120522 Ceo Investor Day Final

Investor Day 2012Romain Bausch, President & CEO

22nd May 2012

SES proprietary information

Disclaimer / Safe Harbor Statement

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c This presentation does not, in any jurisdiction, including without limitation in the U.S., constitute or form part of, and shouldnot be construed as, any offer for sale of, or solicitation of any offer to buy, or any investment advice in connection with, anysecurities of SES, nor should it or any part of it form the basis of, or be relied on in connection with, any contract orcommitment whatsoever.

c No representation or warranty, express or implied, is or will be made by SES, its directors, officers or advisors, or any otherperson, as to the accuracy, completeness or fairness of the information or opinions contained in this presentation, and anyreliance you place on them will be at your sole risk. Without prejudice to the foregoing, none of SES, or its directors,officers or advisors accept any liability whatsoever for any loss however arising, directly or indirectly, from use of thispresentation or its contents or otherwise arising in connection therewith.

c This presentation includes forward-looking statements. All statements other than statements of historical fact included inthis presentation, including without limitation those regarding SES financial position, business strategy, plans andobjectives of management for future operations (including development plans and objectives relating to SES products andservices), are forward-looking statements. Such forward-looking statements involve known and unknown risks,uncertainties and other important factors that could cause the actual results, performance or achievements of SES to bematerially different from future results, performance or achievements expressed or implied by such forward-lookingstatements. Such forward-looking statements are based on numerous assumptions regarding SES and its subsidiaries andaffiliates, present and future business strategies, and the environment in which SES will operate in the future, and suchassumptions may or may not prove to be correct. These forward-looking statements speak only as at the date of thispresentation. Forward-looking statements contained in this presentation regarding past trends or activities should not betaken as a representation that such trends or activities will continue in the future. SES, and its directors, officers andadvisors do not undertake any obligation to update or revise any forward-looking statements, whether as a result of newinformation, future events or otherwise.


Agenda

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Spectrum Overview

SES Overview

Industry Landscape

SES Growth Outlook

SES Overview


5-Pillar Strategy:

SES Overview A clear vision and strategy

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c Our Vision : To bring people closer together through the power of satellitesc Our Mission : To provide our customers with the most reliable, innovative and highest quality satellite-

based solutions to entertain, inform and connect people around the world

Develop Spectrum

InnovateInvest

Enhance Sales Force

Improve Organisational Efficiency


SES Overview A balanced service portfolio

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c Media & Broadcasters SES helps broadcasters deliver 6,200 TV and radio channels of which more than 1,200 TV channels in High Definition

to over 258 million homes worldwide.

SES provides direct-to-home broadcasting, feeds for cable networks, IPTV operators and digital terrestrial TV networks. In addition, SES provides professional services such as play-out, encryption, platform services, contribution and OU/SNG.

c Enterprise & Telcos SES global satellite fleet and ground infrastructure, combined with our partner teleports around the world, ensures that

our customers enjoy connectivity of the highest quality anywhere in the world.

SES provides VSAT networks, broadband Internet access, mobile backhaul and many more services for corporate and Telco customers worldwide.

c Governments & Institutions SES serves the diverse needs of governments and public sector organisations around the globe.

SES offers secure and reliable communication links for governments and international institutions. SES delivers vital communication links for civil and military agencies, first responders, and for educational or medical purposes worldwide.

SES provides the most efficient, reliable and secure satellite communications solutions to broadcast, telecom, corporate and government customers worldwide


SES OverviewSES revenue & capacity profile: diversified & balanced

Emerging 2015

Emerging 2011

Developed 2015

Developed 2011

Others

54%

35% 32%

54%

8%

45%

31% 30%

50%

6%

46%

65% 68%

46%

92%

55%

69% 70%

50%

94%

SES Intelsat Eutelsat Telesat Others

C- & Ku-Band transponder capacity: Developed and Emerging markets (Supply by operator 2011-2015)

SES serves customers around the world The company manages an expanding and regionally well-balanced portfolio Our solid position in the developed markets of Europe and North America lend stability to SES revenues However, a growing share of revenues originates in Latin America, Asia-Pacific, the Middle East and Africa.

