Focus on the SAS Group2006

The SAS Group is the 4th

largest airline group in Europe

• Approx. 1,520 daily departures • 147 destinations• 217 hotels

The SAS Group’s airline network and hotels

The SAS Group’s business areas

Mission, vision& objectives

• Mission: Serve Europe with air travel• Vision: The preferred choice• Objectives:

– Achieve a CFROI of 20% on average– Reach goals set for customer and employee

satisfaction and environmental impact– Reach goals set for flight safety

Values

The SAS Group shall be a businesscharacterized by

• Consideration• Reliability• Value creation• Openness

Strategies

• Commercial excellence• Cost improvement and flexibility• Optimization of production• Portfolio strategy• Management, Human Resources

Five strategic focus areas:

Brand portfolio

• Master brand strategy– The core of the SAS

Group’s brand portfolio– High degree of uniformity

in terms of brand platform, design and market communication

• Endorsement strategy– Strong brands with

individual identities– “SAS Group Company”

The SAS Group – key data

2005 2004Operating revenue, MSEK 61,887 58,073EBITDAR MSEK 6,117 4,383 CFROI, % 13 9Income before tax, MSEK 418 -1,701Employees 32,363 32,481No. of aircraft 294 297No. of daily departures 1520 1,450No. of destinations 147 146No. of passengers, mill. 36,312 34,250No. of hotels 217 190

The SAS Group – revenue distribution

Scandinavian AirlinesHotelsOthers

1994 Revenues MSEK 37 000

Scandinavian Airlines BusinessesSubsidiary & Affiliated AirlinesAirline Support businessesAirlines related businessesHotels

2005 Revenues MSEK 61 887

SAS Group earnings 1992-2005

-3000

-2000

-1000

0

1000

2000

3000

4000

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Earnings before tax Income bef capital gains and nonrecurring items

SAS Group market position

The SAS Group – ownership structure

Owned 50/50 by private shareholders/three Scandinavian states

Listed on three stock exchanges: Stockholm, Copenhagen, Oslo

No subsidies

The SAS Group – principle shareholders (more than 1% of total)

Shareholder Ownership

The Swedish Government 21.4%

The Danish Government 14.3%

The Norwegian Government 14.3%

Wallenberg Foundations 8,0%

Odin Fondene 1.7%

State of New Jersey Com. Pens. 1.5%

National Bank of Denmark 1.4%

Handelsbanken funds 1.2%

Robur 1.0%

Livförsäkringsaktiebolaget 0.9%

Others 34.3%

As of December 31st 2005

Access to a global network through Star Alliance™

Star Alliance™ The airline network for Earth• Through partnership in Star Alliance™, the SAS

Group can offer a worldwide network covering a total of 842 airports in 152 countries

• The Star Alliance™ network was launched in May 1997

• Two airlines in the SAS Group are members –Scandinavian Airlines and Spanair. Blue 1 became a regional member in 2004.

The SAS Group- Scandinavian Airlines Businesses

Key figures 2005 2004Number of passengers (million) 25.0 24.9Number of aircraft 191 200Daily departures 882 918Number of destinations 109 100RPK (million) 27,724 27,515ASK (million) 38,454 40,574Cabin factor 72.1% 67.8%Number of employees (average) 8,242 9,254

Scandinavian Airlines Businesses’ aircraft fleet

As of January 1, 2005

Airbus A340-300Number of aircraft: 7

MD-81/82/87Number of aircraft: 9/25/15

Airbus A330-300Number of aircraft: 4

de Havilland Q400Number of aircraft: 24

Fokker 50Number of aircraft: 6

Airbus A321-300Number of aircraft: 8

Boeing 737-400/500Number of aircraft: 4/13

Boeing 737-600/700/800Number of aircraft: 41/21/21

The SAS Group – Subsidiaries and Affiliated Airlines

Key figures 2005 2004Passengers scheduled (million) 11.2 9.3Destinations 101 73Aircraft 103 97Daily departures 638 532Employees (average) 5,903 5,145

The SAS Group – Airline Support Businesses

Operating revenue accounts for 20% of the total for the SAS Group

Key figures 2005 2004 Operating revenue SEK million 14,876 14,213Employees (average) 11,845 11,893

The SAS Group – Rezidor SAS

VisionTo become one of Europe’s leading hospitality management companieswith a focused collection of high-performing, profitable brands in variousmarket segments.

Key figures 2005 2004Operating revenue SEK million (incl franchise) 13,715 11,381Hotels 217 190Countries of operation 49 47Available rooms per day1 10,158 9,232REVPAR, Revenue per available room 622 SEK 557 SEKEmployees (average) 4,922 4,436Occupancy rate 67.3% 64.6%Number of rooms sold1 6,836 5,964

1) Hotels operated as owned, leased or on management contracts.