Exhibit 3.3





B Y E - L A W S

of

Intelsat, ltd.





I HEREBY CERTIFY that
the within written Bye-Laws are a true copy of the Bye-Laws of Intelsat, Ltd.as adopted and approved as the amended and restated Bye-laws of the Company by resolution of the Shareholder adopted as of the 4 February 2008.



Secretary





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TABLE OF CONTENTS



|                   |  |                                                                    |  |      
|------------------ |  | ------------------------------------------------------------------ |  | -----
|                   |  |                                                                    |  | Page 
|INTERPRETATION     |  | 4                                                                 
|1.                 |  | Interpretation                                                     |  | 4    
|                   | 
|BOARD OF DIRECTORS |  | 6                                                                 
|2.                 |  | Board of Directors                                                 |  | 6    
|3.                 |  | Management of the Company                                          |  | 6    
|4.                 |  | Power to appoint managing director or chief executive officer      |  | 6    
|5.                 |  | Power to appoint manager                                           |  | 6    
|6.                 |  | Power to authorise specific actions                                |  | 6    
|7.                 |  | Power to appoint attorney                                          |  | 6    
|8.                 |  | Power to delegate to a committee                                   |  | 7    
|9.                 |  | Power to appoint and dismiss employees                             |  | 7    
|10.                |  | Exercise of power to purchase shares of or discontinue the Company |  | 7    
|11.                |  | Election of Directors                                              |  | 7    
|12.                |  | Defects in appointment of Directors                                |  | 7    
|13.                |  | Alternate Directors                                                |  | 7, 8 
|14.                |  | Removal of Directors                                               |  | 8    
|15.                |  | Vacancies on the Board                                             |  | 8, 9 
|16.                |  | Notice of meetings of the Board                                    |  | 9    
|17.                |  | Quorum at meetings of the Board                                    |  | 9    
|18.                |  | Meetings of the Board                                              |  | 9, 10
|19.                |  | Unanimous written resolutions                                      |  | 10   
|20.                |  | Contracts and disclosure of Directors interests                   |  | 10   
|21.                |  | Remuneration of Directors                                          |  | 10   
|                   |  |                                                                   
|OFFICERS           |  |                                                                    |  | 10   
|22.                |  | Officers of the Company                                            |  | 10,11
|23.                |  | Remuneration of Officers                                           |  | 11   
|24.                |  | Duties of Officers                                                 |  | 11   
|25.                |  | Chairman of meetings                                               |  | 11   
|26.                |  | Register of Directors and Officers                                 |  | 11   
|                   |  |                                                                   
|MINUTES            |  |                                                                    |  | 11   
|27.                |  | Obligations of Board to keep minutes                               |  | 11,12
|                   |  |                                                                   
|INDEMNITY          |  |                                                                    |  | 12   
|28.                |  | Indemnification of Directors and Officers of the Company           |  | 12   



---

|                         |  |                                                                                      |  |      
|------------------------ |  | ------------------------------------------------------------------------------------ |  | -----
|29.                      |  | Waiver of claims by Members                                                          |  | 12   
|                         |  |                                                                                     
|MEETINGS                 |  |                                                                                      |  | 13   
|30.                      |  | Notice of annual general meeting                                                     |  | 13   
|31.                      |  | Notice of special general meeting                                                    |  | 13   
|32.                      |  | Accidental omission of notice of general meeting                                     |  | 13   
|33.                      |  | Meeting called on requisition of Members                                             |  | 13   
|34.                      |  | Short notice                                                                         |  | 13   
|35.                      |  | Postponement of meetings                                                             |  | 14   
|36.                      |  | Quorum for general meeting                                                           |  | 14   
|37.                      |  | Adjournment of meetings                                                              |  | 14   
|38.                      |  | Attendance at meetings                                                               |  | 14   
|39.                      |  | Resolutions in writing                                                               |  | 14,15
|40.                      |  | Attendance of Directors                                                              |  | 15   
|41.                      |  | Voting at meetings                                                                   |  | 15,16
|42.                      |  | Voting on show of hands                                                              |  | 16   
|43.                      |  | Decision of chairman                                                                 |  | 16   
|44.                      |  | Demand for a poll                                                                    |  | 16,17
|45.                      |  | Seniority of joint holders voting                                                    |  | 17   
|46.                      |  | Instrument of proxy                                                                  |  | 17   
|47.                      |  | Representation of corporations at meetings                                           |  | 17,18
|                         | 
|SHARE CAPITAL AND SHARES |  | 18                                                                                  
|48.                      |  | Rights of shares                                                                     |  | 18   
|49.                      |  | Power to issue shares                                                                |  | 18,19
|50.                      |  | Variation of rights; alterations of share capital; purchase of shares of the Company |  | 19,20
|51.                      |  | Registered holder of shares                                                          |  | 20   
|52.                      |  | Death of a joint holder                                                              |  | 20   
|53.                      |  | Share certificates                                                                   |  | 20   
|54.                      |  | Calls on shares                                                                      |  | 21   
|55.                      |  | Forfeiture of shares                                                                 |  | 21   
|                         | 
|REGISTER OF MEMBERS      |  | 21                                                                                  
|56.                      |  | Contents of Register of Members                                                      |  | 21   
|57.                      |  | Inspection of Register of Members                                                    |  | 21   
|58.                      |  | Determination of record dates                                                        |  | 22   
|                         | 
|TRANSFER OF SHARES       |  | 22                                                                                  
|59.                      |  | Instrument of transfer                                                               |  | 22   
|60.                      |  | Restriction on transfer                                                              |  | 22   
|61.                      |  | Transfers by joint holders                                                           |  | 22   
|                         | 
|TRANSMISSION OF SHARES   |  | 23                                                                                  
|62.                      |  | Representative of deceased Member                                                    |  | 23   
|63.                      |  | Registration on death or bankruptcy                                                  |  | 23   



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|                                  |  |                                          |  |      
|--------------------------------- |  | ---------------------------------------- |  | -----
|DIVIDENDS AND OTHER DISTRIBUTIONS |  | 23                                      
|64.                               |  | Declaration of dividends by the Board    |  | 23   
|65.                               |  | Other distributions                      |  | 23   
|66.                               |  | Reserve fund                             |  | 23   
|67.                               |  | Deduction of amounts due to the Company  |  | 24   
|                                  | 
|CAPITALISATION                    |  | 24                                      
|68.                               |  | Issue of bonus shares                    |  | 24   
|                                  | 
|ACCOUNTS AND FINANCIAL STATEMENTS |  | 24                                      
|69.                               |  | Records of account                       |  | 24   
|70.                               |  | Financial year end                       |  | 24   
|71.                               |  | Financial statements                     |  | 24   
|                                  | 
|AUDIT                             |  | 25                                      
|72.                               |  | Appointment of Auditor                   |  | 25   
|73.                               |  | Remuneration of Auditor                  |  | 25   
|74.                               |  | Vacation of office of Auditor            |  | 25   
|75.                               |  | Access to books of the Company           |  | 25   
|76.                               |  | Report of the Auditor                    |  | 25   
|                                  | 
|NOTICES                           |  | 26                                      
|77.                               |  | Notices to Members of the Company        |  | 26   
|78.                               |  | Notices to joint Members                 |  | 26   
|79.                               |  | Service and delivery of notice           |  | 26   
|                                  | 
|SEAL OF THE COMPANY               |  | 26                                      
|80.                               |  | The seal                                 |  | 26   
|81.                               |  | Manner in which seal is to be affixed    |  | 27   
|                                  | 
|WINDING-UP                        |  | 27                                      
|82.                               |  | Winding-up/distribution by liquidator    |  | 27   
|                                  | 
|ALTERATION OF BYE-LAWS            |  | 27                                      
|83.                               |  | Alteration of Bye-laws                   |  | 27   
|                                  | 
|CERTAIN CORPORATE OBJECTIVES      |  | 27                                      
|84.                               |  | Public Service Obligation of the Company |  | 27,28





