Telesat Corp — Call Transcript 2026

Hello, and welcome to the annual general meeting of shareholders of Telesat Corporation. Please note that today's meeting is being recorded. If you participate in today's meeting and disclose personal information, you will be deemed to consent to the recording, transfer, and use of same. If you disclose personal information of another person in today's meeting, you will be deemed to represent and warrant to Computershare and Telesat Corporation that you first obtained all required consents for the disclosure, recording, transfer, and use of such personal information from all appropriate persons before your disclosure. It is now my pleasure to turn today's meeting over to Daniel Goldberg. Daniel Goldberg, the floor is yours. Okay, operator. Thank you very much, and good afternoon, ladies and gentlemen. Welcome to the annual general meeting of shareholders of Telesat Corporation. My name's Dan Goldberg, and as the CEO and the director of the corporation, I will chair today's meeting. On behalf of the board, I wish to express thanks to those shareholders and unit holders who have submitted their proxies and voting instructions forms in advance of today's meeting. As this meeting is being held virtually via live webcast, we think it's necessary to set out a few rules for the orderly conduct of the meeting, which I'll ask our General Counsel, Chris DiFrancesco, to review. Thank you. First, questions in respect of a motion can be submitted by a registered shareholder or a duly appointed proxy holder using the Q and A option on the Computershare platform. When asking a question, please indicate your name, which entity you represent, if any, and confirm you are a registered shareholder or a duly appointed proxy holder. For the purposes of the meeting today, voting on all matters will be conducted by a single electronic ballot. Registered shareholders, holders of partnership units who have duly submitted instructions to personally exercise its vote, and duly appointed proxy holders will be able to vote on each business item throughout the course of the meeting as the polls will be opened at the start of the meeting. Only registered shareholders and duly appointed proxy holders of the corporation are permitted to participate in the voting. The discussion today during the meeting may contain forward-looking information and forward-looking statements about Telesat's outlook, objectives, and our strategies to achieve them. These statements are based on assumptions and are subject to important risks and uncertainties. The corporation's actual results could differ materially from any expectations discussed. The details of our caution regarding forward-looking information can be found in Telesat's public disclosures, including our annual report, which is available on both SEDAR+ at sedarplus.ca and EDGAR at sec.gov. We would also note that under the corporation's articles in the British Columbia Business Corporations Act, the chair of the meeting can propose motions, and no motion proposed at a meeting of shareholders is required to be seconded. In order to expedite the meeting, the chair will propose certain motions and will not call for a seconder. Good. Okay. Thank you, Chris. I now call to order the annual general meeting of the corporation shareholders. With the consent of the meeting, I appoint Chris DiFrancesco as secretary of the meeting. With the consent of the meeting, I appoint Praveena Naidu from Computershare Trust Company of Canada as scrutineer to report on the number of Class A common shares, Class B variable voting shares, Class C fully voting shares, and Class C limited voting shares of the corporation at this meeting. The number of Class A units, Class B units, and Class C units of Telesat Partnership LP entitled to vote at this meeting via the Special Voting Shares, as well as any votes that will be cast per the Golden Share, and to tabulate the votes on any ballot taken at this meeting and to report thereon to the chairperson of the meeting. The scrutineer has provided me with a copy of their report, which indicates that shareholders of the corporation or duly appointed proxy holders representing not less than a majority of the votes entitled to be cast at the meeting are in attendance to permit the meeting to proceed in accordance with the quorum requirements of the corporation's articles. Copy of the final report on attendance will be filed with the records of the meeting. I've also been provided with the certificate of our transfer agent, Computershare, indicating that proper notice of the meeting has been given in accordance with the British Columbia Business Corporations Act and the articles of the corporation. Unless there's an objection, I'll dispense with the reading of the notice of meeting. I direct that a copy of the notice with proof of mailing be kept by the secretary with the records of the meeting. Chris? The purposes of today's meeting are set out in the management information circular dated April 15, 2026, copies of which were made available to shareholders and unit holders on April 27, 2026, together with the notice of the meeting and the form of proxy. Copies of the management information circular and other meeting materials are available on the corporation's website and under the corporation's profile on SEDAR+, as well as on the EDGAR website. The management information circular and other meeting materials are also available on Telesat Partnership's profile on the SEDAR+ website. In order to remain Canadian controlled, the corporation's articles include a Golden Share. The Golden Share is held by the trustee and is entitled to be voted at a meeting of the corporation shareholders when the aggregate number of Class B variable voting shares and Class B partnership units, which are held by non-Canadians, exceed the number of Class A common shares, Class A partnerships, Class C shares, and Class C partnership units, which may only be held by Canadians. Please consult the management information circular or our annual report, which is also available on SEDAR+ and EDGAR for more information on the golden share, as well as the special voting shares, the voting trust agreement, and the Canadian character of Telesat. In order to properly track the number of Canadians and non-Canadians voting at today's meeting, a Canadian status declaration was included in each proxy and voting information form distributed to shareholders. The transfer agent of the corporation, Computershare, has been tallying the Canadian status declarations to ensure votes are properly recorded under the appropriate class of share or unit. We will not know until all votes are cast, all votes cast are tallied by the