EUTELSAT COMMUNICATIONSInvestor PresentationNovember 2017

Agenda

2

2

3

5

1 FSS Industry

Eutelsat in a snapshot

Q1 2017-18 performance

Appendix

4 Outlook

The satellite value chain

3

Satellitemanufacturers

Satellitelaunchers

Satelliteoperators

TVbroadcasters,

Telecoms,Governments

Consumersand businesses

Business characteristics

4

► 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

• High technology & technical expertise through satellite lifecycle

► Robust business model

• Significant backlog with long term contracts generating revenue visibility

• Economies of scale

• High operating margins

• Predictable operating cash flow

Trends in our core businesses

5

► Sustained growth in emerging markets• Robust channel growth• Increasing HD penetration• MENA and SSA leading

growth• Prices well-oriented

► Broad stability in Europe• Broadly stable channel

count• HD and UHD ramp-up • Improving encoding

and compression

VIDEO: MODEST DEMAND GROWTH FIXED DATA: STRUCTURALLY

CHALLENGED

► Global demand driven by increasing connectivity needs

► Large HTS systems adding to existing overcapacity

► Ongoing severe pricing pressure

► More stickiness in certain segments

► US DoD demand stabilizing, albeit at lower prices

► Slower migration to HTS than Data Services

► Opportunities in Europe, Asia and MENA and in non-military

GOVERNMENT SERVICES: POCKETS OF OPPORTUNITY

Low growth In declineBroad stability

Longer-term potential in Video and Connectivity

6

► Satellite and IPTV set to dominate global video distribution in the longer term

► Opportunity to enhance satellite value proposition by offering IP-like viewerexperience

► Outsourcing of services by broadcasters will create additionalsources of demand

VIDEO FIXED AND MOBILE CONNECTIVITY

► Nascent markets with huge potential

► Massive growth in bandwidth usage per consumer

► Medium-term potential in Aero

► Long-term potential in land Mobility

► VHTS and VVHTS satellites are pre-requisites in terms of volume and pricing for mass-market adoption

Video drivers: Channel growth and image quality

7Source: Euroconsult 2016

CHANNEL GROWTH INCREASED IMAGE QUALITY

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

~19,600

CAGR: +2.2%

Predominantly driven by emerging Video markets

TV Channels in EMEA and LATAM

~24,400

38%

24%

16%

21%

14%

4%

9%

16%

81%

78%

52%

46%

35%

19%

32%

42%

NorthAmerica

WesternEurope

CentralEurope

LATAM

MENA

SSA

Russia andCentral Asia

ETL footprint

2025 2015

HD penetration rate by major region

Everywhere, including mature Video markets

Video drivers: Capacity requirements versus compres sion technology

8

EVOLUTION OF IMAGE QUALITY (NUMBER OF CHANNELS)

NUMBER OF CHANNELS PER 36 MHZ TRANSPONDER

Source: Euroconsult 2016, EMEA and LATAM

Ramp-up

Format Modulation MPEG-2 MPEG-4 HEVC

1990s-2000s

SDDVB-S 12 20 -

DVB-S2 - 26 -

2000s-2010s

HDDVB-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 40

5 000

10 000

15 000

20 000

25 000

2015 2017 2019 2021 2023 2025

Standard Definition High Definition Ultra High Definition and 3D

Video: Satellite’s competitive advantage over OTT / IP

9Source: Eutelsat analysis, European Commission - Broadband Coverage in Europe 2015, CISCO VNI 2015

► Satellite a fraction of TV platforms operating costs

► CDN costs rise in line with audience growth

► For a large Pay-TV platform, OTT distribution would be much more expensive than satellite

COST-EFFICIENCY UNIVERSAL REACH

► High cost of fibre roll-out

► Terrestrial networks cannot reach entire population

• Lower image quality

• Or even no service

SERVICE QUALITY

BROADBAND COVERAGE (>30Mbps)