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INTERPRETATION



|1. | Interpretation
|-- | --------------

(1)    In
these Bye-laws the following words and expressions shall, where not inconsistent with the context, have the following meanings respectively:



| | (a) | Act means the Companies Act 1981 as amended from time to time;
| | --- | ----------------------------------------------------------------



| | (b) | Alternate Director means an alternate Director appointed in accordance with these Bye-laws;
| | --- | ---------------------------------------------------------------------------------------------



| | (c) | Auditor includes any individual or partnership;
| | --- | -------------------------------------------------



| | (d) | Board means the Board of Directors appointed or elected pursuant to these Bye-laws and acting by resolution in accordance with the Act and these Bye-laws or the
Directors present at a meeting of Directors at which there is a quorum;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Company means the company for which these Bye-laws are approved and confirmed;
| | --- | --------------------------------------------------------------------------------



| | (f) | Director means a director of the Company and shall include an Alternate Director;
| | --- | -----------------------------------------------------------------------------------



| | (g) | ITSO means the International Telecommunications Satellite Organization;
| | --- | -------------------------------------------------------------------------



| | (h) | ITU means the International Telecommunications Union;
| | --- | -------------------------------------------------------



| | (i) | Member means the person registered in the Register of Members as the holder of shares in the Company and, when two or more persons are so registered as joint holders of
shares, means the person whose name stands first in the Register of Members as one of such joint holders or all of such persons as the context so requires;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (j) | notice means written notice as further defined in these Bye-laws unless otherwise specifically stated;
| | --- | --------------------------------------------------------------------------------------------------------



| | (k) | Officer means any person appointed by the Board to hold an office in the Company;
| | --- | -----------------------------------------------------------------------------------



| | (l) | Public Services Agreement means the agreement, dated as of July 18, 2001, among ITSO, the Company, Intelsat Services Corporation, a
| | --- | -------------------------------------------------------------------------------------------------------------------------------------



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| | company incorporated under the laws of the State of Delaware, U.S.A. (now known as Intelsat Global Services Corporation), and Intelsat LLC, a limited
liability company under the laws of the State of Delaware, U.S.A., relating to certain public service agreements;
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (m) | Register of Directors and Officers means the Register of Directors and Officers of the Company referred to in these Bye-laws;
| | --- | -------------------------------------------------------------------------------------------------------------------------------



| | (n) | Register of Members means the Register of Members of the Company referred to in these Bye-laws;
| | --- | -------------------------------------------------------------------------------------------------



| | (o) | Resident Representative means any person appointed to act as resident representative and includes any deputy or assistant resident representative;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------



| | (p) | Secretary means the person appointed to perform any or all of the duties of secretary of the Company and includes any deputy or assistant secretary; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------

(2)    In these Bye-laws, where not inconsistent with the context:



| | (a) | words denoting the plural number include the singular number and vice versa;
| | --- | ----------------------------------------------------------------------------



| | (b) | words denoting the masculine gender include the feminine gender;
| | --- | ----------------------------------------------------------------



| | (c) | words importing persons include companies, associations or bodies of persons whether corporate or not;
| | --- | ------------------------------------------------------------------------------------------------------



| | (d) | the word:
| | --- | ---------

| | (i) | may shall be construed as permissive;
| | --- | ---------------------------------------

| | (ii) | shall shall be construed as imperative; and
| | ---- | ---------------------------------------------



| | (e) | unless otherwise provided herein words or expressions defined in the Act shall bear the same meaning in these Bye-laws.
| | --- | -----------------------------------------------------------------------------------------------------------------------

(3)    Expressions referring to writing or written shall, unless the contrary intention appears, include facsimile, electronic mail,
printing, lithography, photography and other modes of representing words in a visible form.

(4)    Headings used in
these Bye-laws are for convenience only and are not to be used or relied upon in the construction hereof.



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BOARD OF DIRECTORS



|2. | Board of Directors
|-- | ------------------

The business of the Company
shall be managed and conducted by the Board.



|3. | Management of the Company
|-- | -------------------------

(1) In managing the
business of the Company, the Board may exercise all such powers of the Company except those powers that are required by the Act or these Bye-laws to be exercised by the Members.

(2) No regulation or alteration to these Bye-laws made by the Company in general meeting shall invalidate any prior act of the Board which would have
been valid if that regulation or alteration had not been made.

(3) The Board may procure that the Company pays all expenses incurred in
promoting and incorporating the Company.



|4. | Power to appoint managing director or chief executive officer
|-- | -------------------------------------------------------------

The
Board may from time to time appoint one or more persons to the office of managing director or chief executive officer of the Company who shall, subject to the control of the Board, supervise and administer all of the general business and affairs of
the Company.



|5. | Power to appoint manager
|-- | ------------------------

The Board may appoint a person to act as
manager of the Companys day to day business and may entrust to and confer upon such manager such powers and duties as it deems appropriate for the transaction or conduct of such business.



|6. | Power to authorise specific actions
|-- | -----------------------------------

The Board may from time to
time and at any time authorise any company, firm, person or body of persons to act on behalf of the Company for any specific purpose and in connection therewith to execute any agreement, document or instrument on behalf of the Company.



|7. | Power to appoint attorney
|-- | -------------------------

The Board may from time to time and at
any time by power of attorney appoint any company, firm, person or body of persons, whether nominated directly or indirectly by the Board, to be an attorney of the Company for such purposes and with such powers, authorities and discretions (not
exceeding those vested in or exercisable by the Board) and for such period and subject to such conditions as it may think fit and any such power of attorney may contain such provisions for the protection and convenience of persons dealing with any
such attorney as the Board may think fit and may also authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions so vested in the attorney. Such attorney may, if so authorised under the



6



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power of attorney, execute any deed or instrument or other document on behalf of the Company.



|8. | Power to delegate to a committee
|-- | --------------------------------

The Board may delegate any of
its powers to a committee appointed by the Board, which may consist partly or entirely of non-Directors, and every such committee shall conform to such directions as the Board shall impose on it.



|9. | Power to appoint and dismiss employees
|-- | --------------------------------------

The Board may appoint,
suspend or remove any manager, secretary, clerk, agent or employee of the Company and may fix their remuneration and determine their duties.



|10. | Exercise of power to purchase shares of or discontinue the Company
|--- | ------------------------------------------------------------------

The Board may exercise all of the powers of the Company to purchase all or any part of its own shares pursuant to Section 42A of the Act.