scrutineer, whether the Golden Share is required to vote at this meeting. If the Golden Share is required to vote, the Golden Share will be attributed with only that number of votes necessary to ensure that the aggregate votes cast by the holders of Class A common shares, Class A Special Voting Share, Class C shares, and Class C Special Voting Share, each of which can only be held by Canadians, represents a simple majority of the votes cast at the meeting. At the conclusion of the voting today, the scrutineer will compile the votes in respect of each business item. Okay, thanks, Chris. I now declare that this meeting is regularly called and properly constituted for the transaction of business. First item of business is the presentation of the Corporation's consolidated financial statements for the financial year ended December 31, 2025, and the auditor's report thereon. These financial statements and the auditor's report were made available to shareholders via SEDAR+ and EDGAR on March 17, 2026, and in connection with the mailing of the meeting materials. Unless there's an objection, I'll dispense with the readings of the auditor's report. We'll now move to the next point on today's agenda, the election of 10 individuals to the board of directors of the corporation. Term of the office of the directors is from today until the next annual meeting of shareholders or until such time as their successors have been duly elected or appointed. As per the management information circular, Michael Boychuk, Jane Craighead, Richard Fadden, myself, Daniel Goldberg, Henry Intven, David Morin, Mark Rachesky, Guthrie Stewart, Michael Targoff, and Janet Yeung have each been nominated as a director for the ensuing year or until their respective successor is elected or appointed. I note that pursuant to Investor Rights Agreements entered into the corporation, Michael Boychuk, David Morin, and Guthrie Stewart are director designees of PSP Investments, and Mark Rachesky, Michael Targoff, and Janet Yeung are director designees of MHR Fund Management. Each of the persons nominated has confirmed that he or she is prepared to serve as a director, and each of them currently serves as a director of the corporation. Each of them qualifies as a director under the provisions of the British Columbia Business Corporations Act and the corporation's articles. Corporation did not receive notice of any director nominations in connection with the meeting in accordance with the advance notice provision in the corporation's articles. Accordingly, the only persons eligible to be nominated for election to the board of directors of the corporation are the nominees listed in the management information circular. Since there are no other nominations, I move a motion to elect the directors. The British Columbia Business Corporations Act requires that the board of directors be elected. Proxies have been solicited for each of the 10 proposed qualified persons listed in the management information circular. The form of proxy for voting on the election of directors sets out each proposed nominee separately and allows shareholders to vote for each director individually. Is there any discussion on the motion? Thank you. As mentioned at the beginning of this meeting, voting today will be conducted by a single electronic ballot that is available for voting throughout the course of the meeting. We will therefore continue with the next item of business, which is the appointment of the corporation's auditors for the ensuing year and to authorize the directors of the corporation to fix the remuneration of the auditors. The audit committee of the board has approved, subject to shareholder confirmation, the appointment of Deloitte LLP Chartered Professional Accountants as the auditors of the corporation. I move that Deloitte be appointed auditors of the corporation until the next annual meeting of the shareholders, and that the board of directors be authorized to fix their remuneration. Unless there are any questions or discussions, we'll move to complete voting on the items of business at the meeting. If you haven't done so already, please register your votes by accessing the voting page when prompted and pressing on the "For" or "Withhold" buttons next to the name of each proposed director and next to the resolution with respect to the appointment of Deloitte as the corporation's auditors. Please also complete the Canadian Residency Declaration in connection with casting your votes. Once the electronic balloting closes, the voting page will disappear, and your votes will automatically be submitted. We'll provide registered shareholders, holders of Partnership Unit who have duly submitted instructions to personally exercise its vote, and duly appointed proxy holders approximately five minutes to complete the electronic ballots. Once voting is completed, I would ask that the scrutineer compile the report regarding the results of voting on all business matters. As I mentioned earlier, the scrutineer's report will be considered and will reflect the votes cast by the TSX Trust Company in its capacity as trustee of the Telesat Corporation Trust and registered holder of the Class A Special Voting Share, the Class B Special Voting Share, the Class C Special Voting Share, and the Golden Share. Thank you for your patience. The polls will now be closed. We'll reconvene in a few moments with the voting results. Okay, thank you for waiting. I've received confirmation from the scrutineer that, one, each of the 10 nominees have been elected as directors of the corporation to serve until the next annual meeting of shareholders or until their successors are elected or appointed. Two, the appointment of Deloitte as the auditors of the corporation has been approved, and the board of directors of the corporation has been authorized to fix their remuneration. I direct that the results of the poll for the election of the directors be included in the minutes of this meeting, announced in a press release in accordance with the policies of the TSX and filed on SEDAR+ and reported pursuant to applicable securities laws. Is there any other formal business to be properly brought before this meeting? As there is no further business to be brought before this meeting, I move that today's meeting be concluded. Having concluded the meeting, I'd just like to say that on behalf of management, our board of directors, and my colleagues, I would like to take the opportunity to thank everyone for attending the meeting today. I'd like to also thank all of our shareholders for their commitment and continued support. We look forward to your attendance again next year. Thank you very much. This concludes the meeting. You may now disconnect.

