SATS ASA: Award of matching shares and shares under the 2020 share investment program and mandatory notification of trade

As part of the 2020 Share Investment Program, certain senior executives and other key employees (the "Participants"), could be rewarded additional shares in the Company without consideration (the "Matching Shares") in the ratio 0.33:1 based on the number of shares originally acquired under the program, subject to certain conditions being fulfilled.

The conditions for awarding Matching Shares have been fulfilled. The board of directors has therefore today resolved to award a total of 475,159 shares to 15 Participants in the 2020 Share Investment Program.

The value of the Matching Shares is NOK 8.10 each, representing the trading price of the Company’s shares at the close of trading on June 30, 2023, with a 19% discount to reflect the one-year lock-up obligation.

The award of Matching shares is considered to be a benefit in kind, which is subject to income tax for the Recipients. To cover certain Recipients’ income tax positions, the Company will withhold a number of Matching Shares corresponding to their tax obligations. Consequently, the number of Matching Shares to be delivered to the Participants will be reduced to a total of 38,799 Matching Shares.

The Company’s obligation to award Matching Shares will be settled by existing shares in the Company, held in treasury. Prior to the award of Matching Shares, the Company owned 2,356,817 shares. Following the award, the Company will have 1,920,457 shares in treasury, representing approximately 0.94% of the issued share capital.

Certain primary insiders and close associates of primary insiders of the Company have been awarded Matching Shares. See details below and in the attached forms:

• Mira Investments AS, a close associate of Sondre Gravir (CEO), has been awarded 66,987 Matching Shares in the Company.
• Moneypenny Invest AS, a close associate of Cecilie Elde (CFO), has been awarded 66,987 Matching Shares in the Company.
• Evert Holding AS, a close associate of Wenche Evertsen (Country Manager Norway), has been awarded 44,658 Matching Shares in the Company.
• Silje Ree Invest AS, a close associate of Silje Ree (Chief Product Officer), has been awarded 44,658 Matching Shares in the Company. Subject to a reduction in the number of Matching Shares delivered to cover her income tax position, the actual number of shares to be delivered to Silje Ree Invest AS is 23,669 shares.
• Marianne Orderud AS, a close associate of Marianne Orderud (Chief Marketing Officer), has been awarded 44,658 Matching Shares in the Company.
• Skogstua Invest AS, a close associate of Gaute Sandal (Chief Digital Officer), has been awarded 44,658 Matching Shares in the Company.
• Jussi Raita (Country Manager Finland), has been awarded 8,931 Matching Shares in the Company.

The above transactions are notifiable pursuant to Article 19 of the Market Abuse Regulation.