Electronic Channels steady at 21%

0% 5% 10% 15% 20% 25%

j a n

• m

a r

• m

a j

• j

u l

• s

e p

• n
• v
• 1
• j

a n 1

• m

a r 1

• m

a j 1

• n
• v

Q 1

• 2

2 Q 3

• 2

2

% Sold - Travel Pass, Travel Pass Corporate, ETIX, Internet % Sold via Internet

Total volume E-channels in Q3 MSEK 1 618 20% of total passenger sales in Q3 New web site launched in May

Scandinavian Airlines

SLIDE 10

The SAS Group Investor Relations

• Tel. +46 (0) 8 797 1451 Fax: +46 (0)8 797 5110

e-mail: investor.relations@sas.se --- Homepage: www.scandinavian.net -- Results Jan -Sep 2002

11/12/2002 55 11/12/2002 56

Income Subsidiary & Affiliated Airlines – Braathens and Spanair fully consolidated

(MSEK)

January – September 2002 2001 Operating revenues 12 877 2 265 EBITDAR +2 694 +351 EBT EBT EBT EBT bef gains bef gains bef gains bef gains +374* +374* +374* +374* +86 +86 +86 +86

* = Includes Spanair as affiliated company Nov/Dec 2001 because of change of financial year

11/12/2002 57

Revenues

4 669* -3,3% 5 515

5,9% 1901 20,8% 781 14,5%

EBITDAR 853*

59% 1 298 180%

329

17% 202 231%

EBT 24*

n.m

634

n.m

66

25%

77

n.m * = Spanair accumelated figures for the period March-September

Jan-Sep in MSEK

Significant better earnings in Subsidiary & Affiliated Airlines Jan-Sep 2002 vs 2001

11/12/2002 58

Spanair on track but affected by weak charter market EBT in Q3 of 153 MSEK

Spanish domestic market down 10% overall Increased market share from 22% to 27% on Spanish domestic Weak charter market (-15%) Significantly increased yield - 27,2% Jan-Sep Closure of intercontinental traffic Focus on high yield markets Price increases in Spanish market Spanish domestic market down 10% overall Increased market share from 22% to 27% on Spanish domestic Weak charter market (-15%) Significantly increased yield - 27,2% Jan-Sep Closure of intercontinental traffic Focus on high yield markets Price increases in Spanish market MSEK MSEK MSEK MSEK Jul Jul Jul Jul-

• Sep 2002

Sep 2002 Sep 2002 Sep 2002

Passenger revenue 1 343 Other revenues 970

Operating revenues 2 313 EBITDAR 541 EBIT 220 EBT 153

11/12/2002 59

Spanair ready to join STAR Full member as from 2003

SAS SAS SAS SAS LUFTHANSA LUFTHANSA LUFTHANSA LUFTHANSA UNITED UNITED UNITED UNITED AIR CANADA / AIR CANADA / AIR CANADA / AIR CANADA / CANADIAN CANADIAN CANADIAN CANADIAN THAI THAI THAI THAI VARIG VARIG VARIG VARIG AIR NEW ZEALAND AIR NEW ZEALAND AIR NEW ZEALAND AIR NEW ZEALAND ALL NIPPON ALL NIPPON ALL NIPPON ALL NIPPON AUSTRIAN AUSTRIAN AUSTRIAN AUSTRIAN LAUDA AIR LAUDA AIR LAUDA AIR LAUDA AIR TYROLEAN TYROLEAN TYROLEAN TYROLEAN SINGAPORE SINGAPORE SINGAPORE SINGAPORE MEXICANA MEXICANA MEXICANA MEXICANA BRITISH MIDLAND BRITISH MIDLAND BRITISH MIDLAND BRITISH MIDLAND S S S SPANAIR PANAIR PANAIR PANAIR

11/12/2002 60

Spanair’s unit cost well in line with european low cost carriers

Long-haul operations closed in March 2002 Improved mix

Shift from low yield to high yield markets

Key Operating data:

– Total Aicraft utiliz 9,2 hrs/ day – Cabin Crew 900 hrs/year

Cost reductions Capacity reductions Unit cost in line with low costs carriers Positive operating profit for 2002 (including capital gains) Cost reductions Capacity reductions Unit cost in line with low costs carriers Positive operating profit for 2002 (including capital gains)

SLIDE 11

The SAS Group Investor Relations

• Tel. +46 (0) 8 797 1451 Fax: +46 (0)8 797 5110

e-mail: investor.relations@sas.se --- Homepage: www.scandinavian.net -- Results Jan -Sep 2002

11/12/2002 61

Braathens – continues to perform well

• n Norwegian market

July July July July-

• September

September September September 2002 2002 2002 2002 2001 2001 2001 2001

Passenger Passenger Passenger Passenger Revenue Revenue Revenue Revenue 1 522 1 522 1 522 1 522 1 413 1 413 1 413 1 413 Other Other Other Other Revenues Revenues Revenues Revenues 421 421 421 421 374 374 374 374

Operating Revenues Operating Revenues Operating Revenues Operating Revenues 1 943 1 943 1 943 1 943 1 787 1 787 1 787 1 787 EBITDAR EBITDAR EBITDAR EBITDAR +428 +428 +428 +428 +164 +164 +164 +164

EBT EBT EBT EBT +190 +190 +190 +190

• 69

69 69 69 9 % fall in the total domestic market compared with Jan - Sept 2001 Cabin factor Jan – Sept on scheduled was 58,6 % vs 52,1 % in same period 2001 9 % fall in the total domestic market compared with Jan - Sept 2001 Cabin factor Jan – Sept on scheduled was 58,6 % vs 52,1 % in same period 2001

11/12/2002 62

New route schedule from April 2 and full effect of large capacity and cost cuts late 2001 gave significant improvements Jointly with Scandinavian Airlines provide a superior net work and good products to meet competition New route schedule from April 2 and full effect of large capacity and cost cuts late 2001 gave significant improvements Jointly with Scandinavian Airlines provide a superior net work and good products to meet competition

