<PAGE>

                                  DECLARATIONS


ITEM 1 - INSURED

New Skies Satellites N.V. and/or associated, and/or subsidiary companies now or
hereafter constituted (the "Insured").


ITEM 2 - INSURED'S ADDRESS

New Skies Satellites N.V.
Rooseveltplantsoen #4
2517 KR Den Haag
Netherlands

ITEM 3 - LOSS PAYEE

Loss under this Policy shall be adjusted with New Skies Satellites N.V. and the
claim payable to its order.

ITEM 4 - POLICY PERIOD

From 1 November 2003 to 1 November 2004 both dates at 00.01 Local Standard Time
at the Insured's Address above (the "Policy Period").

ITEM 5 - INSURED'S ACTIVITIES

Establishing, maintaining and operating telecommunications systems and services
by communications satellite.


ITEM 6 - SUM INSURED

The maximum amount payable for each Satellite covered under this Policy shall be
the sum stated in the table below:

------------------- ---------------------------- -------------------------------

    SATELLITE             SATELLITE TYPE             MAXIMUM SUM INSURED

------------------- ---------------------------- -------------------------------
     NSS 806                  LM 7000                  USD 122,791,955
------------------- ---------------------------- -------------------------------
      NSS 5                   LM 7000                   USD 90,757,970
------------------- ---------------------------- -------------------------------
     NSS 703                  FS 1300                   USD 60,732,112
------------------- ---------------------------- -------------------------------

For each Satellite, the applicable Sum Insured will be the sum expressed in the
Schedule of Satellites (Net Book Values USD) under Attachment A of this Policy.
The date of the occurrence giving rise to the Loss will be the date for
determining the applicable Sum Insured in the Schedule of Satellites.


<PAGE>


ITEM 7 - ATTACHMENT OF RISK

Risk of loss under this Policy attaches for each Satellite at commencement of
the Policy Period.

ITEM 8 - TERMINATION OF RISK

Risk of loss for each Satellite separately shall terminate upon the earliest of
the following:

a)   when the Satellite is agreed to be a Total Loss or a Constructive Total
     Loss; or

b)   upon expiry of the Policy Period; or

c)   when agreed claims equal the applicable Sum Insured.


ITEM 9 - PREMIUM

As consideration for the coverage provided by the Insurers under this Policy,
the Insured will pay to the Insurers the sum of USD7,611,624 . (the "Premium").
The Premium is fully earned at Attachment of Risk and will be paid within 30
days of commencement of the Policy Period. The Premium is calculated at the rate
of 3.00% on the Average Sum Insured (identified in the Schedule of Satellites
under Attachment A).



<PAGE>



                               INSURING AGREEMENTS


In consideration of payment of the Premium and in reliance upon the statements
in the Declarations and in the Underwriting Information provided to Insurers,
all of which is made a part hereof, and subject to all the terms, conditions,
limitations and exclusions of this Policy, the Insurers agree with the Insured
as follows for each Satellite separately:

(a)  In the event of a Total Loss or Constructive Total Loss between Attachment
     of Risk and Termination of Risk caused by damage to or failure or loss of
     any of the Satellite, due to an occurrence between Attachment of Risk and
     Termination of Risk, to pay the Insured the applicable Sum Insured as set
     forth in Attachment A; or

(b)  In the event of a Partial Loss between Attachment of Risk and Termination
     of Risk caused by damage to or failure or loss of any of the Satellites,
     due to an occurrence between Attachment of Risk and Termination of Risk, to
     pay the Insured as provided in Definition 5 (Partial Loss).

(c)  In the event of a Total Loss or Constructive Total Loss, the Insured shall
     have the option to claim a Partial Loss under this Policy in lieu of such
     Total Loss or Constructive Total Loss. In the event the option is exercised
     by the Insured the Insured shall not claim for a Total Loss or Constructive
     Total Loss arising from the same event.

(d)  If there is a Loss for which a claim is payable under this Policy and such
     Loss, within reasonable time, could be satisfactorily corrected or
     compensated for by additional ground installations, procedural changes,
     software development and/or any other means, the Insurers shall, at their
     choice either:

     (i)  pay the claim to the Insured as set forth in (a), (b) or (c) above; or

     (ii) bear all necessary costs and expenses incurred by the Insured as a
          result of the corrective measures.

