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Scandic Kiruna
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Clarification of Profit Warning Regarding Spanair

The decision by Spanair's Board of Directors to apply for bankruptcy will, as stated in a SAS Group press release on January 27, 2012, imply write downs of SEK 1.7 billion in total that affects the result for the full year 2011.

In a new press release, the SAS Group clarified the press release from January 27, and informed that the result before tax according to the statement of income for 2011 will be negative due to the effects from Spanair.

The SAS Group reported the following as of the third quarter 2011; "Our assessment made in conjunction with the report for the first quarter of 2011 remains valid, but it should be noted that the conditions for fulfilling this forecast have deteriorated. On condition that nothing unexpected occurs, it is our opinion that there is still the potential for SAS to achieve marginally positive income before tax for full-year 2011. The risk in SAS's exposure in Spanair has also increased due to the difficult economic situation in Spain."

SAS has continuously been clear about the risk a possible Spanair bankruptcy could imply and that the risk has increased. The write down affects the result before tax for 2011 with SEK 1.7 billion and the SAS Group expects a negative result for the full year 2011. SAS expects however a marginally positive result before non-recurring items for the full year 2011.