---

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Exhibit 4.9

Intelsat Transponder Service Order, dated September 30, 2007, between the Registrant and
Intelsat Global Sales & Marketing Ltd.



---

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# Intelsat Transponder
Service Order

# Service Order No 16977

|                            | Intelsat Information:                             | Customer Information:                 
|--------------------------- | ------------------------------------------------- | --------------------------------------
|Name:                       | Intelsat Global Sales & Marketing Ltd             | RRSAT Global Communication Network Ltd
|Place/Type of Organization: | England & Wales                                   | Israel                                
|Address:                    | Building 3, Chiswick Park, 566 Chiswick High Road | 4 Hagoren St. Industrial Park         
|City/Country:               | London W4 5YA, United Kingdom                     | Omer, 84965, Israel                   
|Attention:                  | Contracts Administrator                           | David Rivel                           
|Telephone:                  | +44-20 8899 6888                                  | +97286499007                          
|Facsimile:                  | +44-20 8899 6200                                  | +97250319346                          
|Email:                      |                                                   | david@rrsat.com                       

|1. | By
signing and returning this Service Order (Service Order)
               to Intelsat, RRSAT GLOBAL COMMUNICATION NETWORK LTD                (Customer)
is making an offer to purchase the service                described in this Service Order
(Service) from Intelsat                Global Sales and Marketing Ltd (Intelsat).
When executed by                Intelsat, this Service Order shall become binding.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2. | Provision
of the Service is subject to Intelsat receiving from Customer any
               Deposit/Collateral specified below in a form acceptable to Intelsat at
least 15                calendar days prior to the Service Start Date.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. | This
Service Order No 16977 and the Service are subject to the terms and
               conditions of the Master Service Agreement (MSA) referenced
below                which is incorporated herein by reference. In the event of a
conflict between                this Service Order and the MSA, this Service Order shall
control.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Type of Service Order                           | x New Service       o  Renewal        o Amendment                                                       
|----------------------------------------------- | --------------------------------------------------------------------------------------------------------
|Master Service Agreement                        | Agreement Type: Distribution Agreement Dated: 19-Jul-2001 Agreement No: 00745-000       Account No: 3228
|Service Type                                    | Transponder Service                                                                                     
|Preemptibility                                  | [*  *  *] Preemptible       [*  *  *] Non-Preemptible                                                   
|SSD       (Service Start Date)                  | 01-Oct-2007                                                                                             
|SED       (Service End Date)                    | 30-Jun-2015                                                                                             
|Service Fee (Monthly Recurring Charge)          | See Service & Payment Schedule below                                                                    
|Deposit/Collateral                              | US$ [*  *  *]                                                                                           
|Billing method                                  | [*  *  *]                                                                                               
|Special Terms & Conditions of Service           | x  Yes (see page 5)   o  No                                                                             
|                                                |                                                                                                         
|Phase 1 (see Service & Payment Schedule below): |                                                                                                         
|Orbital Location/ Satellite                     | 263.00 East °       Galaxy 25                                                                           
|Bandwidth(MHz)/ Information Rate(Mbps)          | [*  *  *]                                                                                               
|Up/Downlink Beam                                | NAKH/NAKV                                                                                               
|Initial Transponder Allocation                  | [*  *  *]                                                                                               
|                                                |                                                                                                         
|Phase 2(see Service & Payment Schedule below):  | See Special Terms & Conditions of Service, page 5                                                       
|Orbital Location/ Satellite                     | 263.00° East       Galaxy 19                                                                            
|Bandwidth(MHz)/ Information Rate(Mbps)          | [*  *  *]                                                                                               
|Up/Downlink Beam                                | [*  *  *]                                                                                               
|Initial Transponder Allocation                  | K11 / K11                                                                                               

| | Intelsat Confidential and Proprietary | 
| | ------------------------------------- | 

***Text Omitted and Filed Separately with the Securities and Exchange Commission under CFR §§ 230.246-2 and 200.80(b)(4).

