SATS ASA: Adjustments to the result of the Share Investment Program

Reference is made to previous stock exchange notices of 22 June 2020 and 29 June 2020 made by SATS ASA (the “Company”), regarding the Share Investment Program for employees and certain members of the board of directors.

Under the Share Investment Program a total of 204 employees and members of the board have subscribed for a total of 1,770,636 new shares, each with a nominal value of NOK 2.125. The Company reserved the right to cancel any subscription if the subscriber failed to make timely payment for the new shares. Certain subscribers failed to make payment within a reasonable time after the payment date 1 July and the Company has cancelled their subscriptions. In addition there are some subscribers who have not deposited the entire amount payable for the shares they have subscribed for and consequently the number of shares will be reduced. As a result the number of shares subscribed for under the Share Investment Program is 1,763,386.

The subscriptions for shares under the Share Investment Program have been reduced for the following primary insiders:

Anna Raftheim, HR director, subscription has been reduced with 13 shares to 6,149 shares. After the transaction the primary insider holds 10,462 shares, in addition to the shares held by her in SATS Management Invest AS, which owns own 9,376,376 shares in the Company, corresponding to approximately 5.5% of the shares in the Company.

Jussi Raita, Country Manager Finland, subscription has been reduced with 6 shares to 27,592 shares. After the transaction the primary insider holds 27,592 shares, in addition to the shares held by him in SATS Management Invest AS, which owns own 9,376,376 shares in the Company, corresponding to approximately 5.5% of the shares in the Company.

For shares subscribed for by other primary insiders, reference is made to the stock exchange announcement 29 June 2020.

The share capital increase pertaining to the issuance of shares is expected to be registered with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret) on or about 9 July 2020.

Investor Relations:

Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195

Stine Klund, Finance and Investor Relations Manager, phone: +47 986 99 259