Telesat Investment Highlights

Free Cash Flow Reconciliation (excluding Lightspeed capex) Free cash flow Adjusted EBITDA (-) Satellite programs, including capitalized interest (-) Purchase of property and other equipment (-) Purchase of intangible assets Free Cash Flow Lightspeed capex incurred TELESAT Note: All figures in thousands of Canadian dollars. FY 2020 652,597 FY 2021 600,409 FY 2022 567,913 (9,163) (345) (14,260) (3,886) (619) (4,453) (30) (1,162) (71) 629,144 595,016 562,770 (68,781) (307,435) (59,434) 30

View entire presentation