Speaker 3: Hello, and welcome to the annual general meeting of shareholders of Telesat Corporation. Please note that today's meeting is being recorded. If you participate in today's meeting and disclose personal information, you will be deemed to consent to the recording, transfer, and use of same. If you disclose personal information of another person in today's meeting, you will be deemed to represent and warrant to Computershare and Telesat Corporation that you first obtained all required consents for the disclosure, recording, transfer, and use of such personal information from all appropriate persons before your disclosure. It is now my pleasure to turn today's meeting over to Daniel Goldberg. Daniel Goldberg, the floor is yours. Hello, and welcome to the annual general meeting of shareholders of Telesat Corporation. hello and welcome to the annual general meeting of shareholders of telesat corporation Please note that today's meeting is being recorded. please note that today's meeting is being recorded If you participate in today's meeting and disclose personal information, you will be deemed to consent to the recording, transfer, and use of same. if you participate in today's meeting and disclose personal information you will be deemed to consent to the recording transfer and use of same If you disclose personal information of another person in today's meeting, you will be deemed to represent and warrant to Computershare and Telesat Corporation that you first obtained all required consents for the disclosure, recording, transfer, and use of such personal information from all appropriate persons before your disclosure. if you disclose personal information of another person in today's meeting you will be deemed to represent and warrant to computershare and telesat corporation that you first obtained all required consents for the disclosure recording transfer and use of such personal information from all appropriate persons before your disclosure It is now my pleasure to turn today's meeting over to Daniel Goldberg . it is now my pleasure to turn today's meeting over to daniel goldberg Daniel Goldberg, the floor is yours. daniel goldberg the floor is yours

Speaker 2: Okay, operator. Thank you very much, and good afternoon, ladies and gentlemen. Welcome to the annual general meeting of shareholders of Telesat Corporation. My name's Dan Goldberg, and as the CEO and the director of the corporation, I will chair today's meeting. On behalf of the board, I wish to express thanks to those shareholders and unit holders who have submitted their proxies and voting instructions forms in advance of today's meeting. As this meeting is being held virtually via live webcast, we think it's necessary to set out a few rules for the orderly conduct of the meeting, which I'll ask our General Counsel, Chris DiFrancesco, to review. Okay, operator. okay operator Thank you very much, and good afternoon, ladies and gentlemen. thank you very much and good afternoon ladies and gentlemen Welcome to the annual general meeting of shareholders of Telesat Corporation. welcome to the annual general meeting of shareholders of telesat corporation My name's Dan Goldberg, and as the CEO and the director of the corporation, I will chair today's meeting. my name's dan goldberg and as the ceo and the director of the corporation i will chair today's meeting On behalf of the board, I wish to express thanks to those shareholders and unit holders who have submitted their proxies and voting instructions forms in advance of today's meeting. on behalf of the board i wish to express thanks to those shareholders and unit holders who have submitted their proxies and voting instructions forms in advance of today's meeting As this meeting is being held virtually via live webcast, we think it's necessary to set out a few rules for the orderly conduct of the meeting, which I'll ask our General Counsel, Chris DiFrancesco , to review. as this meeting is being held virtually via live webcast we think it's necessary to set out a few rules for the orderly conduct of the meeting which i'll ask our general counsel chris difrancesco to review

Speaker 1: Thank you. First, questions in respect of a motion can be submitted by a registered shareholder or a duly appointed proxy holder using the Q and A option on the Computershare platform. When asking a question, please indicate your name, which entity you represent, if any, and confirm you are a registered shareholder or a duly appointed proxy holder. For the purposes of the meeting today, voting on all matters will be conducted by a single electronic ballot. Registered shareholders, holders of partnership units who have duly submitted instructions to personally exercise its vote, and duly appointed proxy holders will be able to vote on each business item throughout the course of the meeting as the polls will be opened at the start of the meeting. Only registered shareholders and duly appointed proxy holders of the corporation are permitted to participate in the voting. Thank you. thank you First, questions in respect of a motion can be submitted by a registered shareholder or a duly appointed proxy holder using the Q and A option on the Computershare platform. first questions in respect of a motion can be submitted by a registered shareholder or a duly appointed proxy holder using the q and a option on the computershare platform When asking a question, please indicate your name, which entity you represent, if any, and confirm you are a registered shareholder or a duly appointed proxy holder. when asking a question please indicate your name which entity you represent if any and confirm you are a registered shareholder or a duly appointed proxy holder For the purposes of the meeting today, voting on all matters will be conducted by a single electronic ballot. for the purposes of the meeting today voting on all matters will be conducted by a single electronic ballot Registered shareholders, holders of partnership units who have duly submitted instructions to personally exercise its vote, and duly appointed proxy holders will be able to vote on each business item throughout the course of the meeting as the polls will be opened at the start of the meeting. registered shareholders holders of partnership units who have duly submitted instructions to personally exercise its vote and duly appointed proxy holders will be able to vote on each business item throughout the course of the meeting as the polls will be opened at the start of the meeting Only registered shareholders and duly appointed proxy holders of the corporation are permitted to participate in the voting. only registered shareholders and duly appointed