Page 1 of 5

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|Service & Payment Schedule
|--------------------------

|Service    | Dates                                                                                   | MHz/Mbps  | Service Fee        
|---------- | --------------------------------------------------------------------------------------- | --------- | -------------------
|[*  *  *]  | [*  *  *]                                                                               | [*  *  *] | [*  *  *]          
|Phase 1    | From 1 December 2007 to 31 December 2008 (or until start of Transition phase, if later) | [*  *  *] | [*  *  *] per month
|Transition | From Galaxy 25 to Galaxy 19 - dates to be determined as set forth in Section 6.4        | [*  *  *] | [*  *  *]          
|Phase 2    | From 1 January 2009 (to be confirmed, as set forth in Section 6.4) to 30 June 2015      | [*  *  *] | [*  *  *] per month

|4. | The
following Appendices attached hereto, all of which are incorporated herein
               by reference, shall collectively comprise this Transponder Service Order:
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------

Technical
Requirements

|Appendix A:         Reserved/Not Applicable                                                                                                                                              
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Appendix B:         Technical Appendix for Transponder Segment Services (attached hereto)                                                                                                
|Appendix C:         Operational Requirements for Intelsat Satellites (attached hereto)
                              Please see applicable IESS service module at https://my.intelsat.com

|5. | Each
of the parties has duly executed and delivered this Service Order as of the
               latest date set forth below (the Execution Date). ______
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------

|INTELSAT GLOBAL SALES & MARKETING LTDBy: /s/ Suzanne Andrade 
Suzanne AndradeSenior Contracts ManagerDate: 01 October 2007 | RRSAT GLOBAL COMMUNICATION NETWORK LTDBy: /s/ David Rivel 
David RivelChief Executive OfficerDate:    30 September 2007
|---------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------

| | Intelsat Confidential and Proprietary | 
| | ------------------------------------- | 

***Text Omitted and Filed Separately with the Securities and Exchange Commission under CFR §§ 230.246-2 and 200.80(b)(4).

Page 2 of 5

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ADDITIONAL TERMS AND CONDITIONS
                                        FOR TRANSPONDER SERVICES

|1. | THE
SERVICE
|-- | -----------

| | Transponder
Service is the supply of satellite capacity to be managed by Customer. Full-time
Transponder Services may be either Preemptible, Non-Preemptible, or Fully Protected
(where offered). Transponder Services are non-cancellable.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|1.1 | Non-Preemptible
Transponder Service: A Non-preemptible Service cannot be interrupted or
cancelled to restore other Services.
|--- | ----------------------------------------------------------------------------------------------------------------------------

|1.2 | Preemptible
Transponder Service: A Preemptible Service may be suspended or terminated by
Intelsat. Unless otherwise specified in this Service Order, Services that are
preempted must vacate the capacity immediately upon notification by Intelsat.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|1.3 | Fully Protected Transponder Service: A Fully Protected Service is
offered only on a full transponder basis. In the event of failure, the Service shall be
restored using capacity on the same satellite, or on another satellite. A Fully Protected
Service is non-preemptible. Intelsat currently offers fully protected services only on the
following satellites: Galaxy- 23, -25, -26, -27, and -28.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2. | PREEMPTION
OF SERVICE
|-- | ---------------------

|2.1 | Notification of Preemption:Customer shall specify in writing, prior
to the Service Start Date, a telephone number where English-speaking Customer-designated
personnel may be reached by Intelsat on a 24/7 basis. Such contact telephone numbers and
contact personnel shall remain in effect until further written notice is received by
Intelsat.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2.2 | Charge
for Failing to Vacate:
|--- | -----------------------------

| | 2.2.1After
Service End Date for Non-Preemptible Services: If Customer continues to
use a Service past the Service End Date, Intelsat reserves the right to continue to
provide the Service to Customer on a fully Preemptible basis at a rate determined by
Intelsat in its sole discretion, and/or to take such further action(s) as may be
necessary to bring down the Service.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.2.2After
Notice of Preemption (where applicable): If, following preemption
notification or attempted notification by Intelsat of preemption, Customer continues to
use a Preemptible Service past the time indicated in the notification or the Service End
Date, whichever is earlier, a fee equivalent to one months service charge shall
apply for each day or part thereof of the continued unauthorized use. Customers
payment of this fee shall in no way be considered as authorization by Intelsat for
Customer to continue to use the Service, and Intelsat may take any further action(s) at
any time following notification or attempted notification of preemption as may be
necessary to bring down the Service immediately.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. | SERVICE
RESTORATION
|-- | -------------------