Strong performance in Braathens during Jan-Sep of 2002

11/12/2002 63

Widerøe and Air Botnia significantly improved results

Widerøe Increased traffic by 21,5% in Q3 and good performance. Jan Jan Jan Jan – – – – Sep Sep Sep Sep 2002 2002 2002 2002 Total Revenues MSEK 1 901 (+21%) EBITDAR MSEK 329 (+17%) EBT MSEK 66 (+25%)

Air Botnia Strong performance and increased traffic (RPK) by 36,6%. Strengthened market position Jan Jan Jan Jan – – – – Sep Sep Sep Sep 2002 2002 2002 2002 Total Revenues MSEK 781 (+15%) EBITDAR MSEK 202 (+231%) EBT MSEK 77 (n.m)

11/12/2002 64 11/12/2002 65

Income Business Area Airline Related Business

EBITDA down 27% mainly due to weak Cargo development

January - September MSEK 2002 2001

Operating revenues 6 419 5 841 Operating expences

• 6 049
• 5 335

EBITDA 370 506

Income before taxes 44 190

11/12/2002 66

SAS Cargo

• SAS Cargo was established as an independent

corporation on June 1st 2001

• SAS Cargo offers together with the WOW Alliance

(Lufthansa Cargo and Singapore Airlines Cargo) harmonized express products all over the world.

Key figures Jan-Sep 2002 2001

Operating revenue 2 043 1 976 Traffic revenue, MSEK 1 632 1 588 EBITDA, MSEK

• 26
• Number of employees

1 134 1 187

* = SAS Cargo was formed in 2001. Operating revenue figures are not available before.

SLIDE 12

The SAS Group Investor Relations

• Tel. +46 (0) 8 797 1451 Fax: +46 (0)8 797 5110

e-mail: investor.relations@sas.se --- Homepage: www.scandinavian.net -- Results Jan -Sep 2002

11/12/2002 67

Scandinavian IT Group

www. www. www. www.scandinavian scandinavian scandinavian scandinavianIT IT IT IT. . . .com com com com

One of Scandinavia's largest IT companies, with a turnover of 2 463 MSEK in 2001 and a total of more than 1300 employees in three countries

Scandinavian IT Group Customer driven - Airline focused - Technology based

Total Revenues 1 676 1 835 EBITDA 176 196 Profit before taxes 81 84 January-September 2002 2001

11/12/2002 68

SAS Trading – turn around in prosess

www. www. www. www.scandinavian scandinavian scandinavian scandinavian. . . .net net net net Total Revenues 1 560 1 734 EBITDA 36 7 Profit before taxes 4

• 24

January-September 2002 2001

SAS Trading is a business in the SAS Group and a operator within Travel Retail. SAS Trading had 658 employees at year end 2001 In 2001 SAS Trading lost its concessions for duty free sales and operation of stores at Swedish airports.

11/12/2002 69

SAS Flight Academy – EBITDA flat 2002 vs. 2001

Training centers for pilots and

• ther personell. 35% of

revenues outside SAS in 2001.

www. www. www. www.sasflightacademy sasflightacademy sasflightacademy sasflightacademy. . . .com com com com January-September 2002 2001 Total Revenues 458 460 EBITDA 105 107 Profit before taxes 26 38

11/12/2002 70

Jetpak

Jetpak is one of the fastest growing companies withing expresslogistic in the Nordic countries. The company is 100%

• wned by SAS Group and has 151

employees

www. www. www. www.jetpak jetpak jetpak jetpak. . . .com com com com January-September 2002 2001 Total Revenues 280 265 EBITDA 2 16 Profit before taxes -3 12

11/12/2002 71 11/12/2002 72

Rezidor SAS Hospitality – current brand and market penetration

SIH

Number of hotels Number of hotels Number of hotels Number of hotels

20 40 60 80 100 120 140 160 180 '94 '95 '96 '97 '98 '99 '00 '01 Franchised Managed Leased Owned

SLIDE 13

The SAS Group Investor Relations

• Tel. +46 (0) 8 797 1451 Fax: +46 (0)8 797 5110

e-mail: investor.relations@sas.se --- Homepage: www.scandinavian.net -- Results Jan -Sep 2002

11/12/2002 73

Revenues 2 599 2 561 +1,5% Operating result 195 231

• 15,6%

Adjusted EBITDA 192 196 -2,0% Pre tax profit 103 81

• Including gains

Jan-Sep 2002

in MSEK

REZIDOR SAS Hospitality – negatively affected by weaker markets

Jan-Sep 2001

Change

11/12/2002 74

REZIDOR SAS Hospitality – REVPAR under pressure but better than industry

SIH

• 25,00%
• 20,00%
• 15,00%
• 10,00%
• 5,00%

0,00% 5,00% 10,00% 15,00% MSEK

01-jul 01-sep 01-nov 02-jan 02-mar may02 02-jul

REVPAR - Rezidor REVPAR - Market

Pretax Pretax Pretax Pretax profit: profit: profit: profit:

Jan-Sep 2002 103 MSEK Jan-Sep 2001 81 MSEK

11/12/2002 75

Capitalize on current brand Platform for further growth – more brands more choices Streamlining of products with distinct profile Capitalize on knowledge and experience Economies of scale Reduced cyclically and business risks

New step: Rezidor SAS to invest in new multi-brand concept

11/12/2002 76

Rezidor SAS signed 30 year partnership agreement with Carlson Companies Inc.

