Antoine Castarède, Chief Financial Officer FINANCIAL FRAMEWORK UNDERPINNING DEVELOPMENT

Agenda

2

2

3

4

Financial profile

Satellite business model

Investment process and required returns

Conclusions

1

Financial Profile

3

Long term record of consistent growth

Good visibility and predictable cash-flows

Sound financial structure

Attractive shareholder returns

1

501

1 035

Long term record of consistent growth

4

750

1 476

CAGR: 7.0% 579

1 132

77.1%

76.7% CAGR: 6.9%

- 52

355

X2.1

67%

70%

EBITDA margin

As a % or revs.

FY 2015 FY 2005 FY 2015 FY 2005

FY 2015 FY 2006 FY 2015 FY 2005

EBITDA (€M)

REVENUE (€M)

CASH FLOW FROM OPERATIONS (€M)

NET INCOME (€M)

Nota: Cash Flow from operations not available for FY 2005

High profitability and predictable cash-flows

5 Nota: Cash Capex from FY 2014 onwards as defined in financial outlook: including capital expenditures and payments under existing export credit facilities and under long-term lease agreements on third party capacity. Acquisitions (GE 23, stake in Hispasat, Satmex) are not included in Cash Capex

► Opex light and capex heavy

► Mainly fixed costs

► Operating leverage

HIGH PROFITABILITY PREDICTABLE CASH-FLOWS

77.5% 76.7% 76.7%

53.1% 46.2% 44.8%

27.6% 22.5% 24.1%

FY 13 FY 14 FY 15

EBITDA margin EBIT margin Net Margin

64% 58%

70%

30% 33% 33%

33% 24%

37%

FY 13 FY 14 FY 15

Operating Cash-flow Cash Capex Free Cash flow

CASH-FLOW AS A % OF REVENUE

Sound financial structure

6

► Manageable debt levels thanks to steady cash-flow generation

► Investment grade ratings • S&P: BBB/ Stable • Moody’s: Baa3/Positive

► Strong liquidity • €420m cash • €650m of undrawn credit lines

NET DEBT / EBITDA

FY 15 FY 14

3.4x 3.5x1

FY 14

8.2x 7.8x

FY 15

EBITDA / COST OF DEBT

1Proforma for Satmex acquisition

Cost of debt decreasing…

7

AVERAGE COST OF DEBT

4.9% 4.9% 4% 3.8%

FY 12 FY 13 FY 14 FY 15

► Proactive financial management

► Export credit facilities at attractive rates in FY 2013

► €930m bond in Dec 2013 at 2.625%

► Early renegotiation of term loan in 2015 • €15m savings per annum1 • Lower rate • Reduction in nominal from €800m to €600m • Full impact in FY 2016

1Excluding upfront fees and hedging instruments

…with scope for further improvement

8 1With two possible extension facilities of one year each subject to lenders agreement

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

4.125%

€850m

€450m

5.0%

€800m

2.625%

€930m

€600m1

€200m1

€46m 3.125%

€300m

€187m

€200m

€800m

Note: Maturities are provided on a calendar year basis – figures based on accounts as of 30 June 2015

3.125%

Bank debt Former debt renegotiated in early 2015 Undrawn lines of credit Bonds Others

Use of cash

9

ORGANIC GROWTH

FINANCIAL STRUCTURE

SHAREHOLDER REMUNERATION

M&A

► Future satellite programmes meeting internal return criteria

► Target of Net Debt / EBITDA below 3.3x

► Maintain investment grade ratings

► Payout ratio of 65% to 75% of net income

► No further strategic imperatives following the acquisitions of GE-23 and Satmex

► Opportunistic approach based on value creation potential

Dividend track record

10

► Consistent rise in dividend per share • Distribution of €19m one-off element in FY2013

► Distribution ratio based on net Income • Floor raised from 50% to 65% in 2012

► Scrip option offered in FY 2014 and FY 2015 • 66% take-up in FY 2014

DIVIDEND HISTORY SINCE LISTING

0.54 0.58 0.60 0.66

0.76

0.90 1.00

1.08 1.03

1.09

FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015

70 75 67 67 58 62 59 77 Payout ratio (%)