proxy holders of the corporation are permitted to participate in the voting The discussion today during the meeting may contain forward-looking information and forward-looking statements about Telesat's outlook, objectives, and our strategies to achieve them. These statements are based on assumptions and are subject to important risks and uncertainties. The corporation's actual results could differ materially from any expectations discussed. The details of our caution regarding forward-looking information can be found in Telesat's public disclosures, including our annual report, which is available on both SEDAR+ at sedarplus.ca and EDGAR at sec.gov. We would also note that under the corporation's articles in the British Columbia Business Corporations Act, the chair of the meeting can propose motions, and no motion proposed at a meeting of shareholders is required to be seconded. In order to expedite the meeting, the chair will propose certain motions and will not call for a seconder. The discussion today during the meeting may contain forward-looking information and forward-looking statements about Telesat's outlook, objectives, and our strategies to achieve them. the discussion today during the meeting may contain forward-looking information and forward-looking statements about telesat's outlook objectives and our strategies to achieve them These statements are based on assumptions and are subject to important risks and uncertainties. these statements are based on assumptions and are subject to important risks and uncertainties The corporation's actual results could differ materially from any expectations discussed. the corporation's actual results could differ materially from any expectations discussed The details of our caution regarding forward-looking information can be found in Telesat's public disclosures, i ncluding our annual report, which is available on both SEDAR+ at sedarplus.ca and EDGAR at sec.gov. the details of our caution regarding forward-looking information can be found in telesat's public disclosures, i ncluding our annual report which is available on both sedar+ at sedarplus.ca and edgar at sec.gov We would also note that under the corporation's articles in the British Columbia Business Corporations Act, the chair of the meeting can propose motions, and no motion proposed at a meeting of shareholders is required to be seconded. we would also note that under the corporation's articles in the british columbia business corporations act the chair of the meeting can propose motions and no motion proposed at a meeting of shareholders is required to be seconded In order to expedite the meeting, the chair will propose certain motions and will not call for a seconder. in order to expedite the meeting the chair will propose certain motions and will not call for a seconder

Speaker 2: Good. Okay. Thank you, Chris. I now call to order the annual general meeting of the corporation shareholders. With the consent of the meeting, I appoint Chris DiFrancesco as secretary of the meeting. With the consent of the meeting, I appoint Praveena Naidu from Computershare Trust Company of Canada as scrutineer to report on the number of Class A common shares, Class B variable voting shares, Class C fully voting shares, and Class C limited voting shares of the corporation at this meeting. The number of Class A units, Class B units, and Class C units of Telesat Partnership LP entitled to vote at this meeting via the Special Voting Shares, as well as any votes that will be cast per the Golden Share, and to tabulate the votes on any ballot taken at this meeting and to report thereon to the chairperson of the meeting. Good. good Okay. okay Thank you, Chris. thank you chris I now call to order the annual general meeting of the corporation shareholders. i now call to order the annual general meeting of the corporation shareholders With the consent of the meeting, I appoint Chris DiFrancesco as secretary of the meeting. with the consent of the meeting i appoint chris difrancesco as secretary of the meeting With the consent of the meeting, I appoint Praveena Naidu from Computershare Trust Company of Canada as scrutineer to report on the number of Class A common shares, Class B variable voting shares, Class C fully voting shares, and Class C limited voting shares of the corporation at this meeting. with the consent of the meeting i appoint praveena naidu from computershare trust company of canada as scrutineer to report on the number of class a common shares class b variable voting shares class c fully voting shares and class c limited voting shares of the corporation at this meeting The number of Class A units, Class B units, and Class C units of Telesat Partnership LP entitled to vote at this meeting via the Special Voting Shares, as well as any votes that will be cast per the Golden Share, and to tabulate the votes on any ballot taken at this meeting and to report thereon to the chairperson of the meeting. the number of class a units class b units and class c units of telesat partnership lp entitled to vote at this meeting via the special voting shares as well as any votes that will be cast per the golden share and to tabulate the votes on any ballot taken at this meeting and to report thereon to the chairperson of the meeting The scrutineer has provided me with a copy of their report, which indicates that shareholders of the corporation or duly appointed proxy holders representing not less than a majority of the votes entitled to be cast at the meeting are in attendance to permit the meeting to proceed in accordance with the quorum requirements of the corporation's articles. Copy of the final report on attendance will be filed with the records of the meeting. I've also been provided with the certificate of our transfer agent, Computershare, indicating that proper notice of the meeting has been given in accordance with the British Columbia Business Corporations Act and the articles of the corporation. Unless there's an objection, I'll dispense with the reading of the notice of meeting. I direct that a copy of the notice with proof of mailing be kept by the secretary with the records of the meeting. Chris? The scrutineer has provided me with a copy of their report, which indicates that shareholders of the corporation or duly appointed proxy holders representing not less than a majority of the votes entitled to be cast at the meeting are in attendance to permit the meeting to proceed in accordance with the quorum requirements of the corporation's articles. the scrutineer has provided me with a copy of their report which indicates that shareholders of the corporation or duly appointed proxy holders representing