Intelsat S.A. (NYSE: I) (" Intelsat"), operator of the world's first Globalized Network and leader in integrated satellite communications, today announced that its indirect wholly-owned subsidiaries, Intelsat Jackson Holdings S.A. (" Intelsat Jackson"), Intelsat Connect Finance S.A. (" ICF"), and Intelsat (Luxembourg) S.A. (" Intelsat Luxembourg" and, together with Intelsat Jackson and ICF, the " Issuers"), each have amended the terms of their respective previously announced offer or offers to exchange certain of their respective outstanding senior unsecured notes (such offers as so amended, the " Amended Exchange Offers") for new Exchange Notes (as defined below).

Among other things, the Amended Exchange Offers (i) increase the aggregate consideration to be received by holders of Exchange Notes following the Combination Date (as defined below), (ii) extend the expiration time for each of the Amended Exchange Offers and each of the related Consent Solicitations (as defined below) from 5:00 p.m., New York City time, on May 18, 2017, to the end of the day, 12:00 midnight, New York City time, on May 31, 2017, and (iii) extend the withdrawal deadline for each of the Amended Exchange Offers and each of the Consent Solicitations from 4:59 p.m., New York City time, on May 18, 2017, to 11:59 p.m., New York City time, on May 31, 2017.

The Amended Exchange Offers and related Consent Solicitations are being conducted pursuant to the Combination Agreement, dated as of February 28, 2017 (as amended by that certain First Amendment to and Waiver Relating to the Combination Agreement, dated May 17, 2017, and as may be further amended from time to time, the " Combination Agreement"), between Intelsat and WorldVu Satellites Limited (" OneWeb"), pursuant to which OneWeb will combine with Intelsat on the terms and subject to the conditions set forth in the Combination Agreement (the " Combination").

The Amended Exchange Offers provide for the exchange of the Existing Notes (as defined below) for new Exchange Notes. Following the closing date of the Combination (the " Combination Date") and without any action by any holder of the Exchange Notes, each series of Exchange Notes will, by its terms, be mandatorily exchanged for cash and/or Final Jax Notes (as defined below).

The Amended Exchange Offers are subject to certain conditions precedent, including, among others, the tender of a minimum of 85% of the aggregate outstanding principal amount of each series of Existing Notes.

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