Master franchise agreement with exclusive rights for Europe, Middle East and Africa with access to:

Global reservations system Strong marketing network Existing customer base Loyalty program IT and know how 30 year term with exclusivity

Brand portfolio:

Regent, Radisson SAS, Country Inns and Park Inn

Insignificant investment - 4,5 MEUR

11/12/2002 77

Capitalize on current brand Platform for further growth – more brands more choices Streamlining of products with distinct profile Capitalize on knowledge and experience Economies of scale Reduced cyclically and business risks

New step: Rezidor SAS to invest in new multi-brand concept

11/12/2002 78

Rezidor SAS signed 30 year partnership agreement with Carlson Companies Inc.

Master franchise agreement with exclusive rights for Europe, Middle East and Africa with access to:

Global reservations system Strong marketing network Existing customer base Loyalty program IT and know how 30 year term with exclusivity

Brand portfolio:

Regent, Radisson SAS, Country Inn and Park Inn

Insignificant investment - 4,5 MEUR

SLIDE 14

The SAS Group Investor Relations

• Tel. +46 (0) 8 797 1451 Fax: +46 (0)8 797 5110

e-mail: investor.relations@sas.se --- Homepage: www.scandinavian.net -- Results Jan -Sep 2002

11/12/2002 79

Regent

– Established in 1970, 5-star deluxe, 10 hotels in North America, Asia & Europe (1 in Berlin, Germany & 1 in Almaty, Kazakhstan)

Country Inns

– Established in 1987, Mid-market, 300 hotels in North America & Asia, 12 hotels in Europe

Park Inn

– Included in Carlson Hotels in 2000, 3-star, limited service business hotel, 60 hotels in North America & Asia

Three new brands acquired for MSEK 60

11/12/2002 80

Rezidor SAS Brand Positioning in Europe

Full Full Service Service Luxury Luxury First Class First Class Limited Service Limited Service Mid Mid-

• Priced

Priced economy economy “Hard” Budget “Hard” Budget Minimum Minimum Service Service

Formula1 Ibis Holiday Inn Novotel Scandic Hilton Marriott Radisson SAS Sheraton Inter-Continental Regent Four Seasons Country Inns Park Inn

11/12/2002 81

Radisson SAS current growth strategy

Expansion in existing home markets – Scandinavia, Finland, Germany Extend home markets to UK, France, Benelux & Poland Expand in capitals & other important cities - e.g. Athens, Barcelona, Cairo, Rome, Zagreb… Extend into leisure & resorts Focus on airport hotels

11/12/2002 82

Financials

11/12/2002 83

Clear targets to reduce indebtness 2004

Current situation: Current situation: Current situation: Current situation: Loss situation and peak in investments and acquisitions Key figures Q3/02 vs Q3/01

– Solidity: 22% (30%) – Net debt/ equity 0,79 (0,33) – Adj net debt to equity 1,47 (0,65)

Financial position adequate, to be safeguarded Clear targets introduced Target: Target: Target: Target: Net debt to peak in 2002 Targets 2004

– Solidity >30% – Net debt/ equity <50% – Adj net debt/ equity <150%

Surplus values in fleet reduced after Sep 11 Relesase of main assets:

– Properties – Non-core subs

11/12/2002 84

Considerable surplus values despite reduced aircraft prices

Surplus value, aircraft

1000 2000 3000 4000 5000 6000 1 9 9 2 1 9 9 3 1 9 9 4 1 9 9 5 1 9 9 6 1 9 9 7 1 9 9 8 1 9 9 9 2 2 1 Q 1 2 2 Q 2 2 2 Q 3 2 2 MSEK

0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

1996 1997 1998 1999 2000 2001 Q1 2002 Q2 2002 Q3 2002

Surplus value in relation to booked value

SLIDE 15

The SAS Group Investor Relations

• Tel. +46 (0) 8 797 1451 Fax: +46 (0)8 797 5110

e-mail: investor.relations@sas.se --- Homepage: www.scandinavian.net -- Results Jan -Sep 2002

11/12/2002 85

Gearing level has peaked Consolidation ahead

Leverage to peak during 2002 Moody’s Baa3 Investment grade rating

0% 50% 100% 150% 200% Dec-98 Mar-99 Jun-99 Sep-99 Dec-99 Mar-00 Jun-00 Sep-00 Dec-00 Mar-01 Jun-01 Sep-01 Dec-01 Mar-02 Jun-02 Sep-02 Net Debt / Equity Net Debt + NPV op lease / Equity

11/12/2002 86

Aircraft Investment Programme almost fully Completed

SAS Group CAPEX 1995-2005

200 400 600 800 1000 1200 1400 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 MUSD

11/12/2002 87

Outlook 2002

11/12/2002 88

October figures includes all airlines in Group

Group improved passenger load factor by 9,0 p.u. Scandinavian Airlines improved load factor by 10,5 p.u

Passenger Passenger Passenger Passenger-

• Seat capacity

Seat capacity Seat capacity Seat capacity Cabin Cabin Cabin Cabin-

• traffic (RPK)

traffic (RPK) traffic (RPK) traffic (RPK) (ASK) (ASK) (ASK) (ASK) factor factor factor factor SAS Group Total SAS Group Total SAS Group Total SAS Group Total +6,8% +6,8% +6,8% +6,8%

• 7,7%

7,7% 7,7% 7,7% 66,5% 66,5% 66,5% 66,5% Intercontinental Intercontinental Intercontinental Intercontinental +19,0% +19,0% +19,0% +19,0%

• 6,6%

6,6% 6,6% 6,6% Europe Europe Europe Europe +3,8% +3,8% +3,8% +3,8%

• 6,0%

6,0% 6,0% 6,0% Domestic and Domestic and Domestic and Domestic and

• 1,0%

1,0% 1,0% 1,0%

• 10,8%

10,8% 10,8% 10,8% Intrascandinavian Intrascandinavian Intrascandinavian Intrascandinavian

