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•	risks associated with operating our in-orbit satellites;

•	satellite launch failures, satellite launch and construction delays and in-orbit failures or reduced satellite performance;

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•	potential changes in the number of companies offering commercial satellite launch services and the number of commercial satellite launch opportunities available in any given time period that could impact our ability to timely schedule future launches and the prices we pay for such launches;

•	our ability to obtain new satellite insurance policies with financially viable insurance carriers on commercially reasonable terms or at all, as well as the ability of our insurance carriers to fulfill their obligations;

•	possible future losses on satellites that are not adequately covered by insurance;

•	U.S. and other government regulation;

•	changes in our contracted backlog or expected contracted backlog for future services;

•	pricing pressure and overcapacity in the markets in which we compete;

•	our ability to access capital markets for debt or equity;

•	the competitive environment in which we operate;

•	customer defaults on their obligations to us;

•	our international operations and other uncertainties associated with doing business internationally;

•	litigation; and

•	other risks discussed under Item 3D—Risk Factors.

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(1)

We adopted Accounting Standard Update (“ASU”) 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, on January 1, 2018 using the retrospective method. As a result, the company reclassified a net credit for pension and postretirement benefits from operating expenses to other income for the years ended December 31, 2017 and 2016, to conform to the current year presentation. Years prior to 2016 do not reflect the effects from our January 1, 2018, adoption of ASC Topic 715.

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(2)	We adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606"), effective January 1, 2018, using the modified retrospective method. Years prior to 2018 do not reflect the effects from our January 1, 2018, adoption of ASC 606.

(3)	We adopted ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments and ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash on January 1, 2018 using the retrospective method. Balance sheets prior to 2017 and statements of cash flows prior to 2016 have not been restated.

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•	make it more difficult for us to satisfy obligations with respect to indebtedness, and any failure to comply with the obligations of any of our debt instruments, including financial and other restrictive covenants, could result in an event of default under the indentures governing our notes and the agreements governing such other indebtedness;

•	require us to dedicate a substantial portion of available cash flow to pay principal and interest on our outstanding debt, which will reduce the funds available for working capital, capital expenditures, acquisitions and other general corporate purposes;

•	limit flexibility in planning for and reacting to changes in our business and in the industry in which we operate;

•	increase our vulnerability to general adverse economic and industry conditions and to deterioration in operating results;

•	limit our ability to engage in strategic transactions or implement our business strategies;

•	limit our ability to borrow additional funds, or to refinance, repay or restructure our existing indebtedness; and

•	place us at a disadvantage compared to any competitors that have less debt.

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•	incur or guarantee additional debt or issue disqualified stock;

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•	pay dividends (including to fund cash interest payments at different entity levels), or make redemptions, repurchases or distributions, with respect to ordinary shares or capital stock;

•	create or incur certain liens;

•	make certain loans or investments;

•	engage in mergers, acquisitions, amalgamations, asset sales and sale and leaseback transactions; and

•	engage in transactions with affiliates.

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•	the satellite manufacturer’s error, whether due to the use of new and largely unproven technology or due to a design, manufacturing or assembly defect that was not discovered before launch;

•	problems with the power systems of the satellites, including:

•	circuit failures or other array degradation causing reductions in the power output of the solar arrays on the satellites, which could cause us to lose some of our capacity, require us to forego the use of some transponders initially and to turn off additional transponders in later years; and/or

•	failure of the cells within the batteries, whose sole purpose is to power the payload and spacecraft operations during the daily eclipse periods which occur for brief periods of time during two 40-day periods around March 21 and September 21 of each year; and/or

•	problems with the control systems of the satellites, including:

•	failure of the primary and/or backup satellite control processor (“SCP”); and/or

•	failure of one or more gyroscope and/or associated electronics that are used to provide satellite attitude information during maneuvers;

•	problems with the propulsion systems of the satellites, including:

•	failure of the primary and/or backup thrusters; and/or

•	failure of the Xenon-Ion Propulsion System (“XIPS”) used on certain Boeing satellites, which is an electronic propulsion system that maintains the spacecraft’s proper in-orbit position; and/or

•	general failures resulting from operating satellites in the harsh space environment, such as premature component failure or wear out of mechanisms.

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•	Global distribution of television entertainment and news programming to fixed and mobile devices;

•	Completion and extension of international, national and regional data networks, fixed and wireless, notably in emerging regions, and the upgrade of those networks to 3G/4G/5G as content is increasingly consumed on mobile devices;

•	Universal access to broadband connectivity through fixed and mobile networks for consumers, corporations, government and other organizations;

•	Increasing deployment of in-flight and on-board broadband access for consumer and business applications in the commercial, business aviation and maritime sectors;

•	Requirements for cost-efficient space-based network solutions for fixed and mobile government and military applications; and

•	Global demand for services which enable connected devices, such as machine-to-machine communications and the Internet of Things (“IoT”), particularly with respect to connected car applications.

•	Fast, scalable, secure and high performance infrastructure deployments;

•	Superior end-to-end network availability as compared to the availability of terrestrial networks, due to fewer potential points of failure;

•	Highly reliable bandwidth and consistent application performance, as satellite beams effectively blanket service regions;

•	Ability to extend beyond terrestrial network end points or to provide an alternative path to terrestrial infrastructure;

•	Efficient content distribution through the ability to broadcast high quality signals from a single location to many locations simultaneously;

•	Maximizing potential distribution of television programming, video neighborhoods, or capacity at orbital locations with a large number of consumer dishes or cable headend dishes pointed to them; and

•	Rapidly deployable communications infrastructure for disaster recovery.

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•	Significant long-term contracted backlog, providing a foundation for predictable revenue streams;

•	The entry into service of our next generation Intelsat EpicNG platform. Our Intelsat EpicNG platform was designed to support new services representing $4.5 billion of potential incremental growth by 2023 from expanded enterprise, wireless infrastructure, mobility, IoT and government applications;

•	High operating leverage, which has allowed us to generate an average Adjusted EBITDA margin of 77% in the past three years; and

•	A stable, efficient and sustainable tax profile for our global business.

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•

Connectivity and broadband access are essential elements of infrastructure supporting the rapid economic growth of developing nations. Globally dispersed organizations and regional businesses often turn to satellite-based infrastructure to provide better access, reliability and control of broadband services. Penetration of broadband connectivity in less developed regions has been growing rapidly and is expected to continue. Over the past 10 years, broadband penetration, including satellite connectivity, in the East Asia & Pacific Ocean regions grew at a 15% CAGR, in the Latin America & Caribbean region at a 14% CAGR, and in the Middle East & North Africa regions at a 20% CAGR, according to the World Bank.

