I am pleased to conclude a busy first quarter and winter season for SAS, marked
by increased passenger volumes, and several exciting new projects and
destinations. We are pleased to see that more and more people choose to travel
with SAS, which clearly confirms that our?ramp-up efforts continue to be
successful.

We are getting ready for the summer season, during which SAS will fly to over
130 destinations in more than 40 countries. We have added frequencies to popular
destinations across Europe, and nine new European destinations. We will also
increase flights to North America and Asia in the summer program by adding
flights to popular destinations such as New York and Tokyo. Furthermore, we have
expanded the summer program to include Atlanta in the North American network,
with daily direct flights throughout the summer season. We look forward to
flying our passengers to their summer destinations.

SAS aims to be a driving force in sustainable aviation and in January, we
announced a new collaboration with Airbus, Swedavia, Vattenfall and Avinor, to
jointly investigate the feasibility of infrastructure for hydrogen-fueled
aircraft at airports in Norway and Sweden, with the goal to develop a framework
for the rollout of hydrogen-powered flights. This partnership is an important
step in driving the transition towards achieving net-zero emissions.

We are making steady progress in our Chapter 11 process in the US and in
reaching our overall targets in the SAS FORWARD plan. In November, we entered
into an investment agreement with the winning bidder consortium in our exit
financing solicitation process, consisting of Castlelake, Air France-KLM and
Lind Invest, together with the Danish state. The agreement entails a total
investment in the reorganized SAS corresponding to approximately SEK 13.2
billion. We currently aim to receive approval by the US court for the Chapter 11
plan in the first quarter of 2024, followed by regulatory approval and a likely
Swedish company reorganization at the SAS AB level. As a result of that process,
we repeat the expectation that there will be only a modest recovery for general
unsecured creditors, no recovery for subordinated creditors and no value for SAS
AB's existing shareholders, and that all of SAS AB's common shares and listed
commercial hybrid bonds will be cancelled, redeemed and delisted, in connection
with emergence from the Chapter 11 process. Any payment of recoveries to
creditors will be made only after the completion of the transaction and the
fulfilment of any conditions for payment to creditors. We currently expect to
emerge from the restructuring proceedings around the end of the first half of
2024.

NOVEMBER 2023 - JANUARY 2024

  · Revenue: MSEK 8,923 (7,896)
  · Income before tax (EBT): MSEK -1,070 (-2,449)
  · Income before tax and items affecting comparability: MSEK -1,032 (-2,451)
  · Net income for the period: -1,453 (-2,709)
  · Earnings per common share: SEK -0.20 (-0.37)

SIGNIFICANT EVENTS DURING THE QUARTER

  · On Nov. 4, SAS entered into an investment agreement with the winning bidder
consortium and a DIP term loan agreement with?Castlelake.
  · On Nov. 15, SAS repaid its original DIP term loan.
  · On Nov. 29, the European Commission announced that the recapitalization of
SAS in 2020 complied with state aid rules and was thereby approved.
  · On Jan 2, SAS announced over 130 destinations in more than 40?countries for
the summer season 2024.
  · On Jan. 23, SAS published updated financial projections for the reorganized
SAS. SAS currently targets to receive court approval of the Chapter 11 plan in
the first quarter of 2024 followed by regulatory approval and a likely Swedish
company reorganization at the SAS AB level. SAS currently expects to complete
the restructuring proceedings around the end of the first half of 2024.
  · SAS expects that there will be only modest recovery for general unsecured
creditors, no recovery for subordinated unsecured creditors and that there will
be no value for SAS AB's existing shareholders upon emergence from the
restructuring process. All?of SAS AB's common shares and listed commercial
hybrid bonds are expected to be cancelled, redeemed and delisted.

SIGNIFICANT EVENTS AFTER THE QUARTER

  · On Feb. 5, SAS filed a second amended Chapter 11 plan and a related
disclosure statement with the US court. The Chapter 11 plan obtains support of
the Official Committee of Unsecured Creditors.

OUTLOOK

  · The first quarter interim report includes financial projections on page 10.

