First Quarter 2018 Earnings Call

May 9, 2018

2

Pro forma revenue down 5% y/y, in line with expectations

GEO communications and RCM program revenues down ~30% y/y

Remainder of business up ~15% y/y

Pro forma Adj. EBITDA margins expanded 330 bps to 33.6%

Pro forma Adj. EPS of $1.47, up 25% y/y

Backlog stands at $3.3B, flat q/q

Includes $105M in burn-down of multi-year US Government Imagery contracts

Book-to-bill of ~1.2x across the remainder of the company

Free cash flow consumption of $58M vs. $50M in 1Q17

EPS guidance increased; Revenue, EBITDA and cash flows from operations reaffirmed

Q1 summary

3

Communications satellites

Earth imaging satellites

Radar satellites and imagery

Science mission spacecraft

Satellite ground systems

Satellite antennas, electronic

systems and payloads

Space robotics

C4ISR and defense systems

Enterprise-class information solutions

Four leading commercial space brands

High resolution earth imagery and

geospatial products for defense,

intelligence and commercial markets

including mapping, location based

services, energy, agriculture and

climate analysis

Leading cloud-based platform with

image library >100 petabytes

Geospatial big data analytics and

services for defense, intelligence

and commercial markets

4

Distributed operating model benefits from both focus and scale economies

Operating Units

Own the Customer

Own the Strategy

Own the P&L

Empowered

Accountable

Collaborative

Enterprise-Wide Support Services

Best-in-class processes and lowest cost

Procurement Marketing and Communications

Information Systems Finance and Accounting Human Resources

Space Systems Imagery Services

CorporateCorporate

5

Spending growth across U.S., Canada and International defense and space markets

Concerns expand beyond global terrorism to include renewed nation-state threats from China,

Iran, North Korea and Russia

Need for increased persistence and resiliency of space assets

Strong desire to partner with commercial providers to accelerate innovation, shorten production

cycles and lower costs

Commercial geospatial imagery and services markets continue to grow

Increasing demand from defense and intelligence, location-based services, autonomous

vehicles, telecom, agriculture and climate applications enabled by machine learning advances

GEO and RCM headwinds are waning

Impact of lower GEO satellite market orders in 2015-2017 has run its course through the satellite

build cycle with revenue now at or near the bottom

RCM program launch expected in 2018

Strong tailwinds across majority of the portfolio

6

Imagery Segment

69th consecutive month meeting performance criteria on USG Enhanced View contract

Global EGD USG contract funding in place

IDI renewals on track

Technology and automotive contracts accelerating

Rapid Access Program and Secure Watch enhancements launched

Space Systems Segment

Hispasat 30W-6 successful launch

Selected by B-SAT in Japan and Spacecom in Israel to build GEO communications satellites

Europa and Unmanned contract awards illustrate continued USG momentum

Service Segment

NGA and US Army contracts

Product development underway to address new markets, including commercial and IDI

Q1: Key accomplishments and order activity

7

Q1 financial results

Revenue driven by growth in Imagery and Services offset by decline in Space Systems

Margins driven by timing of the retirement of provisions, growth in our Imagery segment, and

integration synergies

* In USD Millions. 1Q17 is pro forma as if DigitalGlobe had been combined with the company since January 1, 2017.

$588 $558

$200

$300

$400

$500

$600

$700

1Q17 1Q18

Revenue*

$178 $187

$-

$50

$100

$150

$200

1Q17 1Q18

Adj. EBITDA* and Adj. EBITDA Margin

30.3%

33.6%

-5%

+5%

8

Imagery – Q1 results

Revenue growth driven by WorldView-4 utilization

from DAP installed base, higher data sales to IDI

customers, and USG demand

Margin expansion driven by revenue growth,

product mix, and realized integration synergies

Key win with HERE for high resolution imagery that

will support autonomous driving applications,

amongst other uses

Multiple International Defense & Intelligence

renewals; opportunity pipeline remains robust

Key product releases

Rapid Access Program

Expansion of Secure Watch offerings

* In USD Millions. 1Q17 is pro forma as if DigitalGlobe had been combined with the company since January 1, 2017.

