#1EUTELSAT EUTELSAT COMMUNICATIONS Investor Presentation August 2023#2AGENDA 1. Eutelsat in a snapshot 2. Key market trends 3. Combination with OneWeb 4. FY 2022-23 performance* 5. Strategy and Outlook 6. Appendix * EUTELSAT FY 2022-23 performance is standalone | 2#3THE SATELLITE VALUE CHAIN EUTELSAT EUTELSAT Satellite manufacturers Satellite launchers Satellite operators TV broadcasters, Telecoms, Governments Consumers & businesses ་ End users | 3#4EUTELSAT BUSINESS CHARACTERISTICS High barriers to entry Finite resource of orbital positions and frequencies, heavily regulated at international level with key commercial orbital positions already into use ►High upfront CAPEX before operations ▸ High technology and technical expertise through satellite lifecycle Profitable business model ► Significant backlog with long-term contracts Economies of scale ► High operating margins Predictable operating cash flow#5EUTELSAT IN A SNAPSHOT KEY DATA FY 23 revenues of €1.13bn FY 23 DFCF1 of €518m Fleet of 362 satellites; global coverage Operating around 1,350 transponders Broadcasting c. 7,000 channels Backlog representing 3.0 years of revenues EUTELSAT 1 Adjusted Discretionary Free Cash Flow 2 As of June 2023 REVENUE BREAKDOWN BY APPLICATION BY GEOGRAPHY 17% -1% 3% 6% 10% 11% 6% 30% 20% BY APPLICATION 16% 10% ■France ■Italy ■United Kingdom ■ Europe (others) ■Americas ■Middle East ■ Africa ■ Asia ■Others ■ Video ■Government Services ■Mobile Connectivity 62% 12% ■Fixed Connectivity │5#6NEW VERTICAL BREAKDOWN Effective from June 2023 EUTELSAT Broadcast Data & Professional Video Government Services Fixed Broadband Mobile Connectivity Total Operating Verticals (excluding other revenues) Video (incl. Broadcast and Professional video) Government Services Fixed Connectivity (incl. Fixed Broadband and Data) Mobile Connectivity Total Operating Verticals (excluding other revenues) | 6#7BREAKDOWN OF REVENUES BY APPLICATION (FY 2022-23) EUTELSAT VIDEO 62% Direct-to-Home (DTH) Cable headends Professional Video → Military GOVERNMENT SERVICES 12% → Security → FIXED 16% CONNECTIVITY 个个 MOBILE CONNECTIVITY 10% Internet access for households & corporates Mobile backhaul Corporate networks → In-flight Connectivity Maritime Connectivity | 7#8EUTELSAT'S GLOBAL NETWORK TODAY EUTELSAT EUTELSAT 113 WEST A EUTELSAT 115 WEST EUTELSAT 117 WEST A EUTELSAT 117 WEST B EUTELSAT 139 WEST A THE EUTELSAT FLEET EUTELSAT WEST EUTELSAT 12 WESTE EUTELSAT 12 WESTE EUTELSAT 7 WEST A EUTELSAT 10A EUTELSAT SWESTB EUTELSAT 65 WEST A EUTELSAT 30 HOTBIRD 136, 13, 13 EUTELSAT 218 EUTELSAT 20 EUTELSAT 20 EUTELSAT 290 EUTELSAT QUANTUM EUTELSAT $34 EXPRESS AT1*15 EXPRESS AT2 (140) EUTELSAT A EUTELSAT 368 EUTELSAT 36 EUTELSAT FOR EUTELSAT 79 EUTELSAT 7C EUTELSAT KONNECT EUTELSAT 30E EUTELSAT 1729 EUTELSAT 174A EUTELSAT 99 IN ORBIT RAISING JUNE 2023 inclined orbit capacity an e-party satees EUTELSAT KONNECT VNTS EUTELSAT HOTBIRD 13F EUTELSAT 108 FUTURE SATELLITES EUTELSAT 340 FLEXSAT | 8#9€2.3BN AGGREGATED DFCF GENERATED OVER 5 YEARS Reported DFCF / revenue ratio 31% 37% 38% 38% 41% 1,321 1,278 1,234 Incl. €86m of E5WB insurance proceeds For FY23 and FY24: 1,152 1,131 474 408 467 443 462 Adj. DFCF expected at an average of €420m per year³ FY 2018-19 FY 2019-20 Total revenues Adjusted DFCF growth1 +6% FY 2020-21 FY 2021-22 ■Reported Discretionary Free Cash Flow +0% +12% FY 2022-23 -2% -1% Excl. Insurance proceeds² 1 Growth as defined per financial objectives EUTELSAT 2 Excluding the post tax impact of the insurance proceeds related to EUTELSAT 5 WEST B (€86m received in FY 20, €7m received in FY 21) 3 At a 1.00€/$ rate | 9#10BOND & BANK DEBT MATURITY SCHEDULE BOND & BANK DEBT MATURITY SCHEDULE 2.000% €800m 2.250% €53m €50m €450m 1.500% €53m €200m €600m €600m €400m €200m €53m €75m 2026 2027 €65m €53m €75m 2023 2024 2025 €200m 2028 Eutelsat SA Structured loan (drawn) Structured loan (undrawn) Undrawn RCF Outstanding Bonds EIB term loan Eutelsat Communications Term loan (drawn) Undrawn RCF Note: Maturities are provided on a calendar year 1 Bond and Bank debt maturity schedule as of 30 June 2023, excluding ECA loans and leases EUTELSAT Average cost of debt after hedging of 2.96% Average weighted maturity of 3.6 years | 10#11SHAREHOLDER STRUCTURE EUTELSAT SHAREHOLDING STRUCTURE AS OF 30 JUNE 2023 EUTELSAT Free float and others 50.6% 1 Fonds Stratégique de Participations O Bharti 5.2% Bpifrance 25.9% CMA-CGM 10.4% FSP1 7.9% | 11#12CSR APPROACH Four major areas of focus: 1 Committed to the responsible use of Space 2 3 4 Bridging the communications divide across the World Respecting all our stakeholders, embracing diversity, fostering inclusion and striving to ensure equal opportunities for all Caring about the environment, on earth and in space ► Clear governance and stakeholder involvement ► CSR division now reports to the Strategy Department, as it is a critical part of the transformation of Eutelsat and is an integral part of our strategy Initiatives conducted in each of these areas leading to tangible progress based on selected indicators Increasing weight of CSR criteria in compensation of corporate officers ► Sound and improving scores from extra-financial rating agencies EUTELSAT | 12#13CONTINUOUSLY IMPROVING ESG RATING CSR POLICY RECOGNISED BY ESG RATING AGENCIES MSCI ecovadis vigeoiris SUSTAINALYTICS S&P Global ROBECOSAM CDP A/AAA (2023) 58/100 51/100 (2022) (2022) 13.6 (2023) 40/100 (2022) Score above the sector average Top 25% of the sector Silver Certification Score above the sector average Score reflecting a low ESG risk Top 10% of the Global Ranking Score above the sector average D (2022) First time responder, not publicly disclosed Given the nature of its activities, the Group has a limited impact on greenhouse gases emissions EUTELSAT | 13#14COMBINATION BETWEEN EUTELSAT AND ONE WEB, SOURCE OF GROWTH AND VALUE CREATION HIGH-GROWTH AND ROBUST FINANCIAL PROFILE Double digit revenue