Obligation Eutelsat SA 1.5% ( FR00140005C6 ) en EUR

Eutelsat SA

71.21 % ▼

France

FR00140005C6 ( en EUR )

1.5% par an ( paiement annuel )

12/10/2028

Prospectus brochure de l'obligation Eutelsat SA FR00140005C6 en EUR 1.5%, échéance 12/10/2028

100 000 EUR

600 000 000 EUR

13/10/2024 ( Dans 147 jours )

L'Obligation émise par Eutelsat SA ( France ) , en EUR, avec le code ISIN FR00140005C6, paye un coupon de 1.5% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 12/10/2028

EUTELSAT S.A.
600,000,000 1.500 PER CENT BONDS DUE 13 OCTOBER 2028
ISSUE PRICE: 99.619 PER CENT
The 600,000,000 aggregate principal amount 1.500 per cent. bonds due 13 October 2028 (the Bonds, and each a Bond) of Eutelsat S.A. (the Issuer) will be issued on 13
October 2020 (the Bond Issue).
Each Bond will bear interest on its principal amount at a fixed rate of 1.500 per cent. per annum from (and including) 13 October 2020 (the Issue Date) to (but excluding) 13
October 2028, payable in Euro annually in arrears on 13 October of each year and commencing on 13 October 2021, 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 13 October
2028 (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 taxation 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 eighty (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 the 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".
Each Bondholder may, under certain conditions, request the Issuer to redeem all (but not some only) of the Bonds held by such Bondholder at par plus accrued interest up
to but excluding such date of redemption 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 of the Bonds".
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".
This Prospectus has been approved as a prospectus by the Commission de Surveillance du Secteur Financier (the CSSF), as competent authority in Luxembourg under
Regulation (EU) 2017/1129, as amended (the Prospectus Regulation). The CSSF only approves this Prospectus as meeting the standards of completeness, comprehensibility
and consistency imposed by the Prospectus Regulation. Approval by the CSSF should not be considered an endorsement of the Issuer and of the quality of the Bonds that are
the subject of this Prospectus. Investors should make their own assessment as to the suitability of investing in the Bonds. By approving a prospectus in accordance with
Article 6(4) of the Luxembourg law dated 16 July 2019 on prospectuses for securities (Loi du 16 juillet 2019 relative aux prospectus pour valeurs mobilières), the CSSF does
not engage in respect of the economic or financial opportunity of the operation or the quality and solvency of the Issuer. This Prospectus constitutes a prospectus in respect
of the Issuer for the purposes of Article 6(3) of the Prospectus Regulation. Application has been made to the Luxembourg Stock Exchange for the listing of the Bonds on the
Official List of the Luxembourg Stock Exchange and admission to trading on the Luxembourg Stock Exchange's regulated market.
The Bonds wil be issued in dematerialised form in a denomination of 100,000 and wil 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 SA/NV (Euroclear France) (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 SA/NV (Euroclear) and the
depositary bank for Clearstream Banking S.A. (Clearstream Luxembourg).
The Bonds have been assigned a rating of BBB- by S&P Global Ratings Europe Limited (S&P) and BBB by Fitch Ratings (Fitch). S&P and Fitch are established in the European
Union and are registered under Regulation (EC) No. 1060/2009 on credit rating agencies (as amended) (the CRA Regulation). As such S&P and Fitch are included in the list of
registered credit rating agencies published by the European Securities and Markets Authority (ESMA) on its website (https://www.esma.europa.eu/supervision/credit-rating-
agencies/risk) in accordance with the CRA Regulation. A rating is not a recommendation to buy, sell or hold the Bonds. Any credit rating is subject to revision, suspension or
withdrawal at any time by the relevant rating 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 the 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. Securities 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 offered, sold or delivered 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 Coordinators and Managers
MUFG

