#1Investor presentation SES⭑ beyond frontiers September 2018#2Table of Contents Understanding the business ▲ Overview Business Overview Financial Outlook Strategic Priorities SES Video SES Video Market Dynamics ▲ SES Networks SES Networks Market Dynamics Innovation and Technology ▲ Financial Potential Conclusion Performance review and detailed dynamics Industry Structure and Changes Business Transformation and Differentiation Video Distribution and Services Fixed Data, Mobility and Government SES Fleet Technology and Launch Schedule ▲ Financials Governance and Management Corporate Social Responsibility ▲ Financial Calendar & Stock Market info IR Contacts In order to go to a specific agenda item: Control + Click to follow link SES investor presentation I September 2018 SES 2#3Overview SES Overview and Business Description ▲ World's leading satellite-enabled solutions provider Covering 99% of the globe and world's population with 99.99% reliability Two key target markets: Video distribution and Network connectivity for corporate clients and governments ▲ Resilient Video business, highly cash generative ▲ Expanding Networks business as the growth engine for SES Articulated around 2 major value propositions: Structure and Financials SES Video EUR 2 billion Outlook and Equity Market Financial outlook assumes a EUR/USD rate of 1.15 and nominal satellite health/launch status 68% FY 2018 32% SES Networks ▲ Group Revenue EUR 1,990 - 2,035 million Video EUR 1,320 - 1,335 million Networks EUR 660 - 690 million Other revenue around EUR 10 million 2017 Revenue A EBITDA over EUR 1,270 million EUR billion Revenue and EBITDA 1.9 2.0 2.1 2.0 1.4 1.5 1.5 1.3 FY 2020 ▲ Group Revenue EUR 2,110 - 2,210 million Video EUR 1,250 - 1,300 million Networks EUR 850 - 900 million Other revenue around EUR 10 million ▲ EBITDA EUR 1,340 - 1,410 million ▲ Efficient video distribution and management of video content in any place of the world 2014 2015 ■Revenue EBITDA 2016 2017 ▲ Provision of a satellite-based connectivity to any fixed and mobile data network FCF (before financing and acquisitions) 0.9 0.7 0.8 0.7 Supported by sustained competitive advantages from: ▲ Unique space and ground network 2014 2015 2016 2017 ▲ Global reach, global scale Times ཅེ8 8ཀྑཱུ EUR ▲ Listed on Euronext Paris Luxembourg Stock Exchange SES share price and Net debt / EBITDA* ▲ Expertise in customer solutions 2.8x 3.1x 3.3x 2.5x 0 Dec-15 Dec-16 Dec-17 To deliver market-leading growth due to sustained competitive advantages through a differentiated strategy and distinct capabilities EUR 2013 2014 2015 2016 2017 EPS 1.41 1.49 1.34 2.18 1.21 2014 2015 2016 2017 Based on rating agency methodology DPS 1.07 1.18 1.30 1.34 0.80 SES investor presentation I September 2018 3#4Business Overview SES SES Video (68% of revenue) Resilient high margin business delivering strong cash flows for reinvestment in future growth and return to shareholders Video Distribution: World leader with prime positions in developed and emerging markets with highest household reach and number of channels 351 million households reached by SES satellites TV channels distributed by SES 154 167 109 84 75 74 Europe ■ 2014 North America ■2017 International SES Networks (32% of revenue) Growth engine focused on fast expanding data segments: Fixed Data, Mobility and Government Networks aims to be the world's foremost provider of satellite connectivity services, with high-performance communication networks anywhere on earth Gigahertz per second (GHz/sec) served 7,709 6,732 2,602 1,994 4,738 5,069 18 20 20 29 24 224 2014 2017 ■SD ■HD ■ UHD 2015 2016 2017 E 2018 Household reach ensures compelling pricing, and long-term contracts ▲ Channel count and image quality defines volume of satellite bandwidth → Satellite is the most reliable / cost efficient video distribution platform Video services: Adjusting SES video to recent video trends: X A Solutions to distribute >3,200 channels and >120 VoD platforms MX1 Recently established business through organic development and acquisition using new technologies to bring satellite from a last resort solution to a relevant part of telecommunications industry Networks businesses operate in three verticals and sub-segments: Fixed Data: Regionally adapted connectivity solutions for Telco, Mobile Network Operators and Cloud companies Mobility: Providing 'home-equivalent connectivity' to passengers and crews of Aeronautics and Maritime or Energy segments HD + >2M German households with premium HD channels Government: Providing secured connectivity for military or civilian applications to US and international governments anywhere Both business units leveraging unique infrastructure with 54 geostationary satellites, 16 Medium Earth Orbit satellites and 60 terrestrial points of ▲ Space assets protected by high barriers to entry and operated by optimised cost base benefitting from economies of scale and innovation SES investor presentation I September 2018 presence 4#5Financial Outlook Revenue and EBITDA margin (1) EUR million 2,011 32% of revenue SES | Networks ▲ Strong growth engine for the SES business ▲ Satellite becoming more mainstream in data networks 68% of revenue FY 2017 65.1% SES* | Video ▲ Large, profitable and stable video neighbourhoods ▲ Providing value-add video services Group EBITDA margin -2,110 - 2,210 >40% of revenue <60% of revenue FY 2020 62%-64% SES 1) At constant EUR/USD exchange rate of 1.15; Financial outlook assumes nominal launch schedule and satellite health status. Includes Other revenue of EUR 5 million in 2017 and around EUR 10 million in 2020 SES investor presentation | September 2018 5#6Strategic Priorities SES MOVING IMAGES THAT MOVE THE WORLD SES Video ▲ Develop and reinforce our core video neighbourhoods Develop differentiated global value-added services capabilities ▲ Build hybrid satellite and terrestrial network capabilities CHANGING LIVES BY CONNECTING PEOPLE SES Networks ▲ Optimising services across our unique GEO-MEO- terrestrial infrastructure ▲ Enabling cloud adoption on a global scale, through partners and customers ▲ Changing the game on user experience over satellite- enabled services SES investor presentation I September 2018 6#7SES Video Resilient high margin business delivering strong cash flows for reinvestment in future growth and return to shareholders ▲ Stable business Revenue development (EUR Million) 1,336 1,392 1,383 Video Services 210 284 329 1,126 1,108 1,054 Video Distribution 2015 2016 2017 ▲ High visibility with: EUR 4.9 billion future revenue and cash secured (backlog) and operational insight from backend service provision 10-year typical distribution contract term and fixed pricing with high probability of renewal SES % of contracted future revenue Status at FY 2017 end and in EUR million 1,383 FY 2017 ~95% of 2018 expected revenue contracted FY 2018 Production / Content owner Processing data Transmission DO Reception sky Customer ProSiebenSat.1 Media SE ARD® 2DF CANAL+ ▲ Content Format ▲ Videos ▲ Rights Management ▲ Playout ▲ Satellite ▲ Fibre ▲ TV ▲ Computer Cable ▲ Phone/tablet ▲ WLAN MX1 complete solution Premier League Turner® VUBIQUITY Video Distribution relies on satellite to distribute Video content to end viewer through Direct to Home (DTH), Direct to Cable (DTC) or IPTV feeds MX1 organises and formats video content to distribute it all over the world using satellite or non satellite capabilities Video Distribution (~75% of Video revenue) Leveraging satellite advantages of being able to distribute cost effectively 4 Gbps of video content to 351 million households ▲ Europe | leading positions in Germany, UK, France and others, with high households reach and over 2,600 channels Video Services (~25% of Video revenue) Supports business