(1)    The Board may exercise all the powers of the Company to discontinue the Company to a named country or jurisdiction outside Bermuda pursuant to Section 132G of the Act.



|11. | Election of Directors
|--- | ---------------------

The Board shall consist of not less than
three Directors or such number in excess thereof as the Members may from time to time determine who shall be elected or appointed in the first place at the statutory meeting of the Company and thereafter, except in the case of casual vacancy, at the
annual general meeting or at any special general meeting called for the purpose. Directors shall hold office for such term as the Members may determine or, in the absence of such determination, until the next annual general meeting or until their
successors are elected or appointed or their office is otherwise vacated, and any general meeting may authorise the Board to fill any vacancy in their number left unfilled at a general meeting.



|12. | Defects in appointment of Directors
|--- | -----------------------------------

All acts done bona fide by
any meeting of the Board or by a committee of the Board or by any person acting as a Director shall, notwithstanding that it be afterwards discovered that there was some defect in the appointment of any Director or person acting as aforesaid, or
that they or any of them were disqualified, be as valid as if every such person had been duly appointed and was qualified to be a Director.



|13. | Alternate Directors
|--- | -------------------

(1)    Any general meeting of the Company may elect a person or persons to act as a Director in the alternative to any one or more of the Directors of the Company or may



7



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authorise the Board to appoint such Alternate Directors. Unless the Members otherwise resolve, any Director may appoint a person or persons to act as a
Director in the alternative to himself or herself by notice in writing deposited with the Secretary. Any person so elected or appointed shall have all the rights and powers of the Director or Directors for whom such person is appointed in the
alternative and such person may be counted more than once in determining whether or not a quorum is present if he is attending both as Director and Alternate Director.

(2)    An Alternate Director shall be entitled to receive notice of all meetings of the Board and to attend and vote at any such meeting at which a Director for whom such Alternate Director was
appointed in the alternative is not personally present and generally to perform at such meeting all the functions of such Director for whom such Alternate Director was appointed. Every person acting as an Alternate Director shall have one vote for
each Director for whom he acts as alternate (in addition to his own vote if he is also a Director).

(3)    An
Alternate Director shall cease to be such if the Director for whom such Alternate Director was appointed ceases for any reason to be a Director but may be re-appointed by the Board as alternate to the person appointed to fill the vacancy in
accordance with these Bye-laws.



|14. | Removal of Directors
|--- | --------------------

(1)    Subject to any provision to the contrary in these Bye-laws, the Members may, at any special general meeting convened and held in accordance with these Bye-laws, remove a Director provided that the notice of any
such meeting convened for the purpose of removing a Director shall contain a statement of the intention so to do and be served on such Director not less than 14 days before the meeting and at such meeting such Director shall be entitled to be heard
on the motion for such Directors removal.

(2)    A vacancy on the Board created by the removal of a Director
under the provisions of subparagraph (1) of this Bye-law may be filled by the Members at the meeting at which such Director is removed and, in the absence of such election or appointment, the Board may fill the vacancy.



|15. | Vacancies on the Board
|--- | ----------------------

(1)    The Board shall have the power from time to time and at any time to appoint any person as a Director to fill a vacancy on the Board occurring as the result of the death, disability, disqualification or resignation
of any Director and to appoint an Alternate Director to any Director so appointed.

(2)    The Board may act
notwithstanding any vacancy in its number but, if and so long as its number is reduced below the number fixed by these Bye-laws as the quorum necessary for the transaction of business at meetings of the Board, the continuing Directors or Director
may act for the purpose of (i) summoning a general meeting of the Company or (ii) preserving the assets of the Company.



8



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(3)    The office of Director shall be vacated if the Director:



| | (a) | is removed from office pursuant to these Bye-laws or is prohibited from being a Director by law;
| | --- | ------------------------------------------------------------------------------------------------



| | (b) | is or becomes bankrupt or makes any arrangement or composition with his creditors generally;
| | --- | --------------------------------------------------------------------------------------------



| | (c) | is or becomes of unsound mind or dies; or
| | --- | -----------------------------------------



| | (d) | resigns his or her office by notice in writing to the Company.
| | --- | --------------------------------------------------------------



|16. | Notice of meetings of the Board
|--- | -------------------------------

(1)    A Director may, and the Secretary on the requisition of a Director shall, at any time summon a meeting of the Board.

(2)    Notice of a meeting of the Board shall be deemed to be duly given to a Director if it is given to such Director verbally in person or by telephone or otherwise communicated or sent to such
Director by post, cable, telex, telecopier, facsimile, electronic mail or other mode of representing words in a legible and non-transitory form at such Directors last known address or any other address given by such Director to the Company for
this purpose.

(3)    Any defect in notice of meeting with respect to a particular Director shall be deemed waived by
the participation of such Director in the meeting of the Board.



|17. | Quorum at meetings of the Board
|--- | -------------------------------

The quorum necessary for the
transaction of business at a meeting of the Board shall be a majority of the entire Board at the time of the meeting. Directors participating in any meeting of the Board by means of telephone, electronic or other communication facilities as permit
all persons participating in the meeting to communicate with each other simultaneously and instantaneously shall constitute presence in person at such meeting for quorum purposes.



|18. | Meetings of the Board
|--- | ---------------------

(1)    
The Board may meet for the transaction of business, adjourn and otherwise regulate its meetings as it sees fit.

(2)    Directors may participate in any meeting of the Board by means of such telephone, electronic or other communication facilities as permit all persons participating in the meeting to communicate with each other
simultaneously and instantaneously, and participation in such a meeting shall constitute presence in person at such meeting.



9



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(3)    A resolution put to the vote at a meeting of the Board shall be carried only
if such resolution receives the affirmative vote of at least three-fourths of the total number of Directors, assuming no vacancies.



|19. | Unanimous written resolutions
|--- | -----------------------------

A resolution in writing signed by
all the Directors, which may be in counterparts, shall be as valid as if it had been passed at a meeting of the Board duly called and constituted, such resolution to be effective on the date on which the last Director signs the resolution. For the
purposes of this Bye-law only, Director shall not include an Alternate Director.



|20. | Contracts and disclosure of Directors interests
|--- | ------------------------------------------------

(1)    Any Director, or any Directors firm, partner or any company with whom any Director is associated, may act in a professional capacity for the Company and such Director or such Directors firm, partner or
such company shall be entitled to remuneration for professional services as if such Director were not a Director, provided that nothing herein contained shall authorise a Director or Directors firm, partner or such company to act as Auditor of
the Company.

(2)    A Director who is directly or indirectly interested in a contract or proposed contract or
arrangement with the Company shall declare the nature of such interest as required by the Act.

(3)    Following a
declaration being made pursuant to this Bye-law, and unless disqualified by the chairman of the relevant Board meeting, a Director may vote in respect of any contract or proposed contract or arrangement in which such Director is interested and may
be counted in the quorum at such meeting.



|21. | Remuneration of Directors
|--- | -------------------------

The remuneration (if any) of the
Directors shall be determined by the Company in general meeting and shall be deemed to accrue from day to day. The Directors may also be paid all travel, hotel and other expenses properly incurred by them in attending and returning from meetings of
the Board, any committee appointed by the Board, general meetings of the Company, or in connection with the business of the Company or their duties as Directors generally.

