1156871--3/19/2009--INTELSAT

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{regulation, government, change}

{capital, credit, financial}

{loss, insurance, financial}

{cost, operation, labor}

{interest, director, officer}

{product, market, service}

{condition, economic, financial}

{acquisition, growth, future}

{operation, international, foreign}

{debt, indebtedness, cash}

{cost, regulation, environmental}

{stock, price, operating}

Risk Factors Relating to Our Business We are subject to significant competition both within the FSS sector and from other providers of communications capacity, such as fiber optic cable capacity. Competition from other telecommunications providers could have a material adverse effect on our business and could prevent us from implementing our business strategy and expanding our operations as planned. The market for fixed satellite services may not grow or may shrink and therefore we may not be able to attract new customers, retain our existing customers or implement our strategies to grow our business. In addition, pricing pressures may have an adverse impact on FSS sector revenue. Our financial condition could be materially and adversely affected if we were to suffer a satellite loss that is not adequately covered by insurance. We have several large customers and the loss of, or default by, any one of them could materially reduce our revenue and materially adversely affect our business. The current global recession may have significant effects on our customers and suppliers, which could adversely affect our business, operating results and financial condition. We have a substantial amount of indebtedness, which may adversely affect our cash flow and our ability to operate our business, remain in compliance with debt covenants and make payments on our indebtedness. The terms of Intelsat Sub Holdco s and Intelsat Corporation s senior secured credit facilities, the Intelsat Jackson Unsecured Credit Agreements, the indentures governing our existing notes and the terms of our other indebtedness may restrict our current and future operations, particularly our ability to respond to changes in our business or to take certain actions. Our business is capital intensive, and we may not be able to raise adequate capital to finance our business strategies, or we may be able to do so only on terms that significantly restrict our ability to operate our business. We may become subject to unanticipated tax liabilities that may have a material adverse effect on our results of operations. We are subject to political, economic and other risks due to the international nature of our operations. Our New Sponsors control us and may have conflicts of interest with us in the future. We may not be able to complete strategic transactions, which may prevent us from implementing strategies to grow our business. Risk Factors Relating to Our Industry We may experience in-orbit satellite failures or degradations in performance that could impair the commercial performance of our satellites, which could lead to lost revenue, an increase in our cash operating expenses, lower operating income or lost backlog. We may experience a launch failure or other satellite damage or destruction during launch, which could result in a total or partial satellite loss. A new satellite could also fail to achieve its designated orbital location after launch. Any such loss of a satellite could negatively impact our business plans and could reduce our revenue. New or proposed satellites are subject to construction and launch delays, the occurrence of which can materially and adversely affect our operations. Our dependence on outside contractors could result in increased costs and delays related to the launch of our new satellites, which would in turn adversely affect our business, operating results and financial condition. Risk Factors Relating to Regulation We are subject to regulatory and licensing requirements in each of the countries in which we provide services, and our business is sensitive to regulatory changes in those countries. If we do not maintain regulatory authorizations for our existing satellites and associated ground facilities or obtain authorizations for our future satellites and associated ground facilities, we may not be able to operate our existing satellites or expand our operations. If we do not occupy unused orbital locations by specified deadlines, or do not maintain satellites in orbital locations we currently use, those orbital locations may become available for other satellite operators to use. Coordination results may adversely affect our ability to use a satellite at a given orbital location for our proposed service or coverage area. Our failure to maintain or obtain authorizations under the U.S. export control and trade sanctions laws and regulations could have a material adverse effect on our business. If we do not maintain required security clearances from, and comply with our agreements with, the U.S. Department of Defense, we will not be able to continue to perform our obligations under classified U.S. government contracts.

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1156871--3/19/2009--INTELSAT_LTD