not less than a majority of the votes entitled to be cast at the meeting are in attendance to permit the meeting to proceed in accordance with the quorum requirements of the corporation's articles Copy of the final report on attendance will be filed with the records of the meeting. copy of the final report on attendance will be filed with the records of the meeting I've also been provided with the certificate of our transfer agent, Computershare, indicating that proper notice of the meeting has been given in accordance with the British Columbia Business Corporations Act and the articles of the corporation. i've also been provided with the certificate of our transfer agent computershare indicating that proper notice of the meeting has been given in accordance with the british columbia business corporations act and the articles of the corporation Unless there's an objection, I'll dispense with the reading of the notice of meeting. unless there's an objection i'll dispense with the reading of the notice of meeting I direct that a copy of the notice with proof of mailing be kept by the secretary with the records of the meeting. i direct that a copy of the notice with proof of mailing be kept by the secretary with the records of the meeting Chris? chris

Speaker 1: The purposes of today's meeting are set out in the management information circular dated April 15, 2026, copies of which were made available to shareholders and unit holders on April 27, 2026, together with the notice of the meeting and the form of proxy. Copies of the management information circular and other meeting materials are available on the corporation's website and under the corporation's profile on SEDAR+, as well as on the EDGAR website. The management information circular and other meeting materials are also available on Telesat Partnership's profile on the SEDAR+ website. In order to remain Canadian controlled, the corporation's articles include a Golden Share. The purposes of today's meeting are set out in the management information circular dated April 15, 2026, copies of which were made available to shareholders and unit holders on April 27, 2026, together with the notice of the meeting and the form of proxy. the purposes of today's meeting are set out in the management information circular dated april 15 2026 copies of which were made available to shareholders and unit holders on april 27 2026 together with the notice of the meeting and the form of proxy Copies of the management information circular and other meeting materials are available on the corporation's website and under the corporation's profile on SEDAR+, as well as on the EDGAR website. copies of the management information circular and other meeting materials are available on the corporation's website and under the corporation's profile on sedar+ as well as on the edgar website The management information circular and other meeting materials are also available on Telesat Partnership's profile on the SEDAR+ website. the management information circular and other meeting materials are also available on telesat partnership's profile on the sedar+ website In order to remain Canadian controlled, the corporation's articles include a Golden Share. in order to remain canadian controlled the corporation's articles include a golden share The Golden Share is held by the trustee and is entitled to be voted at a meeting of the corporation shareholders when the aggregate number of Class B variable voting shares and Class B partnership units, which are held by non-Canadians, exceed the number of Class A common shares, Class A partnerships, Class C shares, and Class C partnership units, which may only be held by Canadians. Please consult the management information circular or our annual report, which is also available on SEDAR+ and EDGAR for more information on the golden share, as well as the special voting shares, the voting trust agreement, and the Canadian character of Telesat. In order to properly track the number of Canadians and non-Canadians voting at today's meeting, a Canadian status declaration was included in each proxy and voting information form distributed to shareholders. The Golden Share is held by the trustee and is entitled to be voted at a meeting of the corporation shareholders when the aggregate number of Class B variable voting shares and Class B partnership units, which are held by non-Canadians, exceed the number of Class A common shares, Class A partnerships, Class C shares, and Class C partnership units, which may only be held by Canadians. the golden share is held by the trustee and is entitled to be voted at a meeting of the corporation shareholders when the aggregate number of class b variable voting shares and class b partnership units which are held by non-canadians exceed the number of class a common shares class a partnerships class c shares and class c partnership units which may only be held by canadians Please consult the management information circular or our annual report, which is also available on SEDAR+ and EDGAR for more information on the golden share, as well as the special voting shares, the voting trust agreement, and the Canadian character of Telesat. In order to properly track the number of Canadians and non-Canadians voting at today's meeting, a Canadian status declaration was included in each proxy and voting information form distributed to shareholders. please consult the management information circular or our annual report which is also available on sedar+ and edgar for more information on the golden share as well as the special voting shares the voting trust agreement and the canadian character of telesat. in order to properly track the number of canadians and non-canadians voting at today's meeting a canadian status declaration was included in each proxy and voting information form distributed to shareholders The transfer agent of the corporation, Computershare, has been tallying the Canadian status declarations to ensure votes are properly recorded under the appropriate class of share or unit. We will not know until all votes are cast, all votes cast are tallied by the scrutineer, whether the Golden Share is required to vote at this meeting. If the Golden Share is required to vote, the Golden Share will be attributed with only that number of votes necessary to ensure that the aggregate votes cast by the holders of Class A common shares, Class A Special Voting Share, Class C shares, and Class C Special Voting Share, each of which can only be held by Canadians, represents a simple majority of the votes cast at the meeting. At the conclusion of the voting today, the scrutineer will compile the votes in respect of each business item. The