Crédit Agricole CIB

Managers

Helaba
IMI Intesa Sanpaolo
SMBC Nikko

The date of this Prospectus is 9 October 2020

CONTENTS
Page
RESPONSIBILITY STATEMENT .................................................................................................................................. 1
IMPORTANT INFORMATION FOR INVESTORS ......................................................................................................... 2
INFORMATION SOURCED FROM THIRD PARTIES .................................................................................................... 5
RISK FACTORS ......................................................................................................................................................... 6
SELECTED FINANCIAL INFORMATION OF EUTELSAT S.A. ...................................................................................... 22
DOCUMENTS INCORPORATED BY REFERENCE ..................................................................................................... 25
TERMS AND CONDITIONS OF THE BONDS ............................................................................................................ 27
USE OF PROCEEDS ................................................................................................................................................ 39
INFORMATION ABOUT THE ISSUER ...................................................................................................................... 40
BUSINESS OVERVIEW ............................................................................................................................................ 52
RECENT DEVELOPMENTS ...................................................................................................................................... 76
TAXATION ............................................................................................................................................................. 88
SUBSCRIPTION AND SALE ..................................................................................................................................... 90
GENERAL INFORMATION ...................................................................................................................................... 92
GLOSSARY OF TERMS ............................................................................................................................................ 95

RESPONSIBILITY STATEMENT
As of the date of this Prospectus, the Issuer declares that 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 contained in this Prospectus accordingly.
1

IMPORTANT INFORMATION FOR INVESTORS
References herein to the Issuer are to Eutelsat S.A. This Prospectus has been prepared for the purpose of giving
information with regard to (i) the Issuer, (ii) the Issuer and its subsidiaries (direct or indirect) and affiliates taken as a
whole (the Group) but excluding its controlling entity, Eutelsat Communications S.A. and (iii) the Bonds, which is material
to an investor for making an informed assessment of the assets and liabilities, profits and losses, financial position, and
prospects of the Issuer, of the rights attaching to the Bonds and reasons for the issuance and its impact on the Issuer. No
information contained in this Prospectus may be used for any purpose other than investing in the Bonds.
Certain information contained or incorporated by reference in this Prospectus has been extracted from sources which the
Issuer believes to be reliable, specified in the sections where such information appears. The Issuer confirms that such
information has been accurately reproduced and that, so far as it is aware and is able to ascertain from information
published by the above sources, no facts have been omitted which would render the information in this Prospectus
inaccurate or misleading in any material respect.
The Managers (as defined under the section entitled "Subscription and Sale") have not verified the information contained
or incorporated by reference in this Prospectus. The Managers do not make any representation, warranty or undertaking,
express or implied, and no responsibility or liability is accepted by the Managers or any of their respective affiliates, as to
the accuracy or completeness of the information contained, or incorporated by reference, in this Prospectus, or any other
information provided by the Issuer in connection with the issue of the Bonds.
Other than in relation to the documents that are deemed to be incorporated by reference (see "Information Incorporated
by Reference"), the information on the websites to which this Prospectus refers does not form part of this Prospectus and
has not been scrutinised or approved by the CSSF.
Any decision to purchase any Bonds should be based on this Prospectus. No person is or has been authorised by the Issuer
or the Managers or any of their affiliates to give any information or to make any representation other than those
contained in this Prospectus in connection with the issue or sale of the Bonds and, if given or made, such information or
representation must not be relied upon as having been authorised by the Issuer or the Managers or any of their affiliates.
Neither the delivery of this Prospectus nor the offering, sale or delivery of any Bonds shall in any circumstances imply that
the information contained or incorporated by reference herein is correct at any time subsequent to the date hereof, nor
does the Issuer undertake to update this Prospectus except as may be required by any applicable law or regulations. The
Managers do not undertake to review the financial condition or affairs of the Issuer during the life of the Bonds or to
advise any investor in the Bonds of any information coming to their attention.
Neither this Prospectus nor any other information provided in connection with the issue of the Bonds (a) is intended to
provide the basis of any credit or other evaluation or (b) should be considered as a recommendation by the Issuer or the
Managers that any recipient of this Prospectus or any recipient of any other information supplied in connection with the
issue of the Bonds should purchase any Bonds. Neither this Prospectus nor any other information supplied in connection
with the issue and sale of the Bonds constitutes an offer or invitation by or on behalf of the Issuer or the Managers to any
person to subscribe for or to purchase any Bonds.
Prospective investors contemplating purchasing any Bonds should rely on their own independent investigation and
appraisal of (a) the Issuer, the Group, their respective business, financial condition and affairs and (b) the terms of the
offering, including the merits and risks involved. Investors should review, inter alia, the documents incorporated by
reference into this Prospectus when deciding whether or not to subscribe for or purchase the Bonds. The contents of this
Prospectus are not to be construed as legal, business, financial or tax advice. Each prospective investor should consult its
own advisers as to legal, tax, financial, credit and related aspects of an investment in the Bonds. Potential investors should,
in particular, read carefully the section entitled "Risk Factors" set out below before making a decision to invest in the
Bonds.
This Prospectus does not constitute an offer of, or an invitation or solicitation by or on behalf of the Issuer or the Managers
to subscribe or purchase, any of the Bonds in any jurisdiction where, or to any person to whom, it is unlawful to make an
offer or solicitation. The distribution of this Prospectus and the offering and sale of the Bonds in certain jurisdictions,
including the United States, France, Luxembourg and other Member States of the European Economic Area, may be
restricted by law. The Issuer and the Managers do not represent that this Prospectus may be lawfully distributed, or that
any Bonds may be lawfully offered, in compliance with any applicable registration or other requirements in any such
jurisdiction, or pursuant to an exemption available thereunder, or assume any responsibility for facilitating any such
distribution or offering. In particular, no action has been taken by the Issuer or the Managers which would permit a public
offering of any Bonds, and neither this Prospectus nor any advertisement or other offering material may be distributed
2

