EUTELSAT COMMUNICATIONS Investor Presentation. May 2016

(1)

EUTELSAT COMMUNICATIONS

Investor Presentation

(2)

Agenda

2

3

5

1

FSS Industry

Eutelsat in a snapshot

Q3 2015-16

Appendix

4

Outlook

(3)

The satellite value chain

3

Satellite

manufacturers

Satellite

launchers

Satellite

operators

TV

broadcasters,

Telecoms,

Governments

Consumers

and businesses

(4)

A robust business model with high barriers to entry

4

► _{Robust business model}

• Significant backlog with long term contracts generating revenue visibility

• Economies of scale

• High operating margins

• Predictable operating cash flow

► _{High barriers to entry}

• Finite resource of orbital positions and frequencies, heavily regulated at international level with key

commercial orbital positions have already been developed

• High upfront capex before operations

(5)

Video drivers: Channel growth and image quality

5

Source: Euroconsult 2015

CHANNEL GROWTH INCREASED IMAGE QUALITY

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 ~19,000 CAGR: +2.7% • Europe: -0.1% • Others: +3.9%

Predominantly driven by

emerging Video markets

TV Channels in EMEA and LATAM

~25,000 37% 20% 14% 15% 12% 5% 10% 76% 67% 47% 38% 31% 21% 32% North America Western Europe Central Europe LATAM MENA SSA Russia and Central Asia 2024 2014

HD penetration rate by major region

Everywhere, including mature

Video markets

(6)

Video drivers: Capacity requirements versus compression

technology

6

Source: Euroconsult 2015, EMEA and LATAM, Eutelsat

EVOLUTION OF IMAGE QUALITY

(NUMBER OF CHANNELS)

NUMBER OF CHANNELS PER 36 MHZ TRANSPONDER

Source: Euroconsult 2015, EMEA and LATAM

0 5 000 10 000 15 000 20 000 25 000 2012 2014 2016 2018 2020 2022 2024

Standard Definition High Definition Ultra High Definition and 3D

Ramp-up Format Modulation MPEG-2 MPEG-4 HEVC

1990s-2000s SD DVB-S 12 20 -DVB-S2 - 26 - 2000s-2010s HD DVB-S 2 to 3 5 -DVB-S2 3 to 4 6 to 8 12 to 15 2020s UHD DVB-S2 1 to 2 3 to 4

(7)

Agenda

7

2

3

5

1

FSS Industry

Eutelsat in a snapshot

Q3 2015-16

Appendix

4

Outlook

2

(8)

Eutelsat in a snapshot

8

Data as of 31 December 2015, except revenues which are as of 30 June 2015

► _{Revenues of €}

_1.48bn

► _{Fleet of}

₄₀

_{satellites; global}

coverage

► _Operating

_>1,260

_transponders

► _Broadcasting

_>6,000

_channels

► _{Backlog of €5.8bn, representing}

3.9 years

of revenues

KEY DATA REVENUE BREAKDOWN

36% 9% 19% 6% 8% 10% 9% 3% Western Europe Central Europe MENA RCA SSA Americas APAC

Unallocated and others

By geography

63% 16% 7% 14% Video Data services Value-Added Services Government Services

By application

(9)

Breakdown of revenues by Application

9

As of 30 June 2015. % of revenues excluding Other revenues and Non-recurring revenues

Video 63%

Data Services

16%

Value-Added

Services: 7%

Government

Services: 14%

Mobile backhaul

Corporate networks

Broadband Internet

Mobility (aircraft, ships)

Government and administration

Departments of Defense

Direct-to-Home (DTH)

Cable headends

Professional Video

V

id

e

o

:

6

3 %

D

a

ta

:

3

7 %

(10)

Eutelsat’s global network

(11)

Sound financial structure

11

► _{Improving Net Debt /EBITDA ratio}

► _{Average weighted maturity of 3.6}

years (vs. 4.1 years at end-Dec.

