Eutelsat Communications SA · EURONEXT:ETL
Eutelsat Communications SA — Investor Presentation (August 2023)
70 slides from Eutelsat Communications SA's investor presentation, August 2023
Slide 1: Eutelsat Communications Investor Presentation August 2023
EUTELSAT COMMUNICATIONS Investor Presentation August 2023
Slide 2: Agenda
AGENDA 1. Eutelsat in a snapshot 2. Key market trends 3. Combination with OneWeb 4. FY 2022-23 performance* 5. Strategy and Outlook 6. Appendix * FY 2022-23 performance is standalone 2
Slide 3: The Satellite Value Chain
THE SATELLITE VALUE CHAIN TV broadcasters, Satellite Satellite Satellite Telecoms, Consumers manufacturers launchers operators Governments & businesses 3
Slide 4: Business Characteristics
BUSINESS CHARACTERISTICS •High barriers to entry Finite resource of orbital positions and frequencies, heavily regulated at international level with key commercial orbital positions already into use High upfront CAPEX before operations High technology and technical expertise through satellite
Slide 5: Eutelsat in a Snapshot
EUTELSAT IN A SNAPSHOT KEY DATA REVENUE BREAKDOWN BY APPLICATION • FY 23 revenues of €1.13bn 3% -1% BY GEOGRAPHY 6% France 10% Italy 11% • FY 23 DFCF1 of €518m 17% 6% United Kingdom Europe (others) Americas Middle East • Fleet of 362 satellites; global coverage Africa 30% Asia 20% Others • Operating
Slide 6: New Vertical Breakdown
NEW VERTICAL BREAKDOWN Effective from June 2023 Broadcast Video (incl. Broadcast and Professional video) Data & Professional Video Government Services Government Services Fixed Connectivity (incl. Fixed Broadband and Data) Fixed Broadband Mobile Connectivity Mobile Connectivity Total Operating Verti
Slide 7: Breakdown of Revenues by Application (FY 2022-23)
BREAKDOWN OF REVENUES BY APPLICATION (FY 2022-23) → Direct-to-Home (DTH) VIDEO 62% → Cable headends → Professional Video → Military GOVERNMENT 12% SERVICES → Security → Internet access for households FIXED & corporates 16% CONNECTIVITY → Mobile backhaul → Corporate networks → In-flight Connectivity
Slide 8: Eutelsat's Global Network Today
EUTELSAT’S GLOBAL NETWORK TODAY 8
Slide 9: €2.3bn Aggregated DFCF Generated Over 5 Years
€2.3BN AGGREGATED DFCF GENERATED OVER 5 YEARS Reported DFCF / revenue 31% 37% 38% 38% 41% ratio Incl. €86m of E5WB 1,321 1,278 insurance For FY23 and FY24: 1,234 proceeds 1,152 1,131 Adj. DFCF expected at an average of €420m 408 474 467 443 462 per year3 FY 2018-19 FY 2019-20 FY 2020-21 FY 2021-22 F
Slide 10: Bond & Bank Debt Maturity Schedule
BOND & BANK DEBT MATURITY SCHEDULE BOND & BANK DEBT MATURITY SCHEDULE 1 2.000% 1.125% 2.250% 1.500% €53m €50m €53m €53m €800m €200m • Average cost of debt after hedging of 2.96% €450m €600m €600m €400m • Average weighted maturity of 3.6 years €53m €53m €200m €200m €65m €75m €75m 2023 2024 2025 2025
Slide 11: Shareholder Structure
SHAREHOLDER STRUCTURE EUTELSAT SHAREHOLDING STRUCTURE AS OF 30 JUNE 2023 Bpifrance 25.9% Free float and others 50.6% CMA-CGM 10.4% FSP1 7.9% Bharti 1 Fonds Stratégique de Participations 5.2% 11
Slide 12: CSR Approach
CSR APPROACH Four major areas of focus: 1 2 3 4 Respecting all our stakeholders, embracing Bridging the Caring about the Committed to the diversity, fostering communications divide environment, on earth responsible use of Space inclusion and striving to across the World and in space ensure equal opp
Slide 13: Continuously Improving ESG Rating
