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Investors’ update after VV1727 November 2020

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2

Update on VV17 flight anomaly – Established facts and ongoing investigation

3

(*) Established on 18 November 2020, chaired by ESA and Arianespace with participation of CNES and AvioSOURCE: Arianespace, ESA

Established facts

• 1st stage (P80) nominal propulsion and separation

• 2nd stage (Z23) nominal propulsion and separation

• 3rd stage (Z9) nominal propulsion and separation

• 4th stage (AVUM) nominal ignition and propulsion

• At ~8:00 min. (242km altitude) degradation of trajectoryobserved, thrust vector control stroke anomaly

• At ~17:48 min. loss of telemetry

• At ~28:00 min. estimated splashdown

Root Cause Early Investigation

• Initial analyses point out to an integration mistake in the electrical actuation system of the 4th stage (AVUM)

• Independent Inquiry Commission setup* to:

• Verify root cause of anomaly

• Define corrective actions for return-to-flight

• Maintain confidentiality until completion of investigation(targeted by 15th December)

P80

Z9

Z23

AVUM

The way forward

4

• Support the Independent Inquiry Commission – conclusion targeted by 15th December

• Timely return-to-flight key priority for all involved stakeholders: Customers, Avio, Arianespace, ESA, CNES

• 2021 Vega manifest to be updated once corrective actions will be finalized by the Independent Inquiry Commission

• Continue in parallel the various development streams: • Vega C: Qualification Review kick-off imminent - preparing for Maiden Flight• Space Rider: First tranche of contract approved this week• Vega E: First tranche of contract approved this week• Space Exploration Propulsion Systems: new opportunities captured• Space Propulsion Test Facility in Sardinia: construction well in progress

• Execute on production activities: • P120 production ramp-up: 2021-22 volumes under definition• Increase ASTER-30 production

• FY 2020 Guidance confirmed

Strong support of Institutions for Vega return-to-flight

5SOURCE: Italian Government, Twitter

“Spazio: pieno supporto COMINT alanciatore Vega

[…] Il Comitato Interministeriale per le politiche dello Spazioe l’Aerospazio, unitamente all’Agenzia Spaziale Italiana,garantiscono il pieno supporto ad Avio per assicurare lacontinuità alle attività di accesso allo Spazio cherappresentano una capacità strategica per il Paese“

Comitato Interministeriale per le politiche relative allo spazioe all'aerospazio, 17th November 2020

Space launchers worldwide show an average 6% failure rate

6

4 7 6 3 4 5 3 6 3 5 9

63 71 67 7684 77 77

84

11197

88

6,0%

9,0%8,2%

3,8%4,5%

6,1%

3,8%

6,7%

2,6%

4,9%

9,3%

0

0,02

0,04

0,06

0,08

0,1

0,12

0,14

0,16

0,18

0,2

0

20

40

60

80

100

120

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YtD

Space launches worldwide 2010-20 YtD

Failures Successes Failure rate

SOURCE: Elaboration on SpaceLaunchReport data

6%

Average

97102114

908082

8879

7378

67

After 17 launches, Vega is in line with the average performance

7*Includes also partial failures **Soyuz 2-1b/Fregat *** Proton-M/Briz MSOURCE: Elaboration on SpaceLaunchReport; Press Search

14

15

8

16

15

14

16

16

13

15

3

2

5

1

2

2

1

1

4

2

H2

PSLV

GSLV

Proton***

Soyuz**

Electron

Atlas 5

Falcon 9

Ariane 5

Vega

Successes Failures

11.8%

23.5%

5.9%

11.8%

5.9%

38.4%

11.8%

12.5%

Failure rate*

17.6%

14.5%

5.9%

AverageSpace Launchers’ performance of the first 17 launches

Space launchers show dispersion in performance over the first 20 launchesbefore reaching full product maturity

