SES GLOBAL posts net profit increase of 15% in 2001.

SES GLOBAL, the world's leading satellite operator, announces consolidated results for the year to 31 December 2001. The results include the first time consolidation of SES AMERICOM, North America's premier satellite operator, with effect from 9 November 2001.

NB: The figures shown below represent the Group results for the period January 1, 2001 to December 31, 2001, as if the exchange offer between Société Européenne des Satellites S.A and SES GLOBAL S.A. had not occurred and include the contribution from SES AMERICOM from 9 November 2001.

HIGHLIGHTS

• Revenues up 17.0% at EUR 978.2 million

• EBITDA increased by 12.1% to EUR 794.6 million, representing an EBITDA margin of 81.2%

• Profit of the Group 14.6% higher at EUR 280.3 million

• Dividend of EUR 0.24 per share proposed

• Successful completion of the USD 4.3 billion acquisition of GE Americom

• New loan facilities completed

• Investment grade credit ratings assigned

• Successful operational introduction of ASTRA 2D and ASTRA 2C

• Commercial launch of the ASTRA Broadband Interactive Service (BBI)

"During the year, the SES GLOBAL Group continued to strengthen its financial performance. The highlight of the year was the successful completion of the GE Americom transaction and this has further strengthened the Group's global presence and diversity of services . The increase in the scale and breadth of our operations has propelled us to the head of our industry, and we will continue to strive to deliver the highest quality services and business solutions to our customers.

The integration of SES AMERICOM into the Group is proceeding well, with a strong focus on synergy achievement and the development of best practice across the Group. In addition to the capital expenditure reductions achieved from the cancellation of redundant spacecraft procurement programmes, the first 'global' customers have contracted transmission capacity, endorsing our global service offering.

We expect to continue to grow our business in 2002, even though the overall economic outlook has become less positive over the last six months, and we anticipate a more favourable economic environment and an increasing contribution from broadband activities from 2003 onwards.

None of this would have been possible without the dedication and hard work of our colleagues across the Group, which has made so much happen, and our thanks are due to all of them. "

FINANCIAL SUMMARY

¹ The amounts presented represent the results for the period January 1, 2001 to December 31, 2001, as if the exchange offer between Société Européenne des Satellites S.A and SES GLOBAL S.A. had not occurred, and including the contribution from SES AMERICOM from 9 November 2001.

² The prior year comparative figures are taken from the consolidated profit and loss account of Société Européenne des Satellites S.A. as at December 31, 2000.

³ These figures exclude the impact of the acquisition of GE Americom, which was effected on November 9, 2001.

⁴ Earnings per A-Share are calculated using the weighted average number of economic shares outstanding during the year. Prior year comparative figures have been adjusted to reflect the 10 for 1 Exchange Offer which was concluded on 8 November 2001.

ACTIVITIES SUMMARY

2001 was another important year of progress in the Group's strategic development. As well as recording increased revenues from its existing operations, the Group concluded the acquisition of GE Americom, a wholly owned subsidiary of GE Capital Corporation, for USD 4.3 billion in cash and shares on 9 November 2001, thus creating the world's leading global satellite operator. Synergies from the acquisition have already been recognised through the cancellation of procurement contracts for redundant spacecraft, and the cross-fertilisation of the high-excellence cultures of ASTRA and AMERICOM proceeds apace.

During the period SES GLOBAL continued to develop its strategy of geographic and service diversification. Geographic reach was extended by virtue of the AMERICOM transaction, which also brought Data Services. Total broadband services contributed 7% of Group revenues in 2001.

SES ASTRA successfully brought into operation two additional satellites in the period - ASTRA 2D, which is in service at the orbital position of 28.2°E, and ASTRA 2C, which is currently in service at 19.2°E pending the launch and entry into operational service of ASTRA 1K, following which it is planned to be redeployed within the ASTRA fleet.

SES AMERICOM continued to grow its customer and revenue base during the year. The results include the impact of 53 days' contribution in 2001. Six new spacecraft are scheduled for launch in the next three years, including replacements for aging craft and satellites for new orbital positions.

AsiaSat made a positive contribution to the results despite a challenging market in the Asia/Pacific region. AsiaSat 4, the operator's latest satellite, will be launched in the first half of this year.

NSAB continued to make progress in the transition from analogue to digital services in the Nordic region although, as expected, revenues declined against the year before.

Attention to costs helped the Group EBITDA margin to reach 81.2%, comfortably in line with the 80%-plus target level.

