Telesat Investment Highlights

Disclosures Forward-looking Statements This Presentation includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, and "forward-looking information" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements") regarding Telesat, its financial condition and its results of operations. Forward-looking statements may be identified by the use of forward-looking words such as "believes", "expects", "plans", "may", "will", "would", "could", "should", "anticipates", "estimates", "aims", "targets", "continues", "objective", "projects", "intend" or "outlook" or other variations of these words or other similar expressions, and include statements regarding Telesat's plans, strategies, objectives and targets. This information (including information on Telesat's industry and end markets) is, where applicable, based on forecasts, estimates, assumptions, sources and analysis, that Telesat believes, as of the date hereof, provide a reasonable basis for the information contained herein, including assumptions about future economic conditions and courses of action. There can be no assertion that the information contained in this Presentation will be reflective of future performance to any degree. Readers are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Telesat and its directors, officers, employees, agents, associates or representatives. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual results may vary significantly from those expressed, implied or projected by the forward-looking statements in this Presentation. Known risks and uncertainties include but are not limited to: risks associated with operating satellites and providing satellite services, including satellite construction or launch delays, launch failures, in-orbit failures, impaired satellite performance or inability to restore capacity; volatility in exchange rates and risks associated with domestic and foreign government regulation, inflation and rising interest rates; our ability to enter into definitive funding agreements with our Canadian federal and provincial government partners, and to meet the funding conditions of those agreements and of our vendor financing; technological hurdles, including our and our contractors' development and deployment of the new technologies required to complete the Lightspeed constellation in time to meet our scheduled timeline, or at all; the availability of services and components from our and our contractors' supply chains; competition with other LEO systems, deployed, and to be deployed; risks associated with domestic and foreign government regulation, including access to sufficient orbital spectrum to be able to deliver services effectively and access to sufficient geographic markets in which to sell those services; and our ability to develop significant commercial and operational capabilities. The foregoing list of important risk factors is not exhaustive. Readers should review the other risk factors discussed in Telesat's annual report on Form 20-F for the year ended December 31, 2022, that was filed on March 29, 2023, as well as in its Quarterly Report on Form 6-K for the three- and six-month periods ended June 30, 2023, that was filed on August 11, 2023, with the SEC and on SEDAR+, and may be accessed on the SEC's website at www.sec.gov and SEDAR+'s website at www.sedarplus.ca. Nothing in this Presentation should be regarded as a representation by any person that our future expectations will be achieved and neither Telesat nor any of its directors, officers, affiliates, employees or advisors accepts any responsibility to inform the recipients of this Presentation of any matter arising or coming to any of their notice which may affect any matter referred to in this Presentation (including but not limited to any error or omission which may become apparent after this Presentation has been issued) or to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable law. The forward-looking statements also contain future-oriented financial information and information which could be considered to be in the nature of a financial outlook (together with the future-oriented financial information, "FOFI"), which involves statements about Telesat's prospective financial performance, financial position or cash flows, including, but not limited to, market growth, revenue projections, and capital expenditures. All FOFI contained in this Presentation is subject to the same assumptions, risks, limitations and qualifications as set forth above. All FOFI included in this Presentation is provided for the purpose of helping readers understand Telesat's current expectations and plans for the future. Readers are cautioned that reliance on FOFI may not be appropriate for other purposes or in other circumstances. The actual results of Telesat's operations will likely vary from the amounts set forth in any financial outlook and such variances may be material. Historical statements contained in this Presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. No statement in this document is intended to be nor may be construed as a profit forecast. Trademarks The use or display of third parties' trademarks, service marks, trade names or products in this presentation is not intended to, and does not imply, a relationship with Telesat, or an endorsement or sponsorship by or of Telesat. TELESAT. 3

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