Telesat Investment Highlights

LTM September 2023 Revenue and Adjusted EBITDA Reconciliation Amount in '000 CAD LTM September Net income (loss) Q4 2022 92,340 YTD Q3 2023 545,298 30, 2023 637,638 Tax expense (recovery) (Gain) loss on foreign exchange Interest and other income Interest expense Gain on repurchase of debt Depreciation 1,786 98,452 100,238 (72,251) (181) (72,432) (12,915) (48,764) (61,679) 67,304 205,171 272,475 (221,462) (221,462) 46,691 140,067 186,758 Amortization 3,775 Other operating (gains) losses, net (7) Non-recurring compensation expenses 303 Non-cash expense related to share-based compensation 11,968 9,927 (344,899) 693 26,066 13,702 (344,906) 996 38,034 LTM Adjusted EBITDA 138,994 410,368 549,362 LTM Revenue LTM Adjusted EBITDA margin TELESAT Note: All figures in thousands of Canadian dollars. 206,684 67.2% 538,260 76.2% 744,944 73.7% 26 46

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