Telesat Investment Highlights

Adjusted EBITDA Reconciliation 2007 Operating revenues Net (loss) earnings Income tax (recovery) expense Other expense Loss on foreign exchange (Gain) loss on foreign exchange Interest expense Impairment loss on long-lived assets Amortization Non-cash expense related to share-based compensation Adjusted EBITDA Adjusted EBITDA margin TELESAT Note: All figures in thousands of Canadian dollars. Values are based upon Canadian Generally Accepted Accounting Principles Combined year ended December 31, 2007 569,203 A 77,691 (5,093) 1,412 118,969 (68,445) 52,409 2,116 145,834 5,867 330,760 58.1% 28

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