Telesat Investment Highlights

Disclosures Note: unless otherwise stated, all values included are in Canadian dollars. This Presentation provided to you on the condition that you agree that you will not reproduce, forward or distribute it in whole or in part to any third party without the prior written consent of Telesat Corporation (together, with its direct and indirect subsidiaries, "Telesat" or the "Company"). To the maximum extent permitted by law, none of Telesat, its affiliates, directors, officers, employees, agents, advisors or representatives, nor any other person, accepts any liability, including, without limitation, any liability arising out of fault or negligence for any loss arising from the use of the information contained in this Presentation. This Presentation has been prepared solely for informational purposes, and this Presentation is not, and should not be assumed to be, complete. This presentation is a summary only of certain information in respect of the Company and any recipient hereof should conduct its own independent investigation and analysis of the Company, including legal, accounting and other relevant professional advice. Acceptance of this presentation further constitutes your acknowledgment and agreement that none of Telesat or its affiliates, directors, officers, employees, agents, advisors or representatives (i) makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein or any other information (whether communicated in written or oral form) transmitted or made available to recipients of this Presentation or (ii) shall have any liability to the recipient or its representatives relating to or arising from the information contained herein or any omissions from such information, or any other written or oral communication transmitted to any interested party in the course of its evaluation of Telesat. This Presentation does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities from any of the entities discussed herein. Third Party Information Although all information and opinions expressed in this Presentation, including market data and other statistical information (including estimates and projections relating to the addressable market), were obtained from sources believed to be reliable and are included in good faith, Telesat has not independently verified the information and makes no representation or warranty, express or implied, as to its accuracy or completeness. Some data is also based on the good faith estimates of Telesat, which are derived from its review of internal sources as well as the independent sources described above. This Presentation contains preliminary information only, is subject to change at any time and, is not, and should not be assumed to be, complete. While Telesat is not aware of any misstatements regarding the industry and market data presented in this Presentation, such data involves risks and uncertainties and are subject to change based on various factors, including those factors discussed under "Forward-Looking Information". Non-GAAP Financial Measures Unless otherwise indicated, financial information in this presentation has been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. IFRS differs in some respects from United States generally accepted accounting principles ("U.S. GAAP"), and thus our financial statements may not be comparable to the financial statements of United States companies prepared in accordance with U.S. GAAP. This Presentation includes certain financial measures not presented in accordance with IFRS or U.S. GAAP, including but not limited to, Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow. Adjusted EBITDA, Adjusted EBITDA margin and Free Cash Flow are non-GAAP financial measures as defined in National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure ("NI 52-112"). Adjusted EBITDA margin is a non-GAAP ratio as defined in NI 52-112 and is the ratio of Adjusted EBITDA to revenue. These measures are not recognized measures under IFRS, do not have standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. These measures may exclude items that are significant in understanding and assessing Telesat's financial results, and therefore should not be considered as alternatives to net income or any other measures derived in accordance with IFRS or U.S. GAAP. Additionally, these measures should not be considered in insolation or as a substitute for analysis of our financial information reported under IFRS. Reconciliations of these non-GAAP financial measures to IFRS are included in the Appendix hereto. Additional information and further reconciliations with respect to the non-IFRS measures included in this Presentation, including among other things, disclosure of their composition, how each non-IFRS measure provides useful information to investors and the additional purposes, if any, for which management uses each non-IFRS measure and reconciliations of non-IFRS measures to the closest IFRS measure can be found in the section entitled "Non-IFRS Measures" beginning on page 42 of our Management's Discussion and Analysis (the "MD&A") dated November 6, 2023 as at and for the nine-month period ended September 30, 2023, which information is incorporated by reference in this Presentation. The MD&A is available under our corporate profile on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. TELESAT. 2

View entire presentation