SAS REVIVING A BRAND AND GROWING MARKET SHARE

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1 SAS REVIVING A BRAND AND GROWING MARKET SHARE Göran Jansson, Deputy President & CFO Agenda Transforming and turning a legacy carrier around SAS to increase capacity to/from US and Asia in 2016 Maintaining profitability and a competitive edge in a fast paced environment 2 1

2 Overview of SAS Scandinavia s leading airline Share of capacity in the Nordic market 2015 Airline, cargo, technical maintenance and ground handling 28 million passengers and 119 destinations in 2015 Short haul focused with70% capacity within Europe MSEK (1EUR=9.35SEK) Key financial data FY15 Revenue 39,650 EBIT margin 5.6% Income before tax and nonrecurring items 1,174 Net income 956 Cash flow from operating activities 3,036 Interest-bearing liabilities 9,745 Financial net debt (net cash position) +726 Pension obligations 17,394 Fair value of plan assets 21,762 Pension funds, net surplus 4,368 SAS Norwegian Lufthansa Group Wideröe Ryanair Air France/KLM IAG Wizz Air Number of passengers 2015 Position at hubs, % of departures 47 CPH 14 SAS 41 OSL Largest competitor ARN 18 SAS strategy is to focus on Scandinavia s frequent travelers Typical low cost carrier strategy Strategy of SAS Market Operational platform Multimarket focus, general low yield, especially leisure One type fleet, operate traffic flows that fit fleet Focus on Scandinavia s frequent travelers Fleet designed to fit best network and schedule for customers Growth New destinations, anywhere Improve offer for primary customer base to increase loyalty 4 2

3 SAS strategic priorities Vision Strategic priorities Enablers Establish an efficient operating platform 4XNG - Cost down SEK 3bn New cost program SEK 2.1 bn LEAN throughout SAS Make life easier for Scandinavia s frequent travelers Win Scandinavia s frequent travelers Invest to stay competitive New Euro Bonus launched Increased membership base 30 leased A/C -> Short haul - 30 A320neo Long haul - 4 A330E/8 A350 IT MSEK 500 Further objectives: Increased variable cost Lighter balance sheet Outsourcing of non-core businesses 5 A comprehensive plan was launched (4XNG) in 2012 Centralization and reduction of administration Outsourcing customer contact centers and ground handling Divestments Cost reduction SEK ~3 bn Cash increase of SEK ~3 bn Equity increase of SEK >3 bn New agreements flight crew and maintenance staff New pension schemes DB to DC 6 3

4 4XNG program completed SEK 3 billion restructuring program initiated 2012 completed, e.g. Admin centralization and reduction New pension schemes Divestment of non-core businesses Improved union agreements Strengthened financial preparedness Improved productivity R12 block hours +13% +4% FY12 FY15 FTE reduction 14,903 Pilots Cabin SAS has delivered on restructuring program resulting in decreased unit costs, a more flexible cost base and increased productivity 11,288-24% FY12 FY15 7 SAS financial risk exposure reduced Significant achievements Pension commitments reduced by SEK 16.1bn Preference share issue of SEK 3.5 bn Convertible bond issue of SEK 1.6 bn Repayments Bond in June 2014 of SEK 1.8 bn Convertible bond in April 2015 of SEK 1.6 bn Financing of 4 Airbus A330E secured PDP secured for 13 Airbus aircraft Working capital improvement Pension commitments, SEK bn Oct 12 Oct 13 Oct 14 Oct 15 Financial net debt, MSEK 6,549 4,567 1,102 Oct 12 Financial preparedness 29% Oct 13 Oct 14 Oct 15 26% 37% 40% Oct 12 Oct 13 Oct 14 Oct

5 SAS has evolved last five years SAS 2010 SAS 2015 TODAY Structure Company structure Holding company One airline Personnel FTEs, # Pension basis Pilot union agreement Defined benefit 230 pages Defined contribution 40 pages (-24%) Fleet Aircraft in fleet, # Aircraft types, # Aircraft block hours/day, # (-4%) (-60%) (+16%) Ground/ tech Ground handling Heavy maintenance Inhouse Inhouse Line station outsourced, hubs in progress Base maintenance outsourced Network # P2P routes (weekly traffic) Leisure share of ASK Wetlease production, % of legs % 4% % 22% (+25%) (+5 p.u.) (+18 p.u.) 9 Euro Bonus strengthening SAS as the membership airline Enhanced EuroBonus launched in February 2014 New Diamant tier level Silver member after 10 flights with SAS Access to SAS lounges during Christmas and summer for silver members New Gold benefits give away a Silver card, 2 extra bags free, increased availability of award trips More third-party partnerships, e.g. Coop, Preem, Aftonbladet, Fortum, Lexus, Skandiabanken, SEB and American Express Number of award travelers up 14% in FY15 Number of EuroBonus members up 14% in FY15 Revenue from EuroBonus members up 13% in FY15 Euro Bonus members, million Q Revenue generated by EuroBonus members 50% 45% 40% Q Q Q Q Q Q Q Q Q Q