or published in any jurisdiction, except under circumstances that will result in compliance with any applicable laws and
regulations. Persons into whose possession this Prospectus or any Bonds may come must inform themselves about, and
observe any, such restrictions on the distribution of this Prospectus and the offering and sale of Bonds. In particular, there
are restrictions on the distribution of the Prospectus and the offer or sale of Bonds in the United States, the United
Kingdom and France (see "Subscription and Sale").
The Bonds have not been and will not be registered under the U.S. Securities Act and may not be offered, sold or delivered
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)).
MiFID II product governance / Professional investors and eligible counterparties only target market Solely for the
purposes of each manufacturer's product approval process, the target market assessment in respect of the Bonds, taking
into account the five categories referred to in item 18 of the Guidelines published by the European Securities and Markets
Authority on 5 February 2018 has led to the conclusion that: (i) the target market for the Bonds is eligible counterparties
and professional clients only, each as defined in Directive 2014/65/EU (as amended, MiFID II); and (ii) all, channels for
distribution of the Bonds to eligible counterparties and professional clients are appropriate. Any person subsequently
offering, selling or recommending the Bonds (a distributor) should take into consideration the manufacturers' target
market assessment; in respect of the Bonds (by either adopting or refining the manufacturers' target market assessment)
and determining appropriate distribution channels.
PRIIPs Regulation / Prohibition of sales to EEA and UK retail investors  The Bonds are not intended to be offered, sold
or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the
European Economic Area (the EEA) or in the United Kingdom (the UK). For these purposes, a retail investor means a
person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU, as
amended (MiFID II) or (ii) a customer within the meaning of Directive 2016/97/EU, as amended (IMD), where that
customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no
key information document required by Regulation (EU) No 1286/2014, as amended (the PRIIPs Regulation) for offering
or selling the Bonds or otherwise making them available to retail investors in the EEA or in the UK has been or will be
prepared and therefore offering or selling the Bonds or otherwise making them available to any retail investor in the EEA
or in the UK may be unlawful under the PRIIPs Regulation.
The information in the sections concerning clearing systems has been obtained from sources that the Issuer believes to
be reliable. The Issuer accepts no responsibility for the accuracy of such information, other than for the correct extraction
and reproduction of such information. If investors want to use the facilities of Euroclear France, Clearstream Luxembourg
or Euroclear, they should confirm the continued applicability of the rules, regulations and procedures of Euroclear France,
Clearstream Luxembourg or Euroclear, as applicable. The Issuer will not be responsible or liable for any aspect of the
records held through the facilities of Clearstream or Euroclear or for maintaining, supervising or reviewing any such
records.
An application has been made to admit the Bonds to listing on the Official List of the Luxembourg Stock Exchange and to
trading on the Luxembourg regulated market but we cannot guarantee that our application to listing and trading of the
Bonds will be approved as at the Issue Date or any time after the Issue Date.
In this Prospectus, unless otherwise specified or the context requires, references to "Euro", "EUR" and "" are to the
single currency of the participating Member States of the European Economic and Monetary Union, while references to
"U.S. Dollar", "USD" and "$" are to the single currency of the United States of America.
In connection with the issue of the Bonds, Crédit Agricole Corporate and Investment Bank (the Stabilising Manager) (or
any person acting on behalf of the Stabilising Manager) may over-allot Bonds or effect transactions with a view to
supporting the market price of the Bonds at a level higher than that which might otherwise prevail. However, there is
no assurance that the Stabilising Manager (or any person acting on behalf of the Stabilising Manager) will undertake
stabilisation action. Any stabilisation action may begin on or after the date on which adequate public disclosure of the
terms of the offer of the Bonds is made and, if begun, may be ended at any time, but must end no later than the earlier
of 30 days after the issue date of the Bonds and 60 days after the date of the allotment of the Bonds. Any stabilisation
action or over-allotment must be conducted by the Stabilising Manager (or any person acting on behalf of the
Stabilising Manager) in accordance with all applicable laws and rules.
The market data and other statistical information used throughout this Prospectus are based on estimates which the
Issuer has made in good faith, internal surveys reviewed by the Issuer, as well as analysis prepared, based on or derived
from independent industry publications, government publications, reports by market research firms or other published
3