* In USD Millions

$193 $211

$-

$50

$100

$150

$200

$250

1Q17 1Q18

Revenue & Adj. EBITDA Margin*

62.2%

65.3%

+9%

9

Space Systems – Q1 results

Gross revenue driven by lower y/y GEO Comsat

and RCM program revenue, partially offset by

increases in Small Sat and US Government

revenue

GEO and RCM combined down ~30%

SSL SmallSats and USG up 92%

MDA revenue ex-RCM up 7%

Margins driven by the timing of ITCs and the

establishment and retirement of provisions

SSL GEO awards (B-SAT and Spacecom) and

Europa (USG)

MDA orders including Canadian and International

Unmanned

* In USD Millions. 1Q17 is pro forma as if DigitalGlobe had been combined with the company since January 1, 2017.

$343

$293

$-

$50

$100

$150

$200

$250

$300

$350

$400

1Q17 1Q18

Revenue and Adj. EBITDA Margins*

18.2%18.6%

-14%

10

Services – Q1 results

Revenue growth driven by favorable timing of US

Government contract modifications

Margins driven by mix of fixed-price and cost-plus

contracts

Closed the divestiture of a small, non-core business

Key wins including NGA to develop machine learning

algorithms and US Army systems engineering and

software development* In USD Millions. 1Q17 are pro forma as if DigitalGlobe had been combined with the company since January 1, 2017.

$58

$70

$-

$10

$20

$30

$40

$50

$60

$70

$80

1Q17 1Q18

Revenue and Adj. EBITDA Margins*

10.4% 10.1%

+21%

11

Cash flows

Cash flows driven by DigitalGlobe acquisition contributions, offset by timing of receivables/payables

Higher CapEx driven primarily by the DigitalGlobe acquisition and construction of WorldView Legion

* In USD millions. Defined as cash provided by operating activities, excluding acquisition/integration expense, less net interest and securitization payments, and other

$(24.3)

$225.4

$19.8

$(100.0)

$(50.0)

$-

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

1Q17 4Q17 1Q18

Adj. Operating Cash Flow*

$(25.7)

$(56.0)

$(77.5) $(100.0)

$(50.0)

$-

$50.0

1Q17 4Q17 1Q18

CapEx and Capitalized R&D

12

Net debt balances

Net debt increase driven by short-term

working capital requirements

Leverage ratio for Q1 decreased to 3.9

and well below covenant restrictions of 5.5

No material debt maturities until 2020

We continue to evaluate balance sheet

levers such as securitizing Orbitals and

Sale-leaseback to reduce leverage

* In USD millions

$2,976

$3,057

$2,500

$2,600

$2,700

$2,800

$2,900

$3,000

$3,100

$3,200

$3,300

4Q17 1Q18

Net Debt*

13

Financial outlook – 2018

* Cash provided by operating activities, excluding acquisition expense, less net interest and securitization payments, and other

Total Revenue Growth -4% to -2%

Imagery 5% to 7%

Space Systems -4% to -2%

Services 9% to 11%

Total Segment Adj. EBITDA Margin ~ 34.0%

Imagery ~ 63.5%

Space Systems ~ 16.5%

Services ~ 12.0%

Corporate Expenses (in millions) ($31) to ($35)

Net Interest Expense (in millions) ($205) to ($210)

D&A (excluding acquisition amort., in millions ) ($195) to ($205)