Distribution of an exceptional element in FY 2013

0.09

Agenda

11

3

4

Financial profile

Satellite business model

Investment process and required returns

Conclusions

1

2

-300

-200

-100

0

100

200

300

400

500

Satellite economic model Regular capacity

12

1For a greenfield satellite, using chemical propulsion

-3 -2 -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

€m

Year

PROCUREMENT CONTRACT

BOARD DECISION LAUNCH

BOARD DECISION FOR

REPLACEMENT SAT

REPLACEMENT SAT ENTRY

INTO SERVICE

RELOCATION OF PREVIOUS SAT

END OF LIFE

ENTRY INTO SERVICE

Cumulative cash-flow

PROCUREMENT RAMP UP LIFE-SPAN

Satellite programme capex profile

13

TYPICAL TIMING OF CAPEX PAYMENTS

► Capex generally split equally over three years prior to launch

► Insurance paid in year three

BREAKDOWN OF CAPEX

30% 30% 40%

YEAR 1 YEAR 2 YEAR 3

Launcher Insurance

Others

Satellite

Reducing capex, increased satellite size

14 1Chemical propulsion only

► Average capex per tpx of €4.2m in past 20 years, excluding insurance

► Decline in cost

► Increase in satellite size

COST PER TPX ON EUTELSAT SATELLITES LAUNCHED SINCE 19961

1996 2001 2006 2011 2016

Average: €4.2m - excluding insurance

Ramp-up Typical ramp-up profile for a regular capacity satellite

15

► Ramp-up dependent on: • Mix of replacement vs. expansion • Region and application

► Pre-sales not the norm, but occur in fast-growing markets, and more common in Video

0%

30%

60%

90%

Y1 Y2 Y3 Y4 Y50%

30%

60%

90%

Y1 Y2 Y3 Y4 Y50%

30%

60%

90%

Y1 Y2 Y3 Y4 Y5

Assumption: 50% pure replacement, 50% pure expansion

Pure replacement Pure expansion Mix of expansion and replacement

Pricing

16 Source: Eurconsult, 2015 Edition

► Average revenue per TPE of €1.5m/year on Eutelsat’s fleet (regular capacity) • Average of €3.8m on Hotbird

► Pricing dependent on region / application

3.2

1.5 1.3 1.5 1.1 1.1 1.3

2.4

1.4 1.3 1.7 1.5

WesternEurope

CentralEurope

Russia MENA SSA Southern Asia LATAM N.E Asia China S.E Asia Oceania NorthAmerica

Eutelsat footprint

MARKET AVERAGE REVENUE PER 36 MHZ TRANSPONDER (M$) FOR REGULAR CAPACITY

Agenda

17

4

Financial profile

Satellite business model

Investment process and required returns

Conclusions

1

2

3

Satellite project investment process

18

MARKET ANALYSIS

FINANCIAL ANALYSIS

RISK ANALYSIS

TENDER OFFER FOR ALL COMPONENTS

ALL PROJECTS SUBJECT TO BOARD APPROVAL

► Regulatory and technical ► Contingency for launch failure ► Business plan sensitivity

► Minimum required IRR (unlevered) of 12% after tax ► NPV calculation based on WACC (dependent on specific project risk) ► Cash flow projected over the construction period and lifetime ► Terminal value based on perpetual cash-flow with adjusted replacement Capex

► Manufacturer ► Launcher ► Insurer

► Supply /demand balance ► Pricing

Improving capex efficiency Evolution of capex and capex/revenues

19 Nota: Capex including financial leases and ECA repayments from FY 2014 (included) onwards. Capex do not include external growth

(mainly acquisition of a GE-23 and additional stake in Hispasat in FY 2013, and acquisition of Satmex in FY 2014)

► Capital intensive business model

► Improving capex efficiency

231

350

423 417

494 486 488

387

451 493

29%

42% 48% 44% 47%

42% 40% 30% 33% 33%

FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015

Capex Capex as a % of revenues

Scope for further capex efficiency

20

► Electrical propulsion for in-orbit raising • Lowers mass for a given capacity • Increases capacity for a given mass

► Extension in satellite lifetime • Potentially even longer with all-electric satellites

► Greater competitivity in launcher market

► More rigorous procurement process

► Further improvements to come

AVERAGE CAPEX PER TRANSPONDER

4.6 4.0

Launchedin 2010-2013

Launched in2014-2017

Average Capex per transponder / spotbeam (€m)

Excluding satellites operated in the framework of a financial lease

Replacement CAPEX

21

HISTORICAL REPLACEMENT CAPEX NORMATIVE REPLACEMENT CAPEX

55% 45%

REPLACEMENT GROWTH

Based on FY 2010-11 to FY 2014-15 average

► Estimated replacement capex of c. €350m for fleet at the end of current deployment program

► Assumes • ~1,300 transponders / spotbeams at June 2017 • Capex per transponder of c.€4m • Satellite life of 18 years • Ground capex c. €60-70m p.a.

► Includes improvement related to electrical propulsion launcher competitiveness

Agenda

22

Financial profile

Satellite business model

Investment process and required returns

Conclusions

1

2

3

4

To sum up:

23

4.3

4.4

Topline growth

Optimised Capex, highly selective investment approach

High profitability, steady cash-flows

Conservatively managed balance sheet

Value creation and attractive return to shareholders

Q&A FINANCIAL FRAMEWORK UNDERPINNING DEVELOPMENT