and Adjusted EBITDA growth H •T• STRONG VALUE CREATION $1.5bn clearly identified synergies EUTELSAT MASSIVE GROWTH POTENTIAL IN SATELLITE CONNECTIVITY 600 Satellite Connectivity market at c. $16bn in 20301 EUTELSAT + OneWeb (1) Source: Euroconsult Satellite Connectivity and Video Market, September 2021 ONEWEB IS A UNIQUE ASSET One-of-only two global LEO broadband constellations COMBINATION TO CREATE THE FIRST INTEGRATED LEO/GEO PLAYER Highly complementary businesses | 14#15EUTELSAT AGENDA 1. Eutelsat in a snapshot 2. Key market trends 3. Combination with OneWeb 4. FY 2022-23 performance* 5. Strategy and Outlook 6. Appendix FY 2022-23 performance is standalone 15#16MARKET TRENDS IN OUR HERITAGE BUSINESSES VIDEO TV ► Underlying trend in the last few years has been a mid single digit decline → Changing video consumption habits → Resilient channel line-up → HD growth, improved compression → Europe / EM facing different trends for the industry ► Professional Video in structural decline DATA Global demand increase driven by rising connectivity needs Ongoing decline of GEO business albeit at a modest pace → Improved volume trends in Fixed Data largely offsetting price pressure ►NGSO (Non-geostationary orbit) satellites to capture much of future growth in the long-term GOVERNMENT SERVICES ► Bandwidth-hungry usages, increasing defence budgets and remote connectivity needs to drive demand growth ►NGSO (Non-geostationary orbit) satellites to further broaden the market in the long-term EUTELSAT | 16#17VIDEO DRIVERS: CHANNEL GROWTH IN EM AND IMAGE QUALITY CHANNEL GROWTH TV CHANNELS IN EMEA AND LATAM INCREASED IMAGE QUALITY HD PENETRATION RATE BY MAJOR REGION CAGR: +0.1% ~22,400 >22,500 ETL footprint 40% 28% Russia and Central Asia 21% 13% 23% SSA 11% 2024 2020 48% MENA 36% 49% LATAM 37% Central 44% 2020 2021 2022 2023 2024 Europe 30% Western Europe North America 58% 40% 58% 43% Resilient TV channels line-up mainly driven by Emerging markets, a significant part of Eutelsat footprint EUTELSAT Source: Euroconsult 2021 HD penetration on Eutelsat footprint has room to grow compared to current overall market levels | 17#18VIDEO DRIVERS: CAPACITY REQUIREMENTS VERSUS COMPRESSION TECHNOLOGY 25,000 20,000 15,000 10,000 5,000 0 2020 EVOLUTION OF IMAGE QUALITY (NUMBER OF CHANNELS) 2021 2022 2023 NUMBER OF CHANNELS PER 36 Mhz TRANSPONDER FORMAT MODULATION MPEG-2 MPEG-4 HEVC DVB-S ~15 -26 SD DVB-S2 DVB-S HD DVB-S2 -9 ~15 UHD DVB-S2 2024 ■Standard Definition High Definition Ultra High Definition and 3D HD requiring higher bandwidth than SD, with a line-up expected to keep gaining share EUTELSAT Source: Euroconsult 2021, EMEA and LATAM ~3 | 18#19FIBER PENETRATION IS PROGRESSING... ... but is far from reaching all households, even in Europe and even in 2026 % FTTH/B Subscriptions (out of total households) 86% 10% Italy 49% 29% 35% 20% Poland France Eutelsat main markets ■ 2021 ■ 2026 EUTELSAT Source Idate FTTH Forecast for EUROPE / Market forecast 2021-2026 / FTTH Virtual Conference 2021 54% 26% EU 27 + UK | 19#20LEADING TO A $16BN CONNECTIVITY MARKET OPPORTUNITY FOR SATELLITES Satellite connectivity market expected to more than triple by 2030 ... $4.3bn 2020 +14% CAGR $15.6bn 2030e EUTELSAT NGSO (=Non-geostationary orbit) includes LEO and MEO Source: Euroconsult Satellite Connectivity and Video Market, September 2021 mainly driven by NGSO growth ►NGSO expected to grow c. 2.5x faster than overall market ►NGSO to represent c. 50% of the market by 2030, mostly captured by LEO constellations +37% CAGR $7.4bn $0.3bn 2020 2030e │ 20#21$16BN OPPORTUNITY - FOUR KEY VERTICALS VERTICAL KEY APPLICATIONS DRIVERS 2030 MARKET 10-Y CAGR Network extension FIXED DATA Mobile backhaul Corporate networks Seamless integration in enterprise networks $3.9bn +10% Growing data usages Ubiquitous coverage need B2B GOVERNMENT Military/Security Civil government Defense budget increases Significant bandwidth demand Remote sites connection $3.9bn +13% MOBILITY In-Flight Connectivity Maritime Connectivity Growing number of aircraft / ships Improved equipment / take-up rates Enhanced service leading to higher usages $3.4bn +17% Internet access a fundamental need B2C CONSUMER BROADBAND Internet access for individuals Community Wi-Fi hotspots Universal Service Obligation pressure High cost of terrestrial rollout Long-term growth in individual data usage $4.4bn +17% Σ=$15.6bn +14% EUTELSAT Source: Euroconsult Satellite Connectivity and Video Market, September 2021. Civil Government and Rural Connectivity sub-segments are recategorized respectively towards Government and Consumer Broadband. │ 21#22MOBILITY USAGES ARE SET TO INCREASE MORE THAN TENFOLD MARITIME CONNECTIVITY DEMAND Projected number of connected ships by 2030 IN-FLIGHT CONNECTIVITY DEMAND 2020 ■2030 23,142 Projected number of connected planes by 2030 4,310 North America 8,941 2020 2030 Western Europe 1,350 5,319 614 MENA 2,157 69,846 338 LATAM 1,480 1,869 Others 7,882 8,481 Total x10 Increased Usage Capacity by 2030 from 40 Gbps in 2020 to 406 Gbps x23 Increased Usage Capacity by 2030 from 40 Gbps in 2020 to 959 Gbps EUTELSAT Source: Euroconsult 2021 1 Including Widebeam, GEO HTS and NGSO HTS 25,779 22#23SIGNIFICANT BROADBAND MARKET FOR SATELLITE ► Substantial long-term (2030+) core adressable market of premises durably beyond the reach of terrestrial infrastructure (4G, 5G, Fiber) ~4M premises in Europe ~5M premises in Africa ► Medium-term addressable market even larger ahead of planned terrestrial rollouts ► Adressing Telecom Operators' requirement for universal coverage ▸ Market able to accommodate several players ➤ Demand for ubiquitous connectivity boosted by Covid-19 induced lock-downs. ► Positive consumer feedback for satellite BB >90% of Satellite BB customers are satisfied with their connectivity1 • 60 to 70% of HH in areas with poor terrestrial coverage show high interest in satellite BB offers² Quality Excellent