February 7, 2014 - Assignment

SAS carries out an offer to subscribe for preference share of approximately SEK 2 billion, which may be increased to SEK 3.5 billion

The Board of Directors of SAS AB has resolved to carry out an offer to subscribe for preference shares of approximately SEK 2 billion directed to the general public in Sweden, Denmark and Norway as well as to institutional investors. The offer, which among other things being conditional on that the AGM 2014 resolves to amend the Articles of Association of SAS and to authorize the board of directors of SAS to issue preference shares, may be increased to SEK 3.5 billion. The capital raised will primarily be used for the renewal of the aircraft fleet and to strengthen the company's financial preparedness. Of SAS's four largest shareholders, the Swedish government, the Danish government and the Knut and Alice Wallenberg Foundation have stated that they are positive towards voting in favour for the AGM proposals. The Norwegian government has declared that it is positive to the increased flexibility for SAS to raise hybrid capital, and have petitioned the necessary authorizations from the Norwegian parliament in order to allow for voting in favour of the proposals.

SAS is the leading airline in northern Europe and its ordinary shares are subject to trading on NASDAQ OMX in Stockholm, Copenhagen and Oslo.

SAS is being advised by Mannheimer Swartling in connection with the issue. The firm’s team is led by Klaes Edhall and Thomas Wallinder, mainly assisted by Johan Berg (project manager) as well as Therese Lundgren and Jessica Lindgren. Nils Nostell has handled prospectus matters and other documentation matters. Karin Attorps has handled certain tax law matters, mainly assisted by Maria Holme. Lukas Dahlén and Daniel Khayyami have handled matters relating to obtaining consent from certain bondholders.