Second Quarter 2018 Earnings Call

July 31, 2018

2

Continued growth in Imagery and Services

New products for International government and

Commercial customers

Leverage GBDX cloud-based imagery platform and

advanced AI capabilities

Extend market lead with WorldView Legion

constellation

Return to growth in Space Systems

Attractive U.S. Government space programs pipeline

with Security Clearances in place

Expand SmallSats product lines for commercial and

government applications

Leverage growing Canada space and defense pipeline

Marginalize impact of the GEO Commsat market

declines

Deliver revenue and cost synergies

International government and commercial

satellite/imagery combinations

Integrated optical and radar imagery products and

cross-sell

Take advantage of scale cost reductions in

procurement, real estate, public company expenses

Implement enterprise shared services for marketing,

IT, accounting, human resources

Improve free cash flows with priority to pay down

debt and reduce leverage

Improve operating cash flows across the businesses

Increased near-term capex required for WorldView

Legion construction

Key elements of our strategy

3

Biggs Porter appointed Executive Vice President and Chief Financial Officer

Telesat LEO – Selected with consortium partner TAS for design phase

Janus Geography win in Services segment – first of long-term opportunity set

Engaged employees driving workplace awards, including Forbes 500 mid-sized companies

Foreign private issuer test / domestication update

Settlement with preferred shareholders

Recent noteworthy announcements

4

Pro forma revenue down 4% y/y, in-line with expectations

GEO communications and RCM program revenues down ~18% y/y

Remainder of business up ~5% y/y

Pro forma Adj. EBITDA margins declined 140 bps y/y to 29.6%

Adj. EBITDA margins up 60bps when adjusted for the timing of investment tax credits

Pro forma Adj. EPS of $1.22, down $0.02 y/y

Backlog stands at $3.05B

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

1st Half book-to-bill of ~0.95

Adj. free cash flow consumption of $34M in Q2-18 vs. consumption of $58M in Q1-18

Full year revenue and adj. cash flow from operations reaffirmed; Adjusted EPS expected at high end of range

Q2 summary

5

Pro forma revenue down 4.6% y/y, in-line with expectations

GEO communications and RCM program revenues down ~25% y/y

Remainder of business up ~9% y/y

Pro forma Adj. EBITDA margins expanded 90 bps y/y to 31.6%

Pro forma Adj. EPS up 11.6% y/y

YTD summary

**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. YTD is pro forma as if DigitalGlobe had been combined with the company since January 1, 2017.

$1,191 $1,137

$-

$300

$600

$900

$1,200

YTD 17 YTD 18

YTD Pro-forma Revenue and Adj. EBITDA Margin*

30.7%

31.6%

-4.6%

$2.41

$2.69

$-

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

YTD 17 YTD 18

YTD Pro forma Adj. EPS**

11.6%

6

Imagery segment

72nd consecutive month meeting performance criteria on USG Enhanced View (EV) contract

NGA noticed intention to renew the EV contract providing the 9th year of funding

International Defense & Intelligence demand signals remain strong across product portfolio

New Commercial products and partnerships: EarthWatch, CGIAR Agriculture

Service segment

Janus Geography win on $920M IDIQ contract vehicle

Several classified wins across the US Intelligence Community

Product development continues in order to address new markets, including commercial and IDI

Space Systems segment

Neptec acquisition to bolster space robotics and sensors position and drive international growth

Telesat LEO design and risk management award

Development work continues on Jupiter 3, RSGS, Restore-L, Dragon-Fly and WorldView Legion

Q2: Key accomplishments and order activity

7

Q2 financial results

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

Adj. EBITDA Margins driven by growth in Imagery offset lower Space Systems revenue and timing in

recognition of investment tax credits

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

$604 $579

$200

$300

$400

$500

$600

$700

2Q17 2Q18

Revenue*

$187 $171

$-

$50

$100

$150

$200

2Q17 2Q18

Adj. EBITDA* and Adj. EBITDA Margin

31.0%

29.6%

-4% -9%

8

Imagery – Q2 results

Revenue growth driven by International Defense &

Intelligence demand for core imaging and elevation

products and from Commercial customers

Margin expansion driven by revenue growth and

realized integration synergies

Received NGA’s intention to renew the EV contract

providing the 9th year of funding

International Defense & Intelligence opportunity

pipeline remains robust

Key product releases and partnerships

EarthWatch

GBDX Notebooks

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

$202 $212

$-

$50

$100

$150

$200

$250

2Q17 2Q18

Q2 Revenue & Adj. EBITDA Margin*

63.8%64.2%

+5%

$395 $423

$-

$200

$400

YTD 17 YTD 18

YTD Pro-forma Revenue and Adj. EBTIDA Margins*

63.0%

64.8%

+7%

9

Space Systems – Q2 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 ~18%

Total segment up 34% ex-GEO and RCM

Significant growth in SmallSats and USG

Adj. EBITDA Margins driven by lower revenues and

timing differences in the recognition of investment tax

credits

Telesat LEO and several government awards,

including for the Canadian Space Agency, the US Air

Force, and NASA

Acquired Neptec to bolster space robotics leadership

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

$340 $330

$-

$50

$100

$150

$200

$250

$300

$350

$400

2Q17 2Q18

Q2 Revenue and Adj. EBITDA Margins*

18.1%

12.8%

-3%

$682 $623

$-

$100

$200

$300

$400

$500

$600

$700

YTD 17 YTD 18

YTD Pro-forma Revenues* and Adj EBITDA Margins

18.2%

15.5%

-9%

10

Services – Q2 results

Revenue driven by unfavorable timing of US Government

contract modifications

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

Janus Geography win – first of long-term opportunity set

Other wins include classified work to provide software

development, engineering services, and social cultural

analysis

Product development effort for International and

Commercial markets continues; 2H18 launches expected

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

$127 $136

$-

$50

$100

$150

YTD 17 YTD 18

YTD Pro-forma Revenues* and Adj. EBITDA Margins

10.6%10.3%

+8%

$69 $66

$-

$10

$20

$30

$40

$50

$60

$70

$80

2Q17 2Q18

Q2 Revenue and Adj. EBITDA Margins*

10.9%10.4%

-3%

11

Cash flows

Q2 cash flows driven by DigitalGlobe acquisition offset by working capital

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)