Good EUTELSAT Neutral Poor 1 Source: Eutelsat market study, July 2020, based on 200 BB homes in UK, Germany, Italy 2 Source: Eutelsat market study, July 2020, based on 500 interviews per country in UK, Germany, Italy | 23#24EUTELSAT AGENDA 1. Eutelsat in a snapshot 2. Key market trends 3. Combination with OneWeb 4. FY 2022-23 performance* 5. Strategy and Outlook 6. Appendix FY 2022-23 performance is standalone │ 24#25ONEWEB AT A GLANCE Overview ▸ One-of-only two global broadband LEO ► 636 satellites at 1,200 kms 1.3 Tbps sellable capacity ► 84% capacity over land Target fast growth markets Assets Global stakeholders c. $5bn deployed on Capex Highly skilled organization Priority spectrum rights 636 satellites deployed Velocity Revenue generating 5x usage growth on Network c. 55 distribution partners Deal pipeline of c. $3.4bn 150+ Customer Trials underway Unique asset, speed to market and a strong track record of execution @EUTELSAT (1) Expected by Q4 2023 | 25#26ONEWEB HAS SECURED PRIORITY RIGHTS OVER PREMIUM SPECTRUM BANDS OneWeb has secured about 6 GHz of bandwidth Strong Spectrum Positioning in Ku- and Ka-bands - Ku-band (User links) ITU Ku-Band Ka-Band Ka-band (Gateway links) Highest priority in Ku-band (2.5 GHz) Strong Priority in Ka-band (3.3 GHz) Other LEOS need to coordinate with or work around OneWeb to avoid interference Bandwidth 2.5 GHz 3.3 GHz Priority Position 1st High Usage User links Gateway links Burden of coordination in Ku-band is on other operators not to interfere with OneWeb EUTELSAT | 26#27ALASKA - CONNECTING COMMUNITIES: ONE OF MANY APPLICATIONS Regional Need Connectivity is not equally available in rural Alaska OneWeb office and customer demonstration centre in Anchorage One of the largest ground station sites serving the Arctic circle c. 48% of the Arctic Circle and c. 40% of Alaskans have slow or no connectivity Despite being the biggest state in the US, Alaska is one of the lowest ranked states in terms of Internet Covid-19 placed unprecedented demand on existing systems like emergency response EUTELSAT Local partners to serve entire Alaskan community PACIFIC DATAPORT LATS Q QUINTILLION Calaska LEONARDO DRS 74 active sites connecting native communities, local services, mining companies Connected by OneWeb | 27#28April-22 SUSTAINED POSITIVE COMMERCIAL RAMP-UP T OneWeb Telstra Deal announced in June 2023 May-22 Sustained commercial dynamic Secured backlog ($m) 600 800 + $300m since October 2022 900 May-23 June-23 One of the world's largest rollouts of Low Earth Orbit (LEO) backhaul for a commercial mobile network in Australia. ► Telstra and OneWeb will begin moving hundreds of existing remote mobile base stations currently using satellite backhaul to OneWeb's LEO solution from later in 2023. ► The strategic agreement has the potential to expand to up to 25 Gbit/s of LEO capacity. ▸ Enhancing the experience of Telstra's remote customers when using real-time applications such as voice and video calling and allowing the expansion of mobile coverage through new remote site deployment. June-22 July-22 August-22 September-22 October-22 November-22 March-23 January-23 February-23 December-22 April-23 ✓ Revenue objective of $50m by end-June 2023 achieved EUTELSAT (1) Includes the $275m Take-or-Pay Agreement with Eutelsat. 28#29GEN-2 TO UNLOCK SIGNIFICANT VALUE AT OPTIMIZED COST Development to begin as soon as 2024 O OneWeb Market-informed design process Bottom-up market analysis for right-sizing Ancillary payload to enable fleet expansion at minimum marginal cost From 3 to 5 times the capacity of Gen-1 Bulkier and fewer satellites (c. 300) Lower cost per Mbit Leveraging on existing and future GEO infrastructure Focus capacity on high-demand area Reduce costs Inter-satellite link Significant savings, namely in ground infrastructure Improved average latency across the Globe Innovation on smaller terminals to unlock new uses EUTELSAT ✓ Estimated saving of $1.5 to $1.8bn for a total confirmed cost of around $4.0 bn ✓ Positive discussions with Government ECAs on financial support | 29#30TWO HIGHLY COMPLEMENTARY BUSINESSES EUTELSAT GEO + OneWeb LEO Geographical advantage Key value proposition Access to customers Capacity density: ability to focus capacity over high-demand regions Low-cost sellable capacity: higher fill-rates than NGSO systems and longer lifetime Large installed base: major legacy customer base with well established relationships Full global coverage expected by Q4 2023 Low latency: critical for some applications and improved quality of experience for many others Access to untapped market pockets Billil Financial profile High cash flow generation @EUTELSAT Investment requirements in early years Combining the best of both worlds, creating a solution that will deliver significant benefits to customer | 30#31THE RIGHT COMBINATION AT THE RIGHT TIME до € Satellite connectivity market at an inflexion point, expected to deliver high levels of sustained growth OneWeb successful service launch, ramping up to full global deployment expected by Jan 24 Seizing early cost synergies: leveraging Eutelsat resources and experience to accelerate the ramp-up of OneWeb EUTELSAT Maximizing Capex synergies: designing One Web Gen 2 as part of an integrated LEO/GEO infrastructure, optimizing the fleets of both partners | 31#32CLEAR ROADMAP TO INTEGRATION 2022 2023 2024 2025 2026 2027 2028 Advance LEO/GEO Offering Fully integrated LEO/GEO Phases Enablers LEO & GEO hybrid services (1 single LEO/GEO antenna) LEO/GEO hybrid services (separated LEO & GEO antennae) LEO & GEO services distributed by Eutelsat (distribution agreement and portfolio extension + bundle offers and single partner portal) User terminals Intellian O or I LEO I EUTELSAT & Intellian GEO LEO (1 Flat or GEO 1 2 Parabolic) Smart routing capabilities Unified Flat antennae (LEO + GEO RX Single Flat antennae (LEO or GEO) Single antennae (LEO & GEO