independent sources. These publications and surveys generally state that they contain information from sources believed
to be reliable but do not guarantee the accuracy and completeness of such information. While the Issuer believes these
sources are reliable and such information was accurately reproduced in this Prospectus, the Issuer has not verified the
research by any independent source.
The Issuer cannot ensure that any of the assumptions underlying these statements are accurate, or correctly reflect the
Issuer's position in the industry and none of the internal surveys or information of the Issuer has been verified by any
independent sources. Neither the Managers nor the Issuer make any representation or warranty as to the accuracy or
completeness of this information. All of the information set forth in this Prospectus relating to the operations, financial
results or market share of our competitors has been obtained from information made available to the public in such
companies' publicly available reports and independent research, as well as from the Issuer's experience, internal studies,
estimates and investigation of market conditions. Neither the Managers nor the Issuer have independently verified this
information and the Managers and the Issuer cannot guarantee its accuracy.
Potential investors must rely upon their own examination of the Issuer and the financial statements presented in this
Prospectus. Certain financial information contained or incorporated by reference in this Prospectus has been rounded
and, as a result, the figures shown as totals may vary slightly from the exact arithmetic aggregation of the figures that
precede them.
Certain statements contained herein are forward-looking statements including, but not limited to, statements that are
predictions of or indicate future events, trends, plans or objectives, based on certain assumptions, and include any
statement that does not directly relate to a historical fact or current fact. The Issuer may also make forward-looking
statements in its audited annual financial statements, in its interim financial statements, in its prospectuses, in press
releases and other written materials and in oral statements made by its officers, directors or employees to third parties.
Forward-looking statements are typically identified by words or phrases such as, without limitation, "anticipate",
"assume", "believe", "continue", "estimate", "expect", "foresee", "intend", "may increase" and "may fluctuate" and
similar expressions or by future or conditional verbs such as, without limitation, "may", "will", "should", "would" and
"could." Although the Issuer believes that expectations reflected in its forward-looking statements are reasonable as of
the date of this Prospectus, there can be no assurance that such expectations will prove to have been correct. Undue
reliance should not be placed on such statements, because, by their nature, they are subject to known and unknown risks,
uncertainties, and other factors. These factors include those set forth in section entitled "Risk Factors" below.
The risks described in this Prospectus are not the only risks an investor should consider. New risk factors emerge from
time to time and it is not possible for the Issuer to predict all such risk factors on its business or the extent to which any
factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking
statements. The Issuer undertakes no obligation to update the forward-looking statements contained in this Prospectus
or any other forward-looking statement it may make.
4

