Scandinavian Airlines System Denmark – Norway – Sweden (“SAS”) gives notice that it will not make the interest payment due on January 14, 2023 on its CHF 200,000,000 perpetual subordinated bonds 1986ff (with an outstanding amount of CHF 127,195,000) with ISIN CH0006125253 (the “Swiss Bonds”), as part of the voluntary chapter 11 process in the U.S.

The holders of the Swiss Bonds have been notified of the non-payment in accordance with the terms and conditions for the Swiss Bonds.