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Telesat in US $  FY 2011E                Revenue $931.61               Adjusted EBITDA $714.54               Margin 76.70%                                 2011 EBTIDA Multiple 6 6.5 7 7.5 8 8.5 9 9.5 Enterprise Value $4,287.27 $4,644.54 $5,001.81 $5,359.09 $5,716.36 $6,073.63 $6,430.90 $6,788.18 Plus Cash $233.22 $233.22 $233.22 $233.22 $233.22 $233.22 $233.22 $233.22 Less Debt $3,186.62 $3,186.62 $3,186.62 $3,186.62 $3,186.62 $3,186.62 $3,186.62 $3,186.62 Equity Value $1,100.65 $1,457.92 $1,815.19 $2,172.47 $2,529.74 $2,887.01 $3,244.28 $3,601.56 Loral's Stake 64% 64% 64% 64% 64% 64% 64% 64% Equity Attributable to Loral $704.42 $933.07 $1,161.72 $1,390.38 $1,619.03 $1,847.69 $2,076.34 $2,305.00 Fully Diluted Shares 31.2 31.2 31.2 31.2 31.2 31.2 31.2 31.2 Value per Share $22.58 $29.91 $37.23 $44.56 $51.89 $59.22 $66.55 $73.88                                                                         SS/L in US $  FY 2011E stand alone           Revenue $1,200.00               Adjusted EBITDA $123.60               Margin 10.30%                                 2010 EBITDA Multiple 6 6.5 7 7.5 8 8.5     Enterprise Value $741.60 $803.40 $865.20 $927.00 $988.80 $1,050.60     Proceeds (assuming 25% tax rate) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00     Plus Cash $106.51 $106.51 $106.51 $106.51 $106.51 $106.51     Less Pro-Forma... login to read the rest

sorry having issues pasting valuation tables from world doc - maybe cause they are pasted from an excel file as a picture into word document - will try and paste from excel