1. Global operators (10 satellites and more) benefit from large economies of scale. They are thus in a position to drop prices to increase their fill factors or enter new markets. Minimum sustainable prices are around USD 0.75 million, i.e. they can easily lower their prices to this limit to enter new markets in a stiff competitive environment. • On the other hand, medium (3-4 satellites) and small operators (1-2 satellites) cannot lower their prices below USD1 M and USD1.18 M respecively on a sustainable basis. • Therefore, small operators struggle to contain serious price competition while keeping their financials sustainable.

3. About Aon Explorer Aon Explorer is the strategy consulting arm of Aon France in the aerospace and telecoms markets. Resulting from the acquisition of Vista Advisers in January 2005, the Strategy & Finance unit has developed a thorough expertise in business plans, feasibility studies, companies due-diligence both for the satellite industry and the finance community. Laurence Journez Vice President Phone: +33 1 5875 6064 Fax: +33 1 5875 7715 laurence_journez@aon.fr Aon Explorer 45, rue Kléber 92697 Levallois-Perret Cedex France