OFFICERS



|22. | Officers of the Company
|--- | -----------------------

(1)    The Officers of the Company, who may or may not be Directors, may be appointed by the Board at any time, all of whom shall be deemed to be Officers for the purposes of these Bye-laws. Any person appointed pursuant
to this Bye-law shall hold



10



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office for such period and upon such terms as the Board may determine and the Board may revoke or terminate any such appointment. Any such revocation or
termination shall be without prejudice to any claim for damages that such Officer may have against the Company or the Company may have against such Officer for any breach of any contract of service between him and the Company which may be involved
in such revocation or termination. Save as provided in the Act or these Bye-laws, the powers and duties of the Officers of the Company shall be such (if any) as are determined from time to time by the Board.

(2)    The provisions of these Bye-laws as to resignation and disqualification of Directors shall mutatis mutandisapply to
the resignation and disqualification of Officers.



|23. | Remuneration of Officers
|--- | ------------------------

The Officers shall receive such
remuneration as the Board may from time to time determine.



|24. | Duties of Officers
|--- | ------------------

The Officers shall have such powers and
perform such duties in the management, business and affairs of the Company as may be delegated to them by the Board from time to time.



|25. | Chairman of meetings
|--- | --------------------

Unless otherwise agreed by a majority of
those attending and entitled to attend and vote thereat, the Chairman (or President) or, in his absence, the Deputy Chairman (or Vice President), shall preside as chairman at every meeting of the Board. If there is no such Chairman or Deputy
Chairman (or President or Vice President), of if at any meeting the Chairman or Deputy Chairman (or President or Vice President) is not present within five (5) minutes after the time appointed for holding the meeting, or is not willing to act
as chairman, the Directors present may choose one of their number to be chairman of the meeting.



|26. | Register of Directors and Officers
|--- | ----------------------------------

The Board shall cause to be
kept in one or more books at the registered office of the Company a Register of Directors and Officers and shall enter therein the particulars required by the Act.

MINUTES



|27. | Obligations of Board to keep minutes
|--- | ------------------------------------

(1)    The Board shall cause minutes to be duly entered in books provided for the purpose:



| | (a) | of all elections and appointments of Officers;
| | --- | ----------------------------------------------



11



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| | (b) | of the names of the Directors present at each meeting of the Board and of any committee appointed by the Board; and
| | --- | -------------------------------------------------------------------------------------------------------------------



| | (c) | of all resolutions and proceedings of general meetings of the Members, meetings of the Board, meetings of managers and meetings of committees appointed by the Board.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------

(2)    Minutes prepared in accordance with the Act and these Bye-laws shall be kept by the Secretary at
the registered office of the Company.

INDEMNITY



|28. | Indemnification of Directors and Officers of the Company
|--- | --------------------------------------------------------

The
Directors, Secretary and other Officers (such term to include, for the purposes of Bye-laws 28 and 29, any person appointed to any committee by the Board and any person serving at the request of the Company as a director, officer, employee or agent
of another corporation, partnership, joint venture, trust or other enterprise (including without limitation, any direct or indirect subsidiary of the Company)) for the time being acting in relation to any of the affairs of the Company and the
liquidator or trustees (if any) for the time being acting in relation to any of the affairs of the Company and every one of them, and their heirs, executors and administrators, shall be indemnified and secured harmless to the fullest extent
permitted by law out of the assets of the Company from and against all actions, costs, charges, losses, damages and expenses which they or any of them, their heirs, executors or administrators, shall or may incur or sustain by or by reason of any
act done, concurred in or omitted in or about the execution of their duty, or supposed duty, or in their respective offices or trusts, and none of them shall be answerable for the acts, receipts, neglects or defaults of the others of them or for
joining in any receipts for the sake of conformity, or for any bankers or other persons with whom any moneys or effects belonging to the Company shall or may be lodged or deposited for safe custody, or for insufficiency or deficiency of any security
upon which any moneys of or belonging to the Company shall be placed out on or invested, or for any other loss, misfortune or damage which may happen in the execution of their respective offices or trusts, or in relation thereto, PROVIDED THAT this
indemnity shall not extend to any matter in respect of any fraud or dishonesty which may attach to any of said persons.



|29. | Waiver of claims by Members
|--- | ---------------------------

Each Member agrees to waive any claim
or right of action such Member might have, whether individually or by or in the right of the Company, against any Director or Officer on account of any action taken by such Director or Officer, or the failure of such Director

or Officer to take any action in the performance of his duties with or for the Company, PROVIDED THAT such waiver shall not extend to any matter in respect of any fraud
or dishonesty which may attach to such Director or Officer.



12



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MEETINGS



|30. | Notice of annual general meeting
|--- | --------------------------------

The annual general meeting of
the Company shall be held in each year other than the year of incorporation at such time and place as the President or the Chairman or any two Directors or any Director and the Secretary or the Board shall appoint. At least five days notice of
such meeting shall be given to each Member stating the date, place and time at which the meeting is to be held, that the election of Directors will take place thereat, and as far as practicable, the other business to be conducted at the meeting.



|31. | Notice of special general meeting
|--- | ---------------------------------

The President, the Chairman or
any two Directors or any Director and the Secretary or the Board may convene a special general meeting of the Company whenever in their judgement such a meeting is necessary, upon not less than five days notice which shall state the date,
time, place and the general nature of the business to be considered at the meeting.



|32. | Accidental omission of notice of general meeting
|--- | ------------------------------------------------

The accidental
omission to give notice of a general meeting to, or the non-receipt of notice of a general meeting by, any person entitled to receive notice shall not invalidate the proceedings at that meeting.



|33. | Meeting called on requisition of Members
|--- | ----------------------------------------

Notwithstanding anything
herein, the Board shall, on the requisition of Members holding at the date of the deposit of the requisition not less than one-tenth of such of the paid-up share capital of the Company as at the date of the deposit carries the right to vote at
general meetings of the Company, forthwith proceed to convene a special general meeting of the Company and the provisions of Section 74 of the Act shall apply.



|34. | Short notice
|--- | ------------

A general meeting of the Company shall,
notwithstanding that it is called by shorter notice than that specified in these Bye-laws, be deemed to have been properly called if it is so agreed by (i) all the Members entitled to attend and vote thereat in the case of an annual general
meeting; and (ii) by a majority in number of the Members having the right to attend and vote at the meeting, being a majority together holding not less than 95% in nominal value of the shares giving a right to attend and vote thereat, in the
case of a special general meeting.



