Telesat Investment Highlights

Adjusted EBITDA YTD Q3 2023 reconciliation Net income (loss) Tax expense (recovery) (Gain) loss on changes in fair value of financial instruments (Gain) loss on foreign exchange Interest and other income Interest expense Gain on repurchase of debt Depreciation Amortization Other operating (gains) losses, net YTD Q3 Adjusted EBITDAation expenses TELESAT Note: All figures in thousands of Canadian dollars. YTD Q3 YTD Q3 2022 $ (172,457) $ 2023 545,298 48,143 98,452 (4,314) 311,842 (181) (10,561) (48,764) 154,452 205,171 (106,916) (221,462) 142,064 11,204 140,067 9,927 (344,899) 2 693 55,460 26,066 $ 428,919 $ 410,368 27

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