Maxar's condensed consolidated financial statements and management's discussion and analysis for the fourth quarter and year ended December 31, 2017 are available at:

http://mdacorporation.com/corporate/investor/financial-reports

2018 Financial Outlook

• Revenue decline of 2% to 4%
• Adjusted EBITDA margins of 32.5%
• Adjusted EPS of $4.50 to $4.70
• Cash flow from operations of $300M to $400M

Non-IFRS Financial Measures

In addition to results reported in accordance with IFRS, the Company discloses adjusted earnings, adjusted earnings per share and adjusted EBITDA as supplemental indicators of its financial and operating performance.

The Company defines adjusted earnings as net earnings excluding the impact of specified items affecting comparability, including, where applicable, non-operational income and expenses, amortization of acquisition related intangible assets, share-based compensation, and other gains or losses. The use of the term "non-operational income and expenses" is defined by the Company as those items or income and expense that do not impact operating decisions taken by the Company's management and is based upon the way the Company's management evaluates the performance of the Company's business for use in the Company's internal management reports. Income tax expense on adjusted earnings is computed using the substantively enacted income tax rate, adjusted to account for the specified items affecting comparability. Adjusted earnings per share is calculated using diluted weighted average shares outstanding and does not represent actual earnings per share attributable to shareholders. The Company believes that the disclosure of adjusted earnings and adjusted earnings per share allows investors to evaluate the operational and financial performance of the Company's ongoing business using the same evaluation measures that its management uses, and is therefore a useful indicator of the Company's performance or expected performance of recurring operations.

The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, and adjusted for items affecting comparability as specified in the calculation of adjusted earnings. Adjusted EBITDA is presented on a basis consistent with the Company's internal management reports. The Company discloses adjusted EBITDA to capture the profitability of its business before the impact of items not considered in management's evaluation of operating unit performance.

Adjusted earnings, adjusted earnings per share and adjusted EBITDA 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.

Reconciliation of adjusted EBITDA and adjusted earnings to net earnings