resilience by integrating latest digital trends to SES: Xx MX1 One-stop-shop for any broadcaster to distribute contents Distributing >3,200 channels and > 120 VoD platforms Partnership with all major German speaking commercial channels to provide HD / UHD experience to end viewers with exclusive sport content and relying on strategic partnerships where SES and customers are both incentivised to grow reach and video experience >10% -20% -15% HD + EUR 1.4 bn -10% ▲ North America wholesale for 23 and cable feed for 1/3 >45% ▲ Growing in International LATAM, MEA, Asia Pacific Performance in 9 years of existence: From 0 to 2 million subscribers, 8 to 23 channels, EUR 50 to EUR 70 annual fee SES investor presentation I September 2018#8SES Video - Market Dynamics SES Linear TV remains the leading mass market medium Market size USD billion (1) 228 283 Advertising spending USD billion (2) 243 191 206 237 158 2017 ■PayTV 2022 ■OTT 2017 ■TV 176 2022 ■Online Video Satellite continues to be the leading distribution platform # of channels(3) Satellite TV channels 46,269 42,840 11,044 2017 17,938 2022 HDTV SD ■ UHD OTT is complementary to linear TV Daily TV viewing time in Europe (1,4) Direct to home satellite reach Millions of households (1) 500 454 366 320 99 2017 ■ Europe INAM A Content rights owners focus their efforts on building OTT, but linear TV broadcast remains most efficient mass market medium to maximise viewership OTT availability and quality of experience is dependent on broadband access Channel growth mainly from emerging markets more than offsetting slight decline in mature markets ▲ Strong SD to HD transition in Europe and UHD to reach 600 channels by 2022 and >1000 by 2025(3) which require more bandwidth 103 A 2022 ■ Emerging A 1h13 OTT 3h36 BBC HBO Player NETFLIX NOW amazon.com Prime ⚫tv Malab 3h49 2006 sky HD CANAL+ Linear TV HD + ⑦HD DFHD ■Linear TV ■OTT 2018 Stable Direct to home reach in developed markets and growing internationally Linear TV remains the most used medium even among millennials and especially in prime time A Emergence of hybrid solutions combining Satellite and broadband video feeds to provide the best video experience SES Opportunities ▲ Better quality HD and UHD with enhanced compression standards to increase demand ▲ Continued growth potential in emerging markets ▲ Full control of customer experience and need to maximise audience for high value channels continue to lead broadcasters to stick to satellite ▲ Cloud make MX1 solutions competitive by leveraging backend media workflows for thousands of channels SES Challenges ▲ Broadcasters focusing on high value content may lead niche content moving to online distribution or to disappear leading to less Volume ▲ New video consumption trends urge Satellite operators to adjust existing business model ▲ Some price erosion in mature markets Dynamics leading to overall stability with some decrease in Video Distribution in Europe and in the US and pockets of growth in developing markets Video Services 1) Ampere 2018 2) Ovum 2017 3) Eurodata 2017 4) Mediametrie 2018 SES investor presentation I September 2018 8#9SES Networks SES Growth engine focused on fast expanding data segments where SES has clear competitive advantages ▲ Positioned to grow Revenue development (EUR Million) 616 627 646 Fixed Data 290 252 255 Mobility 68 134 145 258 242 246 Government 2015 2016 2017 Processing data Network ▲ Improved business mix with: GEO-MEO competitive advantage: Flexibility, scalability, update-ability, low latency and economics Unique expertise to provide complete solutions to customers and operating with added value partners when relevant Transmission Reception/uplink % of contracted future revenue Status at FY 2017 end and in EUR million 646 >90% of 2018 expected revenue contracted FY 2017 FY 2018 Customer ▲ Internet ▲ Gov. / Corp. networks ▲ Network mgmt. ▲ Network Analytics DIQ ▲ Satellite ▲ Fibre Digicel orange gogo Global Eagle ▲ Antennas ▲ Modems SES capable to deliver a wide range of services: Bandwidth only to network management, or, more and more, to full turn-key solutions → Expanding role of satellite beyond traditional scope to serve new industries / customers that are technology agnostic SES Networks transformation ongoing and implies OpEx investments, but is relevant as underpinned by recent wins: ✓ Carnival Fixed Data | (EUR 255 Million - 2017) Network connectivity to Telcos, Enterprises and Cloud companies wherever terrestrial solutions need to be complemented or are not relevant ▲ EMEA ▲ LATAM ▲ Asia Pacific . NAM GEO-MEO solutions unlocking new markets with turn-key solutions enabling value-based pricing Mobility (EUR 145 Million - 2017) Provides 'home' experience Internet / Network connectivity where no terrestrial solution is possible ▲ Aeronautical partnering with the 4 biggest aero connectivity providers serving 90% of the connected commercial aircraft A Maritime cruise with GEO-MEO capabilities and commercial shipping with partners ▲ Energy deploying MEO solutions with partners Government Royal Caribbean EXTERNATIONAL LE GOUVERNEMENT NATO OTAN Greed-achte LUX DEV ETECSA (EUR 246 Million - 2017) Provides secured Internet / Network connectivity to civil or military administrations or theatres where terrestrial solution is not relevant ▲ US government: 50 clients across 15 agencies; 18 O3b sites connected end 2017 ▲ Global government: 58 governments / institutions served by existing fleet + incoming dedicated asset: SES-16/GovSat-1 SES investor presentation I September 2018 9#10SES Networks - Market Dynamics SES Connectivity needs are booming and satellite has a role to play Global IP traffic(1) Exabytes (2) per month 96 2016 2017 278 ■Fixed Internet 2018 2019 2020 2021 Managed IP ■ Mobile data SES addresses high growth markets Global active VSAT sites (3) million ▲ People and organisations expect to be connected everywhere, all the time, creating exponential rates of growth in demand for data ▲ By 2021, total satellite capacity is forecast to be 12 Tbps (3). For reference Global average internet traffic is forecast to be 717 Tbps in 2021(1) ▲ For satellite to be relevant, it needs to be fully integrated in telco ecosystem: implying capabilities in network management, resilience and in some cases low latency Connected planes and ships(3) Satellite-connected drones(3) 39,645 3.54 34,645 2.48 2.82 31,645 1,483 23,376 818 1,018 14,934 8,390 2017 2020 2025 2017 2020 2025 ■Planes Ships With unique capabilities - competitive advantages 2017 2020 2025 Unique combination of GEO-MEO and terrestrial Network solutions providing unrivalled performance, coverage, scalability and flexibility with improved economics A Seamless integration into terrestrial networks with SES being the only satellite operator granted with Telco industry certification (MEF CE 2.0) enabling SES to play beyond traditional markets New products range dedicated to specialised markets, with best-in-class customer service delivery (CSD) (including fulfilment, maintenance and network analytics) complemented, when necessary, by a robust global network of highly specialized distribution partners SES Opportunities ▲ 'Big Data' and 'Internet of things': More devices / people to connect having all bigger data needs ▲ Connectivity becomes a right: 'Universal Service Obligation' subsidies from governments ▲ High growth potential in maritime and aero market ▲ Government increasing focus on surveillance and intelligence capabilities implies more satellite ▲ Further technologies leading to a further use of satellite (connected car, machine to machine, 5G) SES Challenges ▲ Obsolescence of existing fleet if no update-ability in place ▲ Commoditised supply exposing part of business to price pressure ▲ Value chain expansion