SAS sells flight academy

AS Group has agreed to sell its holding in SAS Flight Academy Holding AB to STAR Capital Partners.The transaction value and
positive effect on net debt for the SAS Group amount to MSEK 750. The
capital gain amounts to approximately MSEK 380. In conjunction with the
transaction, SAS has entered into a service agreement with Flight Academy
regarding aviation training. The transaction is expected to close in
February 2007. In addition to Flight Academy, STAR Capital Partners has
reached an agreement to acquire a majority stake in General Electric
Commercial Aviation Training (“GECAT”).

“During SAS Group’s ownership, Flight Academy has established a strong
platform in its home markets. The divestment of Flight Academy is a further
step in our strategy to focus on core business and also part of the SAS
Group’s program to free up capital”, says Mats Jansson, SAS Group President
& CEO.

“SAS Group has been an excellent owner of Flight Academy and enabled us to
achieve a leading position in Northern Europe”, says Olof Bärve, CEO of
Flight Academy. “Our new owner can ensure that we continue to grow in
Northern Europe and in adjacent markets as an independent provider of
aviation training services.”