|3.1 | Service Restoration for Fully Protected Services:In the event that a Fully
Protected Service fails and Intelsat is unable to restore it on the same satellite with
capacity offering substantially similar coverage and equivalent performance, Intelsat
shall restore the Service on another Intelsat satellite on capacity that provides
substantially similar coverage and equivalent performance. In the event that Intelsat is
unable to restore the Service as described above, Intelsat shall make commercially
reasonable efforts to provide Customer with alternative capacity having the same or
similar characteristics, and shall make it available to Customer subject to agreement on
terms and conditions, including price.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Intelsat Confidential and Proprietary | 
| | ------------------------------------- | 

***Text Omitted and Filed Separately with the Securities and Exchange Commission under CFR §§ 230.246-2 and 200.80(b)(4).

Page 3 of 5

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---

|3.2 | Service Restoration for other Services:Unless otherwise provided in
Section 6 of these Additional Terms and Conditions of this Service Order, in the event any
other Service provided by Intelsat hereunder fails, Intelsat may, in its sole discretion,
restore such Service. Restoration may be made on the affected satellite or on another
Intelsat satellite then in orbit where the capacity shall provide similar coverage and
equivalent performance. Such capacity will then become the Service. If Intelsat, in its
discretion, does not restore or attempt to restore a failed Service hereunder, the
relevant Service Contract or Service Order shall be deemed terminated without further
liability as of the time of failure.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3.3 | Customers under Service Distribution Agreements and/or Wholesale Customer
Agreement:Annex F is deleted in its entirety and replaced with the following: In
cases of satellite failure or malfunction, Intelsat shall use reasonable efforts to
restore affected Services in accordance with the relevant Service Order/Contract.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. | SERVICE
INTERRUPTION CREDITS / OUTAGE CREDITS
|-- | ---------------------------------------------

|4.1 | A Service Interruption or Confirmed Outage is defined as any period during which a Service
fails to meet the minimum performance parameters set forth in the relevant Technical
Attachment.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4.2 | Interruption Credit or Outage Credit means a credit
to be given by Intelsat to Customer against future service provided by Intelsat.
Interruption Credits or Outage Credits will be given for Service Interruptions of one (1)
hour or more, and will be calculated as a proportion of monthly service, based on the
number of hours in the month during which the Service Interruption or Confirmed Outage
occurred.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4.3 | Measurements of periods of Service Interruption or Confirmed Outage shall commence when
the Service fails to meet the Service specifications as provided in the applicable
Technical Attachment, and the failure is confirmed by Intelsat. A Service Interruption or
Confirmed Outage shall end when Intelsat notifies Customer or Customer has actual
knowledge that the Service has been restored to the specifications as provided in the
applicable Technical Attachment. Any period during which Customer uses the applicable
Service shall not count towards the duration of the Service Interruption or Confirmed
Outage.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5. | MISCELLANEOUS
|-- | -------------

|5.1 | Billing Policy: Intelsat shall commence billing on the Service Start
Date specified in the relevant Service Contract or Service Order, unless any service delay
is due to causes attributable to Intelsat. However, Intelsat shall not be obliged to
provide the Service until Customer has submitted (i) the Deposit or Collateral, if
required; and (ii) a transmission plan, and the plan has been approved by Intelsat.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5.2 | Renewal:
Any renewal or extension of a Service will be the subject of a separate agreement
between Customer and Intelsat.
|--- | -------------------------------------------------------------------------------------------------------------------------

