EUTELSAT S.A. € 500,000,000 1.125 PER CENT BONDS DUE 23 June 2021 ISSUE PRICE: 99.894 PER CENT The €500,000,000 aggregate principal amount 1.125 per cent. bonds due 23 June 2021 (the Bonds, and each a Bond) of Eutelsat S.A. (the Issuer) will be issued outside the Republic of France on 23 June 2016 (the Bond Issue). Each Bond will bear interest on its principal amount at a fixed rate of 1.125 per c ent. per annum from (and including) 23 June 2016 (the Issue Date) to (but excluding) 23 June 2021, payable in Euro annually in arrears on 23 June of each year and commencing on 23 June 2017, as further described in "Terms and Conditions of the Bonds – Interest". Unless previously redeemed or purchased and cancelled in accordance with their terms and conditions, the Bonds will be redeemed at their principal amount on 23 June 2021 (the Maturity Date). The Issuer may, at its option, and in certain circumstances shall, redeem all (but not part) of the Bonds at par plus any accrued and unpaid interest upon the occurrence of certain tax changes as further described in "Terms and Conditions of the Bonds – Redemption and Purchase – Redemption for tax reasons". The Bonds may also be redeemed (i) at the option of the Issuer, in whole or in part, at any time, prior to the Maturity Date, as further described in "Terms and Conditions of the Bonds — Redemption and Purchase — Make Whole Redemption by the Issuer", (ii) at any time prior to the Maturity Date, in whole (but not in part), at par plus accrued interest, if 80 per cent. of the initial aggregate principal amount of the Bonds have been redeemed or purchased and cancelled, as further described in "Terms and Conditions — Redemption and Purchase — Clean-Up Call Option" of the Terms and Conditions of the Bonds, and (iii) at th e option of the Issuer at any time or from time to time, during a period of three months preceding the Maturity Date, in whole or in part, at par plus any accrued and unpaid interest accrued to, but excluding, the date fixed for redemption as further described in "Terms and Conditions of the Bonds – Redemption and Purchase – Residual Maturity Call Option". The Bondholders may, under certain conditions, request the Issuer to redeem all or part of the Bonds following the occurrence of certain change of control events triggering a downgrading of the Bonds as further described in " Terms and Conditions of the Bonds — Redemption and Purchase – Redemption following a Change of Control". The obligations of the Issuer in respect of principal and interest payable under the Bonds constitute direct, unconditional, unsecured and unsubordinated obligations of the Issuer and shall at all times rank pari passu among themselves and pari passu with all other present or future direct, unconditional, unsecured and unsubordinated obligations of the Issuer, as further described in "Terms and Conditions of the Bonds – Status". Payments in respect of the Bonds will be made without deduction for, or on account of, French taxes to the extent set out in " Terms and Conditions of the Bonds — Taxation — Additional Amounts". Application has been made to the Commission de Surveillance du Secteur Financier (the CSSF) in its capacity as competent authority under the Luxembourg Act dated 10 July 2005 on prospectuses for securities, as amended by the Luxembourg Act dated 3 July 2012 (the Prospectus Act) to approve this document (the Prospectus) as a prospectus for the purposes of Article 5.3 of Directive 2003/71/EC of the European Parliament and the Council dated 4 November 2003, as amended, on prospectuses to be published when securities are offered to the public or admitted to trading (the Prosp ectus Direct iv e). Application has also been made to the Luxembourg Stock Exchange for the Bonds to be listed on the Official List and admitted to trading on the regulated market of the Luxembourg Stock Exchange as of the Issue Date. The Luxembourg regulated market of the Luxembourg Stock Exchange is a regulated market for the purposes of the Investment Services Directive 2004/39/EC on financial instruments markets, as amended. Pursuant to Article 7(7) of the Luxembourg Prospectus Act, by approving this Prospectus, the CSSF gives no undertakings as to the economic and financial soundness of the Bond Issue or the quality or solvency of the Issuer. The Bonds will be issued in dematerialised form in a denomination of €100,000 and will at all times be evidenced by book-entries in compliance with Article L. 211- 3 et seq. and R. 211-1 et seq. of the French Code monétaire et financier. No physical documents of title will be issued in respect of the Bonds. As from the date of issue of the Bonds, the Bonds will be registered in the books of