Intelsat Announces Commencement of Change of Control Offer

Pembroke, Bermuda, 4 April 2008

Intelsat, Ltd., the world’s leading provider of fixed satellite services, today announced that its indirect wholly-owned subsidiary, Intelsat Intermediate Holding Company, Ltd. (“Intelsat Intermediate Holdco”), is offering to purchase for cash any and all of its outstanding 9¼% Senior Discount Notes due 2015 (the “Notes”) at a purchase price of $869.32944 for each $1,000 principal amount at maturity of Notes validly tendered (which represents 101% of the Accreted Value, as defined in and calculated in accordance with the indenture governing the Notes).

Intelsat Intermediate Holdco is required by the terms of the indenture governing the Notes to make this offer as a result of the previously announced acquisition (the “Acquisition”) of Intelsat Holdings, Ltd., the indirect parent of Intelsat, Ltd., by Intelsat Global Subsidiary, Ltd. (formerly known as Serafina Acquisition Limited), a direct wholly-owned subsidiary of Intelsat Global, Ltd. (formerly known as Serafina Holdings Limited), an entity formed by funds advised by BC Partners Holdings Limited, Silver Lake Partners and certain other equity investors. The Acquisition constitutes a change of control under the indenture governing the Notes.

The terms of the change of control offer are described in a Notice of Change of Control and Offer to Purchase, dated April 4, 2008, and the Letter of Transmittal related thereto, which will be distributed to holders of the Notes.

The change of control offer will expire at 5:00 p.m., New York City time, on May 29, 2008, and will have a settlement date of June 3, 2008 (the “Settlement Date”). Holders whose Notes are accepted for payment pursuant to the offer will receive 101% of the Accreted Value of such Notes on the Settlement Date.

Intelsat Intermediate Holdco has retained Wells Fargo Bank, National Association to act as Depositary in connection with the change of control offer for the Notes.

This announcement does not constitute an offer to buy, or a solicitation of any offer to sell, the Notes. No recommendation is made by Intelsat, Ltd. or Intelsat Intermediate Holdco as to whether or not holders of the Notes should tender their Notes pursuant to the change of control offer. The change of control offer is being made only by means of the Notice of Change of Control and Offer to Purchase for the Notes.