transfer agent of the corporation, Computershare, has been tallying the Canadian status declarations to ensure votes are properly recorded under the appropriate class of share or unit. the transfer agent of the corporation computershare has been tallying the canadian status declarations to ensure votes are properly recorded under the appropriate class of share or unit We will not know until all votes are cast, all votes cast are tallied by the scrutineer, whether the Golden Share is required to vote at this meeting. we will not know until all votes are cast all votes cast are tallied by the scrutineer whether the golden share is required to vote at this meeting If the Golden Share is required to vote, the Golden Share will be attributed with only that number of votes necessary to ensure that the aggregate votes cast by the holders of Class A common shares, Class A Special Voting Share, Class C shares, and Class C Special Voting Share, each of which can only be held by Canadians, represents a simple majority of the votes cast at the meeting. if the golden share is required to vote the golden share will be attributed with only that number of votes necessary to ensure that the aggregate votes cast by the holders of class a common shares class a special voting share class c shares and class c special voting share each of which can only be held by canadians represents a simple majority of the votes cast at the meeting At the conclusion of the voting today, the scrutineer will compile the votes in respect of each business item. at the conclusion of the voting today the scrutineer will compile the votes in respect of each business item

Speaker 2: Okay, thanks, Chris. I now declare that this meeting is regularly called and properly constituted for the transaction of business. First item of business is the presentation of the Corporation's consolidated financial statements for the financial year ended December 31, 2025, and the auditor's report thereon. These financial statements and the auditor's report were made available to shareholders via SEDAR+ and EDGAR on March 17, 2026, and in connection with the mailing of the meeting materials. Unless there's an objection, I'll dispense with the readings of the auditor's report. We'll now move to the next point on today's agenda, the election of 10 individuals to the board of directors of the corporation. Term of the office of the directors is from today until the next annual meeting of shareholders or until such time as their successors have been duly elected or appointed. Okay, thanks, Chris. okay thanks chris I now declare that this meeting is regularly called and properly constituted for the transaction of business. i now declare that this meeting is regularly called and properly constituted for the transaction of business First item of business is the presentation of the Corporation's consolidated financial statements for the financial year ended December 31, 2025, and the auditor's report thereon. first item of business is the presentation of the corporation's consolidated financial statements for the financial year ended december 31 2025 and the auditor's report thereon These financial statements and the auditor's report were made available to shareholders via SEDAR+ and EDGAR on March 17, 2026, and in connection with the mailing of the meeting materials. these financial statements and the auditor's report were made available to shareholders via sedar+ and edgar on march 17 2026 and in connection with the mailing of the meeting materials Unless there's an objection, I'll dispense with the readings of the auditor's report. unless there's an objection i'll dispense with the readings of the auditor's report We'll now move to the next point on today's agenda, the election of 10 individuals to the board of directors of the corporation. we'll now move to the next point on today's agenda the election of 10 individuals to the board of directors of the corporation Term of the office of the directors is from today until the next annual meeting of shareholders or until such time as their successors have been duly elected or appointed. term of the office of the directors is from today until the next annual meeting of shareholders or until such time as their successors have been duly elected or appointed As per the management information circular, Michael Boychuk, Jane Craighead, Richard Fadden, myself, Daniel Goldberg, Henry Intven, David Morin, Mark Rachesky, Guthrie Stewart, Michael Targoff, and Janet Yeung have each been nominated as a director for the ensuing year or until their respective successor is elected or appointed. I note that pursuant to Investor Rights Agreements entered into the corporation, Michael Boychuk, David Morin, and Guthrie Stewart are director designees of PSP Investments, and Mark Rachesky, Michael Targoff, and Janet Yeung are director designees of MHR Fund Management. Each of the persons nominated has confirmed that he or she is prepared to serve as a director, and each of them currently serves as a director of the corporation. Each of them qualifies as a director under the provisions of the British Columbia Business Corporations Act and the corporation's articles. As per the management information circular, Michael Boychuk , Jane Craighead , Richard Fadden , myself, Daniel Goldberg, Henry Intven , David Morin, Mark Rachesky , Guthrie Stewart , Michael Targof f, and Janet Yeung have each been nominated as a director for the ensuing year or until their respective successor is elected or appointed. as per the management information circular michael boychuk jane craighead richard fadden myself daniel goldberg henry intven david morin mark rachesky guthrie stewart michael targof f and janet yeung have each been nominated as a director for the ensuing year or until their respective successor is elected or appointed I note that pursuant to Investor Rights Agreements entered into the corporation, Michael Boychuk, David Morin, and Guthrie Stewart are director designees of PSP Investments, and Mark Rachesky, Michael Targoff, and Janet Yeung are director designees of MHR Fund Management. i note that pursuant to investor rights agreements entered into the corporation michael boychuk david morin and guthrie stewart are director designees of psp investments and mark rachesky michael targoff and janet yeung are director designees of mhr fund management Each of the persons nominated has confirmed that he or she is prepared to serve as a director, and each of them currently serves as a director of the corporation. each of the persons nominated has confirmed that he or she is prepared to serve as a director and each of them currently serves as a director