c Balance between developed & emerging markets

By 2015 55% of SES capacity will serve the fast-growing emerging markets.45% will serve developed markets

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Source: SES analysis

54%24%

22%

2011 Revenue

Europe

International

North America80%

20%

2011 Revenue

InfrastructureServices


SES OverviewGerman analogue switch-off

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c Analogue satellite broadcasting in the German market ceased on 30 April 2012c Analogue accounted for 32 transponders at 31 December 2011, from a peak of 43 in 2008c Of the 32 transponders:

13 have already been recontracted

10 have revenue start dates in 2012

c Of the peak of 43 transponders in 2008, over half (24) have thus already been recontractedc Net revenue impact in 2012 is expected to be approximately EUR 73 millionc Full commercialisation of the capacity is foreseen in 2016

Driven by solid demand in core markets, especially from HD TV growth

c Permanent revenue impact is expected to be approximately EUR 40 million (as of 2016)


SES OverviewGerman analogue impact in 2012

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c 2012 results will include the exceptional impact of the analogue TV switch-off in Germany

Target date is 30 April

c Noticeably affecting reported revenue growth in 2012 Analogue revenue was EUR 150 million in 2011, reducing to

EUR 42 million in 2012

c Recontracted capacity will contribute some EUR 35 million revenue in 2012

The net impact being in the guidance range of EUR 60-80 m

*) versus FY 2011 result publication on 17 February 2012

1,585

15042

(200)

300

800

1,300

1,800

2011Actual

2012Outlook

SES Group Revenuein EUR millions at constant FX @ USD 1.40

All OtherRevenues

AnalogueRevenues


SES OverviewOutlook to 2014

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c Underlying growth is strong From emerging markets and European

operations

c Ex- the analogue impact, revenue CAGR 2012-2014 of approximately 7.5%

c As reported, revenue CAGR 2012-14 is expected to be approximately 4.5%

*) versus FY 2011 result publication on 17 February 2012

1,735 1,585

1,585

150

2011Actual

2011Analogue Revenues

2011ExcludingAnalogue

2012 2013 2014Outlook

SES Group Revenuein EUR millions at constant FX@ 1.40 USD

Industry Landscape


Industry LandscapeOperator market shares by revenue: 2010-11

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2010 Operators Revenue Share 2011 Operators Revenue Share

SES21.7%

Intelsat23.9%

Eutelsat13.9%

Telesat7.5%

Others32.9%

SES21.8%

Intelsat23.2%

Eutelsat15.0%

Telesat7.3%

Others32.6%

SES maintains revenue share as FSS industry growsSES maintains revenue share as FSS industry grows

Total Industry Revenue $10.6B Total Industry Revenue $11.1BSource: SES analysis


Industry LandscapeMarket shares by capacity: 2011 and outlook 2015

c The Big 4 are seeing their total market share declining by 9 percentage points

c SES is growing its supply second fastest (4.4%) among its peers, but still trails pace of Emerging Operators (>12%)

c Emerging operators will increase their collective share of supply by nearly 10 percentage points

2011TOTAL: 7,399 transponders

C- & Ku-band Supply

CAGR(11-15)

TOTAL 7.1%

Intelsat 1.4%

SES 4.4%

Eutelsat 5.6%

Telesat 2.0%

Others 12.4%

Intelsat2,06128%

SES1,32118%Eutelsat

83111%

Telesat2914%

Others2,89539%

Intelsat2,18122%

SES1,57016%

Eutelsat1,03411%

Telesat3153%

Others4,61848%

SES to maintain share of the fast-growing global FSS capacity over next 5 yearsSES to maintain share of the fast-growing global FSS capacity over next 5 years 13

Source: SES analysis

2015TOTAL: 9,718 transponders


Industry LandscapeOpportunities & challengesOpportunities Challenges TV viewing increases worldwide, explosive growth in Pay-TV DTH leads Pay-TV sector in emerging markets DTH has become the leading TV distribution platform in Europe

Global Pay TV revenues:

HD has now developed global momentum increasing bandwidth requirements as it becomes the new standard

Ultra HD (4K) now beginning, likely to materialise in a couple of years

Strong government demand from national broadband programmes for rural connectivity, universal mobile coverage obligations etc.

