Eutelsat - OneWeb Combination Update

EUTELSAT 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

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