A leading global provider of satellite solutions. Strong asset infrastructure with a combination of wide beam and high throughput beam geostationary orbit (GEO) and high throughput and low latency medium-earth orbit (MEO) satellites. Strong revenues and cash flow visibility. Strong profitability despite the dilutive impact of the full consolidation of O3b and increased contribution from lower-margin service activities. Operational risk inherent to the launch and operation of satellites. Healthy operating cash flow visibility. Significant debt burden and re-leveraging to about 3.3x on an adjusted basis in 2016 following the acquisition of 100% of O3b. However, we expect a solid, albeit slow, deleveraging profile. Negative discounted cash flow (DCF) in 2016 and 2017 on the procurement of additional satellites and continued