2014)

► _{Average cost of debt after}

hedging: 3.6% (vs. 3.8% one year

ago)

► _{Strong liquidity}

• Cash of €563m

• €650m revolving lines of credit

available

NET DEBT / EBITDA RATIO1

3.5 _3.4

3.2

31 Dec. 2014 30 June 2015 31 Dec. 2015

(12)

Shareholder structure

12

EUTELSAT SHAREHOLDING STRUCTURE AS OF 8 MARCH 2016

Bpifrance

26.4%

CIC

1

6.7%

FSP

2

7.0%

Free float

and

others

59.9%

1 China Investment Corporation 2 Fonds Stratégique de Participations

(13)

Agenda

13

2

3

5

1

FSS Industry

Eutelsat in a snapshot

Q3 2015-16

Appendix

4

Outlook

2

3

(14)

Recent highlights

14

► _{Launch of EUTELSAT 9B (Europe) in January and EUTELSAT 65 West A}

(LATAM) in March

► _{Entry into service of EUTELSAT 36C (Russia and SSA) in February,}

EUTELSAT 9B in March and EUTELSAT 65 West A in April

► _{Procurement of all-electric EUTELSAT 7C satellite covering MENA, Turkey and}

strengthening resources over Africa

► _{Q3 revenues up 4.2% reported and 1.1% at constant currency}

► _{Procurement of Ground network infrastructure for Russian and African broadband}

projects

► _{Current and next year objectives adjusted to reflect tougher industry conditions}

(15)

Q3 Revenues: €383m, +4.2% reported, +1.1% like-for-like

1

15

Video

Value-Added

Services

Data

Services

Government

Services

REVENUE

CONTRIBUTION

2

REVENUES

3

(€m)

CHANGE (%)

REPORTED

AT CONSTANT

CURRENCY

65%

₂₃₉

_+4.9%

_+6.1%

15%

₅₄

_-12.6%

_-6.3%

7%

25 +7.7%

+8.0%

13%

50 -7.4%

+0.5%

1_{At constant currency and excluding non-recurring revenues.}

2_{The share of each application as a percentage of total revenues is calculated excluding “Other revenues” and} “Non-recurring revenues”.

(16)

Video

16

1_{+ 6.1% at actual rate}

► _{Q3 Revenues of €239m, up 4.9% at}

constant currency

1

► _{Entry into service of:}

• EUTELSAT 8 West B in October

• EUTELSAT 36C mid-February

► _{Higher revenues at Fransat}

► _{Lower revenues at HOT BIRD and for}

Professional Video

► _{6,156 channels at end-March 2016}

• +7.1% y-o-y

• Increased HD penetration at 13.1%

REVENUES (€M)

228

229

225

240

225

239

235

FY 2014-15 FY 2015-16

Q1

Q2

Q4

Q3

Q1

Q2

Q3

(17)

Data Services

17

1_{-6.3% at actual rate}

► _{Q3 Revenues of €54m, down 12.6%}

y-o-y at constant currency

1

• -8% excluding reclassification of

revenues to Government Services

► _{End of contract for Ka-band on}

EUTELSAT 3B in December

► _{Lower revenues at 53}

_°

_{East post}

rationalisation of capacity in May

2015

► _{Ramp-up of capacity on EUTELSAT}

115 West B

► _{Negative pricing trends impacting}

all geographies

REVENUES (€M)

51

59

56

59

58

54

61

FY 2014-15 FY 2015-16

Q1

Q2

Q4

Q3

Q1

Q2

Q3

(18)

Value-Added Services

18

1_{+ 8.0% at actual rate}

► _{Q3 Revenues of €25m, up 7.7% y-o-y at}

constant currency

1

► _{Positive contribution from KA-SAT}

► _{185,000 terminals activated on}

KA-SAT at 31 March 2016

• Continued high loading of some beams.

• Proactive yield management

• Rationalization of customer base by certain

distributors

► _{B2B remains well oriented}

► _{ARPU trends positive}

REVENUES (€M)

26

30

25

23

25

28

FY 2014-15 FY 2015-16

Q1

Q2

Q4

Q3

Q1

Q2

Q3

(19)

Government Services

19

1_{+0.5% at actual rate}

► _{Q3 Revenues of €50m, down 7.4%}

y-o-y at constant currency

1

• Impact of reclassifications from Data

Services

► _{Early termination of a contract with}

a distributor in Q1

► _{Ongoing impact of lower renewals}

with US DoD

► _{Re-compete of task orders placed}

five years ago now mostly

completed

• Attendant downward pricing reset

► _{Estimated renewal rate of around}

65%, for February-March round

REVENUES (€M)

45

53

48

53

49

50

55

FY 2014-15 FY 2015-16

Q1

Q2

Q4

Q3

Q1

Q2

Q3

(20)

Backlog

20

► _{Backlog of €5.9bn, slightly up}

on end-December

► _{New contracts more than}

offsetting backlog consumption

• Multi-year renewal of capacity at

36 °

_{East with Russian customers}

► _{4.0 years of revenues}

► _{Video stable, accounting for}

83%

BACKLOG (€BN)

6.4

5.8

5.9

31 March 2015 31 Dec. 2015 31 March 2016

84%

83%

_83%

Video

The backlog represents future revenues from capacity lease agreements (including contracts for satellites not yet delivered). These capacity lease agreements can be for the entire operational life of the satellites.