leading to cannibalisation if no defined go- to-market strategy in place ▲ Roll out of LEO constellations driving pricing further down To benefit from exponential growth of data demand satellite needs to develop capabilities to be fully part of telecommunications ecosystem 2) 1 Exabyte = 1 million terabytes 1) Cisco SES investor presentation I September 2018 3) NSR 10 10#11Innovation and Technology Doing the same for less: Normalised CapEx and cost reduction 1/ Improved space technologies X 2/ SES scale advantage DO Electrical propulsion Improved mass efficiency A More launcher options ☑ Re-usable rockets Reduced cost A Shorter time to space (w) Full digital processing Improved mass efficiency A Flexibility enhancement DIO Economies of scale Improved satellite efficiency enables to reduce number of primary satellite in global fleet GEO-MEO capital allocation flexibility Increased economies of scale Improved time to market Satellite life management Refuelling enhanced monetisation A Shorter life - reduced obsolescence SES SES's Normalised CapEx development EUR million 655 2017 100 Saving target 555* 2022 Normalised CapEx ■Saving target *Excludes scope change of SES-17 and 03b mPOWER Doing more for the same: Increase addressable markets HTS and hosted payloads, inclined satellites monetisation ▲ Benefit from recent innovations to add HTS payloads on video Satellites SES-12/SES-14/SES-15 ▲ De-risk investments with strong pre-commitments + video existing contracts + joined developments of HTS payloads with aero-connectivity provider ▲ Improved business cases with hosted payloads: allocate room and power to third party customers on SES satellites: leverage fleet, to offer low cost to space and short time-to-market (GOLD, WAAS, EGNOS) ▲ Improved asset monetization leveraging SES fleet, and offering mobility service with satellites reaching end of life (Inclined orbit) SES investor presentation I September 2018 MEO investments: 03b mPOWER in 2021 ▲ 7 super-power satellites will complement existing generation of 20 satellites ▲ Scalability: capable to serve up to 30,000 beams across 400M Km² ▲ Flexibility: beams 100% usable 100% of the time, directing connectivity only where it is needed Economics: Small, fast, easy-to-install equipment costs and time to service → Enhanced CapEx efficiency 03b mPOWER I Addressable market increased by 5x Current MEO 11#12Financial Potential P&L: 2017 a transition year enabling business transformation and business mix improvement SES ~50% of revenues USD denominated with natural 1.125 hedge down the P&L and Cash Flow Statement Outlook at EUR/USD 1.15 1,383.0 Outlook '18 1,320 - 1,335 Outlook '20 1,250 - 1,300 646.1 Outlook '18 660-690 Outlook '20 850 - 900 EUR Million 2016 2017 Comment Average EUR/USD 1.106 Total Revenue 2,068.8 2,035.0 SES Video 1,391.6 SES Networks 627.3 Other revenue 49.9 EBITDA 1,451.5 EBITDA % 70.2% D&A (631.2) 5.9 Outlook '18 and '20 around 10 1,324.2 Outlook '18 Over 1,270 Outlook '20 1,340 - 1,410 65.1% Outlook '18 appr. 63% Outlook '20 62%-64% (713.6) EBIT 1,315.5(1) 610.6 EBIT % 63.6% 30.0% Net financing charges (174.2) (143.3) Average cost of debt at 3.79% Tax charge (114.1) Net income 962.7(1) 130.6 Normalised ETR -15% / -20%; 596.1 Cash Flow: High cash conversion enables growth investments 94.5% Normalised ratio between 85% and 90% (490.4) Mainly from satellite CapEX EUR Million 2016 Net Operating Cash Flow 1,274.1 2017 Comment 1,251.2 Cash conversion ratio 87.8% Investing activities (619.5) Acquisitions (762.2) FCF before financing (107.6) 760.8 9,185.4 10,156.3 Avg. of Invested Capital RR Media and remaining 50.5% shares of O3b Other metrics: Robust balance sheet and investment grade associated with strong dividend 2017 Comment 3.27x BBB / Baa2 investment grade with stable outlook 1.21 Weighted no. of shares (2017): 453M 2016 Net debt / EBITDA (2) EPS A share (EUR) 3.09x 2.18(1) DPS A share (EUR) 1.34 0.80 1) includes EUR 495.2 million accounting gain related to 03b full acquisition SES investor presentation I September 2018 Dividend rebase in 2017 to support strengthening of BS and committed growth (economic shares: 460M) 2) Based on rating agency methodology SES Financial Framework: Secures focus on value creation Investing decision separate from Financing ▲ Target IRRs in excess of 10% over full life of the investment ▲ Securing anchor customers in advance of procurement ▲ Seeding new market opportunities with existing global network/assets Disciplined investment across value chain to deliver customer solutions Financing decision to maximise future RoIC ▲ Optimising SES's long-term cost of capital and liquidity ▲ Retaining flexibility with access to wide range of attractive sources ▲ Maintaining net debt to EBITDA ratio (2) below 3.3 times and commitment to investment grade Applying consistent use of cash approach ▲ Current replacement requirements and committed growth pipeline A As of 2018, maintaining a progressive dividend per share ▲ Executing additional growth accelerators within financial framework 12#13Conclusion 2018+ SES's Financial Framework Strategy in place ▲ SES Video highly profitable and resilient ▲ Revenue growth driven by SES Networks ▲ Delivering EBITDA and operating CF growth Transformation to new Operating model ▲ Increasing capital efficiency / productivity Supporting improved EBIT and ROIC SES Priority now is Execution ▲ Strengthening balance sheet to support growth commitments SES investor presentation | September 2018 13#14SES IN DETAIL SES#15Industry Structure going through Disruptive Changes Video Infrastructure provider Experience provider Content production Backend provider Before: Satellite core to TV distribution Satellite infrastructure Network / Platform Networks SES Data Service Provider End user Before: Satellite last resort connectivity solution Satellite Direct to Home / Cable Content/ Studios Feeds linear TV Broadcast platform Home TV: Free to air or Pay TV Data / Voice Uplink to satellite GEO Satellite transmission Terrestrial Service providers to transform signal and manage networks • VSAT ⚫ Rural Backhaul Satellite video distribution core to the overall TV ecosystem relying on its ubiquitous advantage (wide-beam coverage) to be central in TV distribution Using a multi-million asset covering hundreds of thousands of km² to connect one remote point was expensive and seen as last resort option Now: Satellite remains relevant in new complex Video ecosystem Now: With new technologies satellite unlocks new applications B2B B2C New media business UGC Conventional media business Advertising Studios/ Sports 000 IT giants enter B2B CDN Ancillary Services Backbone Broadband Access Social Network Invest in IP back-end Satellite DTH Access Content / Broadcast Platform Satellite DTC- Contribution IP Contribution TV operators increase in-house capabilities Content owners develop Media Mgmt. Platform Pay -line strategies Mobile Towers Telcos and Pay TV players consolida OTT only Pay TV launch OTT / Aggregato and VoD Broadcast TV Channels Home PayTV / FTV Operators Terrestrial Live streaming of 'Big Data' Medium Earth Orbit Traffic routing Cloud and Smart TV - PC real-time applications hub infrastructure Geostationary orbit Mobile device: smartphone Internet Of Things uplink to satellite Low Earth Orbit - Tablet More devices More needs In-house Service provision or with value-added partners to manage networks Network performance and service management key to unlock new markets and to reach technology agnostic customers • VSAT ⚫ Backhaul Cloud access • Small towns • Units in theater • Intelligence Surveillance • Commercial aircraft ⚫ Cruise & commercial ships New major crossovers between traditional and new media business Satellite remains the most efficient