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OneWeb has made progress at pace.This year, we pivoted from a conceptualtechnology product to a commercialtrading business.Buildcustomer trustFollowing live alpha and beta trials with ourearly adopter distribution partners, OneWeb isnow successfully serving customers in Alaska.Our priority remains to scale quickly and, followingthe roll-out of the network in Alaska and Canada,we plan to evolve and develop our service in theareas of live network coverage. We have deployed66% of the satellite fleet through 13 successfullaunches and have attracted a total of 2.7 billionequity funding. Monetisethe networkDuring the year, our innovative and uniquetechnology attracted new investors whowill bolster our reach, sector expertise andexperience. Despite the continuing impact ofCOVID-19 on the global economy andunprecedented impacts of geo-politics on ourlaunch schedule, the business has shown resilience,success and the ability to deliver. We continue tofocus on five clear strategic objectives for thebusiness: Deliver the network; Build customertrust; Monetise the network; People first; andShape the future.People first Shape thefuture12sectionsectionIntroductionDeliver the networkOneWeb is fully equipped to support its satelliteconstellation in live coverage areas from the NorthPole to 50 degrees north, with operational groundstations and 428 satellites in space.With support from our shareholders, we successfullydeployed 282 satellites in 8 launches through theFinancial Year. However, our launch schedule wasimpacted by geo-political tensions arising from theRussia-Ukraine war and as a result, the six remaininglaunches required for our first generation ofsatellites (GEN 1) global coverage were postponed.The business responded swiftly to replace launchvehicles and has successfully procured replacementvehicles to deploy the remaining satellites. We lookforward to working with SpaceX and ISRO as westrengthen the industry together and work towardsglobal network coverage in 2023. It is encouraging tosee alternative optionality in the industry for ourlaunch activity across the globe.Governance ReportDeliver thenetworkStrategic ReportCEO’sstrategicreviewThe rest of the global ground network has alsogrown significantly this year. We have 8operational Satellite Network Portals (SNPs)which serve the live coverage area andcurrently have agreements to build 38 SNPsin 27 different countries.Financial StatementsStrategic priorities e have deployed 66% of the constellation through 13 successfulWlaunches and have attracted a total of 2.7 bn in equity funding.Annual Report and AccountsMarch 202213

We recognise that customer trust is earned andhave been working hard to deliver the networkand provide the required capacity to areas in ourlive-network reach. We have continued to engagewith our distribution partners with whom we arebuilding deep and long-lasting relationships.Credibility with our distribution partners is key toour long-term success and in recognition of the needto foster business relationships, each member of myExecutive Committee is individually partnered withkey distribution partners. This ensures theirfeedback is reflected in our business and decisionmaking. We will continue to foster these businessrelationships with our distribution partners andimprove the quality of our Distribution PartnerProgramme offering.During the year, we performed demos for avariety of customers and distribution partnersin Alaska, Canada, mainland US, UK, Scandinaviaand Saudi Arabia. The early demos showcasedperformance characteristics, such as down andupload speeds and latency. These evolved inlate 2021 to become tailored customerproof-of-concept trials, during which distributionpartners ran a series of applications overthe OneWeb system to validate their ownuse cases.We also recognise the importance of protecting ourbusiness and stakeholders. To that end, we havemade a number of key hires in this area to enable usto develop and mature our risk, compliance and cybersecurity practices.People firstMonetise the networkOneWeb was in a pre-revenue phase throughoutmost of the year but ended the Financial Year withdistribution partners signed, followed by the firstinvoices prepared in May 2022, for service delivery.Strong efforts have been made with distributionpartners to meet customer needs in Alaska andCanada. Looking ahead to next year, we will continueto develop as a trading commercial organisation tocreate a profitable business.We have a collaborative business model built uponour distribution partnerships that enables them tosucceed with their end customers. During the firstfinancial year we signed 37 distribution partneragreements. Further business relationships aredeveloping and we have memorandums ofunderstanding with many of the world’s leadingcommunications providers.We signed a path-breaking Joint Venture Agreementwith NEOM, to supply high-speed satelliteconnectivity to the new city of NEOM, Saudi Arabiaand the wider Middle East, and neighbouring EastAfrican countries, which provided significant earlyrevenue to OneWeb. Both parties entered into a 170 million commercial distribution and servicesagreement, which has demonstrated confidence andvalidation in OneWeb’s technology and mission. InDecember 2021, we signed one of our first exclusivedistribution partnership agreements with HughesCommunications India for servicing the fast-growingIndian market. Under the terms of this agreement,OneWeb obtained a firm revenue commitment for e signed a path-breaking joint venture agreement toWsupply high-speed satellite connectivity to the new cityof NEOM, Saudi Arabia.14Annual Report and AccountsAt OneWeb, people are integral to what we doand I thank them all for their commitment anddetermination to succeed. By the end of theFinancial Year, our headcount had grown by102% to 528 and our employees are united inthe OneWeb mission to provide