Iridium Communications : ANNUAL STOCKHOLDERS MEETING

ANNUAL

STOCKHOLDERS

MEETING

MAY 14, 2020

IRIDIUM

COMMUNICATIONS INC.

ANNUAL MEETING AGENDA

•Chairman's Welcome and Introductions	Bob Niehaus
•Call Meeting to Order	Bob Niehaus
•	Business of Meeting	Bob Niehaus & Tom Hickey
•	Closing of Polls	Tom Hickey
•	Adjournment of Meeting	Bob Niehaus
•	CEO Remarks	Matt Desch
•	Q&A Session	Matt Desch & Kathy Morgan

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IRIDIUM

BOARD OF

DIRECTORS

Robert H.

Niehaus

Jane L. Harman

Steven B.

Pfeiffer

Thomas C.	Matthew J.	Thomas J.
Canfield	Desch	Fitzpatrick

Alvin B.	Susanne E.	Eric T.
Krongard	McBride	Olson

Parker W.	Henrik O.	Barry J.
Rush	Schliemann	West

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FORWARD LOOKING STATEMENTS

Safe Harbor Statement

This presentation contains statements about future events and expectations known as "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Iridium Communications Inc. ("Iridium" or the "Company") has based these statements on its current expectations and the information currently available to it.

Forward-looking statements in this presentation include statements regarding Iridium's expectations with respect to capital expenditures; the effects of the COVID-19 pandemic and resulting disruptions on the Company's business; prospects for free cash flow and shareholder-friendly activities; total service revenue and OEBITDA growth, cash taxes, and leverage. Forward-looking statements can be identified by the words "anticipates," "may," "can," "believes," "expects," "projects," "intends," "likely," "will," "to be" and other expressions that are predictions or indicate future events, trends or prospects. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Iridium to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, uncertainties regarding customer demand for Iridium's products and services, including demand from the U.S. government; Iridium's ability to maintain the health, capacity and content of its satellite constellation, and the development of and market for Iridium's products and services, as well as general industry and economic conditions, and competitive, legal, governmental and technological factors. Other factors that could cause actual results to differ materially from those indicated by the forward-looking statements include those factors listed under the caption "Risk Factors" in the Company's Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission ("SEC") on February 25, 2020, and the Company's Form 10-Q for the quarter ended March 31, 2020, as filed with the SEC on April 28, 2020, as well as other filings Iridium makes with the SEC from time to time. There is no assurance that Iridium's expectations will be realized. If one or more of these risks or uncertainties materialize, or if Iridium's underlying assumptions prove incorrect, actual results may vary materially from those expected, estimated or projected. Iridium's forward-looking statements are based on information available to it as of the date of this press release and speak only as of the date of this press release, and Iridium undertakes no obligation to update forward-looking statements.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof unless otherwise indicated. The Company undertakes no obligation to release publicly any revisions to any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

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BUSINESS OVERVIEW

A vital, global communications provider of mobile voice and data services via 66 in-orbit satellites

Global	Global	Total
Customers	Technology
Revenue2:
Served1:	Partners:

1,332,000	450+	$560
		million

1. Q1 2020 subscriber data.
2. Full-year2019 financial data.

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A STARK FINANCIAL TRANSFORMATION IS UNDERWAY(1)

First-Generationnetwork launched in 1990s lasted for 20+ years

IRIDIUM NEXT

Completed in

February 2019

Design, Build and

Launch of New

Network Started in

2010

~$3 Billion Network

Cost

Iridium®NEXT

Campaign

	Completed		Upgraded constellation fully
		deployed on February 5, 2019
OEBITDA(2)		FALLING NET		GROWING FREE
GROWTH		LEVERAGE		CASH FLOW(3)
2009				2019
OEBITDA
$134M				OEBITDA
				$332M

1. Guidance speaks only as of the date it was originally provided (April 28, 2020). Inclusion of guidance herein should not be interpreted as are-affirmation by Iridium of its guidance. Iridium undertakes no obligation to update its guidance after the date it was originally provided.
2. Operational EBITDA represents earnings before interest, income taxes, depreciation and amortization, Iridium NEXT revenue and expenses (for periods prior to the deployment of Iridium NEXT only), loss from investment in Aireon, share- based compensation expenses, the impact of purchase accounting, andnon-cash gain from the Boeing transaction.
3. Inclusion of guidance herein should not be interpreted as are-affirmation by Iridium of its guidance. Iridium undertakes no obligation to update its guidance after the date it was originally provided. Note: Cash capex adjusted to exclude deferred capex / financing payments.

