Third Quarter 2018 Earnings CallOctober 31, 2018

2

Investment highlightsNew space leader comprised of four commercial space technology brands serving global government and commercial markets

Executing on a clear long-term strategies for growth and value creation

Trusted partner with unmatched ability to deliver end-to-end space solutions and meet complex mission requirements

Strong end-market tailwinds and investment momentum

Robust pipeline of large, actionable, new business opportunities

Ample liquidity and ability to generate cash to fund internal growth, capital expenditures, dividends and pay down debt

Redomiciling to U.S. by 2019, including adoption of U.S. GAAP accounting

Experienced management team, including addition of new CFO

3

YTD: Solid progress against strategic priorities

Continued growth in Imagery and Services

Return to growth in Space Systems

Deliver revenue and cost synergies

Improve free cash flow with priority to pay down debt and reduce leverage

• +6% YTD in Imagery and 0% YTD in Services

• EnhancedView and Janus Geography awards

• Commercial and IDI growth1

2

3

• USG, Comm’l Smallsat, and MDA up +17% YTD

• USG momentum & Telesat LEO design contract

• Pursuing strategic alternatives for GEO Comm’s LOB

• $21M YTD

• $28M to $30M expected for full-year 2018

• On-track for $60M to $120M run rate in 4Q19

4

• $161M Adj. Op. cash flow YTD vs. $32M in 2017

• Full-year expected at $300M to $400M

• Continue to expect significant de-levering post-Legion in 2021-2023

4

EnhancedView Follow-on

• Transferred EnhancedView commercial imagery acquisition contract from NGA to NRO

• Includes a one-year base contract for 2019, with one option year for 2020, valued at $300 million annually

• Additional multi-year contract award to fund cloud-based infrastructure investments, improving integration and interoperability with customer

Contract Highlights

• “Commercial imagery is an increasingly important part of satisfying both existing and emerging security and intelligence challenges.” – Betty Sapp, Director NRO

• “The award of the EVFO is an important first step in the NRO strategy of embracing commercial imagery as a key element of our current overhead architecture and a critical and integral element of our future overhead architecture.” – Sapp

• “The partnership between NGA and NRO has directly strengthened our nation. For the past eight years, DigitalGlobe – via EnhancedView – has grown its contributions to NGA’s GEOINT service. “As the GEOINT Functional Manager, I value how this transition enables our broader enterprise to leverage data analytics and the broad spectrum of emerging commercial GEOINT services.” – Robert Cardillo, Director NGA

What the customer is saying

5

Business environment

International GovernmentsUS Government Commercial

• Persistent global security threats

• Rising defense budgets

• Increasingly seeking to use viable commercial alternatives

• Imagery and insights in great demand

• Space is a focus of investment

Solid tailwinds with recent wins demonstrating momentum

• Persistent global security threats

• Rising budgets

• Imagery in great demand and strong funnel of new programs

• Space is a focus of investment

• Nascent but growing services opportunities

Solid tailwinds with growing pipeline

• Strong imagery demand driven by new use cases enabled by AI

• Space-based remote-sensing pipeline experiencing growth

• LEO communications programs underway (OneWeb) and in the pipeline (Telesat)

• GEO communications market remains very weak

Core markets healthy and growing

6

Key Highlights from Q3

Space Systems SegmentImagery Segment Services Segment

• EnhancedView Follow-On contract;

transition to NRO

• Awarded multi-year contract by NRO to

fund investment in cloud infrastructure

• Global-EGD contract renewed for 7th

year

• Awards from DARPA, NASA, GM, and

large tech company

• Introduced EarthWatch product

• NASA program awards• Space exploration and high-

power electric propulsion• On-orbit servicing, assembly and

manufacturing

• DoD program awards• Secure satellite communications• Missile Defense concepts• Small Spacecraft Prototyping,

Engineering Development and Integration

• Lockheed team selected as preferred bidder for CSC program

• Multiple classified awards to develop special communications and collection technologies and other mission requirements

• Won first two task orders on Janus Geography IDIQ contract vehicle

• Multi-year award with NGA to develop, prototype & deploy AI capabilities

Maxar

- US domestication plan targeted for January 1, 2019; shareholder vote set for November 16, 2018- Biggs Porter appointed CFO; brings vast experience across multiple industries, including aerospace and defense