11/12/2002 89

Outlook –

• perating key figures - year 2002

Group Scandinavian Airlines ASK

• 9%
• 4%

Frequencies

• 10%

RPK

• 2% +2%

Passenger yield (currency adjusted) n.m. > –2,5% Unit costs n.m. down

Growth expectations reduced Further capacity adjustments planned

Key figure

11/12/2002 90

Assessment for full year 2002:

The Board of Directors

Yield lower than expected Result improvement measures take effect according to plan Forecast from August 8 downgraded

– SAS Pre-tax profit before gains and restructuring charge negative – Gains on sale approximately 250 MSEK – Restructuring charge of approximately MSEK 600

SLIDE 16

The SAS Group Investor Relations

• Tel. +46 (0) 8 797 1451 Fax: +46 (0)8 797 5110

e-mail: investor.relations@sas.se --- Homepage: www.scandinavian.net -- Results Jan -Sep 2002

11/12/2002 91

Sum up – 3rd Quarter 2002

Balance between supply and demand Yields and revenues under pressure Scandinavian Airline has forceful measures in process

– Short term 2002/2003 – Structural 2003/2004/2005

Braathens significant positive result Spanair positive operating result Pressure on yield expected 4th Quarter

11/12/2002 92

APPENDICES

11/12/2002 93 Scandinavian Airlines

Change in RPK, ASK, Cabin Factor vs. last year - Total Scandinavian Change in RPK, ASK, Cabin Factor vs. last year - Total Scandinavian Change in RPK, ASK, Cabin Factor vs. last year - Total Scandinavian Change in RPK, ASK, Cabin Factor vs. last year - Total Scandinavian Airlines Airlines Airlines Airlines

• 15%
• 10%
• 5%

0% 5% 10% 15% jan-01 feb-01 mar-01 apr-01 maj-01 jun-01 jul-01 aug-01 sep-01

• kt-01

nov-01 dec-01 jan-02 feb-02 mar-02 apr-02 maj-02 jun-02 jul-02 aug-02 sep-02

• kt-02

RPK ASK Cabin factor

11/12/2002 94 Scandinavian Airlines

Change in RPK, ASK, and Cabin Factor vs. last year - Europe Change in RPK, ASK, and Cabin Factor vs. last year - Europe Change in RPK, ASK, and Cabin Factor vs. last year - Europe Change in RPK, ASK, and Cabin Factor vs. last year - Europe

• 20%
• 15%
• 10%
• 5%

0% 5% 10% 15% 20% jan-01 mar-01 maj-01 jul-01 sep-01 nov-01 jan-02 mar-02 maj-02 jul-02 sep-02 RPK ASK Cabin factor

11/12/2002 95 Scandinavian Scandinavian Scandinavian Scandinavian Airlines Airlines Airlines Airlines

Change in RPK, ASK, Cabin Factor vs. last year - Intrascandinavian Change in RPK, ASK, Cabin Factor vs. last year - Intrascandinavian Change in RPK, ASK, Cabin Factor vs. last year - Intrascandinavian Change in RPK, ASK, Cabin Factor vs. last year - Intrascandinavian

• 15%
• 10%
• 5%

0% 5% 10% 15% 20% jan-01 feb-01 mar-01 apr-01 maj-01 jun-01 jul-01 aug-01 sep-01

• kt-01

nov-01 dec-01 jan-02 feb-02 mar-02 apr-02 maj-02 jun-02 jul-02 aug-02 sep-02

• kt-02

RPK ASK Cabin factor

11/12/2002 96 Scandinavian Airlines

Change in RPK, ASK, and Cabin Factor vs. last year- Intercontinental Change in RPK, ASK, and Cabin Factor vs. last year- Intercontinental Change in RPK, ASK, and Cabin Factor vs. last year- Intercontinental Change in RPK, ASK, and Cabin Factor vs. last year- Intercontinental

• 20%
• 10%

0% 10% 20% 30% 40% 50% jan-01 mar-01 maj-01 jul-01 sep-01 nov-01 jan-02 mar-02 maj-02 jul-02 sep-02 RPK ASK Cabin factor

SLIDE 17

The SAS Group Investor Relations

• Tel. +46 (0) 8 797 1451 Fax: +46 (0)8 797 5110

e-mail: investor.relations@sas.se --- Homepage: www.scandinavian.net -- Results Jan -Sep 2002

11/12/2002 97

Traffic and Yield

3rd Quarter 2002 vs 2001

Index

Air Botnia 2002 2001

variance

Production (mill ASK) 162 140 116 Traffic (mill RPK) 90 66 137 Cabin factor (%) 55.6 47.0 +8.6 Yield 81

*) local currency

11/12/2002 98

Yield Development

January – September 2002 vs 2001

(currency adjusted)

• 3,0%
• 2,0%
• 1,0%

0,0% 1,0% 2,0% 3,0% Jan-Sep 2001 Jan-Sep 2002

Scandinavian Airlines 11/12/2002 99

(currency adjusted)

Yield Development

2001-2002

Yields are under pressure from negative class mix /route mix

• 6%
• 5%
• 4%
• 3%
• 2%
• 1%

0% 1% 2%

3rd Quarter 2001 4th Quarter 2001 1st Quarter 2002 2nd Quarter 2002 3rd Quarter 2002

Scandinavian Airlines 11/12/2002 100

Passenger Yield

January-September 2002 vs 2001

Nominal Currency Adjusted Route Sector yield effect yield

Scandinavian Airline

99 99 98

Intercontinental 94 102 96 Europe 99 99 98 Intrascandinavian 104 98 102 Denmark/Greenland 107 99 106 Norway 134 94 128 Sweden 103 100 103

Scandinavian Airlines 11/12/2002 101

Traffic and Yield

3rd Quarter 2002 vs 2001 Scandinavian Airline

Index

Total Scheduled 2002 2001

variance

Production (mill ASK) 8 701 9 310 93 Traffic (mill RPK) 6 281 6 346 99 Cabin factor (%) 72.2 68.2 +4.0 Yield (öre/RPK) 128.2 132.1 97 Currency adj. yield 128.2 131.0 98