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A FLEXIBLE PLATFORM FOR GROWTH

Iridium's global network provides reliable broadband and narrowband solutions

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2019 STOCK PERFORMANCE

•

•

Iridium shares reacted to completion of Iridium NEXT mission

Stock appreciated 34% in 2019

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NAVIGATING THE COVID-19 ERA

• COVID-19is impacting Iridium's partners and the industries they serve
• Iridium continues to forecast revenue and OEBITDA growth even in the face of economic uncertainties related toCOVID-19

Post-COVID Impact

Fiscal 2020 Outlook

• Telephony - Down

•IoT - Flat to down

•Service Revenue - Growth

• Broadband -Growth

•	Hosted Payload - Growth	•	OEBITDA - Growth
•	US government - Growth
•	Equipment Sales - Down	•	Leverage - Improvement

• Engineering -Growth

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IRIDIUM FORECASTS PRO FORMA FREE CASH FLOW(*)GROWTH IN 2020

($ Millions, Except per Share)	2019 Pro Forma	2020 Pro Forma	YoY %
Results	Outlook Apr
Operational EBITDA (1)*	$332	$332	0%
Hosted Payload Cash Timing (2)	($6)	($22)
Working Capital (3)	($8)	($8)
Iridium CapEx (4)	($37)	($35)
Net Interest (5)	($112)	($90)	(-20%)
Cash Taxes (6)	($1)	$0
Free Cash Flow (FCF)	$168	$177	5%
FCF/Share (7)	$1.22	$1.29	6%
FCF Yield (8)	~5.4%	~6.3%
FCF Conversion(FCF as % of OEBITDA)	>50%	>53%	6%

Footnotes to this slide appear in the Appendix to this presentation.

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INVESTMENT HIGHLIGHTS(1)

Strong Cash Flow				Flexible Allocation	Maximizing
Conversion
		of Capital	Shareholder Returns

• Monetizing new capabilities enabled by upgraded constellation
• 10+ year CapEx holiday

• Continued deleveraging
• 2.5x - 3.5x target net leverage

• Path to meaningful capital returns through 2025
• Shareholder-friendlyactivities

Strong levered free cash flow with expectations for meaningful shareholder returns

1. Guidance speaks only as of the date it was originally provided (April 28, 2020). Inclusion of guidance herein should not be interpreted as are-affirmation by Iridium of its guidance. Iridium undertakes no obligation to update its guidance after the date it was originally provided.

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QUESTION & ANSWER

12

IRIDIUM

COMMUNICATIONS INC.

