Epstein Secrets

half of 2018 k a sensible timeline around whkt we might see more concrete for around DISH', plans for the Mum &Its wirekes broadband SG network Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0086767 SDNY_GM_00232951 EFTA01385481

gh the process hasn't progressed and timing is unclear. The FCC has agreed to auction off various mmWave bands (>28 GHZ and higher). Most recently, Intelsat and Intel jointly responded to an FCC N0l seeking to offer a commercial solution to freeing up some of its valuable C- band spectrum 500 MHz of C-ba

rchases out d the Ratted Group. Risks include slower growth on Epic biros, bss of government contact worse media renewal pricing then expected Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0086775 SDNY_GM_00232959 EFTA01385489

pivots towards one of spectrum commercialization. At nearly 7% we think DISH remains cheap. DISH 7.75% Sr Notes due 2023: $105.50, 6.89%, 440 bps Intelsat - BUY Longer-Dated Jackson: It's been another whirlwind year for Intelsat - a failed Softbank deal, liability management exercises, potential monet

ey ere getting Coosa SA7S and VbSat want capacity constrained (sold out slowing growth. With capacity now rehashed growth should ICOMVItte. Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0086771 SDNY_GM_00232955 EFTA01385485

e trends to directionally continue, which bodes well for the likes of EchoStar, ViaSat and potentially Inmarsat, but presents ongoing challenges to Intelsat and SES as they await the inflections in growth from HTS capacity that has been launched in the last several quarters. Business Trends Within resi

at the FCC very much wants to free up spectrum in this band (ideally suited for many future 5G applications), the wireless industry very much wants Deutsche Bank Securities Inc. Industry-wide pressures have only been partially offset by growth In new revenue Ines With next-gen HTS servIces Intelsat management hes spok

c, but the pick-up in those services is slow in aggregate. Mobility picked up quickly considering it's the only game in town. Speaking directly on Intelsat, management has spoken of a longer-than expected sales lead cycle of selling the new HIS capacity into customers. Currently, this appears to be tak

d be large enough to act as a catalyzing event to help re-capitalize what is a perpetually over-levered capital structure with Intelsat. Page 214 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086773 CONFIDENTIAL SDNY_GM_00232957 EFTA01385487

ector.Media. Cable & Satellite to get access to it soon (the most consistent message from wireless carriers was to try to expedite the process) and Intelsat is willing to be proactive and responsive in balancing its own business needs (unlike other spectrum that has been cleared to make available to wir