What have been ABS’s most significant deals and developments in the past 6-12 months? In the past 12 months, ABS has seen unprecedented growth of our business. We achieved our fill factor from 50% to 90% and increased the amount of television channels available on our satellite to over 90 channels, making us one of the top satellite distribution platforms for CATV distribution in the Indian Ocean Region. ABS has also made over $5million investments in teleport facilities for video and data distribution services. We have invested in MCPC platforms to access our satellite from Germany as well as Hong Kong, using MPEG-2/DVB-S as well as MPEG-4/DVB-S2 for standard and high definition video distribution for our customers. From our orbital position at 75E, we can access 80% of the world’s population so we feel that we provide significant value to our customers. And what are the most significant developments on the horizon for ABS in the next 6-12 months? ABS has been working diligently to complete the financing work for our new satellite ABS-2 which is to be collocated at the 75E location with ABS-1. This new satellite will have over 60 C and Ku-band transponders with dedicated beams over SE Asia, India, Russia, Middle East and Africa with significant power enabling DTH services in these markets. ABS-2 also acts as an in-orbit spare and back up for ABS-1 so we feel that our customers will receive a lot of value for putting their traffic on a satellite operator with two collocated satellites. We are reviewing the final proposals from the satellite manufacturing industry and negotiating the procurement contract. We hope to announce the contract award sometime in Q3 of 2008 for an in-orbit delivery by Q4 2010. Now that new high-powered satellite project investment sizes are close to $300million, we believe that this will be the most significant development for ABS. As for the Asia Pac satellite industry as a whole, are there any factors currently hindering growth? The Asia Pacific region will continue to be challenged by pricing pressures due to the continual investment in additional satellite capacity by new national and commercial operators. The emergence of the newly merged Chinese satellite operator (composed of the merger between SinoSat and ChinaSat) along with their new satellites have resulted in a significant reduction of capacity demand for both AsiaSat and APT Telecommunications, which both used to be the dominant satellite operators for video distribution in the China market. This reallocation of satellite capacity outside of China will result in an increase of supply into the rest of the Asia Pacific region. Both Indonesian satellite operators will be launching new and larger satellites in the next three years. They will both be adding a significant amount of Ku-band capacity over S.E. Asia. Protostar will be launching two satellites in 2008 and 2009 and VinaSat just successfully launched their new satellite VinaSat-1. Ku-band over China and C-band over Asia will continue to be under pricing pressure for many years to come. So what are the factors offering the satellite sector the most potential for growth in the region? The demand for satellite capacity in Asia is currently being driven by growth in cellular trunking, VSAT and local cable TV distribution channels. Currently a lot of C-band capacity in Asia Pacific is being used for IP-transit point-to-point backbone services but this segment of the market is diminishing in both profitability as well as volume. From the 75E position, we see a lot more of the world than only Asia, and Asia remains a relatively small market for us, however, we are bullish in the growth of CATV distribution, DTH cellular back-haul as well as the emergence of low cost Ku-band VSAT terminals for affordable rural connectivity services. In light of these obstacles and opportunities, what are ABS’s key emphases for the short, and longer term? The satellite market in Asia will continue to be a fiercely competitive landscape in Asia with the emergence of new domestic operators as well as other regional operators joining the market. The CATV distribution market is being fragmented on domestic/local levels and the days of paying premium for one or two satellite positions for pan-Asian distribution will diminish over time. The demand for satellite IP-backbone services will continue to decrease and also result in low revenue yields per transponder due to increasing competition from fiber. The cellular backhaul market segments will stay strong if not growing in the intermediate future however this segment too will be substituted with domestic fiber and microwave links. ABS will strive to be competitive in the local video distribution markets for both CATV and DTH services while seeking profitable niches in serving our customers in the data communications services sector. We already have over 90 CATV & DTH channels on our satellite with most of these channels coming on line the past 24 months. We are planning to expand this by a factor of 150% in the next 24 months. We also boast one of the largest Ku-band VSAT networks in the Asia Pacific. We will also shortly be launching a service for broadcasters to deliver their programming to IPTV and Mobile operators to enable a low-cost and low risk ways to reach these emerging and growing market segments for the broadcast community. TVAplus