March 2021 Investor Presentation

© 2021 Maxar Technologies 1© 2021 Maxar Technologies

MaxarMarch 2021 Investor Presentation

© 2021 Maxar Technologies 2

This presentation and webcast, which includes a business update, discussion of the financial results as of December 31, 2020, financial outlook and question and answer session, 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,” “plan,” “outlook,” “estimate,” “guidance” 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 the Earnings Information. 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 those Risk Factors set forth in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available online under the Company’s EDGAR profile at www.sec.gov or on the Company’s website at www.maxar.com, as well as 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 or on the Company’s website at www.maxar.com. The risk factors detailed in the foregoing are not intended to be exhaustive and there may be other key risks that are not identified that are not presently known to the Company or that the Company currently deems immaterial. These risks and uncertainties are amplified by the global COVID-19 pandemic, which has caused and will continue to cause significant challenges, instability and uncertainty.

The forward-looking statements contained in the Earnings Information 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 the Earnings Information 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.

Caution concerning forward-looking statements


Driving top-line growth Expanding government and commercial businesses; aligned well with National Defense Strategy

Unique capabilities and franchises across Earth Intelligence and Space Infrastructure

Flexible and agile commercial approach to move fast in addressing customer requirements

Levers to expand margins and cash flow Re-engineering and variablizing cost structure

Improving mix and productization of services

Moving toward a lower capital-intensive model that can drive ROIC higher Smaller capital footprint across manufacturing and satellite operations

Lower cost WorldView Legion constellation nearing launch

Rapid Access, SecureWatch, G-EGD, etc.

Committed to maintaining financial flexibility in order to address growth opportunities Expected to have minimal growth/expansionary CapEx post WorldView Legion build

Focus on reducing leverage over time

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Key Takeaways

© 2021 Maxar Technologies 44© 2021 Maxar Technologies 4© 2021 Maxar Technologies 4

Maxar is a world leading space technology and intelligence company.We unlock the promise of space to help customers solve problems on Earth and beyond.


Maxar TodayGlobal Footprint and Capabilities4,300 employees across 20 locations globally,

serving customers in more than 70 countries worldwide(3)

Overview(1)

$2.6B / $5.1B(2) Mkt. Cap / EV

$1.7B 2020 Revenue

$422M 2020 Adj. EBITDA

Leader in Earth Intelligence and Space Infrastructure

Multifaceted capabilities across geospatial data and analytics, satellites, space robotics and space infrastructure

Long-standing relationships with government and commercial customers globally

Strong alignment with U.S. government, international defense, civil government and commercial customers

International LocationsTokyo, Japan

Singapore, Singapore

London, U.K.

HQ: Westminster,Colorado

Note: (1) Market data as of 05-Mar-2021. (2) Debt for EV purposes is calculated as the sum of the outstanding amounts of the Term Loan B + 2023 Bonds + 2027 Bonds + Revolving Credit Facility Drawn + Finance Leases + Liability balance related to the Space Infrastructure Sales-Leaseback transaction consummated in December 2019. (3) As of 31-Dec-20.

Linköping, Sweden


Satellites, Space Programs and Robotics

1300 class spacecraft bus

Modular satellite architectures

Power & Propulsion Element

Imagery EnhancedView

Direct/Rapid Access

3D and AR Clouds

Basemaps

Platform and Analytics SecureWatch

Global-EGD

One World Terrain

Services SBIR Phase III

NOME

Project Kelly

DORE

Space Infrastructure Earth Intelligence

Highest quality geospatial data & products

Analytics platforms

Geospatial services, analytics and solutions

COMPONENTS SYSTEMSSUBSYSTEMS DATA / PRODUCTS SERVICES / SOLUTIONS

Satellite hardware

Space robotics

Satellite integration

System integration

MAXAR FRANCHISE PRODUCTS / CONTRACTS

Integrated Solutions Across the Customer Value Chain

Psyche (planetary exploration)

