Telesat Investment Highlights

Adjusted EBITDA Reconciliation Revenue Net (loss) income Tax expense (recovery) Loss (gain) loss on changes in fair value of financial instruments Loss (gain) on foreign exchange Interest and other income Interest expense Depreciation Amortization Other operating (gains) losses, net Gain on extinguishment of debt Non-recurring compensation expenses Non-cash expense related to share-based compensation Adjusted EBITDA % Margin TELESAT Note: All figures in thousands of Canadian dollars. FY2020 FY2021 $ 820,468 $ 758,212 FY2022 $ 759,169 $ 244,820 $ 155,025 $ (80,117) (4,353) 78,377 49,929 13,115 18,684 (4,314) (47,605) (27,539) 239,591 (5,196) (3,418) (23,476) 203,760 187,994 221,756 216,885 203,772 188,755 17,195 15,983 14,979 215 (107,615) (7) (106,916) 1,261 12,500 $ 652,597 5,423 73,723 600,409 305 67,428 $ 567,913 79.5% 79.2% 74.8% 29

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