distribution media for mass audience SES implication: SES embraces the emergence of new video standards and offers managed solutions to its customers leveraging its unique satellite advantages and backend expertise SES investor presentation | September 2018 With high throughput technology and lower than geostationary orbits satellites are more cost efficient and more performant (lower latency); they become relevant for all connectivity needs and benefit from the 'big data' growth SES implication: To capture growing connectivity requirements SES needs to leverage its competitive advantage (MEO orbit) and to offer more Network management with added-value partners 15#16Business Transformation and Value of Differentiation SES' SES is undergoing a significant business transformation, leveraging its leadership position in Video to accelerate the development of Networks businesses to benefit from growing connectivity needs and by investing in new capabilities to improve Video resilience Ongoing transformation articulated around three main pillars: ▲ Value chain expansion: providing more than satellite capacity ▲ Improved capital efficiency due to technology ▲ Expand addressable markets also with and innovation distribution partners Enabled by targeted investments with EUR 3 billion spent on new internal (CapEx) / external (acquisitions) investments between 2014 and 2017 O3b MEO full acquisition in 2016 for EUR 639 million plus EUR 1,220 million of additional debt ▲ Priority frequency rights for MEO orbit, fastest growing satellite operator relying on unique "fibre in the sky" network and already building the next generation of MEO constellation with: 03b mPOWER the First global unique multi-terabit network MX1 creation following the acquisition of RR Media in 2016 for EUR 216 million and its integration with SES Platform Solutions business ▲ Combining traditional satellite with latest video consumption trends to offer complete solutions to broadcasters Organic Investments SES-9 and SES-10 for Video and for Networks: SES-16/SES-15/SES-12/SES-14/SES-17 all co-designed with customers ▲ Integration of latest technologies to reduce costs: re-usable rockets / modular manufacturing and business case validated Leading to Differentiation across the two business units in April 2017: SES Video and SES Networks Customer engagement Industry business model SES Video and MX1 Industry business model the ▲ Partially rely on reseller ▲ Direct to customer ▲ 3-6 month lead time Customer insight ▲ Limited ▲ New customer facing structure ▲ New products/solutions range ▲ New internal organisation and recruitment of segment experts → To develop new business models: Service level ▲ Bandwidth-only ▲ High, mutual incentive to grow reach and experience ▲ Complete range of video operations ▲ Limited ▲ Bandwidth-only Service longevity ▲ 3 to 10 years ▲ ~10 years with strong partnerships ▲ ~1-3 years ▲ Commoditised pricing Economics ▲ Partial sharing of profit with reseller ▲ Pricing based on strong Neighbourhood / Reach ▲ Limited up-front OpEx SES Networks ▲ 6+ months lead time ▲ High, with close partnerships ▲ Fully managed/end-to-end network solutions ▲ >5 years with higher renewal potential ▲ Value-based pricing ▲ Higher up-front OpEx to deploy network Business Transformation enables growth with future-proof differentiation, stickier customer relationships and requires dedicated competencies to build SES investor presentation I September 2018 16#17Video Distribution - 52% of group revenue Robust high margin business delivering strong cash flows for reinvestment in future growth and return to shareholder ▲ Stable delivery, with robust underlying and high visibility ▲ Market forecast (NSR 2017) Video satellite capacity (USD Million) -0.8% CAGR 8,313 7,993 Revenue development (EUR Million) 1,120 24 1,100 22 A 1,054 1,096 1,077 1,044 Periodic: Revenue that is not directly related to the underlying business trends, such as outright sale of capacity, insurance proceeds, interim satellite missions 2017 2022 2015 LfL* 2016 LfL* 2017 Decline driven by Occasional use and C-band distribution partially offset by Ku-band DTH * At constant FX and assuming RR Media had been consolidated on 1 January 2015 Recent performance • SES Major renewals signed and secured ▲ Benefitting from cost reduction . CapEx savings: More efficient / less satellites Extend life of existing assets with first space refueling Underlying: Reflects business trends, can be impacted by health, portfolio adjustment like in 2017 SES to support Broadcaster / Pay-TV business model: Monetise content to deliver best Video experience to end-viewer (B) Maximise content costs with enhanced definition for a marginal cost ▲ 80% Content costs A -15% SG&A ▲ ~5% Distribution A Europe (>30% of group revenue) leading in most valuable markets SES A (BBB optimise backend activities with MX1 economies of scale Deliver anywhere video content at a flat cost with high reliability enabling a full control of end viewer experience to our customer North America (<10% of group revenue) Complete satellite lease with EchoStar for 2/3 and over 4,500 cable headends reach for Tailwinds: Development of UHD platform 2017 Total TV Direct to Cable / IPTV SES reach households (million) Home feeds Germany - 39M 94% 45% 49% UK - 26M 68% 45% 25% #C4K360 France - 28M 58% 18% 40% FASHION ONE 4K nature relaxation travelxp FUN 4K BOX TRAD BEYOND TV A International (>10% of group revenue) LATAM, MEA, Asia Pacific Tailwind: "Virtuous DTH circle": B Platform gaining audience Attract more broadcasters Leading to improved offering Leading to more households And growing in Eastern Europe Tailwind: Growth from HD transition A Headwinds: Potential reduction in channel distribution: "Long tail channels" 4KUNIVERSE SES UHD1 INSIGHT beyond fronters NASA UHD harmonic Headwinds: Reduction in channel distribution: "skinny bundling" A Headwind: Lower pricing than developed markets and potential regulatory issues Resilient cash flow streams as satellite remains core to customer business model, with some growth opportunities with UHD and in emerging markets SES investor presentation I September 2018 17#18Video Services -16% of group revenue Enhancing Video offering and improving end viewer experience to support video resilience and business stickiness A Market forecast (IHS 2017) Backend/OTT service (EUR Million) ▲ Services development Revenue development (EUR Million) 336 329 319 +5.8% CAGR 11,186 8,921 317 330 329 Recent performance • SES New business bundling capacity and services supporting stable MX1 business HD+ a stable platform and enhancing experience to attract additional subs Accretive to the group 2017 2021 2015 LfL 2016 LfL Underlying 2017 Periodic Is +1.9% CAGR, if excluding cloud storage, for which MX1 offers private could environment Enhances SES offering all along Video value chain • EBITDA margin of 40-50% before internal transponder costs ▲ Enhances operational insight and improves business stickiness DIO 28 Encoding/ Transcoding Encryption Uplink Direct-to-Home Direct-to-Cable Digital Terrestrial Direct to IPTV headends 888 Media asset Playout management Encoding/ Transcoding Digital Rights Management Online Video Platform TV Tablet ☐ Smartphone Laptop Backend provider Infrastructure provider Experience provider 又 MX1 -10% of group revenue A Offers end-to-end solution to content owners and broadcasters: taking full responsibility for all technical, operational, logistical & distributional needs A Economies of scale MX1 leverages state of the art facilities to process all video distribution steps for more than 3,200 channels (satellite or internet-based) Constant innovations to embrace new technologies and offer best expertise to broadcasters: OTT, Cloud services and soon Virtual reality, Network offloading... ▲ Facilitates higher definition switch by providing 'UHD ready' capabilities ▲ Improves business stickiness with additional operational insight SES investor presentation I September 2018 HD +>5% of group revenue A Successful growth story: developing HD ecosystem in Germany, diversifying revenue streams for channels and SES and providing a great video experience to end viewers, and now with the addition of exclusive sports content HD+ package 23 private HD channels MAX V-XHD HD Оно Посно 003 N24 sportive and over 30 free-to-air channels HD+ Premium Eurosport-Paket EUROSPORT 2XTRA EUROSPORT PLAYER ▲ Leverages HD+ platform expertise for new markets or VoD Everywhere ▲ Generates “pull-through' satellite capacity sales for the group 18#19Fixed Data - 13% of group revenue Leveraging unique GEO-MEO network and solution expertise to tackle connectivity growth ▲ Strong market opportunity ▲ Transforming business model to capture growth SES Capacity and services (USD Million SES estimates) Revenue development (EUR Million) A Recent performance 314 271 +8.1% CAGR 255 6,550 4,440 314 268 246 . 