simultaneous) simultaneous) Integrated Network Single antenna (LEO/GEO modem) & Gen 2 1 Antenna - 2 modems 1 Antenna - 1 modem 32#33GENERATING STRONG VALUE CREATION REVENUE SYNERGIES COSTS SYNERGIES CAPEX SYNERGIES Average annual expected Revenue synergies of c. €150m by Year 4 Annual expected run-rate Pre-tax cost synergies Over €80m by Year 5 Average expected annual Capex synergies of c. €80m From Year 1 Leverage Eutelsat sales forces, geographical reach and existing customer base to accelerate commercial ramp-up One-stop-shop for customers looking both for ubiquity and capacity density Single hybrid LEO/GEO terminal unlocking new use cases and revenue opportunities Optimized cost structure on commercial, G&A and joint technical resources Significant cost avoidance at OneWeb Strongly mitigating implementation costs and execution risks Leveraging hybrid LEO/GEO satellite infrastructure to right-size Gen 2 Synergies in procurement and on ground segment and terminals deployment Mid-term GEO fleet rationalization NPV OF SYNERGIES > EUTELSAT Over €1.5bn After tax Net of implementation costs Low execution risk Balanced between Revenue, Costs and Capex synergies | 33#34GROWTH FOR THE COMBINED ENTITY Revenues (€m) Double digit revenue CAGR over the medium to long-term 1,320-1,420 c.1,200 1,550-1,750 c.2,000 Adjusted EBITDA (€m) Double digit EBITDA CAGR over the medium to long-term, outpacing revenue growth 900-1,100 725-825 c.670 Capex Leverage c.1,400 Front-end loaded Capex with average of €725-875m p.a. over FY24 FY30 including synergies Adjusted EBITDA- Capex back in positive territory in FY25 - FY26 depending on Gen 2 Capex phasing Post Gen 2 deployment Capex will consist of upgrade, replacement and maintenance of existing fleet c.4.0x c.3.0x FY23PF 1 Mid-term Disciplined financial policy focusing on growth and deleveraging Dividend suspended in FY23, FY24 and FY25 FY23PF FY24e FY25e FY27e FY23PF1 FY24e FY25e FY27e Guidance horizon @EUTELSAT Guidance horizon All figures in Єm at June year end figures with €/$ parity (1) OneWeb FY23 Adjusted EBITDA based on annualization of Q4 23 estimated EBITDA | 34#35AGENDA 1. Eutelsat in a snapshot 2. Key market trends 3. Combination with OneWeb 4. FY 2022-23 performance* 5. Strategy and Outlook 6. Appendix * EUTELSAT *FY 2022-23 performance standalone │ 35#36HIGHLIGHTS ▸ EUTELSAT 1 FY 2022-23 Operating Vertical revenues of €1,136 million, or €1,157m (€/$ rate of 1.00), at the upper end of expected range, with sustained positive momentum in Mobile Connectivity Robust financial performance including industry-leading profitability with an Adjusted EBITDA margin of 73%¹ Adjusted Discretionary Free Cash-Flow of €518m, comfortably within our expected range $382m proceeds related to Phase II of the C-Band transition recognized in late June 2023. Cash expected in Q1 FY 2023-24 Operational successes, with recent entry into service of 3 satellites incl. E10B, paving the way for return to growth and ensuring seamless service for existing customers Updated financial objectives: confirmed return to growth from FY 2023-24 onwards and strong cashflow generation Strong foundations to ensure the success of the proposed Eutelsat- OneWeb combination. EGM to approve the transaction expected in late September 2023 As of 30 June, 2023, EBITDA will evolve to Adjusted EBITDA with no change in calculation. | 36#37FY REVENUES Total revenues of €1,131m, down 5.5% like-for-like ► Positive currency effect €/$ rate of 1.04 vs 1.14 last year ► Negative swing of €5m in 'Other Revenues' Of which -€15m related to hedging ► Revenues of the Operating Verticals down 4.8% like-for-like YoY 1,152 FY YOY revenue bridge (€m) +43 0 (8) (55) EUTELSAT -4.8% 1,131 FY 2021-22 reported Currency Perimeter Change in Operational Other Revenues 1 trend FY 2022-23 reported 1 Including Hedging revenues representing a -€15m impact versus -€12m at end-June 2022. 2 Excluding the impact of sanctions, I-f-I rate would have been -4.1% | 37#38FY 2022-23 REVENUES BY APPLICATION REVENUE CONTRIBUTION1 REVENUES (€m) LIKE-FOR-LIKE2 YOY CHANGE VIDEO 62% 705 -8.3% GOVERNMENT SERVICES 12% 143 -7.2% MOBILE 10% 110 +26.8% CONNECTIVITY FIXED CONNECTIVITY TOTAL OPERATING VERTICALS OTHER REVENUES EUTELSAT 16% 178 -2.3% 1,136 -4.8% 1 Share of each application as a percentage of total revenues excluding "Other Revenues". -5 -€8m³ 2 Change at constant currency. The variation is calculated as follows: i) FY 2022-23 USD revenues are converted at FY 2021-22 rates; il) Hedging impact is excluded. 3 Of which -€3m related to hedging revenues. | 38#39VIDEO ▸ FY revenues of €705m, down 8.3% YoY like-for- like 1 752 705 • Full effect of the non-renewal of the Digitürk contract • Lower revenues in Europe • Effect of sanctions mainly impacting the Second Half of FY 2022-23 Q4 188 170 Q4 . Seasonality in Professional video 187 Q3 169 Q3 ▸ Eutelsat selected by Orby Elevate Q2 187 182 Q2 • Leveraging the unparalleled coverage of the EUTELSAT 117WA over US territory Q1 191 184 Q1 FY 2021-22 FY 2022-23 ► Q4 revenues of €170m, down 9.7% YoY and broadly stable QoQ EUTELSAT 1 At constant currency and perimeter 62% | 39#40GOVERNMENT SERVICES FY revenues of €143m, down 7.2% YoY like- for-like 1 ► Q4 revenues of €45m up 25.8% YoY like-for- like and up 45.0% QoQ 1 144 143 Q4 36 45 Q4 • One-off contract of €14m with the German space agency, DLR Q3 35 31 Q3 Q2 37 32 Q2 ➤ Excluding this impact, -14.2% YoY like-for-like Slightly improved trend versus First Half, thanks to a superior renewal rate in the Spring 2023 US DoD campaign of above 70% Q1 37 35 Q1 FY 2021-22 FY 2022-23 EUTELSAT 1 At constant currency and perimeter 12% | 40#41MOBILE CONNECTIVITY ▸ FY revenues of €110m, up 26.8% YoY like-for- like 1 Ongoing positive momentum Strong growth in Maritime ► Q4 revenues of €27.3m up 20.7% YoY like-for- like and 2.9% QoQ1 Reflecting positive impact of the commercialization in the First Half of the third beam on EUTELSAT QUANTUM for a maritime mobility customer EUTELSAT 110 80 27 Q4 Q4 23 27 Q3 Q3 21 30 Q2 Q2 19 26 Q1 17 Q1 FY 2021-22 FY 2022-23 1 At constant currency and perimeter 10% | 41#42FIXED CONNECTIVITY FY revenues of €178m, down 2.3% YoY like- for-like 172 178 41 Q4 Wholesale agreements with Orange, TIM, Hispasat and Swisscom Q4 49 • Ramp-up of the African operations 44 Q3 Q3 • In Fixed Data, improved volume trends partly offset negative impact of ongoing competitive pressure on prices. 