7

$565

$508

$200

$300

$400

$500

$600

3Q17 3Q18

3Q Revenue and Adj. EBITDA Margin Total Company*

-10%

33.5%

28.8%

Q3 financial results

Revenue down 10% y/y

Driven by growth in Imagery offset by declines in Space

Systems and Services

Ex-GEO operations down only 1%; GEO declined by 31% y/y

Adj. EBITDA Margins down 470bps

Driven by lower Space Systems volumes and EAC adjustments

Adj. EPS(2) of $0.75 vs. Pro forma $1.28 in 3Q17

Driven by lower volume and margins offset by D&A and taxes

IFRS EPS of ($7.31) vs. $0.34 in 3Q17

Driven largely by $384M impairment and inventory

obsolescence charges related to GEO Comsat product-line

* In USD Millions. 3Q17 is pro forma as if DigitalGlobe had been combined with the company since January 1, 2017. 1 Does not include intra-company sales within the space systems segment

2The Company defines adjusted earnings as net earnings excluding the impact of specified items affecting comparability, including, where applicable, special income and expense items, amortization of acquisition related intangible assets, share-based compensation, and income tax expense associated with the specified items

$394 $390

$0

$100

$200

$300

$400

3Q17 3Q18

3Q External Revenue* and Adj. EBITDA Margin* EX-GEO COMSAT1

38.5%41.9%

-1%

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Revenue down 6.3% y/y

GEO down 27% y/y

Remainder of business up 4.4% y/y

Adj. EBITDA Margins down 90bps y/y

Driven by lower Space Systems volumes and EAC adjustments

Adj. EPS(2) of $3.44 vs. Pro forma $3.69 in 3Q17

Driven by lower volume and margins offset by D&A and

taxes

IFRS EPS of ($7.29) vs. $0.98 in 3Q17

Driven largely by $384M impairment and inventory

obsolescence related to GEO Comsat product-line

Book-to-bill of 0.75x YTD

Excluding the burn-down of the multi-year US

Government Imagery contract

YTD financial results

(2)YTD is pro forma as if DigitalGlobe had been combined with the company since January 1, 2017. The Company defines adjusted earnings as net earnings excluding the impact of specified items affecting comparability, including, where applicable, special income and expense items, amortization of acquisition related intangible assets, share-based compensation, and income tax expense associated with the specified items

* In USD Millions. 3Q17 is pro forma as if DigitalGlobe had been combined with the company since January 1, 2017. 1 Does not include intra-company sales within the space systems segment

$1,756 $1,645

$-

$300

$600

$900

$1,200

$1,500

$1,800

$2,100

YTD 17 YTD 18

YTD Revenue and Adj. EBITDA Margin Total Company*

30.7%31.6%

-6.3%

$1,156 $1,206

$0

$300

$600

$900

$1,200

$1,500

YTD 17 YTD 18

YTD External Revenue* and Adj. EBITDA Margin* EX-GEO COMSAT1

40.1%41.0%

+4.4%

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Imagery – Q3 results Revenue growth driven by demand from International

Defense & Intelligence and Commercial customers

Margins roughly flat on synergies benefits offset by mix

EV Follow-on contract awarded as service contract transitions to NRO

Global-EGD contract renewed

International Defense & Intelligence opportunity pipeline remains robust

New and/or follow-on awards with:

DARPA

NASA

General Motors

Large tech company * In USD Millions. 2Q17 is pro forma as if DigitalGlobe had been combined with the company since January 1, 2017.

$202 $209

$-

$50

$100

$150

$200

$250

3Q17 3Q18

Q3 Revenue* & Adj. EBITDA Margin*

63.6% 63.5%

+4%

$597 $633

$-

$200

$400

$600

$800

YTD 17 YTD 18

YTD Pro-forma Revenue* and Adj. EBTIDA Margins*

63.2%64.4%

+6%

10

Space Systems – Q3 results Revenue driven by higher costs, lower GEO and RCM

revenue, partially offset by increases in Small Sat, US Government and MDA Canada revenue

GEO down 31%(1) y/y in Q3

Segment +13%(1) y/y ex-GEO in Q3

Segment +17%(1) y/y ex-GEO YTD

3Q Adj. EBITDA margins driven by lower volumes, EAC adjustments, and supplier issues causing delays

US Access Plan is progressing

Multiple NASA awards

Multiple DoD related awards

Canadian Surface Combatant program progressing

RCM satellites shipped; launch expect in 1Q19* In USD Millions. 2Q17 is pro forma as if DigitalGlobe had been combined with the company since January 1, 2017.