Scandinavian Airlines 11/12/2002 102

Unit Cost

January - September 2002 vs 2001

Volume = average decrease in ASK: -4.6%

MSEK

Adjusted Share of JAN-SEP 01 JAN-SEP 02

• Var. %

total var %

Commissions 1 686 1 531

• 9,2%
• 0,7%

Fuel 2 918 2 379

• 18,5%
• 2,3%

Government charges 2 794 2 793 0,0% 0,0% Personnel 9 378 10 482 11,8% 4,7% Other oper. net costs 6 887 7 099 3,1% 0,9% TOTAL

23 663 24 284

2,6% 2,6%

Scandinavian Airlines

SLIDE 18

The SAS Group Investor Relations

• Tel. +46 (0) 8 797 1451 Fax: +46 (0)8 797 5110

e-mail: investor.relations@sas.se --- Homepage: www.scandinavian.net -- Results Jan -Sep 2002

11/12/2002 103

Unit Cost

3rd Quarter 2002 vs 2001

MSEK

Volume = average decrease in ASK: -6.5%

Adjusted Share of JUL-SEP 01 JUL-SEP 02

• Var. %

total var %

Commissions 524 487

• 7,1%
• 0,5%

Fuel 893 792

• 11,3%
• 1,3%

Government charges 931 931 0,0% 0,0% Personnel 2 960 3 396 14,7% 5,5% Other oper. net costs 2 602 2 284

• 12,2%
• 4,0%

TOTAL

7 910 7 890

• 0,3%
• 0,3%

Scandinavian Airlines 11/12/2002 104

Unit Cost Development

January - September 2002 vs 2001

0,0% 0,5% 1,0% 1,5% 2,0% 2,5% 3,0% 3,5% 4,0% Jan-Sep 2001 Jan-Sep 2002

Index last year (currency adjusted)

Scandinavian Airlines 11/12/2002 105

Unit Cost Development

3rd Quarter 2002 vs 2001

• 0,5%

0,0% 0,5% 1,0% 1,5% 2,0% 2,5% Jul-Sep 2001 Jul-Sep 2002

Index last year (currency adjusted)

Scandinavian Airlines 11/12/2002 106

Productivity Development

January -September 2002 vs 2001

Measure is change change of ASK vs number of full time employees

• 3,0%
• 2,0%
• 1,0%

0,0% 1,0% 2,0% 3,0% Jan-Sep 2001 Jan-Sep 2002

Index last year

Scandinavian Airlines 11/12/2002 107

Operating Costs

January-September 2002 vs 2001

MSEK JAN-SEP02 JAN-SEP01*) curr adj 01

Personnel costs 10 482 9 893 10 087 Leasing costs (aircraft) 1 381 1 632 1 594 Sales costs 1 531 1 758 1 768 Fuel 2 379 3 132 3 059 Governmental charges 2 793 2 909 2 939 Meal costs 1 131 1 256 1 270 Handling costs 1 306 1 373 1 382 Maintenance costs 1 475 1 947 1 944 IT and Communication 1 039 1 133 1 137 Other Costs 5 349 5 486 5 510

TOTAL COSTS 28 866 30 519 30 690

*) SAS Cargo is included in SAS Airline until May 2001

Scandinavian Airlines 11/12/2002 108

Operating Costs

3rd Quarter 2002 vs 2001

MSEK JUL-SEP02 JUL-SEP01*) curr adj 01

Personnel costs 3 396 3 144 3167 Leasing costs (aircraft) 363 621 557 Sales costs 487 570 561 Fuel 792 1 086 955 Governmental charges 931 1 007 996 Meal costs 383 433 431 Handling costs 425 466 459 Maintenance costs 530 640 635 IT and Communication 295 345 334 Other Costs 1 711 1 721 1 950

TOTAL COSTS 9 313 10 033 9 945

*) SAS Cargo is included in SAS Airline until May 2001

Scandinavian Airlines

SLIDE 19

The SAS Group Investor Relations

• Tel. +46 (0) 8 797 1451 Fax: +46 (0)8 797 5110

e-mail: investor.relations@sas.se --- Homepage: www.scandinavian.net -- Results Jan -Sep 2002

11/12/2002 109

Passenger Revenue Analysis

January-September 2002 vs 2001

Revenues 25 399 MSEK

• 1.6%

Volume

• 0.6%

Yields

• 2.3%

Currency +1.4%

Scandinavian Airlines 11/12/2002 110

Passenger Revenue Analysis

3rd Quarter 2002 vs 2001

Revenues 8 052 MSEK

• 4.0%

Volume

• 1.0%

Yields

• 2.1%

Currency

• 0.9%

Scandinavian Airlines 11/12/2002 111

Passenger Revenue Analysis

September 2002 vs 2001

Revenues 3 244 MSEK + 2.4% Volume + 8.7% Yields

• 4.4%

Currency

• 1.7%

Scandinavian Airlines 11/12/2002 112

SAS Group

Development of Income before Taxes January-September 2002

• 400
• 200

200 400

Jan-Sep 2001 SAS Airline Subsidiary & Aff Airlines Airline Related Business Rezidor SAS Hospitality Gains Group elim Jan-sep 2002

233

MSEK

7

+17

• 106

+288

• 197

+82 +142

11/12/2002 113

Passenger load factor

1995-2002

Moving 12 months values

63% 64% 65% 66% 67% 68%

DEC94 DEC95 DEC96 DEC97 DEC98 DEC99 DEC00 DEC01 Scandinavian Airlines 11/12/2002 114

SEK/USD 6 7 8 9 10 11 12 Jan Feb Mar Apr May Jun jul Aug Sep Oct Nov Dec 2000 2001 2002

Weaker USD set to affect second half positively if current levels remains

Negative Effect on 1st half 2002

• 49 MSEK

Positive effect on 2nd Quarter +40 MSEK Positive effect 3rd Quarter MSEK 154 Potential positive effect if levels remain

Scandinavian Airlines

SLIDE 20

The SAS Group Investor Relations

• Tel. +46 (0) 8 797 1451 Fax: +46 (0)8 797 5110

e-mail: investor.relations@sas.se --- Homepage: www.scandinavian.net -- Results Jan -Sep 2002

11/12/2002 115

Currency Effects

January-September 2002 vs 2001

MSEK

JAN-SEP

Total revenues +574 Total costs

• 282

Forward cover costs & working cap.

