Date: 1 9 M 20a15 y
Ganymede Investment Holdings, L.L.C. The Corporation Trust Company Corporation Trust Center
1209 Orange Street
Wilmington, Delaware 19801
Delaware, United States
(the "Offeror") Dear Sirs,

Mandatory unconditional general cash offer to acquire shares in Asia Satellite Telecommunications Holdings Limited

We refer to the composite document dated 19 May 2015 issued by the Offeror and Asia Satellite Telecommunications Holdings Limited (the "Composite Document") in relation to the Offer. Capitalised terms used herein, unless the context otherwise requires, shall have the same meanings as those defined in the Composite Document.
We have been appointed as the financial adviser to the Offeror in relation to the Offer and are making the Offer together with Goldman Sachs (Asia) L.L.C. for and on behalf of the Offeror on the terms and subject to the conditions as described in the Composite Document. We confirm that we are a licensed corporation under the SFO, licensed to conduct Type 1 (dealing in securities), Type 4 (advising on securities), and Type 6 (advising on corporate finance) regulated activities under the SFO.
We have given and have not withdrawn our written consent to the issue of the Composite Document with the inclusion therein of the references to our name in the form and context in which they appear.

Yours faithfully,

For and on behalf of

Merrill Lynch (Asia Pacific) Limited


Name: Thomas Barsha

Title: Director

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