$299

$263

$-

$50

$100

$150

$200

$250

$300

$350

$400

3Q17 3Q18

Q3 Revenue* and Adj. EBITDA Margins*

20.5%

7.2%

-12%

$981 $886

$-

$250

$500

$750

$1,000

YTD 17 YTD 18

YTD Pro-forma Revenues* and Adj EBITDA Margins*

18.9%

13.1%

-10%

1 Does not include intra-company sales within the space systems segment

11

Services – Q3 results Revenue driven by contract transitions with USG and lower

volume levels recognized on sub-contractor work

Margins driven by mix, particularly lower sub-contactor volumes

New awards valued at $180M lifetime

Product development effort for International and Commercial markets continues; 4Q18 launches expected

New and/or follow-on awards:

NGA – develop, prototype and deploy AI capabilities

Janus Geography – awarded first two task orders

Multiple classified awards to develop special communications and collection technologies

* In USD Millions. 2Q17 are pro forma as if DigitalGlobe had been combined with the company since January 1, 2017.

$72

$62

$-

$10

$20

$30

$40

$50

$60

$70

$80

2Q17 2Q18

Q3 Revenue* and Adj. EBITDA Margins*

12.9%

15.0%

-14%

$199 $198

$-

$50

$100

$150

$200

$250

YTD 17 YTD 18

YTD Pro-forma Revenues* and Adj. EBITDA Margins*

11.4%11.8%

-0.3%

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Cash flows

Q3 adjusted operating cash flows driven by DigitalGlobe acquisition and working capital release

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

$161M in YTD Adjusted Operating Cash Flow; $223M YTD in Capex

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

$(24.3)

$23.4 $32.7

$225.4

$19.8 $49.0

$91.9

$(100.0)

$(50.0)

$-

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

Adj. Operating Cash Flow*

$(25.7) $(23.7) $(21.3)

$(55.9)

$(77.5) $(82.6)

$(62.7)

$(100.0)

$(50.0)

$-

$50.0

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

CapEx and Capitalized Development

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Net debt balances

Net debt roughly flat q/q

Leverage ratio of 4.3x well below covenant

restrictions of 5.5x

No material debt maturities until 2020

We continue to evaluate balance sheet levers

to reduce leverage

* In USD millions

$2,976

$3,057 $3,112 $3,116

$2,500

$2,600

$2,700

$2,800

$2,900

$3,000

$3,100

$3,200

$3,300

4Q17 1Q18 2Q18 3Q18

Net Debt*

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Financial outlook – 2018

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

Total Revenue Growth down ~6.5%

Imagery up ~6%

Space Systems down ~9%

Services up ~4%

Total Segment Adj. EBITDA Margin ~ 32.0%

Imagery ~ 64.0%

Space Systems ~ 12.0%

Services ~ 12.0%

Corporate Expenses (in millions) ($38) to ($40)

Net Interest Expense (in millions) ($195) to ($200)

D&A (excluding acquisition amort., in millions ) ($190) to ($195)

Adjusted EPS $4.05 to $4.10

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

Capital Expenditures (in millions) $300 to $315

Tax Rate 11% to 12%

Avg. Diluted Sharecount (millions) ~ 58.5M

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Executing against strategy

Core markets and businesses are growing

U.S. government momentum is strong

Pipeline of new business opportunities continues to grow

Solid operational performance ex-GEO Comsat

Commitment to de-levering the balance sheet is unwavering

Summary

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Caution concerning forward looking statements