43 47 Q2 41 22 Q2 Q4 revenues of €41m, down 16.0% YoY like- for-like and down 6.9% QoQ 1 Tougher comparison basis with positive one-off of c. €2.5 million in the Fourth Quarter last year. EUTELSAT Q1 39 46 Q1 FY 2021-22 FY 2022-23 1 At constant currency and perimeter 16% 42#43BACKLOG & FILL RATE BACKLOG (ЄBN) Excluding Managed services 4.0 Of which Video 64% . OPERATIONAL & UTILIZED TRANSPONDERS Fill rate 73.2% 67.8% 70.8% 3.4 1,361 1,352 1.351 996 916 953 Operational Transponders 59% 30 June 2022 30 June 2023 Natural erosion due to Video consumption and FY23 terminations 30 June 2022 31 March 2023 30 June 2023 • Broadly stable operational TPE • Utilized TPE down 43 units YoY Utilized Transponders • Partly offset by Mobility contracts • • Representing 3.0 years of revenues Video accounting for 59% versus 64% a year ago Backlog definition to evolve from FY2023-24 EUTELSAT Fill rate at 70.8% slightly up QoQ, reflecting the seasonality of certain maritime contracts, notably in Europe Based on 36 MHz-equivalent transponders (TPE), excluding HTS capacity | 43#44AGENDA 1. Eutelsat in a snapshot 2. Key market trends 3. Combination with OneWeb 4. FY 2022-23 performance* 5. Strategy and Outlook 6. Appendix * EUTELSAT FY 2022-23 performance is standalone │ 44#45LOOKING AHEAD: ALL IN PLACE FOR A SUCCESSFUL COMBINATION Rebalancing of our business towards Connectivity, where demand is booming Reorganization along two business units to enhance customer-centricity, is now live Substantial growth capacity with E10B already in service, with incremental 35 Gbps of HTS Ku-band capacity addressing surging demand in Mobile Connectivity Sustained cashflow generation, with over €2.3bn over 5 years Eutelsat joined leading consortium to bid for EU Commission's tender for the IRIS² satellite constellation Merger with One Web on track to close by Q3; combination ready to go live from Day One EUTELSAT E10B. Entered into service in late July 2023 EUTELSAT | 45#46SUBSTANTIAL GROWTH CAPACITY TO PROGRESSIVELY SUPPORT TOPLINE INCREMENTAL CAPACITY KEY MARKETS ENTRY INTO SERVICE* FIRM COMMITMENTS HOTBIRD 13G EGNOS Payload Government 30 May 2023 EGNOS EUTELSAT 10B ~100 Ku spots c. 35 Gbps Mobility EMEA/Atlantic & Indian 24 July 2023 Panasonic M MARLINK KONNECT VHTS EUTELSAT 36D FLEXSAT AMERICAS ~230 Ka spots 500 Gbps UHF Payload Ocean Connectivity Europe H2 2023 TIM ThalesAlenía orange Space Government H2 2024 More than 100 Gbps Connectivity Americas 2026 (delivery) Successfully launched; HOTBIRD 13G and EUTELSAT 10B entered into service in May and July 2023 respectively EUTELSAT * Calendar years AIRBUS 46#47FINANCIAL OUTLOOK CONFIRMED (STANDALONE) OPERATING VERTICALS REVENUES ► Growth from FY 2023-24 onwards CASH CAPEX ADJUSTED DISCRETIONARY FREE CASH FLOW3 LEVERAGE DISTRIBUTION Not exceeding €400m¹ per annum for each of the two fiscal years FY 2022-23 and FY 2023-24 ► Average of €420m per annum over the next two fiscal years FY 2022-23 and FY 2023-242 Equivalent to cumulative Adjusted DFCF generation of €1.4 bn over three fiscal years (FY 22/FY 23/FY 24) at 1.00 €/$ Medium-term net debt / Adjusted EBITDA ratio of c. 3x Dividend suspended for three years in the context of combination with OneWeb³ EUTELSAT This outlook is based on the revised nominal deployment plan outlined below. It assumes no further material deterioration of revenues generated from Russian customers. It excludes the impact of the contemplated combination with OneWeb. 1 Including capital expenditure and payments under existing export credit facilities and other bank facilities financing investments as well as payments related to lease liabilities. 2 Based on a €/$ rate assumption of 1.00 and current perimeter. Adjusted DFCF objectives exclude future payments related to the take-or-pay agreement with OneWeb. 3 Starting from FY 2022-23. | 47#48TO SUMMARIZE EUTELSAT Successful execution of cash generation strategy with more than €2bn aggregated DFCF generated over 5 years, helping to fund Eutelsat's future $507m received in the context of the clearing of the C-Band in the US between December 2021 and June 2023 Industry-leading profitability with continued financial discipline Tangible acceleration in Fixed Broadband and Mobile Connectivity ahead of future entry into service of significant incremental capacity with new satellites K-VHTS and E10B Revenues set to grow from FY 24 thanks to firm precommitments on upcoming capacity Combination with OneWeb to create the first combined GEO/LEO infrastructure, addressing a fast-growing global satellite connectivity market 48#49AGENDA 1. Eutelsat in a snapshot 2. Key market trends 3. Combination with OneWeb 4. FY 2022-23 performance* 5. Strategy and Outlook 6. Appendix * EUTELSAT FY 2022-23 performance is standalone 49#50EUTELSAT 6. APPENDIX 6.1 FY 2022-23 Financials 6.2 Telecom Pivot 6.3 OneWeb combination: Outlook & Financials 6.4 Recent launches success │ 50#51FINANCIAL STRUCTURE ➤ Net Debt/Adjusted EBITDA ratio of 3.35x • Versus 3.27x as of 30 June 2022 and 3.55x at end December 2022 NET DEBT / Adjusted EBITDA RATIO ▸ Average cost of debt after hedging of 2.96% 3.27x . Versus 2.55% in FY 22 Average weighted maturity of 3.6 years • Versus 4.3 y at 30 June 2022 ►Strong liquidity 3.35x • Undrawn credit lines and cash around €1.5 billion 30 June 2022 30 June 2023 EUTELSAT | 51#52NET INCOME Extracts from the consolidated income statement in €m FY 2021-22 