2017 impacted by satellite health (EUR 12 million in H2 2017) New market approach taking longer to rollout ▲ Significant contribution of MEO 2017 2022 2015 LfL 2016 LfL 2017 Underlying Periodic Includes wide-beam and HTS, for GEO, MEO and LEO along with satellite associated services SES Networks level of services and bandwidth to manage services: Raw bandwidth: Provides pure satellite capacity to satellite experts Managed bandwidth: Adds gateway/hub capabilities and uplink Managed Network: Adds smart routing and end-user equipment Full Network management: Provides end to end connectivity and seamless integration to terrestrial networks Traffic routing Data processing Teleport/Gateway . Unique competitive advantage • Recent contract signatures underpinning relevance of ongoing strategy Space Segment GEO-MEO Data processing Remote terminal Networks analytics Raw bandwidth: X MHz Managed bandwidth: Routing MHZ Managed Network: From MHZ to Mbps Full Network management: Turn-key connectivity (((81)) Enterprise Telco Cloud ▲ EMEA f ― enhance Cloud access Complete solution bringing mobile internet to Sub-Saharan Africa A NAM G - extend corporate broadband 'Entreprise+' managed service to enhance connectivity in Alaska ▲ LATAM - Enterprise and Telcos Partnership to support Telcos and Enterprise customers in Peru ▲ ASIA PACIFIC - MNO solutions PAU TELECOMS GEO-MEO to support rollout of 4G networks in the Pacific Leverage MEO 'sweet spot' GEO MEO LEO Flexibility Distributed network Scalability Time to market Technological update-ability Latest technology incorporation Economics Driving elasticity of demand Market access Spectrum + Landing rights SES investor presentation I September 2018 19 19#20Mobility - 7% of group revenue Providing 'home connectivity' to passenger and crew of Aeronautics and Maritime or Energy segments ▲ Transforming business model to capture growth ▲ Significant growth expected Capacity and services (USD Million NSR SES estimates) SES Revenue development (EUR Million) ▲ Recent performance 5,055 145 23 145 • Growth from existing asset underpins strong asset monetisation 18 +13.6% CAGR 2,125 96 2,677 735 122 128 2,930 91 Recent contract awards underpin relevance of strategy ▲ Upcoming GEO-MEO HTS (2018/2019) 1,942 2017 2022 2015 LfL Maritime Aero 2016 LfL Underlying 2017 Periodic • Three GEO HTS payloads (SES-15, SES-14 and SES-12) and another eight O3b MEO HTS satellites augmenting the existing MEO constellation (of 12 satellites) SES Networks executing a clearly defined go-to-market strategy Develop internal capabilities No Recruitment - bolt-on strategy Go direct Go to market strategy What is the best channel Segment market attractiveness New market new need What is Growth potential / Profitability potential High With SES providing core competitive advantage and having access to end user Yes..... Partnerships with variety of scopes from commercial - distribution - installation to co-design - joint-venture Go with partners Low Can SES leverage competitive advantage Risk of commoditisation / Substitution Remain alert - Business case re-iterations with latest market evolutions technologies... better capital allocation possible No go ▲ Aeronautical (~4% of group revenue) with IFE/IFC providers connecting 90% of aircraft Global Panasonic THALES gogo Eagle Leveraging global fleet and improving asset monetisation with inclined orbit assets HTS satellites co-design securing important pre- commitments (~USD 1 billion of future revenue) Soon: Integrate MEO capabilities to offering SES investor presentation I September 2018 ▲ Maritime (~3% of group revenue) fast expanding commercial and cruise segments Partnering with recognised industry players to offer tailor-made solutions for shipping Unsurpassed user experience with MEO and turn-key solutions for the cruise segments ROYAL CARIBBEAN CRUISES LTD. CARNIVAL CORPORATION & PLC GENTING Soon: New opportunities with O3b mPOWER ▲ Energy: Partnering with major industry players to deploy on offshore oil & gas sites globally speedcast RigNet MODEC Leveraging GEO-MEO to power digital transformation in the oil & gas industry for more than 20% of the worlds largest players Soon: New prospects with offshore cloud processing 20 20#21Government - 12% of group revenue 只 Addressing government needs and constraints and providing unique capabilities ▲ New applications driving demand ▲ Transforming business model to capture growth Capacity and services (USD Million NSR SES estimates) Revenue development (EUR Million) ▲ Recent performance 259 • USG stabilisation with growth in Global government +6.9% CAGR 4,096 2,937 246 242 22 10 13 ▲ Leveraging competitive advantages 237 232 233 • Unique proposition with MEO, unlocking new applications 2017 2022 2015 2016 With about 50% of the growth driven by Underlying 2017 Periodic unmanned aircraft systems (drones) Direct access to USG and certifications Added capabilities of SES-16/GovSat-1 SES SES Networks focusing on customer needs to develop pragmatic business model and leverage competitive advantage Government dynamics Increasing needs for space-based connectivity... ▲ Urging geopolitical factors: Intelligence, Surveillance, Recognition and resilience ▲ More data hungry applications: unmanned vehicles / Cloud / Troop welfare ▲ Government and institutions setting ambitious target to close 'digital divide' involving satellite Combined with continued Budget / Operational constraints ▲ 'Best price technically acceptable' approach for US and in other countries / institutions ▲ Emergence of multi-country / institution procurement exercises ▲ US Government (~8% of group revenue) ▲ Providing services 50 different clients through 15 different agencies CORATION NOAA NASA ▲ Direct relationship with US government with SES GS proxy board ▲ Certification to bid for all connectivity solutions including the most complex (CS3) ▲ MEO rollout from 1 to nearly 20 sites in 2 years SES investor presentation I September 2018 MELAND VE VICU Leading to tailored SES approach for these segments ▲ Dedicated go-to-market approach tailored to requirements of individual country procurement approach along with official certifications to bid for all types of missions ▲ Development of specific solutions for the new applications combined with advantage of MEO and dedicated government satellite to go beyond commoditised capacity ▲ Offer alternatives to ease budget constraints, improve resilience and accelerate time to space by supporting Hosted payloads (currently 5) ▲ Innovative business model to de-risk government and SES investment and increase addressable