OSAM-1 (on-orbit refueling and

assembly)

Mars robotic arms


Communications and Earth observation satellites

Space exploration mission spacecraft

On-orbit satellite servicing vehicles

Robotics for ongoing space operations and planetary exploration

Multi-year contracts and support services

Electro-optical, high-resolution satellite imagery

Sensor and ground system optimization for near real-time geospatial insights

Mission ready geospatial intelligence (GEOINT)

Largely recurring, multi-year contracts

Big data platform and tools

Artificial Intelligence and Machine Learning (AI/ML) and data analytics at global scale

Multisource data enrichment and analysis

Geodata layers and information products

Largely recurring, multi-year contracts

Space Infrastructure 40%2020 Rev.

What We Do:Data Generation, Data Analytics / Platforms and Space Infrastructure

Data Analytics / PlatformsEarth Intelligence 60%

2020 Rev.Data Generation


Segment Scale and Profitability(1)

(Revenue / Adj. EBITDA(2) Margin)Customer Mix(1)

Earth Intelligence $1,081M / 47.5%

Space Infrastructure $721M / (0.4)%(3)

Notes: (1) Profitability and customer mix shown as of FY2020. (2) This is a non-GAAP financial measure. Refer to section “Non-GAAP Financial Measures” in the Appendix to these slides.(3) 2020 revenues impacted by $27M of estimated COVID-19 related EAC growth during the period. These costs are considered incremental and separable from normal operations.

U.S. Federal Gov’t and Agencies

Commercial and Other

We Serve Discriminating Government and Commercial Customers in More Than 70 Countries

72%

28%

Government

CommercialU.S. Federal Gov’t and Agencies

Commercial and Other

60%

40%

28%

72%

http://www.intelsat.com/


EARTH INTELLIGENCE SPACE INFRASTRUCTURE

AddressableSegments

U.S. Government –International Government – Commercial Commercial – National – Civil

Maxar’sGrowth Strategy

Expand relationship across the U.S. government

Grow installed base and penetration of international government customers

Grow with and expand the installed base of commercial customers across product breadth, including services

Leverage 3D data and 3D capabilities

Grow U.S. national programs Deepen penetration of U.S. government

civil exposure Provide flexible solutions to commercial

customers Leverage communication expertise and volume

production heritage to capture demand in GEO and LEO

Investments Madeto Drive Growth

WorldView Legion Vricon acquisition Data platforms + AI/ML

Space robotics Solar electric propulsion Modular architecture / Smaller spacecraft

buses

Summary of Our Growth StrategyFocused on Growing Segments Where We Can Be #1 or #2


U.S. Government International Governments Commercial

Maxar is Well-Positioned to Support the Customers We Serve

Largest buyer of C4ISR and space

National Defense Strategy outlines importance of space, AI and ML

Aggressive investment by other nations is eroding U.S. competitive advantage across IC and DoD

NASA is investing in Earth science and space exploration

Buyers are embracing commercial approaches to save time and money

Foreign partner nations are facing similar mission challenges as the U.S. government

Lack the IP and human capital to rapidly modernize space and ISR architectures

U.S. policies for space encourage partnerships with allied nations

Maxar’s playbook for building strong imagery and ground businesses can be extended into value-added services

Ubiquitous mobility and IoT are driving demand for global mapping and communications solutions

Technology and autonomous navigation companies have global mapping aspirations that cannot be met by traditional methods (unmanned aerial vehicle and street-level imagery)

There is a race to provide high-speed, low-latency broadband connectivity across the globe