► Higher quality of image leadingto increased bandwidth usage

► Congestion of terrestrial networks

• Video will represent ~80% of consumer internet traffic by 2019

88%

41% 44%

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

Satellite more cost efficient >50k viewers in Western Europe

Satellite provides full coverage of a market

Satellite and hybrid solutions give unimpaired viewing experience

Video: Satellite resilience in Western Europe

10

► Slight increase in total number of TV homes 175 million

► Satellite reception stable at 50 million homes

► Satellite market share of 29%

► IP gaining share against terrestrial, not satellite

MILLION TV HOMES BY DISTRIBUTION MODE IN WESTERN EUROPE

58 53 52 50

4743 42 42

12 26 28 33

49 50 50 50

166 172 172 175

2010 2015 2016 2021

Source: Euroconsult, Digital TV Research

Terrestrial Cable SatelliteIP

10

IP GAINING SHARE VS. TERRESTRIAL, NOT SATELLITE

Video: Satellite gaining market share worldwide

11

► Total number of TV homes to increase by 95 million to 1.7 bn by 2021

► Satellite reception to grow by 50 million homes to 430 million by 2021

► Satellite market share to rise from24% to 26%

MILLION TV HOMES BY DISTRIBUTION MODE - GLOBAL

Source: Digital TV Research, June 2016

Terrestrial Cable SatelliteIP

11

618514 503 471

528560 563 580

36 124 143 199

267370 379

4321449

1568 15881682

2010 2015 2016 2021

Agenda

12

2

3

5

1 FSS Industry

Eutelsat in a snapshot

Q1 2017-18 performance

Appendix

4 Outlook

2

12

Eutelsat in a snapshot

13Data as of 30 June 2017 except for breakdown of revenues by geography which is a 30 June 2016.

► Revenues of € 1.48bn

► Fleet of 39 satellites; global coverage

► Operating >1,370 transponders

► Broadcasting >6,600 channels

► Backlog of €5.2bn, representing3.5 years of revenues

KEY DATA REVENUE BREAKDOWN BY APPLICATION

64%12%

12%

7%5%

Video

Fixed Data

Government Services

Fixed Broadband

Mobile Connectivity

31%

8%

23%

5%

10%

11%

7%5% Western Europe

Central Europe

MENA

RCA

SSA

Americas

APAC

Unallocated and others

By geography

By application

Breakdown of revenues by Application

14

Video 65%

Fixed Data 11%

GovernmentServices 12%

FixedBroadband 7%

Mobile Connectivity 5%

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Direct-to-Home (DTH)Cable headendsProfessional Video

Mobile backhaulCorporate networks

MilitarySecurity

Internet access for households and corporates

In-flight ConnectivityMaritime Connectivity

As of 30 Sept 2017. % of revenues excluding Other revenues

Eutelsat’s global network

151515

August 2017

Financial structure

16

► Net Debt/EBITDA ratio at 3.2x

• Reduced from 3.4x at 30 June 2016

► Average cost of debt after hedging of 3.1%

• Reduced from 3.5% in FY 2015-16

► Repayment of Mar 17 bond to generate €30m savings in FY 2017-18

NET DEBT / EBITDA RATIO 1

3.43.2

30 June 2016 30 June 2017

1Based on net debt at the end of the period and last twelve months’ EBTIDA

Bond and Bank Debt maturity schedule

171With 2 possible extension facility of one year subject to lenders agreement

2019 2020 2021 2022

ONGOING DEBT OPTIMISATION DEBT MATURITY SCHEDULE

► One year extension of €600m term loanand €200m revolving credit facility

► Refinancing of €450m revolving facility

► 2019 and 2020 bonds mid-swaps pre-hedged

► Average debt maturity of 3 years

Note: Maturities are provided on a calendar year

Term loan / undrawn line of creditsof Eutelsat Communications

Undrawn lines of credit(Eutelsat S.A)

Outstanding Bonds

€800m

Pre-hedge: €800m at c. 1.45%ex. spread

Pre-hedge: €500m at c. 1.12% ex. spread

€930m

€500m

€300m

€450m1

€600m

€200m

2.625%

3.125%

1.125%

5.0 %

Shareholder structure

18

EUTELSAT SHAREHOLDING STRUCTURE AS OF 30 JUNE 2017

Bpifrance26.4%

CIC1

6.7%

FSP2

7.5%

Free float and

others59.4%

1 China Investment Corporation

2 Fonds Stratégique de Participations

Agenda

19

2

3

5

1 FSS Industry

Eutelsat in a snapshot

Q1 2017-18 performance

Appendix

4 Outlook

2

3

Key events

20

First Quarter revenues of €349m

Well-oriented operational metrics: stable Backlog r ising Fill Rate and increased HD penetration quarter on quarter

