Update on Timeline for SAS Equity Solicitation Process

11 Sep 2023 18:20 CEST

SAS AB ("SAS" or the "Company") announces that it will extend the timeline for
its equity solicitation process by one week, at the request of one or more
bidders. The new deadline for potential investors to submit final bids is
September 25, 2023.

SAS is currently running a competitive and broad equity solicitation process,
with the aim of soliciting investments in the reorganized Company. SAS has
received substantial interest from potential investors participating in the
process. At the request of one or more bidders, SAS has decided to extend the
timeline for the equity solicitation process by one week. With the extended
timeline, the new deadline for potential investors to submit final bids is
September 25, 2023. SAS currently aims to complete court approval of its court
-supervised process in the US around year-end, to be followed by any regulatory
approvals and procedures required in 2024.

Additional information about the Company's voluntary Chapter 11 process is
available on the Company's dedicated restructuring
website, https://sasgroup.net/transformation. Court filings and other documents
related to the Chapter 11 process in the U.S. are available on a separate
website administered by SAS' claims agent, Kroll Restructuring Administration
LLC, at https://cases.ra.kroll.com/SAS. Information is also available by calling
(844) 242-7491 (U.S./Canada) or +1 (347) 338-6450 (International), as well as by
email at SASInfo@ra.kroll.com.

Advisors
Weil, Gotshal & Manges LLP is serving as global legal counsel and Mannheimer
Swartling Advokatbyrå AB is serving as Swedish legal counsel to SAS. Seabury
Securities LLC and Skandinaviska Enskilda Banken AB are serving as investment
bankers, Seabury is also serving as restructuring advisor, and FTI Consulting is
serving as financial advisor to SAS.

For further information, please contact:
SAS Press office, +46 8 797 29 44
Investor Relations, +46 70 997 7070

SAS, Scandinavia's leading airline, with main hubs in Copenhagen, Oslo and
Stockholm, flies to destinations in Europe, USA and Asia. Spurred by a
Scandinavian heritage and sustainability values, SAS aims to be the driving
force in sustainable aviation and in the transition toward net zero emissions.
We are continuously reducing our carbon emissions through using more sustainable
aviation fuel, investing in new fuel-efficient aircraft and technology
innovation together with partners - thereby contributing towards the industry
target of net zero CO2 emissions by 2050. In addition to flight operations, SAS
offers ground handling services, technical maintenance and air cargo services.
SAS is a founding member of the Star AllianceT, and together with its partner
airlines offers a wide network worldwide. Learn more at https://www.sasgroup.net

ADDITIONAL INFORMATION
The press release does not constitute an offer to sell or issue, or the
solicitation of an offer to buy or acquire, or subscribe for, shares or any
other financial instruments in SAS.

This press release contains forward-looking statements that reflect SAS' current
view of future events as well as financial and operational development. These
statements may include, without limitation, any statements preceded by, followed
by or including words such as "intend", "assess", "expect", "may", "plan",
"estimate" and other expressions involving indications or predictions regarding
future development or trends and other words and terms of similar meaning or the
negative thereof. These forward-looking statements have been prepared for
illustrative purposes only, are not based on historical facts, are not
guarantees of future performance, reflect SAS' beliefs and expectations, and are
subject to known and unknown risks, uncertainties and assumptions and other
factors that could cause actual events and performance to differ materially from
any expected future events or performance expressed or implied by such forward
-looking statements. As a result of these risks, uncertainties, assumptions and
other factors, you should not place undue reliance on these forward-looking
statements as a prediction of actual future events or otherwise. The information
contained in this press release is subject to change without notice and, except
as required by applicable law, SAS does not assume any responsibility or
obligation to update publicly or review any of the forward-looking statements
contained in it, whether as a result of new information, future events or
otherwise. Nothing in this press release constitutes or should be construed as
constituting a profit forecast.

More information:
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