•

Wireless infrastructure in the global race to 5G represents a potentially generational opportunity for satellite technology. Wireless telecommunications companies often use satellite-based solutions to extend networks into areas where geographic or low population density makes it economically unfeasible to deploy other technology. Further deployments of wireless telecom infrastructure and the migration from 2G to 3G, 4G and 5G networks, which adds content and data to basic voice communications, create demand for satellite bandwidth. We believe that the emergence of 5G networks results in a new growth vector for satellite connectivity. Satellite technology is uniquely responsive to the 5G requirement of ubiquitous coverage and fast deployments. We believe satellite systems will complement terrestrial networks and enable reliable and consistent global 5G user experience in a cost-effective manner. In 2018, 3GPP, the telecommunications standard development organization, approved work item studies to incorporate satellite systems in 5G standards to demonstrate key satellites attributes, including broadcasting, multicasting, and ubiquity and global mobile connectivity. According to GSMA, 4G & 5G mobile connections are expected to increase from 29% to 67% of total connections for the period from 2017 to 2025.

•

Mobility applications, such as maritime communications and aeronautical broadband services for commercial and government applications, are fueling demand for mobile connectivity. Commercial applications, such as broadband services for consumer air flights and cruise ships, as well as broadband requirements from the maritime commercial shipping and oil and gas sectors, provide increased demand for satellite-based services. The increasing demand for global broadband connectivity on commercial airlines is a key driver of satellite connectivity and services. 78% of North American aircraft provide in-flight entertainment and wi-fi services, while about 13% of Europe, Africa, Asia Pacific and South America aircraft were connected in 2018, according to Valour Consultancy and Boeing. Global satellite services revenue related to demand for broadband mobility applications from land, aeronautical and maritime is expected to grow at a CAGR of 20% for the period from 2018 to 2023, according to NSR.

•	Globalization of economic activities is increasing the geographic expansion of corporations and the communications networks that support them, while creating new audiences for content. Globalization also increases the communications requirements for governments supporting embassy and military applications.

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The emergence of new content consumers resulting from economic growth in developing regions leads to increased demand for free-to-air and pay-TV content. According to NSR, the highest expected growth in television channels is from developing regions, including Latin America at a CAGR of 2.8%, Middle East and North Africa at 2.7%, Sub-Saharan Africa at 4.6%, and Asia Pacific at 2.5% for the period from 2018 to 2023, respectively.

•

Proliferation of formats and new sources of entertainment content result in increased bandwidth requirements, as content owners seek to maximize distribution to multiple viewing audiences across multiple technologies. HDTV, the introduction of ultra-high definition (“UHD”) television, internet distribution of traditional television programming known as “Over the Top” or “OTT”, and video to mobile devices are all examples of the expanding format and distribution requirements of media programmers, the implementation of which varies greatly from developed to

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Connected Devices and vehicles, such as those contemplated by machine-to-machine communications, the IoT and other future technology trends, will require ubiquitous coverage that might be best provided by satellite technology for certain applications in certain regions, and also for applications where ubiquitous, global access is required, such as enabling software downloads for connected cars marketed by the automotive sector or for the operations of connected vehicles, such as in agriculture applications. This represents an important potential source of longer-term demand.

(1)	Dollars in millions; backlog as of December 31, 2018.

(2)	Does not include satellite-related services and other.

(3)	Includes $3 million of ASC 606 adjustments.

(4)	Includes $67 million of ASC 606 adjustments.

(5)	Includes $33 million of ASC 606 adjustments.

•	Transponder services

•	Managed services

•	Transponder services

•	Mobile satellite services and other

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•	Our fleet hosts 37 premium video neighborhoods, offering programmers superior audience penetration, with 10 serving North America, nine serving Latin America, eight serving Africa and the Middle East, six serving Asia and four serving Europe;

•	We are a leading provider of services used in global content distribution to media customers, according to Euroconsult. Our top 10 video distribution customers buy service on our network, on average, across three or more geographic regions, demonstrating the value provided by the global reach of our network;

•

We believe that we are the leading provider of satellite service capacity for the distribution of cable television programming in North America, with thousands of cable headends pointed to our satellites. Our Galaxy 13 satellite provided the first HD neighborhood in North America, and today, our Galaxy fleet distributes over 350 HD channels; globally, we distribute over 5,400 TV channels, including approximately 1,350 HD channels;

•	We are a leading provider of satellite services for DTH providers, supporting 29 DTH platforms around the world, including AT&T DIRECTV in Latin America, Orion Express in Russia, Telefonica in Brazil, MultiChoice in Africa, and Canal+ in multiple regions;

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We are a leading provider of services used in video contribution managed occasional use services, supporting coverage of major events for news and sports organizations, according to Euroconsult. For instance, we have carried programming on a global basis for every Olympiad since 1968, including use of our Intelsat 29e satellite for transmission of certain programming for the 2016 Olympics in Rio de Janeiro, Brazil; and

•

In its 2018 study, NSR forecasted that the number of SD, HD, and UHD television channels distributed worldwide for cable, broadcast and DTH is expected to grow at a CAGR of 2% for the period from 2018 to 2023. According to NSR, the highest expected growth in television channels is from developing regions, including Latin America at a CAGR of 2.8%, Middle East and North Africa at 2.7%, Sub-Saharan Africa at 4.6%, and Asia Pacific at 2.5% for the period from 2018 to 2023, respectively.

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•	Our largest network services customer type is enterprise networking. We are the world’s largest provider of satellite capacity for satellite-based private data networks, including VSAT networks, according to Euroconsult;

•	The second largest and fastest growing customer type in our network services business is mobility services for the aeronautical and maritime sectors. We believe we hold a leading share of the aeronautical broadband services powering in-flight passenger connectivity. FSS revenue growth related to capacity demand for broadband aeronautical

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We are the leader in the provision of FSS bandwidth for maritime broadband connectivity. FSS VSAT terminal related to capacity demand for maritime broadband services (excluding MSS) is expected to grow at a CAGR of 15% for the period from 2018 to 2023. Of the world’s largest cruise vessels, Intelsat’s services are incorporated in the broadband infrastructure for over 80% of approximately 300 ships, in substantially all cases as the exclusive or primary source of satellite services;

•

Infrastructure for wireless operator services represents our third largest network services customer type. We believe we are the leading provider of satellite capacity for cellular backhaul applications in emerging regions, connecting cellular towers to the global telecommunications network, a global sector expected to generate over $1 billion in revenue in 2019, according to NSR. Approximately 100 of our customers use our satellite-based backhaul services as a core component of their network infrastructure due to unreliable or non-existent terrestrial infrastructure. Our cellular backhaul customers include 6 of the top 10 mobile groups worldwide, which serve a quarter of the world’s subscribers, excluding China;

•

Approximately 135 value-added network operators use our IntelsatOne broadband hybrid infrastructure to deliver their regional and global services. Applications for these services include corporate networks for multinationals, internet access and broadband for maritime and commercial aeronautical applications. C, Ku, Ka-band and HTS revenue from capacity demand for mobility applications is expected to grow at a CAGR of 20% for the period from 2018 to 2023, according to NSR; and

•	The fixed enterprise VSAT sector (excluding all non-GEO HTS bandwidth) is expected to generate capacity revenues of approximately $2.3 billion in 2019, and capacity revenues are expected to grow at a CAGR of 10% from 2018 to 2023, according to NSR.