Positive outcome of Video renewals, notably with Po lsat at HOTBIRD

Favourable USG Fall campaign with almost 95% renewa l rate

Al Yah 3 delay impacting African broadband roll-out

Streamlining of Video distribution in MENA with int egration of Noorsat

385

349

(5)(6)

(21)(4)

ReportedQ1 2016-17

Currency Perimeter Change inOther

Revenues

Operationaltrend

ReportedQ1 2017-18

Q1 Revenues

21

Q1 YOY REVENUE BRIDGE (€M)

► Q1 revenues of €349m• -9.3% reported• -6.7% at constant perimeter and

currency

► Underlying businesses down 1% excluding ‘Other’ revenues

-1%

Q1 Revenues like-for-like by application

22

Video

REVENUECONTRIBUTION1

REVENUES(€m)

LIKE-FOR-LIKE 2 CHANGE

65% 223 -0.8%

1 The share of each application as a percentage of total revenues is calculated excluding “Other revenues”.2At constant currency and perimeter. Based on new applications reporting.

Fixed Data 11% 37 -11.7%

GovernmentServices 12% 41 +1.1%

FixedBroadband 7% 22 -9.7%

Mobile Connectivity 5% 19 +33.3%

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Other revenues 7

YoY QoQ

+0.7%

-4.7%

-2.0%

-3.5%

+5.1%

-74.8% +14.7%

Video

23

► Revenues of €223m, down 0.8% y-o-y like-for-like 1

► Broadcast up 0.5% excluding carry-forward impact of termination of TV d’Orange contract:• Growth in Russia at 36° and 56° East• And MENA at 7/8° West and 7° East

► Renewal with Polsat at the HOTBIRD position

► Ongoing tough conditions in Professional Video

► 6,755 channels at end-Sept. 2017• +6.6% y-o-y• HD up from 14.8% to 17.9%

REVENUES2 (€M)

227 223

229

228

224

FY 2016-17 FY 2017-18

Q1

Q2

Q4

Q3

Q1

908

1 At constant currency and perimeter2 Proforma revenues reflecting new applications at actual rates as well as the disposal of DSAT Cinema for FY 2016-17

Fixed Data

24

► Revenues of €37m, down 11.7% y-o-y like-for-like 1

► Ongoing tough environment in all geographies

► Continued price pressure

REVENUES2 (€M)

43 37

41

42

41

FY 2016-17 FY 2017-18

Q1

Q2

Q4

Q3

Q1

168

1 At constant currency and perimeter2 Proforma revenues reflecting new applications at actual rates

Government Services

25

► Revenues of €41m, up 1.1% y-o-y like-for-like 1

► Stabilization of revenues reflecting solid commercial performance in FY 2016-17

► USG Renewal rate at almost 95% in Fall round• Volumes almost stable• Slight decline in price

REVENUES2 (€M)

42 41

44

45

45

FY 2016-17 FY 2017-18

Q1

Q2

Q4

Q3

Q1

176

1 At constant currency and perimeter2 Proforma revenues reflecting new applications at actual rates

Fixed Broadband

26

► Revenues of €22m, down 9.7% y-o-y like-for-like 1

► Y-o-Y variation reflecting mainly the absence of a one-off last year:• Related to the phasing of payments by

a specific customer

► Definite delay to launch and entry intoservice of Al-Yah 3:• Commercial service now expected in

June 2018 at the earliest;• Marketing partly suspended, affecting

Al Yah 2 operations; • Majority of revenue expectations for

Konnect Africa pushed out to 2018-19.