Euroclear France, a subsidiary of Euroclear Bank S.A./N.V. (Eu roclea r Franc e) (acting as central depositary) which shall credit the accounts of Account Holders (as defined in "Terms and Conditions of the Bonds – Form, Denomination and Title") including Euroclear Bank S.A./N. V. (Euroclear) and the depositary bank for Clearstream Banking, société anonyme (Clearstream Luxembourg). The Bonds have been assigned a rating of BBB by Standard & Poor's Credit Market Services Europe Limited (S&P) and Baa3 by Moody’s Investors Servic e Ltd (Moody's). S&P and Moody's are established in the European Union and are registered under Regulation (EC) No. 1060/2009 on credit rating agencies (as amended) (the CR A Regul ation). As such S&P and Moody's are included in the list of registered credit rating agencies published by the European Securities and Markets Autho rity (ESMA) on its website (https://www.esma.europa.eu/supervision/credit-r atin g-ag enci es/risk) in accordance with the CRA Regulation. A rating is not a recommend ation to buy, sell or hold the Bonds. Any credit rating is subject to revision, suspension or withdrawal at any time by the relevant ratin g organisation. Any revision, suspension, reduction or withdrawal of the rating may adversely affect the market price of the Bonds. This document is not for distribution, directly or indirectly, in or into the United States. This document is neither an offer of securities for sale nor th e solicitation of an offer to purchase securities in the United States or any other jurisdiction where such offer may be restricted. Securities may not be offered or sold in the United States absent registration with the Securities and Exchange Commission under the U.S. Securities Act of 1933, as amended (the U.S. Secu riti es Act) , or an applicable exemption from registration. The Bonds have not been and will not be registered under the U.S. Securities Act and may not be offer ed, sold or deli ver ed within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act (Regulation S)). Copies of this document are not being, and should not be, distributed in or sent into the United States. An investment in the Bonds involves certain risks. Potential investors should review all the information contained in this document and, in particular, the information set out in the section entitled "Risk Factors" of this Prospectus prior to investing in the Bonds. Global Coordinator Société Générale Corporate & Investment Banking Joint Bookrunners Société Générale Corporate & Investment Banking HSBC Banca IMI SMBC Nikko Co-Lead Manager Helaba Date: 21 June 2016 TABLE OF CONTENTS Page RESPONSIBILITY STATEMENT .................................................................................................. 3 IMPORTANT INFORMATION FOR INVESTORS ............................................................................ 4 RISK FACTORS ...................................................................................................................... 8 SELECTED FINANCIAL INFORMATION OF EUTELSAT S.A............................................................. 33 DOCUMENTS INCORPORATED BY REFERENCE ......................................................................... 37 TERMS AND CONDITIONS OF THE BONDS ............................................................................... 39 USE OF PROCEEDS .............................................................................................................. 53 INFORMATION ABOUT THE ISSUER........................................................................................ 54 BUSINESS OVERVIEW .......................................................................................................... 62 RECENT DEVELOPMENTS ..................................................................................................... 89 TAXATION.......................................................................................................................... 89 SUBSCRIPTION AND SALE ....................................................................................................102 GENERAL INFORMATION.....................................................................................................105 GLOSSARY OF TERMS .........................................................................................................108 2 RESPONSIBILITY STATEMENT As of the date of this Prospectus, the Issuer declares that, having taken all reasonable care to ensure that such is the case, the information contained or incorporated by reference in this Prospectus is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect the import of such information. The Issuer accepts responsibility for the information