CONTINUOUSLY IMPROVING ESG RATING CSR POLICY RECOGNISED BY ESG RATING AGENCIES Given the nature of its activities, the Group has a limited impact on greenhouse gases emissions 13
Slide 14: Combination Between Eutelsat and OneWeb, Source of Growth and Value Creation
COMBINATION BETWEEN EUTELSAT AND ONE WEB, SOURCE OF GROWTH AND VALUE CREATION MASSIVE GROWTH POTENTIAL IN SATELLITE CONNECTIVITY Satellite Connectivity market at c. $16bn in 20301 HIGH-GROWTH AND ONEWEB IS A UNIQUE ASSET ROBUST FINANCIAL PROFILE One-of-only two global LEO Double digit revenue and Ad
Slide 15: Agenda
AGENDA 1. Eutelsat in a snapshot 2. Key market trends 3. Combination with OneWeb 4. FY 2022-23 performance* 5. Strategy and Outlook 6. Appendix FY 2022-23 performance is standalone 15
Slide 16: Market Trends in Our Heritage Businesses
MARKET TRENDS IN OUR HERITAGE BUSINESSES VIDEO DATA GOVERNMENT SERVICES Underlying trend in the last few Global demand increase driven Bandwidth-hungry usages, years has been a mid single digit by rising connectivity needs increasing defence budgets and decline remote connectivity needs to O
Slide 17: Video Drivers: Channel Growth in EM and Image Quality
VIDEO DRIVERS: CHANNEL GROWTH IN EM AND IMAGE QUALITY CHANNEL GROWTH INCREASED IMAGE QUALITY TV CHANNELS IN EMEA AND LATAM HD PENETRATION RATE BY MAJOR REGION >22,500 40% CAGR: ETL footprint 28% +0.1% Russia and 21% 2024 2020 Central Asia 13% ~22,400 23% SSA 11% 48% MENA 36% 49% LATAM 37% Central 44
Slide 18: Video Drivers: Capacity Requirements Versus Compression Technology
VIDEO DRIVERS: CAPACITY REQUIREMENTS VERSUS COMPRESSION TECHNOLOGY EVOLUTION OF IMAGE QUALITY NUMBER OF CHANNELS (NUMBER OF CHANNELS) PER 36 Mhz TRANSPONDER 25,000 FORMAT MODULATION MPEG-2 MPEG-4 HEVC 20,000 DVB-S ~15 - - 15,000 SD DVB-S2 - ~26 - 10,000 DVB-S - - - HD 5,000 DVB-S2 - ~9 ~15 0 UHD DVB
Slide 19: Fiber Penetration Is Progressing…
FIBER PENETRATION IS PROGRESSING… … but is far from reaching all households, even in Europe and even in 2026 • % FTTH/B Subscriptions (out of total households) 86% 49% 54% 29% 35% 20% 26% 10% Italy Poland France EU 27 + UK Eutelsat main markets 2021 2026 Source : Idate FTTH Forecast for EUROPE / Mar
Slide 20: Leading to a $16bn Connectivity Market Opportunity for Satellites
LEADING TO A $16BN CONNECTIVITY MARKET OPPORTUNITY FOR SATELLITES Satellite connectivity market expected to more than … mainly driven by NGSO growth triple by 2030 … NGSO expected to grow c. 2.5x faster than overall market NGSO to represent c. 50% of the market by 2030, mostly captured by LEO co
Slide 21: $16bn Opportunity – Four Key Verticals
$16BN OPPORTUNITY – FOUR KEY VERTICALS VERTICAL KEY APPLICATIONS DRIVERS 2030 MARKET 10-Y CAGR Network extension Mobile backhaul Seamless integration in enterprise networks FIXED DATA Corporate networks Growing data usages $3.9bn +10% Ubiquitous coverage need Defense budget increases
Slide 22: Mobility Usages Are Set to Increase More Than Tenfold
MOBILITY USAGES ARE SET TO INCREASE MORE THAN TENFOLD MARITIME CONNECTIVITY DEMAND IN-FLIGHT CONNECTIVITY DEMAND Projected number of connected ships by 2030 Projected number of connected planes by 2030 North 4,310 America 8,941 2020 1,350 2020 2030 2030 Western Europe 5,319 614 MENA 2,157 69,846 338
Slide 23: Significant Broadband Market for Satellite
SIGNIFICANT BROADBAND MARKET FOR SATELLITE Substantial long-term (2030+) core adressable Demand for ubiquitous connectivity market of premises durably beyond the reach of boosted by Covid-19 induced lock-downs terrestrial infrastructure (4G, 5G, Fiber) • ~4M premises in Europe • ~5M premises in
