Telesat Investment Highlights

Strong financial performance and value creation Adjusted EBITDA (C$M) ¹ ■ Adjusted EBITDA 1 Adjusted EBITDA Margin 74% $549 $331 58% 2007 Cash Generation and Uses Between 2007 and Q3 2023, Telesat: C$6.3B in operating cash flow C$3.1B invested in new satellites and other assets C$1.2B returned to shareholders C$0.8B outstanding notes and term loan repurchased C$0.4B pre-paid in Term Loan Notes and Term Loan reductions represent approx. 28% of overall debt LTM as of September 30, 2023 2023 Q3 LTM Net Debt/Adjusted EBITDA¹ Ratio 8.3 2007 2.8 2023 Q3 LTM TELESAT. 2007 to 2009 figures are based upon Canadian Generally Accepted Accounting Principles while 2010 onwards is IFRS Net debt is defined as gross short and long-term indebtedness less cash and short-term investments; 2007 excludes Senior Preferred Shares and swap liability from debt 1 Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS measures. Refer to Appendix for reconciliation of Adjusted EBITDA and Adjusted EBITDA margin to Net Income 18

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