SAS Group Traffic Figures

Market trends and yield development:
The traffic development in June is reflecting a gradually improving
demand environment compared with the previous months.
Traffic on North America has recovered and passenger load factor
gradually surpassed 90% in June. Forward bookings for Asian routes are
also improving, but from a low level. Traffic in Spanair and Braathens
developed positively, up 14,0% and 21,5% respectively, but it must be
noted that also these airlines experience a significant pressure on
á  The SAS Group transported a total of 2,9 million passengers in June 2003 vs 3,1 million in 2002, a decrease of 5,3%. á  Total passenger traffic (RPK) decreased by 1,2% vs 2002. á  Overall group passenger load factor decreased by 2,8 p.u to 69,3%  for June 2003 vs. 2002.

Indications of passenger yield development for Scandinavian Airlines in
May indicate an continued pressure as a result of negative mix, a number
of sales campaigns and new market initiatives. Yields on the European
routes were down 16% in May, affected by the introduction of the new low
fare initiative Snowflake (8-9 p.u.) and the holiday pattern in May.
Underlying development is similar to previous months.

The overall yield development in May is slightly better than the figures
reported for the previous months, however the yield pressure for
European short haul routes is still significant. Forceful cost measures
are under implementation to secure a sustained profitability level in
this lower yield environment. Due to the situation with continued weak
economies and the general uncertainties, the outlook remains cautious.