(e)  The total amount paid for claims under this Policy shall not exceed the
     applicable Sum Insured. However, in the event that the Insurers opt for
     taking corrective measures as provided in Insuring Agreement (d) which fail
     to achieve satisfactory correction of, or compensation for the Loss,
     Insurers will bear all costs and expenses related to the corrective
     measures including without limitation those agreed under Insuring Agreement
     (d) above in addition to the applicable Sum Insured or, in the event of
     Partial Loss, in addition to the amount of indemnification for that Loss.

(f)  In the event of a Loss under this policy where, consistent with the
     Insured's intended commercial communications purposes, a Satellite can be
     operated in any one of several Transponder configurations, the
     configuration to be used in calculating the loss of Transponder Unit Year
     shall be that which minimises the claim.

(g)  A Partial Loss, Constructive Total Loss or Total Loss shall be deemed as
     not having occurred unless such Partial Loss, Constructive Total Loss or
     Total Loss has manifested itself by telemetry data or lack thereof, or any
     other ground measurement, recorded between Attachment of Risk and
     Termination of Risk.




<PAGE>



                                   DEFINITIONS

1.   CONTRACT

     "Contract" shall mean, as the case may be, one or more of the following
     documents, as they may be further amended from time to time. However, such
     amendments are subject to Insurer's rights under Conditions 7. and 20.

     a)   Contract Number INTEL-683 dated 4 October 1988 with Amendments 1
          through 14.

     b)   Contract Number INTEL-1216 dated 30 September 1992 with Amendments 1
          and 10.

     c)   Contract Number INTEL-955 dated 11 July 1989 with Amendments 1 and 2.


2.   TRANSPONDER UNIT - YEAR

     "Transponder Unit-Year" for each Satellite shall mean the operation of one
     Transponder Unit in accordance with the Satellite Performance
     Specifications for one year. For the purposes of this Policy:

     a)   The NSS 703 Satellite shall be deemed to have a maximum of 115.2
          Transponder Unit-Years, being sixty-four (64) Transponder Units
          operating for 1.8 years from 1st November 2003.

     b)   The NSS 5 Satellite shall be deemed to have a maximum of 304.2
          Transponder Unit-Years, being seventy-eight (78) Transponder Units
          operating for 3.9 years from 1st November 2003.

     c)   The NSS 806 Satellite shall be deemed to have a maximum of 184.8
          Transponder Unit-Years, being forty-two (42) Transponder Units
          operating for 4.4 years from 1st November 2003.

3.   TRANSPONDER UNIT

     a)   "Transponder Unit" for NSS 703 Satellite shall mean a Transponder with
          36 MHz or 41 MHz of usable bandwidth, or one-half of a Transponder
          with 72 MHz or 77 MHz of usable bandwidth, or one-third of a
          Transponder with 112 MHz of usable bandwidth.

          There are a total of sixty-four (64) Transponder Units on NSS 703
          Satellite, consisting of ten (10) 36 MHz or 41 MHz Transponders,
          twenty-one (21) 72 MHz or 77 MHz Transponders, and four (4) 112 MHz
          Transponders.

     b)   "Transponder Unit" for NSS 5 Satellite shall mean a Transponder with
          36 MHz or 41 MHz of usable bandwidth, or one-half of a Transponder
          with 72 MHz or 77 MHz of usable bandwidth, or one-third of a
          Transponder with 112 MHz of usable bandwidth.

<PAGE>

          There are a total of seventy-eight (78) Transponder Units on NSS 5
          Satellite, consisting of twelve (12) 36 MHz or 41 MHz Transponders,
          thirty (30) 72 MHz or 77 MHz Transponders, and two (2) 112 MHz
          Transponders.

     c)   "Transponder Unit" for NSS 806 Satellite shall mean a Transponder with
          36 MHz or 41 MHz of usable bandwidth, or one-half of a Transponder
          with 72 MHz or 77 MHz of usable bandwidth.

          There are a total of forty-two (42) Transponder Units on NSS 806
          Satellite, consisting of twenty (20) 36 MHz or 41 MHz Transponders and
          eleven (11) 72 MHz or 77 MHz Transponders.

