Investor Presentaiton

ADJUSTED DISCRETIONARY FREE CASH-FLOW In €m 203 (98) 8 363 FX, Hedging & one-offs related to LEAP 2 and to HQ move (70) Net Cash-Flow from operations Cash Capex (1) Change as per financial objectives Reported -72 change +19 195 Interest and Other fees paid Discretionary Free Cash-Flow net of interests received -8 -62 -62 EUTELSAT 1 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. | 47

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