|5.3 | End of Service: If Intelsat, in its sole discretion, decides to take
a Satellite out of commercial service at its orbital location before the Service End Date,
Intelsat shall give Customer reasonable notice under the circumstances of such
determination and the date the applicable Satellite will be taken out of service or
redeployed at another orbital location. In such event, this Service Order shall
automatically terminate on the date that the Satellite is taken out of commercial service
or redeployed, unless Intelsat, at its option, continues to provide Service meeting the
Service Specifications to Customer on an alternative or replacement satellite. During the
term of this Service Order (Service Term), Intelsat may replace the Satellite
or one of its communications payloads (e.g. Ku or C-band) with another satellite (a
Replacement Satellite) at the same orbital location or at such other orbital
location to which such Replacement Satellite may be authorized by the FCC or other
competent authority to be located. In such circumstances, provided there is available
substantially comparable substitute capacity on the Replacement Satellite, Intelsat may
provide such capacity to Customer (the Replacement Transponder Service) and
this Service Order shall continue with such Replacement Transponder Service in lieu of the
service originally provided for the remainder of its scheduled Service Term. The
Replacement Transponder Service shall be deemed substantially comparable if the
transmission parameters and service specifications for the Replacement Transponder Segment
Service (Replacement Transmission Parameters and Replacement Service
Specifications, respectively) have materially the same or better coverage and
performance than the Service Specifications. Intelsat shall provide Customer with
Replacement Transmission Parameters and Replacement Service Specifications prior to the
transfer to the Replacement Satellite. Intelsat shall use all reasonable efforts to
minimize any disruption of operations while the Service is being transferred from one
satellite to the other and Customer shall be entitled to Outage Credits during any period
that the Service may be unavailable from both satellites. In the event of a replacement of
the Transponder Service under this Section, all references in this Service Order to the
Satellite, the Transponder Service, the Transmission Parameters and the Service
Specifications, shall thereafter be deemed to refer to the Replacement Satellite, the
Replacement Transponder Service, the Replacement Transmission Parameters and the
Replacement Service Specifications, respectively.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Intelsat Confidential and Proprietary | 
| | ------------------------------------- | 

***Text Omitted and Filed Separately with the Securities and Exchange Commission under CFR §§ 230.246-2 and 200.80(b)(4).

Page 4 of 5

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|5.4 | Transmission Plan: All transmission plans for this Service must be
submitted to Intelsat for approval at least two weeks before the Service Start Date. All
transmission plans must comply with the Operational Requirements for the Service. Customer
shall also be permitted, subject to Intelsats approval, to modify the transmission
plan from time to time. Intelsat reserves the right to charge Customer a reasonable fee
for transmission plan modifications. All proposed modifications must also be submitted at
least two weeks prior to their intended activation. Intelsats approval of the
transmission plan is not authorization for Customer to access the Intelsat space segment;
a separate message from Intelsat will provide information to Customer for coordinating the
activation of carriers. This Service Order is entered into with the understanding that
this Service will not create harmful technical interference to other services. Should such
interference occur, Customer assumes all liability. In addition, Intelsat reserves the
right to ensure that no technical impairments are caused to other services, including, if
necessary, terminating the Service.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5.5 | Earth Station Approval:All Customer earth stations must be approved
by Intelsat prior to operation. Small VSAT earth stations may receive approval as Standard
GX through the transmission plan approval. All antennas, including GX antennas, must be
authorized in the host country by all relevant regulatory and licensing authorities. For
Customer earth stations utilizing Intelsat or Intelsat-affiliated entities
facilities that require approval and verification testing, Customer must advise Intelsat
at least four (4) weeks in advance of preferred testing dates for said earth stations.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6. | SPECIAL
TERMS & CONDITIONS OF SERVICE
|-- | -------------------------------------

|6.1 | [* * *] then this Service Order will continue in full force and effect until the SED.
|--- | -------------------------------------------------------------------------------------

