4^th Quarter 2008 Earnings February 26, 2009

This presentation may contain “Forward-Looking Statements”.  All
statements other than statements of historical facts made in this
presentation regarding the prospects of our industry and our
prospects, plans, financial position and business strategy may
constitute forward-looking statements.  We can give no assurance
that these expectations will prove to be correct.  Factors and risks
that could cause actual results to differ materially from our
expectations are described in the most recent SkyTerra Forms 10-Q
and 10-K, on file with the SEC.

Update on Possible Offer for Inmarsat

1.

Hart-Scott-Rodino filing was completed and the
Department of Justice Antitrust Division did not make a
second request for information

2.

Next, the FCC will determine whether they view the
possible offer for Inmarsat as in the public interest

3.

SkyTerra continues to work cooperatively with Harbinger in
the pursuit of the possible offer for Inmarsat

Qualcomm Update

1.

Qualcomm is integrating the 1.5 Band and a satellite air interface into two
of their mainstream chipset platforms scheduled for commercial release
mid-2010

2.

TerreStar has joined SkyTerra and ICO in the chipset development
program, and will share the associated non-recurring engineering costs

3.

Qualcomm will be including the  1.5 Band and satellite air interface into
two multi-technology chipset platforms, including Qualcomm’s first chip to
support LTE

4.

The satellite air interface and 1.5 Band capability will be embedded into
the core chipsets

There is no separately-produced “satellite version” of the chipset

There is zero incremental cost to use the satellite or 1.5 Band feature on the
chip

5.

The relationship with Qualcomm is not exclusive

Recent SMART™ Group Progress

1.

The Satellite Mutual Aid Radio Talkgroups (SMART) program connects
federal, state, local, and tribal safety professionals via nine geographically-
focused, and nine profession-focused talkgroups

2.

With the SMART program, SkyTerra has overcome the communications
limitations that have plagued the public safety community for years:
interoperability, redundancy, and ubiquity

3.

SMART program uptake remains brisk, with 3,300 locations now
participating

4.

The Intl. Association of Fire Chiefs Technology Council authored an
extensive information paper on SMART

Copies can be downloaded from the IAFC Web site (www.iafc.org) or SkyTerra’s
Web site (www.skyterra.com)

5.

We believe the SMART program represents only one example of the uses of
our system for critical government and enterprise applications

Organization of SMART Talkgroups

Satellite Construction Program

1.

The surface for the 22-meter reflector has now been mated to the
structure and the first full stowage test has been completed

2.

The payload module assembly is now complete and testing is underway

3.

The GBBF hardware emulator has been integrated into the Satellite-Based
Network Test bed at Boeing

4.

The launch window for SkyTerra 1 is expected to be open from March
2010 through May 2010

5.

The launch window of SkyTerra 2 is expected to occur in the 4^th quarter of
2010 or the first quarter of 2011

6.

We have accepted the Saskatoon facility, with all four gateways expected
to be completed by the 3 ^rd quarter of 2009

7.

We are now in a formal process, under ITU rules, to coordinate our
satellites with the operators from and the governments of the U.S.,
Mexico, Canada, and the U.K.

Frost & Sullivan Award

1.

SkyTerra holds some 80 U.S. and approximately 100 international patents
in many aspects of our next-generation satellite-terrestrial network

2.

SkyTerra continues to play an advanced leadership role in the ATC sector

We have 90 U.S. and 230 international patent applications pending

3.

SkyTerra announced in January that it received the 2009 North American
Space Communications Technology Innovation of the Year Award from
Frost and Sullivan

4.

This prestigious award is part of the Frost and Sullivan Best Practices
Award Program

5.

The award recognizes SkyTerra’s pioneering efforts in developing our
innovative, integrated satellite-terrestrial network that could dramatically
improve the utility of wireless communications worldwide

Wireless Market Perspectives

1.

According to Gartner, wireless services are expected to grow at a 6.5% rate in 2009

2.

A study released by the Kelsey Group predicts Smartphone users will grow from 19%
today to 49% by 2010

3.

We believe that the completion of 3G networks, the aggressive deployment of LTE,
and the greater adoption of powerful data-enabled devices will lead to significant
substitution of wireless for wire line data services

4.

The effects on spectrum utilization from data usage and substitution will be
significantly amplified compared to voice substitution

5.

Ample spectrum resources are more critical than ever, particularly in difficult
economic environments

The market for wireless services remains strong, particularly for data and

broadband, even during this weak economic environment:

SkyTerra Consolidated Income Statement

SkyTerra Consolidated Balance Sheet

SkyTerra Capital Structure⁽¹⁾

NextGen Satellite System Costs ($ in mm’s)