Reference is made to the stock exchange announcement on January 10, 2024, published by SATS ASA ("SATS" or the "Company", and, together with its subsidiaries, the "SATS Group", OSE ticker "SATS"), regarding the resolution by the board of directors of the Company to implement a new share investment program (the "Share Investment Program") for certain senior executives and certain other key employees of the Company and its subsidiaries  who were employed by the SATS Group following completion of the 2023 share investment program (the "Eligible Employees"). The application period for the Share Investment Program commenced today, on January 11, 2024, at 09:00 hours (CET), and expired at 16:30 hours (CET) today.

Nine Eligible Employees have applied for, and been allocated, in total 372,223 shares (the "Shares") in the Company. The Shares allocated in the Share Investment Program will be settled through the Company's sale of existing shares in the Company listed on the Oslo Stock Exchange, held in treasury. The Company currently holds 618,461 shares in treasury. Following completion of the Share Investment Program, the Company will retain 246,238 shares in treasury.

In total 349,414 Shares (the "Tranche 1 Shares") will be settled in the first tranche of the Share Investment Program, upon timely payment by the Eligible Shareholders on or about January 15, 2024. The remaining 22,809 Shares (the "Tranche 2 Shares") will be settled through a loan provided by the Company to one Eligible Employee, which inter alia is subject to, and conditional upon, the 2024 annual general meeting to be held on or about 25 April 2024 approving such loan in accordance with Section 8-10 (4) of the Norwegian Public Limited Liability Companies Act. More information about the loan will be provided in the notice for the 2024 annual general meeting.

The offer price (before the price reduction) for the Shares is NOK 16.51, which equals the volume weighted average trading price in the Company’s shares on the Oslo Stock Exchange during the 10 trading days prior to, and including, 11 January, 2024. The Eligible Employees will receive a price reduction of 25% of the offer price, which reflects the value reducing effect of a three-year lock-up period (calculated using the Black- Scholes model). The price payable per Share is therefore NOK 12.39.

As part of the Share Investment Program, the Eligible Employees may, after a three-year vesting period, be awarded additional shares in the Company without consideration (i.e. Matching Shares). The Matching Shares will be rewarded in the ratio 0.33:1, based on the number of Shares acquired under the Share Investment Program, subject to certain conditions being fulfilled. This means that the participants may receive one Matching Share for every three Shares acquired in the program.

More information about the Share Investment Program and the resolutions required to be passed by the general meeting in order to settle the Tranche 2 Shares, will be provided in the notice for the 2024 annual general meeting.

For further information, please contact:
Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195
Jonas Sortland Fougner, Interim IR Manager, phone: +47 948 05 851