6 New aircraft ordered A320neo, A330 Enhanced and A350 XWB 2 Airbus A330E delivered A320neo Firm orders 30 First delivery year 2016 A330 Enhanced Firm orders 4 First delivery Sep 2015 A350 XWB Firm orders 8 First delivery year 2018 Total order value, USD ~3 bn 11 Agenda Transforming and turning a legacy carrier around SAS to increase capacity to/from US and Asia in 2016 Maintaining profitability and a competitive edge in a fast paced environment 12 6

7 SAS is growing its long haul fleet The Scandinavian long haul market is large with growing demand Passengers (mn) and SAS is now in a position to grow the long haul network with: % Minimal investment and capital at risk Reduced cost and increased productivity Growing long haul fleet New long haul product well received Source: DDS; Innovata 13 SAS grows its long haul operation From 12 to 16 aircraft More frequencies on existing routes New routes to Hong Kong, Los Angeles, Miami and Boston BOS EWR IAD MIA ORD SFO LAX OSL CPH ARN NRT PEK PVG HKG Capacity increase in FY16 of 25% Destinations and an attractive product for the frequent traveler BOSTON HONG KONG Stockholm Hong Kong 5 days a week Book at flysas.com A

8 SAS focus on making traveling easier for the frequent travelers Customer survey long haul Examples of initiatives Upgraded cabins on long haul fleet Investment in lounge experience SAS Café lounge concept launched in Trondheim and Tromsø Seat comfort Inflight Entertainment Overall satisfaction onboard services Overall Old cabin Business class New cabin Arlanda and Gardermoen lounges expanded 15 Agenda Transforming and turning a legacy carrier around SAS to increase capacity to/from US and Asia in 2016 Maintaining profitability and a competitive edge in a fast paced environment 16 8

9 Further SEK 2.1 billion in cost savings to be implemented after the conclusion of 4XNG of SEK 3.1 bn Selected areas Fleet, production and maintenance optimization Acquisition of Cimber and transfer of CRJ900 fleet Phase out of Boeing 717 fleet from Blue1 New maintenance program for Boeing 737 Expected earnings impact, SEK bn 0.4 Administration, sales and distribution 300 FTE and simplifications Commercial functions and distribution model Ground handling Improved scheduling and more flexible staffing Increased automation, e.g. bag drops, boarding 0.9* 1.0 Supply chain and logistics Improved steering of external spend Improved logistics, contracts and optimization of costs Facilities and rental agreements Increased utilization of premises Divestments and renegotiations of rental agreements FY15 FY16 FY17 * Includes SEK 0.3 bn from the restructuring program (4XNG), launched in November Digitalization provides opportunities to enhance customer experience Airline average app ratings last 6 months ios Android SAS SAS British Airways airberlin easyjet Lufthansa Germanwings Airfrance SWISS Wizzair KLM Ryanair Norwegian New app highest rated for both ios and Android Newspaper at gate through app New IT platform to enable greater degree of personalization for the frequent travelers Source: Apple App Store and Google Play, 1 April September

10 Percent 1/21/2016 Facilitate employees to improve customer satisfaction further Dedicated employees key driver to improved customer satisfaction Cabin crew at all-time-high Onboard services at all-time-high Intercont at all-time-high SAS customer satisfaction index In addition, new tools will further improve customer personalization Oct 2014 Dec Feb Apr Jun Aug Oct 2015 Hand held devices for crew to be rolled out Direct customer feedback in SAS app Electronic flight bag for pilots 19 and maintain position among Scandinavia s frequent travelers... Airline preference among Flyers 5+, Norway

11 SAS to further improve customer offering Product: New café Lounges (e.g. Malmö to open in 2016) Self Service Bag Drops New long-haul cabin on all aircraft Grow EuroBonus: Upgrade EuroBonus IT platform in 2016 Target 5 million members Expand attractiveness of program with more partners 4.2 mn Route network: Improve leisure offering 8 new routes during the winter program ~50 seasonal summer routes More long haul destinations More wet leased aircraft to offer best network and frequencies MIA 21 Summary and outlook Summary Step change made in modernizing SAS during the last few years to a membership airline Investments in enhanced customer offering paying off (FY15 vs. FY12): Increased Plus share by 9 p.u. EuroBonus members up 42% Ticket revenue from EB members up more than 30% Investments in further product improvements Long haul expansion EuroBonus Digitilization Fleet Improve productivity and reduce cost to stay competitive in tough market FY16 outlook Market capacity expected to increase SAS to increase ASK by 10%, whereof 9% long haul Number of flights up 1% Lower PASK and unit cost due to stage length effect Efficiency program to deliver SEK 1 bn in earnings impact SAS expects to post a positive EBT before tax and non-recurring items in FY

12 THANK YOU 12

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