Slide 24: Agenda
AGENDA 1. Eutelsat in a snapshot 2. Key market trends 3. Combination with OneWeb 4. FY 2022-23 performance* 5. Strategy and Outlook 6. Appendix FY 2022-23 performance is standalone 24
Slide 25: OneWeb at a Glance
ONEWEB AT A GLANCE Overview Assets Velocity ► One-of-only two global ► Global stakeholders ► Revenue generating broadband LEO ► c. $5bn deployed on ► 5x usage growth on ► 636 satellites at 1,200 kms¹ Capex Network ► 1.3 Tbps sellable capacity¹ ► Highly skilled organization ► c. 55 distribution partn
Slide 26: OneWeb Has Secured Priority Rights Over Premium Spectrum Bands
ONEWEB HAS SECURED PRIORITY RIGHTS OVER PREMIUM SPECTRUM BANDS ► OneWeb has secured about 6 GHz of Strong Spectrum Positioning in Ku- and Ka-bands bandwidth − Ku-band (User links) Ku-Band Ka-Band − Ka-band (Gateway links) ► Highest priority in Ku-band (2.5 GHz) Bandwidth 2.5 GHz 3.3 GHz ► Strong Pri
Slide 27: Alaska – Connecting Communities
ALASKA – CONNECTING COMMUNITIES: ONE OF MANY APPLICATIONS OneWeb office and customer demonstration centre One of the largest ground station sites serving the in Anchorage Arctic circle Regional Need Connectivity is not equally available in rural Alaska c. 48% of the Arctic Circle and c. 40% of Alask
Slide 28: Sustained Positive Commercial Ramp-Up
SUSTAINED POSITIVE COMMERCIAL RAMP-UP Sustained commercial dynamic Telstra Deal announced in June 2023 (1) +$300m since October 2022 Secured backlog ($m) 900 One of the world’s largest rollouts of Low Earth Orbit (LEO) 800 backhaul for a commercial mobile network in Australia. 600 Telstra and On
Slide 29: Gen-2 to Unlock Significant Value at Optimized Cost
GEN-2 TO UNLOCK SIGNIFICANT VALUE AT OPTIMIZED COST Development to begin as soon as 2024 - Market-informed design process Bottom-up market analysis for right-sizing Ancillary payload to enable fleet expansion at minimum marginal cost - From 3 to 5 times the capacity of Gen-1 Bulkier and fewer satell
Slide 30: Two Highly Complementary Businesses
TWO HIGHLY COMPLEMENTARY BUSINESSES GEO + LEO Geographical Capacity density: ability to focus capacity over Full global coverage expected by Q4 2023 advantage high-demand regions Key value Low-cost sellable capacity: higher fill-rates Low latency: critical for some applications and proposition than
Slide 31: The Right Combination at the Right Time
THE RIGHT COMBINATION AT THE RIGHT TIME Satellite connectivity market at an inflexion point, expected to deliver high levels of sustained growth OneWeb successful service launch, ramping up to full global deployment expected by Jan 24 Seizing early cost synergies: leveraging Eutelsat resources and e
Slide 32: Clear Roadmap to Integration
CLEAR ROADMAP TO INTEGRATION 2022 2023 2024 2025 2026 2027 2028 Advance LEO/GEO Fully integrated Offering LEO/GEO LEO & GEO hybrid services (1 single LEO/GEO antenna) Phases LEO/GEO hybrid services (separated LEO & GEO antennae) LEO & GEO services distributed by Eutelsat (distribution agreement and
Slide 33: Generating Strong Value Creation
GENERATING STRONG VALUE CREATION Average annual expected Leverage Eutelsat sales forces, geographical reach and existing customer base to accelerate Revenue synergies of commercial ramp-up REVENUE SYNERGIES c. €150m One-stop-shop for customers looking both for ubiquity and capacity density by Ye
Slide 34: Growth for the Combined Entity