4.   CONSTRUCTIVE TOTAL LOSS

     "Constructive Total Loss" shall mean, for each Satellite separately, the
     Satellite suffers or will suffer Transponder Failure resulting in a loss of
     seventy-five percent (75%) or more of its Transponder Unit-Years, relative
     to the maximum number of Transponder Unit-Years as set forth in Definition
     2 (Transponder Unit -Year).

5.   PARTIAL LOSS

     "Partial Loss" shall mean, for each Satellite separately, the Satellite
     suffers or will suffer Transponder Failures resulting in the loss of less
     than seventy-five percent (75%) of its maximum Transponder Unit-Years as
     stated in Definition 2 (Transponder Unit -Year) of this Policy.

     The payment afforded under this Policy for a Partial Loss shall be
     determined by multiplying the applicable Sum Insured by the proportion of
     Transponder Unit-Years lost to the maximum Transponder Unit-Years as stated
     in Definition 2 (Transponder Unit-Year).

     In the event the Insured claims a Partial Loss for which the foregoing does
     not apply, the Insured will clearly establish the alternative basis for
     such claim for such loss of Transponder Unit-Years. For NSS-5, Partial Loss
     arising from the failure of the Satellite's batteries to support the full
     2800-watt load power through end-of-design life shall be calculated as
     follows.

          IP = Insured battery load power capability = 2800 watts

          LPS = measured load power actually supported

          If LPS < IP then,

     Percentage loss = 100 x (IP-LPS)/ IP

     In all cases, the amount of indemnity for Partial Loss will be adjusted to
     eliminate any duplicative recovery for loss.



<PAGE>



6.   SATELLITE

     "Satellite" shall mean the NSS-703 telecommunications spacecraft
     manufactured by Space Systems/Loral and NSS-5 and NSS-806
     telecommunications spacecraft manufactured by Martin Marietta Overseas
     Corp. under Contracts identified in Definition 1.

7.   SATELLITE PERFORMANCE SPECIFICATIONS

     "Satellite Performance Specifications" shall mean the specifications set
     forth in the relevant Contracts identified in Definition 1 applying to NSS
     703, NSS 5 and NSS 806 Satellites, and such waivers or amendments thereto
     as may from time to time be executed. Amendments to Satellite Performance
     Specifications are subject to Insurer's rights under Condition 20.

8.   TOTAL LOSS

     "Total Loss" shall mean:

     a)   the complete loss, destruction, or failure of a Satellite; or

     b)   a Satellite cannot maintain its designated geostationary orbital
          location including the orbit's angle of inclination relative to the
          equator in accordance with the Satellite Performance Specifications
          such that the Satellite cannot be used for its intended commercial
          communications purpose.

9.   TRANSPONDER

     "Transponder" shall mean that combination of connected elements within the
     overall communications subsystem of the Satellite that taken together
     provide a discrete reception and re-transmission capability.

10.  TRANSPONDER FAILURE

     "Transponder Failure" shall mean:

     a)   The Transponder permanently (including permanently intermittently)
          fails to operate in accordance with the Satellite Performance
          Specifications or will fail to operate in accordance with the
          Satellite Performance Specifications throughout any period including
          eclipse, for any reason or cause not expressly excluded in this
          policy; and

     b)   the Insured, using reasonable judgment, and after examining all
          technical alternatives for correcting the failure, demonstrates that
          as a result thereof such Transponder cannot be used for its intended
          commercial communications purposes after use of all applicable and
          available redundancy and spare components within the applicable band.


<PAGE>



11.  UNDERWRITING INFORMATION

     "Underwriting Information" shall mean, for each Satellite, the
     documentation with respect to each Satellite provided to Insurers by the
     Insured and/or Satellite manufacturer.

12.  LOSS

     "Loss" shall mean Total Loss, Constructive Total Loss and/or Partial Loss,
     depending on the context in which it is used.

                                   CONDITIONS

1.   DECLARATIONS

     By acceptance of this Policy, the Insured agrees that the statements in the
     Declarations are its agreements and representations, that this Policy is
     issued in reliance upon such agreements and the truth of such
     representations and that this Policy embodies all agreements existing
     between the Insured and the Insurers relating to this Policy.

2.   CHANGES

     Notice to or knowledge possessed by any agent or other person shall not
     effect a waiver or change in any part of this Policy nor estop the Insurers
     or the Insured from asserting any rights under the terms of this Policy.
     The terms of this Policy may be waived or changed only upon mutual
     agreement between the Insured and the Insurers and evidenced by an
     endorsement issued to form a part hereof.