(21)

Fill rate

21

► _{Operational transponders up by}

17 Q-o-Q

• Entry into service of EUTELSAT 9B

and EUTELSAT 36C

► _{Leased transponders down by 9}

Q-o-Q

• Contract with Multichoice in SSA

• Reduction of capacity on Telstar 12

• Non-renewal of a contract in

Professional Video at 10

°

_East

► _{Fill rate diluted to 72.3%}

reflecting new capacity

OPERATIONAL AND LEASED TRANSPONDERS

1,181

1,268

1,285

916

938

929

31 March 2015 31 Dec. 2015 31 March 2016

Operational transponders leased transponders

Based on 36 MHz-equivalent transponders (TPE), excluding HTS capacity (KA-SAT 82 spot-beams and EUTELSAT 3B’s 5 Ka-band spot beams)

77.6% 73.9% 72.3 %

Fill

rate

(22)

Agenda

22

2

3

5

1

FSS Industry

Eutelsat in a snapshot

Q3 2015-16

Appendix

4

Outlook

2

3

4

(23)

Focus on three market opportunities

23

Underpinned by innovation to drive growth and efficiency

and a solid financial structure

►

_{Acceleration of}

Investments in HTS

►

_{Grasping the Internet}

Broadband opportunity

►

_{Development of Mobility}

►

_{Investments geared}

towards highest growth

markets

►

_{New platforms in developing}

markets

►

_{Higher definition}

►

_{New services to address}

changing customer usages

VIDEO

_BROADBAND

_GEOGRAPHIC

(24)

Video: Structural growth drivers in fast-growing

markets

24

(1) Source: OECD working paper - the emerging middle-class in developping countries (2) Source: Euroconsult 2015, Eutelsat analysis

ESTIMATED RISE IN MIDDLE-CLASS BY GEOGRAPHY1

(MILLION OF POP) CHANNELS PER M INHABITANT

2

6 8 8

31

SSA MENA LATAM Russia Central Asia North America 181 251 313 105 165 234 32 57 107 2009 2020 2030 LATAM MENA SSA

Underpenetration of television

in fast-growing markets

Rise of middle-class with

increased spending power

(25)

Channel growth in Fast Growing markets

25

Source – Euroconsult 2015

~12,500

2014 2019 2024

CHANNELS BROADCAST BY SATELLITE

CAGR: 4.0%

+4%

+6%

+3%

+4%

11% 20% 32% HD penetration ~18,500

Russia MENA SSA LATAM

~16,200

(26)

Satellite Broadband opportunity

26

4.3

4.4 Internet broadband via satellite a new growth driver for Eutelsat

Ka-band HTS already delivering DSL-like quality today and fiber-like quality

tomorrow

Significant future demand both in mature and fast growing markets

JV with ViaSat to give new impetus to European Broadband; Plans for

additional capacity under joint consideration

Launch of African broadband strategy; dedicated payloads for LATAM and

Russia; other opportunities under consideration

(27)

Satellite Broadband in Europe: Significant

addressable market

27

WESTERN EUROPE: ESTIMATED MARKET FOR SATELLITE BROADBAND IN 2025 (M households)

Source: Analysys Mason

Based on 12 European markets : UK, Ireland , France, Belgium, Netherlands, Luxembourg, Switzerland, Germany, Austria, Italy, Spain and Portugal

Estimated market taking into account Governments and Operators announcements

Significant addressable market long-term, even larger today

4m

Core market

• Available download speeds <8Mpbs • 4G networks capacity-constrained

Total residential

and business

premises in Europe

‘Broader’ market

• Available download

speeds < 30 Mpbs

BROADBAND

(28)

Satellite Broadband: Strong potential

in developing regions

28

Source: McKinsey – offline and falling behind, 2014

SIZE OF OFFLINE POPULATION

(2013, in million)

USA 50m Mexico 69m Brazil 97m Russia 55m China 736m Vietnam 50m Philippines 62m Indonesia 210m Turkey 40m Egypt 41m Nigeria 108m Congo DR 64m Bangladesh 146m India 1,063m Tanzania 47m Myanmar 53m Ethiopia 92m _Thailand 48m Iran 53m Pakistan 162m 0 1,200

BROADBAND

(29)