Following additional contract wins and renewals in the second half of the year, the combined contract backlog of SES ASTRA and SES AMERICOM at the year end was EUR 6.7 billion.

For further information please contact:

Mark Roberts
Senior Manager, Investor Relations
Tel. +352 710 725 490
Mark.Roberts@ses-global.com

Yves Feltes
Press Relations Manager
Tel. +352 710 725 311
Yves.Feltes@ses-global.com

Additional information is available on our website www.ses-global.com

OPERATIONS REVIEW

SES ASTRA

• Total number of broadcast services increased from 1,072 to 1,102
• Further growth in number of digital services, while analogue services for the UK and Irish market were phased out
• Additional capacity contracted for the UK and continental European markets
• Ongoing development of interactive services

During 2001, the total number of broadcast services transmitted via the ASTRA satellites at 19.2° East and 28.2° East increased by 30 to 1,102. The continued channel growth was driven by the sustained development of digital services, which increased by 90 over both orbital positions. At the same time, the number of analogue services decreased, as analogue transmissions were phased out in the UK. At year-end 2001, ASTRA transmitted 48 analogue channels on behalf of broadcasters targeting the German language and other continental European markets.

Channel D, operator of a general entertainment pay-TV channel and a free to air radio channel which targets German-language audiences outside Europe, contracted for transatlantic transmission capacity and distribution capacity over the Americas with SES ASTRA. Channel D uses satellite capacity provided on SES AMERICOM satellites.

ASTRA-NET

The ASTRA-NET one-way broadband services, IP File Delivery, IP Streaming and High Speed Internet made progress and continued to contribute to the overall results of SES ASTRA.

During 2001, 51 customers in 8 European countries had contracted for ASTRA-NET services. At year-end 2001, of these customers, 16 were running broadband satellite trials for services scheduled for launch in 2002.

Two additional ASTRA-NET platforms were installed in 2001, for Xantic in the Netherlands, and Star One in Brazil. In addition, NSAB has entered into a platform licensing agreement enabling the operator of the SIRIUS satellites to offer ASTRA-NET services on their own.

ASTRA Broadband Interactive System entered commercial service

The ASTRA Broadband Interactive System (BBI), the first pan-European commercial broadband satellite service to use Ka-band frequencies, entered commercial service in November 2001. BBI is the first commercial application of the Digital Video Broadcast Return Channel via Satellite (DVB -RCS) standard. Neo, a provider of interactive broadband solutions in Spain, signed up in December 2001 as the first commercial customer for the BBI service.

ASTRA Audience

In 2001, ASTRA continued to experience sustained audience growth in the markets located within its European footprint. The number of homes served by the ASTRA Satellite System increased by 4.3% to 91.3 million in 30 countries; of these 14 million represent digital DTH households.

New space segment capacity

During 2001, the company further expanded the space segment on the ASTRA Satellite System, while further enhancing the back-up capabilities of the system.

Two satellites - ASTRA 2D and ASTRA 2C - entered operational service. The ASTRA 2D spacecraft, launched on December 19, 2000, entered operational service on February 1, 2001. The ASTRA 2C spacecraft was launched on June 16, 2001 and entered operational service at 19.2° East on September 1, 2001.

ASTRA 1D is currently providing interim capacity until the start of service of ASTRA 3A at 23.5° East. As of January 2002, ASTRA 1D carried cable feeds of TV and radio channels for the German market.

ASTRA 1A, launched in December 1988, ended its operational life at 19.2° East in August 2001 and currently operates in inclined orbit at 5.2° East to provide occasional use services. The satellite is estimated to have sufficient fuel to be operated for such services until 2005.

At December 31, 2001, SES ASTRA had two spacecraft under construction. ASTRA 3A, scheduled to replace ASTRA 1D at 23.5/24.2° East; and ASTRA 1K, a hybrid Ku/Ka-band spacecraft slated for launch in Q3 2002 which will provide replacement capacity for ASTRA 1B as well as providing back-up capacity and additional coverage through an Eastern European beam and frequency re-use capability at 19.2° East.

At year-end 2001, the ASTRA Satellite System consisted of 12 satellites, of which seven were co-located at 19.2° East, three were co-located at 28.2° East, one was at 23.5/24.2° East and one at 5.2° East.
SES ASTRA employed 385 staff at its Betzdorf headquarters and affiliate companies as at the end of 2001.