Satellite remains the best combination of cost-efficiency and technical quality a future-proof way of broadcasting content

Mobile & Fixed Telcos are increasingly turning to satellite as they face huge consumer demand for video content: both as an add-on to complete their triple-play bundle as well as embedding satellite in Hybrid Solutions.

Generous export financing from China, France and US has contributed to a mushrooming of National satellite programmes

Increased competition from terrestrial substitutes

Scarce and limited access to spectrum

Region Number of national initiatives

Programmes in implementation phase

Latin America 4 Bolivia, Brazil, Mexico, Argentina

Asia 9 Bangladesh, Laos

MENA 7 Oman, Morocco, Algeria

CEE 4 Belarus, Ukraine, Azerbaijan, Turkmenistan

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c SES continues to deliver growth: SES broadcasts 44 DTH packages, more than any other satellite operator

Telcos also grow with SES Hybrid TV (DSL Internet and DTH TV) - has been an immediate success:- EntertainSat in Germany attracted more than 190,000 subscribers only 6 months after launch on SES

HD attracts people worldwide SES set to benefit: HD+ in Germany & YahLive as a new HD slot in the Middle East

c DTH projected to grow across the world with the uptake in emerging markets and growth in HD being the main drivers of demand

89%

11%

2011

Industry LandscapeExpansion of DTH & HD broadcasting

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100

150

200

250

300

2010 2011 2012 2013 2014 2015

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DTH Pay-TV subscribers

Emerging Markets

Developed Markets

DTH Pay TV Revenues

2015(bn EUR)

CAGR (2011-15)

Emerging markets 25 13.7%

Developedmarkets 45 3.2%

2011 2020:Total channels increase: 45%HD channels will increase by 255%

74%

26%

2020

SDHD

> 30,000 channels > 45,000 channels

Source: EuroconsultSource: Dataxis Source: Screen Digest

DTH growth driven by HD in developed markets, increasing disposable incomes

and digital switch-over in emerging markets


Industry LandscapeImpact of HD & Ultra HD on bandwidth:

* HEVC: High Efficiency Video Coding

Ultra HD is not a distant fantasy, here are some of the drivers:- CE Manufacturers: 4K screens are already available for sale and although expensive the history is in its favour:

The average price for an HD television in Europe fell from EUR 4,000 to below EUR 1,000 in 3 years

The average TV replacement cycle is 7.5 years, down 10% from just three years ago

4K HD looks set to be the enabler of high quality autostereoscopic (glasses-free) 3D

- DTH Operators: Focus on premium quality: 4K HD will enable further differentiation- Content providers:

Digital Cinema, spreading fast around the globe, already using 2K & 4K An increasing amount of movies are shot in 4K

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SDMPEG-2: ca. 4 Mbit/sMPEG-4: ca. 2 Mbit/sHEVC*: ca. 1 Mbit/s

HDMPEG-2: ca. 19 Mbit/sMPEG-4: ca. 10 Mbit/sHEVC: ca. 5 Mbit/s

UHDMPEG-2: ca. 80 Mbit/sMPEG-4: ca. 40 Mbit/sHEVC: ca. 20 Mbit/s

Image Quality

There is a continued demand for HD

The interest in Ultra HD (4K) is mounting

Resulting in increased bandwidth demand

The first adopters among broadcasters are predicted to start with Ultra HD (4K) via satellite around 2015, to become widespread around 2020


Industry LandscapeSES a leader in worldwide DTH delivery

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25%

Others 75%

SES 31%

Others, 69%

Europe

SES 17%

Others 83%

North America

SES 12%

Others 88%

Latin America

SES 1%

Others 99%

MENA

SES 25%

Others 75%

Sub-Saharan Africa

SES 0.3%

Others 99.7%

Russia

SES 10%

Others 90%

Asia

..1/4 of the worlds DTH Pay-TV subscribers rely on SES

SES broadcasts 28% of all channels transmitted in HD worldwide - and 17% of all satellite TV channels