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We are increasing our focus on managed services for government applications, simplifying the use of high throughput services. In 2018, we introduced a global managed end-to-end service providing cost-effective, high-performance, in-flight broadband connectivity to a wide range of military aircraft. The service, branded FlexAir, supports en route communications and intelligence, surveillance, and reconnaissance (ISR) applications, as well as in-flight communications for government officials, troops, and cargo aircraft. Expanding our marketing capabilities, we also announced the signing of two distributors with expertise in the government aeronautical sector.

•

The reliability and scale of our fleet and planned launches of new and replacement satellites allow us to address changing demand for satellite coverage and to provide mission-critical communications capabilities. For example, in 2018, we were awarded a hosted payload contract that will support aviation navigation systems for the U.S. Federal Aviation Administration ("FAA"). The payload will be part of the FAA’s Wide Area Augmentation System ("WAAS") that corrects and enhances information provided by Global Positioning System ("GPS") satellites to give commercial and civilian pilots more precise approach and departure guidance. WAAS provides safety improvements in the National Air Space and has been operational since 2003. This hosted payload, known as Geostationary Earth Satellite (GEO) 7, is the seventh payload delivering a continuous and robust signal in space across the contiguous United States and Alaska. This payload is part of an ongoing WAAS constellation replenishment/sustainment effort by the FAA.

•	The U.S. government and military is one of the largest users of commercial satellites for U.S. government and military applications on a global basis. In 2018, we served approximately 100 customers consisting of U.S. government customers, resellers to U.S. government customers or integrators.

•	According to a study by NSR, global revenue from FSS used for U.S. government and military applications is expected to grow at a CAGR of 5.3% for the period from 2018 to 2023.

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•	Our global footprint, which is essential given that the fastest growing applications, such as mobility and upcoming 5G deployments, require ubiquitous, consistent network performance;

•	Operating scale, with service delivery in over 200 countries and territories, which is important to new opportunities, such as connected car, machine-to-machine, land mobility and government, where service providers will look for global access. The ability to serve these applications on a global basis creates new satellite-based communication solutions with multi-billion dollar revenue potential;

•	Our innovative technology, which is already in-orbit and gained further depth and resilience as we completed our current high-throughput investment program in 2018, together with our expertise in integrating this new technology into network solutions, providing our customers first-to-market advantage and experience; and

•	Our portfolio of spectrum rights, which provides unmatched flexibility and agility as we look at new opportunities.

•	Drive stability in our core business, employing a disciplined yield management approach and emphasizing the development of strong distribution channels for our four primary customer sets of broadband, mobility, media and government;

•	Scale our differentiated managed service offerings in targeted growth verticals in broadband, mobility, media and government, leveraging the global footprint, higher performance and better economics of our Intelsat EpicNG fleet and the flexibility of our innovative terrestrial network; and

•	Innovate through targeted investments and partnerships to develop a standards-based ecosystem that will provide a seamless interface with low earth orbit technologies and the broader telecommunications ecosystem.

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•	Providing network infrastructure for 2G/3G/4G/5G wireless in developing regions;

•	Providing signal ubiquity in support of 5G services globally;

•	Providing broadband connectivities that enable non-traditional telecommunications providers to deliver wi-fi services in underserved regions;

•	Providing flexible broadband services for enterprise networks and for commercial and government-related aeronautical, maritime and other mobile applications, and using our high-throughput platform and global footprint to provide differentiated services;

•	Optimizing content distribution networks that support UHD, OTT programming and other multiscreen viewing applications; and

•	Providing ubiquitous broadband for global deployment of connected devices, such as the connected car, and the continuing formation of the IoT.

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Lower overall capital intensity and improve cost effectiveness through innovation emphasis on software-defined infrastructure and encouraging a standards-based ecosystem built on widely adopted technologies, including the 3GPP standards. We will enhance our space and terrestrial infrastructure with platforms that are software defined and less expensive to manufacture resulting in faster deployments and mission flexibility; and

•	Maximize the value of our spectrum rights, using strategic alliances to deliver on our market-based proposal to the U.S. Federal Communications Commission (“FCC”) that addresses the need for mid-band spectrum in the U.S. to fuel adoption of 5G, while also protecting and maintaining the essential services we provide in the mid-band today.

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•	Prime orbital locations, reflecting a valuable portfolio of coordinated fixed satellite spectrum rights;

•	Highly reliable services, including transponder availability of 99.997% on all satellites for the year ended December 31, 2018;

•	Flexibility to relocate satellites to other orbital locations as we manage fleet replacement, demand patterns change or in response to new customer requirements;

•	Design features and steerable beams on many of our satellites that enable us to reconfigure capacity to provide different areas of coverage; and

•	Resilience, with multiple satellites serving each region, allowing for improved restoration alternatives should a satellite anomaly occur.

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(1)	Engineering estimates of the service life as of December 31, 2018 as determined by remaining fuel levels, consumption rates and other considerations (including power) and assuming no relocation of the satellite. Such estimates are subject to change based upon a number of factors, including updated operating data from manufacturers.

(2)	Primary orbital roles are those that are populated with station-kept satellites, generally, but not always, in their initial service positions, and where our general expectation is to provide continuity of service over the long-term.

(3)	Lockheed Martin Corporation.

(4)	Boeing Satellite Systems, Inc., formerly Hughes Aircraft Company.

(5)	Space Systems/Loral, LLC (“SSL”).

(6)	EchoStar Communications Corporation owns all of this satellite’s Ku-band transponders and a portion of the common elements of the satellite.

(7)	Horizons Satellite Holdings, LLC (“Horizons Holdings”), our joint venture with JSAT International, Inc. (“JSAT”), owns and operates the Ku-band payload on this satellite. We are the exclusive owner of the C-band payload.

(8)	Telenor owns 18 Ku-band transponders (measured in equivalent 36 MHz transponders) on this satellite. EADS Astrium was renamed AIRBUS Defence & Space.

(9)	Northrop Grumman Innovation Systems ("NGIS").

(10)	Thales Alenia Space.

(11)	Horizons Holdings owns the payload on this satellite and we operate the payload for the joint venture.

(12)	Intelsat 28 was formerly known as Intelsat New Dawn.

(13)	Intelsat 22 includes a UHF payload owned by the Australian Defence Force.

(14)	Horizons-3 Satellite LLC, our joint venture with JSAT, owns and operates this satellite. Horizons 3e entered into service in Q1 2019.

(15)	Intelsat 1W refers to a Ku-band payload on Thor 6, a satellite operated by Telenor.

(16)	Intelsat 32e refers to an HTS Ku-band payload we operate on a satellite also known as Sky Brasil 1.

