NOT FOR DISTRIBUTION ON US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

NEW YORK, November 22, 2021 (GLOBE NEWSWIRE) – MHR Fund Management LLC (“MHR“) announced today that it has acquired control of 18,035,092 Class B shares (“Class B units“) of Telesat Limited Partnership (the”Partnership“) in exchange for the 18,035,092 shares of Loral Space & Communications Inc. (“Loral”) Ordinary shares over which it previously exercised control. In addition, Mark H. Rachesky, MD, Founder and Chairman of MHR, acquired ownership of 15,000 Class B Shares and 46,136 Class B Variable Voting Shares (“Class B shares“) from Telesat Corporation (the”Society”) In exchange for Loral securities previously held by him.

On November 19, 2021, the Company announced the closing of the previously announced transaction (the “TransactionWith Loral and the Public Sector Pension Investment Board, in which Loral shareholders and other Telesat Canada shareholders exchanged interests for shares in the Company’s new public ownership structure. In the Transaction, each ordinary share of Loral was converted into a right to receive either one share of the Company or one part of the Partnership.

Prior to the closing of the transaction, neither MHR nor Dr. Rachesky owned any securities of the Company or the Partnership. Immediately after the closing of the transaction, (i) MHR exercised control over 18,035,092 Class B shares, representing approximately 92.9% of the outstanding Class B shares (representing approximately 36.4% of the ordinary shares of Class A, Class B Shares, Common Shares and Class C Limited Voting Common Shares of the Company (collectively, “Telesat Actions“) on a fully exchanged and converted basis), and (ii) Dr. Rachesky held 15,000 Class B shares, representing approximately 0.1% of the outstanding Class B shares and 46,136 Class B shares, representing approximately 0 , 9% of the outstanding Class B shares, and together representing approximately 0.1% of the outstanding Telesat shares on a fully exchanged and converted basis.

The securities described in this press release were acquired upon completion of the Transaction. MHR plans to review its holdings in the Company and the Partnership on an ongoing basis and as part of this ongoing review, plans to assess various alternatives that are or may become available with respect to the Company, the Partnership and their securities. respective. MHR may from time to time and at any time, in its sole discretion, acquire or cause to acquire, additional equity or debt securities or other instruments of the Company, the Partnership or their respective subsidiaries or affiliates, or dispose of or cause to be sold such shares or debt securities or instruments, or enter into transactions in derivatives or other products relating to such shares or debt securities or instruments, for any amount that MHR may determine in its sole discretion, through transactions in the free market, of transactions negotiated privately or otherwise. After the six (6) month anniversary of the closing of the transaction, holders of Class B units may from time to time and at any time in their sole discretion, convert all or part of their Class B units in Class B shares. Such transactions may depend on various factors, including, without limitation, the trading prices and liquidity of the securities in question, the financial condition, results of operations and prospects for the business. Company and any of its subsidiaries or affiliates, other investment opportunities, MHR’s policies and liquidity and general economic, financial, market and industry conditions or other factors.

A report on Form 62-103A1 – Information Required Under Whistleblowing Requirements Under Section 3.1 of National Instrument 62-103 is filed by MHR in accordance with applicable Canadian securities laws and will be available under profile of each of the Company and the Partnership to http://www.sedar.com. The head office of the Company and the Partnership is located at 160 Elgin Street, Ottawa, Ontario K2P 2P7, Canada. MHR’s address is 1345 Avenue of the Americas, 42nd Floor, New York, New York 10105, USA.

FOR MORE INFORMATION

For more information or to receive a copy of the report filed in connection with this press release, please see Telesat’s profile on the SEDAR website (http://www.sedar.com) or contact Charles Zehren at 212-843-8590 or czehren @ rubenstein.com.


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