Adjusted EPS $4.65 to $4.85

Operating Cash Flow* (in millions) $300 to $400

Capital Expenditures (in millions) $300 to $350

Tax Rate 13% to 15%

Sharecount (millions) ~ 57M

14

Caution concerning forward looking statements

This slide presentation and associated earnings release, conference call and webcast, which includes a business update, discussion of the first quarter 2018 financial results, and question and answer session (the “Earnings Release”), may contain certain “forward-looking statements” or “forward-looking information” under applicable securities laws. Forward-looking terms such as “may,” “will,” “could,” “should,” “would,” “plan,” “potential,” “intend,” “anticipate,” “project,” “target,” “believe,”“estimate” or “expect” and other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and represent management’s best judgment based on facts and assumptions that management considers reasonable. Any such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results and expectations to differ materially from the anticipated results or expectations expressed in this Earnings Release. The Company cautions readers that should certain risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. The risks that could cause actual results to differ materially from current expectations include, but are not limited to: the Company’s ability to generate a sustainable order rate for its satellite manufacturing operations in a market where the number of satellite construction contracts awarded varies annually; changes in government policies, priorities, regulations or government agency mandates, or funding levels through agency budget reductions, the imposition of budgetary constraints, failure to exercise renewal options, or a decline in government support or deferment of funding for programs in which the Company or its customers participate; the Company’s ability to effectively execute its U.S. government access plan and realize anticipated benefits of contract awards from the U.S. government and failure by the Company to comply with U.S. regulations could result in penalties or suspension; the risk that security clearances or accreditations will not be granted to or maintained by certain U.S. subsidiaries of the Company subject to the requirements of the National Industrial Security Program Operating Manual or other security requirements, which is a prerequisite for their ability to obtain and perform on classified contracts for the U.S. government; the loss or damage to any of the Company's satellites; delays in the construction and launch of any of the Company's satellites; the Company's ability to achieve and maintain full operational capacity of all of its satellites; interruption or failure of the Company's ground systems and other infrastructure; quality issues, failure of systems to meet performance requirements, potential for product liability, or the occurrence of defects in products or systems could result in lost revenue and harm to the Company’s reputation; failure to anticipate changes in technology, technical standards and offerings or comply with the requisite standards, or failure to maintain technological advances and offer new products to retain customers and market position; significant competition with competitors that are larger or have greater resources, and where foreign currency fluctuations may increase competition from the Company’s non-United States competitors; changes in regulations, telecommunication standards and laws in the countries in which the Company conducts business; export restrictions or the inability to obtain export approvals; failure to obtain necessary regulatory approvals and licenses, including those required by the United States government; a competitive advantage for competitors not subject to the same level of export control or economic sanctions laws and regulations faced by the Company; exposure to fines and/or legal penalties under Canadian and U.S. securities regulations; exposure to fines and/or legal sanctions under anti-corruption laws; the Company’s ability to attract and retain qualified personnel; reliance on information technology systems and threats of disruption from security breaches and cyber-attacks; the Company’s ability to receive satellite imagery, including from third parties for resale and performance issues on the Company’s on-orbit satellites; potential infringement of the intellectual property rights of others and inadequate protection of the Company’s intellectual propertyrights; failure to identify, acquire, obtain the required regulatory approvals, or profitably manage additional businesses or successfully integrate any acquired businesses, products or technologies into the Company without substantial expenses, delays or other operational, regulatory, or financial problems; the Company’s ability to obtain certain satellite construction contracts depends, in part, on its ability to provide the customer with partial financing of working capital and any financingprovided by the Company may not be repaid or the Company may be called upon to make payments; uncertainty in financing arrangements and failure to obtain required financing on acceptable terms, or credit agreements may contain restrictive covenants which may be limiting; risks inherent with performance on fixed price contracts, particularly the ability to contain cost overruns and schedule delays; certain customers are highly leveraged and may not fulfil their contractual payment obligations, including vendor financing; the risk that the Company will not be able to access export credit financing to facilitate the sale of the Company’s communication satellites and other products to non-Canadian and non-United States customers; exposure to foreign currency fluctuations, interest rates, energy and commodity prices, trade laws and the effects of governmental initiatives to manage economic conditions; natural disasters or other disruptions affecting the Company's operations; failure to comply with environmental regulations; insufficient insurance against material claims or losses; and general business and economic conditions in Canada, the U.S. and other countries in which the Company conducts business. There may be additional risks and uncertainties applicable to the Company related to its acquisition of DigitalGlobe, including that: the Company may not realize all of the expected benefits of the acquisition or the benefits may not occur within the time periods anticipated; the Company incurred substantial transaction fees and costs in connection with the acquisition; significant demands will be placed on the managerial, operational and financial personnel and systems of the Company to support the expansion of operations as a result of the acquisition; the Company may not have discovered undisclosed liabilities in the course of the due diligence review of DigitalGlobe and the Company as a successor owner may be responsible for such undisclosed liabilities; and the Company is a target of securities class action and derivative lawsuits and appraisal proceedings which could result in substantial costs. You are referred to the risk factors described in Maxar's most recent annual and quarterly Management's Discussion and Analysis, Annual Information Form and other documents on file with the Canadian securities regulatory authorities, which are available online under the Company’s SEDAR profile at www.sedar.com, under the Company’s EDGAR profile at www.sec.gov or on the Company’s website at www.maxar.com. The forward-looking statements and information contained in this earnings release and the associated conference call and webcast represent Maxar’s views only as of today’s date. Maxar disclaims any intention or obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, other than as required by law, rule or regulation. You should not place undue reliance on forward-looking statements.