• 7

Income before depr. +285

Financial items

• 258

Income before tax +27

11/12/2002 116

Currency Effects

July-September 2002 vs 2001

MSEK

JUL-SEP

Total revenues

• 92

Total costs +281 Forward cover costs & working cap.

• 134

Income before depr. +55

Financial items

• 187

Income before tax +132

11/12/2002 117

Currency Effects

January-September 2002 vs 2001

MSEK

JAN-SEP

Total revenues +427 Total costs

• 153

Forward cover costs & working cap.

• 18

Income before depr. +256

Financial items

• 301

Income before tax

• 45

Scandinavian Airlines 11/12/2002 118

Currency Effects

July-September 2002 vs 2001

MSEK

JUL-SEP

Total revenues

• 88

Total costs +262 Forward cover costs & working cap.

• 126

Income before depr. +48

Financial items

• 177

Income before tax

• 129

Scandinavian Airlines 11/12/2002 119

Currency Effects

January-September 2002 vs 2001 Total revenues & costs: (Total +274 MSEK)

Major approx. effects: USD +105 DKK

• 14

NOK +197 EUR +2 Asian curr.

• 21

All others +5

Forward cover costs: (Total -90 MSEK)

2001 +91 2002 +1

Working capital:

(Total +72 MSEK)

2001

• 36

2002 +36 Financial items:

(Total –301 MSEK)

2001 +221 2002

• 80

Grand total –45 MSEK

Scandinavian Airlines 11/12/2002 120

Currency Effects

July-September 2002 vs 2001 Total revenues & costs: (Total +174 MSEK)

Major approx. effects: USD +154 DKK +6 NOK +54 EUR

• 1

Asian curr.

• 14

All others

• 25

Forward cover costs: (Total -66 MSEK)

2001 +38 2002

• 28

Working capital:

(Total –60 MSEK)

2001 +26 2002

• 34

Financial items:

(Total –177 MSEK)

2001 +114 2002

• 63

Grand total –129 MSEK

Scandinavian Airlines

SLIDE 21

The SAS Group Investor Relations

• Tel. +46 (0) 8 797 1451 Fax: +46 (0)8 797 5110

e-mail: investor.relations@sas.se --- Homepage: www.scandinavian.net -- Results Jan -Sep 2002

11/12/2002 121

Costs

DKK 16% EUR 15% GBP 2% NOK 21% SEK 22% USD 22% Others 2%

Revenues

DKK 10% EUR 19% GBP 4% NOK 29% SEK 25% USD 10% Others 3%

Expected currency distribution in the SAS Group 2002

11/12/2002 122

Considerable surplus values despite reduced aircraft prices

Surplus value, aircraft

1000 2000 3000 4000 5000 6000 1 9 9 2 1 9 9 3 1 9 9 4 1 9 9 5 1 9 9 6 1 9 9 7 1 9 9 8 1 9 9 9 2 2 1 Q 1 2 2 Q 2 2 2 Q 3 2 2 MSEK

0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

1996 1997 1998 1999 2000 2001 Q1 2002 Q2 2002 Q3 2002

Surplus value in relation to booked value

11/12/2002 123

Financials and aircraft fleet data

11/12/2002 124

Balance Sheet

MSEK MSEK MSEK MSEK 30SEP02 30DEC01 Liquid funds 10 482 11 662 Other interest-bearing assets 7 279 6 810 Aircraft 26 429 22 076 Other assets 24 621 22 214 Total assets 68 811 62 762 Operating liabilities 19 779 16 975 Interest-bearing liabilities 29 027 25 204

Subordinated debenture loan 902 920 Deferred tax 3 746 3 856 Minority interests

• 57

263 Equity 15 414 15 544 Total liabilities and equity 68 811 62762 Net debt 12 168 5 586

11/12/2002 125

Changes in Financial Position

January – September 2002 2001

Cash flow from operations +1 879 +407 Change in working capital

• 505
• 662

Net financing from operations +1 374

• 255

Investments, advance payments

• 6 806
• 6 495

Acquisition of subsidiaries

• 1 064

Sell of subsidiaries +843 Sales of fixed assets, etc. +3 100 +3 320

Financing surplus

• 2 553
• 3 430

Changes in external financing, net +1 373 +2 966 MSEK MSEK MSEK MSEK

11/12/2002 126

The SAS Group Equity / Assets Ratio 9212-0209

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 92-12 93-12 94-12 95-12 96-12 97-12 98-12 99-12 00-12 01-12

Including pare nt company from January, 2000.

Including Braathe ns from De ce mber, 2001 and Spanair from March, 2002.

SLIDE 22

The SAS Group Investor Relations

• Tel. +46 (0) 8 797 1451 Fax: +46 (0)8 797 5110

e-mail: investor.relations@sas.se --- Homepage: www.scandinavian.net -- Results Jan -Sep 2002

11/12/2002 127

The SAS Group Net Debt / Equity Ratio 9212-0209

0,0 0,3 0,5 0,8 1,0 1,3 1,5 1,8 2,0 2,3 2,5 92-12 93-12 94-12 95-12 96-12 97-12 98-12 99-12 00-12 01-12 Including pare nt company from January, 2000. Including Braathe ns from De ce mber, 2001 and Spanair from March, 2002.