(17)	Intelsat 38 refers to a Ku-band payload on Azerspace-2, a satellite operated by Azercosmos. Intelsat 38 entered into service in Q1 2019.

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•	C-band—low power, broad beams requiring use of relatively larger antennae, valued as spectrum least susceptible to transmission impairments such as rain;

•	Ku-band—high power, narrow to medium size beams facilitating use of smaller antennae favored by businesses; and

•	Ka-band—very high power, very narrow beams facilitating use of very small transmit/receive antennae, but somewhat less reliable due to high transmission weather-related impairments. The Ka-band is utilized for various applications, including consumer broadband services.

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•	designated reserve transponders on the satellite or other on-board backup systems or designed-in redundancies,

•	an in-orbit spare satellite, or

•	interim restoration capacity on other satellites.

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•	failure of the on-board SCP in Boeing 601 (“BSS 601”) satellites;

•	failure of the on-board XIPS used to maintain the in-orbit position of Boeing 601 High Power Series (“BSS 601 HP”) satellites;

•	accelerated solar array degradation in early Boeing 702 High Power Series (“BSS 702 HP”) satellites; and

•	failure of gyroscopes on certain SSL satellites.

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•	satellite anomalies, such as a partial or full loss of power;

•	under-performance of an asset as compared to expectations; and

•	shortened useful lives due to changes in the way an asset is used or expected to be used.

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•	Growth in demand from wireless telecommunications companies seeking to complete or enhance broadband infrastructure, particularly those operating in developing regions or regions with geographic challenges;

•	Growth in demand for broadband connectivity for enterprises and government organizations, providing fixed and mobile services and value-added applications on a global basis;

•	Lower overall pricing for satellite-based services, resulting from oversupply of wide beam capacity or due to introduction of high throughput technology, which is designed to achieve a lower cost per unit;

•	Lower demand for satellite-based solutions, resulting from fiber substitution;

•	Satellite capacity needed to provide broadband connectivity for mobile networks on ships, planes and oil and gas platforms;

•	Global demand for television content in standard, HD and UHD television formats, which uses our satellite network and IntelsatOne® terrestrial services for distribution, in some regions offset by next generation compression technologies;

•	Increased popularity of OTT content distribution, which will increase the demand for broadband infrastructure in the developing world, but could decrease demand in developed markets over the mid to long-term as niche and ethnic programming transitions from satellite to internet distribution;

•	Use of commercial satellite services by governments for military and other operations, which has partially slowed as a result of the tempo of military operations and recent changes in the U.S. budget; and

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Our use of third-party or off-network services to satisfy government demand for capacity not available on our network. These services are low risk in nature, with no required up-front investment and terms and conditions of the procured capacity which typically match the contractual commitments from our customers. Demand for certain of these off-network services has declined with reductions in troop deployment in regions of conflict.

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Transponder services—an aggregate increase of $26.9 million, of which $95.0 million is attributable to ASC 606 adjustments. Excluding the impact of ASC 606 adjustments, the resulting decrease of $68.1 million was primarily due to a $35.0 million net decrease in revenue from network services customers and a $27.9 million decrease from media customers. The decrease in network services revenue was mainly due to declines for wide-beam wireless infrastructure and enterprise services due to non-renewals, renewals at lower pricing, and service contractions, partially offset by increases for maritime and aeronautical mobility applications. The decrease in media revenue was mainly due to non-renewals and pricing declines largely in the North America region.

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Managed services—an aggregate decrease of $18.9 million, inclusive of an increase of $6.7 million attributable to ASC 606 adjustments. Excluding the impact of ASC 606 adjustments, the resulting decrease of $25.6 million was largely due to a decrease of $12.7 million in revenue from media customers mainly due to advanced payments forfeited and fees related to a partial customer contract termination in 2017 with no comparable amounts in 2018, non-renewals related to managed video solutions, and a decline in managed media occasional use services. Revenue from network services customers decreased by $9.1 million, relating to point-to-point trunking applications that are switching to fiber alternatives, and revenue for managed network applications from our government customers decreased by $7.6 million largely in connection with a previously disclosed termination of a maritime contract. These declines were partially offset by a $6.0 million increase in revenue from network services customers largely related to mobility applications.

•	Channel—an aggregate decrease of $1.2 million related to a continued decline due to the migration of international point-to-point satellite traffic to fiber optic cable, a trend we expect will continue.

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Transponder, MSS and other off-network services—an aggregate increase of $8.3 million, of which $1.4 million is attributable to ASC 606 adjustments. Excluding the impact of ASC 606 adjustments, the resulting increase of $7.0 million was primarily due to growth in revenue from third-party applications in support of government customers and an increase in managed services revenue from network services and media customers.

•	Satellite-related services—an aggregate decrease of $2.6 million, inclusive of an increase of $0.1 million attributable to ASC 606 adjustments. Excluding the impact of ASC 606 adjustments, the resulting decrease of $2.8 million reflects decreased revenues from professional services supporting third-party satellites and government customers.

•	an increase of $8.8 million largely due to higher cost of sales for customer premise equipment and higher third-party costs for off-network services; and

•	an increase of $4.7 million in staff-related expenses; partially offset by

•	a decrease of $2.9 million primarily driven by lower expenses related to ground network enhancements for our media business;

•	a decrease of $2.0 million in satellite-related insurance costs; and

•	a decrease of $1.4 million in licenses and fees.

•	a decrease of $8.9 million in staff-related expenses due to share-based compensation; and

•	a decrease of $1.4 million in sales and marketing expenses; partially offset by

•	an increase of $3.3 million in bad debt expense primarily due to settlement of a delinquent account in 2017; and

•	an increase of $1.8 million in operating tax expenses mainly due to higher property taxes.

•	a decrease of $72.1 million in depreciation expense due to the timing of certain satellites becoming fully depreciated, and other satellite related expenses; and

•	a decrease of $3.8 million in amortization expense primarily due to changes in the pattern of consumption of amortizable intangible assets, as these assets primarily include acquired backlog, which relates to contracts covering varying periods that expire over time, and acquired customer relationships, for which the value diminishes over time; partially offset by

•	an increase of $45.2 million in depreciation expense resulting from the impact of satellites placed in service; and

•	an increase of $10.5 million in depreciation expense resulting from the impact of certain ground segment and building segment assets placed in service.

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•	an increase of $116.3 million primarily related to the significant financing component identified in customer contracts in accordance with ASC 606;

•	an increase of $68.4 million primarily driven by our new debt issuances and amendments with higher interest rates, partially offset by certain debt repurchases and exchanges in 2018; and

•	an increase of $26 million from lower capitalized interest, primarily resulting from decreased levels of satellites and related assets under construction; partially offset by

•	a decrease of $15.4 million corresponding to the increase in fair value of the interest rate cap contracts.