REVENUES2 (€M)

25 22

24

24

23

FY 2016-17 FY 2017-18

Q1

Q2

Q4

Q3

Q1

96

1 At constant currency and perimeter2 Proforma revenues reflecting new applications at actual rates

Mobile Connectivity

27

► Revenues of €19m, up 33% y-o-y like-for-like 1

► YoY variation reflecting:• Full-quarter impact of Taqnia contract• Continued growth on Widebeam

capacity with customers includingGogo, Hunter and Panasonic

► Revenues to benefit from entry intoservice of EUTELSAT 172B in November• Full impact from Q3 onwards

REVENUES2 (€M)

15 19

18

17

19

FY 2015-16 FY 2016-17

Q1

Q2

Q4

Q3

Q1

69

1 At constant currency and perimeter2 Proforma revenues reflecting new applications as well as the disposal of Wins/DHI at actual rates

Backlog and Fill Rate

28

BACKLOG (€BN) OPERATIONAL AND LEASED TRANSPONDERS

4.6 4.4 4.5

0.8 0.8 0.7

5.4 5.2 5.2

30 September2016

30 June 2017 30 September2017

► 3.5 years of revenues

► Sequential increase in Video backlog

► Video accounting for 86%

1,327 1,372 1,374

948 931 940

30 Sept. 2016 30 June 2017 30 Sept. 2016

Operational transponders leased transponders

Based on 36 MHz-equivalent transponders (TPE), excluding HTScapacity

71.5% 67.9% 68.4%Fillrate

► Operational txp unchanged Q-o-Q

► Leased txp up by 9 units Q-o-Q

► Fill rate of 68.4%

Video

Agenda

29

2

3

5

1 FSS Industry

Eutelsat in a snapshot

Q1 2017-18 performance

Appendix

4 Outlook

2

3

4

Reminder: Our strategic roadmap

30

GROW CASH-FLOW

STEP 1 STEP 2

GROW TOPLINE

2017-19

2019-2025+

Maximise Free-Cash-Flow generation

Build on our core video business

to accelerate growth

Capture longerterm potentialin Connectivity

2016-2019

Maximize free-cash-flow: Financial measures

311 Savings vs. FY 2015-16 basis

► Implement ‘design to cost’ approach

► Ground capex under strict control

CAPEX REDUCTION

► €500m bond issue at 1.125% coupon• Refinancing of €850m Mar. 2017 Bond (4.125% coupon)

► Swap-lock ahead of 2019 €800m bond• Locked at c. 145 bps, (-90 bps)

► Swap-lock ahead of 2020 €930m bond • €500m locked at c. 112 bps

► Streamlining the asset portfolio: agreement reached with Abertis for Hispasat stake (€302m)

► Improving working capital through DSO optimization

► Launch of « LEAP », a wide-ranging cost-savings plan with a focus on external costs

OTHER MEASURES

“LEAP” COST-SAVINGS PLAN

Average annual cash Capex reduced by >€80m 1

Annual savings of c.€30m from 2017 onwards, c.€50m

from 2019 1

Annualised savings of €30m by FY 2019 of which €15m in FY 2018 1

OPTIMIZATION OF COST OF DEBT

Build on our core Video business to accelerate grow th; capture longer term potential in Connectivity

32

► Optimize existing assets within a limited current addressable market

► Progress on prerequisites for scalability

► Decide on scale and location of investments

► Use existing assetsto anchor footholdin the market

► Selectively investin capacity to improve coverage

► Pave the wayfor Mass market

► Growth potential of Video

► Opportunity for further value creation

► Harnessing technology

VIDEOFIXEDBROADBAND

MOBILECONNECTIVITY

MEDIUM TERM(FROM FY 2019)

LONG TERM(FROM FY 2021)

Build on our core business to accelerate growth

Preparefor scalability

From nicheto mass market

Video: Build on our core business to accelerate gro wth

33

► Video via satellite will continue to grow

► Distribution will be split between satellite and IPTV longer term

► Outsourcing of services by broadcasterswill create additionalsources of demand

GROWTH POTENTIAL OF VIDEOOPPORTUNITY FOR FURTHERVALUE CREATION

► Greater integrationwithin the IP ecosystem

► Enhance viewerexperience

► Add new servicesfor broadcasters, advertisersand consumers

► Develop connectedterminals

► Improve efficiency• Compression• Encription• Security

► Increase revenue• Metadata management• Targeted advertising• Payment

► Enhance loyalty• Multiscreen• Smart EPG• TV everywhere

HARNESSING EXISTING TECHNOLOGY

Enhance end-viewer experience to reinforce customer loyaltyand generate additional revenue opportunities