11/12/2002 128

Development of net debt 9112-0209

2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 18 000 91-12 92-12 93-12 94-12 95-12 96-12 97-12 98-12 99-12 00-12 01-12

MSEK Average -92 MSEK13.000 Average -93 MSEK 15.900 Average - 94 MSEK 9.700 Average -95 MSEK 4.950 Average -96 MSEK 2.350 Average -97 MSEK 1.850 Average -98 MSEK 1.950 Average -99 MSEK 4.900 Average -00 MSEK 2.400 Average -01 MSEK 4.700

Including parents company from January,2000 Including Braathens from December, 2001 and Spanair from March, 2002.

Average -02 MSEK 11.600

11/12/2002 129

SAS Group Owne d Le ase d Total Leas ed On

(Incl SK, BU, JK, KF, W Sep02 In Sep02 Out Orde r Airbus A340-300 5 2 7 Airbus A330-300 4 Airbus A321-200 5 3 8 8 Airbus A320 5 5 11 Boeing 767-300 3 6 9 Boeing 737-400 5 5 Boeing 737-500 15 15 Boeing 737-600 12 18 30 Boeing 737-700 9 4 13 Boeing 737-800 14 5 19 4 4 Douglas M D-81 5 10 15 Douglas M D-82 17 29 46 Douglas M D-83 2 20 22 Douglas M D-87 10 8 18 Douglas M D-90-30 8 8 Douglas DC-9-41 9 9 Avro RJ-85 5 5 Embraer ERJ 145 3 3 Fokker F28 7 7 Fokker F50 7 7 2 deHavilland Q100 16 1 17 deHavilland Q300 9 9 deHavilland Q400 15 13 28 SAAB 2000 5 5 Total 135 175 310 6 27

SAS Group fleet as of Sep 30, 2002

Scandinavian Airlines 115 83 198 6 12 Spanair 45 45 15 Braathens 4 23 27 Wideroe 16 14 30 Air Botnia 10 10 SAS Group Owne d Le ase d Total Leas ed On (Incl SK, BU, JK, KF, W Sep02 In Sep02 Out Orde r

11/12/2002 130

Limited CAPEX beyond 2002 Firm Order CAPEX MUSD 585

Aircraft Orders Aircraft Orders Aircraft Orders Aircraft Orders Total Total Total Total 2002 2002 2002 2002 2003 2003 2003 2003 2004 2004 2004 2004 2005 2005 2005 2005

as per 30/9-02

Q4 Q4 Q4 Q4 Airbus A330 3 1 1 1 Airbus A320/321 7 3 3 1 Boeing 737 4 2 2 TOT No. of A/C 14 4 3 4 3 CAPEX (MUSD) CAPEX (MUSD) CAPEX (MUSD) CAPEX (MUSD) 585 585 585 585 170 170 170 170 145 145 145 145 190 190 190 190 80 80 80 80 Total CAPEX 2003 Total CAPEX 2003 Total CAPEX 2003 Total CAPEX 2003-

• 05 MUSD 415

05 MUSD 415 05 MUSD 415 05 MUSD 415

11/12/2002 131

Firm Order CAPEX MUSD 725

Aircraft Orders Aircraft Orders Aircraft Orders Aircraft Orders Total Total Total Total 2002 2002 2002 2002 2003 2003 2003 2003 2004 2004 2004 2004 2005 2005 2005 2005

as per 30/9-02

Q4 Q4 Q4 Q4 Airbus A330 3 1 1 1 Airbus A320/321 10 4 1 4 1 Boeing 737 4 2 2 Q400 3 3 TOT No. of A/C 20 5 7 5 3 CAPEX (MUSD) CAPEX (MUSD) CAPEX (MUSD) CAPEX (MUSD) 725 725 725 725 205 205 205 205 220 220 80 220 220 80 220 220 80 220 220 80 Total CAPEX 2003 Total CAPEX 2003 Total CAPEX 2003 Total CAPEX 2003-

• 05 MUSD 520

05 MUSD 520 05 MUSD 520 05 MUSD 520

11/12/2002 132

Strengthening of SAS financial position

Equity MSEK 15 414 Equity ratio 22% Net debt MSEK 12,168 Net debt/ equity 79%

0% 5% 10% 15% 20% 25% 30% 35% 40% Dec-98 Mar-99 Jun-99 Sep-99 Dec-99 Mar-00 Jun-00 Sep-00 Dec-00 Mar-01 Jun-01 Sep-01 Dec-01 Mar-02 Jun-02 Sep-02

SLIDE 23

The SAS Group Investor Relations

• Tel. +46 (0) 8 797 1451 Fax: +46 (0)8 797 5110

e-mail: investor.relations@sas.se --- Homepage: www.scandinavian.net -- Results Jan -Sep 2002

11/12/2002 133

Commited Credit Facilities of MSEK 10,450

MSEK MSEK MSEK MSEK

Liquid Funds Liquid Funds Liquid Funds Liquid Funds 30/9 30/9 30/9 30/9-

• 02

02 02 02 10,400 10,400 10,400 10,400 Available Credit Facilites: Revolving Credit Facility (MUSD 700) 3,700 Aircraft Finance Lease Facility 3,700 Bi-lateral Facilities 1,200 ECA Facility 1,850 Total Total Total Total Available Funds Available Funds Available Funds Available Funds 20,850 20,850 20,850 20,850

11/12/2002 134

SAS Group Financial Net January – September 2002

(MSEK) (MSEK) (MSEK) (MSEK) Q3 2002 Q3 2002 Q3 2002 Q3 2002 Q3 2001 Q3 2001 Q3 2001 Q3 2001 Q1 Q1 Q1 Q1-

• Q3 2002 Q1

Q3 2002 Q1 Q3 2002 Q1 Q3 2002 Q1-

• Q3 2001

Q3 2001 Q3 2001 Q3 2001 Interest net and Interest net and Interest net and Interest net and