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Transponder services-an aggregate decrease of $17.7 million, primarily due to a $54.6 million decrease in revenue from network services customers, partially offset by a $33.6 million increase in revenue from media customers and a $3.3 million increase in revenue from government customers. The network services decline was mainly due to non-renewals and renewal pricing at lower rates for wide-beam enterprise and wireless infrastructure services. The network services decline also reflects non-renewals of point-to-point connectivity, which is shifting to fiber alternatives. The

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Managed services-an aggregate decrease of $2.6 million, primarily due to a decrease of $13.9 million in revenue from network services customers largely for point-to-point trunking applications which are switching to fiber alternatives, a decrease of $12.4 million in revenue from our government customers for managed services largely related to government trunking and managed network applications related to a previously disclosed termination of a maritime contract, and a $4.1 million decrease in occasional use video services. These declines were partially offset by an increase of $22.5 million in revenue from network services customers for broadband solutions largely related to maritime and aeronautical mobility applications and a $6.6 million increase in managed video solutions in large part due to advanced payments forfeited and fees paid by a customer upon partial termination of services.

•	Channel-an aggregate decrease of $3.7 million related to a continued decline due to the migration of international point-to-point satellite traffic to fiber optic cable, a trend we expect will continue.

•	Transponder, MSS and other off-network services-an aggregate decrease of $15.4 million, primarily due to the previously disclosed termination of a maritime government contract, partially offset by increased revenue from services provided for a media customer on a third-party satellite.

•	Satellite-related services-remained effectively unchanged from the prior year.

•	a decrease of $22.2 million largely due to lower cost of sales for customer premises equipment and lower third-party costs for off-network services associated with our government business; and

•	a decrease of $7.6 million in staff-related expenses; partially offset by

•	an increase of $7.0 million due to increases in direct costs associated with capacity provided through an Intelsat payload on a third-party satellite.

•	a decrease of $28.7 million in bad debt expense primarily related to two customers in the Latin America and Caribbean region; and

•	a decrease of $14.2 million in staff-related expenses; partially offset by

•	an increase of $19.0 million in professional fees primarily due to our liability management initiatives and costs associated with a proposed merger that was later terminated.

•	an increase of $83.3 million in depreciation expense resulting from the impact of satellites placed in service; and

•	an increase of $8.2 million in depreciation expense resulting from the impact of certain ground segment assets placed in service; partially offset by

•	a decrease of $72.6 million in depreciation expense due to the timing of certain satellites becoming fully depreciated, and other satellite related expenses; and

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•	a decrease of $6.2 million in amortization expense primarily due to changes in the pattern of consumption of amortizable intangible assets, as these assets primarily include acquired backlog, which relates to contracts covering varying periods that expire over time, and acquired customer relationships, for which the value diminishes over time.

•	a net increase of $44.3 million in interest expense primarily driven by our new debt issuances with higher interest rates, partially offset by certain debt repurchases and exchanges in 2016 and 2017; and

•	a net increase of $35.3 million from lower capitalized interest, primarily resulting from decreased levels of satellites and related assets under construction.

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(1)	Interest expense, net for the twelve months ended December 31, 2018 includes $116,190 related to the significant financing component identified in customer contracts in accordance with ASC 606.

(2)	Includes a provision of $43,349 for the twelve months ended December 31, 2018 related to the adoption of ASC 606 and implementation of the 2018 Internal Reorganization.

(3)

Includes $103,207 of revenue relating to the significant financing, multi-product, and contract modification components identified in customer contracts for the twelve months ended December 31, 2018, operating expense adjustments of $1,028 for the twelve months ended December 31, 2018, and adjustments of $788 to other income, net for the twelve months ended December 31, 2018, in accordance with the adoption of ASC 606.

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(1)	Interest expense, net for the twelve months ended December 31, 2018 includes $116,190 related to the significant financing component identified in customer contracts in accordance with ASC 606.

(2)	Includes a provision of $43,349 for the twelve months ended December 31, 2018 related to the adoption of ASC 606 and implementation of the 2018 Internal Reorganization.

(3)	Reflects non-cash expenses incurred relating to our equity compensation plans.

(4)

Reflects certain non-recurring gains and losses and non-cash items, including the following: professional fees related to our liability and tax management initiatives; costs associated with our C-band spectrum solution proposal; severance, retention and relocation payments; and other various non-recurring expenses. These costs were partially offset by non-cash income related to the recognition of deferred revenue on a straight-line basis for certain prepaid capacity service contracts.

(5)

Includes $103,207 of revenue relating to the significant financing, multi-product, and contract modification components identified in customer contracts for the twelve months ended December 31, 2018, operating expense adjustments of $1,028 for the twelve months ended December 31, 2018, and adjustments of $788 to other income, net for the twelve months ended December 31, 2018, in accordance with the adoption of ASC 606.

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(1)

Obligations related to our pension and postretirement medical benefit obligations are excluded from the table. We maintain a noncontributory defined benefit retirement plan covering substantially all of our employees hired prior to July 19, 2001. We expect that our future contributions to the defined benefit retirement plan will be based on the minimum funding requirements of the Internal Revenue Code and on the plan’s funded status. The impact on the funded status is determined based upon market conditions in effect when we completed our annual valuation. In the first quarter of 2015, we amended the defined benefit retirement plan to cease the accrual of additional benefits for the remaining active participants effective March 31, 2015. We anticipate that our contributions to the defined benefit retirement plan in 2019 will be approximately $5.1 million. We fund the postretirement medical benefits throughout the year based on benefits paid. We anticipate that our contributions to fund postretirement medical benefits in 2019 will be approximately $3.1 million. See Note 7—Retirement Plans and Other Retiree Benefits to our consolidated financial statements included elsewhere in this Annual Report.

(2)	Represents estimated interest payments to be made on our fixed and variable rate debt. Interest payments for variable rate debt and incentive obligations have been estimated based on the current interest rates.

(3)	See Note 10(b)—Investments—Horizons-3 Satellite LLC.

(4)	Includes satellite construction and launch contracts, estimated payments to be made on performance incentive obligations related to certain satellites that are currently under construction, vendor contracts and customer commitments.

(5)	Represents satellite performance incentive obligations related to satellites that are in service (and interest thereon).

(6)	The timing of future cash flows from income tax contingencies cannot be reasonably estimated and therefore is reflected in the other column. See Note 14—Income Taxes to our consolidated financial statements included elsewhere in this Annual Report for further discussion of income tax contingencies.

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•	609 employees in engineering, operations and related information systems;

•	194 employees in finance, legal and other administrative functions;

•	298 employees in sales, marketing and strategy; and

•	86 employees in support of government sales and marketing.

•	each person known by us to beneficially own 5% or more of our outstanding common shares;

•	each of our directors;

•	each executive officer, subject to permitted exceptions; and

•	all directors and executive officers as a group.

