SAS Will Reduce the Administration by 300 Full-Time Positions

Regulatory News:

As part of the already planned cost reductions in the new strategic platform 4Excellence, SAS (OSE:SASNOK) will reduce the number of full-time positions in the administration with 300.

One of the main targets in 4Excellence is a 3-5% unit cost reduction annually. That equals approximately 2 billion SEK for 2012. SAS maintains its forecast of a marginally positive financial result for 2011. However as previously announced the implementation of the initiatives in 4Excellence becomes even more crucial in 2012 due to increased economic uncertainty, increased pressure on yields in the airline industry and continued high fuel prices.

One example of cost reductions is the decision to reduce the administration by 300 full-time positions.

"It is critical in order to strengthen our competitive position that we reach the targeted unit cost reduction of 3-5% annually. Part of this is to reduce the number of employees in the administration. Regretfully that will mean that good and loyal employees will be leaving SAS but I am convinced that these measures are necessary. With the loyalty and commitment that we have in SAS we will now concentrate our efforts to secure our long term competitiveness." Says Rickard Gustafson, President and CEO of SAS.

SAS Group Investor Relations SAS discloses this information pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was provided for publication on January 18 2012, at 12.30 p.m. CET.

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