13



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|35. | Postponement of meetings
|--- | ------------------------

The Secretary may postpone any general
meeting called in accordance with the provisions of these Bye-laws (other than a meeting requisitioned under these Bye-laws) provided that notice of postponement is given to each Member before the time for such meeting. Fresh notice of the date,
time and place for the postponed meeting shall be given to each Member in accordance with the provisions of these Bye-laws.



|36. | Quorum for general meeting
|--- | --------------------------

At any general meeting of the Company
two or more persons present in person and representing in person or by proxy in excess of 50% of the total issued and outstanding voting shares in the Company throughout the meeting shall form a quorum for the transaction of business, PROVIDED that
if the Company shall at any time have only one Member, one Member present in person or by proxy shall form a quorum for the transaction of business at any general meeting of the Company held during such time. If within half an hour from the time
appointed for the meeting a quorum is not present, the meeting shall stand adjourned to the same day one week later, at the same time and place or to such other day, time or place as the Secretary may determine.



|37. | Adjournment of meetings
|--- | -----------------------

The chairman of a general meeting may,
with the consent of the Members at any general meeting at which a quorum is present (and shall if so directed), adjourn the meeting. Unless the meeting is adjourned to a specific date and time, fresh notice of the date, time and place for the
resumption of the adjourned meeting shall be given to each Member in accordance with the provisions of these Bye-laws.



|38. | Attendance at meetings
|--- | ----------------------

Members may participate in any general
meeting by means of such telephone, electronic or other communication facilities as permit all persons participating in the meeting to communicate with each other simultaneously and instantaneously, and participation in such a meeting shall
constitute presence in person at such meeting.



|39. | Resolutions in Writing
|--- | ----------------------

(1)    Subject to subparagraph (7), anything which may be done by resolution of the Company in general meeting or by resolution of a meeting of any class of the Members of the Company, may be done by resolution in
writing signed by the Members (or the holder of such class of shares) who at the date of the notice of the resolution in writing represent the majority of votes that would be required if the resolution had been voted on at a meeting of the Members.
Such resolution in writing may be signed by the Member, or its proxy, or in the case of a Member that is a corporation whether or not a company within the meaning of the Act by its representative on behalf of such Member, in as many counterparts as
necessary.



14



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(2)    Notice of any resolution in writing to be made under this Bye-law shall be
given to all the Members who would be entitled to attend a meeting and vote on the resolution. The requirement to give notice of any resolution in writing to be made under this Bye-law to such Members shall be satisfied by giving to those Members a
copy of that resolution in writing in the same manner as that required for a notice of a general meeting of the Company at which the resolution could have been considered, except that the length of the period of notice shall not apply. The date of
the notice shall be set out in the resolution in writing.

(3)    The accidental omission to give notice, in accordance
with this Bye-law, of a resolution in writing to, or the non-receipt of such notice by, any person entitled to receive such notice shall not invalidate the passing of the resolution in writing.

(4)    For the purposes of this Bye-law, the date of the resolution in writing is the date when the resolution in writing is signed
by, or, in the case of a Member that is a corporation whether or not a company within the meaning of the Act, on behalf of, the Member who establishes the majority of votes required for the passing of the resolution in writing and any reference in
any Bye-law to the date of passing of a resolution in writing is, in relation to a resolution in writing made in accordance with this Bye-law, a reference to such date.

(5)    A resolution in writing made in accordance with this Bye-law is as valid as if it had been passed by the Company in general meeting or by a meeting of the relevant class of Members, as the
case may be, and any reference in any Bye-law to a meeting at which a resolution is passed or to Members voting in favour of a resolution shall be construed accordingly.

(6)    A resolution in writing made in accordance with this Bye-law shall constitute minutes for the purposes of Sections 81 and 82 of the Act.

(7)    This Bye-law shall not apply to:



| | (a) | a resolution passed pursuant to Section 89(5) of the Act; or
| | --- | ------------------------------------------------------------



| | (b) | a resolution passed for the purpose of removing a Director before the expiration of his term of office under these Bye-laws.
| | --- | ----------------------------------------------------------------------------------------------------------------------------



|40. | Attendance of Directors
|--- | -----------------------

The Directors of the Company shall be
entitled to receive notice of and to attend and be heard at any general meeting.



|41. | Voting at meetings
|--- | ------------------

(1)    Subject to the provisions of the Act and these Bye-laws, any question proposed for the consideration of the Members at any general meeting shall be decided by the affirmative votes of a majority of the votes cast
in accordance with the provisions of these Bye-laws and in the case of an equality of votes the resolution shall fail.



15



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(2) No Member shall be entitled to vote at any general meeting unless such Member has paid all the calls
on all shares held by such Member.



|42. | Voting on show of hands
|--- | -----------------------

At any general meeting a resolution put
to the vote of the meeting shall, in the first instance, be voted upon by a show of hands and, subject to any rights or restrictions for the time being lawfully attached to any class of shares and subject to the provisions of these Bye-laws,
(a) every Member present in person and every person holding a valid proxy at such meeting shall be entitled to one vote and shall cast such vote by raising his or her hand.



|43. | Decision of chairman
|--- | --------------------

At any general meeting a declaration by the
chairman of the meeting that a question proposed for consideration has, on a show of hands, been carried, or carried unanimously, or by a particular majority, or lost, and an entry to that effect in a book containing the minutes of the proceedings
of the Company shall, subject to the provisions of these Bye-laws, be conclusive evidence of that fact.



|44. | Demand for a poll
|--- | -----------------

(1)    Notwithstanding the provisions of the immediately preceding two Bye-laws, at any general meeting of the Company, in respect of any question proposed for the consideration of the Members (whether before or on the
declaration of the result of a show of hands as provided for in these Bye-laws), a poll may be demanded by any of the following persons:



| | (a) | the chairman of such meeting; or
| | --- | --------------------------------



| | (b) | at least three Members present in person or represented by proxy; or
| | --- | --------------------------------------------------------------------



| | (c) | any Member or Members present in person or represented by proxy and holding between them not less than one-tenth of the total voting rights of all the Members having the right to
vote at such meeting; or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | any Member or Members present in person or represented by proxy holding shares in the Company conferring the right to vote at such meeting, being shares on which an aggregate sum
has been paid up equal to not less than one-tenth of the total sum paid up on all such shares conferring such right.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



16



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(2)    Where, in accordance with the provisions of subparagraph (1) of this Bye-
law, a poll is demanded, subject to any rights or restrictions for the time being lawfully attached to any class of shares, every person present at such meeting shall have one vote for each share of which such person is the holder or for which such
person holds a proxy and such vote shall be counted in the manner set out in subparagraph (4) of this Bye-law or, in the case of a general meeting at which one or more Members are present by telephone in such manner as the chairman of the
meeting may direct and the result of such poll shall be deemed to be the resolution of the meeting at which the poll was demanded and shall replace any previous resolution upon the same matter which has been the subject of a show of hands.

(3)    A poll demanded in accordance with the provisions of subparagraph (1) of this Bye-law, for the purpose of
electing a chairman of the meeting or on a question of adjournment, shall be taken forthwith and a poll demanded on any other question shall be taken in such manner and at such time and place as the Chairman (or acting chairman) may direct and any
business other than that upon which a poll has been demanded may be proceeded with pending the taking of the poll.