SES AMERICOM

SES AMERICOM Highlights 2001

NB: the figures in the table represent the financial result for the 53 days from 9 November 2001 to year end.

• Successful ownership transition from GE to SES GLOBAL
• Fourth generation services commenced at 139° West on AMC-8
• Additional capacity and presence for increased international business
• AMERICOM Government Services (AGS) established for U.S. government-related markets

Throughout 2001, SES AMERICOM successfully built the foundation for the next generation cable neighbourhood aboard satellites AMC-10 and AMC-11. Planned for operation in 2004, each spacecraft has twenty-four 36 MHz C-band transponders and higher levels of redundancy and greater power than the spacecraft they are replacing. SES AMERICOM signed multi-year, multi-transponder agreements with many leading programmers: Viacom, C-SPAN, Court TV, iN DEMAND, Lifetime Entertainment, Scripps, and The Weather Channel; they will use AMC-10 at 135° West and AMC-11 at 131° West to deliver their channel offering and to introduce new programming services.

International Business on the Rise

The launch of service on AAP-1 signalled the business inauguration of AMERICOM ASIA-PACIFIC, the joint venture between SES AMERICOM and Lockheed Martin, with a string of significant business agreements in 2001.

In 2001, SES AMERICOM expanded its Pacific Ocean Region (POR) C-band transponder inventory to accommodate the growing demand for trans-Pacific connectivity. In March, Spacenet 4 was moved from the North American orbital arc to 172° East and its C-band payload began operations, adding 18 transponders to the 12 provided by the TDRS-5 satellite from 174° West. Primary delivery functions for both satellites include Internet and data services.

SES AMERICOM signed two significant cooperative agreements in 2001 which will provide enhanced services and benefits to international customers. Globecomm made a pre-launch commitment for bulk bandwidth on SES AMERICOM's next generation transoceanic satellites, AMC-12 and AMC-13, planned for operation in 2003.

A second cooperative agreement with Unitel Hellas, SA, provides SES AMERICOM's international customers with access to the transmission and telecommunications services offered by Cyprus-based Unitel Hellas. Unitel Hellas made pre-launch commitments for 36 MHz of capacity aboard AMC-12, and will use this capacity to deliver Greek-language entertainment programming to the United States and for connectivity to the US Internet backbone.

AMERICOM Government Services

AMERICOM Government Services is the sole operating company within the SES GLOBAL family dedicated to supporting US government-related markets. With decades of experience in areas of secure communications and information systems, the AGS team serves government agencies directly and indirectly via commercial sub-contractors and systems integrators.

AGS has long-standing contracts with numerous U.S. Federal agencies within the Departments of Commerce, Defense, Justice, Energy and Interior, providing on-demand satellite links for both civilian and military operations. Offering the unsurpassed resources of the SES GLOBAL fleet, AMERICOM Government Services has the capacity to provide broadband solutions around the globe.

As of year-end 2001, SES AMERICOM employed 292 staff.

AsiaSat

SES GLOBAL holds 34.10 % of the equity of AsiaSat. The company is listed on both the Hong Kong and New York Stock Exchanges. AsiaSat is headquartered in Hong Kong and employed 80 staff in 2001. The AsiaSat financial statements are 100% consolidated in the Group accounts.

AsiaSat Highlights 2001

• High transponder utilisation rate achieved
• Initial investments in the construction of a new satellite control centre.
• Strong cash flow maintained.

AsiaSat operates three satellites: AsiaSat 1 at 122° East (in inclined orbit), AsiaSat 2 at 100.5 East, and AsiaSat 3S at 105.5° East. All three satellites continued to operate well throughout the year with no interruptions to service. At the end of 2001, the Company was able to maintain its overall transponder utilisation rate at 65% (2000: 64%) even in a weak market. Construction work continued on AsiaSat 4, a spacecraft which is scheduled to replace AsiaSat 1 during 2002.

In the tight economic environment of 2001, supply of transponders in the region continued to exceed demand. While demand was sustained for C-band capacity, there was a clear Ku-band capacity oversupply. As a consequence, and as operators compete for a limited number of new customers, transponder lease rates continued to be under pressure.

The Company's strategy continues to rely on both organic growth, and on development through acquisitions and partnerships. The Company's joint venture, SpeedCast, continues to develop and adapt to the changing broadband market in Asia.

Turnover for the year ended 31st December, 2001 was HK$963 million (2000: HK$997 million), a decline of 3%. Excluding HK$41 million from amortised 1996 Ku-band sales which ended in May 2000, revenues from operations in 2001 marginally exceeded those realised in 2000.