|6.2 | The Service on G25 is [* * *]. The Service on G25 is [* * *]. If the
situation permits, Intelsat may give Customer [* * *]. In the event that
Intelsat gives the Customer [* * *] of the Service on G25, the Customer will
have an option, at Customers discretion, [* * *] for the remainder of the
term. In the event of [* * *] Service on G25, the Customer must notify Intelsat
in writing [* * *] Service on G25 if the Customer does not wish to
[* * *] and if such notice is not received by Intelsat [* * *] of
Service on G25 then this Service Order shall continue in full force and effect
[* * *].
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6.3 | Whilst operating on Galaxy 25 (G-25) Transponder KH01 / KV01, the transponder
[* * *] and must operate with an [* * *]. This transponder will be
operated in [* * *].
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6.4.1 | It is estimated that the Service shall move to the Galaxy 19 (G-19) satellite during the
1st Quarter of 2009, at a date to be determined by Intelsat, and subject to
the operational availability (as determined by Intelsat) of that satellite. During the
migration of the Service, which shall occur no later than [* * *] after the
operational availability (as determined by Intelsat) of G-19, Intelsat shall provide
Customer [* * *].
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | At
any time after the Service is transferred to G-19 Customer shall have the option to [* * *],
subject to availability. In the event Customer exercises this option, then the Service
Fee for [* * *].
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6.5 | Customer
shall have a [* * *] the Service on [* * *] without further liability
[* * *] (other than for [* * *]), by giving [* * *] prior
written notice.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------

|6.6 | Customer
shall be the only operator of Galaxy 25 (G-25) Transponder [*  *  *], which is a [* * *]
transponder. Customer shall transmit a [* * *] carrier using FEC [*  *  *].
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6.7 | Attached
as Exhibit A hereto is the link budget for the transmission which is an integral part of
this Service Order.
|--- | ---------------------------------------------------------------------------------------------------------------------

End.

| | Intelsat Confidential and Proprietary | 
| | ------------------------------------- | 

***Text Omitted and Filed Separately with the Securities and Exchange Commission under CFR §§ 230.246-2 and 200.80(b)(4).

Page 5 of 5

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| | Lease Transmission Plan Program (LST)
 Lease Summary Information June 20, 2007
| | ------------------------------------------------------------------------------

|                                   |                      |   |          
|---------------------------------- | -------------------- | - | ---------
|
|
|
|
|INTELSAT                           | SVO-L Number         | : | [*  *  *]
|                                  
|3005 at 97.00 Deg W (263.00 Deg E) | Tr. Beam Number      | : | [*  *  *]
|                                  
|LST-plan                           | Slot                 | : | [*  *  *]
|                                  
|                                   | Tr. Cen. Freq. (GHz) | : | [* * *]  

|Note | :
|---- | -

| | :
| | -

| | :
| | -

|Beam Uplink (Geog.)   | : | NAKH    | Beam Downlink (Geog.) | : | NAKV    | Tr BW (MHz)            | : | [* * *]
|--------------------- | - | ------- | --------------------- | - | ------- | ---------------------- | - | -------
|Beam Uplink (Phys.)   | : | NAKH    | Beam Downlink (Phys.) | : | NAKV    | Tr BW; (MHz; IESS-410) | : | [* * *]
|Tr. SFD (dBW/m2 ; BP) | : | TBD     | Tr. IBO (dB)          | : | [* * *] | Lease BW usage (MHz)   | : | [* * *]
|Tr. SFD (dBW/m2 ; BE) | : | [* * *] | Tr. OBO (dB)          | : | [* * *] | Lease OFD (dBW/m2 BE); | : | [* * *]
|Tr. G/T (dB/K ; BE)   | : | [* * *] | Tr. EIRP (dBW ; BE)   | : | [* * *] | Lease EIRP (dBW ; BE)  | : | [* * *]
|                      |   |         |                       |   |         |                        |   |        

|Link Analysis Description:
|--------------------------

|MultiCarrier Txpdr Lease           | Link [*  *  *] |  |       
|---------------------------------- | -------------- |  | ------
|Number of links:                 1 |               
|Modulation                         | QPSK           |  | kbit/s
|Information Rate                   | [*  *  *]     
|FEC Code Rate                      | [*  *  *]     
|R-S Code Rate                      | [* * *]       
|Clear Sky Eb/No Available          | [* * *]        |  | dB    
|Number of Assigned Carriers        | [* * *]       
|Transmit ES Code                   | TX            
|Transmit ES Size                   | [* * *]        |  | m     
|Receive ES Code                    | RX            
|Receive ES Size                    | [* * *]        |  | m     
|Receive ES G/T                     | [* * *]        |  | dB/K  