Fleet plan

29 Name EUTELSAT36 C EUTELSAT 9B EUTELSAT 65 WA EUTELSAT 117 WB EUTELSAT 172 B EUTELSAT 7C AFRICAN BBAND. SATELLITE

Position 36°_East ₉°_East ₆₅°_West 116.8°

West 172°East 7°East TBD TBD

Launch Launched Launched Launched Q2 2016 H1 2017 Q3 2018 2019 2019

Manufacturer

Launcher Federal_Proton TBD TBD TBD

Coverage Russia _SSA Europe LATAM LATAM Asia-Pacific MENA_SSA Flexible SSA

Applications Video Data Broadband Video Video Data Broadband Video Data GS Data GS Mobility Video Data GS Mobility Broadband Total Capacity (TPE/Spotbeams) 48 Ku 18 Ka / 11.6 Gbps 47 Ku 24 Ku 15 C 24 Ka / 37.5 Gbps 48 Ku 42 Ku 24 C 11 Ku / 1.8 Gbps 49 Ku N/A 65 Ka / 75 Gbps2 Expansion Capacity1 19 Ku 18 Ka / 11.6 Gbps 12 Ku 24 Ku 15 C 24 Ka / 37.5 Gbps 48 Ku 19 Ku 11 Ku / 1.8 Gbps 19 Ku N/A 65 Ka / 75 _Gbps2

1 Excludes unannounced redeployments 2 Baseline mission. Option to double the capacity Electrical propulsion HTS Payload

(30)

Progressive deployment of capacity

30 EUTELSAT 9 B EUTELSAT 115 WB EUTELSAT 36C EUTELSAT 117 WB EUTELSAT 65 WA EUTELSAT 172B 31/12/2015 31/12/2016 H1 +c.4m

2015-16

2016-17

2017-18

October EUTELSAT 8 WB Q2 +c.7m April

X Approx launch date XApprox. entry into in service

Eutelsat FY

In service Upcoming launch February

March

31/12/2017

(31)

Deteriorating market conditions

31

► _{H1 2015-16 affected by}

• Loss of the HTS contract on EUTELSAT 3B

• Slowdown of growth on KA-SAT

► _{H2 impacted by recent development of several headwinds}

• Slower ramp-up of new capacity as a result of worse than expected environment in LATAM where much of

the recently launched capacity has been targeted

• Intensifying competitive pressure for Data Applications in all geographies exacerbated by arrival of

incremental HTS capacity

• Deteriorated economic context in several emerging markets notably due to declining oil price, geopolitical

unrest and currency volatility leading to contracts postponements and terminations

• Lower renewals in Government Services

► _{FY 2016-17 to reflect above elements as well as lower revenues at HOT BIRD}

• Carry-forward effect of return of capacity by some distributors

• Termination of certain contracts by some end-users (Orange, SRG)

(32)

Financial outlook adjusted in consequence

32

REVENUES

(At constant currency,

excl. non recurring revenues)

EBITDA

MARGIN

CAPEX

LEVERAGE

► 2015-16: Broadly flat

_{(versus +2%)}

► 2016-17: between -3% and -1%

_{(versus +4-6%)}

► 2015-16: around 76%

► 2016-17: around 75%

► Under review

(versus ‘average of €500m

1

_{per year’ to June 2018)}

► Investment grade rating

► Target net debt / EBITDA below 3.3x

(Unchanged)

DISTRIBUTION

► Payout ratio of 65-75% of net income

(Unchanged)

1 Inc. cash outflows related to ECA loan repayments and capital lease payments

(33)

Agenda

33

2

3

5

1

FSS Industry

Eutelsat in a snapshot

Q3 2015-16

Appendix

4

Outlook

2

3

5

(34)

34

Appendix

5

Video

5.1 Broadband

5.2 Miscellaneous / Industry information

5.3 H1 2015-16 financials

5.4

(35)

Eutelsat Video hotspots

VIDEO

35

EUTELSAT FLEET

MAY 2016

Stable orbit Inclined orbit * Capacity on third-party satellites

Key Video Neighborhoods (>170 channels)

EUTELSAT 117 WEST A

EUTELSAT 115 WEST A** EUTELSAT 115 WEST B TELSTAR 12* 15* W EUTELSAT 12 WEST B EUTELSAT 7 WEST A EUTELSAT 8 WEST B EUTELSAT 21B EUTELSAT 10 A EUTELSAT 5 WEST A EUTELSAT 9B HOT BIRD 13B, 13C, 13D EUTELSAT 16A EUTELSAT 16C EUTELSAT 25B EUTELSAT 31A EUTELSAT 33C EUTELSAT 33D EUTELSAT 36B EUTELSAT 36C EUTELSAT 48A EUTELSAT 48D EUTELSAT 53A* EUTELSAT AT1* (56°E) EUTELSAT 70B EXPRESS AT2* (140°E) EUTELSAT 172A EUTELSAT 28E* EUTELSAT 28F* EUTELSAT 28G* EUTELSAT 7A EUTELSAT 7B EUTELSAT 3B EUTELSAT 36 WA

