THE NEXUS OF THE NEW SPACE ECONOMY 2017 ANNUAL REPORT ABOUT MAXAR Maxar Technologies (formerly MacDonald, Dettwiler and Associates) is a leading global provider of advanced space technology solutions for commercial and government markets including satellites, Earth imagery, geospatial data and analytics, is at the nexus of the new space economy, developing and sustaining its infrastructure and delivering the products, services, systems and solutions that make it possible. As a trusted partner, Maxar Technologies provides unmatched end-to-end advanced systems capabilities and integrated solutions expertise to help our customers anticipate and address their most complex mission critical challenges with confidence. With more than 6,500 employees in over 31 locations, the Maxar Technologies portfolio of commercial space brands includes: SSL, MDA, DigitalGlobe, and Radiant Solutions. Every day millions of people rely on Maxar Technologies to communicate, share information and data, and deliver insights that empower a better world. Maxar trades on the Toronto Stock Exchange and New York Stock Exchange as MAXR. FINANCIAL HIGHLIGHTS Results of Operations 2017 2016 2015 2014 2013 ($ millions, except per share amounts) Revenues 1,631.2 1,557.5 1,657.1 1,900.4 1,765.0 Adjusted EBITDA1 378.7 267.6 285.6 307.0 304.2 Adjusted earnings1 172.0 159.5 172.4 189.1 174.1 Adjusted earnings per share1 4.16 4.37 4.74 5.24 4.97 Net earnings 100.4 105.6 112.5 46.2 100.8 Net earnings per share, basic 2.44 2.90 3.11 1.28 2.88 Net earnings per share, diluted 2.43 2.83 3.02 1.28 2.88 Cash dividend per common share C$1.48 C$1.48 C$1.48 C$1.30 C$1.30 Financial Position as at December 31, 2017 2016 2015 2014 2013 ($ millions) Total assets 6,657.3 2,561.2 2,609.1 2,569.9 2,429.7 Total long-term debt 2,961.0 600.7 712.7 650.3 560.7 Shareholders' equity 2,013.6 863.0 800.4 693.0 748.5 Order backlog 3,321.2 1,776.8 2,085.7 2,666.9 2,812.1 1 This is a non-IFRS financial measure. 1 MANAGEMENT’S DISCUSSION AND ANALYSIS For the year ended December 31, 2017 This management’s discussion and analysis (“MD&A”), dated February 22, 2018, should be read in conjunction with the cautionary statement regarding forward-looking statements below and Maxar Technologies Ltd.’s (“Maxar” or the “Company”) audited consolidated financial statements and accompanying notes for the year ended December 31, 2017 (the “consolidated financial statements”). Unless otherwise indicated, the results reported herein have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. An additional advisory with respect to the use of non-IFRS financial measures is set out in the section entitled “Non-IFRS Financial Measures” of this MD&A. All quarterly and pro forma information disclosed in this MD&A is based on unaudited figures. In this report, Maxar and the Company refer to Maxar Technologies Ltd. and its subsidiaries. This year and 2017 mean the fiscal year ended December 31, 2017. Last year, prior year and 2016 mean the fiscal year ended December 31, 2016, and 2015 means the fiscal year ended December 31, 2015. This quarter means the three months ended December 31, 2017. Effective December 31, 2017, the Company changed its presentation currency from the Canadian dollar (“C$”) to the United States (“U.S.”) dollar to more accurately reflect the predominant currency of the Company's revenue, expenses and cash flows after the acquisition of DigitalGlobe, Inc. (“DigitalGlobe”) and to enhance comparability with its industry peer group. All dollar amounts reported in this MD&A are in U.S. dollars unless otherwise noted. Refer to the section entitled “Change in Presentation Currency” of this MD&A for further discussion. CAUTION REGARDING FORWARD-LOOKING STATEMENTS This MD&A contains 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,” “estimate” 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 in this MD&A are statements which are not historical fact and involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Such forward- looking statements may include, but are not limited to, statements regarding: future growth opportunities, expected earnings, expected capital expenditures, future financing requirements and estimated future dividends; the expected benefits from the Company’s acquisition of DigitalGlobe; the impact of the Company’s acquisition of DigitalGlobe on the Company’s earnings, credit rating, estimated enterprise value and growth rate; the expectation that the Company and its subsidiaries will remain compliant with debt covenants and other contractual obligations; the expected timeline for the Company to fully implement its plan to domicile the ultimate parent of DigitalGlobe in the U.S. by the end of 2019 and the expected benefits therefrom; additional acquisition and integration related costs in future periods; the implementation of the security control agreement; business and financial outlook; the scope and anticipated revenues of customer contracts; the scope and expected benefits of the restructuring and enterprise improvement initiatives; the capabilities of the satellites built by the Company; the sources of liquidity the Company expects to use to meet its anticipated cash requirements; and the outcome of legal proceedings involving the Company. Forward-looking statements in this MD&A are based on certain key expectations and assumptions made by the Company. Although the 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 material assumptions upon which such forward-looking 2 statements are based include, among others, assumptions with respect to: market, industry and general economic conditions; the operations of the operating businesses of the Company continuing on a basis consistent with prior years; growth in demand for the products and services of the Company’s businesses; the ability of the Company to access financing from time to time on favorable terms; the continuation of executive and operating management or the non-disruptive replacement of them on competitive terms; currency exchange and interest rates being reasonably stable at current rates; the realization of expected benefits and synergies from the Company’s acquisition of DigitalGlobe; compliance with the U.S. regulatory requirements and the requirements of the National Industrial Security Program Operating Manual related to the implementation of the security control agreement and the facility clearance for the offices of certain subsidiaries of the Company; the Company’s continuing ability to effectively service customers and there being no adverse changes to customer priorities and funding levels; the Company’s continuing ability to implement the enterprise improvement initiatives; the Company’s continuing ability to meet technical specifications and complete the contracts with minimal cost overrun; the Company building its satellites to reliable design specifications; the accuracy of the Company’s current plans and forecasts; and the accuracy of management’s current assessment of the outcome of legal proceedings involving the Company. The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. Additionally, 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 this MD&A. 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: the Company’s ability to generate a sustainable order rate for its satellite manufacturing operations in a market where the number of satellite construction contracts awarded varies annually; changes in government policies, priorities, regulations or government agency mandates, or funding levels through agency budget reductions, the imposition of budgetary constraints or a decline in government support or deferment of funding for programs in which the Company or its customers participate; the Company’s ability to effectively execute its U.S. government access plan and realize anticipated benefits of contract awards from the U.S. government and failure by the Company to comply with U.S. regulations could result in penalties or suspension; certain U.S. subsidiaries of the Company are subject to the requirements of the National Industrial Security Program Operating Manual for their facility security clearance, which is a prerequisite for their ability to obtain and perform on classified contracts for the U.S. government; quality issues, failure of systems to meet performance