|Total Leased Resource Usage:
|----------------------------

|LST calculated                                                                                            |           |     | Total BW allocated          | [*  *  *] | MHz
|--------------------------------------------------------------------------------------------------------- | --------- | --- | --------------------------- | --------- | ---
|(MultiCarrier Txpdr Lease)                                                                                |           |     | Total BW PEB                | [*  *  *] | MHz
|Total EIRP utilized                                                                                       | [*  *  *] | dBW | Total BW utilized           | [*  *  *] | MHz
|Total EIRP available                                                                                      | [*  *  *] | dBW | Total BW available          | [*  *  *] | MHz
|Margin (available-utilized)                                                                               | .0        | dB  | Margin (available-utilized) | [*  *  *] | MHz
|                                                                                                         
|Notes:                                                                                                   
|                                                                                                         
|                                                                                                         
|                                                                                                         
|                                                                                                         
|Communications Systems Engineering                             Data Source: IESS 410.  Rev. 8b, May 2001. | v:1.1.8  

* * *Text Omitted and Filed Separately with the Securities and Exchange Commission under CFR § 230.246-2 and 200.80(b)(4).

Pg.1

---

---

APPENDIX
B

TECHNICAL
APPENDIX

|Satellite Information                    
|-----------------------------------------
|Satellite:                               
|Orbital Location:                        
|Uplink Beam/Band:                        
|Downlink Beam/Band:                      
|Nominal Transponder Bandwidth:           
|Customer Transponder Capacity Allocation:

1.0     INTRODUCTION

This Technical Appendix contains the
Performance Specification for the Ku-Band transponders assigned to the Intelsat G-25 NKH
Uplink beam  NAKV Downlink beam. As described further herein the specifications
are applicable to a full transponder allocation on a [* * *] MHz transponder and
associated spares as noted, if available.

2.0     SATELLITE
PERFORMANCE CHARACTERISTICS

|Orbital Tolerances:    | Longitude Tolerance: | ± 0.05 degrees
|---------------------- | -------------------- | --------------
|Inclination Tolerance: | ± 0.05 degrees      

2.1     Communication
Antenna Pointing. The Satellite will maintain the orientation of its
communications antenna relative to the earth such that the EIRP, G/T and SFD described
in Section 3.1 are maintained.

3.0     COMMUNICATION
SYSTEM PERFORMANCE CHARACTERISTICS

3.1     EIRP,
G/T and SFD within Beam Coverage Area. Figure B-1 provides EIRP contours for the
Satellite Downlink Beam, while Figure B-2 provides G/T contours for the Satellite
Uplink beam. These contours permit the user to estimate EIRP and G/T for any location
within the Beam Coverage Area. Minimum beam reference EIRP and G/T for any location
within the Beam Coverage Areas. Minimum beam reference EIRP for the Transponder is 40.9
dBW ±1.0 dB, minimum beam reference G/T for the transponder is -4.2 dB/K ±1.5 dB.
The SFD (at beam reference contour) ranges from -96 dBW/m2 to -75 dBW/m2±1.0 dB.

| | Note: | Beam
Reference Contour values are based on the representative beam patterns
                  attached.  The contours are provided for estimation purposes only.  It
is recommended                   that a 1 dB margin be included when utilizing the
contours.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

3.1.1     Input
Attenuators. The gain of each transponder is adjustable by ground command over a
range of 0 to 21 steps in 1 dB increments.

* * *Text Omitted and Filed
Separately with the Securities and Exchange Commission under CFR § 230.246-2 and
200.80(b)(4).

B - 1

---

---

3.1.2     Saturation.
For the purposes of this Specification, saturation is defined as the point on the single
carrier power-out versus power-in transfer curve corresponding to the operating point
that provides the specified EIRP output power and simultaneously meets the required
linearity.

3.1.3     SFD
Gain Stability. The SFD shall not vary by more than ±1.2 dB over any 24 hour
period and ±1.7 dB over the life of the Satellite for the specified coverage area.

| | a) | Including
the gain variations of the transponder.
| | -- | -------------------------------------------------

| | b) | Excluding
the use of ground commandable gain.
| | -- | ---------------------------------------------

| | c) | Excluding
effects of spacecraft attitude errors.
| | -- | ------------------------------------------------

| | d) | Including
antenna thermal distortion.
| | -- | -------------------------------------

Figure
B-1. G-25 Ku-Band NAKV Downlink Beam



(EIRP
Contours: 50.8, 49.8, 48.8, 47.8, 46.8, 45.8, 44.8, 43.8, 42.8, 41.8, 40.9, 40.8, 39.8
dBW)

* * *Text Omitted and Filed
Separately with the Securities and Exchange Commission under CFR § 230.246-2 and
200.80(b)(4).