(36)

Continued audience growth at Eutelsat Video

neighbourhoods

36

Source: Eutelsat TV Observatory

AUDIENCE GROWTH AT EUTELSAT’S

TOP 8 VIDEO NEIGHBOURHOODS GROWTH IN DTH HOUSEHOLDS

DTH IS LEADING TV RECEPTION MODE IN WESTERN EUROPE

32%

25%

16%

27%

DTH

Cable

IP TV

DTT / Analogue

2010 2014 2010 2014

13°East

7° East

9° East

16° East

28° East

36° East

5° West

7/8° West

207

274 Audience

(M homes)

Reception modes in 2014

With the exception of DTT, all other reception modes are not exclusive

111

160 DTH households

(M homes)

53%

% (+1 pts vs. 2010)

+ 32%

58%

Share of DTH at Eutelsat’s top 8 Video neighbourhoods

+ 44%

(-3 pts) (+10 pts)

(-8 pts)

(37)

Satellite gaining market share worldwide

37

► _{Total number of TV homes to increase}

by

140 million

to 1.7 bn by 2020

► _{Satellite reception to grow by 80}

million homes to

440 million

by 2020

► _{Satellite market share to rise from 23%}

to

26%

MILLION TV HOMES BY DISTRIBUTION MODE - GLOBAL

528 520 507 490 478 470 465 563 561 ₅₆₅ ₅₇₅ ₅₈₃ ₅₉₁ ₅₉₉ 102 118 134 150 165 177 188 362 378 393 407 420 431 442 0 200 400 600 800 1000 1200 1400 1600 1800 2014 2015 2016 2017 2018 2019 2020

Source: Euroconsult, Digital TV Research

Terrestrial Cable IP Satellite

Growth of satellite in

fast-growing markets, resilience in

mature markets

(38)

Impact of OTT

38

ON VIDEO AUDIENCE

DISTRIBUTION

ON NUMBER OF CHANNELS

ON LEGACY TV PLATFORMS

OTT

► _{Satellite will maintain critical mass}

as the only infrastructure able to

reach households with insufficient

terrestrial connectivity

► _{OTT leading to cord-shaving of}

non-premium channels in mature markets

► _{Western Europe markets differ from the}

US

• Over twice as many channels per M

inhabitant in North America

• Lower Pay-TV penetration in a number of

countries in Europe

• Lower price of Pay-TV bundles

(less incentive to cut the cord)

• OTT offer less diversified in Europe

► _{Eutelsat main markets, Poland and}

Italy, affected later and less

► _{Fast-growing markets not significantly}

impacted in foreseeable future

(39)

Satellite’s competitive advantage over OTT / IP

39

Source: Eutelsat analysis, European Commission - Broadband Coverage in Europe 2014, CISCO VNI 2015 ► _{CDN costs rise in line with}

audience growth

► _{Satellite more cost efficient}

above 50k viewers in Western Europe

► _{Satellite a fraction of TV}

platforms operating costs

COST-EFFICIENCY UNIVERSAL REACH

► _{High cost of fibre roll-out} ► _{Terrestrial networks cannot}

reach entire population

• Lower image quality

• Or even no service

► _{Satellite providing full coverage}

of a market

SERVICE QUALITY

BROADBAND COVERAGE (>30Mbps)

► _{Higher quality of image leading}

to increased bandwidth usage

► _{Congestion of terrestrial netwoks}

• Video will represent ~80% of

consumer internet traffic by 2019

► _{Satellite and hybrid solutions}

allowing unimpaired viewing experience 86% 40% 27% UK France Italy 4 8 20 1 SD channel in MPEG 2 1 HD channel in MPEG 4 1 UHD channel in HEVC

BANDWIDTH REQUIREMENT (Mbps) Cost Satellite OTT # viewers

VIDEO

(40)

Case study: Development of hybrid offer

in South Korea

40

Source: Eutelsat analysis, company reports

KT MEDIA SUBSCRIBERS (M) ►

_{South Korea is one of the countries}

with the highest fiber penetration

►

_{KT Telecom hybrid offer launched in August}

2009 combining IPTV with DTH

• Part of a triple play offer including broadband and

Voice over IP

►

_{Differentiated services offering}

• Wide range of linear channels including HD

channels (from satellite TV)

