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Société Anonyme with a Board of Directors and a Share Capital of 232,774,635 Euros Registered Office: 70 Rue Balard, F-75015 Sparis 481 043 040 R.C.S

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Société Anonyme with a Board of Directors and a Share Capital of 232,774,635 Euros Registered Office: 70 Rue Balard, F-75015 Sparis 481 043 040 R.C.S Société anonyme with a Board of Directors and a share capital of 232,774,635 euros Registered office: 70 rue Balard, F-75015 sParis 481 043 040 R.C.S. PARIS MANAGEMENT REPORT OF THE BOARD OF DIRECTORS ON THE CONSOLIDATED AND COMPANY FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 Note: The English version of this Management Report is a free translation of the French version and is provided solely for the benefit of English-speaking users. - 1 - INDEX INTRODUCTION ............................................................................................................................................................................. 5 1 KEY HIGHLIGHTS IN THE FINANCIAL YEAR .......................................................................................................................... 6 1.1 Main Highlights of FY 2018-19 ....................................................................................................................................................................................................... 6 1.2 Revenues by business application ................................................................................................................................................................................................. 6 1.3 Financial performance .................................................................................................................................................................................................................... 6 1.4 Alternative Performance indicators ................................................................................................................................................................................................ 7 2 MAIN MARKETS AND STRATEGY ............................................................................................................................................ 9 2.1 The Fixed Satellite Services industry ............................................................................................................................................................................................. 9 2.2 A dual market dynamic ................................................................................................................................................................................................................. 11 2.3 Group strategy .............................................................................................................................................................................................................................. 15 2.4 Extra-Financial Group strategy .................................................................................................................................................................................................... 18 3 PRESENTATION OF THE SERVICES OFFERED BY THE GROUP AND REVIEW OF 2018-19 ACTIVITY.......................... 19 3.1 Group’s activities .......................................................................................................................................................................................................................... 19 3.2 Analysis of the activity during the year ......................................................................................................................................................................................... 22 4 A YOUNG FLEET WITH COVERAGE OF MOST OF THE GLOBE ........................................................................................ 26 4.1 Satellite fleet ................................................................................................................................................................................................................................. 26 4.2 Fleet performance ........................................................................................................................................................................................................................ 28 4.3 An active investment policy .......................................................................................................................................................................................................... 28 4.4 Launch services associated with satellites under procurement................................................................................................................................................... 29 5 ACTIVITIES OF SUBSIDIARIES AND EQUITY INTERESTS .................................................................................................. 30 5.1 Group simplified organisational chart ........................................................................................................................................................................................... 30 5.2 Main subsidiaries and equity interests ......................................................................................................................................................................................... 31 6 CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 – FINANCIAL INFORMATION ..... 33 6.1 Financial and accounting policy – IFRS standards ...................................................................................................................................................................... 33 6.2 Consolidated simplified balance sheet of Eutelsat Communications .......................................................................................................................................... 33 6.3 Simplified consolidated income statement of Eutelsat Communications .................................................................................................................................... 35 6.4 Group liquidity and financial resources ........................................................................................................................................................................................ 37 6.5 Financial instruments ................................................................................................................................................................................................................... 40 6.6 Litigation ....................................................................................................................................................................................................................................... 40 7 COMPANY FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 – FINANCIAL INFORMATION ............... 41 7.1 Accounting and financial principles .............................................................................................................................................................................................. 41 7.2 Company activities and key highlights during the year ................................................................................................................................................................ 41 7.3 Extracts from the Company's balance sheet and income statement at 30 June 2019 ............................................................................................................... 41 8 FINANCIAL OUTLOOK ............................................................................................................................................................. 43 9 CORPORATE GOVERNANCE ................................................................................................................................................. 45 - 2- 9.1 Reference code used to establish a Corporate governance policy ............................................................................................................................................. 45 9.2 Absence of Control of the Company ............................................................................................................................................................................................ 45 9.3 Separating the functions of Chairman and Chief Executive Officer ............................................................................................................................................ 46 9.4 EUTELSAT GROUP SENIOR MANAGEMENT .......................................................................................................................................................................... 46 9.5 Factors likely to have an impact in the event of a public offer ..................................................................................................................................................... 46 9.6 Organisation and preparation of the Board Meeting .................................................................................................................................................................... 46 9.7 Changes in the composition of the Board of Directors ................................................................................................................................................................ 47 9.8 Diversity policy and representation to the Board ......................................................................................................................................................................... 48 9.9 Mission of the Board of Directors ................................................................................................................................................................................................
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