15

Non-IFRS measure disclosure

This presentation is based on and demonstrates non-IFRS financial metrics

in order to provide more meaningful comparisons. Please see the company’s regulatory filings

for a full description of our financial statements using IFRS accounting standards.

Adjusted earnings, adjusted earnings per share and adjusted EBITDA do not have any standardized

meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other

companies. The Company cautions readers to consider these non-IFRS financial measures in addition to,

and not as an alternative for, measures calculated in accordance with IFRS.

16

Quarterly Results of Operations

Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

2018 2017 2017 2017 2017 2016 2016 2016

($ millions, except per

common share amounts)                       

Consolidated revenues 557.7 545.1 337.5 375.2 373.5 376.6 379.9 390.0

Adjusted EBITDA 187.4 181.0 68.6 66.0 63.1 66.3 61.6 71.6

Adjusted earnings 83.2 66.5 36.5 35.3 33.7 38.6 35.4 44.4

Adjusted earnings per share 1.47 1.19 1.00 0.97 0.92 1.06 0.97 1.22

Net earnings 31.0 64.5 12.3 19.3 4.3 23.7 32.0 19.6

Net earnings per share, basic 0.55 1.16 0.34 0.53 0.12 0.65 0.88 0.54

Net earnings per share,

diluted0.55 1.15 0.34 0.52 0.11 0.62 0.85 0.54

(millions)

Basic 56.4 55.4 36.5 36.5 36.5 36.4 36.4 36.4

Diluted 56.7 55.9 36.5 36.5 36.5 36.5 36.6 36.5

Weighted average number of common shares outstanding:

17

Reconciliation of non-IFRS measures

1 Excludes interest expense from dissenting shareholder liability.

2 Excludes amortization of acquisition related intangible assets.

3 Excludes income tax expense adjustment related to adjusted earnings.

Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

2018 2017 2017 2017 2017 2016 2016 2016

($ millions)

Adjusted EBITDA 187.4 181.0 68.6 66.0 63.1 66.3 61.6 71.6

Net finance expense1 (43.4) (46.9) (11.1) (10.8) (10.6) (10.0) (8.7) (9.1)

Depreciation and amortization2 (47.2) (54.2) (11.2) (11.3) (11.0) (11.4) (11.4) (11.2)

Income tax expense on adjusted earnings3 (13.6) (13.4) (9.8) (8.6) (7.8) (6.3) (6.1) (6.9)

Adjusted earnings 83.2 66.5 36.5 35.3 33.7 38.6 35.4 44.4

Items affecting comparability:                        

Share-based compensation recovery (expense) 1.3 (45.8) (5.3) (2.0) (4.8) 3.9 2.3 (18.3)

Amortization of acquisition related intangible

assets(65.2) (55.4) (8.0) (8.0) (8.0) (8.0) (8.5) (8.0)

Acquisition and integration related expense (4.7) (32.7) (9.8) (12.1) (8.0) — — —

Interest expense on dissenting shareholder

liability(2.1) (1.9) — — — — — —

Loss from early extinguishment of debt — (23.0) — — — — — —

Restructuring and enterprise improvement

costs(0.4) (17.7) (0.8) (4.6) (10.7) — — —

Executive compensation settlement — — — — — — — (2.3)

Foreign exchange differences 1.1 1.3 0.3 9.8 0.1 (5.4) 1.5 (1.7)

Loss on sale of subsidiary (2.2) — — — — — — —

Equity in loss from joint ventures, net of tax (0.2) (0.5) — — — — — —

Recognition of previously unrecognized

deferred tax assets — 122.4 — — — — — —

Income tax expense adjustment 20.2 51.3 (0.6) 0.9 2.0 (5.4) 1.3 5.5

Net earnings 31.0 64.5 12.3 19.3 4.3 23.7 32.0 19.6

18

Reconciliation of Adjusted Cash

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018

Cash provided by operating activities per Statement of Cash

Flow (20.1) 26.9 36.0 163.1 59.3

Less: Cash interest (7.2) (8.8) (9.2) (15.3) (54.3)

Less: Securitization of liabilities (5.2) (5.7) (5.1) (5.7) (5.4)