Growing popularity in gaming driving potential use cases


Space & Cyber C4ISR Missile Defense Joint Lethality Forward Force Resilience

AutonomousSystems

Resilient space assets and operations

Gain and exploitinformation

Layered missile defense

Ability to strike

Ability to operate in all domains Autonomy, AI/ML

Satellite design and manufacturing

Space robotics Space infrastructure Solar electric

propulsion Cyber-secure systems Modular architecture

High-resolution Imagery

AI/ML providing change detection

Space-based sensors Direct downlink Analytics / cloud-

based products

AI/ML providingchange detection for early warning

Affordable and secure satellite buses

Sensor platforms

High resolution elevation models

Real-time Geo-positioning

3D Imagery Shareable GEOINT Analytics / cloud-based

products

High resolution Imagery

Direct downlink Crosslinks / interfaces Living maps 3D/P3DR/Point

Cloud capabilities AR/VR for simulation

and training

High resolution imagery Co-registered mapping

data Space robotics AI/ML providing change

detection 3D/P3DR/Point

Cloud capabilities AR/VR for simulation

and training

Our Capabilities Solidly Align With the U.S. National Defense Strategy

Maxar Capabilities


Overview Capabilities Real-World Results

Earth Intelligence

Persistent global security threats

Rising budgets

Imagery and insights in great demand

Space is a focus of investment

Nascent but growing services opportunities

Geospatial data and products

Machine learning and analytics

Defense services and solutions

Ground systems

Growing International Defense and Intelligence Demand



Earth Intelligence

NASA science efforts focused on better understanding our planet

Other civil agencies focused on emergency preparedness and response, urban planning and regulatory compliance benefit from Maxar's capabilities

Geospatial data and products

Machine learning and analytics

Space Infrastructure

NASA exploration efforts focused on deep space align well with Maxar’s capabilities

Space robotics

Solar electric propulsion

Spacecraft buses

Multifaceted Opportunities With Civil Agencies



EarthIntelligence

Autonomous applications

Wireless networkplanning

Resource and logistics planning

Risk management and Mitigation

High-resolution imagery Mapping Change detection Data analytics and machine

learning Gaming, virtual reality and 3D

applications


Voice and data Communications

Imagery Remote sensing Video distribution Broadband Digital radio services

Satellite design Satellite integration LEO and GEO spacecraft

buses Ground systems Solar electric propulsion

Commercial Demand Driven By Innovation and New Use Cases


EVFO Next WorldView Legion Launches


Transformation3D / Platforms /

Products

2020

Driving growth across the U.S. Government, International U.S. Allied Nations and Large Commercial Tech

$25+ Billion

Five-Year Pipeline Across Earth Intelligenceand Space

Infrastructure

2021Sustained

Growth$1.9B in Bookings

Robust 5-Year Pipeline

Out-years

16© 2021 Maxar Technologies

Earth Intelligence


EARTH INTELLIGENCEWe collect, process and analyze location data to deliver geospatial intelligence.

125 700+ 1,700+ 3.8M+ 1.4BPetabytes of data in our archive, gathered over 20 years

Software developers on staff

Cleared personnel supporting the U.S. Government

Square kilometers of Earth imagery capacity each day

Square kilometers of Earth imagery capacity each year

Data generation Electro-optical, high-resolution satellite imagery Sensor and ground system optimization for near real-time geospatial insights Mission ready geospatial intelligence (GEOINT)Largely recurring, multi-year contractsData analytics Big data platform and tools Artificial intelligence/machine learning (AI/ML) and data analytics at scale Multisource data enrichment and analysis Geodata layers and information productsLargely recurring, multi-year contracts

60%of 2020 Revenue


Our U.S. Government Partnership: The EnhancedView Contract

The U.S. government is Maxar’s largest customer for Earth Intelligence and our relationship has strengthened and expanded over the last decade

The EnhancedView contract was signed in 2010 and is a performance obligation to deliver assured and secure access to our constellation and platforms

In 2018, Maxar signed a multi-year contract extension through August 2023

• Maxar has completed 10 successful annual reviews and is currently executing the 11th annual renewal option

• Additional funding was added for further integration and interoperability between the U.S. government and Maxar’s current and future ground and space architectures

WorldView Legion construction is on track and can deliver industry-leading imagery to meet the future requirements of the U.S. government

Sole SourceThe only company delivering on the EnhancedView Follow On program

20+ YearsNumber of years USG has been a customer

13 YearsLength of EV contract – 2010 to 2023

3.5B Square KilometersProduced and delivered in 2020 (~24x the Earth’s total landmass)



On-Demand Access To Geospatial Intelligence

G-EGD400,000 analysts, warfighters and first responders in the U.S. Government rely on Global Enhanced GEOINT Delivery (G-EGD) to make decisions when lives are on the line.