(4)    Where a vote is taken by poll, each person present and entitled to vote shall be furnished with a ballot paper on which such person shall record his or her vote in such manner as shall be determined at the meeting
having regard to the nature of the question on which the vote is taken, and each ballot paper shall be signed or initialled or otherwise marked so as to identify the voter and the registered holder in the case of a proxy. At the conclusion of the
poll, the ballot papers shall be examined and counted by a committee of not less than two persons appointed by the chairman for the purpose and the result of the poll shall be declared by the chairman.



|45. | Seniority of joint holders voting
|--- | ---------------------------------

In the case of joint holders
the vote of the senior holder who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes of the other joint holders, and for this purpose seniority shall be determined by the order in which the names stand in
the Register of Members.



|46. | Instrument of proxy
|--- | -------------------

The instrument appointing a proxy shall be in
writing in a form approved by the Board, under the hand of the appointor or of the appointors attorney duly authorised in writing, or if the appointor is a corporation, either under its seal, or under the hand of a duly authorised officer or
attorney. The decision of the chairman of any general meeting as to the validity of any instrument of proxy shall be final.



|47. | Representation of corporations at meetings
|--- | ------------------------------------------

A corporation which is
a Member may, by written instrument, authorise such person as it thinks fit to act as its representative at any meeting of the Members and the person so authorised shall be entitled to exercise the same powers on behalf of the corporation which such
person represents as that corporation could exercise if it were an individual



17



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Member. Notwithstanding the foregoing, the chairman of the meeting may accept such assurances as he or she thinks fit as to the right of any person to attend
and vote at general meetings on behalf of a corporation which is a Member.

SHARE CAPITAL AND SHARES



|48. | Rights of shares
|--- | ----------------

(1)    Subject to any resolution of the Members to the contrary and without prejudice to any special rights previously conferred on the holders of any existing shares or class of shares, the share capital of the Company
shall be divided into shares of a single class the holders of which shall, subject to the provisions of these Bye-laws:

(2)



| | (a) | be entitled to one vote per share;
| | --- | ----------------------------------



| | (b) | be entitled to such dividends as the Board may from time to time declare;
| | --- | -------------------------------------------------------------------------



| | (c) | in the event of a winding-up or dissolution of the Company, whether voluntary or involuntary or for the purpose of a reorganisation or otherwise or upon any distribution of capital,
be entitled to the surplus assets of the Company; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | generally be entitled to enjoy all of the rights attaching to shares.
| | --- | ---------------------------------------------------------------------



|49. | Power to issue shares
|--- | ---------------------

(1)    Subject to these Bye-laws and to any resolution of the Members to the contrary and without prejudice to any special rights previously conferred on the holders of any existing shares or class of shares, the Board
shall have power to issue any unissued shares of the Company on such terms and conditions as it may determine and any shares or class of shares may be issued with such preferred, deferred or other special rights or such restrictions, whether in
regard to dividend, voting, return of capital or otherwise as the Company may from time to time by resolution of the Members prescribe.

(2)  The Board shall, in connection with the issue of any share, have the power to pay such commission and brokerage as may be permitted by law.

(3)    The Company shall not give, whether directly or indirectly, whether by means of loan, guarantee, provision of security or otherwise, any financial assistance for the purpose of a purchase or
subscription made or to be made by any person of or for any shares in the Company, but nothing in this Bye-law shall prohibit transactions mentioned in Sections 39A, 39B and 39C of the Act.



18



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(4)    The Company may from time to time do any one or more of the following things:



| | (a) | make arrangements on the issue of shares for a difference between the Members in the amounts and times of payments of calls on their shares;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | accept from any Member the whole or a part of the amount remaining unpaid on any shares held by him, although no part of that amount has been called up;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | pay dividends in proportion to the amount paid up on each share where a larger amount is paid up on some shares than on others; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------



| | (d) | issue its shares in fractional denominations and deal with such fractions to the same extent as its whole shares and shares in fractional denominations shall have in proportion to
the respective fractions represented thereby all of the rights of whole shares including (but without limiting the generality of the foregoing) the right to vote, to receive dividends and distributions and to participate in a winding-up.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|50. | Variation of rights; alterations of share capital; purchase of shares of the Company
|--- | ------------------------------------------------------------------------------------

(1)    Subject to the provisions of Sections 42 and 43 of the Act, any preference shares may be issued or converted into shares that,
at a determinable date or at the option of the Company, are liable to be redeemed on such terms and in such manner as the Company before the issue or conversion may by resolution of the Members determine.

(2)    If at any time the share capital is divided into different classes of shares, the rights attached to any class (unless
otherwise provided by the terms of issue of the shares of that class) may, whether or not the Company is being wound-up, be varied with the consent in writing of the holders of three-fourths of the issued shares of that class or with the sanction of
a resolution passed by a majority of the votes cast at a separate general meeting of the holders of the shares of the class in accordance with Section 47(7) of the Act. The rights conferred upon the holders of the shares of any class issued
with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking pari passutherewith.

(3)    The Company may from time to time by resolution of the Members change the currency denomination of, increase, alter or reduce
its share capital in accordance with the provisions of Sections 45 and 46 of the Act. Where, on any alteration of share capital, fractions of shares or some other difficulty would arise, the Board may deal with or resolve the same in such manner as
it thinks fit including, without limiting the



19



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generality of the foregoing, the issue to Members, as appropriate, of fractions of shares and/or arranging for the sale or transfer of the fractions of
shares of Members.

(4)    The Company may from time to time purchase its own shares in accordance with the provisions
of Section 42A of the Act.



|51. | Registered holder of shares
|--- | ---------------------------

(1)    The Company shall be entitled to treat the registered holder of any share as the absolute owner thereof and accordingly shall not be bound to recognise any equitable or other claim to, or interest in, such share
on the part of any other person.

(2)    Any dividend, interest or other moneys payable in cash in respect of shares
may be paid by cheque or draft sent through the post directed to the Member at such Members address in the Register of Members or, in the case of joint holders, to such address of the holder first named in the Register of Members, or to such
person and to such address as the holder or joint holders may in writing direct. If two or more persons are registered as joint holders of any shares any one can give an effectual receipt for any dividend paid in respect of such shares.



|52. | Death of a joint holder
|--- | -----------------------

Where two or more persons are registered
as joint holders of a share or shares, then in the event of the death of any joint holder or holders the remaining joint holder or holders shall be absolutely entitled to the said share or shares and the Company shall recognise no claim in respect
of the estate of any joint holder except in the case of the last survivor of such joint holders.



|53. | Share certificates
|--- | ------------------

(1)    Every Member shall be entitled to a certificate under the seal of the Company (or a facsimile thereof) or signed by a Director, the Secretary or any person authorised by the Board for that purpose specifying the
number and, where appropriate, the class of shares held by such Member and whether the same are fully paid up and, if not, how much has been paid thereon. The Board may by resolution determine, either generally or in a particular case, that any or
all signatures on certificates may be printed thereon or affixed by mechanical means.

(2)    The Company shall be
under no obligation to complete and deliver a share certificate unless specifically called upon to do so by the person to whom such shares have been allotted.

(3)    If any such certificate shall be proved to the satisfaction of the Board to have been worn out, lost, mislaid or destroyed the Board may cause a new certificate to be issued and request an
indemnity for the lost certificate if it sees fit.



20



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|54. | Calls on shares
|--- | ---------------

(1)    The
Board may from time to time make such calls as it thinks fit upon the Members in respect of any monies unpaid on the shares allotted to or held by such Members and, if a call is not paid on or before the day appointed for payment thereof, the Member
may at the discretion of the Board be liable to pay the Company interest on the amount of such call at such rate as the Board may determine, from the date when such call was payable up to the actual date of payment. The joint holders of a share
shall be jointly and severally liable to pay all calls in respect thereof.

