Summary of the Meeting of the Board of Directors

July 14, 2014 December 31, 1969

Completed

I. OPEN: NONE

II. CLOSED:
1. Minutes of June 12, 2014 Board Meeting to be approved
2. Minutes of June 19, 2014 Board Meeting to be approved

STRUCTURED FINANCE DIVISION
3. COUNTRY: UNITED KINGDOM - AP088567XX
FOREIGN BUYER: Inmarsat Investments Ltd.
END USER: Inmarsat S.A.
PRODUCTS: Satellites
TOTAL FINANCED AMOUNT: $185,907,209


Certification for Closure of Meeting
I, Andrea Q. Bernardo, Assistant General Counsel for Administration, hereby certify that in my opinion the Meeting of the Board of Directors scheduled for 1:00 PM on Monday, July 14, 2014, in the Board Room will disclose information of the kind set forth in Subsection (4) of Section 552b(c), Title 5 of the United States Code.

Accordingly, such meeting may be closed to the public.

Andrea Q. Bernardo
Assistant General Counsel
Date Posted


ITEM NO 1 Minutes of June 12, 2014 Board Meeting for consideration and approval.
Board Decision: MINUTES APPROVED. Chairman Hochberg, Vice Chair Felton, Director Mulvaney and Director Loui all voted in favor of the minutes.


ITEM NO 2 Minutes of June 19, 2014 Board Meeting for consideration and approval.
Board Decision: MINUTES APPROVED. Chairman Hochberg, Vice Chair Felton, Director Mulvaney and Director Loui all voted in favor of the minutes.


ITEM NO 3
Country UNITED KINGDOM AP088567XX
Request for FINAL COMMITMENT

Applicant ING CAPITAL LLC, New York NY
Borrower INMARSAT INVESTMENTS LTD, London ND
Guarantor INMARSAT GLOBAL LTD., UNITED KINGDOM
Guarantor INMARSAT LEASING (TWO) LTD, UNITED KINGDOM
Guarantor ADDITIONAL GUARANTORS
Buyer INMARSAT S.A. (SWITZERLAND), Eysin VD
End-user INMARSAT S.A. (SWITZERLAND), Eysin VD
Exporter ING CAPITAL LLC, New York NY
Exporter BOEING SATELLITE SYSTEMS, INC., El Segundo CA
Exporter ALLEN & OVERY LLP, New York NY
Supplier BOEING SATELLITE SYSTEMS, INC., El Segundo CA
Gtd Lender NONE

Project Name I5-F4 SATELLITE
Project Description GLOBAL EXPRESS SATELLITE PROJECT
Product Description SATELLITE
Financed Amount $ 185,907,209
Repayment Term 5 YEARS

Board Decision: TRANSACTION APPROVED. Chairman Hochberg, Vice Chair Felton, Director Mulvaney and Director Loui all voted in favor of approving the transaction.