INFORMATION SOURCED FROM THIRD PARTIES
Certain information contained in this Prospectus has been sourced from third party sources. While the Issuer believes
that the information sourced from third parties has been accurately reproduced and that as far as the Issuer is aware and
is able to ascertain from information published by that third party, no facts have been omitted which would render the
reproduced information inaccurate or misleading, the Issuer has not independently verified such information.
5

RISK FACTORS
The following is a summary of certain aspects of the offering of the Bonds of which prospective investors should be aware.
Prior to making an investment decision, prospective investors should consider carefully all of the information set out in this
Prospectus, including in particular the risk factors detailed below. Prospective investors should make their own
independent evaluations of all investment considerations and should also read the detailed information set out elsewhere
in this Prospectus.
Terms defined in the section entitled "Terms and Conditions of the Bonds" shall have the same meaning where used below.
The Issuer believes that the factors described below represent the principal risks associated with investing in the Bonds,
but the inability of the Issuer to pay interest, principal or other amounts on or in connection with the Bonds may occur for
other reasons which may not be considered significant risks by the Issuer based on information currently available to it or
which it may not currently be able to anticipate. Additional risks or uncertainties not known to the Issuer as at the date of
this Prospectus, or that the Issuer believes are immaterial, may also impact on the business operations and/or financial
condition of the Issuer. Prospective investors should also read the detailed information set out elsewhere in this Prospectus,
including any information incorporated by reference herein and reach their own views prior to making any investment
decision.
In each category below the Issuer sets out first the most material risk, in its assessment, taking into account the expected
magnitude of their negative impact and the probability of their occurrence.
1. RISKS RELATING TO THE GROUP
The risks described below are those identified by the Issuer that could have an adverse effect on the Group's situation.
Additional risks, which are either not currently known or not considered likely to materialise, as at the date of this
Prospectus may also exist, such additional risks could materially and adversely affect the Group's business, financial
condition or the results of its operations. The occurrence of one or more of these risks could also have an adverse effect
on the Group's situation.
Group risks may be divided into six sub-categories:
Risks linked to the sanitary crisis;
operational risks;
risk relating to changes in the satellite communications market;
risks relating to clients;
regulatory risks; and
financial risks.
The significance of risks is assessed according to their probability of occurrence and their negative impact in the event of
occurrence. Within each of these sub-categories' risks are ranked in descending order of significance. The following risk
factors should be read in conjunction with discussions of our business and the factors affecting our business located
elsewhere in this Prospectus.
(a)
Risks linked to the sanitary crisis
The WHO announced in early January 2020 the discovery of a new coronavirus called Covid-19 whose active circulation
has led a significant number of countries to take restrictive measures. In this context, the Group's priority has been to
ensure business continuity while safeguarding the health and well-being of its employees and wider communities.
Although the Group's activity demonstrates a certain resilience compared to other industries, a new episode of the Covid-
19 crisis, its resurgence, or more broadly any pandemic of the same type could have the following consequences:
A decrease in demand and revenues in certain verticals or sub-verticals which are particularly affected by
the sanitary crisis, notably Occasional Use which is impacted by the postponement or cancellation of sports
6

