Telecommunications

• Ciel Satellite Group
  In May 2004, Borealis Infrastructure joined the Ciel consortium (the “Ciel Consortium”) in its submission to Industry Canada for one geostationary orbital position at 129 West Longitude (the “129 Slot”). Borealis’ partners in the Ciel consortium include SES Global SA, one of the largest satellite operators in the world, and Canadian satellite pioneer Brian Neill. Borealis Infrastructure is an equity partner with SES Global SA. On August 25, 2005, Industry Canada awarded the 129 slot to the Ciel Consortium. Construction of the satellite for the 129 slot will commence in 2006 with launch date expected in late 2008. For further information, please visit: www.cielsatellite.ca