market with value added partner: Joint venture or Private Public Partnership ▲ Global government (~4% of group revenue) ▲ Recently created organisation, serving 58 clients around the globe UN NATO OTAN esa GALILEO European Space Agency KATIVIK Government of the Netherlands LUX DEV Luxembourg Agency for Development Cooperation ▲ Partnering with governments or institutions to deliver new applications ▲ Leveraging MEO to deliver hybrid terrestrial and satellite telecommunication infrastructure to Burkina Faso GOV A SAT JV with Luxemburg to leverage dedicated government satellite 21#22Satellite Fleet: Leveraging over 70 satellites in two orbits SES DIO World's biggest satellite fleet Current fleet Fleet configuration is based on current planning and is subject to change SES-11 SES 15 SES-14 AMC-16 (c) AMC-6 Quetza Do AMC-3 SES 10 NSS-806 SE5-6 DO AMC 2 NSS-10 CAK SES-3 AMC-15 AMC-21 SES-1 Cel-2 SES-2 AMC-11 SES-4 AMC-10 AMC-1 AMC-B OK NSS-0 AMC-7 NSS-TI AMC-4 AMC-18 SES-7 SES-9 NSS-6 SES-8 SE5-12 MSS-12 MonacoSAT NSS-5 NSS-7 ASTRA SB VahSat 1A ° ASTRA CA ASTRA 2E ASTRA KR ASTRA 38 GovSat-1" SES-5 Dio ASTRA 2F ASTRAL ASTRA 20 ASTRA IM ASTRA IN More information on: www.ses.com/our-coverage/satellites SES investor presentation I September 2018 (DK) ☑ Geostationary Orbit (36,000 km from Earth) Medium Earth Orbit (8,000 km from Earth) In-orbit GEO wide-beam More than 50 satellites In-orbit GEO HTS SES-15 In-orbit MEO HTS 16 03b satellites (20 by mid '19) In-orbit GEO wide-beam SES-16 with LuxGovsat Future GEO HTS Launched SES-12/SES-14 Future 03b mPOWER Constellation of 7 satellites by '21/'22 Inclined satellite 5 Satellites To be relocated Currently 4 moves scheduled From earth satellite appears fixed 600 milliseconds latency Constellation needed for constant service 150 milliseconds latency Global coverage ideal for broadcast Satellite co-location to increase capacity Three satellites necessary to cover earth Wide-beam and HTS capabilities 6 to 7 satellites to cover 80% of earth Always connected to terrestrial network Space segment enabled and secured by: Ground infrastructure R 66 Teleports and 28 points of presence Frequency / Orbital rights C/Ku / Ka frequency +Orbital rights Covering all EMEA geopolitical hotspots with enhanced security features Like SES-15 mainly for Aero-connectivity Wide-beam and HTS capabilities Up to 30,000+ spot beams Unique flexibility with beams steerability Do not keep 'fixed' position in the sky Now fully usable for mobility applications Geo satellites can be moved to perform temporary mission and for resilience Connect satellite to terrestrial network Key for high performance connectivity Infrastructure investments secured by UN ITU organisation 22#23Technology and Launch Schedule SES Optimising technology model to leverage satellite strength and expand its role beyond traditional scope Relying on Industry-leading network performance with: >99.99% service availability enabled by: ▲ Conservative and thorough approach to design ▲ Testing and risk management DIO Service resilience from agile fleet management ▲ Leveraging global fleet, orbital and spectrum rights ▲ As demonstrated with customer capacity restored within a day following AMC-9 failure A Resilience augmented GEO-MEO overlap Bold to integrate latest innovations with a calculated risk approach 1st with SpaceX (2014), 1st on space-proven rocket (2017) 1st in MEO, 1st hybrid/electric satellite SES-15, among the first in space refuelling ▲ Partnering with industrials and universities for Ground equipment (Flat panel antennas) Technology roadmap to serve market opportunities ▲ By reducing costs and improving profitability but also: ▲ Enabling managed solutions delivery with using unified resource management (multi-layer multi-band satellites, integrated ground segment) ▲ Improving agility: Time to market, flexibility and scalability with multi-modal delivery and interoperability ▲ Leading industry in next generation applications: Virtual Reality, Internet of Things, 5G, connected car... Direct to home Direct to cable SES teleport Digital terrestial TV Direct to IPTV headends VIDEO Consumer DATA GEO GEO MEO Enterprise Cloud MOBILITY GOVERNMENT Operating service Target Verticals Launch date date Payload type H1 2019 H2 2019 HTS Coverage Global Progressive and flexible rollout of new H1 2021 H2 2021 (electric) HTS Americas capacity to match demand 2021 2022 HTS Global Upcoming launches 03b (satellites 17-20) SES-17 03b mPOWER (satellites 1-7) SES investor presentation I September 2018 23 223#24Financials (1/4) Historical reported P&L EUR Million Revenue and OpEx SES 2013 2014 2015 2016 2017 ▲ Revenue and OpEx in 2017 included full year contribution from O3b and RR Media (which were consolidated by SES during H2 2016) Average EUR/USD Total Revenue 1.326 1.335 1.115 1.106 1.125 Group operating expenses 1,862.5 1,919.1 2,014.5 2,068.8 2,035.0 EUR million (at constant FX) Cost of sales (179.6) (173.5) (183.6) (231.0) (273.9) -2% CAGR 715 711 - 550 549 Staff costs (185.8) (194.5) (200.5) (233.1) (279.2) 519 517 272 274 39% 166 173 176 170 Other operating expenses (132.4) (123.1) (136.2) (153.2) (157.7) 179 158 22% 160 146 139 138 Total OpEx (497.8) (491.1) (520.3) (617.3) (710.8) 224 230 264 279 39% 205 210 EBITDA 1,364.7 1,428.0 1,494.2 1,451.5 1,324.2 2013 2014 2015 EBITDA % 73.3% 74.4% 74.2% 70.2% 65.1% 2016 (Same (1) scope) 2016 (Like for 2017 like) (1) Staff costs Fixed costs Variable costs Depreciation (466.5) (491.6) (536.8) (560.5) (635.0) Amortisation (47.0) (53.8) (62.8) (70.7) (78.6) Gain on deemed disposal of equity 495.2 interest EBIT 851.2 882.6 894.6 1,315.5 EBIT % 45.7% 46.0% 44.4% 63.6% 30.0% Financing charges (173.5) (155.0) (135.7) (174.3) (143.3) Tax (87.5) (85.2) (84.9) (114.1) 130.6 ETR % -12.9% -11.7% -11.2% -10.0% 28.0% Share of associates' results (net of tax) (21.7) (39.0) (126.7) (62.4) ▲ Optimisation programme to continue to support business transformation 1) Same scope refers to SES excluding O3b and RR Media acquisitions and consolidation, Like for like scope assumes RR Media and O3b was consolidated on 1 January 2016 610.6 Profitability profile and operational leverage ▲ Expansion of Networks driving revenue and EBITDA development, albeit with lower margin profile ▲ Operational leverage as new assets comes into service and ramp-up ▲ Increased capital efficiency supporting EBIT margin growth ▲ Efficient and transparent tax structure with short-term ETR guidance of -15% to -20% Non-controlling interests (2.0) (2.6) (2.4) (2.0) (1.8) ▲ All supporting RoIC growth Profit attributable to shareholders 566.5 600.8 544.9 962.7 596.1 ▲ No more Share of associates' results following O3b consolidation EPS-A share (EUR) 1.41 1.49 1.34 2.18 1.21 ▲ EPS after consideration of hybrid bond coupon cost (net of tax) DPS-A share (EUR) 1.07 1.18 1.30 1.34 0.80 SES investor presentation I September 2018 24 24#25Financials (2/4) Free Cash flow efficiencies Free cash flow and CapEx development As a % of group revenue 40% 39% 20% 22% Optimised CapEx schedule GEO-MEO Capital Expenditure (growth and replacement) EUR million SES⭑ 37% 588 1,130 180 100 550 492 460 22% 64 430 380 83 80 850 90 310 90 110 100 524 409 100 100 290 240 170 140 FY '19 FY '20 FY '21 FY '22 0% 2013 2014 2015 2016 2017 FY '16 FY '17 FY '18 FCF before financing and acquisitions CapEx ■Committed satellite ▲ FCF supported by strong cash conversion rate of 85%-90% ▲ FCF improves as CapEx efficiencies support cost reduction Future cash flow secured by strong backlog ■Ground/non-satellite ■ Estimated uncommitted satellite ▲ Optimised procurement approach, payment closer to commercial use ▲ Important GEO-MEO synergies (up to two replacement GEO satellites from 2021) enabled with O3b mPOWER Natural