#1C EUTELSAT EUTELSAT TO ENTER LEO SPACE WITH ONEWEB INVESTMENT 27 April 2021#2▸ EUTELSAT AGENDA 1. Key transaction terms 2. OneWeb in a snapshot 3. Strategic rationale 4. Financial rationale 5. Conclusion 6. Appendices |2#3KEY TERMS OF THE TRANSACTION ► $550m investment 100% cash-funded Investment in ordinary shares via a capital increase (no selling shareholder), resulting in a 24% stake in OneWeb ▸ Eutelsat will become a main shareholder of OneWeb, jointly with HM Government and Bharti Eutelsat will be the only satellite operator among the main shareholders ► Similar governance rights to HMG and Bharti ► Closing expected in H2 2021 (calendar year) ▸ EUTELSAT C EUTELSAT OneWeb 3#4▸ EUTELSAT AGENDA 1. Key transaction terms 2. OneWeb in a snapshot 3. Strategic rationale 4. Financial rationale 5. Conclusion 6. Appendices#5ONEWEB IN A SNAPSHOT LEO CONSTELLATION WITH UNIQUE FEATURES 648 sats in Low-orbit ► 1.1 Tbps of capacity ► Fully global coverage Strong spectrum priority rights ► Gen 1 fully operational by end- 2022 ►Gen 2 to add capacity in the medium term ▸ EUTELSAT SOLID CAPITAL BACKING Capital structure post Eutelsat investment KUK Government HM Government Since Nov. 20 OPENING OPPORTUNITIES Others 1 SoftBank HUGHES 24% 28% 1 Others including Softbank, Hughes and other minority shareholders 24% 24% EUTELSAT Expected 2021 bharti Since Nov. 20 OneWeb ALMOST FULLY FUNDED LOW FUNDING TO GO ~$5bn total funds raised (Ow $.1.4 bn since Chap. 11) + $0.5bn Eutelsat investment Well advanced discussions with potential backers on $0.5bn funding to go |5#6CUTTING EDGE TECHNICAL FEATURES LOW-LATENCY GLOBAL COVERAGE LOW LOOK ANGLE HARDWARE SIMPLICITY COST-EFFECTIVE ▸ EUTELSAT Relevant for latency sensitive apps incl. Cloud /5G Uninterrupted service and access to untapped markets Enhanced signal reception in all configurations Easy-to-install and low-cost vs. MEO Improved competitivity vs. terrestrial in remote areas |6#7FULLY ON TRACK FOR IMMINENT ENTRY INTO OPERATIONAL SERVICE System in final phase of development with regional coverage from end-2021, full global coverage from end-2022 EUTELSAT High volume serial manufacturing => up to 15 / week 2 Plants in France and Florida JV with Airbus Monthly launch cadence resumed Agreement with Arianespace User terminal in development and production designed to support connectivity for multiple applications 195 Mbps / low-latency Global ground infrastructure deployment well advanced 7 GW completed 14 under construction >50°N coverage in Q4 21 >22.5°N-S coverage Mid-22 Global coverage in Q4 22 |7#8▸ EUTELSAT AGENDA 1. Key transaction terms 2. OneWeb in a snapshot 3. Strategic rationale 4. Financial rationale 5. Conclusion 6. Appendices |8#9A SUBSTANTIAL AND UNIQUE MARKET OPPORTUNITY Addressing multiple verticals worth almost $10bn VERTICALS FIXED DATA GOVERNMENT MOBILITY ▸ EUTELSAT KEY APPLICATIONS Mobile backhaul ► Corporate networks Community Broadband ► Military / Security Polar coverage Civil government ► In-flight Connectivity ►Maritime Connectivity GROWTH DRIVERS Network extension Growing Data usages Ubiquitous coverage need USO pressure ▸ Defense budget increases ►Bandwidth-hungry usages Connecting remote sites ▸ Growing no of aircraft/ships Improved equipment / take-up rates Enhanced service leading to higher usages 1. Demand in 2029 based on Euroconsult assumptions 2. 