Satellite & Cable

December 26, 2002
Shin Satellite signs for iPSTAR financing

BANGKOK -- Shin Satellite Public Co. Ltd announced that it has signed agreements for loan guarantee facilities of $265 million with the Export-Import Bank of the United States (Ex-Im Bank) and Compagnie Francaise d'Assurance pour la Commerce Extrieur de France (COFACE). It has also signed a $125 million, a syndicated commercial bank facility, arranged jointly by BNP Paribas and Citibank. The credit support from the Ex-Im Bank and COFACE will be in the form of a guarantee facility provided by Citibank and BNP Paribas.

The credit support from the Ex-Im Bank represents approximately 85 percent of US content, mostly for payment of the satellite's construction by SS/Loral, USA. Support from COFACE will cover 85 percent of the cost of launching the satellite on Arianespace from French Guyana.

Dr. Dumrong Kasemset, executive chairman of Shin Satellite noted: "The signing of this agreement is the most important milestone to date of the iPSTAR project. We are very grateful to the Ex-Im Bank and COFACE for showing their confidence in Shin Satellite and the project."

The Ex-Im Bank support effectively makes iPSTAR perhaps the only true broadband satellite project in the world to receive full financing to ensure the project's success. Shin Satellite expects to receive its revolutionary iPSTAR-1 satellite by 2003 end and see it operational in early 2004. It has also deployed gateways in several important markets in the Asia Pacific region.

Contact:
Shin Satellite plc.
Tel: 66-2-591-0736-49 Ext. 426/427
Fax: 66-2-591-0714