space-basedconnectivity and change lives at scale. The senseof purpose at OneWeb drives the culture andhigh performance of our team of experts andour people continue to evolve with each newphase of our business. We welcomed key seniorexecutives during the year including StephenBeynon, Chief Commercial Officer, Nadia Hoosen,Chief Legal Officer and Group CompanySecretary, and multiple senior hires includingGroup Financial Controller, VP Procurement,VP Global Compliance and VP SpectrumEngineering and Strategy.We also stood up our cyber resilience function andappointed a Chief Information Security Officer whowill drive OneWeb’s cyber resilience strategy.Whilst most of the year was spent workingremotely, we continud to innovate with onlinesolutions. Our UK and US offices remained openthroughout the pandemic for our 24-hour shiftworkers who operate the global constellation. Werun regular employee engagement surveys and thelatest wave showed an employee NPS of 50, 17points above the benchmark and in the upperquartile for all technology companies.Shape the futureWe have the funding, ambition and skills tosuccessfully deliver full global coverage forGEN 1. Our immediate desire is to completeglobal coverage and to rapidly follow it withthe roll-out of the second generation ofOneWeb satellites (GEN 2.0). The challenginggeo-political environment demonstrated howour unique global assets are ideal for tomorrow’sneeds. We are rising to the challenge, offering aplatform for secure communications.March 2022During the year, we launched a major request forinformation and Industry Day in association with theEuropean Space Agency as we actively sought partnerswith which to verify the definition, requirements andstrategy for GEN 2.0 to ensure it’s built for futurecustomer-first satellite connectivity requirements.GEN 2.0 is rapidly taking shape and sovereign playersare viewing the platform with deep interest.Our proxy subsidiary, OneWeb Technologies Inc.(OWT) (as detailed in note 2.3 to the consolidatedfinancial statements), will enable OneWeb to servicethe US defence market and fellow Five Eyes nationsto meet the new challenges for connectivity andsecurity. OWT is subject to foreign ownership andcontrol mitigation agreements, which will enableOneWeb to work with US Government classifiedinformation through an independent governancestructure. To that end we have appointed an entirelynew, independently run, proxy board for OWTcomprising of three key senior independent ProxyDirectors: Susan M. Gordon (former Principal DeputyDirector of National Intelligence), Richard V. Spencer(former 76th Secretary of the US Navy) and Ryan D.McCarthy (former 24th Secretary of the US Army).They have provided a depth of experience andbrought new expertise to OneWeb and overseensome key new management hires including a ChiefFinancial Officer, Chief Operating Officer and GeneralCounsel. We also welcomed Tim Kopra, a former NASAastronaut, as President of OWT. Tim previously heldthe position of Vice President for Robotics and SpaceOperations at MDA.Strategic ReportBuild customer trusta period of six years. Along with our existingagreement in Indonesia and new orders fromAlaska, Canada, Europe, NEOM and India, the totalcommitted orders as at the date of this report are 0.6 billion.Governance ReportWe are committed to good customer experienceand are developing specialised user terminals to suitvarying performance demands and price points.OneWeb has 4 key verticals: Government, Carrierand Enterprise, Aviation and Maritime, together witha new land mobility proposition being explored in2022. Distribution partners have been engagedacross all 4 verticals to ensure we understand andmeet the needs for each market segment.OneWeb is intending to roll out a regular programmeof customer feedback using the net promoter score(NPS). The NPS will be the foundation upon which webuild a sustained programme of customer satisfactionmeasurement and improvement.OneWeb has overcome unprecedented challengesduring the year and I am confident in the resilienceof the OneWeb team to push forward the mission. Theproposed combination with Eutelsat (see page 26) willaccelerate our mission to deliver connectivity that willchange lives at scale. We will continue to go furtherthan anyone else to help businesses and communitiesto get connected and achieve their potential.Financial StatementsOneWeb has continued to protect its spectrumrights across multiple global forums through dailyengagement with global regulators and by satisfyingtheir requirements. We have landing rights in 57 ofthe countries where required and this will continueto grow as we scale the network.sectionsectionIntroductionCEO’s strategic review continuedNeil MastersonChief Executive OfficerThis Strategic Report was approved by the Boardon 3 August 202215

sectionsectionIntroductionOur distributionpartnersOur signed partnersOneWeb has also started to initiate an exclusivepartnership programme built on a shared vision ofhow high-speed, LEO connectivity can bring aboutpositive change for communities and enabledigitisation at scale.Quarterly independent transactional-based NPSsurveys will enable OneWeb to monitor andsupport continually improving service delivery forour partners.Our distribution partner programmeSERVICE DEMOSThe distributionpartner journeybegins with ourProof-of-Conceptdemos, whichcan be hostedon site, onlineand on tour.16SERVICE SUPPORT& TRAININGWe providetechnical assistance,relationshipmanagement,customer hypercare and access toour support teamand training on salesand hardware,installations, orderprocess and digitalproducts.SALESENABLEMENT& MARKETINGWe offermultimedia salessupport, playbooksand collateral,customer leadgeneration, digitaland advertisingcampaigns, andsubject matterexpertise.OneWeb products and plansCOMMUNITYWe lead andsupportprofile-raisingactivities aroundawarenessand visibility;press releasedistributions;local initiativesand Voice