hedge in P&L and CF mitigating FX volatility Backlog Revenue ± EUR10 million (for every one US cent change vs. Euro) EUR billion at year-end Of which: EBITDA + EUR 6-7 million (for every one US cent change vs. Euro) A Video: 70% 8.1 7.5 7.3 7.4 7.5 A A Fixed Data: 7% ▲ Mobility: 15% Government: 8% EBIT Net profit Borrowings + EUR 3-4 million (for every one US cent change vs. Euro) ± EUR 2 million (for every one US cent change vs. Euro) ~40% USD denominated (as at 31 December 2017) 2014 2014 2015 2016 2017 CapEx -50% USD denominated as a 'rule of thumb' ▲ Backlog amounting to about four years of revenue 2016 year-end backlog would be EUR 7.6 billion at 2017 FX ▲ High visibility from remaining weighted average contract length at 7 years SES investor presentation I September 2018 ▲ Around 50% of revenue USD denominated, reflecting expansion of SES's global customer base 25 25#26Financials (3/4) Historical reported Balance Sheet SES EUR Million 2013 2014 2015 2016 2017 Comments Closing rate EUR/USD 1.379 1.214 1.089 1.054 1.199 Property, Plant & Equipment 3,747.7 4,341.6 4,464.8 5,156.3 4,591.4 Of which over 90% representing Space segment (satellite fleet) Assets Under Construction 1,099.8 684.8 894.3 1,389.6 1,480.2 Of which 95% representing Space segment (satellite fleet) Intangible Assets 2,750.3 3,307.3 3,587.4 5,247.7 4,630.9 Of which about 50% representing Goodwill and about 40% Orbital slot license rights Cash 544.2 524.5 639.7 587.5 269.6 Other Assets 946.8 1,093.9 1,079.6 1,264.8 1,212.3 Mainly representing trade and other receivables Total Assets 9,088.8 9,952.1 10,665.8 13,645.9 12,184.4 Shareholder's equity 2,820.7 3,404.7 3,932.5 6,806.5 5,987.9 Includes EUR 1,300 million of 'hybrid' perpetual bonds (IFRS treatment) Minority Interest 78.2 84.9 128.3 138.6 124.6 Investments in LuxGovSat, Ciel Satellite and Al Maisan Satellite (YahSat) Total Equity 2,898.9 3,489.6 4,060.8 6,945.1 6,112.5 Debt 4,345.9 4,486.1 4,431.7 4,427.4 3,947.9 See next page Deferred Tax Liabilities 645.3 676.5 655.9 664.2 438.5 Other Liabilities 1,198.7 1,299.9 1,517.4 1,609.2 1,685.5 Mainly representing deferred income and trade and other payables Total Equity and Liabilities 9,088.8 9,952.1 10,665.8 13,645.9 12,184.4 Financial Metrics: 2017 reflects business transformation and integration of 2016 acquisitions RolC 11.1% 11.1% 10.5% 12.9% 7.7% Net Operating Profit After Tax (NOPAT) / Average of shareholders' equity plus net debt RoIC (normalised) 11.1% 11.1% 10.5% 7.4% 5.1% Normalised excludes exceptional items (Tax credit, one-off accounting gains...) RoIC (normalised) excl. AUC 13.2% 12.7% 11.7% 8.4% 6.5% Excluding Assets Under Construction RoE 20.2% 19.4% 14.9% 18.0% 9.3% Net profit/Average of shareholders' equity Dividend Yield 4.5% 4.0% 5.1% 6.4% 6.1% Dividend Share price at year end SES investor presentation | September 2018 26 26#27Financials (4/4) Total Debt and Loan repayment schedule Senior debt repayment schedule EUR million(1) 708 691 669 541 476 516 SES Debt Currency Mix Fixed / Floating Mix 5% 1,352 156 56 16 16 0 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029+ 42% 58% 95% EUR USD ▲ Average cost of debt of 3.7% and average maturity of 7.0 years ▲ Long term WACC at around 6.5% ▲ No financial covenant ▲ 2018 maturity (EUR 500 million) refinanced with new EURO bond at 1.625% rate in Q1 2018 ▲ Additional EUR 1.3 billion from two perpetual hybrid bonds issued during 2016 at an average coupon of 5.05% (with call dates of 2022 or 2024) ▲ Liquidity ensured through European Medium-Term Note (EMTM) or commercial paper programmes 1) As of 31 December 2017, Debt reported at Nominal amount EUR 3,977 million; total Borrowings reported under IFRS EUR 3,948 with the difference coming from loan origination costs Leverage Net Debt to EBITDA Times Investment grade *** 3.3x threshold 3.09 3.27 ▲ SES below internal threshold 3.3x at year-end, where WACC is optimised ▲ End of 2017 and early 2018 both credit agencies confirmed SES investment credit grade 2.54 2.54 2.65 2.78 ▲ SES intends to strengthen balance sheet 2014 2015 IFRS(2) 2016 2017 Rating agencies (2) ▲ Standard & Poor's: SES S.A. Corporate Credit Rating BBB / Stable/A-2 with stable outlook Senior Unsecured BBB / Junior Subordinated BB+ / Commercial Paper A-2 ▲ Moody's: SES S.A. Baa2; outlook stable (designed as Government- Related Issuer), on a standalone basis Baa3 Outlook stable . • Senior Unsecured Baa2 / Junior Subordinated Ba1 /Commercial Paper P-2 2) Hybrid bonds treated 100% as equity under IFRS and 50% debt / 50% equities by credit rating agencies SES investor presentation I September 2018 27#28Governance The Board of Directors SES Shareholding structure as of 17 July 2018 A and B Shares, each share is entitled to one vote and a B-share carries 40% of the economic rights of an A-share Defines company's strategic objectives and overall corporate plan. Is also responsible vis-à-vis shareholders and third parties for the management of the company, which it delegates to the Executive Committee 15 Members, 10 representing A-shareholders and 5 B-shareholders; 11 men and 4 women The mandates of the current directors will expire at the annual general meeting of shareholders in April 2019, 2020 and 2021 A shares A Shares shareholders FDRs (free float) Total A Shares 23,920,328 Number of Shares % Voting rights % Economic rights 4.16 % 5.20 % 359 537 272 62.51% 78.13 % 383 457 600 66.67% 83.33 % B Shares Related to Luxemburg state participation Total B Shares Total Shares (Actual) Total Shares (Economic) 191 728 800 33.33% 16.67 % 575,186,400 460,149,120 Romain Bausch is Chairman of the Board (was President and CEO until April 2014) with an annual mandate Three committees: the remuneration committee, the audit and risk committee and the nomination committee 2016 Remuneration: Directors fixed fee of EUR 40,000 per year, Vice Chairmen fixed fee of EUR 48,000 per year and the Chairman fee of EUR 100,000 per year; in addition Board of directors receive committee chairing and attendance fees More information on: www.ses.com/investors/annual-reports ▲ Ratio A shares to B shares maintained at 2:1 FDRs convertible in A shares ▲ Link to latest structure: www.ses.com/investors/shareholders Disclosure obligations Any shareholder or FDR holder acquiring or disposing of shares or FDRs, is required to inform the company and the Commission de Surveillance du Secteur Financier within 4 business days of the proportion of voting rights held as a result of such acquisition or disposal where that proportion reaches, exceeds or falls below the thresholds of 5%, 10%, 15%, 20%, 25%, 33 1/3% 50% or 66 2/3% Notification to be done [email protected] More information on: www.ses.com/investors SES investor presentation I September 2018 28 28#29SES Management SES The Senior Leadership Team A collegial body, in charge of the daily management of the group; is mandated to plan/execute the overall strategy, approved by the Board 8 Members, nominated by the board of directors, Including President and CEO, CEO Video, CEO Networks, CFO, CSDO, CTO, CLO, CHRO 2017 Remuneration of the Executive Committee was EUR 8.4 million, of which EUR 4.7 million for the fixed part and EUR 3.7 million for the variable part Annual bonus is defined by: financial performance of the company (Revenue, OpEx, EBITDA, Net profit and Net Operating CF) vs. prior year and vs. internal budget (50%), individual business objectives (25%) and a discretionary element determined by the Remuneration Committee (25%) Long-Term Incentive Plan consists in: stock options; restricted shares and performance shares, based on Economic Value Add and individual objectives SES Management team Steve Collar President and CEO Andrew Browne Chief Financial Officer Ferdinand Kayser