QUARTERLY RESULTS

We observed continued healthy passenger demand through the first quarter with
the total number of passengers up 6.3 percent compared with the same period last
year. Year-on-year, our RPK increased 13.3?percent, while capacity increased 9.3
percent. Our?flown load factor for the quarter was 71.8 percent, up 2.6
percentage points compared with the same period last year.

The increase in passenger demand and capacity led to a year-on-year increase of
13 percent in our total operating revenue, which landed at SEK 8.9 billion for
the quarter. Earnings before tax ended at a negative SEK 1.1 billion,
representing a year-on-year improvement of SEK 1.4 billion.

Cost reductions across the business remain in focus to secure our cost
competitiveness, and total operating expenses for the quarter ended at SEK 10.1
billion. Many of the cost efficiencies of the SAS FORWARD plan are ramping up
over time, and some have been implemented but cannot be recognized in our
financial results until after emergence from Chapter 11, including cost savings
from the fleet restructuring.

The cash balance at the end of the quarter was SEK?5.3?billion. Cash flow from
operating activities during the quarter amounted to an outflow of
SEK?38?million.

NEW ROUTES AND DESTINATIONS

As part of SAS' strategy to strengthen our offering for Scandinavian travelers,
and to adapt to the relative increase in demand for leisure travel, SAS has
announced several new routes during the quarter. We are getting ready for the
summer season, and in early January we were pleased to announce that SAS will
fly to over 130 destinations in more than 40 countries this summer. We have
added frequencies to popular destinations across Europe, and we have added nine
new European destinations, including direct flights to Ibiza, and Tivat on the
coast of Montenegro, among others. We will also increase flights to North
America and Asia in the summer program by adding frequencies to popular
destinations such as New York and Tokyo.

We have also expanded the summer program to include Atlanta in the North
American network, with daily direct flights throughout the summer season. With
almost 94 million passengers passing through in 2022, Hartsfield-Jackson Atlanta
International Airport is the world's busiest and most efficient airport. Cargo
transportation is expected to play an important role for this route, partly
because of its proximity to the Port of Savannah, the largest and fastest
-growing container terminal in America. This also means an expanded offering for
SAS passengers, who can look forward to reaching several new and exciting
destinations across the Southern USA, Caribbean and Latin America, all
conveniently accessible from Atlanta.

Furthermore, SAS has added frequencies between Stockholm and Skellefteå, due to
the increasing growth in the Skellefteå region. From April 8, SAS will offer new
frequencies on the busiest business travel days. Expanded air traffic plays a
crucial role in the region's ongoing expansion, and we are proud to provide
businesses and residents of Skellefteå with opportunities to connect with the
world.

In February, after the end of the quarter, we launched the concept Destination
Unknown, which entails SAS inviting EuroBonus members to embark on a mysterious
journey. On April 5, SAS EuroBonus members will meet at Copenhagen Airport ready
to board a mystery trip. The travelers are invited to explore the concept of
flying to an unknown destination and join a unique adventure curated by SAS. We
were pleased to be met by great interest for this concept, and more than 1,000
members signed up for the chance to embark on the mystery journey within
minutes. The allure of the unknown destination will keep travelers on the edge
of their seats throughout the flight until the ­destination is revealed. All
Destination Unknown tickets are biofuel?tickets.

SAS was also awarded a three-year contract extension with Equinor in February,
for both domestic and international travel. The contract with Equinor represents
a significant contribution to SAS' passenger volume in Norway. SAS was chosen on
the basis of an extensive network, attractive timetable, commercial terms and
one of Europe's most modern fleets. We are delighted that Equinor once again
have chosen SAS as their preferred carrier for business travel, demonstrating a
continued confidence in us for the next three years.

UPDATE ON SAS' TRANSFORMATION PLAN

We launched our comprehensive business transformation plan SAS FORWARD in
conjunction with the publication of the first quarter report for FY 2022, in the
end of February 2022. The aim of the plan is to secure long-term competitiveness
for SAS in the global aviation industry. On July 5, 2022, to accelerate the
implementation of SAS FORWARD, we announced that we had voluntarily filed for
Chapter 11 in the US, a well­established and flexible legal framework for
restructuring businesses with operations in multiple jurisdictions. Through this
process, we aim to reach agreements with key stakeholders, restructure the
company's debt obligations, reconfigure our aircraft fleet and emerge with a
significant capital injection.

