Inmarsat plcQ4 & preliminary full year results 2010

7 March 2011

The mobile satellite companyTM

7 March 2011

Forward-looking statements

Certain statements in this presentation constitute “forward-lookingstatements” within the meaning of the U.S. Private Securities LitigationReform Act of 1995. These forward-looking statements involverisks, uncertainties and other factors that may cause our actualresults, performance or achievements, or industry results, to be materiallydifferent from those projected in the forward-looking statements. Thesefactors include: general economic and business conditions; changes intechnology; timing or delay in signing, commencement, implementation

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technology; timing or delay in signing, commencement, implementationand performance of programmes, or the delivery of products or servicesunder them; structural change in the satellite industry; relationships withcustomers; competition; and ability to attract personnel. You are cautionednot to rely on these forward-looking statements, which speak only as of thedate of this presentation.

We undertake no obligation to update or revise any forward-lookingstatement to reflect any change in our expectations or any change inevents, conditions or circumstances, except where we would be required todo so under applicable law.

Full year results 2010

Andrew Sukawaty

Chairman & Chief Executive Officer

The mobile satellite companyTM

Chairman & Chief Executive Officer

2010 financial highlights

Total revenue up 12.9% to $1,171.6m (2009: $1,038.1m)

• Inmarsat Global revenue up 10.0% to $764.1 (2009: $694.8m)

EBITDA up 17.1% to $696.1m (2009: $594.2m)

• Inmarsat Global EBITDA up 15.6% to $572.8m (2009:

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• Inmarsat Global EBITDA up 15.6% to $572.8m (2009:$495.5m)

Operating profit up 29.1% to $460.6m (2009: $356.8m)

EPS up 73% to 57 US cents (2009: 33 US cents)

Final dividend up 10.0% to 22.26 US cents per share

Inmarsat Global – MSS revenue

75.8 101.0

103.5111.7

500

600

700

800

US$m

$727.0$682.8

+6.5%

Aero +33.2%

Leasing +7.9%

5

357.0 360.6

146.5 153.7

0

100

200

300

400

500

FY 2009 FY 2010

Maritime +1.0%

Land +4.9%

Inmarsat plc – 5-year EBITDA record

$531$594

$696

500

600

700

800

US$m+17.1%

6

$332$388

0

100

200

300

400

500

FY 2006 FY 2007 FY 2008 FY 2009 FY 2010

Total dividends

20.6322.69

20

25

US$ cents

36.69 cents33.36 cents +10.0%

7

12.7314.00

0

5

10

15

FY 2009 FY 2010

InterimInterim Final Final

2010 operational achievements

Commitment to Inmarsat-5 and Global Xpress investmentprogramme to address incremental opportunities

Handheld strategy implemented with launch of global handheldservice, IsatPhone Pro

LightSquared Cooperation Agreement triggered, realising value

8

LightSquared Cooperation Agreement triggered, realising valueafter 3 years of work on ATC

New 5-year growth target for core MSS revenue

3-year minimum 10% dividend growth commitment

Successful year for Segovia, new acquisition

Outlook for 2011

Confident in growth prospects and 5-year growth target

Multiple growth opportunities remain ahead

Material new revenue and profit resulting from CooperationAgreement with LightSquared

9

Near term core business trends will constrain core MSSrevenue growth to 2% – 4% in 2011

Investment programmes on track an unchanged as to expectedcost, 2011 capital expenditure at $450m - $550m

Dividend growth of at least 10%

Q4 & full year results 2010

Rick Medlock

Chief Financial Officer

The mobile satellite companyTM

Chief Financial Officer

Inmarsat plc - 2010 full year results

Financial year

US$m 2010 2009

Revenue 1,171.6 1,038.1 12.9%

Operating costs (475.5) (443.9) (7.1%)

EBITDA 696.1 594.2 17.1%

Depreciation & amortisation (234.6) (231.6)

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Depreciation & amortisation (234.6) (231.6)

Other (0.9) (5.8)

Operating profit 460.6 356.8 29.1%

Net interest payable (127.1) (159.9)

Profit before tax 333.5 196.9 69.4%

Tax expense (72.4) (44.1)

Profit for the period 261.1 152.8 70.9%

Inmarsat plc - 2010 cash flow

Financial year

US$m 2010 2009

EBITDA 696.1 594.2 17%

Working capital/non-cash items 89.7 51.6

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Working capital/non-cash items 89.7 51.6

Operating cash flow 785.8 645.8

Capital expenditure (180.7) (162.8)

Cash interest (92.0) (109.6)

Cash tax (42.8) (24.6)

Free cash flow 470.3 349.0 35%

Inmarsat plc – net debt

800

1,000

1,200

1,400

1,600

ConvertibleBond 2017

Senior NotesDue 2017

$644m of available liquiditythrough cash and bankfacilities

Legacy Stratos debtrefinanced in 2010

US

$m

$1,102

$288

13-400

-200

0

200

400

600

800

SeniorFacility 2012

EIB Facility2018

Due 2017

Cash

New 8-year EIB Facilityfully drawn

New US Ex-Im Bankfinancing progressing

US

$m

$650

$308

-$344

Group leverage:Net Debt / EBITDA=1.6x

$200

Inmarsat Global Ltd - Q4 MSS revenue

20.6 24.2

27.4 25.6

120

140

160

180

200

US$m

$179.0$176.9

+1.2%

Aero +17.5%

Leasing -6.6%

14

91.2 91.3

37.7 37.9

0

20

40

60

80

100

120

Q4 2009 Q4 2010

Maritime +0.1%

Land +0.5%

Maritime sector

65.5 66.6

40

50

60

70Over 10,000 FleetBroadbandterminals added in 2010

Data growth constrained byspeed of FleetBroadband takeup as traffic re-priced to lower

