Eutelsat ESG Presentation Deck

FOCUS ON RELATIVE TSR BENCHMARK PANEL ► Previously benchmark for relative TSR was based on an average of four indices¹ ►Two changes occurred in FY 2019-20 ETL shares were removed from MSCI France ● Inmarsat was delisted Within this context the Board decided to shift towards a panel of comparable companies, composed of key players in the Group's sector of activity Taking into account the above-mentionned changes. Simplifying the methodology Better aligning with market practice ► 13 Comparable companies has been selected based on the following rationale Satellite operators: SES and Via Sat / Intelsat excluded since it is in a Chapter 11 process Pay-TV operators as Broadcast represents >60% of reveenues: RTL, TF1, Pro Sieben Sat, Mediaset and ITV European Telcos as the Group's non-broadcasting activities consist of supplying connectivity and Internet access to individuals, companies and governments and Telcos are major customers : Iliad, BT, KPN, United Internet, Proximus and Telecom Italia ● ● ● ● ● Telecom Infrastructure: in view of the nature of the infrastructure of the Group's activity which is notably characterised by a high level of investment, long cycles and visibility: Cellnex and Inwittt EUTELSAT 1BF 120, MSCI Europe Infrastructure, MSCI Europe Telecom and a composite index of the top three listed competitors in the satellite industry (SES, Inmarsat, and ViaSat). |9

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