GROWTH FOR THE COMBINED ENTITY Revenues (€m) Adjusted EBITDA (€m) Capex Leverage Front-end loaded c.4.0x Capex with average of c.3.0x €725 – 875m p.a. over FY24 - FY30 including c.2,000 synergies 1,550-1,750 Adjusted EBITDA- FY23PF 1 Mid-term c.1,400 Capex back in positive 1,320-1,420 c.1,200 te
Slide 35: Agenda
AGENDA 1. Eutelsat in a snapshot 2. Key market trends 3. Combination with OneWeb 4. FY 2022-23 performance* 5. Strategy and Outlook 6. Appendix * FY 2022-23 performance standalone 35
Slide 36: Highlights
HIGHLIGHTS • FY 2022-23 Operating Vertical revenues of €1,136 million, or €1,157m (€/$ rate of 1.00), at the upper end of expected range, with sustained positive momentum in Mobile Connectivity • • Robust financial performance including industry-leading profitability with an Adjusted EBITDA margin o
Slide 37: FY Revenues
FY REVENUES FY YoY revenue bridge (€m) Total revenues of €1,131m, down 5.5% like-for-like -4.8% Positive currency effect • €/$ rate of 1.04 vs 1.14 last year +43 0 (8) (55) Negative swing of €5m in ‘Other Revenues’ • Of which -€15m related to hedging 1,152 1,131 Revenues of the Operating Ver
Slide 38: FY 2022-23 Revenues by Application
FY 2022-23 REVENUES BY APPLICATION REVENUE REVENUES LIKE-FOR-LIKE2 CONTRIBUTION1 (€m) YOY CHANGE VIDEO 62% 705 -8.3% GOVERNMENT 12% 143 -7.2% SERVICES 110 +26.8% MOBILE 10% CONNECTIVITY FIXED 16% 178 -2.3% CONNECTIVITY 1 Share of each application as a percentage of total revenues TOTAL OPERATING VER
Slide 39: Video
VIDEO 62% FY revenues of €705m, down 8.3% YoY like-for- 785 like1 705 752 • Full effect of the non-renewal of the Digitürk contract • Lower revenues in Europe • Effect of sanctions mainly impacting the Second Half of FY Q4 188 170 Q4 2022-23 • Seasonality in Professional video 187 Q3 169 Q3 Eute
Slide 40: Government Services
GOVERNMENT SERVICES 12% FY revenues of €143m, down 7.2% YoY like- 144 143 for-like1 Q4 revenues of €45m up 25.8% YoY like-for- 36 Q4 45 Q4 like and up 45.0% QoQ 1 • One-off contract of €14m with the German space agency, Q3 35 Q3 31 DLR Q2 37 32 Q2 Excluding this impact, -14.2% YoY like-for-lik
Slide 41: Mobile Connectivity
MOBILE CONNECTIVITY 10% 110 FY revenues of €110m, up 26.8% YoY like-for- like1 80 • Ongoing positive momentum 27 Q4 • Strong growth in Maritime Q4 23 27 Q3 Q4 revenues of €27.3m up 20.7% YoY like-for- like and 2.9% QoQ 1 Q3 21 • Reflecting positive impact of the commercialization in the 30 Q2 Fi
Slide 42: Fixed Connectivity
FIXED CONNECTIVITY 16% 172 178 FY revenues of €178m, down 2.3% YoY like- for-like1 41 Q4 • Wholesale agreements with Orange, TIM, Hispasat and Q4 49 Swisscom • Ramp-up of the African operations 44 Q3 • In Fixed Data, improved volume trends partly offset Q3 43 negative impact of ongoing competitive
Slide 43: Backlog & Fill Rate
BACKLOG & FILL RATE BACKLOG (€BN) OPERATIONAL & UTILIZED TRANSPONDERS Excluding Managed services Fill rate 73.2% 67.8% 70.8% 4.0 3.4 1,361 1,352 1,351 996 916 953 Operational Transponders Utilized Of which Transponders Video 64% 59% 30 June 2022 30 June 2023 30 June 2022 31 March 2023 30 June 2023 •
Slide 44: Agenda
AGENDA 1. Eutelsat in a snapshot 2. Key market trends 3. Combination with OneWeb 4. FY 2022-23 performance* 5. Strategy and Outlook 6. Appendix * FY 2022-23 performance is standalone 44
Slide 45: Looking Ahead: All in Place for a Successful Combination
LOOKING AHEAD: ALL IN PLACE FOR A SUCCESSFUL COMBINATION Rebalancing of our business towards Connectivity, • where demand is booming Reorganization along two business units to enhance • customer-centricity, is now live Substantial growth capacity with E10B already in service, • with incremental 35 G