3.   NOTICE OF LOSS/PROOF OF LOSS

     In the event of a Loss or an occurrence likely to result in a claim under
     this Policy, the Insured shall:

     a)   Give a written notice of such Loss or occurrence (a "notice of loss")
          as soon as possible to Insurers. Such notice shall contain sufficient
          particulars to identify the Insured and all reasonably obtainable
          information describing the circumstances of the Loss or occurrence. In
          no event shall notice of loss be provided later than thirty (30) days
          after the Chief Financial Officer and/or Chief Technical Officer of
          the Insured (or the person acting in such capacity) has been notified
          of the Loss or occurrence.

     b)   File a sworn proof of loss with the Insurers as soon as practicable in
          such form and including such information as Insurers may reasonably
          require and request ("proof of loss"). In no event shall the proof of
          loss be filed more than one hundred and eighty (180) days following
          the notice of loss. The proof of loss shall state the date, time,
          nature of the Loss and probable cause of each occurrence which results
          in a claim under this Policy. The proof of loss shall be signed by the
          Chief Financial Officer, Chief Technical Officer or a Vice President
          of the Insured and shall be notarized. Insurers shall be entitled to
          have access to technical information in accordance with Condition 19.


<PAGE>

     c)   No claim will be recognized under this Policy, unless the Insured
          files the proof of loss within two hundred and ten (210) days
          following Termination of Risk for the affected Satellite.

4.   CLAIMS PAYMENT

     Any claims payment due under this Policy shall be paid to the Insured
     within sixty (60) days after the Insurers agree with the proof of loss
     filed by the Insured which agreement shall not be unreasonably withheld or
     unduly delayed.

5.   DUE DILIGENCE

     The Insured shall use due diligence and shall do and concur in doing all
     things reasonably practicable to avoid or diminish any Loss under this
     Policy and shall act at all times as if uninsured.

6.   FRAUD OR MISREPRESENTATION

     This Policy shall be null and void if the Insured knowingly conceals or
     misrepresents, in writing or otherwise, any material facts or circumstances
     concerning this Policy or the subject matter of this Policy. This Policy
     shall be void if the Insured defrauds or attempts to defraud the Insurers
     on any matter concerning this Policy whether before or after Loss.

7.   SUBROGATION

     To the extent of any claim payment under this Policy, the Insurers shall be
     subrogated to all of the Insured's rights of recovery thereof against any
     person or organization. The Insured shall execute and deliver instruments
     and papers and do whatever else is necessary, at Insurers' expense, to
     secure such rights and shall do nothing after Loss to prejudice such
     rights. The Insured shall cooperate with the Insurers, and upon the
     Insurers' request, shall assist in effecting settlement, securing evidence,
     obtaining attendance of witnesses and in the conduct of suit, and any
     expenses incurred upon such request of the Insurers shall be paid by the
     Insurers.

     To the extent the Insured has waived rights of recovery in writing before
     inception of the Policy Period, Insurers shall not acquire any rights of
     recovery against Arianespace and/or any other launch service provider (if
     applicable) Space Systems/Loral, Matra Marconi Space, Martin Marietta
     Overseas Corporation, Intelsat LLC, their successors-in-interest,
     contractors, subcontractors and suppliers at every tier, and the officers,
     directors, employees, agents, and servants of any of them, or any entity or
     person with whom the Insured has agreed in writing to waive rights of
     recovery before the inception of the Policy Period, nor shall such waiver
     affect the Insured's right to recover under this Policy. The Insurers agree
     that they will not exercise such rights of subrogation against any
     subsidiary company of the Insured. The Insured agrees to waive no further
     rights of recovery without the prior consent of the Insurers, which consent
     shall not be unreasonably withheld.



<PAGE>



8.   CANCELLATION

     This Policy may be voided or cancelled as may be allowed under the
     provisions of this Policy or by mutual agreement between the Insured and
     the Insurers, except that the Insurers may cancel this Policy for
     non-payment of Premium, in which event Insurers shall give to the Insured
     written notice of cancellation stating that unless payment of the Premium
     is made within fifteen business (15) days such cancellation shall be
     effective only in respect of the Satellite for which the Premium is unpaid.
     In the event the Insured pays the due Premium in full within the notice
     period, the applicable notice of cancellation by the Insurers shall cease
     to have force or effect.