Other Participations

Other Group participations also contributed in the period. As well as the proportionally consolidated NSAB and AAP, the 'Other Participations' segment includes interests in Nahuelsat and Star One in South America, which are equity accounted

In the period, NSAB contributed a full 12 months' revenues of EUR 19.2 million, giving rise to EBITDA of EUR 5.9 million. A joint marketing effort was launched by NSAB and Modern Times Group (MTG) to promote MTG's Viasat digital platform on the SIRIUS Satellite System. At the year end, over 600,000 homes were accessing the platform using small satellite dishes. This has resulted in a temporary negative impact on the company's result. As part of its geographic and product development, SIRIUS strengthened its sales and marketing organisation, and built new uplink stations in Latvia and Ukraine. New contracts were signed with Romainian and Ukrainian TV broadcasters.

AMERICOM ASIA PACIFIC, a newly established joint venture with Lockheed Martin, made a revenue contribution of EUR 0.5 million in the period, with a negative EBITDA contribution of EUR (0.2) million.The remaining participations contributed a total of EUR (0.7) million of Group EBITDA in the period.

OUTLOOK

SES GLOBAL is well positioned following the completion of the acquisition of GE Americom in 2001 and we expect to make further progress on integrating the businesses during 2002.

The economic environment in 2002 is undoubtedly difficult and will make this a challenging year; however, we expect to see the full benefits of the strengths of the combined Group to begin to emerge and to contribute to revenue growth from 2003 onwards.

We expect Group revenues to remain at least constant in 2002, with growth anticipated to be marginal or in the low single digit percentage range. However, the Group is well positioned to capture future growth opportunities and to implement synergies. We are committed to maintaining our margins through the product and synergy benefits from the enlarged Group, and are uniquely positioned to exploit broadband opportunities in our markets through bundling TV and broadband connectivity services.

Due to the continued successful implementation of our strategy, we now have a strong and diversified portfolio of geographic participations and services. This provides substantial protection for the Group against regional market weakness.

Our contracted backlog, which stood at EUR 6.7 billion at 31 December 2001, provides stability and visibility of a high percentage of future income. We remain confident of the qualities and strengths of the Group and its people and our ability to continue to pave the way to increased growth in the coming years.

FINANCIAL REVIEW

¹ In order to facilitate comparison, the amounts presented represent the results for the period January 1, 2001 to December 31, 2001, as if the exchange offer between Société Européenne des Satellites S.A and SES GLOBAL S.A. had not occurred.
² The prior year comparative figures are taken from the consolidated profit and loss account of Société Européenne des Satellites S.A. as at December 31, 2000.
³ These figures exclude the impact of the acquisition of SES AMERICOM, which was effected on November 9, 2001.

Changes in Group structure and accounting treatment of participations

The financial results for the year ended December 31, 2001, include the first time consolidation of SES AMERICOM, which is fully consolidated in the SES GLOBAL results from the date of acquisition (November 9, 2001) to December 31, 2001.

The results of the Group's 50% joint venture Nordic Satellite AB ("NSAB") are this year reflected in the results for the whole year compared to just the three month post-acquisition period in 2000. On November 9, 2001, within the framework of the SES AMERICOM acquisition, the Group acquired a 50% shareholding in AMERICOM ASIA-PACIFIC LLC which is proportionally consolidated as of that date.

As of November 9, 2001, the results of Star One S.A. (Brazil) are accounted for under the equity method.

Group revenues

Group revenues for 2001 grew by EUR 142.3 million or 17% to EUR 978.2 million. Provision of satellite transponder and related services was EUR 962.4 million of the total compared to EUR 829.0 million in 2000. Other operating revenues were EUR 15.8 million (2000: EUR 6.9 million).

Excluding the first time consolidation of SES AMERICOM, Group revenues increased by EUR 61.7 million or 7.4%. This increase of the business on a similar scope basis was primarily due to:

• The continued growth of digital services at the 28.2° East orbital position
• The commencement of services at a third orbital position
• Termination payments relating to the conversion of analogue services to digital for the United Kingdom and Irish markets.

Staff costs

The Group's staff costs for 2001 were EUR 47.2 million (2000: EUR 38.9 million). Excluding the first time consolidation of SES AMERICOM, staff costs increased by EUR 2.0 million, or 5.1%, with the principal driver being an increase in the average number of employees. The increase in headcount reflects the continued geographical diversification of the business and the development of new activities and services.