Add: Disposal of ST investment - - 0.1 4.1 4.6

Add: Decrease in restricted cash 0.7 5.6 1.3 (1.2) 6.9

Add: Integration costs paid 6.5 4.8 9.2 81.0 7.9

Add: Others 1.0 0.6 0.4 (0.6) 0.8

Maxar Operating Cash Flow (24.3) 23.4 32.7 225.4 19.8

Less: Capital Expenditures (25.7) (23.7) (21.3) (55.9) (77.5)

Maxar Free Cash Flow (50.0) (0.3) 11.4 169.5 (57.7)

Dividends (10.0) (10.1) (11.0) (16.3) (16.2)

Borrowing of debt 60.5 19.8 25.4 2,208.8 84.8

Investment in DigitalGlobe - - - (2,273.0) -

One time acquisition/integration costs (6.5) (4.8) (9.1) (81.0) (7.9)

Change in Cash per Statement of Cash Flow (6.0) 4.6 16.7 8.0 3.0

19

Pro forma quarterly resultsQ4 Q3 Q2 Q1 Q4 Q3 Q2 Q1

2017 2017 2017 2017 2016 2016 2016 2016

($ millions)

Pro forma revenues:

Space Systems 292.4 299.1 339.6 342.7 339.9 347.8 356.1 376.7

Imagery 207.1 201.5 201.8 193.2 192.7 194.0 188.5 190.7

Services 62.3 72.1 68.7 57.8 68.8 61.8 61.3 52.5

Intersegment eliminations (9.7) (7.9) (6.6) (6.2) (6.6) (5.2) (5.8) (5.5)

Total Revenue 552.1 564.8 603.5 587.5 594.8 598.4 600.1 614.4

Pro forma adjusted EBITDA:

Space Systems 49.2 61.4 61.6 62.5 61.1 55.3 67.2 63.0

Imagery 133.6 128.2 128.8 120.1 123.4 124.9 123.1 124.3

Services 9.5 9.3 7.5 6.0 11.7 9.1 6.9 5.7

Intersegment eliminations (1.0) (1.3) (0.6) (1.1) (0.7) (0.5) (0.9) (1.0)

Pro forma adjusted EBITDA: 191.3 197.6 197.3 187.5 195.5 188.8 196.3 192.0

Corporate Expense (6.4) (8.5) (10.0) (9.5) (10.1) (8.2) (8.3) (7.7)

Pro forma adjusted EBITDA 184.9 189.1 187.3 178.0 185.4 180.6 188.0 184.3

Net finance expense (47.8) (49.1) (50.2) (47.0) (38.0) (36.9) (38.0) (42.1)

Depreciation and amortization1 (56.5) (52.3) (52.5) (50.7) (47.0) (48.0) (50.0) (54.0)

Income tax expense on adjusted earnings2 (13.5) (14.8) (14.3) (13.6) (11.9) (12.2) (12.7) (10.9)

Pro forma adjusted earnings 67.1 72.9 70.3 66.7 88.5 83.5 87.3 77.3

Adjusted earnings per share 1.18 1.28 1.24 1.17 1.56 1.47 1.54 1.36

Items affecting comparability:

Share-based compensation expense (12.6) (11.2) (7.7) (11.4) (0.1) (2.8) (23.2) (7.0)

Amortization of acquisition related intangible assets (57.8) (58.6) (58.6) (58.6) (56.6) (57.1) (56.6) (56.6)

Interest expense on dissenting shareholder liability (1.9) (1.9) (1.8) (1.7) (1.7) (1.7) (1.7) (1.7)

Loss from early extinguishment of debt - - - (0.5) (35.7) - - -

Restructuring and enterprise improvement costs (20.5) (1.3) (4.9) (11.1) (3.8) (3.2) (2.3) (7.4)

Executive compensation settlement - - - - - - (2.3) -

Foreign exchange differences 1.3 0.3 9.8 0.1 (5.4) 1.5 (1.7) 2.9

Earnings (loss) from joint ventures (1.1) 0.1 0.8 - (0.4) (1.3) (1.3) (0.9)

Income tax expense adjustment 3.0 28.1 33.0 11.4 7.3 27.7 17.3 19.6

Pro forma net earnings (loss) (22.5) 28.4 40.9 (5.1) (7.9) 46.6 15.5 26.2

1 Excludes amortization of acquisition related intangible assets.

2 Excludes income tax expense adjustment related to adjusted earnings.