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Inmarsat Plc Interim Management Statement

In our land mobile sector, the year-over-year decline in revenue for data services is due to reduced revenue from government users in Afghanistan and other material event-related revenues recorded the third quarter 2011.  We estimate that Afghanistan and events in North Africa in the third quarter of 2011 contributed $8.1m more revenue year-over-year, compared to the third quarter 2012.  While revenue from North Africa has now largely normalised, our annualised land mobile revenue from Afghanistan remains material and is expected to decline further and therefore impact performance in future periods.  Underlying growth in BGAN revenues excluding Afghanistan and other events was positive with growth in active terminals coupled with steady ARPUs.  

Our IsatPhone Pro service was the main driver behind strong growth in land voice revenue.  During the third quarter we recorded over 6,000 net subscriber additions and we ended the quarter with a total base of over 71,000 active IsatPhone Pro terminals.

Aviation revenue for the third quarter was down year-over-year when compared to an unusually strong third quarter in 2011 and was driven by lower Swift 64 revenue mainly due to lower military and government usage in the quarter.  SwiftBroadband continued to see strong take-up and revenue growth.  The third quarter of 2012 was a record for SwiftBroadband additions, many of which are being installed to support in-flight passenger services.  The take-up of SwiftBroadband continues to expand our customer base and reduces our dependence on government aviation business.

Leasing was in line with expectations for the third quarter. The decline in Other Income relates primarily to the reduced revenue contribution from our Cooperation Agreement with LightSquared and this was also the primary cause of the overall fall in Inmarsat Global revenue for the third quarter.  

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