(1)	The amounts and percentages of our common shares beneficially owned are reported on the basis of regulations of the U.S. Securities and Exchange Commission (the “SEC”) governing the determination of beneficial ownership of

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(2)

The common shares beneficially owned by Serafina S.A. are also beneficially owned by the limited partnerships comprising the fund commonly known as BC European Capital VIII, BC European Capital—Intelsat Co-Investment and BC European Capital—Intelsat Co-Investment 1. CIE Management II Limited is the general partner of, and has investment control over the shares beneficially owned by, each of the limited partnerships comprising the BC European Capital VIII fund that are domiciled in the United Kingdom, BC European Capital—Intelsat Co-Investment, and BC European Capital—Intelsat Co-Investment 1 (collectively, the “CIE Funds”). CIE Management II Limited may, therefore, be deemed to have shared voting and investment power over the common shares beneficially owned by each of the CIE Funds. LMBO Europe SAS is the Geŕant of, and has investment control over the shares beneficially owned by, each of limited partnerships comprising the BC European Capital VIII fund that are domiciled in France (collectively, the “LMBO Funds”). LMBO Europe SAS may, therefore, be deemed to have shared voting and investment power over the common shares beneficially owned by each of the LMBO Funds. Because each of CIE Management II Limited and LMBO Europe SAS is managed by a board of directors, no individuals have ultimate voting or investment control for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Act”), over the shares that may be deemed beneficially owned by CIE Management II Limited or LMBO Europe SAS. The address of Serafina S.A. is 29, avenue de la Porte Neuve, L-2227 Luxembourg. The address of CIE Management II Limited and the CIE Funds is Heritage Hall, Le Marchant Street, St. Peter Port, Guernsey, GY1 4HY, Channel Islands and the address of LMBO Europe SAS and the LMBO Funds is 58-60 Avenue Kleber, Paris, France 75116.

(3)

The common shares held of record by SLP III Investment Holding S.à r.l. are beneficially owned by its shareholders Silver Lake Partners III, L.P. (“SLP”) and Silver Lake Technology Investors III, L.P. (“SLTI”). Silver Lake Technology Associates III, L.P. (“SLTA”) serves as the general partner of each of SLP and SLTI and may be deemed to beneficially own the shares directly owned by SLP and SLTI. SLTA III (GP), L.L.C. (“SLTA GP”) serves as the general partner of SLTA and may be deemed to beneficially own the shares directly owned by SLP and SLTI. Silver Lake Group, L.L.C. (“SLG”) serves as the managing member of SLTA GP and may be deemed to beneficially own the shares directly owned by SLP and SLTI. The address for each of SLP, SLTI, SLTA, SLTA GP and SLG is 2775 Sand Hill Road, Suite 100, Menlo Park, CA 94025.

(4)

Based on the most recently available Schedule 13G/A filed with the SEC on February 14, 2019 by PointState Capital LP (“PointState”), PointState reports that it serves as the investment manager to SteelMill Master Fund LP (“SteelMill”), PointState Holdings LLC (“PointState Holdings”) serves as the general partner of SteelMill, PointState Capital GP LLC (“PointState GP”) serves as the general partner of PointState, and Zachary J. Schreiber (“Mr. Schreiber”) serves as managing member of PointState GP and PointState Holdings. PointState reports that SteelMill, PointState Holdings, PointState, PointState GP and Mr. Schreiber (collectively, the “Reporting Persons”) filed a Schedule 13G/A jointly with respect to the same securities as contemplated by Rule 13d-1(k)(1) under the U.S. Securities Exchange Act of 1934 (the “Exchange Act”), and not as members of a group. PointState further reports that PointState, as investment manager to SteelMill, and Mr. Schreiber, as managing member of PointState GP and PointState Holdings, may be deemed to beneficially own, within the meaning of Section 13(d) of the Exchange Act and the rules and regulations thereunder, the common shares of Intelsat S.A. held directly by SteelMill. The address of each of the Reporting Persons is care of PointState Capital LP, 40 West 57th Street, 25th Floor, New York, New York 10019.

(5)	Includes common shares held by McGlade Investments II, LLC, the Article 4 Family Trust U/T David McGlade 2009 GRAT and the David P. McGlade Declaration of Trust. Mr. McGlade exercises voting power over a total of 2,497,181 common shares. Mr. McGlade also holds restricted share units and options entitling him to receive or purchase 2,040,612 common shares within sixty days of February 12, 2019.

(6)	Mr. Spengler exercises voting power over 581,913 common shares and holds restricted share units and options entitling him to receive or purchase 858,250 common shares within sixty days of February 12, 2019. A portion of these shares, restricted share units and options is subject to vesting and other restrictions.

(7)	Ms. Bryan exercises voting power over 97,450 common shares and holds restricted share units and options entitling her to receive or purchase 231,250 common shares within sixty days of February 12, 2019. A portion of these restricted share units and options is subject to vesting and other restrictions.

(8)	Mr. DeMarco exercises voting power over 30,000 shares and holds restricted share units and options entitling him to receive or purchase 121,500 common shares within sixty days of February 12, 2019. A portion of these shares, restricted share units and options is subject to vesting and other restrictions.

(9)	Mr Halawi exercises voting power over 6,573 shares and holds restricted share units and options entitling him to receive or purchase 25,000 shares within 60 days of February 12, 2019. A portion of these restricted share units and options is subject to vesting and other restrictions.

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(10)	Mr. Kerrest exercises voting power over 207,709 shares and holds restricted share units and options entitling him to receive or purchase 533,500 common shares within sixty days of February 12, 2019. A portion of these restricted share units and options is subject to vesting and other restrictions.

(11)	Directors and executive officers as a group exercise voting power over 3,621,186 common shares and hold restricted share units and options entitling them to receive or purchase 3,810,112 common shares within sixty days of February 12, 2019 under applicable vesting schedules.

(12)

Under our Governance Agreement and Shareholders Agreement, Serafina S.A. currently has the right to nominate two directors for election to our board of directors and Serafina S.A., Silver Lake entities and Mr. McGlade and his affiliated trusts and entities have certain drag along and tag along rights. As a result, Serafina S.A. and certain related parties named in footnote (2) above, SLP III Investment Holdings S.à r.l. and certain related parties named in footnote (3) above and David McGlade may be deemed to constitute a “group” that beneficially owns approximately 52.6% of our common shares for purposes of Section 13(d)(3) of the Act. Each of Serafina S.A., SLP III Investment Holdings S.à r.l., their respective related parties and David McGlade disclaim beneficial ownership of any common shares held by each other.

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•	RSUs which vest based on continued service or achievement of one or more long-term performance and financial metrics over one to three years; and

•	options to purchase common shares at exercise prices of $3.29 per share and $3.77 per share, which are fully vested or vest based on continued service over 2 to 3 years and expire on the 10th anniversary of the date of grant.