US$m

15

25.7 24.7

0

10

20

30

40

Q4 2009 Q4 2010

Voice Data

up as traffic re-priced to lowertariffs

Voice usage impacted by emailsubstitution and increasedcompetition

Some increasing competitionfrom VSAT as industry reactsto Global Xpress

Land mobile sector

35.7 36.0

25.0

30.0

35.0

40.0BGAN up 6% year over year andup 3% sequentially• 1,738 terminals added in quarter

• ARPU steady at $200 per month

• No identified event revenues

Lower revenue levels from

US$m

16

2.0 1.9

0.0

5.0

10.0

15.0

20.0

Q4 2009 Q4 2010

Voice

Lower revenue levels fromAfghanistan are being replacedwith more BGAN organic growth

Strong performance fromtelemetry services

IsatPhone Pro not yet material tonumbers

Aeronautical & Leasing

20.6

24.227.4

25.6

15

20

25

30Aero revenue up 17.5%

SwiftBroadband terminal salesstrong, our leading aero service

Lower cost SwiftBroadband 200developed/launched

US$m

17

0

5

10

15

Q4 2009 Q4 2010

Aero Leasing

developed/launched

Government aero usage levelsdown, suppressed by lower regionalactivity and emerging budgetaryconstraints

Leasing revenue impacted byanticipated end of an aeronauticallease and reduced maritime lease

Leasing pipeline positive

Stratos – Q4 results

34.629.3

22.2 40.1

120

140

160

180

200 +4.9%Inmarsat MSS revenuesimpacted by:

• Pricing pressure in distributionchannel

• Factors consistent withInmarsat Global Q4

Other MSS-15.3%

Broadband+80.6%

US$m

18

110.0 105.6

0

20

40

60

80

100

Q4 2009 Q4 2010

Inmarsat Global Q4

Other MSS reduced by lowertraffic from other networks

Growth in Broadband driven bynew contribution from Segovia

Broadband contract disposalsaffects comparability

Inmarsat-4.0%

Inmarsat plc – financial summary

EBITDA growth ahead of revenue growth

Profit before tax up 69% to $333.5m

Free cash flow up 35% to $470.3m

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Significant cash inflows from Cooperation Agreement

2010 dividend increased by 10%, covered 1.6x

Strong liquidity and low debt leverage

Strategy and operations review

Andrew Sukawaty

Chairman & Chief Executive Officer

The mobile satellite companyTM

Chairman & Chief Executive Officer

2011 priorities – a key year ahead

Core MSS market initiatives to improve growth rate and

continue market leadership

Develop market proposition for IsatPhone Pro and build on

early positive market feedback

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early positive market feedback

Contract planned capital investments and assemble full team

to deliver Global Xpress on budget

Implement LightSquared Cooperation Agreement to capture

new value for shareholders

MSS maritime initiatives

Consolidate on FleetBroadband’s leading market position

• New pricing plans to ensure attractiveness relative to VSAT plans

• Inmarsat-B to FleetBroadband migration promotions to lock-inshipping fleets considering upgrades

• Communicate future service proposition of integrated Ka and L-band capability

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band capability

• Ka-band awareness retains customers

Respond to voice market changes

• Develop crew services around data applications to reduce appealof voice alternatives

• Develop multi-channel voice capability to improve positioningrelative to low-end voice alternatives

MSS land initiatives

BGAN is growing well, but fluctuates with government user activity

Introduce geographic pricing to change value proposition inmarkets where opportunity large, but existing usage low

Penetrate next tier of media and news gathering organisations

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Penetrate next tier of media and news gathering organisations

Satellite Low Data Rate

New product launches, next stage of SkyWave collaboration

BGAN M2M service

IsatPhone Pro – multiple market strategies

IsatPhone Pro

Strong positive market reaction to service launch

Retail handset price from $499, well below competitiveofferings

A number of pricing packages launched

Strong initial orders and good manufacturing

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Strong initial orders and good manufacturingperformance, despite global component shortages inearly phase

Not material in 2010, a gradual build ahead

Migration promotions, service enhancements

Comfortable with market share objectives

MSS aeronautical initiatives

SwiftBroadband now our leading aeronautical product and strongnew terminal activations are continuing

SwiftBroadband 200 available to target untapped market opportunityin small business jets

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In-flight passenger connectivity remains at an early stage of roll-outbut retains significant longer term potential

Continue to support distribution in new commercial servicelaunches and trials

Articulate Ka-band capability to keep strong hold on marketopportunity as it develops

The impact of LightSquared

Phase 1 and Phase 2 nowtriggered

Significant new revenue andprofitability ahead

Cash inflows well ahead of

Cash payments received to date:

Phase 1 = $192.5m

Phase 2 = $20.1m

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Cash inflows well ahead ofaccounting revenue recognitionand cash costs

Confident on managinginterference and customer impact

Downside protected

Total = $212.6m

Revenue recognised to date:

Total = $17.5m

Inmarsat-5 - Global Xpress

Satellite manufacture underway

iDirect selected for ground network and core module

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iDirect selected for ground network and core module

Sea Tel selected for terminal development

Key personnel appointments

On track for commercial service in 2013, global service by end 2014

Strong market interest in service capability and distributionopportunities

Summary

Another strong year completed, 5-year targets outperformed atrevenue and EBITDA

Retain 5-7% medium term average growth rate target

New growth opportunities becoming reality, IsatPhone Pro andLightSquared Cooperation Agreement

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LightSquared Cooperation Agreement

Commitment to Global Xpress for incremental marketopportunities

Multiple paths to further growth remain

Committed dividend growth

Questions & Answers

Inmarsat plc

The mobile satellite companyTM

Inmarsat plc

Q4 & preliminary full year results 2010

7 March 2011

www.inmarsat.com