• Significant VOD contents (from IP offer)

►

_{After adopting the hybrid platform KT was}

perceived to be superior to cable TV or

competitor IPTV

• Became leading IPTV player

2.15 0.84 1.55 8.44 2.04 2.27 4.14 2011 4.55 2015 Olleh TV (IPTV) Skylife TV (satellite) Olleh TV Skylife (hybrid) Satellite

Satellite prospering in the land of fiber

(41)

Satellite replicating experience available through

terrestrial networks

41

1_{Electronic program guides}

ERGONOMIC

NAVIGATION

Smart EPG

1

EXPERIENCE

SOLUTION

STATUS

Work in

progress

MOBILITY

MULTI-DEVICE

Native IP Multiscreen

Late stage

development

INTERACTIVITY

ON-DEMAND

Already in

production

VIDEO

(42)

Smart LNB: Enabling interactivity for end-users

42

► _{Low-cost home device, compatible}

with existing satellite equipment

► _{Providing narrow band return on top}

of regular DTH reception

► _{Enables TV platforms to deploy}

connected TV services via satellite:

• Push VOD

• Pay-per-view

• Social TV

• Live show participation

► _{Viewer intelligence and remote CPE}

management

► _{Mass market production to begin soon}

► _{Interest notably in fast-growing}

markets

'Smart LNB' IP IDU TS Video Video TV reception LAN connectivity

VIDEO

(43)

Multi-screen delivery solution via satellite

43

► _{Eutelsat the first enabler for multiscreen}

delivery via satellite

to portable devices

► _{Combination of native IP multicast with local}

WiFi distribution

► _{Compatible with all mobile devices}

► _{No increase in distribution costs as the number}

of users increases

► _{Benefits for broadcasters}

• OTT via satellite in markets underserved by terrestrial networks

• Increased channel reach with detailed audience measurement

• Nomadic TV reception in public spaces

• Formats tailored for smartphones and tablets enabling up to 100

channels

per transponder and richness of channel line-up

• Universal coverage

(44)

44

Appendix

5

Video

5.1 Broadband

5.2 Miscellaneous / Industry information

5.3 H1 2015-16 financials

5.4

(45)

KA-SAT for European broadband market

45

► _{First HTS satellite over Europe}

► _{Operational since mid-2011}

covering Europe and the

Mediterranean Basin

► _{Addressing Internet broadband}

markets in areas with limited or

no Internet service

► _{Total throughput of 90 Gbps}

► _{Network of ten ground stations}

KA-SAT FOOTPRINT

(46)

Joint-Venture with ViaSat…

46

BROADBAND

► _{Partnership to jointly develop Broadband in Europe}

► _{Combining Eutelsat’s existing European broadband activity around}

Ka-Sat with ViaSat’s satellite broadband technology and retail

expertise

► _{Two entities}

• Infrastructure (51% Eutelsat): owning and operating satellite, gateways and

terrestrial network, responsible for indirect sales of capacity to distributors

• Retail (51% ViaSat): development of direct-to-consumer ISP business in Europe

► _{ViaSat to pay €132.5m for 49% of Eutelsat’s existing European}

broadband business

• Earmarked for future Broadband projects

► _{Plans for additional capacity over Europe, featuring improvements in}

bandwidth and cost per bit under joint-consideration

(47)

… to give new impetus to European

Broadband

47

► _{JV to jointly develop European}

broadband business

• History of co-operation

• Unique European broadband activity

with 185 k customers

• Access to state-of-the-art technology

• ViaSat’s experience in direct

distribution

BROADBAND

+

Mixed model combining direct

and indirect distribution

Faster ramp-up

Improved retention

Cost-sharing

Mutualizing existing and new

capacity

(48)

African Broadband Initiative

48

AMOS-6 FOLLOW-ON SATELLITE

► _{Multi-year lease of Amos-6 HTS}

Ka-band payload

• 18 HTS Ka-band spot beams • ~18 Gbps o/w c. 50% for Eutelsat

► _{Facebook secured as an anchor}

partner

► _{Service expected to start}

end-2016

► _{Timely investment opportunity}

► _{Procurement of a new-generation}

HTS satellite from TAS

• All-electric satellite

• New Spacebus Neo platform • Unprecedented flexibility

• Baseline mission: 65 spotbeams,

~75 Gbps with option to double capacity

► _{Quasi-complete coverage of SSA}

► _{Launch expected in 2019}

(49)