B - 2

---

---

Figure
B-2. G-25 Ku-Band NAKH Uplink Beam



(G/T
Contours: +2.7, 1.7, +0.7, -0.3, -1.3, -2.3, -3.3, -4.2, -4.3, -5.3 dB/K)

3.1.4     Two
Carriers and Multi-carrier Operation. The values provided in Sections 3.1 are
based on the occupancy of the transponder by a single carrier. While subject to final
approval by Intelsat and based on specific transponder configuration, multi-carrier
operation (3 or more QPSK carriers) must be conducted with a composite output and input
backoff meeting the following specifications:

|                        |                  |                       
|----------------------- | ---------------- | ----------------------
|
|
|
|
|Mode                    | Output           | Input (see Note below)
|Multi or Single Carrier | 3.8 dB/composite | 9.0 dB/composite      

Note: For operation of carrier
modulation other than QPSK, additional power constraints may be imposed in order to reduce
the generation of intermodulation and other spurious signals.

Prior to carrier activation, Customer
must provide Intelsat with a transmission plan detailing the proposed carrier frequency,
modulation and coding type, as well as required yearly service availability level, along
with other pertinent technical information, for approval by Intelsat. The approval will
consist of the specific carrier operational parameters. Intelsat reserves the right to
adjust the composite input backoff to achieve the specified output backoff.

* * *Text Omitted and Filed
Separately with the Securities and Exchange Commission under CFR § 230.246-2 and
200.80(b)(4).

B - 3

---

---

3.1.5     EIRP
Change Due to Redundant Power Amplifier. When any transponder is switched from its
primary HPA to an adjacent HPA, the transponder output power shall not decrease by more
than 0.5 dB relative to the EIRP using the primary power amplifier.

3.1.6     Gain
Change Due to First Redundant Receiver. When the first redundant receiver is
substituted for a primary receiver, the gain of the affected transponders shall not
decrease by more than 0.5 dB.

3.2     SATELLITE
COMMUNICATION SYSTEM EXPECTED PERFORMANCE

3.2.1     Co-Channel
Interference. The Total Co-Channel Interference ratio due to interference from
co-frequency carriers on the satellite is expected to be a minimum of 30 dB. for
most locations within the Beam Reference Contour.

3.2.2     Nominal
Channel Frequencies and Polarization. Each Transponder in the Beam Coverage Area
shall use the Uplink and Downlink frequency range provided in Table 1 below.
Moreover, the Beam Coverage Area shall be accessible by either linear vertical or
horizontal polarization. Intelsat reserves the right to assign and/or reassign Customers
space segment allocation within the Transponder or to other Transponders or Satellites
within the applicable Uplink and/or Downlink Beam Coverage Area. Except in emergency
circumstances, Intelsat shall notify Customer of any changes to its initial allocation as
soon as reasonably practicable prior to such change and shall use reasonable efforts to
minimize disruption to Customers Transponder Capacity during any such change.

3.2.3     Frequency
Translation. The communication system translates Uplink transmissions by a net
frequency subtraction identified in Table 1 below. The net translation error is not
expected to exceed ±1.5 kHz over the operating lifetime of the satellite, with
variations over any 30 day period not to exceed ±0.2 kHz.

Table
1. Frequency Range and Corresponding Translation Frequency

|Uplink Band             | Downlink Band           | Translation Frequency
|----------------------- | ----------------------- | ---------------------
|From 14.00 to 14.50 GHz | From 11.70 to 12.20 GHz | 2300 MHz             

# End of Appendix B.

* * *Text Omitted and Filed
Separately with the Securities and Exchange Commission under CFR § 230.246-2 and
200.80(b)(4).

B - 4

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