Investor Presentaiton

Financials (2/4) Free Cash flow efficiencies Free cash flow and CapEx development As a % of group revenue 40% 39% 20% 22% Optimised CapEx schedule GEO-MEO Capital Expenditure (growth and replacement) EUR million SES⭑ 37% 588 1,130 180 100 550 492 460 22% 64 430 380 83 80 850 90 310 90 110 100 524 409 100 100 290 240 170 140 FY '19 FY '20 FY '21 FY '22 0% 2013 2014 2015 2016 2017 FY '16 FY '17 FY '18 FCF before financing and acquisitions CapEx ■Committed satellite ▲ FCF supported by strong cash conversion rate of 85%-90% ▲ FCF improves as CapEx efficiencies support cost reduction Future cash flow secured by strong backlog ■Ground/non-satellite ■ Estimated uncommitted satellite ▲ Optimised procurement approach, payment closer to commercial use ▲ Important GEO-MEO synergies (up to two replacement GEO satellites from 2021) enabled with O3b mPOWER Natural hedge in P&L and CF mitigating FX volatility Backlog Revenue ± EUR10 million (for every one US cent change vs. Euro) EUR billion at year-end Of which: EBITDA + EUR 6-7 million (for every one US cent change vs. Euro) A Video: 70% 8.1 7.5 7.3 7.4 7.5 A A Fixed Data: 7% ▲ Mobility: 15% Government: 8% EBIT Net profit Borrowings + EUR 3-4 million (for every one US cent change vs. Euro) ± EUR 2 million (for every one US cent change vs. Euro) ~40% USD denominated (as at 31 December 2017) 2014 2014 2015 2016 2017 CapEx -50% USD denominated as a 'rule of thumb' ▲ Backlog amounting to about four years of revenue 2016 year-end backlog would be EUR 7.6 billion at 2017 FX ▲ High visibility from remaining weighted average contract length at 7 years SES investor presentation I September 2018 ▲ Around 50% of revenue USD denominated, reflecting expansion of SES's global customer base 25 25

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