SATS: SATS ASA – Disclosure of Large Shareholdings

SATS Group AS, a company owned 49% by Tryghedsgruppen s.m.b.a (through TG Nordic
Invest ApS) and 51% by Elixia Holding IV AS which is the holder of 105,088,024
shares in SATS ASA (the "Company") representing 61.82% of the Company's share
capital (the "Shares"), and Elixia IV Holding AS have resolved to demerge to
facilitate a direct ownership in the Company for its shareholders as outlined in
section 13.2 of the prospectus published by the Company in connection with its
initial public offering and listing on Oslo Børs (the "Prospectus"). 

Following completion of the demergers, which are expected to occur on or about
21 February 2020: 

• SATS Group AS will not directly hold any shares, rights to shares or votes in
the Company;
• TG Nordic Invest ApS, a company owned and controlled by Tryghedsgruppen
s.m.b.a, will hold 51,493,132 Shares, representing 30.29% of the shares and
votes in the Company; and
• AF III HoldCo AS, a company indirectly owned and controlled by Altor Fund III
GP Limited, will hold 41,556,415 Shares, representing 24.44% of the shares and
votes in the Company. 

Other than as set out above, no shares, rights to shares or voting rights in the
Company are held by TG Nordic Invest ApS, AF III HoldCo AS and their respective
related persons subject to common control.

The Shares will remain subject to lock-up as described in section 18.19.3 of the

AF III HoldCo AS and TG Nordic Invest ApS are represented on the Company's board
of directors by Hugo Lund Maurstad and Søren Rene Kristiansen, respectively.

This information is subject to the disclosure requirements pursuant to sections
4-2 and 4-3 of the Norwegian Securities Trading Act. 

For further information, please contact:
Hugo Maurstad, Chairman of SATS Group AS, phone: +47 47 35 80 01