SecureWatch 241 customers and growing as international governments and commercial organizations use SecureWatch subscription service to provide a reliable picture of on-ground conditions.

1,200+ 94 184 19.4BTerabytes downloaded in 2020

U.S. Government portals streaming G-EGD

Organizations using the platform

Square kilometers streamed in 2020

Our platforms provide a one-stop shop for the most current imagery available for defense and intelligence, mapping, monitoring and disaster response.

199 2,600 205MTerabytes downloaded in 2020

Platform users Square kilometers streamed in 2020

19

Note: Data as of 31-Dec-2020.


BUILT FOR CUSTOMER MISSIONSIn sun-synchronous and mid-inclination orbits, WorldView Legion will image the Earth’s most active areas around the clock and from diverse angles, giving customers the ability to track and monitor change and make faster and more informed decisions.

SERVING OUR BUSINESSWorldView Legion will adapt to changing demand over time, reducing idle time and increasing asset utilization. And the satellites will be more capital efficient than previous Maxar satellites.

The result will be higher quality product, finely tuned to the demands of our customers, produced faster and at a lower cost.

We Will Extend Our Lead with WorldView Legion


21March 3, 2020Large area collection over I-580 corridor, California

• One satellite (WorldView-3)• One of multiple strips in a single orbital pass• 2,707 square kilometers collected• 30-cm resolution from San Francisco to Tracy, California

Ferry Building, San Francisco Bulk carrier, Oakland

Livermore airport

Highway exchange, Ulmar

Tracy High School, TracySFO airport21© 2021 Maxar Technologies


More Area Collection, Higher Accuracy and Better Revisit Maximizes Revenue Opportunities Business continuity – drives demand for the most

discerning customer base in the world, who requires high-quality resolution and positional accuracy

Increase capacity in high demand areas – focused on where change is happening:

>50% of population lives on <1% of land 95% of population lives between ±50° latitude

Higher revisit for more use cases

Constellation Capabilities Including WorldView Legion(1)

Unique Points/Day | NIIRS 4 (~1 meter resolution)

0100020003000

Blacksky Planet Skysat Maxar 1 m 70 cm

Note: (1) Data based on internal Maxar targets.

30 cm


The Digital Globe™ Enables New Products that Place Maxar in a Leadership Position in Growing Segments

The geospatial reference standard of our changing planet.

Maxar has a 20-year head start building the most accurate commercial geospatial foundation that exists.

We are integrating and snapping together multiple sources to create a precise, living digital twin of the planet in all dimensions.

The Digital Globe™

Precision Mapping

Change Detection

Predictive Modeling

Targeting Synthetic Training

Environments

GPS DeniedNavigation


AI/ML Work Better on High-Quality,Geo-Registered Foundation Producing More Accurate Insights, Faster

Artificial Intelligence can’t pull detail out of lower resolution pixels because the information simply isn’t there—similar to how the facial recognition algorithms on your phone can’t recognize you unless you’re right in front of it.

ML on 60 cm imagery – identified 31 cars

ML on 50 cm imagery – identified 244 cars

ML on 30 cm imagery – identified 1,267 cars

Only Maxar has the high-resolution data to provide the level of detail required for fast, reliable outputs.