Connectivity: Agreement with ViaSat…

34

► Combining Eutelsat’s European broadband business with ViaSat’sexpertise

► Two entities:

• Infrastructure (51% Eutelsat)• Retail (51% ViaSat)

► ViaSat paid €132.5m for 49% of European Broadband business

CLOSING OF JV AGREEMENT WHAT’S NEW?

► Initial JV perimeter extended to include both Fixed Broadband AND in-flight Mobility

► Initial technical assessment of Viasat3 VHTS technology successfullycompleted

► ViaSat-3 EMEA satellite expected to be added to the joint venture

► Platform to drive growth acceleration in Connectivity vertical from early 2020s

…paving the way for the longer-term opportunity

35

► Core market for Fixed Broadband via satellite estimated atc.5m households in Europe in 2030 1

► Global revenues for in-flight Connectivity capacity expec ted toexceed €1bn in 2025

Significant long-term potential

VHTS game-changing

technology

Springboard for growth rebound

from 2020

Managed withincurrent capex and

profitabilityframework

► Provision of fibre-like service

► Production costs enabling transition from niche to mass market

► Early mover advantage

► Strong technology partner

► Combining ViaSat’s distribution know how and Eutelsat ’sestablished positions and ‘go-to-market’ experience

► Shared Investment with ViaSat

► KA-SAT funds earmarked for VHTS investment

► Eutelsat retains an infrastructure business model with noimpact on margins

1 Households with Fixed Broadband connection below 10 Mbps and no indoor LTE coverage

Progress on our priorities for FY 2017-18

36

Stabiliserevenues

Optimiseother items

Polsat renewal with favourable outcome

Deliver on LEAP cost-savingsplan

Maintain tension on WCR

Contain Capex

Continue to de-lever

Gro

w C

ash

Flo

w

Grow Connectivity

Return to broad stability at HOTBIRD

Stimulate HD ramp-up and optimise Video distribution

HD penetration up c. 3 pts in Q1Integration of Noorsat

Fill Data capacity Some improvement in volume trendsMobile Connectivity up 33% in Q1OSD of E172B on track for Q2

Konnect Africa ramp-up Pushed out due to Al Yah 3 delay �

All on track

2017-18 revenue path back-end loadedY-o-Y revenue trend to improve in future quarters

37

► Comparison base to becomeeasier in coming quarters• Lower ‘Other’ revenues• End of TV d’Orange on 31 Dec. • Easier comps for Fixed Data

► Uplift from EUTELSAT 172B in Q2• HTS payload partly presold to

Panasonic• Full-quarter impact from Q3

QUARTERLY PROFORMA REVENUES IN FY 2016-17

352 356 357 353

27 147 6

379370 364 359

Q1 Q2 Q3 Q4

Other revenues

Financial outlook

38

1 Based on Proforma revenues of €1472m for FY 2016-17 excluding the contributions of Wins/DHI and DSAT ; 2 Inc. cash outflows related to ECA loan repayments and capital lease payments; 3 Net cash-flow from operating activitiesless Cash Capex less Interest and Other fees paid net of interest received. Three year CAGR calculated on the period FY 2016-17 to FY 2019-20 .