Other operating expenses

The Group's other operating expenses (comprising external charges and other operating charges) increased by EUR 39.3 million, or 39.3%, to EUR 139.3 million. Excluding the first time consolidation of SES AMERICOM, the increase was EUR 32.1 million or 32.1%.

The principal drivers of this increase were:

• Rental of third party transponder capacity of EUR 18.4 million (2000: EUR 0.8 million)
• An increase in bad debt expense due to certain customer insolvencies with the charge to income for bad debts in 2001 being EUR 8.6 million (2000: EUR 0.3 million).

Excluding the above two items and the AMERICOM impact, the Group's other operating expenses increased by 6.2% mainly due to geographical and product diversification and the full year effect of NSAB.

Exceptional Income

The exceptional income for 2001 was EUR 2.9 million compared to EUR 11.7 million in 2000. The income in both years related to the recognition of in-orbit insurance proceeds relating to an ASTRA 1A claim made due to partial loss of capacity. The total proceeds were EUR 23.4 million and were amortised over 24 months commencing April 1, 1999.

Earnings before interest, tax, depreciation and amortisation (EBITDA)

EBITDA rose by EUR 85.9 million or 12.1% to EUR 794.6 million. The Group's EBITDA margin for the year ended December 31, 2001 was 81.2%, compared to 84.8% in the previous year. The reduction was mainly due to the reduced exceptional income described above, the third party transponder rental costs and bad debt expense.

Depreciation

Depreciation increased by EUR 24.8 million or 13.9% to EUR 203.8 million. The increase reflects the changes to the Group's structure outlined above, and in particular the inclusion of EUR 22.4 million depreciation from SES AMERICOM and the impact of the full-year NSAB consolidation.

The increase in depreciation also reflects the bringing into service of ASTRA 2B, 2D and 2C (which became operational on December 1, 2000, February 1, 2001 and September 1, 2001 respectively) with ASTRA 1B being fully depreciated as of April 15, 2001. The effect of depreciation charges on these new satellites is however largely offset by the impact of the revision of the depreciation rates for certain satellites in the ASTRA satellite fleet reflecting improvements in technology and satellite performance. The change in estimated economic lives was effective from January 1, 2001 and reduced the depreciation charge by EUR 29.0 million compared to previous rates.

The Group's satellites remain depreciated over 10 to 16 years on a straight-line basis with the estimated depreciation lives of certain satellites being extended. Specifically, the depreciation lives for ASTRA 1C and 1E were increased from 10 to 12 years, ASTRA 1F, 1G and 2A were increased from 10 to 13 years and ASTRA 1H was increased from 12 to 13 years. The change in estimate applies prospectively from January 1, 2001 with no adjustment being made to prior values.

Amortisation

The amortisation expense increased by EUR 53.4 million to EUR 66.5 million. Of the stated increase, EUR 23.6 million arises from the amortisation of goodwill and other intangibles due to the acquisition of SES AMERICOM. A further EUR 26.2 million of the increase is amortisation arising on the right of usage of the Luxembourg orbital positions by SES ASTRA in accordance with the new concession agreement. The balance of the increase arises due to the full-year amortisation of the goodwill relating to the NSAB investment and amortisation of other intangible assets acquired during the period.

The goodwill arising from the AMERICOM acquisition was USD 2,367 million (EUR 2,660 million at the closing rate) with an additional USD 517.0 million (EUR 580.9 million at the closing rate), mainly relating to orbital frequency rights and acquired transponder service agreements, identified as intangible assets. The goodwill is being amortised over 20 years with the intangible assets being amortised over a 14 to 20 year period depending on the asset.

Operating profit

Operating profit increased by EUR 7.7 million from EUR 516.6 million to EUR 524.3 million, an increase of 1.5%. Excluding SES AMERICOM's contribution to operating profit (net of goodwill amortisation) of EUR 21.0 million, the operating profit declined by 13.3 MEUR or 2.6%.

The reduction in operating profit compared to the comparable prior year figure of EUR 516.6 million arises primarily due to the increased depreciation and amortisation outpacing the EBITDA growth.