This slide presentation and associated earnings release, conference call and webcast, which includes a business update, discussion of the third quarter 2018 financial results, and question and answer session (the “Earnings Release”), 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 certain key expectations and assumptions made by the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. 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 loss or termination in scope of any one of the Company’s primary contracts; 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, use of commercial data providers to meet U.S. government imagery needs, government agency mandates, funding levels through agency budget reductions, the imposition of budgetary constraints or a decline in government support or deferment of funding for programs in which the Company or its customers participate; changes in U.S. government policy regarding use of commercial-data providers, or material delay or cancellation of certain U.S. government programs; 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 and failure by the Company to maintain the relevant clearances and approvals could limit its ability to operate in the U.S. market; certain U.S. subsidiaries of the Company are subject to the requirements of the National Industrial Security Program Operating Manual for their facility security clearance, which is a prerequisite for their ability to obtain and perform on classified contracts for the U.S. government; risks inherent with performance on fixed price contracts, particularly the ability to contain cost overruns and schedule delays; foreign and domestic resellers fail to market or sell the Company’s products and services successfully; inability of the Company’s limited vendors to provide key products and services; 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; occurrence of delays in obtaining regulatory approvals, satellite damage or destruction during launch, launch failures, or incorrect orbital placement; failure of the Company’s satellites to operate as intended; natural disasters or other disruptions affecting the Company's operations and resulting in an interruption or failure of the Company’s infrastructure; failure of the Company or inability to protect and maintain the Earth-imagery content stored in its ImageLibrary; loss of, or damage to, a satellite before the end of its expected operational life and the failure to obtain data or alternatesources of data for the Company’s products; reliance on information technology systems and threats of disruption from security breaches and cyber-attacks; limited insurance coverage, pricing and availability; 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; potential infringement of the intellectual property rights of others and inadequate protection of the Company’s intellectual property rights; significant competition with competitors that are larger or have greater resources, and where foreign currency fluctuations may increase competition from the Company’s non-U.S. 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 U.S. 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 U.S. and Canadian securities regulations; exposure to fines and/or legal sanctions under anti-corruption laws; the Company’s ability to attract and retain qualified personnel; the Company’s ability to receive satellite imagery, including from third parties for resale and performance issues on the Company’s on-orbit satellites; the Company’s failure to raise adequate capital to finance its business strategies, including funding any future satellite; uncertainty in financing arrangements and failure to obtain required financing on acceptable terms, or credit agreements may contain restrictive covenants which may be limiting; 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 financing provided by the Company may not be repaid or the Company may be called upon to make payments; 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-U.S. customers; exposure to foreign currency fluctuations; failure to comply with environmental regulations; and impairment of the carrying amount of certain of the Company’s assets.. 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; 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. For additional information with respect to certain of these risks or factors, reference should be made to the section entitled “Business Risks and Uncertainties” of the Company’s annual Management’s Discussion and Analysis and the notes to the consolidated financial statements of the Company for the year ended December 31, 2017 and the three and nine months ended September 30, 2018, as well as to the Company’s continuous disclosure materials filed from time to time with 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 foregoing lists are not intended to be exhaustive and there may be other key risks that are not listed above that are not presently known to the Company or that the Company currently deems immaterial. Should one or more of these or other risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may vary in material respects from those expressed or implied by the forward-looking statements contained herein. As a result of the foregoing, readers should not place undue reliance on the forward-looking statements contained herein. The forward-looking statements contained in this Earnings Release are expressly qualified in their entirety by the foregoing cautionary statements. All such forward-looking statements are based upon data available as of the date of this Earnings Release or other specified date and speak only as of such date. The Company disclaims any intention or obligation to update or revise any forward-looking statements herein as a result of new information, future events or otherwise, other than as may be required under applicable securities law.

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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 and slides in the appendix of this presentation for a full description of our financial statements using IFRS accounting standards.

Adjusted earnings, adjusted earnings per share, adjusted EBITDA, and adjusted free cash flow do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. The Company cautionsreaders to consider these non-IFRS financial measures in addition to, and not as an alternative for, measures calculated in accordance with IFRS.

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Quarterly Results of OperationsQ3 Q2 Q1 Q4 Q3 Q2 Q1 Q4

2018 2018 2018 2017 2017 2017 2017 2016

($ millions, except per common share amounts)                     

Consolidated revenues 508.2 578.9 557.7 545.1 337.4 375.2 373.5 376.6

Net (loss) earnings (432.5) (18.6) 31.0 64.5 12.3 19.3 4.3 23.7

Net (loss) earnings per share, basic (7.31) (0.33) 0.55 1.16 0.34 0.53 0.12 0.65

Net (loss) earnings per share, diluted (7.31) (0.33) 0.55 1.15 0.34 0.52 0.11 0.62

Adjusted earnings 44.6 69.9 83.2 66.5 36.5 35.3 33.7 38.6

Adjusted earnings per share 0.75 1.22 1.47 1.19 1.00 0.97 0.92 1.06

Adjusted EBITDA 146.3 171.2 187.4 181.0 68.7 66.0 63.1 66.3

Weighted average number of common shares

outstanding: (millions)                    

Basic 59.2 57.2 56.4 55.4 36.5 36.5 36.5 36.4

Diluted 59.2 57.2 56.7 55.9 36.5 36.5 36.5 36.5

Diluted (for purposes of calculated adjusted earnings

per share)59.5 57.4 56.7 55.9 36.5 36.5 36.5 36.5

19

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.

Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4

2018 2018 2018 2017 2017 2017 2017 2016

($ millions)

Net (loss) earnings -432.5 -18.6 31.0 64.5 12.3 19.3 4.3 23.7

Items affecting comparability:                  

Impairment losses and inventory obsolescence 383.6 - - - - - - -

Amortization of acquisition related intangible assets 70.3 71.2 65.2 55.4 8.0 8.0 8.0 8.0

Acquisition and integration related expense 14.1 6.0 4.7 32.7 9.6 12.3 8.0 -

Share-based compensation expense 4.2 10.6 -1.3 45.8 5.3 2.0 4.8 -3.9

Interest expense on dissenting shareholder liability - 0.9 2.1 1.9 - - - -

Loss from early extinguishment of debt - - - 23.0 - - - -

Restructuring and enterprise improvement costs 7.4 12.2 0.4 17.7 0.7 4.8 10.7 -

Foreign exchange differences 0.5 2.6 -1.1 -1.3 -0.1 -10.0 -0.1 5.4

Loss on sale of subsidiary - 0.6 2.2 - - - - -

Legal settlement and provision 4.7 3.2 - - - - - -

Equity in (loss) earnings from joint ventures, net of tax 0.7 -2.8 0.2 0.5 - - - -

Recognition of previously unrecognized deferred tax assets - - - -122.4 - - - -

Income tax (recovery) expense adjustment -8.4 -16.0 -20.2 -51.3 0.7 -1.1 -2.0 5.4

Adjusted earnings 44.6 69.9 83.2 66.5 36.5 35.3 33.7 38.6

Net finance expense1 48.7 47.8 43.4 46.9 11.1 10.8 10.6 10.0

Depreciation and amortization2 49.2 43.9 47.2 54.2 11.2 11.3 11.0 11.4

Income tax expense on adjusted earnings3 3.8 9.6 13.6 13.4 9.9 8.6 7.8 6.3

Adjusted EBITDA 146.3 171.2 187.4 181.0 68.7 66.0 63.1 66.3

20

Reconciliation of Adjusted Cash

Q3 Q2      Q1      Q4      Q3      Q2      Q1

2018 2018      2018      2017      2017      2017      2017

($ millions)

Cash provided by operating activities per Statement of Cash

Flow $ 119.2 $ 82.0 $ 59.3 $ 163.1 $ 36.0 $ 26.9 $ (20.1)

Less: Cash interest (41.2) (44.1) (54.3) (15.3) (9.2) (8.8) (7.2)

Less: Securitization of liabilities 10.6 (3.7) (5.4) (5.7) (5.1) (5.7) (5.2)

Add: Interest on dissenting shareholders - 4.9 - - - - -

Add: Purchase of short term investment, interest received and

disposal of subsidiary (4.8) 0.1 4.6 4.1 0.1 - -

Add: Decrease in restricted cash 0.4 7.0 6.9 (1.2) 1.3 5.6 0.7

Add: Acquisition and integration related expense paid 10.8 4.7 7.9 81.0 9.2 4.8 6.5

Add: Other (3.1) (1.9) 0.8 (0.7) 0.4 0.6 1.0

Adjusted Operating Cash Flow $ 91.9 $ 49.0 $ 19.8 $ 225.3 $ 32.6 $ 23.4 $ (24.3)

Less: Capital expenditures (62.7) (82.6) (77.5) (55.9) (21.3) (23.7) (25.7)

Adjusted Free Cash Flow $ 29.2 $ (33.6) $ (57.7) $ 169.4 $ 11.3 $ (0.3) $ (50.0)

Dividends (16.6) (16.1) (16.2) (16.3) (11.0) (10.1) (10.0)

Interest on dissenting shareholders - (4.9) - - - - -

Cash collected on note receivable - 5.0 - - - - -

Borrowing of debt 0.2 44.4 84.8 2,208.8 25.4 19.8 60.5

Investment in Neptec and DigitalGlobe (5.9) - - (2,273.0) - - -

Acquisition and integration related expense paid (10.8) (4.7) (7.9) (81.0) (9.1) (4.7) (6.5)

Change in cash per Statement of Cash Flow $ (3.9) $ (9.9) $ 3.0 $ 7.9 $ 16.7 $ 4.6 $ (5.9)

21

Historical 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.