The Swedish and Norwegian governments, is expanding the sale of shares in SAS – the Government and the Government offices

With reference to the previous press release, 12 October 2016, informs the Swedish government and the Norwegian government through the Nærings – og fiskeridepartementet an extension of the sale of ordinary shares in SAS AB (publ) ("SAS") from 19 million to 23 million ordinary shares due to strong demand from investors ("Sales").

The total size of the Sale is equivalent after extension to approximately 7 per cent of the total number of outstanding ordinary shares in the SAS.

the Swedish and Norwegian state has committed itself to a customary restriction on transfer, the so-called lock-up, according to which the states are precluded from selling additional shares in the SAS for a period of 180 days after the Transfer completion. This and other announcements in the press release from 12 October 2016 remain unchanged.

the Swedish and the Norwegian government has appointed Citigroup global coordinator and joint bookrunner, and Nordea and Swedbank, to the joint bookrunners.

IMPORTANT INFORMATION

the release, Publication or distribution of this press release may be subject to restrictions in certain jurisdictions. This press release is only prepared for informational purposes only and does not constitute an offer of, or invitation to acquire or subscribe for, any securities in the SAS in any jurisdiction.

This press release does not constitute, either in its entirety or in part, an offer or invitation to acquire or subscribe for any securities in the united states, Canada, Japan or Australia or in any other jurisdiction where the offer or invitation to acquire shares may be prohibited. The securities referenced in this press release have not been, and will not be registered under the U.S. Securities Act from 1933 in its current wording (the”US Securities Act”), or under the securities laws of any state or other territory of the united states or under the applicable securities laws in Canada, Japan or Australia and may not be offered for sale or sold in the united states without registration, except pursuant to an exemption from, or in a transaction not subject to, the requirements for registration under the U.S. Securities Act and in accordance with the applicable regulations in all territories and jurisdictions in the united states. Any public offering of the securities in the united states, Canada, Japan or Australia will not be provided.

This press release does not constitute a prospectus within the meaning of directive 2003/71/EC (this directive, together with all applicable implementeringsåtgärder pursuant to this directive in the respective member state, referred to as the “Prospectus directive”). The Swedish government and the Norwegian government has not authorised any offer to the public of shares or rights in any member state of the European Economic Area and no prospectus or other erbjudandedokument have been prepared or will be prepared in connection with the Swedish government and the Norwegian government any sale of the shares in SAS. With respect to each member state of the European Economic Area which has implemented the Prospectus directive (each, a “Relevant member State”), no action has been taken to date to offer the public shares or rights, which requires that a prospectus be published in any Relevant member State. In each Relevant member State this communication is only addressed to and directed to qualified investors in the Relevant member State within the meaning of the Prospectus directive.

This press release is directed only at (i) persons who are outside the united kingdom or (ii) professional investors covered by article 19(5) of the uk law on financial services and markets the Financial Services and Markets Act 2000) (Financial Promotion Order 2005) (“Order”) or (iii) “high net worth”, and other persons to whom it lawfully may be communicated to and covered by article 49(2)(a) to (d) of the Order (all such persons in (i), (ii) and (iii) above are referred to collectively as “relevant persons”). The securities are available only to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will only be directed to the relevant persons. Any person who is not a relevant person should not act upon or rely on this document or any of its content.

No action has been taken by the Swedish state, the Norwegian state, Citigroup, Nordea, Swedbank or by someone closely associated with them, which would, or be likely to, permit a public offering of the shares, in any jurisdiction, or the possession or distribution of this press release or any other promotion or information material relating to the shares in any jurisdiction where such action is illegal. Persons who come into possession of this press release imposed by the Swedish state, the Norwegian state, Citigroup, Nordea or Swedbank, to inform themselves about and observe such restrictions.

Citigroup, Nordea and Swedbank are acting for the Swedish government and the Norwegian government, and no one else in connection with the Sale and will not be liable in relation to any other than the Swedish government and the Norwegian government for the provision of the protection is prepared to Citigroup, Nordea or Swedbank’s clients or for providing advice in connection with the Sale.