CEO SES Video John-Paul Hemingway CEO SES Networks Since April 2018 Since April 2018 Since April 2017 Since April 2018 Christophe De Hauwer Chief Strategy and Development Officer Since August 2015 Martin Halliwell Chief Technology Officer John Purvis Chief Legal Officer Evie Roos Chief Human Resources Officer Since May 2011 Since April 2013 Joined SES in 2016 Joined SES in 2018 Joined SES in 2002 Joined SES in 2016 Joined SES in 2003 Joined SES in 1987 Joined SES in 2001 Prior to his current role he was serving as Chief Executive Officer of O3b Prior to his current role he held several CFO positions in Satellite industry: Intelsat, SES, 03b Mr. Collar is a British national Mr. Browne is an Irish national Prior to his current role he was serving as Chief Commercial Officer since 2011 Mr. Kayser is a Luxembourg national Prior to his current role he was serving as EVP, Product, Marketing, Strategy of SES Networks Prior to his current role he held several in business development and fleet management Mr. Hemingway is a Mr. De Hauwer is a British national Belgian national Prior to his current role he held several positions in SES engineering Mr. Halliwell is a British national Prior to his current role he held several Since February 2017 Joined SES in 2013 Prior to her current role she held several positions in corporate various management governance, compliance and risk management Mr. Purvis is a British national positions at ArcelorMittal Mrs. Roos is a Belgian, Luxembourg and US national SES investor presentation I September 2018 29 20#30Compliance and Corporate Social Responsibility SES' Compliance ▲ SES is committed to conduct its business in compliance with all laws and regulations as well as to observe the highest standards of business ethics, more information on: www.ses.com/about-us/corporate-governance ▲ We support and develop initiatives that showcase the strength of satellite to tackle institutional, infrastructure, and environmental challenges Preserving Earth and Space ▲ Dedicated to the principles of sustainable development, since 2008, we have reported the CO2 emissions through the Carbon Disclosure Project ▲ Supporting International Polar Foundation in a multi-year plan with free connectivity for Princess Elisabeth research station in Antarctica ▲ SES one of the founders of the Space Data Association (SDA), supporting International space agencies to reduce or remove space junk Supporting economic and social development and education ▲ Developing and supporting dedicated e-platforms across geographical barriers and fragile economies: e-Health in Bangladesh, e-Learning in Nigeria, e-Elections in Burkina Faso, e-Agriculture... ▲ Strengthening local skills with over 5,000 satellite trainings in Africa since 2012, supporting economic and social development ▲ Pursuing partnerships with more than 10 universities around the world, offering scholarships and sponsoring chairs Providing emergency support and Giving Back ▲ Communications in disaster areas with deployments of Emergency.lu platforms or MEO connectivity for Project Loon in Peru and Porto Rico ▲ Working with International Organization for Migration (IOM) to provide Emergency digital platform to effectively with field staff ▲ Our entire team focuses on charitable work, including charitable activities that benefit from our donation-matching programme Diversity, Inclusion and talent development in SES Around 2,000 employees in 2017 in more than 20 locations, reflecting 65 different nationalities with 24% women and 76% men ▲ Improving employee wellbeing with implementation of flexible working with Employees able to remote work from home or from another location A Grow and develop talent, skills and best practice sharing with recurring trainings and knowledge networking communities More information on: www.ses.com/about-us/corporate-social-responsibility SES investor presentation I September 2018 30#31Financial Calendar & Stock Market Information Financial calendar Event Date Stock market info ▲ Listed on Euronext Paris Exchange Luxembourg Stock ▲ Bloomberg: SESG FP equity SES FY 2017 results 23 February 2018 ▲ Reuters: SESFd.PA Q1 2018 results 27 April 2018 ISIN: LU0088087324 Consensus (1) as at 17 August 2018 (POST H1 results) Q2 2018 results 27 July 2018 Revenue EUR Million 2018 (EUR/USD 1.19) 1,993 Revenue growth % +1.0% EBITDA EBITDA growth % 1,259 -2.3% Q3 2018 results 26 October 2018 2019 (EUR/USD 1.17) 2,071 +3.0% 1,311 +3.3% FY 2018 results February 2019 2020 (EUR/USD 1.17) 2,127 +2.7% 1,353 +3.2% ▲ 20 Analysts - '8 Buy' / 9 'Hold' / 3 'Sell' ▲ Consensus price target at EUR 16.8 EUR 1) Collected by VARA independent 3rd party provider - https://vara-services.com/ses/-% at constant FX Other events 2018 Annual General Meeting 5 April 2018 Ex-Dividend Date 23 April 2018 Payment date 25 April 2018 SES Roadshows and conferences all along the year More information on: www.ses.com/investors/financial-calendar SES investor presentation I September 2018 Current Valuation as at end June 2018 EV / P/E Div. FCF EBITDA ratio Yield yield 9.9 24.5 5.2% 4.5% MSCI Media 10.2 15.5 3.6% 4.6% MSCI Telco 5.9 13.4 5.6% 4.6% Equity Indices 7.7 13.1 3.8% 4.7% 31#32IR Contacts SES Investor Relations team Richard Whiteing Vice President Head of Investor Relations [email protected] +352 710725 261 +352 691 898956 Antoine De Brosses Manager Investor Relations [email protected] +352 710725 413 Ralph Rauschenberger Vice President Finance Support to Investor Relations [email protected] +352 710725 441 Michelle Suc Investor Relations Coordinator [email protected] +352 710725 403 Château de Betzdorf • L-6815 Betzdorf ⚫ Luxembourg ⚫ On map [email protected] • • Connect with us: in O f BLOG SES investor presentation I September 2018 32 32 SES#33Disclaimer SES⭑ This presentation does not, in any jurisdiction, including without limitation in the U.S., constitute or form part of, and should not be construed as, any offer for sale of, or solicitation of any offer to buy, or any investment advice in connection with, any securities of SES, nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. No representation or warranty, express or implied, is or will be made by SES, its directors, officers or advisors, or any other person, as to the accuracy, completeness or fairness of the information or opinions contained in this presentation, and any reliance you place on them will be at your sole risk. Without prejudice to the foregoing, none of SES, or its directors, officers or advisors accept any liability whatsoever for any loss however arising, directly or indirectly, from use of this presentation or its contents or otherwise arising in connection therewith. This presentation includes "forward-looking statements". All statements other than statements of historical fact included in this presentation, including without limitation those regarding SES's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to SES products and services), are forward-looking statements. Such forward- looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of SES to be materially different from future results, performance or achievements expressed or implied by such forward- looking statements. Such forward-looking statements are based on numerous assumptions regarding SES and its subsidiaries and affiliates, present and future business strategies, and the environment in which SES will operate in the future, and such assumptions may or may not prove to be correct. These forward-looking statements speak only as at the date of this presentation. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. SES, and its directors, officers and advisors do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. SES investor presentation I September 2018 33