FY 2022-23 CHANGE Revenues 1,152 1,131 -1.8% Adjusted 862 825 -4.2% EBITDA1 Operating 425 573 +35.0% income Financial result (65) (91) -40.7% Income tax (49) (67) -36.9% Group share of net income 231 315 +36.4% Lower D&A due to lower in-orbit and on-ground depreciation. H13F and H13G in service end of period Other operating income of €203m, compared to income of €45 million last year, principally $382m payment of Phase II of C-Band proceeds. ► Unfavorable evolution of FX gains and losses as well as higher interest rates. Higher tax, at -€67 million versus -€49 million a year earlier, reflecting notably the 30% tax rate applied to the above-mentioned C-Band proceeds. -€87m income from associates (mainly OneWeb) Net margin of 28% versus 20% last year 1 Adjusted EBITDA defined as operating income before depreciation, amortization, impairments and other operating income/(expenses) EUTELSAT 52#53ADJUSTED DISCRETIONARY FREE CASH-FLOW In €m 735 94 518 56 (271) (95) Net Cash-Flow from OW take-or-pay (1) (2) Cash Capex Change as per financial objectives Reported change operations (66) 9 Interest and Other fees paid net of interests received 462 One-off costs related to specific projects, notably COMETE and Eutelsat-OneWeb combination Discretionary Free Cash-Flow (3) (17) 19 1 DFCF excludes payments related to the exclusive commercial partnership with OneWeb. EUTELSAT 2 Cash Capex covers the acquisition of satellites and other tangible or intangible assets, payments in respect of export credit facilities or other bank facilities financing investments as well as payments related to lease liabilities. If applicable it is netted from the amount of insurance proceeds. | 53#54NET DEBT EVOLUTION In €m 2,814 (462) 143 81 190 2,766 Net Debt as of 30/06/22 Reported DFCF Dividend Equity investments (mainly OneWeb) Other Net Debt as of 30/06/2023 EUTELSAT | 54#55PROFITABILITY ➤ FY 2022-23 Adjusted EBITDA margin of 72.9% at constant currency 1 down 1.9 point YoY Lower revenues, especially in the Video vertical ► Higher operating costs • 862 Adjusted EBITDA (€m) 825 Increased staff and technical costs due changing revenue mix and, to a lower extent, inflation Margin at constant currency 74.8% 72.9% Transaction costs with Russia ▸ Adjusted EBITDA margin reflecting progressive rebalancing of our business towards connectivity applications 173.0% reported. EUTELSAT FY 2021-22 FY 2022-23 | 55#56EUTELSAT 6. APPENDIX 6.1 FY 2022-23 Financials 6.2 Telecom Pivot 6.3 OneWeb combination: Outlook & Financials 6.4 Recent launches success 56#57REORGANISATION ALONG TWO BUSINESS UNITS Enhancing customer-centricity, gaining efficiency and fostering return to growth CONTEXT ► We are exposed to 2 different markets with distinct customers → Video which is mature and highly cash-generative → Connectivity where enhanced technology unlocks considerable opportunities ‣ Customers in these 2 markets have distinctive expectations They need to be addressed separately NEW ORGANISATION AND TIMING Creation of two Business Units in charge of all customer-related aspects responsible for their own P&L → Video → Connectivity → Each BU to integrate sales and support for customer services ▸ New organisation expected to be in place early in CY 23 EXPECTED BENEFITS Improved customer-centricity and focus on customer satisfaction ▸ Differentiated sales/marketing strategies per each sub-segment ► Increased collaboration between teams involved in the same processes ► Optimized efficiency in the use of the resources of the company EUTELSAT | 57#58'EUTELSAT ADVANCE' TO ADDRESS CONNECTIVITY VERTICALS Innovative end-to-end managed services Sobot Comme GLOBAL ECOSYSTEM OF SERVICES Global network that seamlessly integrates multiple Ku/Ka capacity Common ecosystem enabling asset mutualization and resources optimization → Flexible service catalog tailored for each market EUTELSAT ADVANCED TECHNOLOGIES & TOOLS Integrated state-of-the-art cloud-based platform Intelligent band allocation & analytics Network management & monitoring tools providing advanced customer experience SEAMLESS USER EXPERIENCE & SUPPORT Dynamic interfaces Self management of services → 24/7/365 customer support → Highly-reliable hosting & Teleport Services FLEXIBLE PARTNERSHIP WITH NO BARRIERS to ENTRY Dynamic allocation of supply & demand → Scaling up & down of bandwidth → Reducing time to market → Open ecosystem of partners Leveraging existing capabilities at limited incremental cost to create a powerful platform enabling optimization of existing and future GEO/LEO resources | 58#59EUTELSAT 6. APPENDIX 6.1 FY 2022-23 Financials 6.2 Telecom Pivot 6.3 OneWeb combination: Outlook & Financials 6.4 Recent launches success | 59#60OVERVIEW OF ONEWEB REVENUE PROSPECTS 50 FY23 OneWeb standalone revenue prospects before synergies (€m) EUTELSAT 125-225 FY24e Guidance horizon 300-500 >600 FY25e FY27e Gen 2 commercial launch targeted by early 2028 All figures in Єm at June year end figures with €/$ parity Calendarized as of Jun-30 (1) Including $275m related to commercial partnerships with Eutelsat Coverage 35° N Latitude now Global during FY24 Key enablers OneWeb Sellable Capacity 450 Gbps now 1.3 Tbps during FY24 Distribution Partners c. 50 distribution partners Verticals Fixed segment now Aviation, Maritime, and Government during FY24 User Terminals 2 models now more than 12 models during FY24 Revenue Ramp-Up Strong pipeline of $3.4bn > $900m¹ orders confirmed 60#61CAPEX SAVINGS FROM RIGHT-SIZING OF GEN 2 CONSTELLATION @EUTELSAT Illustrative OneWeb CAPEX OPTIMIZATION POTENTIAL Eutelsat GEO High Throughput Satellites OneWeb LEO satellites High volumes of connectivity demand concentrated in specific geographical areas On a stand-alone basis, LEO constellations able to accommodate such local demand peaks only at the cost of deploying significant capacity on a global scale GEO satellites fit to complement LEO with targeted capacity over