• 322

322 322 322 -

• 93

93 93 93 -

• 691

691 691 691 -

• 234

234 234 234

• thers
• thers
• thers
• thers

Exchange rate effect Exchange rate effect Exchange rate effect Exchange rate effect

• 84

84 84 84 -

• 67

67 67 67

• 45

45 45 45

• 254

254 254 254 Currency movements Currency movements Currency movements Currency movements Exchange rate effect 0 +170 Exchange rate effect 0 +170 Exchange rate effect 0 +170 Exchange rate effect 0 +170 +467 +467 +467 +467 Sale & Leaseback Sale & Leaseback Sale & Leaseback Sale & Leaseback Aircraft Aircraft Aircraft Aircraft Financial net Financial net Financial net Financial net -

• 406 +10

406 +10 406 +10 406 +10

• 736

736 736 736

• 21

21 21 21

11/12/2002 135

Scandinavian Airlines Financial Net January – September 2002

(MSEK) (MSEK) (MSEK) (MSEK) Q3 2002 Q3 2002 Q3 2002 Q3 2002 Q3 2001 Q3 2001 Q3 2001 Q3 2001 Q1 Q1 Q1 Q1-

• Q3 2002 Q1

Q3 2002 Q1 Q3 2002 Q1 Q3 2002 Q1-

• Q3 2001

Q3 2001 Q3 2001 Q3 2001 Interest net and Interest net and Interest net and Interest net and -

• 253

253 253 253 -

• 71

71 71 71 -

• 533

533 533 533 -

• 174

174 174 174

• thers
• thers
• thers
• thers

Exchange rate effect Exchange rate effect Exchange rate effect Exchange rate effect -

• 63

63 63 63 -

• 56

56 56 56

• 80

80 80 80

• 246

246 246 246 Currency movements Currency movements Currency movements Currency movements Exchange rate effect 0 +170 Exchange rate effect 0 +170 Exchange rate effect 0 +170 Exchange rate effect 0 +170 +467 +467 +467 +467 Sale & Leaseback Sale & Leaseback Sale & Leaseback Sale & Leaseback Aircraft Aircraft Aircraft Aircraft Financial net Financial net Financial net Financial net -

• 316 +43

316 +43 316 +43 316 +43

• 613

613 613 613 +47 +47 +47 +47

Scandinavian Airlines 11/12/2002 136

SAS Group - Development and Break Down of Net Debt 020930

(MSEK) (MSEK) (MSEK) (MSEK) 020930 020930 020930 020930 010930 010930 010930 010930 Difference Difference Difference Difference Cash Cash Cash Cash 10 482 10 482 10 482 10 482 7 761 7 761 7 761 7 761 2 721 2 721 2 721 2 721 Other interest bearing Other interest bearing Other interest bearing Other interest bearing assets assets assets assets 7 279 7 279 7 279 7 279 7 896 7 896 7 896 7 896

• 617

617 617 617 Interest bearing Interest bearing Interest bearing Interest bearing liabilities liabilities liabilities liabilities

• 29 929

29 929 29 929 29 929

• 21 243

21 243 21 243 21 243

• 8 686

8 686 8 686 8 686 Net debt Net debt Net debt Net debt

• 12 168

12 168 12 168 12 168

• 5 586

5 586 5 586 5 586

• 6 582

6 582 6 582 6 582

11/12/2002 137

SAS share

11/12/2002 138

* Peers: Alitalia, Air France, British Airways, Finnair, KLM, Lufthansa &Rynair

SAS share price vs. Peers 2002

55 55 55 55 65 65 65 65 75 75 75 75 85 85 85 85 95 95 95 95 105 105 105 105 115 115 115 115 125 125 125 125

31-dec- 31-dec- 31-dec- 31-dec- 01 01 01 01 31-jan- 31-jan- 31-jan- 31-jan- 02 02 02 02 28-feb- 28-feb- 28-feb- 28-feb- 02 02 02 02 31-mar- 31-mar- 31-mar- 31-mar- 02 02 02 02 30-apr- 30-apr- 30-apr- 30-apr- 02 02 02 02 31-maj - 31-maj - 31-maj - 31-maj - 02 02 02 02 30-jun- 30-jun- 30-jun- 30-jun- 02 02 02 02 31-j ul- 31-j ul- 31-j ul- 31-j ul- 02 02 02 02 31-aug- 31-aug- 31-aug- 31-aug- 02 02 02 02 30-sep- 30-sep- 30-sep- 30-sep- 02 02 02 02 31-okt- 31-okt- 31-okt- 31-okt- 02 02 02 02

Index Peers Index SAS

SAS Market Capitalization vs. European Peers* measured in SEK (December28, 2001 - October 31, 2002)

76,9 78,9

SLIDE 24

The SAS Group Investor Relations

• Tel. +46 (0) 8 797 1451 Fax: +46 (0)8 797 5110

e-mail: investor.relations@sas.se --- Homepage: www.scandinavian.net -- Results Jan -Sep 2002

1040145L 139

Volume in SAS 2002 vs 2001 in Stockholm

Average daily number of shares traded in Stockholm per month Average daily number of shares traded in Stockholm per month Average daily number of shares traded in Stockholm per month Average daily number of shares traded in Stockholm per month

50 000 100 000 150 000 200 000 250 000 300 000

J a n u a r y F e b r u a r y M a r c h A p r i l M a y J u n e J u l y A u g u s t S e p t e m b e r O c t

• b

e r 2001 2002

1040145L 140

Weak volume in industry downturn SAS AB

Number of shares traded in SAS per month Number of shares traded in SAS per month Number of shares traded in SAS per month Number of shares traded in SAS per month

2 000 000 4 000 000 6 000 000 8 000 000 10 000 000 12 000 000 14 000 000 16 000 000 January February March April June July August September October 2001 2002