REVENUES(At constant currency, and perimeter)

EBITDA MARGIN(At constant currency)

CAPEX

LEVERAGE

► -1% to -2% in FY 2017-18 1

Versus ‘broadly stable’ previously► Return to slight growth from FY 2018-19

► Above 76% in FY 2017-18 ► Above 77% from FY 2018-19

► FY 2017-18 to FY 2019-20: average of €420m 2 per year

► Investment grade rating► Net debt / EBITDA below 3.0x

DISTRIBUTION ► Stable to progressing dividend

DISCRETIONARY FREE CASH FLOW 3

(At constant currency)

► FY 2016-17 to FY 2019-20: mid-single digit CAGR, with growth back-end loaded in the outer two years

Future launches

39

NameEUTELSAT

7CEUTELSAT5 WEST B

AFRICAN BROADBANDSATELLITE

OrbitalPosition

7° East 5° West TBD TBD

Launch date 1 H2 2018 H2 2018 2019 2019

Manufacturer

Launcher

CoverageMENASSA

EuropeNorth Africa Flexible SSA

Applications Video Video Government Services Broadband

Total Capacity (TPE/Spotbeams)

49 Ku 35 Ku N/A 65 Ka / 75 Gbps

o/w ExpansionCapacity 2

19 Ku - N/A 65 Ka / 75 Gbps

1 Calendar year2 Excludes unannounced redeploymentsElectrical propulsion HTS Payload

Agenda

40

2

3

5

1 FSS Industry

Eutelsat in a snapshot

Q1 2017-18 performance

Appendix

4 Outlook

2

3

5

41

Appendix

5

FY 2016-17 financials5.1

Miscellaneous5.2

FY 2016-17 Revenues of €1.478bn, -2.2%like-for-like

42

Video

REVENUECONTRIBUTION1

REVENUES2

(€m)LIKE-FOR-LIKE 3

CHANGE

64% 908 -3.3%

1 The share of each application as a percentage of total revenues is calculated excluding “Other revenues”.2 Total revenues of €1478m also include Other revenues of €55m 3At constant currency and perimeter and excluding non-recurring revenues. Based on new applications reporting.

Fixed Data 12% 168 -14.0%

GovernmentServices 12% 176 -4.1%

FixedBroadband 7% 96 +18.4%

Mobile Connectivity 5% 75 +22.5%

CO

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Profitability

43

► EBITDA margin rising to 76.7% despite lower revenues• 76.6% at constant currency

► First benefits of early cost-cutting actions

► Lower level of bad debt

► Positive impact of disposal of non-core, lower margin businesses (Wins/DHI)

EBITDA (€M)

77.4 77.4 77.5

Margin (%)

1,165 1,134

FY 2015-16 FY 2016-17

76.2 76.7

Net income

44

1Rounded to closest million2EBITDA defined as operating income before depreciation, amortisation, impairments and other operating income/(expenses)

FY 2015-16

FY 2016-17 Change

Revenues

EBITDA2

Operating income

Financial result

Income tax

Income from associates

Group share of net income

Extracts from the consolidated income statement in €m 1

1,529 1,478 -3.3%

1,165 1,134 -2.7%

662 615 -7.1%

(123) (131) +6.4%

(200) (120) -39.9%

24 0 n.a

348 352 +0.9%

► Higher D&A ► Capital gain on Wins/DHI

► Full-year impact of EUTELSAT 36C lease► Lower capitalized interest► Variation in forex impact

► Partial tax-exemption of Wins/DHI capital gain► Non-cash positive one-off related to future tax rat e

cut in France

► Hispasat reclassified in assets held for sale

► Net margin of 24%

Discretionary Free-Cash Flow up 65%

45

1

(1) Cash Capex includes capital expenditure and payments under existing export credit facilities and long-termlease agreements on third party capacity.

(2) Cash Capex for FY 2016-17 is: (i) restated from the value of the payment owed in FY 2015-16 to RSCC inrespect of lease of EUTELSAT 36C but paid effectively in FY 2016-17 (payment of €95.2m) which was alreadyaccounted for in FY 2015-16 cash capex; (ii) net of the €132.5m received from ViaSat.