Slide 46: Substantial Growth Capacity to Progressively Support Topline
SUBSTANTIAL GROWTH CAPACITY TO PROGRESSIVELY SUPPORT TOPLINE INCREMENTAL KEY ENTRY INTO FIRM CAPACITY MARKETS SERVICE* COMMITMENTS HOTBIRD 13G EGNOS Payload Government 30 May 2023 Mobility ~100 Ku spots EUTELSAT 10B c. 35 Gbps EMEA/Atlantic & Indian 24 July 2023 Ocean ~230 Ka spots Connectivity KONN
Slide 47: Financial Outlook Confirmed (Standalone)
FINANCIAL OUTLOOK CONFIRMED (STANDALONE) OPERATING VERTICALS REVENUES ► Growth from FY 2023-24 onwards ► Not exceeding €400m1 per annum for each CASH CAPEX of the two fiscal years FY 2022-23 and FY 2023-24 ► Average of €420m per annum over the next ADJUSTED DISCRETIONARY two fiscal years FY 2022-23
Slide 48: To Summarize
TO SUMMARIZE Successful execution of cash generation strategy with more than €2bn aggregated DFCF generated over 5 years, helping to fund Eutelsat’s future $507m received in the context of the clearing of the C-Band in the US between December 2021 and June 2023 Industry-leading profitability with co
Slide 49: Agenda
AGENDA 1. Eutelsat in a snapshot 2. Key market trends 3. Combination with OneWeb 4. FY 2022-23 performance* 5. Strategy and Outlook 6. Appendix * FY 2022-23 performance is standalone 49
Slide 50: Appendix
6. APPENDIX 6.1 FY 2022-23 Financials 6.2 Telecom Pivot 6.3 OneWeb combination: Outlook & Financials 6.4 Recent launches success 50
Slide 51: Financial Structure
FINANCIAL STRUCTURE NET DEBT / Net Debt/Adjusted EBITDA ratio of 3.35x Adjusted EBITDA RATIO • Versus 3.27x as of 30 June 2022 and 3.55x at end December 2022 3.27x 3.35x Average cost of debt after hedging of 2.96% • Versus 2.55% in FY 22 Average weighted maturity of 3.6 years • Versus 4.3 y at
Slide 52: Net Income
NET INCOME Extracts from the FY FY consolidated income CHANGE statement in €m 2021-22 2022-23 Revenues 1,152 1,131 -1.8% Adjusted EBITDA1 862 825 -4.2% ► Lower D&A due to lower in-orbit and on-ground Operating depreciation. H13F and H13G in service end of period income 425 573 +35.0% ► Other operati
Slide 53: Adjusted Discretionary Free Cash-Flow
ADJUSTED DISCRETIONARY FREE CASH-FLOW 94 In €m One-off costs 518 related to specific projects, notably 56 COMETE and (271) Eutelsat-OneWeb 735 (95) combination 1 (1) 462 (1) (2) Net Cash-Flow from OW take-or-pay Cash Capex Interest and Other fees Discretionary Free operations paid net of interests C
Slide 54: Net Debt Evolution
NET DEBT EVOLUTION In €m (109) 190 (462) 143 2,814 81 2,766 Net Debt as of Reported Dividend Equity investments Other Net Debt as of 30/06/22 DFCF (mainly OneWeb) 30/06/2023 54
Slide 55: Profitability
PROFITABILITY Adjusted FY 2022-23 Adjusted EBITDA margin of 72.9% at EBITDA (€m) constant currency1 down 1.9 point YoY • Lower revenues, especially in the Video vertical 862 825 Higher operating costs Margin at • Increased staff and technical costs due changing revenue mix constant 74.8% 72.9% c
Slide 56: Appendix
6. APPENDIX 6.1 FY 2022-23 Financials 6.2 Telecom Pivot 6.3 OneWeb combination: Outlook & Financials 6.4 Recent launches success 56
Slide 57: Reorganisation Along Two Business Units
REORGANISATION ALONG TWO BUSINESS UNITS Enhancing customer-centricity, gaining efficiency and fostering return to growth CONTEXT NEW ORGANISATION AND EXPECTED BENEFITS TIMING We are exposed to 2 different Creation of two Business Units in Improved customer-centricity and markets with distinct
