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Wednesday, October 16th, 2019

Sats : Proposed acquisition of 10% of the shares in the capital of Evergreen Sky Catering Corporation from Malaysia Airlines Berhad

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by December 28, 2016 General

PROPOSED ACQUISITION OF 10% OF THE SHARES IN THE CAPITAL OF EVERGREEN SKY CATERING CORPORATION FROM MALAYSIA AIRLINES BERHADIntroductionThe Board of Directors (“Board”) of SATS Ltd. (“Company”) wishes to announce that the Company has entered into a conditional Share Sale Agreement (“SSA”) with Malaysia Airlines Berhad (“MAB”) on 27 December 2016 to acquire 11,000,000 ordinary shares in the capital of Evergreen Sky Catering Corporation (“ESCC”), representing 10% of the total issued ordinary shares in the capital of ESCC (“Proposed Acquisition”).The Company currently owns 16,500,000 ordinary shares in the capital of ESCC, representing 15% of the total issued ordinary shares in the capital of ESCC. Upon the completion of the Proposed Acquisition, the Company would own 27,500,000 ordinary shares in the capital of ESCC, representing 25% of the total issued ordinary shares in the capital of ESCC, and ESCC would then become an associated company of the Company.Principal Terms of the Proposed AcquisitionPursuant to the SSA, the consideration for the Proposed Acquisition is RM100,000,000 (equivalent to approximately S$32.3 million1)(“Consideration”). The

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