Net financing charges including value adjustments on financial assets

Net financing charges including value adjustments on financial assets were EUR 68.6 million versus EUR 27.6 million in 2000. The net financing charges consist of:

1. Net interest charge on borrowings to finance the GE Americom transaction, previous acquisitions, and ongoing satellite procurement (net of capitalised interest) of EUR 57.4 million (2000: EUR 45.1 million);
2. Value adjustments to the carrying value of financial assets of EUR 20.8 million (2000: nil) with EUR 15.5 million relating to Netsystem.com S.p.A. and EUR 5.3 million to Kokua Communications, Inc.
3. Other financing income, including the impact of currency translation, of EUR 9.6 million (2000 EUR 17.5 million).

Taxes

The tax charge for 2001 was EUR 112.6 million compared to a tax and franchise fee charge in 2000 of EUR 185.0 million. Effective from January 1, 2001, the previous annual franchise fee, which was based on taxable profits and disclosed as part of the charge for taxation, was replaced by a lump sum settlement of EUR 550 million for the right of usage of the relevant orbital positions over a 21-year term. This settlement is being amortised on a straight line basis over this term.

The effective tax rate for the period was 24.7% with continued investment in the ASTRA satellite fleet resulting in investment tax credits reducing the statutory Luxembourg tax rate.

Share of associates' result

The share of associates' result was a loss of EUR 9.8 million in 2001 compared to a share of losses of EUR 6.6 million in 2000. The share of associates results consist of losses from Speedcast of EUR 7.7 million, iBeam of EUR 3.7 million and Nahuelsat of EUR 0.1 million, with Star One contributing a share of profits of EUR 1.7 million.

Minority interests

The minority interest of EUR 53.0 million relates to the 65.9% share of AsiaSat profits attributable to the other AsiaSat shareholders.

Profit of the Group

The profit of the Group increased by EUR 35.8 million or 14.6% to EUR 280.3 million. The profit of the Group excluding the first time consolidation of AMERICOM increased by 19.4% or EUR 47.4 million to EUR 291.9 million. SES ASTRA's contribution to the profit of the Group was EUR 282.5 million, an increase of 17.3% compared to the prior year. AsiaSat continued to contribute positively to Group earnings with a profit contribution of EUR 8.4 million in 2001. The Group profit margin was 28.7% compared to 29.2% in 2001.

Capital expenditure

Capital expenditure for the year was EUR 432.3 million compared to EUR 254.3 million in the previous year. The capital expenditures consolidated from November 9, 2001 for AMERICOM were EUR 61.2 million. The remaining increase reflects the Group's continued investment in its satellite fleet with ASTRA 2C launched in June 2001 and three further satellites under construction (ASTRA 3A, ASTRA 1K and AsiaSat 4).

Net operating cash flow

Net operating cash flow increased by 61.5 % or EUR 259.8 million to EUR 682.4 million. This increase reflects stronger cash flow from operations of EUR 166.9 million and a EUR 93.0 million reduction in working capital requirements.

The increase in cash flow from operations reflects lower tax and franchise fee payments, and higher profit contributions excluding depreciation and amortisation. Excluding the consolidation of AMERICOM the increase in net operating cash flow was 42% or EUR 177.2 million.

Net debt

Net debt increased by EUR 2,305.4 million to EUR 3,140.0 million principally due to the borrowings related to the AMERICOM transaction. On March 28, 2001 SES GLOBAL and SES ASTRA jointly arranged a multi currency term and revolving facilities agreement for the purposes of refinancing existing syndicated loan facilities and arranging acquisition finance for the transaction concluded on November 9, 2001 to acquire GE Americom.

The new facilities agreement consists of USD 2,500 million for facilities A1 and B1 for the transaction, of which USD 2,460 million was drawn down at 31 December, 2001 and EUR 1,400 million for facilities C and D to refinance existing loans of which EUR 765 million and USD 110 million was drawn down on Facility C as at December 31, 2001.

Dividend Proposed

The total dividend proposed for payment in 2002 is EUR 131.0 million compared to EUR 108.0 million paid in 2001, representing a 21.3% increase. The resulting 2001 dividend per A-Share of EUR 0.24 compares to EUR 0.29 in 2000.

Despite an increase in the total dividend payment, the dividend per share declined due to the increased number of shares issued during the year.

Appendix

The following table presents revenue and expenditure information and certain asset information regarding geographical segments for the year ended December 31, 2001:

1 Earnings before interest, taxation, depreciation and amortisation.

2 Segmental net financing cost is stated after the allocation of transaction financing costs.

3 AMERICOM segment assets includes EUR 3,216.8 million of unamortised goodwill and intangibles arising from the acquisition.