9.   ARBITRATION

     If the Insured and the Insurers fail to agree on a claim under this Policy
     within sixty (60) days of filing by the Insured of the proof of loss in
     accordance with Condition 3(b) or if the parties fail to agree as to any
     other matter regarding this Policy, either party may demand that such
     dispute be finally settled under the commercial arbitration rules of the
     American Arbitration Association by three arbitrators appointed in
     accordance with its rules. The arbitration proceedings shall be conducted
     in Washington, D.C U.S.A. The arbitration resolution shall be final and
     binding upon the parties and judgement may be entered thereon, upon the
     application of either party, by any competent court having jurisdiction.
     Each party shall bear the cost of preparing and presenting its case, and
     the cost of arbitration, including the fees and expenses of the
     arbitrators, will be shared equally by the parties unless the resolution
     provides otherwise

10.  APPLICABLE LAW

     This Policy shall be governed by and construed in accordance with the laws
     of the State of New York.

11.  ACTION AGAINST INSURERS

     No action for payment under this Policy shall lie against Insurers unless
     the Insured has fully complied with all the terms of this Policy and until
     sixty (60) days after the Insured has filed a proof of loss with the
     Insurers in accordance with Condition 3(b) above.

12.  TITLES

     The titles of the various sections and paragraphs of this Policy, and of
     any endorsements or supplemental agreements now or hereafter attached to
     this Policy, are inserted solely for convenience and shall not be deemed to
     limit or otherwise affect the terms contained in the paragraphs to which
     they relate.

13.  ASSIGNMENT

     The Insurers will not be bound by any assignment of interest under this
     Policy unless the Insured obtains the written agreement of the Insurers
     prior to the assignment.

<PAGE>

14.  ABANDONMENT

     In the event of a Loss there can be no abandonment of any property to the
     Insurers unless the Insurers give their prior written consent.

15.  OTHER INSURANCE

     If there is any other valid insurance secured on behalf of, or for the
     benefit of, the Insured in respect of the coverage provided under this
     Policy this Policy shall pay claims in the ratio that the Sum Insured under
     this Policy bears to the whole amount of all valid and collectible
     insurance, unless such additional coverage has been specifically agreed to
     by Insurers hereon. The terms and conditions of any other insurance secured
     by the Insured shall have no detrimental effect on the Insurers' rights and
     privileges under this Policy and shall not affect the Insured's duties and
     obligations under this Policy. This condition is not intended to preclude
     the obtaining of excess insurance or of insurance to cover risks not within
     the period between Attachment and Termination of Risk hereunder.

16.  RETURN OF LOSS PAYMENT

     Should a claim payment be made under this Policy and, because of subsequent
     events, the Insured and the Insurers both agree that such payment should
     have been reduced or eliminated, the Insured shall return to the Insurers,
     within thirty (30) days of such agreement to reduce or eliminate the claim,
     the difference between the amount of the claim paid and the subsequently
     agreed claim. The Sum Insured for that Satellite will be reinstated to the
     extent of the returned claim payment. Reasonable sums expended by the
     Insured as a result of making good the Loss shall be included in the agreed
     claim.

17.  SALVAGE / POST LOSS ADJUSTMENTS

     In the event that the Insurers pay a claim for a Total Loss or Constructive
     Total Loss for a Satellite under this Policy, Insurers shall have the sole
     right to receive the maximum benefit of salvage from the affected
     Satellite, including the right to take title to the affected Satellite
     subject to compliance with applicable law.

     If the Insurers elect to take title to the Satellite for which a claim for
     Total Loss or Constructive Total Loss is paid hereunder, then the Insured
     shall provide to the Insurers all documentation necessary to operate the
     Satellite and all information necessary to enable the Insurers to sell the
     Satellite to a third party.

     In the event that the Insurers decide not to exercise their right, in
     accordance with the above, to take title to a Satellite, and subsequently
     the Insured sells or other wise disposes of its rights over the operational
     part of the Satellite to a third party, the Insurers shall be entitled to
     recovery of their Loss payment from the proceeds of such sale or
     disposition. In no event shall the recovery of Loss payment exceed the
     amount of Loss paid to the Named Insured by Insurers.