ofCustomerinitiatives.RECOGNITIONAs our globalpartner networkexpands, we focuson joint marketingactivities,performancerelated rewards,individualrecognition andan individualincentives course.Annual Report and AccountsOneWeb’s products and plans drive faster,larger, data-led communications andinnovation flows around performance.They are flexible, scalable and easilyfine-tuned to each partner’s connectivityneeds as well as existing operations andbusiness support systems.Governance ReportWe flex to each of our 4 key verticals, deliveringsolutions and services across the Carrier andEnterprise, Government, Maritime and Aviation.Distribution partners have access to connectivitysolutions that make better use of existing networkinfrastructures and product portfolios, so more endusers can benefit.OneWeb digital products and servicesOneWeb has four digital products: AccountHub, Service Hub, Device Hub and DeveloperHub. Partners can manage both partner andcustomer relationships securely; get supportfor any OneWeb product and system;manage user terminals remotely; and controlintegrations to their own systems.Financial StatementsOur business model demands that wequickly enable our partners to buy,add value, bolt on, and sell OneWebconnectivity. We do this through distributionpartners, whose understanding of their customers’needs enables them to build and best manage theplatforms their customers use.section sectionStrategicReportWe have a business-to-business indirect channel model whichserves the needs of our end users via distribution partnersMarch 202217

sectionsectionIntroductionPerformance reviewOperational performance reviewSATELLITESPROOF-OF-CONCEPT (DEMOS)Demonstrating the credibility of our product is essential to the success anddeployment of the OneWeb network. During the Financial Year, OneWebsuccessfully performed demos and trials for a variety of customers anddistribution partners in Alaska, Canada, mainland US, UK, Scandinavia andSaudi Arabia. The early demos focused on showcasing general performancecharacteristics, such as down and upload speeds, and latency. The demosevolved in late 2021 to tailored customer proof-of-concept trials, during whichthe distribution partner would run a series of applications over the OneWebsystem to validate its own use cases. Successful demos to the US Departmentof Defense have also taken place.LAUNCHESOneWeb’s key launch provider to date was Arianespace, which facilitated a totalof 13 launches (8 during the Financial Year), with sub-contractors Starsem andRUAG. After the postponement of launches on 4 March 2022 and the ongoinglong-term uncertainty, new commercial partnerships were formed with launchproviders including SpaceX and ISRO – NewSpace India Limited, to facilitate theremaining launches required to attain full global coverage for GEN 1.USER TERMINALSACQUISITIONS AND JOINT VENTURESOneWeb partnered with SatixFy, Kymeta, Intellian, GRC and Hughes for themanufacture of user terminals. The development, qualification and typeapproval of the dual parabolic Intellian terminal was successfully completedand these units were deployed in the summer of 2021, initially to support alphatrials with selected customers.OWT is a proxy subsidiary of OneWeb (see note 2.3 to the consolidated financialstatements), focused on meeting the complex needs of US defence andGovernment customers. OWT is cleared by the US Government and is operatingunder foreign ownership, control or influence, overseen by the DefenseCounterintelligence and Security Agency, which is a federal security agency of theUS Department of Defense and requires independent day-to-day managementof operations, enabling OWT to maintain its eligibility to participate in classifiedcontracts with the US Department of Defense. OWT contributed to the Group’s firstrevenue since acquisition.March 2022Financial StatementsWe have a flexible deployment model. User terminals are delivered directlyto distribution partners or to regional warehouses in the live-network areasto support quick deployment following customer orders. At the end of theFinancial Year units had been deployed and installed in the field, either atcustomer premises or as reference terminals for OneWeb’s own usage, networkmonitoring and troubleshooting.In addition, NEOM Tech & Digital Company, an entity incorporated in the Kingdomof Saudi Arabia, and OneWeb signed a Joint Venture Agreement (NEOM JV) tobring high-speed satellite connectivity to NEOM, Saudi Arabia, the wider MiddleEast and neighbouring East African countries. As a result, both joint venturepartners have an equal proportion of the share capital in the NEOM JV entity: FirstTech Web Company Limited. Services are due to commence under a Distributionand Services Agreement in 2023.Annual Report and AccountsGovernance ReportUser terminals are a key element in OneWeb’s global infrastructure. OneWebis building a portfolio of user terminals to cater to the varying requirements ofGovernment, Carrier and Enterprise, Aviation and Maritime customers. Diversityof user terminals is important to enable OneWeb to cater across differentmarkets to meet specific use cases, which means each user terminal hasdifferent capabilities, form factor, specifications, volumes and price points.In September 2021, OneWeb completed the acquisition of Texas-based OWT(previously TrustComm Inc.), a provider of managed satellite communications andprofessional services to commercial and US Government organisations.18Strategic ReportOneWeb has a joint venture with Airbus DS Satnet LLC and continues to workclosely with its joint venture entity, Airbus OneWeb Satellites

mobile communications, internet backbone connectivity and broadband access for terrestrial, maritime and in-flight applications. Hanwha Systems is a global total solutions company that innovates in the fields of avionics and space, security and safety, and information systems services. Hanwha's investment completed in February 2022.