Thuraya Satellite Telecommunications Company, based in Abu Dhabi,
United Arab Emirates, has authorized Boeing to launch the Thuraya-2
satellite in Jan. 2003 and has contracted with Boeing to build Thuraya-3.
Sea Launch will launch Thuraya-2, which is expected to join Thuraya-1
at an orbital slot 44 degrees East. Thuraya-1, the first Boeing-built
GEO-Mobile (GEM) model spacecraft, was launched by Sea Launch in Oct.
2000. Thuraya-2 will be based on the same technology but will be enhanced
by approximately 10% more electrical power over its predecessor, resulting
in a longer lifespan for the satellite.

On the occasion, Mr. Mohammad Omran, Thuraya’s chairman stated:
"We are very pleased to have reached an agreement with Boeing
to launch Thuraya-2 in Jan. 2003. Boeing is a leader in space communications.
They have demonstrated their formidable capabilities and pioneering
leadership in space technology. The launch of Thuraya-2 is a milestone
for Thuraya, as it will complement Thuraya-1, assuring continuity
of quality service."

Since the start of service in 2001, the Thuraya system has logged
more than 6.5 million phone call minutes and, to date, more than 65,000
handsets have been sold. Boeing Satellite Systems, the manufacturing
arm of Boeing Space and Communications, is the chosen satellite manufacturer.
Boeing will also build Thuraya-3. Mr. Mohammad Omran stated: "We
would also like to proudly announce that Boeing Space and Communications
has also been selected to build a third GEO-Mobile (GEM) communications
satellite for Thuraya."

Respectively, Mr. Randy Brinkley, president of Boeing Satellite
Systems noted: "We have worked very closely with Thuraya since
1997, and we are very pleased to launch Thuraya-2 and build Thuraya-3.
Boeing’s system built for Thuraya is an end-to-end system that really
typifies the integration capabilities of Boeing. Together with Hughes
Network Systems, Boeing has delivered a $1 billion mobile satellite
telephony system that serves about 106 nations populated by some 2.3
billion people."

Thuraya’s dual-mode handheld phones integrate satellite, GSM and
GPS as well as provide services that include voice, data, fax and
short messaging. The Thuraya network offers mobile satellite telecommunications
services to more than 100 countries and has a footprint, encompassing
Europe, North and Central Africa, the Middle East, Central Asia and
South Asia.

Mr. Mohammad Omran concluded by stating: "The launch of Thuraya-2
and the contracting to build Thuraya-3 are reminders of our enduring
strong partnership, consistent effort and hard work." Mr. Randy
Brinkley added: "It is very gratifying working with, and on,
Thuraya’s cutting edge technology. Thuraya is a comprehensive and
well integrated system and I feel we will once again bring forward
our past successes."

Boeing Space and Communications (S&C), headquartered in Seal
Beach, California, is the world’s largest space and communications
company. A unit of the Boeing Company, [NYSE:BA] S&C provides
integrated solutions in launch services, human space flight and exploration
and various other activities in information and communication technologies.
Boeing on the other hand is NASA’s largest contractor and a leading
provider of space-based communications.

In addition, Boeing has a 40% partnership stake in Sea Launch Company,
LLC, one of the world’s leading reliable heavy-lift launch service
providers for commercial satellite sector. From an ocean-based launch
site on the equator, Sea Launch has proven to offer the most direct
and cost-effective route to geo-stationary orbit.