Investor Presentaiton

Financials (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

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