ISCe 2005 John Stone, Jr. Director May 31, 2005

Runup to takeouts – or, how we got here FSS has always had high EBITDA margins and revenue visibility to support debt. Telecom boom produced significant infrastructure overcapacity in FSS too. Fed intervention in the credit markets produced low rates and economic recovery that collapsed credit spreads, making debt capital cheap. Low cost of debt and reduced need for CapEx begged for recapitalization. Bush tax policies made dividends more attractive.

FSS – Where we are today PanAmSat – Model for success or crash test dummy? –Move to internally rationalize capacity supercharges cash flow –Restructuring leaves company highly levered Increases equity returns Floating rate debt => interest rate risk Reduced liquidity => reduced flexibility –First out of the gate - up 9% since IPO –7.8% dividend yield makes stock trade like a bond (sensitive to rates)

FSS – Where we are today SES Global – the road less taken… –Substantial cash reserves and liquidity –Aggressive fleet expansion continues –Stated appetite for acquisitions –Projecting double digit growth in 2005 and 2006 –Dividend yield of 3.1% - for now –Less financial risk, but more operational risk – plenty of rope

What lies ahead? Return of financial discipline –Tight capex budgets drive demand for “small” satellites –Capacity rationalization gradually eases transponder glut and drives increasing lease rates – growing EBITDA margins for all Interest rate fluctuations affect the industry more than ever before New Skies: eat or be eaten Inmarsat: a different kind of bird

Paradigm shifts – or did someone get the license on that truck? IPTV- based services High Definition TV Broadband to homes, aircraft, cars? Ancillary Terrestrial Components WiMax Insurance – Do It Yourself Satellites – one bird, many slots SpaceX

Near Earth LLC What we are: A boutique investment bank focused on satellite communications and related industries, member NASD What we do: financings and advisory services to large and small companies How we are different: Our industry focus allows us to be more more creative than larger Wall Street firms. Our small size allows us to be more flexible.