49

Appendix

5

Video

5.1 Broadband

5.2 Miscellaneous / Industry information

5.3 H1 2015-16 financials

5.4

(50)

51%

6%

9%

10%

7%

Latin America Russia and Central Asia Asia-Pacific North-America

Sub-Saharan Africa MENA Europe

EXPANSION OF REGULAR CAPACITY (36 MHZ-EQUIVALENT TRANSPONDERS) BY GEOGRAPHY1

EXPANSION OF HTS (GBPS) CAPACITY BY GEOGRAPHY

1 _{Between end-June 2015 and end-Dec.2017 based on} nominal deployment plan

12

38

18

2

75

EUTELSAT 36C EUTELSAT 65WA AMOS-6 PAYLOAD EUTELSAT 172B AFRICAN BROADBAND SATELLITE Launch Date Q4 2015 Q1 2016 H1 2017 2019 2 3

Eutelsat‘s expansion capacity by geography

H1 2016

2_{Total leased capacity on AMOS-6, of which c.50%} operated by Eutelsat

3_{Total capacity for the baseline mission. Option to double}

(51)

Satellite programme capex profile

51

TYPICAL TIMING OF CAPEX

PAYMENTS

► _{Capex generally split}

equally over three

years prior to launch

► _{Insurance paid in}

year three

BREAKDOWN OF

CAPEX

30%

40%

YEAR 1

YEAR 2

YEAR 3

Launcher

Insurance

Others

(52)

Satellite economic model

1 _{: Regular capacity}

52

(53)

Typical ramp-up profile for a regular capacity satellite

53

► _{Ramp-up dependent on:}

• mix of replacement vs. expansion

• region and application

► _{Pre-sales not the norm, but occur in fast-growing markets, more common}

in Video

0% 30% 60% 90% Y1 Y2 Y3 Y4 Y5 0% 30% 60% 90% Y1 Y2 Y3 Y4 Y5 0% 30% 60% 90% Y1 Y2 Y3 Y4 Y5

Assumption: 50% pure replacement, 50% pure expansion

Pure replacement

Pure expansion

Mix of expansion

and replacement

(54)

Case study: Ramp-up of 7/8

_°

West orbital position,

creating leading Video hotspot in MENA

(55)

1.5 1.4 3.0 1.5 1.2 1.5 1.2 1.1 2.8 1.3 1.2 1.9 1.5 1.3 3.1 1.5 1.3 1.5 1.2 1.1 2.7 1.4 1.2 1.8 1.5 1.3 3.2 1.5 1.3 1.5 1.1 1.1 2.4 1.4 1.3 1.7 North America Latin America Western Europe Central Europe CIS & Central Asia Middle East & North Africa Sub Saharan Africa Southern Asia North East Asia

China area South-East Asia

Oceania

AVERAGE REVENUE PER TRANSPONDER (m$)

Source: Euroconsult 2015 - Average Revenue per Transponder for regular capacity only

2012 2013 2014

Industry average revenue per transponder 2012-2014

(56)

Eutelsat Quantum: Cutting-edge technology

56

►

_{Software-defined class of satellites}

► _{First satellite to be launched in 2019}

• Manufactured by Airbus Defence and Space

►

_{Incomparable flexibility in terms of:}

• Coverage

• Bandwidth

• Power and frequency configurability

► _{Premium capacity through footprint shaping and steering, power and frequency band pairing that}

customers will be able to actively define

► _{Targeting for users operating in Government, Mobility and Data markets}

Most of the capacity is devoted to

Cairo, during day-time in Africa Most of the capacity is devoted to NYC,_{during day-time in Americas}

(57)

Eutelsat Quantum: Wide-ranging benefits

57

BENEFITING EUTELSAT… …ITS CUSTOMERS… … AND THE INDUSTRY AS A WHOLE

►

_{Better synergy within the}

fleet

►

_{Optimized usage of spectral}

and power resources

►

_{Future-proof design to cope}

with market uncertainties

►

_{First-mover advantage}

►

_{Adaptability to demand in}

terms of coverage, power

and frequency allocation

►

_{Ideal match for Government,}

Mobility and surge

requirements for Data

Applications

►

_{Independent building blocks}

from applications and ITU

regions

►

_{From “on-demand”}

manufacturing to

pre-production of hardware

►

_{Lower production cost}

►

_{Shorter production cycle}

(58)

LEO constellations

► _{LEO offers lower latency than GEO orbit}

► _{In LEO, satellites are moving with}

respect to earth surface

► _{LEO constellations face feasibility and}

cost challenges:

• Complexity and cost of ground

antennae on the end-users side

• Cost of the ground segment

• Efficiency

• Go-to market approach, particularly in

emerging markets

• Regulatory uncertainty regarding

spectrum and country licencing

Geostationary Orbit (GEO) 36’000 Km Medium Earth Orbit (MEO) ~8’000 Km

Low Earth Orbit (LEO) ~ 1000 Km Stratosphere ~ 20 Km OneWeb 58

(59)

59

Appendix

5

Video

5.1 Broadband

5.2 Miscellaneous / Industry information

5.3 H1 2015-16 financials

5.4

(60)

Net income of €188m, net margin of 24%

60

1_{Rounded to closest million}

2_{EBITDA defined as operating income before depreciation, amortization, impairments and other operating income/(expenses)}

►

_{Positive currency impact of 5.6 points}

H1

2014-15

H1

2015-16

Var.

Revenues

EBITDA

2

Operating

income

Financial

charge

Income tax

Income from

associates

Group share

of net income

Extracts from the consolidated income statement in €m1

723

774 + 7.1%

560

600 + 7.3%

325

361 +11.0%

(56)

(63)

+12.8%

(108)

(112)

+3.3%

8

10 +30.2%

161

188 +17.0%

►

_{Stable margin}

►

_{Phasing of opex marginally favourable to H1}

►

_{Increase in D&A following OSD of EUTELSAT}

8 West B and EUTELSAT 115 WEST B

►

_{Positive impact of term loan refinancing}

►

_{Higher capitalized interests}

►

_{Variation in Forex impact}

►

_{Tax rate of 37.7%}

►

_{Higher contribution of Hispasat}

(61)

Strong cash flow generation

61 In €m 1

504

447

217

171

287 ₂₇₆

Free Cash-flow

Cash Capex

Net cash Flow from operations

% of

revenues

70%

30%

40%

Free Cash flow: Net Cash Flow from operations –Cash Capex

Cash Capex includes capital expenditures and payments under existing export credit facilities and under long-term lease agreements

on third party capacity

H1 2014-15

H1 2015-16

(62)

Slight decrease in net debt

62

3,841

3,723

447

171

20

109

19

10

Net Debt at June 30, 2015 Net Debt at Dec 31, 2015 Net operating Cash Flow Cash Capex Dividend Payment Others Interest

paid, net Change in currency component of cross-currency swap In €m

(63)

Debt maturity schedule

63

1_{With two possible extension facilities of one year each subject to lenders agreement}

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 4.125% €850m €450m 5.0% €800m 2.625% €930m €600m1 €200m1 €36m 3.125% €300m €178m €200m €800m

Note: Maturities are provided on a calendar year basis – figures based on accounts as of 31 December 2015

3.125%

(64)

Disclaimer

This presentation does not constitute or form part of and should not be construed as any offer for sale of or solicitation of any offer to buy any securities of Eutelsat Communications, nor should it, or any part of it, form the basis of or be relied on in connection with any contract or commitment whatsoever concerning Eutelsat Communications’ assets, activities or shares.

This presentation includes only summary information related to the activities for the third quarter and the first half of 2015-16 and its strategy, and does not purport to be comprehensive or complete.

All statements other than historical facts included in this presentation, including without limitations, those regarding Eutelsat Communications’ position, business strategy, plans and objectives are forward-looking statements.

The forward-looking statements included herein are for illustrative purposes only and are based on management’s current views and assumptions. Such forward-looking statements involve known and unknown risks. For illustrative purposes only, such risks include but are not limited to: postponement of any ground or in-orbit investments and launches including but not limited to delays of future launches of satellites; impact of financial crisis on customers and suppliers; trends in Fixed Satellite Services markets; development of Digital Terrestrial Television and High Definition television; development of satellite broadband services; Eutelsat Communications’ ability to develop and market value-added services and meet market demand; the effects of competing technologies developed and expected intense competition generally in its main markets; profitability of its expansion strategy; partial or total loss of a satellite at launch or in-orbit; supply conditions of satellites and launch systems; satellite or third-party launch failures affecting launch schedules of future satellites; litigation; ability to establish and maintain strategic relationships in its major businesses; and the effect of future acquisitions and investments.

Eutelsat Communications expressly disclaims any obligation or undertaking to update or revise any projections, forecasts or estimates contained in this presentation to reflect any change in events, conditions, assumptions or circumstances on which any such statements are based, unless so required by applicable law. These materials are supplied to you solely for your information and may not be copied or distributed to any other person (whether in or outside your organization) or published, in whole or in part, for any purpose.