Investor Presentaiton

Leverage Development in Line with Expectations Net debt to EBITDA Times (1) 3.53 3.43 3.41 3.40 3.29 3.27 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Repayment of USD 500 million bond successfully refinanced with no senior debt maturities now before March 2020 Free cash flow before financing activities at EUR 84.3 million with 31.7% reduction in net cash absorbed by investing activities Net debt to EBITDA ratio expected to be at or below 3.3x at the end of 2019, in line with SES' commitment to investment grade 1) Based on rating agency methodology (treats hybrid bonds as 50% debt and 50% equity) Investor presentation | May 2019 SES 26

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