J.P. Morgan 2019 Aviation, Transportation and Industrials Conference

March 2019

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Forward Looking Statements

Certain statements and other information included in this presentation constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements") under applicable securities laws. Forward-looking statements involve estimates, expectations, predictions, projections, goals, forecasts, assumptions, risks and uncertainties, as well as other statements referring to or including forward-looking information included in this presentation.

Forward-looking statements are subject to various risks and uncertainties which could cause actual results to differ materially from the anticipated results or expectations expressed in this presentation. As a result, 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. The risks that could cause actual results to differ materially from current expectations include, but are not limited to, the risk factors and other disclosures about the Company and its business included in the Company's continuous disclosure materials filed from time to time with Canadian and U.S. 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 contained in this presentation are expressly qualified in their entirety by the foregoing cautionary statements. All such forward-looking statements are based upon data available as of the date of this presentation 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 in this presentation as a result of new information or future events, except as may be required under applicable securities legislation.

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What we will cover today

▪ Maxar Overview

▪ Our markets and key capabilities

▪ Observations and actions, first 45 days

▪ Financial outlook

▪ Update on leverage, liquidity and cash flows

▪ Our view of the future

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Maxar Overview

Maxar is a global leader of

advanced space technology

solutions including geospatial

data and analytics, satellites,

space robotics, space

infrastructure, and defense

systems to the US government,

international governments, and

commercial customers.

▪ $2.14B in FY18 revenues

▪ 5,900 employees

▪ Customers in more than

70 countries

Imagery$845M

Services$266M

Space

Systems$1,129M

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Why Maxar

▪ Leader in a large, growing and stable market

▪ Overlooked and undervalued franchise assets in the context of recent challenges

◦ Unique franchises in customers, capabilities and relationships

◦ Recent challenges in GEO Comsat, delayed RCM launch and loss of WV-4

▪ On a path to address challenges – know what we have to do and are doing it

◦ Improve profitability in SSL beginning this year (from loss in 2018)

◦ Resume growth in MDA, significant opportunities

◦ Continued growth in Imagery and Services

◦ Committed to optimize capital structure through levers to reach more normal leverage to fund growth

▪ At a tipping point to transform capital intensity and drive steady increases in ROIC◦ Lower capital intensity as we transform model

◦ Scaling assets for improved ROIC

▪ Strategy evolving toward analytics and insights and scaling investments

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Major end-markets are large, growing and stable

US

Government

▪ Persistent global security threats

▪ Rising defense budgets

▪ Increasingly seeking to use

viable commercial alternatives

▪ Imagery and insights in great

demand

▪ Space is a focus of investment

International

Governments

▪ Persistent global security threats

▪ Rising budgets

▪ Imagery in great demand and

strong funnel of new programs

▪ Space is a focus of investment

▪ Nascent but growing services

opportunities

Commercial

▪ Strong imagery demand driven

by new use cases enabled by

Artificial Intelligence (AI)

▪ Space-based remote-sensing

pipeline experiencing growth

▪ LEO communications programs

underway (OneWeb) and in the

pipeline (Telesat)

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Strong relationships with customers, diversified mix

Government

Customers

Commercial

Customers

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Imagery: resilient business in growing market

▪ 2018: $845M in revenue with 61.3% adjusted EBITDA margins

▪ Backlog: $1.2B

▪ Unfunded Backlog: $900M

▪ Major Programs:

◦ EnhancedView

◦ Global-EGD

◦ Roughly a dozen DAFs

◦ 400+ commercial customers

▪ Major Pipeline Pursuits:

◦ Legion X

◦ Additional DAFs

◦ Dozens of commercial customers across a multitude of industries

◦ Defense programs

Satellite

Imagery

▪ Native 30cm resolution imagery

▪ Advanced multispectral capabilities including short-wave

infrared (SWIR)

▪ 18-year, 100+ petabyte image archive

Analytics

▪ Scalable cloud-based environment

▪ Machine learning and computer vision algorithms

▪ Multiple content sources, including DigitalGlobe, Landsat,

RADARSAT-2 SAR

Information

Products

▪ Advanced Elevation Suite

▪ Building Footprints

▪ Telco Geodata

Subscription

Access

▪ EarthWatch

▪ SecureWatch

▪ Spatial on Demand

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Services: continued growth and stable margins

▪ 2018: $266M in revenues with 9.4% EBITDA margins

▪ Backlog: $246M

▪ Unfunded Backlog: $100M

▪ Major Programs:

◦ SBIR Phase III AI & Predictive Analytics

◦ Classified Intel Mission Support

◦ Classified Space ISR Mission

◦ NGA Janus Geography GEOINT

▪ Major Pipeline Pursuits:

◦ Classified DoD Predictive Analytics

◦ Classified GEOINT Data Processing

◦ Army Remote Ground Terminal Program

◦ DHS and International Defense GEOINT Production

Sensor & Ground

Modernization

▪ Sensor Modeling & Systems Engineering & Prototyping

▪ Constellation Modeling & Mission Management

▪ Tactical Remote Ground Terminals

▪ GEOINT Processing, Cataloging, Discovery & Access

Data to

Insight

▪ Sensor Data Enrichment

▪ Land Classification

▪ Persistent Change Detection

▪ Automated Feature Extraction & Object Detection

▪ Foundational GEOINT Production

Agile

Intelligence

▪ Interactive Mission Planning

▪ Geospatial Data Visualization

▪ Predictive Analytics

▪ Advanced Tradecraft and Agile Intelligence

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Space Systems: opportunities for growth and improved profitability

▪ 2018: $1.1B in revenue with 0.4% margins

▪ Total Backlog: $935M

▪ GEO Comsat Backlog: ~$525M (8 satellites)

▪ Noteworthy non-GEO Comsat programs:

◦ Restore-L

◦ OneWeb

◦ Legion

◦ ISS Robotics

◦ Psyche

▪ Major Pipeline Pursuits:

◦ Canadian Surface Combatant

◦ Legion X

◦ Telesat LEO

◦ GEO

◦ Classified Programs

◦ Task orders on SSPEDI

◦ Ovzon

◦ Power Propulsion Element (PPE) for Deep Space Gateway

◦ Canadarm 3 for Lunar Gateway

Communications

Satellites

▪ GEO, MEO and LEO satellites

▪ 100 – 1300 kg

Remote Sensing

Satellites▪ Earth Observation

Radar

Satellites

▪ Satellites

▪ Radar Imagery

▪ Services

Satellite Ground

Stations

▪ Earth Observation ground stations

▪ Optical and Radar Imagery

Robotics

▪ Robotic manipulators

▪ Rovers

▪ Visual sensor systems

Satellite

Components &

Payloads

▪ Merchant antenna and components

▪ Engineering design and production

Defense

Systems

▪ Complex systems engineering, development and support

▪ ISR, EW, Command & Control, Communications

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Our franchise landscape suggests continued growth and new opportunities

Existing

Franchises

▪ EV/EVFO

▪ SIBR Phase III

▪ DAF

▪ Space Robotics/Canadarm

▪ 1300 Class

▪ Ground Stations

Franchise

Pursuits

▪ P500 Class

▪ Canadian Surface Combatant

▪ Legion X

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First 45 days: identified challenges, implementing plans and pursuing opportunities

Observations

Business Strengths

▪ Imagery: Solid underlying demand across both government and commercial markets

▪ Services: Robust demand, low capital intensity, margin expansion opportunities

▪ MDA Canada: Solid franchises and continued opportunities for profitable growth

Opportunity for Improvement

▪ Leverage: Too high; committed to deleveraging over time

▪ SSL: Retaining GEO Comsat business in the portfolio; right-sizing to drive profit and cash flow improvements

▪ Running the business: better operational execution and focus on profit / cash growth

Taking Action

Capital Structure

▪ Covenants: Negotiated amendment to credit agreement creating more headroom

▪ Dividend: Reduced dividend to $0.01 saving $60M annually

▪ Asset sales: Land sale in Palo Alto ($70M); continue to right-size portfolio & asset base

Strengthening the business

▪ Revised Operating Model: One Maxar with lean and agile organizational structure

▪ Cost Reductions: Reduce cost structure to offset WV-4 loss and improve profit outlook

▪ Invest in the future: WV-4 replacement capacity and services products to meet demand and drive growth

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In 45 days we have:

▪ Commenced review of alternatives to deleverage the balance sheet and fix the capital structure;

▪ Reduced the dividend to US$0.01, to preserve cash;

▪ Addressed GEO Comsat with a clear focus for the future: continue to operate on a smaller scale, re-engineer the business to focus on competitive advantage in the 500kg and 1300kg bus lines;

▪ Stopped RSGS, which would not be a good use of capital in 2019;

▪ Initiated full recovery against the loss of WV-4, replaced much of that capacity near term; potentially accelerating WV Legion for longer term replacement;

▪ Significantly restructured operating model to be leaner and more nimble, including almost $60 million in incremental cost-out in 2019; and

▪ Evolved our strategy to best leverage our core business and unique assets.

▪ Understand there is more to do; evaluating further actions

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Expect synergies and $60-$70 million in annual cost-outs from these immediate changes

▪ We expect to deliver approximately $60 million in cost reductions in 2019, $70 million annualized savings.

▪ Includes approximately 4% reduction in workforce.

▪ Is in addition to our previously announced post-merger synergy target of run rate $60M to $120M by the end of the fourth quarter of 2019.

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We have identified key focus areas and there are additional opportunities

Space

▪ Re-engineer and win satellite business, focused on 1300 and 500 busses and programs across

Commercial and USG.

▪ Leverage our industry-leading heritage in robotics to innovate and deliver the best solutions

Earth

Intelligence

▪ Add world-class imagery capacity, including WorldView Legion, and continue to be the foremost

commercial supplier of high-quality commercial imagery at scale.

▪ Apply our exclusive expertise in machine learning for Earth intelligence to deliver superior

solutions to all of our customers solving the world’s most difficult geospatial problems

▪ Combine our disparate people and capabilities to build products that best meet customer needs

and sell many times at scale.

Defence

Canada▪ Use MDA’s unique capabilities and identity as a trusted defence partner to win opportunities in

Canada and abroad to align with the approaching large program investment cycle.

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Financial outlook: expect improvement in 2019

Other Noteworthy ItemsDepreciation and Amortization: ~$410MInterest Expense: ~$210MTax Rate: ~0%Share Count: ~61M

Amortization on Purchased Intangibles

Enhanced View Deferred Revenue / Imputed Interest

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.

In $ millions

2019 2020 2021

$120 $80 $0

2019 2020 2021 2022 2023 Thereafter

$234 $203 $145 $118 $47 $353

Revenue is reported in the Imagery segment and relates to the Enhanced View contract signed in 2010 that

expires in August 2020. There are no material costs associated with this revenue.

Imagery, Services, and MDA

net of corporate expenses>$550M in Adjusted EBITDA1

SSL

Improved EBITDA but higher cash

usage given timing of milestones and

restructuring

CapExHigher CapEx as Legion program

reaches peak spend

Debt Covenant Add Backs

Conversion from US GAAP to IFRS +

several add backs allowed for under

credit agreement

Leverage Ratio for Debt

Covenant Purposes<6.0x

1 See supplemental financial information found on the company’s website www.maxar.com

for a definition and reconciliation of these non-GAAP financial metrics.

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Liquidity and Debt: reasonable in the near term, working on improvement as soon as possible

▪ Liquidity:

◦ Cash on Hand: $35M

◦ Revolver: $637M

◦ Total: $672M

▪ Net debt down q/q

▪ Leverage ratio of ~4.2x well below covenant restrictions of 6.0x

▪ Maturity schedule:

◦ Oct. 2020: $250M Term Loan A

◦ Oct. 2021: $250M Term Loan A + Revolver ($595M drawn as of 12/31/18)

◦ Oct. 2024: $1.9B

▪ Debt Rating: B1 / BB-

$2,976

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

$3,040

$2,500

$2,600

$2,700

$2,800

$2,900

$3,000

$3,100

$3,200

$3,300

4Q17 1Q18 2Q18 3Q18 4Q18

Net Debt ($M)

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Our view of the future

▪ We will strive to grow revenue at least in-line with our addressable markets

◦ Large and growing markets

◦ Unique franchises in customers, capabilities and relationships

▪ We have levers to expand margins over time

◦ Rightsizing

◦ Operating leverage

◦ Productization

▪ We are moving toward a lower capital intensity model that can drive ROIC higher

◦ WV- Legion and Legion X

◦ Derivative products and services (ML and AI)

▪ We are committed to delevering

◦ Will consider all alternatives to delever

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Thank You

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Non-IFRS and non-GAAP measure disclosure

See supplemental financial information found on the company’s website www.maxar.com for a definition and reconciliation of the non-GAAP financial metrics found in this presentation.