Source: Lyngsat YE2011, Dataxis Q4 2011, Marketresearch.com


Industry Landscape OTT, multiscreen & non-linear viewing: Context

Source : Booz & Company 18

An anything, anytime, anyplace multiscreen environment is evolving

Driven by double-digit growth in OTT and non-linear viewing

Complementing the linear TV experience

A competitive value chain of players is emerging

Future unified, cloud- & satellite-based multiscreen services will

require hybrid solutions


Industry Landscape OTT, multiscreen & non-linear viewing: Sustainability

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which calls for hybrid solutions : satellite makes connected TV sustainable and addresses the

reach issue

Except for some urban fiber network operators, a 100% OTT

consumption model is unsustainable

Every investment must be profitable in the endthe only solution is hybrid, as in our box that is combined with television reception via satellite, and can avoid such bottlenecks easily while providing the highest quality. Friedrich Joussen, CEO of Vodafone Germany - March 2012

Having a satellite proposition linked with IP in this hybrid solution is like having the best of both worlds Gerry OSullivan, Deutsche Telekoms Vice President of Global TV and Entertainment March 2012


c TV viewing and the overall TV market has not been measurably impacted by OTT and non-linear consumption: both are seen as complementary to the linear, lean-back experience

c Hybrid Terrestrial-Satellite combines broadcasts quality, reach and economics with the interactivity of non-linear and OTT

Industry Landscape OTT, multiscreen & non-linear viewing: Hybridisation

Telecom / Mobile Network Operators

Existing Pay-TV Platforms

FTA broadcasters OTT Providers

StrategyPromote hybrid to win Telco/MNO

customersProtect SES reach and

neighbourhoods

Improve Pay-TV competitiveness via

Outsourcing andSimulcryption

Increase reach and stickiness with Sat>IP

Selectively use HD+ to monetise FTA reach

Promote hybrid to protect SES reach and neighbourhood

SES is supporting ecosystem development via solid industry

partnerships to enable hybridisation and deliver a Smarter TV

experience with no perceptible difference in quality

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Industry LandscapeHybrid the best of both worlds

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Hybrid combines satellites broadcast quality, reach and economics with terrestrial interactivity

Interactivity

SES is supporting Hybrid solutions that combine the best of satellite and terrestrial IP delivery to enhance end-user experience and provide superior economics

SES Growth Outlook


SES Growth OutlookSES Fleet development to 2014

7Satellites to be launchedbetween 2012 and 2014

19%Total capacity increase by 2014 compared to year end 2011

SES Satellite fleet today23


SES Growth OutlookSatellite investments

Fleet configuration is based on current planning and is subject to change 24

2011 2012 2013 2014

ASTRA 2GASTRA 5B

SES-8

SES-6

ASTRA 2F

SES-5

QuetzSat-1

SES-2

SES-3

Yahsat 1A

New satellite

ASTRA 1N

ASTRA 2E

SES-4

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

SUCCESSFULLY LAUNCHED!

COMMITTED PROGRAMMES

2015/2016/2017

FURTHERGROWTH

OPPORTUNITIES

2-4 further growth

satellites


SES Growth OutlookCapacity to increase by 19% 2012-2014

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c SES-4 has been launched on 15 Feb 2012 and brought into service in mid-Aprilc 7 satellites to be launched by end 2014, providing replacement and incremental capacityc In total 250 incremental transponders deliver over 19% additional capacity compared to the

1,315 transponders available at 31 December 2011c 2-4 additional investment possibilities are to be developedc All infrastructure projects exceed IRR hurdle rate of 10-15%

SES investment programme has a strong focus on growing market segments and regions

New Capacity

Replacement & New Capacity

2014Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2-4 Satellites in

Asia & Latin America

Total New Capacity *) 27 64 12 49 33 21 10 216 AMC-3(+16)SES-3(+8)

Total Incremental with Fleet Movements 250

International Fleet

2015-2017

SES-4(+27)

SES GROUP(36 MHz Equiv. Transponders)

2012 2013 Total

55 ASTRA 2E(+12) ASTRA 5B

(+21)ASTRA 2F

(+12)

North America Fleet

ASTRA 2G(+10)

SES-8(+21)

Europe Fleet

SES-5(+64) 161

SES-6(+49)

* Entry into commercial service is typically 6 to 8 weeks after the launch of the satellite