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•	incur additional debt or issue disqualified or preferred stock;

•	pay dividends or repurchase shares of Intelsat Jackson or any of its parent companies;

•	make certain investments;

•	enter into transactions with affiliates;

•	merge, consolidate and sell assets; and

•	incur liens on any of their assets securing other indebtedness, unless the applicable notes are equally and ratably secured.

•	default in payments of interest after a 30-day grace period or a default in the payment of principal when due;

•	default in the performance of any covenant in the indenture that continues for more than 60 days after notice of default has been provided to the issuer;

•	failure to make any payment when due, including applicable grace periods, under any indebtedness for money borrowed by Intelsat Luxembourg, ICF, Intelsat Jackson or a significant subsidiary thereof having a principal amount in excess of $75 million;

•	the acceleration of the maturity of any indebtedness for money borrowed by Intelsat Luxembourg, ICF, Intelsat Jackson or a significant subsidiary thereof having a principal amount in excess of $75 million;

•	insolvency or bankruptcy of Intelsat Luxembourg, ICF, Intelsat Jackson or a significant subsidiary thereof; and

•	failure by Intelsat Luxembourg, ICF, Intelsat Jackson or a significant subsidiary thereof to pay final judgments aggregating in excess of $75 million, which are not discharged, waived or stayed for 60 days after the entry thereof.

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•	Level 1—unadjusted quoted prices for identical assets or liabilities in active markets;

•	Level 2—quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted market prices that are observable or that can be corroborated by observable market data by correlation; and

•	Level 3—unobservable inputs based upon the reporting entity’s internally developed assumptions which market participants would use in pricing the asset or liability.

(1)	Leasehold improvements are depreciated over the shorter of the useful life of the improvement or the remaining lease term.

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•	satellite anomalies, such as a partial or full loss of power;

•	under-performance of an asset compared to expectations; and

•	shortened useful lives due to changes in the way an asset is used or expected to be used.

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(1)	The total vested RSUs includes 1,025 RSUs that were vested in prior years but settled in 2018.

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(1)	The valuation measurement inputs of these marketable securities represent unadjusted quoted prices in active markets and, accordingly, we have classified such investments within Level 1 of the fair value hierarchy. The cost basis of our marketable securities was $4.7 million at December 31, 2017 and $4.6 million at December 31, 2018. We sold

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(2)

The valuation of our interest rate derivative instruments reflects the fair value of premiums paid, taking into account observable inputs including current interest rates, the market expectation for future interest rates volatility and current creditworthiness of the counterparties. As a result, we have determined that our derivative valuations in their entirety are classified within Level 2 of the fair value hierarchy.

(3)	We valued the warrant using a valuation technique which reflects the risk free rate, time to maturity and volatility of comparable companies. We identified the inputs used to calculate the fair value as Level 3 inputs and concluded that the valuation in its entirety was classified as Level 3 within the fair value hierarchy.

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(1)	US large cap equity fund invests primarily in a portfolio of common stocks included in the S&P 500 Index, as well as other equity securities and derivative instruments whose value is derived from the performance of the S&P 500.

(2)

The US small/mid cap equity includes the U.S. Small/Mid Cap Equity Fund and the Extended Market Index Fund. The U.S. Small/Mid Cap Equity Fund will invest primarily in U.S. small- and mid-cap stocks with market capitalization ranges similar to those found in the FTSE Russell 2500 Index. The Extended Markets Index Fund aims to produce investment results that correspond to the performance of the FTSE/Russell Small Cap Completeness Index.

(3)	World equity ex-US fund invests primarily in common stocks and other equity securities whose issuers comprise a broad range of capitalizations and are located outside of the U.S. The fund invests primarily in developed countries but may also invest in emerging markets.

(4)

The Long Duration Bond Fund will invest primarily in long-duration government and corporate fixed income securities and use derivative instruments (including interest rate swaps and Treasury futures contracts) for the purpose of managing the overall duration and yield curve exposure of the Fund's portfolio. Short duration bond fund includes the Opportunistic Income fund and the Limited Duration Bond Fund.

(5)	High yield bond fund seeks to maximize return by investing primarily in a diversified portfolio of higher yielding, lower rated fixed income securities. The fund will invest primarily in securities rated below investment grade, including corporate bonds, convertible and preferred securities and zero coupon obligations.

(6)	Emerging markets debt fund seeks to maximize return investing in fixed income securities of emerging markets issuers. The fund will invest primarily in U.S. dollar denominated debt securities of government, government-related and corporate issuers in emerging market countries, as well as entities organized to restructure the outstanding debt of such issuers.

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(7)

Hedge fund seeks to provide returns that are different from (less correlated with) investments in more traditional asset classes. The fund will pursue its investment objective by investing substantially all of its assets in various hedge funds. The fund has semi-annual redemptions in June and December with a 95 days pre-notification period, and a two year lock-up on all purchases which have expired.

(8)

Core property fund is a fund of funds that invests in direct commercial property funds primarily in the U.S. The fund is meant to provide current income-oriented returns, diversification, and modest inflation protection to an overall investment portfolio. Total returns are expected to be somewhere between stocks and bonds, with moderate volatility and low correlation to public markets. The fund has quarterly redemptions with a 95 days pre-notification period, and no lock-up period.

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(1)	See Note 2—Significant Accounting Policies and Note 14—Income Taxes

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(1)	Net of accumulated impairment losses of $4,160,200.

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(1)	See Note 10(b)—Investments—Horizons-3 Satellite LLC.

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(1)

Our quarterly revenue and operating income (loss) are generally not impacted by seasonality, as customer contracts for satellite utilization are generally long-term. Revenue increases are attributable to ASC 606 adjustments. Excluding the impact of ASC 606 adjustments, revenue declines were primarily due to a decrease in revenue from our network services customers, mainly due to declines for enterprise services, wireless infrastructure and point-to-point trunking applications, as well as a decrease in revenue from media customers. These declines were partially offset by an increase in revenue from our network services customers for maritime and mobility applications and an increase in revenue from off-network and third party applications.

(2)	Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share.

(3)	As a result of our adoption of ASU 2017-07 on January 1, 2018, the Company reclassified a net credit for pension and postretirement benefits from operating expenses to other income for the quarters within 2017 to conform to the current year quarters' presentation. See Note 7—Retirement Plan and Other Retiree Benefits for additional details on the impact of the adoption of ASU 2017-07.

(4)	The quarter ended March 31, 2017 includes a $0.5 million gain on early extinguishment of debt related to the Second 2018 Luxembourg Exchange described above. The quarter ended September 30, 2017 includes a $4.6 million loss on early extinguishment of debt related to the July 2017 Intelsat Jackson Senior Notes Refinancing described above.