$23.4 $32.7

$225.4

$19.8 $49.0

$(100.0)

$(50.0)

$-

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

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

Adj. Operating Cash Flow*

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

$(55.9)

$(77.5) $(82.7) $(100.0)

$(50.0)

$-

$50.0

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

CapEx and Capitalized R&D

12

Net debt balances

Net debt increase driven by short-term

working capital requirements

Leverage ratio of 4.1 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 $3,112

$2,500

$2,600

$2,700

$2,800

$2,900

$3,000

$3,100

$3,200

$3,300

4Q17 1Q18 2Q18

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 8% to 10%

Total Segment Adj. EBITDA Margin ~ 33.0%

Imagery ~ 64.0%

Space Systems ~ 15.5%

Services ~ 11.5%

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

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

D&A (excluding acquisition amort., in millions ) ($185) to ($195)

Adjusted EPS $4.65 to $4.85

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

Capital Expenditures (in millions) $300 to $350

Tax Rate 13% to 15%

Avg. Diluted Sharecount (millions) ~ 58.5M

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 second 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 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 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

Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3

2018 2018 2017 2017 2017 2017 2016 2016

($ millions, except per common share amounts)                        

Consolidated revenues 578.9 557.7 545.1 337.5 375.2 373.5 376.6 379.9

Net (loss) earnings (18.6) 31.0 64.5 12.3 19.3 4.3 23.7 32.0

Net (loss) earnings per share, basic (0.33) 0.55 1.16 0.34 0.53 0.12 0.65 0.88

Net (loss) earnings per share, diluted (0.33) 0.55 1.15 0.34 0.52 0.11 0.62 0.85

Adjusted earnings 69.9 83.2 66.5 36.5 35.3 33.7 38.6 35.4

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

Adjusted EBITDA 171.2 187.4 181.0 68.6 66.0 63.1 66.3 61.6

Weighted average number of common shares

outstanding: (millions)                    

Basic 57.2 56.4 55.4 36.5 36.5 36.5 36.4 36.4

Diluted 57.2 56.7 55.9 36.5 36.5 36.5 36.5 36.6

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.

Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3

2018 2018 2017 2017 2017 2017 2016 2016

($ millions)

Net (loss) earnings (18.6) 31.0 64.5 12.3 19.3 4.3 23.7 32.0

Items affecting comparability:                     

Share-based compensation (recovery) expense 10.6 (1.3) 45.8 5.3 2.0 4.8 (3.9) (2.3)

Amortization of acquisition related intangible assets 71.2 65.2 55.4 8.0 8.0 8.0 8.0 8.5

Acquisition and integration related expense 6.0 4.7 32.7 9.8 12.3 8.0 — —

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 12.2 0.4 17.7 0.8 4.8 10.7 — —

Foreign exchange differences 2.6 (1.1) (1.3) (0.3) (10.0) (0.1) 5.4 (1.5)

Loss on sale of subsidiary 0.6 2.2 — — — — — —

Settlement with preferred stockholders 3.2 — — — — — — —

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

Recognition of previously unrecognized deferred tax assets — — (122.4) — — — — —

Income tax expense adjustment (16.0) (20.2) (51.3) 0.6 (1.1) (2.0) 5.4 (1.3)

Adjusted earnings 69.9 83.2 66.5 36.5 35.3 33.7 38.6 35.4

Net finance expense1 47.8 43.4 46.9 11.1 10.8 10.6 10.0 8.7

Depreciation and amortization2 43.9 47.2 54.2 11.2 11.3 11.0 11.4 11.4

Income tax expense on adjusted earnings3 9.6 13.6 13.4 9.8 8.6 7.8 6.3 6.1

Adjusted EBITDA 171.2 187.4 181.0 68.6 66.0 63.1 66.3 61.6

18

Reconciliation of Adjusted Cash

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018

Cash provided by operating activities per Statement of Cash Flow (20.1) 26.9 36.0 163.1 59.3 82.0

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

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

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

Add: Disposal of ST investment - - 0.1 4.1 4.6 0.1

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

Add: Integration costs paid 6.5 4.8 9.2 81.0 7.9 4.7

Add: Others 1.0 0.6 0.4 (0.6) 0.8 (1.9)

Adjusted Operating Cash Flow (24.3) 23.4 32.7 225.4 19.8 49.0

Less: Capital Expenditures (25.7) (23.7) (21.3) (55.9) (77.5) (82.7)

Adjusted Free Cash Flow (50.0) (0.3) 11.4 169.5 (57.7) (33.7)

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

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

Add: Repayment of note receivable - - - - - 5.0

Borrowing of debt 60.5 19.8 25.4 2,208.8 84.8 44.4

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

Acquisition/integration costs (6.5) (4.8) (9.1) (81.0) (7.9) (4.7)

Change in Cash per Statement of Cash Flow (6.0) 4.6 16.7 8.0 3.0 (10.0)

19

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.