high-demand areas: ~70% of the internet traffic coming from video, well suited for GEO (mostly forward and not latency-sensitive) Hybridization of networks enabling a downscaling of the LEO constellation: optimized LEO/GEO combination enabling higher fill-rates | 61#62GEN 2 OPENING NEW REVENUE OPPORTUNITIES Scalable Adaptable Evolutive Proof points Optical intersatellite links Smaller/cheaper ground segment Higher network utilization User Terminals Allowing smart traffic landing Enabling much lower form factor Very high security LEO/GEO by design for target markets Beyond connectivity Resilient Position Navigation and Timing Complementary services Increased resilience, flexibility and availability LEO/GEO Optimized LEO/GEO combined fill-rate Better management of network congestion O OneWeb Higher capacity (circa 5x vs. Gen 1) Gen 2 benefits 4 Longer lifetime (10 years) LEO/GEO compatibility Evolving system 18 Higher user performance Lower costs / Gbps Gen 2 will open new market opportunities following its targeted commercial launch by early 2028 EUTELSAT 62 62#63DEMAND GROWTH CONTINUING BEYOND 2030 B2B VERTICAL FIXED DATA CURRENT USE CASES OneWeb EMERGING FUTURE APPLICATIONS Mobile backhaul: up to ~35% of sites still in 2G/3G in 2030, leaving potential x10 increase in capacity per site Corporate networks: continued rise of cloud connectivity, increasing number of sites and consumption per site Digital Twin of remote industrial sites (e.g., mining, O&G) requiring large number of connected devices GOVERNMENT Governmental SATCOM: demand increase driven by the introduction of next-generation platforms across air/land/ sea and by the need of resilience of critical infrastructure Autonomous vehicles to represent a growing share of military assets Full-spectrum global combat clouds expected to deploy in French Army staff by ~2040 MOBILITY In-Flight Connectivity: up to ~40% of commercial aircraft not yet equipped with IFC in 2030 Data-intensive innovations for aerial mobility (e.g., TBO1, Single Pilot Operations) to gain traction after 2030i Maritime Autonomous Surface Ships B2C CONSUMER BROADBAND Satellite internet penetration: <0.5% of global households equipped in 2030 Bandwidth from metaverses such as Meta's Horizon Worlds to increase by 2030|i EUTELSAT (1) Trajectory-Based Operations, L., collecting the exact position of airplanes at any instant to optimize airspace management Sources: Euroconsult Satellite Connectivity and Video Market, September 2021; (i) ESA; (ii) Credit Suisse 63#64LOOKING AHEAD: UPDATE ON THE COMBINATION 14 November 2022 → Signing of the final combination agreement Late September 2023 → Extraordinary General Meeting of Eutelsat called to approve the transaction → Closing ▸ Closing of the transaction expected in late September 2023, conditional upon: → Eutelsat EGM approvals → Customary regulatory approvals ▸ Combination ready to go live from Day One if approved at the EGM EUTELSAT Q4 2022 mid-2023 → Regulatory approvals OneWeb | 64#65EUTELSAT 6. APPENDIX 6.1 FY 2022-23 financials 6.2 Telecom Pivot 6.3 OneWeb combination Outlook & Financials 6.4 Recent launches success 65#66LAUNCH OF EUTELSAT KONNECT VHTS Kourou, French Guiana, 7 September 2022 EUTELSAT 66 Pictures launch: Arianespace#67LAUNCH OF EUTELSAT HOTBIRD 13F & HOTBIRD 13G Cape Canaveral, Florida - 15 October (HOTBIRD 13F) & 3 November 2022 (HOTBIRD 13G) EUTELSAT | 67 Picture launch: SpaceX - EUTELSAT HOTBIRD 13F & HOTBIRD 13G#68LAUNCH OF E10B Cape Canaveral, Florida - 22 November 2022 EUTELSAT CONFIDENTIAL│ 68 Picture launch: SpaceX EUTELSAT 10B#69EUTELSAT Thomas CARDIEL T: +33 6 99 07 86 47 E: [email protected] IR CONTACTS Christine LOPEZ T: +33 1 53 98 47 02 E: [email protected] Hugo LAURENS-BERGE T: +33 6 70 80 95 58 E: [email protected] | 69#70DISCLAIMER NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO, OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION. This presentation (including any oral briefing and any question-and-answer in connection with it) is for informational purposes only and is not intended to and does not constitute, represent or form part of and should not be construed as an offer or invitation to exchange or sell, or solicitation of an offer to subscribe for or buy, or an invitation to exchange, purchase or subscribe for, any securities, any part of the business or assets described herein, or any other interests or the solicitation of any vote or approval in any jurisdiction in connection with the proposed transaction or otherwise. This presentation should not be construed as a recommendation to any reader of this presentation. This presentation contains projections or other forward-looking statements (including synergies) with respect to the anticipated future performance of the group resulting from the proposed combination between Eutelsat Communications and OneWeb. All statements other than historical facts included in this presentation, including without limitations, those regarding Eutelsat Communications' or OneWeb's position, business strategy, plans and objectives are forward-looking statements. Such information is sometimes identified by the use of the future tense, the conditional mode and forward-looking terms such as "estimates," "targets,", "projections" "forecasts," "intends," "should,", "has the ambition to," "considers," "believes," "could", "aim", "may", "project", "will", "likely", "would" and other similar words or expressions or the negative thereof. Such forward looking statements (including synergies) are unaudited and for illustrative purposes only and are based on management's reasonable assumptions and adjustments, and current available information. Such projections and forward-looking statements involve risks, and uncertainties, many of which are not within Eutelsat Communications' or OneWeb's control, including but not limited to those described in the documents filed by Eutelsat