     In the event that the Insurers pay a claim for a Partial Loss for a
     Satellite under this Policy and the Insured subsequently derives revenue
     from (i) the operation of the portion of the Satellite for which such claim
     has been paid or (ii) the operation of the


<PAGE>

     Satellite at a performance level for which such claim has been paid,
     Insurers will be entitled to the recovery of such payment by the return of
     10% of gross revenue earned on the operation of the applicable portion of
     the Satellite or the operation of the Satellite at the applicable
     performance level. Any recovery of Loss payment shall not exceed the amount
     of Loss paid to the Insured by the Insurers.

     Notwithstanding the provisions of Condition 4, claim payment for a Total
     Loss Constructive Total Loss or Partial Loss shall not be due unless the
     Insured has fulfilled all its obligations and an agreement has been reached
     with Insurers, with regard to this Condition 17.

18.  USE OF SATELLITE AFTER LOSS PAYMENT

     In the event that Insurers choose not to seek salvage and/or not to take
     title to a Satellite for which a payment for Total Loss, or Constructive
     Total Loss or Partial Loss has been paid, the Insured may use the affected
     Satellite or the affected Transponder(s) for scientific and/or testing
     and/or demonstration and/or incidental communications purposes which do not
     derive revenue and/or provide equivalent goods or services for use of the
     affected Satellite or Transponder(s) for the Insured, and such use shall
     not reduce payments for Loss hereunder to the Insured.

19.  ACCESS TO TECHNICAL INFORMATION

     The Insured shall use its reasonable best efforts to respond to all
     reasonable and specific requests regarding orbital and performance
     information available to the Insured related to risk of loss under this
     Policy.

     In the event that notice of loss is filed under this Policy, the Insured
     will, at the Insurers' request, do the following:

     (a)  conduct review sessions with Insurers to discuss any issue relating to
          any Loss; and

     (b)  use its reasonable best efforts to secure Insurers access to all
          information used in or resulting from any investigation or review of
          the cause or effects of the Loss or failure; and

     (c)  make available for inspection and copying all information necessary to
          establish the Loss, or the amounts of any salvage, and verify the
          accounting methods employed to compute any return of any recovery of
          Loss payment.

     To the extent that any information requested by the Insurers in accordance
     with this Condition 19 is subject to non-disclosure agreements, or
     proprietary information provisions, or disclosure restrictions under any
     export license issued by the United States Government, the Insured shall
     use its reasonable best efforts to obtain a release from the appropriate
     other party, including the Satellite manufacturer, to provide such
     information. Inability to provide such information due to export license
     restrictions shall not prejudice the Insured's and insurer's rights under
     this Policy.


<PAGE>

20.  MATERIAL CHANGES

     If the Insured shall:

     (a)  waive or modify in a material way the technical specifications or
          requirements of the Contracts, or

     (b)  become aware of a material change in any of the Underwriting
          Information provided to the Insurers, or

     (c)  change, revise, or amend the Contracts in writing, or

     (d)  become aware of a failure or anomaly likely to increase risk of loss;

     the Insured shall promptly notify Insurers of such waiver, modification,
     change, revision, amendment, failure or anomaly. Insurers shall thereafter
     have the right to review all of the terms and conditions of this Policy
     with the Insured and, to the extent the waiver, revision, modification,
     change, amendment, failure or anomaly, in the insurers' reasonable opinion,
     results in a material change in risk of loss or material change in
     insurable interest under this Policy, to renegotiate the affected terms or
     eliminate their participation under this Policy.

     If the Insured does not so notify Insurers, any Loss resulting directly
     from the subject of such waiver, modification, change, revision, amendment,
     modification, failure or anomaly shall not be covered under this Policy.

     Total Loss, Constructive Total Loss, Partial Loss or change in the
     operating status or condition of the Satellite which occurs after
     Attachment of Risk will not be considered a material change for that
     Satellite under this Condition 20, meaning that the rights of review,
     renegotiation and elimination of participation described above will not
     apply to such events.

21.  CONFIDENTIALITY

     All information of any nature provided by the Insured to the Insurers
     pursuant to the Policy is proprietary to the Insured and confidential. It
     is supplied under the conditions set forth in the confidentiality agreement
     in force between the Insured and Insurers at Attachment of Risk.