of the corporation Each of them qualifies as a director under the provisions of the British Columbia Business Corporations Act and the corporation's articles. each of them qualifies as a director under the provisions of the british columbia business corporations act and the corporation's articles Corporation did not receive notice of any director nominations in connection with the meeting in accordance with the advance notice provision in the corporation's articles. Accordingly, the only persons eligible to be nominated for election to the board of directors of the corporation are the nominees listed in the management information circular. Since there are no other nominations, I move a motion to elect the directors. The British Columbia Business Corporations Act requires that the board of directors be elected. Proxies have been solicited for each of the 10 proposed qualified persons listed in the management information circular. The form of proxy for voting on the election of directors sets out each proposed nominee separately and allows shareholders to vote for each director individually. Is there any discussion on the motion? Thank you. Corporation did not receive notice of any director nominations in connection with the meeting in accordance with the advance notice provision in the corporation's articles. corporation did not receive notice of any director nominations in connection with the meeting in accordance with the advance notice provision in the corporation's articles Accordingly, the only persons eligible to be nominated for election to the board of directors of the corporation are the nominees listed in the management information circular. accordingly the only persons eligible to be nominated for election to the board of directors of the corporation are the nominees listed in the management information circular Since there are no other nominations, I move a motion to elect the directors. since there are no other nominations i move a motion to elect the directors The British Columbia Business Corporations Act requires that the board of directors be elected. the british columbia business corporations act requires that the board of directors be elected Proxies have been solicited for each of the 10 proposed qualified persons listed in the management information circular. proxies have been solicited for each of the 10 proposed qualified persons listed in the management information circular The form of proxy for voting on the election of directors sets out each proposed nominee separately and allows shareholders to vote for each director individually. the form of proxy for voting on the election of directors sets out each proposed nominee separately and allows shareholders to vote for each director individually Is there any discussion on the motion? is there any discussion on the motion Thank you. thank you As mentioned at the beginning of this meeting, voting today will be conducted by a single electronic ballot that is available for voting throughout the course of the meeting. We will therefore continue with the next item of business, which is the appointment of the corporation's auditors for the ensuing year and to authorize the directors of the corporation to fix the remuneration of the auditors. The audit committee of the board has approved, subject to shareholder confirmation, the appointment of Deloitte LLP Chartered Professional Accountants as the auditors of the corporation. I move that Deloitte be appointed auditors of the corporation until the next annual meeting of the shareholders, and that the board of directors be authorized to fix their remuneration. Unless there are any questions or discussions, we'll move to complete voting on the items of business at the meeting. As mentioned at the beginning of this meeting, voting today will be conducted by a single electronic ballot that is available for voting throughout the course of the meeting. as mentioned at the beginning of this meeting voting today will be conducted by a single electronic ballot that is available for voting throughout the course of the meeting We will therefore continue with the next item of business, which is the appointment of the corporation's auditors for the ensuing year and to authorize the directors of the corporation to fix the remuneration of the auditors. we will therefore continue with the next item of business which is the appointment of the corporation's auditors for the ensuing year and to authorize the directors of the corporation to fix the remuneration of the auditors The audit committee of the board has approved, subject to shareholder confirmation, the appointment of Deloitte LLP Chartered Professional Accountants as the auditors of the corporation. the audit committee of the board has approved subject to shareholder confirmation the appointment of deloitte llp chartered professional accountants as the auditors of the corporation I move that Deloitte be appointed auditors of the corporation until the next annual meeting of the shareholders, and that the board of directors be authorized to fix their remuneration. i move that deloitte be appointed auditors of the corporation until the next annual meeting of the shareholders and that the board of directors be authorized to fix their remuneration Unless there are any questions or discussions, we'll move to complete voting on the items of business at the meeting. unless there are any questions or discussions we'll move to complete voting on the items of business at the meeting If you haven't done so already, please register your votes by accessing the voting page when prompted and pressing on the "For" or "Withhold" buttons next to the name of each proposed director and next to the resolution with respect to the appointment of Deloitte as the corporation's auditors. Please also complete the Canadian Residency Declaration in connection with casting your votes. Once the electronic balloting closes, the voting page will disappear, and your votes will automatically be submitted. We'll provide registered shareholders, holders of Partnership Unit who have duly submitted instructions to personally exercise its vote, and duly appointed proxy holders approximately five minutes to complete the electronic ballots. Once voting is completed, I would ask that the scrutineer compile the report regarding the results of voting on all business matters. If you haven't done so already, please register your votes by accessing the voting page when prompted and pressing on the "For" or "Withhold" buttons next to the name of each proposed director and next to the resolution with respect to the appointment of Deloitte as the corporation's auditors. if you haven't done so