4 May 2015 Letter to Our SHARAREHOLDERS In 2014, Intelsat continued to lead the sectoor in what is almost certain to be recognized as a renaissance period for satellite communnications. It is our view that more innovation in the satellite sector is likely to happen in the next decade than in the past 50 years combinedd. Our industry is experiencing a resurgeence in terms of our role and relevance in the global landscape. Ubiquitous connectiivity is fundamental to enabling a content- driven society as well as connected devices and maachines in an Internet of Things (“IoT”) environment. A new and powerful community recognizes that satellite is the best platform to extend the reach of connectivity everywhere, particularly in remote regions with rising GDP. Intelsat is positioned to win in this environment. We know satellite communications, we know media, and we know telecommunications infrastructure — especially in the developing world. Intelsat is at the forefront, investing in new technology while supporting a diversified business that is profitable and positioned for growth. Ground technology companies are putting metamaterials, software and other innovations to work in our sector, creating new and exciting ground solutions such as terminals and antennas that will revolutionize access to satellite communications. We are incorporating innovation into our satellite designs and ecosystem to unlock a new set of emerging vertical applications that can be powered by our high performance broadband connectivity. By focusing on the needs our customers, our network, and our organization, we are building the right foundation in this exciting era and positioning the company for sustainable and profitable growth over the long term. Our Customers... In 2014, Intelsat continued on its strategic path of creating products and services $2.47B that support the growth of our customers, as well as new service capabilities for Revenue growing applications that require improved bandwidth performmance. For the full year 2014, we reported revenue of $2.472 billion and Adjusted EBITDA1 of $1.959 billion (79 percent of revenue), a decline of 5 percent and 4 percent $475M respectively, as compared to 2013. In retired debt Importantly, we retired $475 million in debt, delivering on our plan to create equity growth through debt reduction. Overall, our performance was in line with our expectations for the year, which reflected certain headwinds that impeded the delivery of top line growth across our customer sets. The new and innovative capacity of our upcoming launches, particularly our Intelsat EpicNG® platform, is our path back to growth. These satellites are currently expected to begin entering service in 2016. In 2015, we have one launch scheduled, Intelsat 34, which is largely a replacement satellite. As a result, our interim financial performance will be shaped by on-going headwinds which are expected to persist this year and into 2016. Our operating priorities take these realities into consideration as we continue to work on our long-term goals. Network Services At $1.150 billion, our network services customer set declined 4 percent as compared to 2013, and represented 46 percent of our 2014 revenue. Our challenges in this customer set stem from legacy services reaching the end of their lifecycle, no new launches of network services capacity in 2014 and an oversupply condition in Africa that has resulted in on-going pricing pressure on roughly 12 percent of total company revenue. Yet, this business is one where we arguably see the greatest long term opportunity, as demand for broadband connectivity, anytime, anywhere, accelerates on a daily basis. Our network services strategy includes: Launching of our next generation high throughput satellite (“HTS”) platform, Intelsat EpicNG; Optimizing the entire satellite service ecosystem, including networking hardware (terminals) and satellite access systems (antennas), with the goal of improving our customers’ total cost of ownership. Combined with the higher performance of Intelsat EpicNG, our customers will be able to address new opportunities, thus expanding our addressable market; and Introducing new end-to-end service models to allow customers in the enterprise, wireless infrastructure and mobility sectors to leverage shared ground infrastructure as well as flexible and portable networking. We believe that as we enhance these services, we will allow our customers to introduce new solutions and rapidly expand service territories—of which should result in broader addressable markets for Intelsat. IS-29e Launches 1Q16 The next significant growth catalyst for our network services business is the launch of the first Intelsat EpicNG satellite, Intelsat 29e, which is expected to enter service in mid-2016. Media At $881 million, our media customer set was essentially unchanged as compared to 2013, and represented 36 percent of our 2014 revenue. Growth in media services is primarily driven by the launch of new capacity at our satellite neighborhoods. Our sole launch in 2014, Intelsat 30, is one of two satellites for which the primary Ku- band payload is fully committed for a 15-year period by DIRECTV® Latin America for the delivery of direct-to-home (“DTH”) services. Intelsat 30 entered into service in late 2014, providing growth in 2015 and into 2016, when it will be joined by Intelsat 31, the second of the DIRECTV® contracted satellites. Our media strategy includes: Continuing to invest in our media neighborhoods, supporting growth of our blue-chip content owners and DTH platform operators. o For instance, in 2014, we announced a new satellite, Intelsat 36, for which the entire Ku-band payload is fully committed for a 15 year period to our customer, MultiChoice, the leading DTH service provider in South Africa. In 2015, we expect to launch Intelsat 34, providing fresh capacity for our video distribution and DTH neighborhood at 304.5° E, in Latin America; and Introducing services that enable our customers to more efficiently distribute content in a multi- format, multi-device environment. The next significant growth catalyst for our media business will be the launches of Intelsat 34, Intelsat 31 and Intelsat 36, in the third quarter IS-34 of 2015, first quarter of 2016, and second half of 2016, Launches 3Q15 respectively. Government At $410 million, our government customer set declined 16 percent from 2013, reflecting reduced U.S. government spending following the 2013 sequestration, and represented 17 percent of our 2014 revenue. With the withdrawal of troops from Afghanistan continuing throughout 2015, our government business remains focused on understanding the best opportunities for the U.S. government to utilize commercial satellite services for fixed and mobile requirements. We believe that commercial services provide the U.S. government a cost-efficient approach to achieving global coverage as well as the ability to build depth of resources rapidly during times of conflict. Our government strategy includes: Expanding the provision of end-to-end services, leveraging our global ground infrastructure and commercial space assets to complement U.S. government capabilities; and Exploring outsourcing of technical services, such as satellite flight operations to commercial operators and preserving government resources for classified space-based capabilities. Our Intelsat EpicNG capacity, ecosystem and service offerings are being designed to the requirements of our government customer set, including fixed network, communications on the move as well as aeronautical and maritime broadband applications. As Intelsat EpicNG is deployed globally, we will be ideally situated to continue to serve what we believe is a growth segment over the long run. Overall, our customers are at the center of everything we do: long-term planning, service development, and highly reliable delivery of connectivity. Our customer-centric mentality ensures that our foundation is future-focused. Our Network... In contrast to the landscape even a decade ago, the amount of innovation in space, on the ground and all points in between provides Intelsat with a broad array of technology that is being deployed within our ecosystem. As we incorporate new technology, we update the foundation on which we deliver differentiated services to existing customers, as well as provide connectivity that can unlock new applications. The Intelsat EpicNG satellite program represents the next evolution of our global fleet, replacing our IX-series satellites with high performance capacity better suited to today’s applications. We are confident that we have chosen the right technology based on the fact that we started our design by first working with our current customers and prospective customers, and understanding their future network requirements from a holistic perspective: throughput, coverage and performance. Taking advantage of innovations in payload design, Intelsat EpicNG includes the satellite world’s most advanced digital payload, available exclusively to Intelsat for a period of time. The all-digital design is a first for fixed satellite service (“FSS”) commercial high throughput satellites, setting Intelsat EpicNG apart from other HTS satellites in-orbit or launching in the near future. The Intelsat EpicNG all-digital payload allows connectivities in any bandwidth increment from any beam to any beam. This attribute Intelsat 29e at Boeing Factory enables independent frequency selection of the uplink and downlink. Combined, these features