AGM Statement

INMARSAT PLC - ANNUAL GENERAL MEETING: 6 MAY 2015

ANDREW SUKAWATY: CHAIRMAN

It's 10 o'clock. Good morning, ladies and gentlemen, and welcome to Inmarsat plc's 2015 Annual General Meeting.

I would like to start today's meeting by welcoming our board of directors:

· John Rennocks, our Deputy Chairman and senior independent non-executive director. Stephen Davidson, Sir Bryan Carsberg, Kathleen Flaherty and Janice Obuchowski, our independent non-executive directors who are well known to our shareholders.

· Two of our directors, Abe Peled and Simon Bax joined the Board in 2013; retired General Robert Kehler joined in 2014 and our two new board members Dr Hamadoun Touré and Rob Ruijter were appointed earlier in 2015;

· Rupert Pearce, our Chief Executive Officer; and

· We also have Tony Bates, our Chief Financial Officer and Alison Horrocks, our company secretary.

While welcoming our current board of directors, I would also like to thank Stephen Davidson for his significant contribution as Chairman of the Remuneration Committee as he hands that responsibility over to Simon Bax. Stephen will remain a member of that Committee and also as a director of the company.

With my move to non-executive Chairman, and several of our non-executive directors reaching their 10th year of service on the Board, we have purposefully expanded the size of the Board to accommodate a period of time to allow a transfer of knowledge and experience from the longer serving directors to the more newly- appointed ones. This will allow us then to have an orderly retirement process without reducing the knowledge of the overall Board to the smooth running of the Company.

I'm going to ask Rupert Pearce, our CEO, to provide some commentary of how our business performed in 2014 and, as we announced our first quarter results for 2015 this morning, he will also provide some key highlights from these results as well. Before he does, let me make a few comments on your company.

2014 was another successful year for Inmarsat. We built on our reputation as a trusted provider, with the role we contributed to the search for the Malaysian Airlines Flight MH370 and the work we are undertaking now with the global, regional and national aviation authorities to improve the capabilities and standards for aviation safety. We remain the only International Maritime Organization approved provider of Global Maritime Distress Safety Services; our creation by the UN over 35 years ago to provide safety services at sea remains as strong a public service obligation for us today as it was then.

We have continued to invest in the business through new products, services and platforms that address the continued growth in global connectivity, with a focus on remote environments and mobility and portability. Our new Inmarsat-5 global satellite constellation is an example of a five year investment programme that will support future mobile higher speed broadband requirements. For our customers, this takes their mobile satellite connectivity to the next generation and offers capabilities in these untethered environments to a place which was unimaginable only a decade ago in terms of throughput and data speeds.

We are pleased to announce that we increased our dividend for the ninth consecutive year, so we have delivered our goal consistently for dividend increases every year since we listed on the Stock Exchange in 2005. As previously stated, we intend to deliver sustainable dividend increases to our shareholders, even through the peak of investment cycles as we have seen for a couple of years investing for our new Inmarsat-5 constellation.

We have also built on our strengths as a trusted provider of mobile satellite services to customers who have mission critical connectivity needs where terrestrial wireless networks are not present, or are challenged. We work with our distribution partners and service providers for them to have successful businesses in their own right, as their success contributes to our own growth. By investing and putting in place the best satellite services in the market place, we provide attractive services to meet our customer needs and this is what our distributors look for.

Before I hand over to Rupert Pearce, our CEO, I want to pay tribute and thank our staff at Inmarsat. We value them for their dedication and hard work for the business; they have tremendous loyalty to Inmarsat and for what we do as a business to offer mission critical communications services on a worldwide basis.

RUPERT PEARCE - CEO

Good morning ladies and gentlemen. I will summarise some of the key elements of our performance in 2014 and then provide a few comments on our Q1 results announced this morning.

I was pleased with our 2014 performance. At the top level, 2014 was a year of transition as we successfully met our short-term financial targets for the year while at the same time continuing to progress several key infrastructure programmes that will play a profound role in support of our future accelerated growth plans. 2015 will build on that transition progress and complete the global delivery of our next generation Ka-band broadband network supporting our Global Xpress service and our new solutions platform, Inmarsat Gateway. Internally, 2014 was our Year of Engagement as we commissioned a global staff survey to take the pulse of our staff for the first time in more than five years, on the back of which we have now moved into 2015 as our Year of Enablement when we respond to the voice of our staff by taking forward several important organisational initiatives across diverse areas, including pay and incentives, communications, streamlining of systems and processes and leadership and management training.

