Advisory Committee - Paris

The 14th meeting of the EUTELSAT IGO Advisory Committee was held in Paris on 2 September 2005. The main goal of this meeting was to debate a letter-agreement between the IGO and a group of financial shareholders who control the company Eutelsat SA.

This letter is needed due to the recapitalisation process launched at the beginning of the year by the said majority stakeholders, which led to the creation of a holding entity that controls nearly 100% of the capital of Eutelsat SA, and more specifically due to their intention to place an initial public offer (IPO) for this holding on the market. The letter-agreement is meant, after the IPO, to replace one previously signed by EUTELSAT IGO and the then majority shareholders of Eutelsat SA, in order to ensure fulfilment of the latter?s incumbent obligations and respective control by the IGO.

After validation by the Committee, the letter was signed by the parties involved, with the IPO expected by the end of the year, although it may be postponed until next spring if market conditions are unfavourable.

The next ordinary meeting of this Committee is scheduled for the end of November 2005.