Communications with the Autorité des marchés financiers. Actual future results may differ materially from those projected or forecast in the forward-looking statements, in particular due to the uncertainties as to whether the synergies and value creation from the proposed combination will be realized in the expected time frame, the risk that the businesses will not be successfully integrated, the possibility that the proposed combination will not receive the necessary approvals, that the anticipated timing of such approvals will be delayed or will require actions that will adversely affect the anticipated benefits of the proposed combination, and the possibility that the proposed combination will not be completed. Unless otherwise stated, the financial information relating to OneWeb set out in pages 19, 23, 28 and 53 of this document is provided on an unaudited basis and based on OneWeb management's reasonable assumptions and adjustments. OneWeb's standalone EBITDA and revenue prospects on slides 53 and 54 reflect Eutelsat's expectations before synergies. Such financial information is presented as at the date of this document and does not purport to represent what OneWeb 's financial results will be on an audited basis or in any future periods." Nothing contain herein is, or should be relied upon as, a promise or representation, whether as to the past or to the future, and no reliance, in whole or in part, should be placed on the fairness, accuracy, completeness or correctness of the information contained herein. In particular, no representation or warranty, express or implied, is made as to the achievement or reasonableness of, and no reliance should be placed on, any projections, estimates, forecasts, targets or other forward-looking statements contained herein. None of Eutelsat Communications or OneWeb, their shareholders, subsidiaries, affiliates or associates or their respective directors, officers, employees, representatives or advisers accepts any responsibility or liability whatsoever (whether directly, indirectly or consequential, in contract, tort or otherwise) for or makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this presentation, or otherwise made available, nor as to the reasonableness of any assumption contained herein or therein, and any liability therefor is expressly disclaimed. Eutelsat Communications and OneWeb expressly disclaim any obligation or undertaking to update or revise any projections, forecasts or estimates or other forward-looking statements 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. There can be no assurance that the proposed combination between Eutelsat Communications and OneWeb will be consummated or that the anticipated benefits will be realized. In particular, the proposed combination is subject to various regulatory approvals and the fulfilment of certain conditions, including the approval by the general meeting of shareholders Eutelsat Communications of the contribution of OneWeb ordinary shares to Eutelsat Communication SA, in consideration for newly issued shares of Eutelsat Communications SA. There can be no assurance that any such approvals will be obtained and/or such conditions will be met. Certain industry and market data contained in this presentation has come from official or third-party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While Eutelsat Communications believes that each of these publications, studies and surveys has been prepared by a reputable source, Eutelsat Communications has not independently verified the data contained therein. In addition, certain of the industry and market data contained in this presentation has come from Eutelsat Communications' own internal research and estimates based on the knowledge and experience of Eutelsat Communications' management in the market in which Eutelsat Communications operates. While Eutelsat Communications believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this presentation. Any securities referred to in this presentation have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act") or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold, directly or indirectly, into or within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. There has been and will be no public offering of securities in the United States. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. In the United Kingdom, this presentation is made only to and directed only at (a) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (b) persons falling within Article 49(2)(a) of the Order or (c) other persons to whom it may otherwise be lawfully communicated (each such person a "relevant person"). The distribution of this presentation or any information contained in it may be restricted by law in certain jurisdictions, and any person into whose possession any document containing this presentation or any part of it comes should inform themselves about, and observe, any such restrictions. Any failure to comply with applicable requirements may constitute a violation of the laws and/or regulations of any such jurisdiction. In connection with the proposed transaction, Eutelsat Communications intends to file with the AMF and publish an information document in connection with the listing of its shares to be issued in exchange for the contribution by OneWeb shareholders of part of the OneWeb shares. Investors are urged to carefully read all relevant documents published in connection with the proposed combination, including the information document when it becomes available, because they will contain important information about the proposed transaction. Investors may obtain free of charge a copy of the information document as well as other documents filed with the AMF (when they become available) on Eutelsat Communications' website (at https://eutelsat.com) and, where relevant, on the AMF's website at www.amf-france.org. EUTELSAT │ 70