Global Leader in 3D CapabilitiesVricon Acquisition has Expanded Maxar’s 3D Analytics PlatformWorld leader in situational awareness and decision-making for military applications Battlefield visualization Warfare planning Aerial navigation and planning Targeting/weapon guidance Line-of-sight/concealment analysis Equipment movement/mobility planning Enemy surveillance Helicopter landing site evaluation

Network planning for telecommunications RAN planning for coverage and capacity Fixed wireless, line-of-sight analysis Microwave backhaul

Consumer gaming & virtual reality Geospatial and digital twin technologies 3D modelling capabilities




SPACE INFRASTRUCTUREWe design, manufacture and operate: Communications and Earth observation satellites Space exploration spacecraft Solar electric propulsion On-orbit satellite servicing vehicles Robotics for ongoing space operations and explorationMulti-year contracts and support services

Our 60-year heritage of innovation and reliability in space is trusted by our customers.

90 99.9971% 285+ 2,750Maxar-built geostationarysatellites currently in service

GEO satellite availability Maxar-built spacecraft launched

Combined years on orbit

40%of 2020 Revenue

Source: Statistics above as of 31-Dec-2020.


Maxar-Built Satellites Help Shape Today’s World

Meteorological satellitesDigital audio radio satellites Digital multimedia satellites

Direct broadcast satellites Two-way broadband satellitesEarth observation satellites

Capabilities Satellite design Satellite integration Spacecraft hardware, software and

components LEO and GEO spacecraft buses Ground systems Solar electric propulsion Space robotics

Differentiation Price, performance and quality Power and propulsion Flexible, modular spacecraft Mission-proven space robotics


http://www.ssloral.com/html/satexp/mtsat.html

© 2021 Maxar Technologies 2929© 2021 Maxar Technologies 29© 2021 Maxar Technologies

THE MOON, MARS AND BEYOND

Maxar is ahead of the curve in space exploration and continues to help NASA make history.

RETURNING ASTRONAUTS TO THE MOONAs part of the Artemis program, Maxar is building the Power and Propulsion Element (PPE) for the lunar Gateway that will send the first woman to the moon.

POWERING THE SEARCH FOR LIFE ON MARSMaxar built six robotic arms for Mars landers and rovers, including for the recently landed Perseverance rover.

© 2021 Maxar Technologies 30© 2021 Maxar Technologies

POWER AND PROPULSION ELEMENTWe are building the first key component of Gateway, the Power and Propulsion Element. Gateway will serve as an orbiting command module, supporting human missions in space.

Provides power, thrust and critical communications

Developed on Maxar's proven 1300 platform More powerful than existing solar

electric propulsion systems Robotics for ongoing space operations and

exploration

30


SERVICING A SATELLITE ON ORBIT

Maxar is providing the spacecraft and three robotic arms for NASA’s OSAM-1 mission to refuel and service a low-Earth orbit satellite and demonstrate on-orbit assembly.

MISSION TO PSYCHEEXPLORING A NEW KIND OF ASTEROID

A Maxar-built spacecraft enables NASA’s mission to explore 16 Psyche, an asteroid believed to be made of metal. The mission could offer insight into how the Earth formed.

REFUELING AND SERVICING


Financial Performance and Outlook


Financial Overview (1/2)

Notes: (1) $1,723M net of $79M in intersegment eliminations. (2) $422M net of $27M in intersegment eliminations and $61M in corporate and other expenses.(3) 2020 revenues impacted by $27M of estimated COVID-19 related EAC growth during the period. These costs are considered incremental and separable from normal operations.

FY ’20 REVENUE BY SEGMENT FY ’20 ADJ. EBITDA BY SEGMENTFY ’20 BACKLOG BY SEGMENT

$422(2)

Space Infrastructure $(3)(3)

Earth Intelligence $513

Space Infrastructure $721

Earth Intelligence $1,081

$1,723(1)

(US$ millions)

$1,904

Earth Intelligence$880

Space Infrastructure $1,024


Revenue and Adj. EBITDA(1) Margins Revenue and Adj. EBITDA(1) Margins Without Effects of EV Deferred(2)

Capital Expenditures Free Cash Flow (“FCF”)(4)

Notes: Guidance as issued on 2/24/2021 (1) Adjustments include items such as income from discontinued operations, net of tax, restructuring, transaction and integration related expense, impairment loss, including inventory, satellite insurance recovery, gain (loss) on sale of assets, CEO severance and gain on re-measurement of Vricon equity interest. For a reconciliation to Adj. EBITDA, please see the appendix. (2) Excludes $120M in EV deferred revenue and adjusted EBITDA for 2019 and $80M in deferred revenue and adjusted EBITDA for 2020. (3) Midpoint of financial outlook – 2021. (4) Free cash flow is defined as operating cash flows minus capital expenditures, excluding insurance proceeds.