During the quarter, in November, we entered into an investment agreement with
the winning bidder consortium in our exit financing solicitation process,
consisting of Castlelake, Air France-KLM and Lind Invest, together with the
Danish state. The agreement entails a total investment in the reorganized SAS
corresponding to approximately SEK 13.2 billion, including approximately SEK 5.2
billion in new unlisted equity and approximately SEK 8 billion in secured
convertible debt. As part of the transaction, we have also secured new Debtor-in
-Possession ("DIP") financing of SEK 5.5 billion from Castlelake. The funds from
the new DIP financing agreement are being used for, among other things,
refinancing SAS' original DIP term loan, increasing liquidity, and supporting
SAS' path to exit from its voluntary restructuring proceedings. The refinancing
of SAS' original term loan was completed in November.

As part of the transaction, SAS also intends to eventually exit the Star
Alliance and join the SkyTeam Alliance, of which Air France-KLM is a founding
member. Through the completion of this process and the opportunities presented
by being part of SkyTeam, we will be able to further enhance SAS' offerings for
the benefit of our colleagues, customers and communities. This is a truly
exciting step for SAS. However, it is important to note that nothing is changing
as of now. SAS is still part of Star Alliance and our EuroBonus members will
continue to enjoy their usual benefits when flying on our partner airlines.
Members can continue to accrue and redeem points - just like today, and their
benefits when they fly with SAS will not be impacted. The agreed exit
transaction remains subject to approval in connection with the confirmation of
our Chapter 11 plan of?reorganization.

On February 5, 2024, SAS filed a second amended Chapter 11 plan and related
disclosure statement with the US court. SAS also announced expected recoveries
for creditors in the Chapter 11 process and that the Official Committee of
Unsecured Creditors supports the Chapter 11 plan. The Chapter 11 plan and the
disclosure statement remain subject to further amendments and court approval.

We currently aim to receive approval from the US court for the Chapter 11 plan
in the first quarter of 2024, followed by regulatory approval and a likely
Swedish company reorganization at the SAS AB level. As a result of that process,
we repeat the expectation that there will be only a modest recovery for general
unsecured creditors, no recovery for subordinated creditors and no value for SAS
AB's existing shareholders, and that all of SAS AB's common shares and listed
commercial hybrid bonds will be cancelled, redeemed and delisted, in connection
with emergence from the Chapter 11 process. Any payment of recoveries to
creditors will be made only after the completion of the transaction and the
fulfilment of any conditions for payment to creditors. We currently expect to
emerge from the restructuring proceedings around the end of the first half of
2024.

STEPS TOWARDS FOSSIL-FREE AVIATION

SAS aims to decarbonize aviation and progress on this ambitious plan can only be
achieved through collaboration. By involving our customers and ­teaming up with
them, we can reduce CO 2 emissions and enable increased large-scale
production of sustainable aviation?fuels.

Several organizations joined SAS Corporate Sustainability Program (CSP) during
the quarter. We were pleased to announce that Skellefteå City Airport becomes
the first individual airport to join the CSP, and that SKEBO Skelleftebostäder
AB becomes the first real estate company to join the CSP. The partnerships
entail that the organizations will purchase environmentally friendly aviation
fuel for all its business trips with SAS throughout FY 2024. We hope these
partnerships will inspire other companies to join our CSP and be part of the
journey to transform aviation for generations to come.

SAS has announced a new collaboration with Airbus, Swedavia, Vattenfall and
Avinor, to jointly investigate the feasibility of infrastructure for hydrogen
-fueled aircraft at airports in Norway and Sweden. Hydrogen is expected to
become a significant fuel source for aviation in the future, and the goal of the
collaboration is to develop a framework for the rollout of hydrogen-powered
flights. By partnering with some of the strongest and most innovative players in
the industry, we are assuming our responsibility to drive the transition towards
achieving net-zero emissions. This is a journey that matters not just for SAS,
but for the entire aviation?industry.

On January 23, we also launched the EuroBonus Conscious Traveler program. The
new program enables EuroBonus members to make conscious choices when traveling
with SAS - while getting rewarded for it. At the heart of Conscious Traveler
lies a single goal