2019-2029 compounded annual growth rate based on Euroconsult assumptions 2029 MARKET¹ 10Y-CAGR² $3.2bn $3.0bn $3.2bn +7% +11% +15% |9#10ONEWEB RIGHT TO WIN IN NON-GEOSTATIONARY PRIORITY SPECTRUM RIGHTS FIRST ENTRANT WITH GLOBAL COVERAGE SCALABLE TECHNOLOGY ALMOST FULLY FUNDED DIVERSIFIED GLOBAL SHAREHOLDER BASE ▸ EUTELSAT 6 GHz of globally harmonized bandwidth secured from ITU Highest priority in Ku-band Other LEOs have the burden of coordination to not interfere in Ku-band Fully global coverage by end-2022, ahead of any other LEO/MEO constellation Gen 2 optionality to provide more capacity at a significantly reduced cost with enhanced operational flexibility ~$5n already funded prior to Eutelsat investment; $0.5bn of funding to go;well advanced discussions with potential backers Opening market access and commercial opportunities in mature and emerging areas OneWeb Dhe Wied VERYO | 10#11HIGH COMPLEMENTARITY OF RESOURCES AND ASSETS Opening multiple commercial opportunities C EUTELSAT COVERAGE APPLICATIONS TIMING COMMERCIAL MARKET ACCESS EUTELSAT ▸ Density ►High-throughput ► Immediate ramp-up capabilities orange Portfolio of blue-chip customers Telefonica ANIMENT esa European Space Agency ▸ Strong institutional relationships TOTAL RSCC NASA MARLINK MTN bpifrance + + + + + ► Ubiquity ►Low latency OneWeb ▸ Medium term high potential Active discussions with >100 prospective customers Diversified investor base HM Government bharti HUGHES. SoftBank | 11#12EUTELSAT CAPABILITIES TO ACCELERATE DEVELOPMENT BEST-IN CLASS TECHNICAL EXPERTISE UNPARALLELED COMMERCIAL CAPABILITIES ▸ EUTELSAT EUTELSAT CAPABILITIES 500 expert engineers in numerous fields Satellite engineers, service and ground, new applications & systems, regulatory experts, capacity planning Broad range of technical assets and capabilities 39 GEO satellites and a robust ground network End-to-end program management skills Spectrum and regulatory expertise EUTELSAT Global distribution network Blue-chip customers across all connectivity verticals Strong sales skillset including vertical solutions design, end- to-end delivery, automated platforms... Key player in the European Space ecosystem Strong institutional relationships in all geographies EUTELSAT BENEFITS TO ONEWEB Access to a combined GEO/LEO network Access to back-up sites and operational capabilities to optimize OneWeb ground operations competitiveness Leverage engineering & procurement know-how to design specs Accelerate market access (landing rights) and carry a greater weight vis-à-vis regulatory bodies OneWeb Accelerate commercial ramp-up Leverage on distribution network and commercial expertise Access to blue-chip customers Facilitate market access in specific regions OneWeb | 12#13POWERFUL AND DIVERSE SHAREHOLDER BASE Supporting business opportunities on a global scale ▸ EUTELSAT Leading GEO operator with a global footprint Strong positions notably in EMEA and Russia Unrivalled distribution presence and blue-chip customer base HUGHES Leading US geostationary satellite operator and ground network innovator Major provider of satellite Broadband across the Americas Trusted technology and distribution partner of OneWeb EUTELSAT UK Government HM Government Accelerates and enhances OneWeb's global access Ambition to join the first rank of space nations £5bn 'Project Gigabit' program to deliver next-generation businesses in hard-to-reach areas £6bn Skynet program to provide strategic and tactical communication services to Mods Commonwealth abit broadband to homes and SoftBank Japanese multinational conglomerate A leading Telecom operator in Japan Runs Vision Fund, the world's largest technology- focused venture capital fund, with over $100bn in capital Stakes in multiple assets and companies bharti Indian multinational with interests in telecoms, agribusiness, financial services, food, hospitality, manufacturing and property Third largest mobile operator in the