Looking more deeply, we delivered revenue growth in 2014 of 1.9% and EBITDA growth of 8%. Wholesale MSS revenue grew year-on-year and as Andy has already mentioned, we increased the dividend being paid to shareholders. As in 2014, the first quarter of 2015 has seen good underlying performances in our Maritime, Enterprise and Aviation Business Units, offset by our Government business which, particularly in the US, has continued to suffer from pressure on government budgets and reduced operational tempo. The momentum we ended the year with in 2014 has generally continued through into the start of 2015. Our overall revenues for the first quarter of 2015 were lower than last year at US$304.8m, but this was principally due to lower revenues received from LightSquared because of a one-off release from deferred revenues in Q1 2014. We are happy with the first quarter's financial performance which reflects a solid quarter of trading, in particular in our maritime and aviation business sectors.

As we move into 2015, our strategic direction is unchanged, underpinned as it is by the fundamental growth drivers of the global mobile broadband sector. We live in a hyper-connected mobile world driven by dramatic growth in applications and solutions, many of them now hosted virtually in the cloud, and explosive growth in connected mobile devices and sensors to deploy those applications untethered and on the move for mission- or enterprise-critical outcomes that are transforming the world we live in. Those devices and applications demand exponential growth in global mobile data traffic and it is no surprise that in 2014 such traffic grew 60% and that there are now more than 5 billion active mobile devices globally.

In the eye of that storm, we are focused on supporting the mobile broadband needs of our traditional customers on land, at sea and in the air, as well as using innovation to extend our relevance to both new satellite market segments and to terrestrial network users for whom satellite services are becoming much more relevant in a world where coverage, reliability and resilience have important and new value.

In this market environment we believe our three network pillars - our Inmarsat-4 L-band network, our new Inmarsat-5 Ka-band broadband network being rolled out this year, and our European hybrid satellite-terrestrial S-band network to be deployed next year - can each deliver important capabilities and drive strong growth for us in revenues and EBITDA. Over the top of those platforms, we are launching later this year a solutions platform named Inmarsat Gateway with the ambition to create a solutions ecosystem working with new partners to offer end users extraordinary new products and services. Indeed, in Q1 this year we held our first Inmarsat Developer Conference specifically designed to foster new partner and technology opportunities that can be deployed across our networks.

The investments we are making now in new products and services, in our new satellite and hybrid satellite-terrestrial constellations, and our planning for our next L-band constellation, Inmarsat-6, will enable us to provide highly innovative services deep into the 2030s. This far-sightedness allows our customers to commit to using our services in the knowledge that our infrastructure will powerfully support their future data communications needs. Three successful satellite launches in the last two years and a launch planned for early June, plus another couple of launches planned in 2016, show the world that we can continue to translate our profitability and stability into sustained cutting-edge innovation and growing relevance for our end users and new customer sets, which itself will drive highly profitable future growth for Inmarsat.

Looking at our L-band services, we believe there is plenty of growth to come on the back of a new wave of innovation. We have recently brought Alphasat into full commercial service, driving new capacity and capabilities into our network, and we have embarked upon a wave of new product and service development that last year resulted in the launch of some new services that we believe will quickly become important contributors to growth such as LTAC, FleetOne, IsatPhone 2, IsatHub and FleetMedia. There's plenty more to come this year on that score too.

In tems of GX, the launch of our third Inmarsat-5 satellite - expected in early June - will put us on track for global commercial service mid-to-late in the third quarter of this year and marks the end of the revolutionary Global Xpress development programme which is likely now to be the fastest executed concept-to-launch satellite programme in our history and a tremendous achievement for those involved internally and our external partners, especially Boeing our satellite partner. On the back of that extraordinary performance our commercial teams and our long-established channel partners are poised to take GX to market and to turn the promise of the Inmarsat-5 fleet and GX into the reality of a sustained step-change in the pace of our revenue and EBITDA growth.

Finally, we are also making good progress on our other material infrastructure programme, the European S-band aviation passenger connectivity project, with advanced discussions with third parties regarding customer, partner and infrastructure developments and we hope to make future announcements about these in due course. The S-band satellite programme continues to move forward very successfully with Thales Alenia Space in Cannes, and we're very pleased with the way this new manufacturing relationship is going.

Putting all of this together, we believe we are in a strong position, financially and operationally, and that our continued focus in managing our current L-band business efficiently and profitably, together with the imminent fruition of our major strategic investment programmes in Ku-band and S-band networks and a complementary solutions platform will drive transformational growth for the Group in the coming years.

ANDREW SUKAWATY - CHAIRMAN

Before we move to the formal business, I welcome any questions you may have for me, Rupert, or indeed, for any of the directors present here today

Thank you for your investment in Inmarsat. We appreciate your support of our business.