SAS Group Sale of Shares in SMART

On July 5th 2002 the SAS Group communicated that an agreement had been concluded to sell its 95 percentage share in SMART (Scandinavian Multi Access Systems) to Amadeus provided the relevant authorities approval.

The transaction has now been completed as planned after being approved by the Swedish competition authority. The shares were sold for MSEK 1000. The capital gain is approximately MSEK 800 and the positive effect on the cash and net debt is approximately MSEK 950. The closing date is August 31st, 2002.

SMART is Northern Europe`s leading travel distribution company. The SAS Group will continue its commercial relations with Amadeus according to the existing distributions agreements.