SATS ASA: Result of Share Investment Program for employees and certain members of the board of directors

Reference is made to the stock exchange notice on 22 June 2020 published by SATS ASA (the “Company”), regarding the implementation of the Share Investment Program for employees and certain members of the board of directors. The Application Period expired today, on 29 June 2020 at 10:00 CEST.

A total of 204 employees have applied for a total of 1,770,636 new shares in the Company by the end of the Application Period. In accordance with the authorisation to increase the share capital by the issuance of new shares granted by the Company’s annual general meeting 26 May 2020, the board of directors have today resolved to increase the share capital in connection with the Company’s share investment program by minimum NOK 2,125,000 and maximum NOK 3,762,601.50 by the issuance of up to 1,770,636 new shares. All 1,770,636 new shares have been subscribed for by the employees and board members who have applied for shares in the Share Investment Program. The Company reserves the right to cancel subscriptions by any subscriber if the subscriber fails to make timely payment for the shares to the Company.

The offer price (before discount) for the new shares is NOK 18.66, which equals the volume weighted average share price for the Company’s shares on the Oslo Stock Exchange during the 10 trading days prior to the expiry of the Application Period. The subscribers will receive a discount of 20% or 15% of the offer price, depending on the length of the lock-up period and the subscription prices for the new shares are hence NOK 14.93 and NOK 15.86, respectively.

As part of the Investment Program for the Executive Management and other management personnel, management employees may after the expiration of their respective lock-up period be awarded additional shares in the Company without consideration (“Matching Shares”) in the ratio of 0.33:1 based on the number of shares originally acquired under the Share Investment Program, subject to certain conditions being fulfilled.

The following primary insiders have subscribed for shares in the Company at a subscription price of NOK 14.93 in the Share Investment Program and been awarded matching shares:

Sondre Gravir, CEO, has through his wholly owned company Gravir Invest AS purchased 201,766 shares. 66,987 Matching Shares have been awarded following the investment, subject to certain conditions being fulfilled. After the transaction the primary insider holds 329,425 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.

Cecilie Elde, CFO, has through her wholly owned company Moneypenny Invest AS purchased 201,766 shares. 66,987 Matching Shares have been awarded following the investment, subject to certain conditions being fulfilled. After the transaction the primary insider holds 201,766 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.

Christian Øvregaard, Chief Digital Officer, has through his wholly owned company Tolian Invest AS purchased 134,778 shares. 44,658 Matching Shares have been awarded following the investment, subject to certain conditions being fulfilled. After the transaction the primary insider holds 134,778 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.

Anna Raftheim, HR director, has purchased 6,162 shares. 1,786 Matching Shares have been awarded following the investment, subject to certain conditions being fulfilled. After the transaction the primary insider holds 10,475 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.

Silje Garberg Ree, Nordic Director of Product and Retail, has through her wholly owned company Silje Ree Invest AS purchased 134,778 shares. 44,658 Matching Shares have been awarded following the investment, subject to certain conditions being fulfilled. After the transaction the primary insider holds 134,778 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.

Gaute Sandal, Nordic Dir. of Customer Journey and Sales Process, has through his wholly owned company Skogstua Invest AS purchased 134,778 shares. 44,658 Matching Shares have been awarded following the investment, subject to certain conditions being fulfilled. After the transaction the primary insider holds 134,778 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.

Marianne Orderud, Director of Marketing, Comm. and Digital Sales, has through her wholly owned company Marianne Orderud AS purchased 134,778 shares. 44,658 Matching Shares have been awarded following the investment, subject to certain conditions being fulfilled. After the transaction the primary insider holds 134,778 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.

Wenche Evertsen, Country Manager Norway, has through her wholly owned company Evert Holding AS purchased 134,778 shares. 44,658 Matching Shares have been awarded following the investment, subject to certain conditions being fulfilled. After the transaction the primary insider holds 134,778 shares.

Jussi Raita, Country Manager Finland, has purchased 27,598 shares. 8,931 Matching Shares have been awarded following the investment, subject to certain conditions being fulfilled. After the transaction the primary insider holds 27,598 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.

Eivind Roald, Board Member, has through his wholly owned company CR Holding AS purchased 21,436 shares. After the transaction the primary insider holds 21,436 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.

Rebekka Herlofsen, Board Member, has through her wholly owned company Ferdinand Invest AS purchased 16,077 shares. After the transaction the primary insider holds 16,077 shares.

Siren Sundby, Board Member, has purchased 6,698 shares. After the transaction the primary insider holds 6,698 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.

Investor Relations:

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

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