PA Panamsat Holding Cor

Satellite Had No Remaining Book Value; In Orbit Anomaly Leads to Satellite Retirement WILTON, Conn., Jan. 24 /PRNewswire-FirstCall/ -- PanAmSat (NYSE:PA) today announced that the Galaxy IIIR domestic satellite, operating in an inclined orbit at 74 deg W, experienced an anomaly of its secondary spacecraft control processor (SCP). PanAmSat and the satellite manufacturer, Boeing Satellite Systems Inc., are continuing to investigate the anomaly. "Galaxy 3R had already been removed from primary service," said Joe Wright, CEO of PanAmSat. "This satellite was at the end of its contract life and operating in an inclined orbit. We do not expect that this occurrence will have any impact on our proposed transaction with Intelsat or will meaningfully affect the day-to-day operations of our business." A Boeing 601 spacecraft launched in 1995, Galaxy IIIR experienced an anomaly on its secondary SCP at 3:42 p.m. GMT on January 15. The satellite has no book value to the Company but was expected to remain in inclined orbit through early 2009. About PanAmSat Through its owned and operated fleet of 26 satellites, PanAmSat (NYSE:PA) is a leading global provider of video, broadcasting and network distribution and delivery services. In total, the Company's in-orbit fleet is capable of reaching over 98 percent of the world's population through cable television systems, broadcast affiliates, direct-to-home operators, Internet service providers and telecommunications companies. In addition, PanAmSat supports the largest concentration of satellite-based business networks in the U.S., as well as specialized communications services in remote areas throughout the world. For more information, visit the Company's web site at http://www.panamsat.com/. First Call Analyst: FCMN Contact: DATASOURCE: PanAmSat CONTACT: Kathryn Lancioni of PanAmSat, +1-203-210-8649 Web site: http://www.panamsat.com/

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