Slide 58: 'Eutelsat Advance' to Address Connectivity Verticals
‘EUTELSAT ADVANCE’ TO ADDRESS CONNECTIVITY VERTICALS Innovative end-to-end managed services GLOBAL ADVANCED SEAMLESS USER FLEXIBLE PARTNERSHIP ECOSYSTEM TECHNOLOGIES EXPERIENCE WITH NO BARRIERS OF SERVICES & TOOLS & SUPPORT to ENTRY → Global network that seamlessly → Integrated state-of-the-art → Dy
Slide 59: Appendix
6. APPENDIX 6.1 FY 2022-23 Financials 6.2 Telecom Pivot 6.3 OneWeb combination: Outlook & Financials 6.4 Recent launches success 59
Slide 60: Overview of OneWeb Revenue Prospects
OVERVIEW OF ONEWEB REVENUE PROSPECTS OneWeb standalone revenue prospects Key enablers before synergies (€m) Gen 2 Chart Title commercial launch targeted Coverage Sellable Capacity by early 2028 >600 35o N Latitude now 450 Gbps now Global during FY24 1.3 Tbps during FY24 300 – 500 Verticals Distribut
Slide 61: Capex Savings from Right-Sizing of Gen 2 Constellation
CAPEX SAVINGS FROM RIGHT-SIZING OF GEN 2 CONSTELLATION Illustrative CAPEX OPTIMIZATION POTENTIAL High volumes of connectivity demand concentrated in specific geographical areas On a stand-alone basis, LEO constellations able to accommodate such local demand peaks only at the cost of deploying si
Slide 62: Gen 2 Opening New Revenue Opportunities
GEN 2 OPENING NEW REVENUE OPPORTUNITIES Proof points Gen 2 benefits • Scalable Adaptable • Evolutive Higher capacity Longer lifetime Optical • Smaller/cheaper ground segment (circa 5x vs. Gen 1) (10 years) intersatellite • Higher network utilization links • Allowing smart traffic landing • Enabling
Slide 63: Demand Growth Continuing Beyond 2030
DEMAND GROWTH CONTINUING BEYOND 2030 VERTICAL CURRENT USE CASES EMERGING FUTURE APPLICATIONS Mobile backhaul: up to ~35% of sites still in 2G/3G in 2030, leaving potential x10 increase in capacity per site Digital Twin of remote industrial sites (e.g., mining, FIXED DATA Corporate networks: co
Slide 64: Looking Ahead: Update on the Combination
LOOKING AHEAD: UPDATE ON THE COMBINATION 14 November 2022 → Signing of the final combination agreement Q4 2022 / mid-2023 → Regulatory approvals Late September 2023 → Extraordinary General Meeting of Eutelsat called to approve the transaction → Closing Closing of the transaction expected in late S
Slide 65: Appendix
6. APPENDIX 6.1 FY 2022-23 financials 6.2 Telecom Pivot 6.3 OneWeb combination Outlook & Financials 6.4 Recent launches success 65
Slide 66: Launch of Eutelsat Konnect VHTS
LAUNCH OF EUTELSAT KONNECT VHTS Kourou, French Guiana, 7 September 2022 66 Pictures launch: Arianespace
Slide 67: Launch of Eutelsat HOTBIRD 13F & HOTBIRD 13G
LAUNCH OF EUTELSAT HOTBIRD 13F & HOTBIRD 13G Cape Canaveral, Florida – 15 October (HOTBIRD 13F) & 3 November 2022 (HOTBIRD 13G) 67 Picture launch: SpaceX - EUTELSAT HOTBIRD 13F & HOTBIRD 13G
Slide 68: Launch of E10B
LAUNCH OF E10B Cape Canaveral, Florida – 22 November 2022 CONFIDENTIAL 68 Picture launch: SpaceX EUTELSAT 10B
Slide 69: IR Contacts
Thomas CARDIEL T: +33 6 99 07 86 47 E: tcardiel@eutelsat.com Christine LOPEZ IR CONTACTS T: +33 1 53 98 47 02 E: clopez@eutelsat.com Hugo LAURENS-BERGE T: +33 6 70 80 95 58 E: hlaurensberge@eutelsat.com 69
Slide 70: Disclaimer
DISCLAIMER NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO, OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION. • This presentation (including any oral briefing and any question-and-answer in connection with it)
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