(2)    The Board may, on the issue of
shares, differentiate between the holders as to the amount of calls to be paid and the times of payment of such calls.



|55. | Forfeiture of shares
|--- | --------------------

(1)    If any Member fails to pay, on the day appointed for payment thereof, any call in respect of any share allotted to or held by such Member, the Board may, at any time thereafter during such time as the call remains
unpaid, direct the Secretary to forward to such Member a notice in a form approved by the Board.

(2)    If the
requirements of such notice are not complied with, any such share may at any time thereafter before the payment of such call and the interest due in respect thereof be forfeited by a resolution of the Board to that effect, and such share shall
thereupon become the property of the Company and may be disposed of as the Board shall determine.

(3)    A Member
whose share or shares have been forfeited as aforesaid shall, notwithstanding such forfeiture, be liable to pay to the Company all calls owing on such share or shares at the time of the forfeiture and all interest due thereon.

REGISTER OF MEMBERS



|56. | Contents of Register of Members
|--- | -------------------------------

The Board shall cause to be kept
in one or more books a Register of Members and shall enter therein the particulars required by the Act.



|57. | Inspection of Register of Members
|--- | ---------------------------------

The Register of Members shall
be open to inspection at the registered office of the Company on every business day, subject to such reasonable restrictions as the Board may impose, so that not less than two hours in each business day be allowed for inspection. The Register of
Members may, after notice has been given by advertisement in an appointed newspaper to that effect, be closed for any time or times not exceeding in the whole thirty days in each year.



21



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|58. | Determination of record dates
|--- | -----------------------------

Notwithstanding any other provision
of these Bye-laws, the Board may fix any date as the record date for:

(1)    determining the Members entitled to
receive any dividend; and

(2)    determining the Members entitled to receive notice of and to vote at any general
meeting of the Company.

TRANSFER OF SHARES



|59. | Instrument of transfer
|--- | ----------------------

(1)    An instrument of transfer shall be in a form approved by the Board. Such instrument of transfer shall be signed by or on behalf of the transferor and transferee, provided that in the case of a fully paid share,
the Board may accept the instrument signed by or on behalf of the transferor alone. The transferor shall be deemed to remain the holder of such share until the same has been transferred to the transferee in the Register of Members.

(2)    The Board may refuse to recognise any instrument of transfer unless it is accompanied by the certificate in respect of the
shares to which it relates and by such other evidence as the Board may reasonably require to show the right of the transferor to make the transfer.



|60. | Restriction on transfer
|--- | -----------------------

(1)    The Board may in its absolute discretion and without assigning any reason therefore refuse to register the transfer of a share. The Board shall refuse to register a transfer unless all applicable consents,
authorisations and permissions of any governmental body or agency in Bermuda have been obtained.

(2)    If the Board
refuses to register a transfer of any share the Secretary shall, within three months after the date on which the transfer was lodged with the Company, send to the transferor and transferee notice of the refusal.



|61. | Transfers by joint holders
|--- | --------------------------

The joint holders of any share or
shares may transfer such share or shares to one or more of such joint holders, and the surviving holder or holders of any share or shares previously held by them jointly with a deceased Member may transfer any such share to the executors or
administrators of such deceased Member.



22



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TRANSMISSION OF SHARES



|62. | Representative of deceased Member
|--- | ---------------------------------

In the case of the death of a
Member, the survivor or survivors where the deceased Member was a joint holder, and the legal personal representatives of the deceased Member where the deceased Member was a sole holder, shall be the only persons recognised by the Company as having
a title to the deceased Members interest in the shares. Nothing herein contained shall release the estate of a deceased joint holder from any liability in respect of any share which had been jointly held by such deceased Member with other
persons. Subject to the provisions of Section 52 of the Act, for the purpose of this Bye-law, legal personal representative means the executor or administrator of a deceased Member or such other person as the Board may in its absolute
discretion decide as being properly authorised to deal with the shares of a deceased Member.



|63. | Registration on death or bankruptcy
|--- | -----------------------------------

Any person becoming entitled
to a share in consequence of the death or bankruptcy of any Member may be registered as a Member upon such evidence as the Board may deem sufficient or may elect to nominate some person to be registered as a transferee of such share, and in such
case the person becoming entitled shall execute in favour of such nominee an instrument of transfer in a form approved by the Board. On the presentation thereof to the Board, accompanied by such evidence as the Board may require to prove the title
of the transferor, the transferee shall be registered as a Member but the Board shall, in either case, have the same right to decline or suspend registration as it would have had in the case of a transfer of the share by that Member before such
Members death or bankruptcy, as the case may be.

DIVIDENDS AND OTHER DISTRIBUTIONS



|64. | Declaration of dividends by the Board
|--- | -------------------------------------

The Board may, subject to
these Bye-laws and in accordance with Section 54 of the Act, declare a dividend to be paid to the Members, in proportion to the number of shares held by them, and such dividend may be paid in cash or wholly or partly in specie, in which case
the Board may fix the value for distribution in specie, of any assets.



|65. | Other distributions
|--- | -------------------

The Board may declare and make such other
distributions (in cash or in specie) to the Members as may be lawfully made out of the assets of the Company.



|66. | Reserve fund
|--- | ------------

The Board may from time to time before declaring a
dividend set aside, out of the surplus or profits of the Company, such sum as it thinks proper as a reserve to be used to meet contingencies or for equalising dividends or for any other special purpose.



23



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|67. | Deduction of amounts due to the Company
|--- | ---------------------------------------

The Board may deduct from
the dividends or distributions payable to any Member all monies due from such Member to the Company on account of calls or otherwise.

CAPITALISATION



|68. | Issue of bonus shares
|--- | ---------------------

The Board may resolve to capitalise any
part of the amount for the time being standing to the credit of any of the Companys share premium or other reserve accounts or to the credit of the profit and loss account or otherwise available for distribution by applying such sum in paying
up unissued shares to be allotted as fully paid bonus shares pro rata to the Members.

The Company may capitalise any sum standing to the credit of a
reserve account or sums otherwise available for dividend or distribution by applying such amounts in paying up in full partly paid shares of those Members who would have been entitled to such sums if they were distributed by way of dividend or
distribution.

ACCOUNTS AND FINANCIAL STATEMENTS



|69. | Records of account
|--- | ------------------

The Board shall cause to be kept proper
records of account with respect to all transactions of the Company and in particular with respect to:



| | (a) | all sums of money received and expended by the Company and the matters in respect of which the receipt and expenditure relates;
| | --- | -------------------------------------------------------------------------------------------------------------------------------



| | (b) | all sales and purchases of goods by the Company; and
| | --- | ----------------------------------------------------



| | (c) | the assets and liabilities of the Company.
| | --- | ------------------------------------------

Such records of account shall
be kept at the registered office of the Company or, subject to Section 83(2) of the Act, at such other place as the Board thinks fit and shall be available for inspection by the Directors during normal business hours.



|70. | Financial year end
|--- | ------------------

The financial year end of the Company may be
determined by resolution of the Board and failing such resolution shall be 31st December in each year.



|71. | Financial statements
|--- | --------------------

Subject to any rights to waive laying of
accounts pursuant to Section 88 of the Act, financial statements as required by the Act shall be laid before the Members in general meeting.