Changes due to fleet movements NSS-7(+22)ASTRA 2B

(-12) 34


SES Growth OutlookReplacement capex spending reducing, continued investment in growth opportunities

c 2011 to 2017: capex spending significantly reduces as replacement cycle of the SES fleet nears its floorc EUR 500 million (2 satellites) to EUR 1 billion (4 satellites) foreseen for potential (not yet committed)

investment programmes with additional capex spending as of 2013c 2-4 additional investment possibilities are to be developed:

- 1-2 for Asia- 1-2 for Latin America

c CapEx as proportion of revenue reduces from 41% in 2012 to appr. 11% to 23% between 2014 and 201726

EUR million

Total 2011-2017: EUR 3.5 to 4.0 billion

Estimated, uncommitted potential Growth Investments (maximum)

Estimated, uncommitted potential Growth Investments (minimum)

Estimated, uncommitted Replacement Satellite capex

Committed, non satellite capex Infrastructure and Services

Committed Satellite capex for Replacement and Incremental capacity

Note: FX translation based on 1 EUR = 1.40 USD (A 2011 - T 2017)


c SES cash investment to date of USD 190m, giving a 46% equity interest in O3b (after the delivery of all in-kind services)

c SES has the possibility to take control of O3b: By reaching 50.1% ownership through a ROFO (Right Of First Offer) agreement

Once SES has taken control of O3b, SES will either float/IPO O3b or acquire 100% ownership (in case other shareholders decide to exit)

While SES is still a minority shareholder, there is no exercisable put option that would compel SES to go above the 50% threshold

c Key milestones:

2013

SES Growth OutlookO3b Networks

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2014Q1 Q2 Q3 Q4

Launch of satellites 1-4


Service Commencement



SES Growth OutlookO3b Networks Financials

RevenuesS Revenue per satellite of around USD 40m after ramp-up periodS Substantial continued organic growth opportunities beyond the first 20 satellites (up to 120 satellites

technically possible)

EBITDA S EBITDA margins at the level of large FSS players

Tax Rate S Effective Tax Rate of around 15%

CAPEXS Low Capex per satellite, typically below USD 95m for the first 8 satellites, and up to one third lower than

this for the follow-on satellites (including construction, launch, insurance and ground equipment)

S Replacement cycle of 10 years for O3b MEO satellites

Cost of capitalS Low cost of debt: senior debt expected to stay below 6%, thanks to COFACE backing S Greatly reduced operational risk due to SES strategic support and operating agreements

Equity Value Estimation

S USD 1.5 3.0 billionS Based on USD 800m debt, 12 satellites, and 6-10x EBITDA multipleS Business Plan is based on 20 satellites

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SES Growth OutlookFree cash flow and use of cash

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c Working assumptions: EBITDA 2013-2017 assumes CAGR of 4.5% (extrapolating the 2012-2014 CAGR guidance) Cash conversion rate of ~90% (based on historic average) Capex including committed satellites and uncommitted, replacement investments, but excluding potential growth

opportunities (2-4 satellites) Continuation of dividend policy

c FCF generation and financial headroom based on current fleet and launch schedule(before incremental growth opportunities on 2-4 additional satellites and potential O3b investment)

Key financial EUR billion 2013-2017EBITDA ~ 7.5Net operating CF ~ 6.8Capex ~ (1.5)Dividend ~ (2.3)Interest ~ (0.7)Free Cash Flow ~ 2.3

Illustrative available liquidity can be used for: Investment in 2-4 additional satellites Equity increase in O3b Other use (e.g. M&A, cash return to shareholders)

Notes: 1 EUR = 1.40 USD; Interest rate of 6%; Net debt / EBITDA threshold of 3.3 times

Financial Headroom(at YE 2017 3.3 times) ~ 3.5


Summary and Conclusion

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c Clear strategic visionc Strong core video (DTH) business in established marketsc Well balanced investment programme directed towards higher growth marketsc Well positioned to meet growing market demandc Limited exposure to consumer broadbandc Rising free cash flow even if additional investment opportunities are pursuedc Delivering sustainable value for shareholders

120522 Ceo Investor Day Final

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