22.  NOTICES

     All notices, requests, filings and other communications shall be in writing
     and shall be effective when sent by electronic mail, registered mail,
     received by facsimile or hand delivered, at the following addresses:

     a) If sent to the Insured:

     New Skies Satellites N.V.
     Rooseveltplantsoen #4
     2517 KR Den Haag
     Netherlands
     Attention: Chief Financial Officer
     Telephone: 31-703-06-4100
     Facsimile: 31-703-06-4255

<PAGE>

     With a copy to International Space Brokers at address below:

     b) If sent to Insurers by the Insured:

     c/o International Space Brokers
     1300 Wilson Boulevard
     Suite 990
     Rosslyn, VA  22209 U.S.A.
     Telephone:  703-841-1334
     Facsimile:  703-841-0525

          or to such other address as may be designated in writing

23.  COMPLIANCE

     All requirements or obligations of the Insured under this policy to provide
     information documentation, or other materials; respond to questions or
     requests for information; or transfer title to or control of the Satellite,
     may be subject to US export control laws, regulations and policies and US
     Government approvals. Inability of the Insured to obtain such approvals, or
     delays in the timely delivery of any data or information required under
     this Policy due to the US Government approval process, shall not effect the
     Insured's or insurer's rights under this Policy.

     The Insured warrants that it will exercise reasonable best efforts to cause
     the Satellite manufacturer to obtain all necessary licenses/approvals in
     order to comply with all requirements and obligations under this Policy to
     provide such information or materials and respond to questions or requests
     for information.

24.  INSPECTION AND AUDIT AND INFORMATION

     The Insurers, through their authorised representative, shall be permitted
     to inspect the records of the Insured pertaining to the subject matter of
     this insurance at all reasonable times during the Policy Period, and if a
     Proof of Loss is filed pursuant to this Policy, for 3 years after the
     expiration or termination of this Policy.

25.  CONFORMITY CLAUSE

     It is understood and agreed that wheresoever the words "Underwriters" and
     "Assured" appear herein, the same shall be deemed to read "Insurers" and
     "Insured" respectively.

26.  SERVICE OF SUIT

     It is agreed that in the event of failure of the Insurers hereon to pay any
     amount


<PAGE>

     claimed to be due hereunder, the Insurers hereon, at the request of the
     Insured, will submit to the jurisdiction of a Court of competent
     jurisdiction within the United States. Nothing in this Condition
     constitutes or should be understood to constitute a waiver of Insurers'
     rights to commence an action to a United States District Court, or to seek
     a transfer of a case to another Court as permitted by the laws of the
     United States or of any State in the United States or the District of
     Columbia, U.S.A. It is further agreed that service of process in such suit
     may be made upon:

     Mendes & Mount
     750 Seventh Avenue,
     New York, NY 10019-6829 U.S.A.

     and that in any suit instituted against any one of them upon this contract,
     Insurers will abide by the final decision of such court or any Appellate
     Court in the event of an appeal.

     The above-named are authorized and directed to accept service of process on
     behalf of Insurers in any such suit and/or upon the request of the Insured
     to give a written undertaking to the Insured that they will enter a general
     appearance upon Insurers' behalf in the event that such a suit shall be
     instituted.

     Further, pursuant to any statute of any state, territory or district of the
     United States which makes provision therefore, Insurers hereon hereby
     designate the Superintendent, Commissioner or Director of Insurance or
     other officer specified for that purpose in the statute, or his successor
     or successors in office, as their true and lawful attorney upon whom may be
     served any lawful process in any action, suit or proceeding instituted by
     or on behalf of the Insured or any beneficiary hereunder arising out of
     this contract of insurance, and hereby designate the above as the person to
     whom the said officer is authorized to mail such process or a true copy
     thereof.



<PAGE>


                                   EXCLUSIONS

This Policy does not apply to any Loss caused by or resulting from:

1.   War, hostile or warlike action in time of peace or war, including action in
     hindering, combating or defending against an actual, impending or expected
     attack by:

     (a)  any government or sovereign power (de jure or de facto), or

     (b)  any authority maintaining or using a military, naval or air force, or

     (c)  a military, naval or air force, or

     (d)  any agent of any such government, power, authority or force.

2.   Any anti-satellite device, or device employing atomic or nuclear fission
     and/or fusion, or device employing laser or directed energy beams.