Financial Overview (2/2)

Adjusted EBITDA(1) Margin % (Without Effects of EV Deferred(2))

(US$ millions)

Adjusted EBITDA(1) Margin %

$ 1,666 $ 1,723 $ 1,845

25 % 24 % 24 %

2019A 2020A 2021E Guidance

$ 1,546 $ 1,643

$ 1,845

19 % 21 % 24 %


$ 314 $ 308 $ 248


$(56) $(65)

$ 18


(3)

(3) (3)

(3)


Financial Outlook – 2023 Adj. EBITDAEvent Adj. EBITDA(1) impact2020 Adjusted EBITDA $422M

EV Deferred Revenue ~(80M)

2020 Adjusted EBITDA without effects of EV deferred ~$340M

Earth IntelligenceLegion capacity, including WV-4 replacement (~50%)Product and services, in part driven by Legion capabilities (~50%)

+165M

Space InfrastructureMix shift / Run off of underperforming contracts ($43M)Mix shift from intercompany work(2) ($25M)Non-recurring COVID-19 impact ($27M)

+95M

CorporateCorporate expense

(20M)

Total Adjusted EBITDA growth +240M

2023 Target ~$580M

Well positioned and driving toward significant Adjusted EBITDA(1) growth Notes: Guidance as issued on 2/24/2021 (1) This is a non-GAAP financial measure. Refer to section “Non-GAAP Financial Measures” in the Appendix to these slides. (2) Reduction of Intersegment eliminations driven by completion of WorldView Legion constellation and those earnings being replaced by third party sales.


Financial Outlook – 2023 FCF

Event FCF(1) impact

2020 FCF ~($65M)

Earth Intelligence earnings growth +165M

Space Infrastructure earnings growth +95M

Return to normal CapEx spend (primarily WorldView Legion) +180M

Interest savings +70M

Timing of working capital/other (120M)

Total FCF growth +390M

2023 Target ~$325M

Clear visibility to long-term cash flow growth

Note: Guidance as issued on 2/24/2021 (1) Free cash flow is defined as operating cash flows minus capital expenditures, excluding insurance proceeds.


Uses ($mm)

Principal Repayment (2023 Notes) $ 350

Equity Clawback Costs (2023 Notes) 34

Estimated Transaction Fees 25

Total $ 409

31-Dec-20 As Adjusted

($ in millions) Amount x Mult Adj. Amount x Mult Coupon Maturity

Cash & Cash Equivalents $ 27 $(9) $ 18

Revolver due 2023 ($500mm) - - L(0) + 350 Dec-23

Term Loan B 1,444 - 1,444 L(0) + 275 Oct-24

Senior Secured Notes due 2023 850 (350) 500 9.750% Dec-23

Senior Secured Notes due 2027 150 150 7.540% Dec-27

Total Secured Debt $ 2,444 5.8 x $ 2,094 5.0 x

Net Secured Debt 2,417 5.7 2,076 4.9

Other Debt Items (Incl. Finance Leases) $ 95 $ 95

Total Debt $ 2,539 6.0 x $ 2,189 5.2 x

Net Debt 2,512 6.0 2,171 5.1

LTM Adjusted EBITDA (31-Dec-20) $ 422 $ 422

Sources ($mm)