(1)

983

(414)

(161)

408

Net cash Flow from operations

Cash Capex Interest and Other fees paid net of

interests received

Discretionary Free Cash-flow

In €m

(1)

896 (514) (134) 247FY 2015-16

+ 87 +100 -27 +161Change

+65%

Net debt down €366m

46

4,007

3,641

(408)+266 (55)

(140) (29)

-€366m

Net Debt at end- June 16

Net Debt at end-June 17

DiscretionaryFree Cash

Flow

Dividendspaid

Other

In €m

Equity divestments

46

Change in financial

leases and ECA

1Excluding Payment of €95.2m to RSCC already reflected in Discretionary cash flow

1

47

Appendix

5

FY 2016-17 financials5.1

Miscellaneous5.2

225290

Sept. 2016 Sept. 2017

Focus on HOTBIRD KPIs

4848

1,044

1,016

Sept. 2016 Sept. 2017

+15

End of TV d’Orange

OthersResilientchannel count

-43

Sustained HD ramp-up

+29%

MPEG-4 more advanced than HD

500 544

Sept. 2016 Sept. 2017

Penetration 21.6% 28.5%

Penetration 47.9% 53.5%

+9%

Evolution of used capacity at HOTBIRD

49

► Positives

• HD penetration to reach 50%

(vs. c. 25% today)

• >20 UHD channels (vs. <5)

► Negatives

• Reduction in simulcast

(from 10% to 5% of total channels)

• Efficiency gains

(coding, modulation, compression)

KEY TRENDS BY FY 2021 EVOLUTION OF CAPACITY USED

100 109(20)

(17)

+37

+9

FY 17 SD channelreduction

Efficiencygains

HD channelincrease

UHDchannelincrease

FY 21

► New pricing model based on ‘Mbps’

Increase in Mbps used => revenues at least stable

Sensitivity: a variation of 10 channels wouldhave a 1 point impact on capacity used

In Mbps (base 100 in FY 2017)

Acquisition of Noorsat: Streamlining Video distributi on

501 annualized basis net of capacity purchased by Noorsat from Eutelsat

► Increase our control over the commercial development of MENA Hotspots

► Increase our direct access to the end clients: • Boost HD adoption • Upsell incremental Video Services

► Leverage on salesforces for cross-selling

► Internalize the distribution margin

Noorsat in a snapshot

INCREASE DIRECT CUSTOMER ACCESS BY INTEGRATING DISTRIBUTION

► One of the largest distributors of video in MENA

► c. 300 channels

► Blue chip customers

Financial impacts

► Acquisition price of c. 75 M$► > $15m on revenues 1

► Slightly dilutive margin impact absorbed within objectives

► -€0.4bn on backlog

Video Case study: Development of hybrid offer in South Korea

51Source: Eutelsat analysis, company reports

KT MEDIA SUBSCRIBERS (M)

► South Korea is one of the countrieswith 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 a leading IPTV player

2.15

0.84

1.55

9.71

2.43

1.94

5.35

2011

4.55

2017

Olleh TV(IPTV)

Skylife TV(satellite)

Olleh TV Skylife(hybrid) Satellite

Satellite prospering in the land of fiber

VIDEO

► Eutelsat’s number one Video market

► Unrivalled distribution cost

• Eg: Sky It is paying c.€90m /year to distribute260 channels to 4.8 M households

• This represents c.7 cents per channel per household per year

► Low terrestrial infrastructure penetration

► Sky Italia available via Telecom Italiaterrestrial since 2015

► Sky Satellite subscribers have risensince then

SKY ITALIA SATELLITE SUBSCRIBER DEVELOPMENT

52Source: OECD, Sky reports

Sky Italia retail customers, in ‘000 subs

Video via satellite: Italian market focus

4,833 4,760 4,734 4,700 4,809

Dec12 Dec13 Dec14 Dec15 Dec 16

Launch of OTT

Fixed Broadband: Preparing for mass market adoption

53

BRIDGE DIGITAL DIVIDE

IN-MARKET PROPOSITION INDUSTRIAL TRANSLATION TIMING

Use the time to VHTS to prepare for mass market: op timize existing or committed assets(KA-SAT, Russian and African Broaband) and validate go-to-market models

► Deliver fiber-like capacity (30 Mbps)

► Reach fiber-like pricing (€40 / month)