already please register your votes by accessing the voting page when prompted and pressing on the "for" or "withhold" buttons next to the name of each proposed director and next to the resolution with respect to the appointment of deloitte as the corporation's auditors Please also complete the Canadian Residency Declaration in connection with casting your votes. please also complete the canadian residency declaration in connection with casting your votes Once the electronic balloting closes, the voting page will disappear, and your votes will automatically be submitted. once the electronic balloting closes the voting page will disappear and your votes will automatically be submitted We'll provide registered shareholders, holders of Partnership Unit who have duly submitted instructions to personally exercise its vote, and duly appointed proxy holders approximately five minutes to complete the electronic ballots. we'll provide registered shareholders holders of partnership unit who have duly submitted instructions to personally exercise its vote and duly appointed proxy holders approximately five minutes to complete the electronic ballots Once voting is completed, I would ask that the scrutineer compile the report regarding the results of voting on all business matters. once voting is completed i would ask that the scrutineer compile the report regarding the results of voting on all business matters As I mentioned earlier, the scrutineer's report will be considered and will reflect the votes cast by the TSX Trust Company in its capacity as trustee of the Telesat Corporation Trust and registered holder of the Class A Special Voting Share, the Class B Special Voting Share, the Class C Special Voting Share, and the Golden Share. Thank you for your patience. The polls will now be closed. We'll reconvene in a few moments with the voting results. Okay, thank you for waiting. I've received confirmation from the scrutineer that, one, each of the 10 nominees have been elected as directors of the corporation to serve until the next annual meeting of shareholders or until their successors are elected or appointed. Two, the appointment of Deloitte as the auditors of the corporation has been approved, and the board of directors of the corporation has been authorized to fix their remuneration. As I mentioned earlier, the scrutineer's report will be considered and will reflect the votes cast by the TSX Trust Company in its capacity as trustee of the Telesat Corporation Trust and registered holder of the Class A Special Voting Share, the Class B Special Voting Share, the Class C Special Voting Share, and the Golden Share. as i mentioned earlier the scrutineer's report will be considered and will reflect the votes cast by the tsx trust company in its capacity as trustee of the telesat corporation trust and registered holder of the class a special voting share the class b special voting share the class c special voting share and the golden share Thank you for your patience. thank you for your patience The polls will now be closed. the polls will now be closed We'll reconvene in a few moments with the voting results. we'll reconvene in a few moments with the voting results Okay, thank you for waiting. okay thank you for waiting I've received confirmation from the scrutineer that, one, each of the 10 nominees have been elected as directors of the corporation to serve until the next annual meeting of shareholders or until their successors are elected or appointed. i've received confirmation from the scrutineer that one each of the 10 nominees have been elected as directors of the corporation to serve until the next annual meeting of shareholders or until their successors are elected or appointed Two, the appointment of Deloitte as the auditors of the corporation has been approved, and the board of directors of the corporation has been authorized to fix their remuneration. two the appointment of deloitte as the auditors of the corporation has been approved and the board of directors of the corporation has been authorized to fix their remuneration I direct that the results of the poll for the election of the directors be included in the minutes of this meeting, announced in a press release in accordance with the policies of the TSX and filed on SEDAR+ and reported pursuant to applicable securities laws. Is there any other formal business to be properly brought before this meeting? As there is no further business to be brought before this meeting, I move that today's meeting be concluded. Having concluded the meeting, I'd just like to say that on behalf of management, our board of directors, and my colleagues, I would like to take the opportunity to thank everyone for attending the meeting today. I'd like to also thank all of our shareholders for their commitment and continued support. We look forward to your attendance again next year. Thank you very much. I direct that the results of the poll for the election of the directors be included in the minutes of this meeting, announced in a press release in accordance with the policies of the TSX and filed on SEDAR+ and reported pursuant to applicable securities laws. i direct that the results of the poll for the election of the directors be included in the minutes of this meeting announced in a press release in accordance with the policies of the tsx and filed on sedar+ and reported pursuant to applicable securities laws Is there any other formal business to be properly brought before this meeting? is there any other formal business to be properly brought before this meeting As there is no further business to be brought before this meeting, I move that today's meeting be concluded. as there is no further business to be brought before this meeting i move that today's meeting be concluded Having concluded the meeting, I'd just like to say that on behalf of management, our board of directors, and my colleagues, I would like to take the opportunity to thank everyone for attending the meeting today. having concluded the meeting i'd just like to say that on behalf of management our board of directors and my colleagues i would like to take the opportunity to thank everyone for attending the meeting today I'd like to also thank all of our shareholders for their commitment and continued support. i'd like to also thank all of our shareholders for their commitment and continued support We look forward to your attendance again next year. we look forward to your attendance again next year Thank you very much. thank you very much

Speaker 3: This concludes the meeting. You may now disconnect. This concludes the meeting. this concludes the meeting You may now disconnect. you may now disconnect