world, with over 425 million customers across Asia and Africa Owns extensive mobile broadband networks and enterprise business which will act as the testing ground for all OW services Presence across South Asia and Sub-Saharan Africa, where the terrain necessitates the use of satellite-based connectivity CONFIDENTIAL 13#14▸ EUTELSAT AGENDA 1. Key transaction terms 2. OneWeb in a snapshot 3. Strategic rationale 4. Financial rationale 5. Conclusion 6. Appendices | 14#15AN ATTRACTIVE ENTRY POINT IN LEO FOR EUTELSAT EUTELSAT OPPORTUNITY TIMING PRICING Number of possible global constellations is limited to 4-6 by regulatory, physical and operational constraints The total cost for a standalone constellation amounting to several $bn OneWeb now almost fully funded with ~$5bn already funded (before our investment) and low funding-to-go Supported by a diversified shareholder base System in final phase of development with a partial coverage from end-2021, full global coverage by end-2022 $550m to become a leading shareholder in a promising growth asset (almost equivalent to gross C-Band proceeds) Opportunity to buy a high potential asset with scalable technology Investment compatible with our hurdle rates even in a stretched scenario | 15#16CONSISTENT WITH OUR FINANCIAL FRAMEWORK STO 243 RCL HEAD NATA INPUT www % GLA EUTELSAT DSP 8 PRT 2 SHOW 14.3X 3 FAST ENTER 339 970 56 969 817 58 ;+ G 804 0 1 296 7 1 859 31 2 499 80 3 227 07 4 050 935 R 28 331 100% Cash financed by C-Band proceeds and cash on balance sheet ► $507m C-Band proceeds to be fully received ahead of schedule in FY 22 €1.9bn liquidity as of end-March 211 No change to dividend policy Stable to progressive dividend confirmed Commitment to Investment Grade credit ratings ► Solicited ratings from S&P and Fitch All financial objectives confirmed ► FY 21 Operating vertical revenues: €1,190m to 1,220m at 1.14 /$ rate FY 22 Adjusted Discretionary Free-Cash-Flow: €390m to €420m at 1.14 /$ rate ► Medium-term Net Debt to EBITDA ratio of c.3x ¹ €1.4 billion when restated for the upcoming € 500 million bond maturity | 16#17COMPELLING ECONOMIC POTENTIAL ► Potential of at least 10-20% long-term market share in key verticals ► Revenues expected to reach c.$1bn per annum in 3 to 5 years following the full deployment of the constellation ▸ Highly profitable wholesale approach ► Largely self-financing in the medium term Investment compatible with our hurdle rates EUTELSAT OneWeb | 17#18▸ EUTELSAT AGENDA 1. Key transaction terms 2. OneWeb in a snapshot 3. Strategic rationale 4. Financial rationale 5. Conclusion 6. Appendices | 18#19A MAJOR STEP IN OUR CONNECTIVITY STRATEGY Combination of Eutelsat and OnWeb getting the best of GEO and LEO ▸ EUTELSAT Eutelsat will continue maximizing cash-flow extraction from its high-profitable heritage business... ... underpinning delivery of strong returns to shareholders and grow its Fixed Broadband vertical leveraging EUTELSAT KONNECT and KONNECT VHTS... OneWeb will be the main growth engine in non-Broadcast and non-Broadband applications... ... combining resources and assets to boost overall commercial potential | 19#20EUTELSAT AGENDA 1. Key transaction terms 2. OneWeb in a snapshot 3. Strategic rationale 4. Financial rationale 5. Conclusion 6. Appendices | 20#21DISCLAIMER 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 fiscal year 2020-21 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. ▸ EUTELSAT | 21#22▸ EUTELSAT IR CONTACTS 0 Joanna DARLINGTON T: +33 1 53 98 31 07 E: [email protected] Cédric PUGNI T: +33 1 53 98 31 54 E: [email protected] Alexandre ILLOUZ T: +33 1 53 98 46 81 E: [email protected] | 22