Epstein Secrets

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

aunches, industry multiple contraction amongst its peer group. While the fundamentals of the business remain in flux with the ex-mobility growth in Network Services yet to turnaround, an approaching media renewal cycle that will have a hit to revenues, and -20% of government contracts up for renewal in 2018, we

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

band and mobility segments of the satellite industry are performing well and have positive growth trajectories, many other lines of business across Network Services and Media continue to face mounting headwinds with moderate growth from other strategic services failing to make up the gap. Given the slow moving

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

are in the process of changing the landscape and opportunities as the major players have launched the next gen High Throughput Satellites (HTS). In Network Services, while the new capabilities provide many new benefits such as added capacity and new addressable end markets, the earliest impact of the advanced t