3.   Insurrection, strikes, labour disturbances, riots, civil commotion,
     rebellion, revolution, civil war, usurpation or action taken by a
     government authority in hindering, combating or defending against such an
     occurrence whether there be a declaration of war or not.

4.   Confiscation, nationalization, seizure, restraint, detention,
     appropriation, requisition for title or use by or under the order of any
     government or governmental authority or agent (whether secret or otherwise
     and/or whether civil, military or de facto), or public authority.

5.   Nuclear reaction, nuclear radiation, or radioactive contamination of any
     nature, whether such Loss or damage be direct or indirect, except for
     radiation naturally occurring in the space environment.

6.   Electromagnetic or radio frequency interference, except for physical damage
     to a Satellite or any Transponder directly resulting from such
     interference.

7.   Willful or intentional acts of the Insured or of any person authorized by
     the Insured to have access to a Satellite, except for acts of employees of
     the Insured or persons acting outside the scope of their authority,
     intended to cause Loss or failure of a Satellite(s).

8.   Any act of one or more persons, whether or not agents of a sovereign power,
     for political or terrorist purposes and whether the Loss or damage
     resulting therefrom is accidental or intentional. Unlawful seizure,
     unlawful interference or wrongful exercise of control of a Satellite,
     including any attempt at such seizure, interference or exercise of control
     without the consent of the insured.

9.   Failure of the first SSPA in the East Hemi Payload on NSS 703.

10.  Battery failure on NSS 5 if it is determined that, after such failure, NSS
     5 can support a maximum load in excess of 2800 watts through the
     Satellite's design life.

11.  The failure of Rate Measuring Assembly (RMA) 1 on NSS 806, but only in the
     event that RMA 2 is determined to have been failed at the point in time at
     which RMA 1 fails.

<PAGE>

12.  Short of the primary power bus on NSS-5 and NSS 806 if due to a defect
     similar to the defect that is proven to have caused the Telstar 4 and
     Telstar 401 in-orbit failures. (This exclusion shall be subject to review
     upon the availability of relevant data concerning the Telstar 4 failure
     analysis). For the purpose of this exclusion, a "similar defect" means a
     defect that is listed among the most probable causes of failure for both
     failure investigations.


12.  Losses arising from the Low Voltage Bus Converter (LVBC) 1 on NSS 5, but
     only in the event LVBC 2 is found to have failed at the point at which LVBC
     1 fails.

     13. The first 10 watt solid state power amplifier (SSPA) on the North East
     Bank on NSS 703 (the "703 NE SSPAs") to fail and any additional failures of
     703 NE SSPAs but only if it is determined that the additional failures are
     caused directly by a similar defect that resulted in the failure of the
     three (3) 703 NE SSPAs prior to the Policy Period. For the purpose of this
     exclusion, a "similar defect" means a defect that is listed among the most
     probable causes of failure for both failure investigations.


13.  Failure of the first travelling wave tube amplifier (TWTA) in C Band Ring B
     on NSS 806.

14.  Failure of the first Ku-Band travelling wave tube amplifier (TWTA) on NSS
     806 if TWTA KA is declared non operational by New Skies due to a recurrence
     of the multiple spurious events which occurred in June 2003.












<PAGE>



ATTACHMENT A


                  SCHEDULE OF SATELLITES (NET BOOK VALUES USD)



       SATELLITE          NSS 703            NSS 5             NSS 806
         TYPE             FS1300            LM7000              LM7000

       01-NOV-03           60,732,112        90,757,970         122,791,955
       01-DEC-03           59,466,860        89,664,501         121,412,270
       01-JAN-04           58,201,607        88,571,031         120,032,585
       01-FEB-04           56,936,355        87,477,562         118,652,901
       01-MAR-04           55,671,103        86,384,092         117,273,216
       01-APR-04           54,405,850        85,290,623         115,893,531
       01-MAY-04           53,140,598        84,197,153         114,513,846
       01-JUN-04           51,875,346        83,103,684         113,134,161
       01-JUL-04           50,610,093        82,010,214         111,754,476
       01-AUG-04           49,344,841        80,916,745         110,374,791
       01-SEP-04           48,079,589        79,823,275         108,995,106
       01-OCT-04           46,814,336        78,729,806         107,615,421

AVERAGE                 53,773,224        84,743,888         115,203,688