(5)

The quarter ended June 30, 2018 includes a $22.1 million gain on early extinguishment of debt related to the repurchase of the 2021 Luxembourg Notes. The quarter ended September 30, 2018 includes a $204.1 million loss on early extinguishment of debt related to the 2023 ICF Notes and the 2024 Jackson Senior Unsecured Notes. The quarter ended December 31, 2018 includes a $17.8 million loss on early extinguishment of debt related to the repurchase of the 2024 Jackson Senior Unsecured Notes and the redemption of 2021 Jackson Notes (see Note 12—Long-Term Debt).

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•	The Company has been incorporated under the name of “Intelsat Global Holdings S.A.” pursuant to a deed of Maître Henri HELLINCKX, notary with residence in Luxembourg, on July 8, 2011,

•	The articles of incorporation have been amended for the last time pursuant to a deed of Maître Edouard DELOSCH, notary with residence in Luxembourg, acting in replacement of Maître Cosita DELVAUX, notary, residing in Luxembourg, on June 21st, 2018.

•	La société a été constituée sous la dénomination de “Intelsat Global Holdings S.A.” suivant acte reçu par Maître Henri HELLINCKX, notaire de résidence à Luxembourg, en date du 8 juillet 2011,

•	Les statuts ont été modifiés pour la dernière fois suivant acte reçu Maître Edouard DELOSCH, notaire de résidence à Luxembourg, agissant en remplacement de Maître Cosita DELVAUX, notaire de résidence à Luxembourg, en date du 21 juin 2018.

•	In case of discrepancies between the English and the French text, the English version will be binding.

•	En cas de divergence entre le texte anglais et le texte français, le texte anglais fera foi.

By:/s/Sajid Ajmeri	Name: Sajid Ajmeri

By:/s/Franz Russ	Name: Franz Russ

By:	/s/Sajid Ajmeri     Name: Sajid Ajmeri Title: Vice President, Corporate & Securities & Assistant Secretary

By:	/s/Sajid Ajmeri     Name: Sajid Ajmeri Title: Vice President, Corporate & Securities & Assistant Secretary

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1.	Horizons-3 License LLC, a limited liability company organized under the laws of Delaware.

2.	Intelsat Africa (Pty) Ltd., a company organized under the laws of South Africa.

3.	Intelsat Align S.à r.l., a company organized under the laws of Luxembourg.

4.	Intelsat Alliance LP, a limited partnership organized under the laws of Delaware.

5.	Intelsat Asia Carrier Services LLC, a limited liability company organized under the laws of Delaware.

6.	Intelsat Asia (Hong Kong) Limited, a company organized under the laws of Hong Kong.

7.	Intelsat Asia Pty. Limited, a company organized under the laws of Australia.

8.	Intelsat Brasil Ltda., a company organized under the laws of Brazil.

9.	Intelsat Brasil Servicos de Telecomunicacao Ltda., a company organized under the laws of Brazil.

10.	Intelsat Canada ULC, a company organized under the laws of British Columbia.

11.	Intelsat Clearinghouse LLC, a limited liability company organized under the laws of Delaware.

12.	Intelsat Connect Finance S.A., a company organized under the laws of Luxembourg.

13.	Intelsat Cosmos OOO, a company organized under the laws of Russia.

14.	Intelsat Envision Holdings LLC, a limited liability company organized under the laws of Delaware.

15.	Intelsat Finance Bermuda Ltd., a company organized under the laws of Bermuda.

16.	Intelsat France SAS, a company organized under the laws of France.

17.	Intelsat General Communications LLC, a limited liability company organized under the laws of Delaware.

18.	Intelsat Genesis Inc., a company organized under the laws of Delaware.

19.	Intelsat Genesis GP LLC, a limited liability company organized under the laws of Delaware.

20.	Intelsat Global Sales & Marketing Ltd., a company organized under the laws of England and Wales.

21.	Intelsat Holdings LLC, a limited liability company organized under the laws of Delaware.

22.	Intelsat Holdings S.A., a company organized under the laws of Luxembourg.

23.	Intelsat Horizons-3 LLC, a limited liability company organized under the laws of Delaware.

24.	Intelsat India Private Limited, a company organized under the laws of India.

25.	Intelsat International Employment LLC, a limited liability company organized under the laws of Delaware.

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26.	Intelsat International Systems LLC, a limited liability company organized under the laws of Delaware.

27.	Intelsat Investment Holdings S.à r.l., a company organized under the laws of Luxembourg.

28.	Intelsat Investments S.A., a company organized under the laws of Luxembourg.

29.	Intelsat Ireland Operations Unlimited Company, a company organized under the laws of Ireland.

30.	Intelsat Jackson Holdings S.A., a company organized under the laws of Luxembourg.

31.	Intelsat Kommunikations GmbH, a company organized under the laws of Germany.

32.	Intelsat License Holdings LLC, a limited liability company organized under the laws of Delaware.

33.	Intelsat License LLC, a limited liability company organized under the laws of Delaware.

34.	Intelsat (Luxembourg) S.A., a company organized under the laws of Luxembourg.

35.	Intelsat Satellite Communications Limited, a company organized under the laws of Kenya.

36.	Intelsat Satellite LLC, a limited liability company organized under the laws of Delaware.

37.	Intelsat Service and Equipment LLC, a limited liability company organized under the laws of Delaware.

38.	Intelsat Subsidiary (Gibraltar) Limited, a company organized under the laws of Gibraltar.

39.	Intelsat UK Financial Services Ltd., a company organized under the laws of England and Wales.

40.	Intelsat US LLC, a limited liability company organized under the laws of Delaware.

41.	Intelsat Ventures S.à r.l., a company organized under the laws of Luxembourg.

42.	Mountainside Teleport LLC, a limited liability company organized under the laws of Delaware.

43.	PanAmSat de Mexico S de RL de CV, a company organized under the laws of Mexico.

44.	PanAmSat Europe Corporation, a corporation organized under the laws of Delaware.

45.	PanAmSat India LLC, a limited liability company organized under the laws of Delaware.

46.	PanAmSat India Marketing, L.L.C., a limited liability company organized under the laws of Delaware.

47.	PanAmSat International Holdings, LLC, a limited liability company organized under the laws of Delaware.

48.	PanAmSat International Sales LLC, a limited liability company organized under the laws of Delaware.

49.	PanAmSat Satellite Europe Limited, a company organized under the laws of England and Wales.

50.	PanAmSat Sistemas de Comunicacao DTH do Brasil Ltda., a company organized under the laws of Brazil.

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51.	Southern Satellite LLC, a limited liability company organized under the laws of Delaware.

52.	Southern Satellite License LLC, a limited liability company organized under the laws of Delaware.

53.	WP Com S de RL de CV, a company organized under the laws of Mexico.

1.	I have reviewed the Company’s Annual Report on Form 20-F for the year ended December 31, 2018 (the “Report”);

2.	Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;

3.	Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this Report;

4.	The Company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

5.	The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions):

1.	I have reviewed the Company’s Annual Report on Form 20-F for the year ended December 31, 2018 (the “Report”);

2.	Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;

3.	Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this Report;

4.	The Company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

5.	The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions):