Ms. Lynette Simmons reports

TELESAT ANNOUNCES EQUITY DISTRIBUTION OF TELESAT LIGHTSPEED BUSINESS

Telesat Corp. has completed the distribution of 62 per cent of the equity of its Telesat Lightspeed business to an indirect subsidiary of Telesat. The indirect subsidiary is wholly owned by Telesat Canada's parent entities and is a non-guarantor under Telesat Canada's debt documents. There are no changes to the company's operations as a result of this transaction.

About Telesat Corp.

Backed by a legacy of engineering excellence, reliability and industry-leading customer service, Telesat is one of the largest and most successful global satellite operators. Telesat works collaboratively with its customers to deliver critical connectivity solutions that tackle the world's most complex communications challenges, providing powerful advantages that improve their operations and drive profitable growth. Continuously innovating to meet the connectivity demands of the future, Telesat Lightspeed, the company's state-of-the-art low Earth orbit (LEO) satellite network, has been optimized to meet the rigorous requirements of telecom, government, maritime and aeronautical customers. Telesat Lightspeed will redefine global satellite connectivity with ubiquitous, affordable, high-capacity, secure and resilient links with fibre-like speeds.