events, as well as Mobile Connectivity which is affected by the impact of the crisis on airline and maritime
traffic;
Difficulties for some of the Group's customers, particularly distributors in the most affected segment, Mobile
Connectivity, who may not be able to meet their obligations. To a lesser extent, if the crisis were to last, it
could have a lasting impact on the advertising revenues of some of our customers in Broadcast and/or lead
to an erosion of the customer bases of pay-TV operators in the absence of sports events;
Late payment and/or non-payment by certain customers, potentially leading to write-downs of receivables;
The effect of the crisis on the operations of other players in our value chain, notably satellite manufacturers,
launchers and gateway installers, could lead to delays in the entry into service of new satellites. EUTELSAT
QUANTUM will therefore see its entry into service postponed as well as the deployment of the earth stations
supporting EUTELSAT KONNECT's operations, resulting in a delay in revenues.
Moreover, if the Covid crisis were to lead to a durable downward revision of activity and cash-flow generation prospects,
this could lead the Group to impair its long-term assets (including its goodwill).
A new episode of the Covid-19 health crisis, its resurgence, or a similar sanitary crisis could thus have a significant negative
impact on the Group's business, financial situation, results and objectives.
(b)
Operational Risks
The satellites operated by the Group may experience failures or malfunctions in-orbit
Satellites are sensitive to the external environment. Once they are in orbit, malfunctions may occur for various reasons
and reduce their remaining operating life and/or permanently or intermittently reduce their transmission capacity, which
could have a considerable adverse impact on the Group's business, financial situation and results. For example, during
the 2019-20 fiscal year, the EUTELSAT 5 West B satellite experienced the loss its Southern solar panel, resulting in a loss
of power and 55% of the satellite's nominal capacity, with an estimated impact on revenues of between 5 and 10 million
euros and a non-recurring cost of mitigation measures, mainly related to the repositioning of the ground antennas, of less
than 10 million euros.
In the event of a satellite failure or in-orbit malfunction, the Group may not be able to guarantee continuity of service for
all its clients by using redundant equipment or back-up capacity on another satellite, particularly if there is a lack of
available satellite capacity suitable for the needs of the customers concerned. Similarly, the Group may not be able to
guarantee continuity of service for all customers at that orbital position by successfully launching a replacement satellite
or one capable of carrying out the tasks of the defective satellite. In these circumstances, the Group may have difficulty
in retaining its customers (who could terminate or renegotiate their capacity allotment agreements) and might not be
able to enter into new capacity allotment agreements on satisfactory terms.
Furthermore, the Group uses capacity on five satellites belonging to third parties, and which are recognised as assets in
its consolidated balance sheet: Express-AM61, Express-AMU-12, Express-AT1 and Express-AT2 are owned by RSCC and
ASTRA 2G3 by SES. Furthermore, the Group also leases capacity to Yahsat. In the event of failure or malfunction affecting
these satellites, the Group cannot guarantee that it would be in a position to obtain compensation and equivalent
available capacity under the same conditions. The Group cannot guarantee that a dispute resulting from such failures or
malfunctions would be settled in its favour. The Group may also be exposed to the risk of bankruptcy of the owners of
such satellites, which could result in the termination or interruption of its capacity leases. Such situations could lead to a
write-down of these assets in the Group's consolidated financial statements and might adversely affect its business,
financial situation and results.

1 Capacity operated by Eutelsat on Express-AM6 is operated under the name EUTELSAT 53A.
2 Capacity operated by Eutelsat on Express-AMU1 is operated under the name EUTELSAT 36C.
3 Capacity operated by Eutelsat on ASTRA 2G is operated under the name EUTELSAT 28G.

