Offer from SAS AB to shareholders in Braathens ASA

On 28 November 2001 SAS offered the shareholders in Braathens ASA NOK 27 per share. In connection with this a prospectus was issued: Frivillig tilbud om kjøp av aksjer i Braathens ASA.

In January 2002, SAS had acquired 98.48% of the outstanding shares in Braathens ASA, which according to the legislation required in that SAS had to issue a mandatory offer. In connection with this a second prospectus was issued: Pliktig tilbud fra SAS AB til aksjeeiere i Braathens ASA.