8

40%

50%

60%

70%

80%

90%

100%

MaidenFlight

L- 6 L- 11 L- 16 L- 21 L- 26 L- 31 L-36 L-41 L-46

Launchers success over time

Vega Ariane 5 Falcon 9 Soyuz* Atlas 5

Proton* H2 GSLV PSLV

*Soyuz 2-1b/Fregat ** Proton-M/Briz M

SOURCE: Elaboration on SpaceLaunchReport

Product introduction Product maturity

Comparison of recently developed launchers allows for some considerations

9

2012Vega MF

2006Falcon 1 MF

2010Falcon 9 MF

2012-1914 Vega flights – no failures

1 24 4 5

8

14

1 23

3

3 33

3

3

1

1

1

2006 07 08 09 10 11 12 13 2014

Nr partial failures

Nr total failures

Nr successful launches

1 2 36

811

13 14 15

12

2012 13 14 15 6 17 18 19 2020

Nr partial failures

Nr total failures

Nr successful launches

18 17

12

877

54

21

1513

11

8

6

32

1

Return-to-Flight timing varies depending on specific actions to be undertaken

10

*Average elapsed time for the R-t-F after the last two failures. Includes also partial failures **Soyuz 2-1b/Fregat *** Proton-M/Briz MSOURCE: Elaboration on SpaceLaunchReport; Press Search

7

13

20

4

7

4

5

5

4

14

H2

PSLV

GSLV

Proton***

Soyuz**

Electron

Atlas 5

Falcon 9

Ariane 5

Vega

Average* Return-to-Flight time in months

8

= COVID-19 delay

Average

Despite the many challenges in Space Launch, private investments in the sector continues to increase rapidly

11

0,5 0,7 0,5 0,4 0,4 0,92,4 3,1

3,93,0

5,8

17,5

0

5

10

15

20

2009 10 11 12 13 14 15 16 17 18 2019 20209M

Inve

stm

en

ts1

($ b

n)

(1) Annual non-governmental equity investmentSource: Elaboration on Space Angels Quartelry Investment Reports

5%

48%

47%

Other Satellites Launch

Breakdown of cumulated 2009-2019 investments by sector (% of 26$ Bn)

Private sector investments in Space Ventures

The rise of satellite constellations confirms space launch capabilities to be an indespensable and strategic capability

12

• 955 satellites alreadylaunched in LEO

• In October 2020 antennas for Beta testing of Starlink delivered to end-users

• Agreements in place with US Army and Microsoft Azure for connection services

• Granted the FCC authorization to launch>3,000 satellites in LEO by 2030

• $ 10 Bn of totalinvestments

• Target to provide directinternet access to Amazon customers

• Different size and resolution Earth Observation (both optical and Radar) satellitesconstellations alreadyactive in LEO

• Launched in total >150 satellites since first launch in 2008

• New LEO constellation to deliver internet connectivity

• First demonstrationsatellite launched in 2018

• Planned a total of > 100 sats and potentially up to 300

SOURCE: Institutional websites, Press search

Appendix

13

Launchers’ reliability study peer group composition

14

51

51

13

96

46

16

86

100

109

17

H2

PSLV

GSLV

Proton-M/Briz M

Soyuz 2-1b/Fregat

Electron

Atlas 5

Falcon 9

Ariane 5

Vega

Number of flights LEO Capacity (t) Maiden Flight Last failure*

*Includes also partial failuresSOURCE: Elaboration on SpaceLaunchReport; Press Search

2012 2020

2018

2016

2007

2003

2017

2015

2010

2017

2020

1996

2010

2002

1994

2006

2001

2001

1993

2017

15

1,8

8

23

4,4

0,3

14

13

20

1,5

40%

50%

60%

70%

80%

90%

100%

0 2 4 6 8 10 12 14

Launchers’* reliability over time

Vega is currently showing performance in line with the market average

15

= Vega Performance

= Average performance

= Best Performer

= Worst Performer

*Benchmark includes Vega, Ariane 5, Falcon 9, Atlas 5, Proton-M/Briz M, Soyuz 2.1/Fregat, Electron, H2, PSLV, GSLV

SOURCE: Elaboration on SpaceLaunchReport; Press Search

MaidenFlight

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