7

The Group might not be able to meet its launch or activation timeframes for new satellites
The Group plans to launch five new geostationary satellites (EUTELSAT QUANTUM, KONNECT VHTS, EUTELSAT HOTBIRD
13F, EUTELSAT HOTBIRD 13G and EUTELSAT 10B) before the end of calendar year 2022. The purpose of these satellites is
to ensure the continuity of service provided by some existing satellites, increase resources in certain orbital positions,
consolidate and develop the Group's service offering and step up the level of security at certain orbital positions. Access
to space according to the schedule planned by the Group is a key element of the Group's deployment plan and strategy.
The Group may not be able to keep to the scheduled timetable for launching these new satellites.
The number of satellite manufacturers capable of designing and building satellites in compliance with the technical
specifications and quality required by the Group is limited, as is the number of suppliers capable of launching these
satellites. The limited number of suppliers could reduce the Group's bargaining power and increase the cost of
implementing its programme within the scheduled timeframe. Furthermore, in the event of a Group supplier being unable
to fulfil its contractual commitments towards the Group within the agreed timeframe, the Group would be forced to
reallocate the satellites concerned to other service providers and, in some cases, enter into new launch service contracts
which might prove more costly.
Satellite construction is a complex process that could fall behind schedule, result in satellite errors or not meet the Group's
desired specifications, especially since some of the satellites in the deployment plan (EUTELSAT QUANTUM, KONNECT
VHTS) have an innovative architecture compared to satellites currently in service. In addition, the transport of satellites
to launch sites could be delayed by the time required to obtain the export authorizations or licences required to transport
certain satellite components.
In addition, satellite launch is also a complex process that could be delayed compared to the planned schedule, resulting
in a non-optimal result such as insertion into a non-nominal orbit, or in the event of launch failure resulting in the
permanent loss of the satellite. The launcher market is also characterized by a small number of launch service providers
with the technical capabilities to launch satellites that are currently under construction or future satellites. The limited
number of launchers reduces operational flexibility and access to space within the Group's planned timeframe and could
increase the cost of the deployment program or result in a launch delay. If one of the launch service providers is unable
to meet its contractual obligations to the Group within the expected timeframe, due to operational (e.g. following a
launch failure) or financial difficulties, the Group could reassign the concerned satellite to another launch service provider
or, in some cases, even sign new launch service contracts that may be more costly than those currently signed.
A significant delay in satellite construction, or a delay or failure in the launch of one of these satellites, could lead to a
delay in revenue generation, impair the Group's ability to generate new sales opportunities, implement its development
strategy and meet its growth objectives, or meet its contractual service continuity commitments to customers and end
users. Any significant delay or failure in the launch of any of its satellites could thus have a significant negative impact on
the Group's business, financial situation, results and objectives.
The Group's information systems and/or teleports could be disrupted or be victim of a cyber-attack
The Group operates a fleet of 39 geostationary satellites that are mainly controlled and operated from its control centres
or teleports. The Group's information systems used to control satellites and communications could experience
malfunctions, loss of data integrity, cyber-attacks, or even terrorist acts or sabotage that could compromise the continuity
of service, cause a temporary or permanent interruption of service or call into question the quality of the service provided.
Such disruptions could result in the loss of customers and revenues and thus have a material adverse effect on the Group's
business, financial position and results.
The Group's satellites could be exposed to interference affecting operations or quality of service
All radiocommunication requires the emission of radio waves characterized in particular by their frequencies. Emissions
on identical or insufficiently differentiated frequencies give rise to a risk of interference between these emissions, which
can result in "radio interference" that can affect communications to the point of making them unusable or degrading the
quality of service. Although there is a set of international rules that are governed by the International Telecommunication
Union (ITU), a specialized body of the United Nations, for the "frequency assignments" and their coordination, the Group
cannot guarantee that these rules are respected by all third-party operators. Interference could therefore temporarily, or
not, affect the quality of service provided to customers, which could even prevent the Group from being able to meet
contractual commitments or could lead to the loss of revenue or customers and thus have a significant negative impact
on the Group's business, financial position and results.
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