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APPENDIX

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NON-GAAP FINANCIAL MEASURES

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NON-GAAP FINANCIAL MEASURES

Non-GAAP Financial Measures

In addition to disclosing financial results that are determined in accordance with U.S. GAAP, the Company provides Operational EBITDA and Operational EBITDA margin, which are non-GAAP financial measures, as supplemental measures to help investors evaluate the Company's fundamental operational performance. Operational EBITDA represents earnings before interest, income taxes, depreciation and amortization, and share-based compensation expenses. The Company considers the loss on early extinguishment of debt to be financing-related costs associated with interest expense or amortization of financing fees, which by definition are excluded from Operational EBITDA. Such charges are incidental to, but not reflective of, the Company's day-to-day operating performance. U.S. GAAP requires that certain of the expenses associated with the approximately $3 billion construction cost of Iridium NEXT (the "Construction Costs") be expensed. These Construction Costs, which beginning in 2018 principally consisted of in-orbit insurance, were excluded from Operational EBITDA through the first quarter of 2020. The Company also presents Operational EBITDA expressed as a percentage of GAAP revenue, or Operational EBITDA margin. Operational EBITDA, along with its related measure, Operational EBITDA margin, does not represent, and should not be considered, an alternative to U.S. GAAP measurements such as net income or loss, and the Company's calculations thereof may not be comparable to similarly titled measures reported by other companies. By eliminating interest, income taxes, depreciation and amortization, and share-based compensation expenses, the Company believes the result is a useful measure across time in evaluating its fundamental core operating performance. Management also uses Operational EBITDA to manage the business, including in preparing its annual operating budget, debt covenant compliance, financial projections and compensation plans. The Company believes that Operational EBITDA is also useful to investors because similar measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies in similar industries. However, there is no standardized measurement of Operational EBITDA, and Operational EBITDA as the Company presents it may not be comparable with similarly titled non-GAAP financial measures used by other companies. As indicated, Operational EBITDA does not include interest expense on borrowed money, the payment of income taxes, amortization of the Company's definite-lived intangible assets, or depreciation expense on the Company's capital assets, which are necessary elements of the Company's operations. Since Operational EBITDA does not account for these and other expenses, its utility as a measure of the Company's operating performance has material limitations. Due to these limitations, the Company's management does not view Operational EBITDA in isolation, but also uses other measurements, such as net income, revenues and operating profit, to measure operating performance.

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FOOTNOTES TO PRO FORMA FREE CASH FLOW CHART

1. See below for the definition of Operational EBITDA and a reconciliation of GAAP net loss to OEBITDA for 2019; for illustrative purposes, 2020 OEBITDA is presented as $332 million; the Company'sfull-year 2020 guidance as of April 28, 2020 was growth in OEBITDA over the $331.7 million the Company reported for full-year 2019
2. Hosted Payload adjusts OEBITDA for revenue recognition from Aireon and Harris Hosting and Prepaid data in excess of cash received in period
3. Working Capital timing is expected to result in a net use of cash averaging$5-$10M annually as Iridium grows; 2019 excludes Iridium NEXT working capital impacts
4. Booked CapEx excludes Iridium NEXT expenditures for 2019; consistent with guidance, it is expected to average ~$35M annually over the 10 years beginning with 2019; Capitalized interest is excluded from CapEx because it is included with Pro Forma Net Interest
5. Pro Forma Net Interest for 2019 includes10-months BPIAE debt at (~5.0%), 2-months Term Loan B (~5.7%), 12-months high yield (~10.25%) and ~$8M interest income; 2020 reflects current $1.65B TLB at ~5.5% over 12-months and ~$1M interest income (excludes costs related to the refinancing and interest related to the HY debt that was fully prepaid in Feb)
6. Cash Taxes reflect expected tax payments
7. Most recent per share data based on ~137.7MFully-Diluted Common Shares Outstanding (pro forma for 3/31/20 conversion of outstanding Options and RSUs)
8. Yields for 2019 and 2020 are based on Iridium (IRDM) share prices of$24.64 at 12/31/19 and $22.33 at 3/31/20 less ~$2 value per share value from Aireon

*Non-GAAPFinancial Measures

Pro forma free cash flow: The Company uses pro forma free cash flow to evaluate the Company's capacity for deleveraging and other shareholder- friendly actions. Notes 1-8 above detail the elements of the calculation of pro forma free cash flow from OEBITDA. Pro forma free cash flow also excludes costs associated with refinancing. Because pro forma free cash flow includes these and other significant adjustments, its utility as a measure of the Company's capacity for deleveraging and other shareholder-friendly actions has material limitations. Due to these limitations, the

Company's management does not view pro forma free cash flow in isolation, but also uses other measurements, such as net cash provided by operating activities, to measure the Company's capacity for deleveraging and other shareholder-friendly actions.

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