24



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AUDIT



|72. | Appointment of Auditor
|--- | ----------------------

Subject to Section 88 of the Act, at
the annual general meeting or at a subsequent special general meeting in each year, an independent representative of the Members shall be appointed by them as Auditor of the accounts of the Company. Such Auditor may be a Member but no Director,
Officer or employee of the Company shall, during his or her continuance in office, be eligible to act as an Auditor of the Company.



|73. | Remuneration of Auditor
|--- | -----------------------

The remuneration of the Auditor shall be
fixed by the Company in general meeting or in such manner as the Members may determine.



|74. | Vacation of office of Auditor
|--- | -----------------------------

If the office of Auditor becomes
vacant by the resignation or death of the Auditor, or by the Auditor becoming incapable of acting by reason of illness or other disability at a time when the Auditors services are required, the Board shall, as soon as practicable, convene a
special general meeting to fill the vacancy thereby created.



|75. | Access to books of the Company
|--- | ------------------------------

The Auditor shall at all
reasonable times have access to all books kept by the Company and to all accounts and vouchers relating thereto, and the Auditor may call on the Directors or Officers of the Company for any information in their possession relating to the books or
affairs of the Company.



|76. | Report of the Auditor
|--- | ---------------------

(1)    Subject to any rights to waive laying of accounts or appointment of an Auditor pursuant to Section 88 of the Act, the accounts of the Company shall be audited at least once in every year.

(2)    The financial statements provided for by these Bye-laws shall be audited by the Auditor in accordance with generally accepted
auditing standards. The Auditor shall make a written report thereon in accordance with generally accepted auditing standards and the report of the Auditor shall be submitted to the Members in general meeting.

(3)    The generally accepted auditing standards referred to in subparagraph (2) of this Bye-law may be those of a country or
jurisdiction other than Bermuda. If so, the financial statements and the report of the Auditor must disclose this fact and name such country or jurisdiction.



25



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NOTICES



|77. | Notices to Members of the Company
|--- | ---------------------------------

A notice may be given by the
Company to any Member by delivering it to such Member in person or by sending it to such Members address in the Register of Members or to such other address given for the purpose. For the purposes of this Bye-law, a notice may be sent by mail,
courier service, cable, telex, telecopier, facsimile or other mode of representing words in a legible and non-transitory form.



|78. | Notices to joint Members
|--- | ------------------------

Any notice required to be given to a
Member shall, with respect to any shares held jointly by two or more persons, be given to whichever of such persons is named first in the Register of Members and notice so given shall be sufficient notice to all the holders of such shares.



|79. | Service and delivery of notice
|--- | ------------------------------

Any notice shall be deemed to have
been served at the time when the same would be delivered in the ordinary course of transmission and, in proving such service, it shall be sufficient to prove that the notice was properly addressed and prepaid, if posted, and the time when it was
posted, delivered to the courier or to the cable company or transmitted by telex, facsimile or other method, as the case may be.

SEAL OF
THE COMPANY



|80. | The seal
|--- | --------

(1)    The seal of
the Company shall be in such form as the Board may from time to time determine and shall provide for the custody of every seal. The Board may adopt one or more duplicate seals for use outside Bermuda.

(2)    Any document required to be under seal or executed as a deed on behalf of the Company may be:



| | (a) | executed under the seal in accordance with these Bye-laws; or
| | --- | -------------------------------------------------------------



| | (b) | signed or executed by any person authorised by the Board for that purpose, without the use of the seal.
| | --- | -------------------------------------------------------------------------------------------------------



26



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|81. | Manner in which seal is to be affixed
|--- | -------------------------------------

The seal shall only be used
by authority of the Board or of a committee constituted by the Board. Subject to these Bye-laws, the seal of the Company shall not be affixed to any instrument except attested by the signature of the Secretary or any one Director, or any one person
authorised by the Board for the purpose.

WINDING-UP



|82. | Winding-up/distribution by liquidator
|--- | -------------------------------------

If the Company shall be
wound up the liquidator may, with the sanction of a resolution of the Members, divide amongst the Members in specie or in kind the whole or any part of the assets of the Company (whether they shall consist of property of the same kind or not) and
may, for such purpose, set such value as he or she deems fair upon any property to be divided as aforesaid and may determine how such division shall be carried out as between the Members or different classes of Members. The liquidator may, with the
like sanction, vest the whole or any part of such assets in trustees upon such trusts for the benefit of the Members as the liquidator shall think fit, but so that no Member shall be compelled to accept any shares or other securities or assets
whereon there is any liability.

ALTERATION OF BYE-LAWS



|83. | Alteration of Bye-laws
|--- | ----------------------

No Bye-law shall be rescinded, altered or
amended and no new Bye-law shall be made until the same has been approved by a resolution of the Board and by a resolution of the Members.

CERTAIN CORPORATE OBJECTIVES



|84. | Public Service Obligation of the Company
|--- | ----------------------------------------

(1)    the Company shall provide international public telecommunication services on a commercial basis, in a manner consistent with the following public service obligations, which shall be deemed to have been met if the
Company: (i) maintains global connectivity and coverage and serves its lifeline connectivity customers by providing the capability for any country or territory to connect with any other country or territory through the provision of capacity
from at least one satellite in each of the three ocean regions: the Atlantic Ocean region (304.5° to 359° E), the Indian Ocean region (60° to 66° E), and the Pacific Ocean region (174° to 180° E) such that these satellites
together provide global coverage to all ITU regions; (ii) honours its obligations under the LCO Contracts and (iii) provides non-discriminatory access to the Intelsat system. Subject only to Article 7 of the Public Services Agreement
relating to force majeure events, the provision of international public telecommunications services on a commercial basis, in a manner consistent with the public service obligations, will not be deemed to be met if any country or territory which
seeks or permits the services



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provided by the Intelsat system is denied full and complete access to all services provided by the Intelsat system on any ground other than a commercial
basis.

(2)    For purposes of subparagraph (1) of this Bye-law, (i) on a commercial basis means
in accordance with usual and customary commercial practice in the telecommunications industry; (ii) global connectivity means the interconnection capabilities available to the Companys users through the global coverage the
Company provides in order to make communication possible within and between the five ITU regions defined by the Plenipotentiary Conference of the International Telecommunication Union, held in Montreux in 1965; (iii) global coverage
means the maximum geographic coverage of the earth towards the northernmost and southernmost parallels visible from satellites deployed in geostationary orbital locations; (iv) non-discriminatory access means fair and equal
opportunity to access the Intelsat system; (v) LCO Contracts shall have the meaning set forth in the Shareholders Agreements; and (vi) Intelsat system means the Companys space segment and satellite
communications operations.

(3)    In performing its public service obligations, the Company shall be subject to
applicable national law. In the event the Company reasonably believes the application of national law, or proposed changes to national law, will prevent the Company from complying with the public service obligations, the Company shall, on a
commercial basis, use its best efforts to mitigate the adverse consequences of such law to the extent permitted under law.

(4)    This Bye-law 84 shall not create any right of enforcement independent of the public services obligation of the Company, which shall be enforced exclusively pursuant to the Public Services Agreement. Any claim
arising out of or in connection with the Companys public service obligations may only be made by the ITSO pursuant to the Public Services Agreement.



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