► Lower barrers to adoption

► Assess adressable market

► Develop appropriatedistribution

► VHTS satellites€1m / Gbps

► Terminals < $200

► Refine assessmentof fiber deployment

► Test and validatebusiness models

► 2020-21

► C.2019

► 2018 onwards

► 2016-18

Mobile Connectivity: M arket foothold with existing assets

54

BRING FIBER-LIKE CONNECTIVITY IN MOBILITY

IN-MARKET PROPOSITION INDUSTRIAL TRANSLATION TIMING

Pave the way by leveraging our existing assets in A ero (172° East, 10° East, 117° East, KA-SAT),selectively invest to improve coverage, and seek pa rtnership deals with stakeholders for each vertical

► Deliver streaming-like experience for IFEC

► 1 Mbps / passengerfor 50% of passengers

► Deliver on-the-movefiber-like Connectivityfor ground transportation

► VHTS satellites1 Terabyte satellite

► VVHTS

► Flat terminals

► 2020-21

► 2025-2035+

Strong pipeline for in-flight Connectivity

55

► Several contracts signedusing capacity on KA-SAT over Europe• Finnair

• SAS

• El Hal

• Icelandair

► Eutelsat providessatellite capacity, ViaSatis the prime contractor

KA-SAT EUTELSAT 172B

► Customised HTS payload selected by Panasonic to support IFEC growth over APAC

► Panasonic to use alsowidebeam capacity to deliver live TV to aircrafts

► Contract with Taqnia for four HTS Ka-band spotbeams on ETL 3B • Capacity to be used for 100

medium / long-haul aircraft of Saudi Arabian Airlines

► Several contracts for the use of widebeam capacity by major service providers

OTHER RESOURCES

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 stee ring, power and frequency band pairing that customers will be able to actively define

► Targeting for users operating in Government and Mob ility 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

Example of a coverage hopping between 2 markets

Satellite programme capex profile

57

TYPICAL TIMING OF CAPEXPAYMENTS

► Capex generally split equally over three years prior to launch

► Insurance paid in year three

BREAKDOWN OF CAPEX

30% 30% 40%

YEAR 1 YEAR 2 YEAR 3

Launcher

Insurance

Others

Satellite

57

>30%1 in capex savingsImproved IRREnhanced performance

Design-to-cost: EUTELSAT 5 West B case study

58

DESIGN-TO-COST

Improved match of coverage with

customer requirements

Lower cost of payload

Smaller platform

Lower launch cost

Lower insurance cost

LAUNCH

Shared launch in a stacked

configuration on a Proton rocket

(1) relative to the theoretical cost of replicating EUTELSAT 5 West A’s Ku band mission

Satellite economic model 1: Regular capacity

591 For a greenfield satellite, using chemical propulsion

1.6

1.3

3.1

1.5

1.3

1.5

1.2

1.3

2.6

1.4

1.2

1.8

1.5

1.3

3.2

1.5

1.21.5

1.1

1.3

2.7

1.41.3

1.7

1.4

1.2

2.8

1.3

1.0

1.4

1.0

1.2

2.5

1.4

1.2

1.6

North America LATAM Western Europe Central Europe CIS & Central Asia MENA SSA Southern Asia North East Asia Chi na area South-East Asia Oceania

AVERAGE REVENUE PER TRANSPONDER (m$)

Source: Euroconsult 2016 - Average Revenue per 36-Mhz Transponder for regular capacity only

2013

2014

2015

Industry average revenue per transponder 2013-2015

60

LEAP Programme: €30m cost-savings by 2019

611At constant currency

► EBITDA margin above 75%• Scope for improvement relative to

best-in class

► c.€140m of adressable costsidentifed• Out of total opex base of c.€340m

► Target of >20% reduction• Based on granular internal analysis

and benchmarking

► Cost savings target attributed to each manager with attendant incentivisation

LAUNCH OF LEAP WITH IDENTIFIEDSAVINGS TIMING AND IMP ACT OF LEAP

FY 2016-17 FY 2017-18 FY 2018-19

Launchand

quick wins

€15m savings

€30msavings

EBITDA margin 1 target raised*

>76%>76%

*from >75% previously for the three years

>77%

IR Contacts

62

Joanna DARLINGTONT: +33 1 53 98 31 07 E: jdarlington@eutelsat.com

Cédric PUGNIT: +33 1 53 98 31 54 E: cpugni@eutelsat.com