Common Equity Issuance $ 400

Cash From Balance Sheet 9

Total $ 409

Maxar CapitalizationAfter Recent $400 Million Common Equity Offering

Capitalization

Transaction Sources

Transaction Uses

Proceeds from offering used to repay $350M of Senior Secured Notes due 2023

Reduces LTM Net Leverage to 5.1x (Adj. EBITDA)

(US$ millions)


Evolution of Liquidity and DebtNet Debt(1) ($M)

Liquidity: As Adjusted Cash on Hand: $18M(2)

Revolver: $469M available(3)

As Adjusted Total: $487M

Net debt decreased by offering

Net debt / Adj. EBITDA reduced from 6.0x (at 31-Dec-2020) to 5.1x following the $400M offering

Maturity schedule: Dec 2023: Revolving Credit Facility Dec 2023: $500M of Remaining 9.750% Notes Oct 2024: $1.4B Term Loan B Dec 2027: $150M Notes

$3,114 $2,957 $3,040

$2,485 $2,512

$2,171$2,500(4)

3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 4Q'20(As Adj.)

Notes: (1) Net Debt is calculated on the last day of the applicable period as the sum of the outstanding amounts of the Term Loan B + 2023 Bonds + 2027 Bonds + Revolving Credit Facility Drawn + Finance Leases + Liability balance related to the Space Infrastructure Sales-Leaseback transaction consummated in December 2019. The total debt is then netted against outstanding cash.(2) As adjusted cash on hand is net of existing cash used to repay outstanding Senior Secured Notes due 2023(3) Revolver availability equals the total capacity ($500M) – borrowings – outstanding and undrawn letters of credit.(4) In June 2020, Maxar entered into $150M 2027 Notes for the Vricon acquisition, which was not completed until July 1, 2020. As a result, cash on hand included $140M for the Vricon acquisition. The yellow box removes the impact of that additional cash for comparative purposes.

Adjusted for Proceeds From Recent Equity

Offering


Strategic Deals to Reduce DebtC$1B MDA divestiture

$291M Palo Alto real estate transaction

Space InfrastructureRe-engineer and diversify

Earth IntelligenceOffset revenue and Adj. EBITDA from

impact of WV4 loss

Execute on growing services backlog

Deploy New Operational ModelPeak WorldView Legion CapEx

Maxar is Positioned For Growth

Reset and Stabilize Growth Inflection Accelerate / Optimize

Successfully Completed(2019 – 2020)

Progressing(2021 – 2022)

Longer-Term(2023 and Beyond)

Top-Line Growth Acceleration Higher imagery capacity Advanced analytics products U.S. and International services Commercial, Civil, DoD/Classified space

Margin Expansion Mix and execution Product/services adoption OpEx leverage

Lower Capital Intensity Smaller manufacturing & satellite footprint Further penetration of services/product

offering

Optimize Capital Structure

Reduce Debt With Strong Cash Flow and Recent Equity RaiseSpace Infrastructure Position for growth by addressing

Commercial, Civil and DoD/Classified segments

Earth Intelligence Growth driven by subscriptions/products

Execute backlog + new wins driven by AI/ML

Launch of WorldView LegionCompletion of WorldView Legion CapEx and Start of CapEx Holiday


Appendix: Supplemental Information


Non-GAAP Financial MeasuresIn addition to results reported in accordance with U.S. GAAP, we use certain non-GAAP financial measures as supplemental indicators of our financial and operating performance. These non-GAAP financial measures include EBITDA, Adjusted EBITDA, Adjusted EBITDA Without Effects of EV Deferred, and free cash flow.

