The Board of Directors of SATS Ltd. (SATS) announced that the Company has on 24 January 2019 entered into a joint venture agreement with Capital Airports Holding Company Limited (CAH) to incorporate a company (Daxing Ground Handling JVCO) in Beijing, China to provide ground and cargo handling and other related services at Beijing Daxing International Airport (the Daxing Ground Handling JVA); and a joint venture agreement with CAH and Juneyao Airlines Co. Ltd. (Juneyao) to incorporate a company (Daxing Catering JVCO) in Beijing, China to provide inflight catering and other related services at Beijing Daxing International Airport (the "Daxing Catering JVA"). The primary business of Daxing Ground Handling JVCO will be to carry on the business of ground and cargo handling at Beijing Daxing International Airport.

The primary business of Daxing Catering JVCO will be to carry on the business of inflight catering at Beijing Daxing International Airport. Daxing Ground Handling JVA: Total Registered Capital RMB 265,770,000. Shareholding Proportion CAH: 60% and SATS: 40%.

Daxing Catering JVA Total Registered Capital RMB 300,000,000. CAH: 80%, Juneyao: 10% and SATS: 10%.