We define EBITDA as earnings before interest, taxes, depreciation and amortization, and Adjusted EBITDA as EBITDA adjusted for certain items affecting comparability as specified in the calculation. Certain items affecting comparability include restructuring, impairments, satellite insurance recovery, gain (loss) on sale of assets, CEO severance and transaction and integration related expense. Transaction and integration related expense includes costs associated with de-leveraging activities, acquisitions and dispositions and the integration of acquisitions. Management believes that exclusion of these items assists in providing a more complete understanding of our underlying results and trends, and management uses these measures along with the corresponding U.S. GAAP financial measures to manage our business, evaluate our performance compared to prior periods and the marketplace, and to establish operational goals. Adjusted EBITDA is a measure being used as a key element of our incentive compensation plan. The Syndicated Credit Facility also uses Adjusted EBITDA in the determination of our debt leverage covenant ratio. The definition of Adjusted EBITDA in the Syndicated Credit Facility includes a more comprehensive set of adjustments.

We define Adjusted EBITDA Without Effects of EV Deferred as Adjusted EBITDA, as defined above, less Enhanced View Deferred Revenue.

We define Free Cash Flow as cash provided by operating activities from continuing operations adjusted for the purchase of property, plant and equipment and development or purchase of software, in addition to the Satellite insurance recovery of $183M.

We believe that these non-GAAP measures, when read in conjunction with our U.S. GAAP results, provide useful information to investors by facilitating the comparability of our ongoing operating results over the periods presented, the ability to identify trends in our underlying business, and the comparison of our operating results against analyst financial models and operating results of other public companies.

EBITDA, Adjusted EBITDA, Adjusted EBITDA Without Effects of EV Deferred and free cash flow are not recognized terms under U.S. GAAP and may not be defined similarly by other companies. EBITDA, Adjusted EBITDA, Adjusted EBITDA Without Effects of EV Deferred and free cash flow should not be considered alternatives to net (loss) income as indications of financial performance or as alternate to cash flows from operations as measures of liquidity. EBITDA, Adjusted EBITDA, Adjusted EBITDA Without Effects of EV Deferred and free cash flow have limitations as an analytical tool and should not be considered in isolation or as a substitute for our results reported under U.S. GAAP.


Other Noteworthy Items‒ Depreciation and Amortization: ~$270M‒ Interest Expense: ~$160M‒ Tax Rate:~0%, before discrete items‒ Share Count: ~62M‒ Bank-defined leverage ratio: < 6x

Amortization on Finite-lived Intangibles

Major Guidance Assumptions

In $ millions

Amortization of acquired intangible assets is based on the period over which the Company expects to receive benefit from those assets. Assets are generally amortized on a straight-line basis.

• No reduction in funding of major programs

• Continuation of current social distancing restrictions related to COVID-19 through spring 2021

• Financial outlook reflects the Company’s judgment based on the information available to the Company at the time of this release, however, the ultimate impact of COVID-19 on the Company’s financial outlook for 2021 remains uncertain

• Guidance does not include any potential impacts related to damage to SiriusXM’s SXM-7 satellite. Refer to subsequent event disclosure in our Form 10-K.

• Refer to the additional discussion on COVID-19 and other potential risks in our Form 10-K

Notes: Guidance as issued on 2/24/2021 (1) This is a non-GAAP financial measure. Refer to section “Non-GAAP Financial Measures” in the Appendix to these slides.(2) We are unable to provide guidance for net income due to uncertainties relating to the size of adjustments that may be necessary as well as factors that could affect our interest, taxes, depreciation and amortization.

2021 2022 2023 2024 2025 After

$190 $176 $80 $65 $54 $330

Revenue 2021 Outlook

Earth IntelligenceSpace InfrastructureIntersegment eliminations

$1,050M - $1,095M$800M - $835M

(~$45M)

Total Revenue $1,805M – 1,885M

Adjusted EBITDA(1)

Earth IntelligenceSpace InfrastructureIntersegment eliminationsCorporate and other expenses

$440M - $470M$75M - $95M

(~$16M)(~$80M)

Total Adjusted EBITDA(2) $420M to $470M

Operating Cash Flow $240M to $290M

CapEx

$205M to $230M(excluding roughly $30M of capitalized interest)

$235M to $260M(including roughly $30M of capitalized interest)

Financial Outlook – 2021


Adjusted EBITDA Reconciliation

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March 2021 Investor Presentation