Annual Report 2011 Dear Fellow Stockholders, Welcome and thank you for your continued interest and support of Globalstar. 2011 was a year of significant accomplishment for our Company. We made tremendous improvements to our satellite phone coverage with the launch of 12 new satellites. We also reduced our operating costs and streamlined our product focus solidifying our unique position as the only provider of high-value affordable mobile satellite retail consumer devices. By implementing these significant initiatives, Globalstar ended the year with improved fourth quarter financial results. With increased discipline in the areas of sales, marketing and product development, a new constellation offering greater coverage, and a return to the industry’s highest quality voice service - we believe we are laying a strong foundation for future revenue growth and profitability. DRAMATIC GLOBALSTAR NETWORK IMPROVEMENTS In 2011, as we continued to deploy our new low-earth-orbit (LEO) satellite constellation, we completed the necessary licensing and registration permitting its operation throughout our global coverage area. As a result, we were able to significantly improve our network coverage for our satellite voice and duplex data customers. Not only have service levels for these customers more than doubled since the beginning of 2011, with three second-generation satellite launches now complete, we expect to achieve an 80-90 percent call connection rate for customers located in our key markets, once all of the already launched satellites are in service. For Simplex services like SPOT we are already at full coverage. We anticipate conducting the fourth launch of our new constellation in the second half of 2012. Once it is fully deployed, we will be the first LEO-based mobile satellite provider with a new constellation. With a fifteen-year design life, the new satellite constellation is expected to provide these services beyond 2025. Combined with our affordable and industry-leading consumer retail SPOT products, Globalstar will be positioned to offer an extensive lineup of mobile satellite services to the broadest range of commercial and retail customers around the globe. FINANCIAL AND OPERATIONAL ACCOMPLISHMENTS As previously reported, during the fourth quarter of 2011, the Company had positive quarterly Adjusted EBITDA for the first time in four years. The improvement in our fourth quarter results is a product of our narrower strategic focus resulting in a more streamlined organizational structure together with operational efficiencies. Consequently, we were successful in reducing operating expenses during the fourth quarter of 2011, excluding EBITDA adjustments, by over 24 percent compared with the same quarter in 2010, and we believe these expense levels are sustainable. We are encouraged by our positive financial progress and believe it signifies an inflection point for Globalstar and a turnaround for our business. In late 2011, we undertook an initiative to streamline our manufacturing process and align it better with an increasingly focused product strategy. We also signed agreements with new third party contract manufacturers for our SPOT, SPOT Connect and Simplex-based asset tracking products. We believe this initiative will result in reduced costs and other efficiencies to ensure a long-term stable supply chain for our Simplex and consumer product lines. MEETING CHALLENGES As a consequence of our delayed satellite deliveries in 2011 and the subsequent impact on our revenue generation, it was important for Globalstar to address certain provisions in our $586 million COFACE loan facility. I am pleased to say that during the first quarter of 2012, we successfully deferred our first principal repayment to 2013 and obtained other favorable changes to the loan facility’s financial and operating covenants. We consider these to be important changes to the financing agreement as they provide us with additional time to restore our network coverage and begin revenue recovery prior to making principal payments. I would like to acknowledge and thank COFACE and members of the French lending group for the consideration they have shown permitting the completion of this milestone amendment. SATELLITE SPECTRUM AND THE NATIONAL BROADBAND STRATEGY As many of you are aware, Globalstar continues to diligently pursue a wireless spectrum strategy to take advantage of the more than 25 MHz of “Big LEO” satellite spectrum that we hold in the United States and abroad. Globalstar supports the FCC’s continued recognition that MSS spectrum may be suitable for helping meet the Commission´s significant spectrum objectives outlined in the National Broadband Plan. Earlier this year, the FCC voted unanimously to propose new rules to establish a new terrestrial service within the MSS 2 GHz band. If ultimately adopted, these proposed rules will lead to more investment, more innovation, more competition and therefore more consumer choices in the ever expanding mobile broadband marketplace. With these most recent FCC spectrum initiatives and the deployment of our second-generation constellation, Globalstar enthusiastically looks forward to participating in future proceedings with the FCC that could lead to the terrestrial use of our substantial spectrum allocation. LOOKING AHEAD In summary, 2011 was a year of accomplishment for Globalstar. We substantially improved our satellite coverage and service quality with our new satellites. We refocused our product strategy, streamlined our internal operations and reduced costs. We modified our third party manufacturing relationships for increased efficiencies and reduced delivery times and earlier this year we announced substantial changes to our COFACE financing agreement. As we prepare to complete the initial deployment of our new constellation, we are poised to return to the highest quality, affordable mobile satellite voice and data services in the industry. Although some challenges remain, I remain confident we are laying the foundation necessary to drive subscriber, revenue and profitability growth in 2012 and beyond. Thank you and I look forward to speaking with you soon. James Monroe III Chairman and Chief Executive Officer Globalstar, Inc. April 2012 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 40 41 42 3 4 5 6 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 40 41 42 3 4 5 6 90 91 92 93 94 Performance Graph The following graph shows a comparison from December 31, 2006 through December 31, 2011 of cumulative total return for our Common Stock, the NASDAQ Telecommunications Index and the NASDAQ Composite Index, assuming $100 had been invested in each on December 31, 2006. Such returns are based on historical results and are not intended to suggest future performance. The calculation of cumulative total return is based on the change in stock price and assumes reinvestment of dividends for the NASDAQ Telecommunications Index and the NASDAQ Composite Index. We have never paid dividends on our Common Stock and have no present plans to do so. Globalstar, Inc. Common Stock Performance Graph $160.00 $140.00 $120.00 $100.00 $8 0.00 $6 0.00 $4 0.00 $2 0.00 $- 6 0 0 2 / 1 3 / 2 1 7 0 0 2 / 1 3 / 3 7 0 0 2 / 0 3 / 6 7 0 0 2 / 0 3 / 9 7 0 0 2 / 1 3 / 2 1 8 0 0 2 / 1 3 / 3 8 0 0 2 / 0 3 / 6 8 0 0 2 / 0 3 / 9 8 0 0 2 / 1 3 / 2 1 9 0 0 2 / 1 3 / 3 9 0 0 2 / 0 3 / 6 9 0 0 2 / 0 3 / 9 9 0 0 2 / 1 3 / 2 1 0 1 0 2 / 1 3 / 3 0 1 0 2 / 0 3 / 6 0 1 0 2 / 0 3 / 9 0 1 0 2 / 1 3 / 2 1 1 1 0 2 / 1 3 / 3 1 1 0 2 / 0 3 / 6 1 1 0 2 / 0 3 / 9 1 1 0 2 / 1 3 / 2 1 Globalstar, Inc. NASDAQ Telecommunications Index NASDAQ Composite Index Executive Office Globalstar, Inc. 300 Holiday Square Blvd. Covington, LA USA 70433 (985) 335-1500 Company Home Page www.globalstar.com Stockholder Information For further information about the company, additional hard copies of this report, SEC filings, and other published corporate information please visit the Company website noted above or call (985) 335-1505. Transfer Agent Computershare Trust Company, N.A. 250 Royall Street Canton, MA 02021 1-800-962-4284 www.computershare.com Independent Auditors Crowe Horwath LLP Oak Brook, IL Legal Counsel Taft Stettinius & Hollister LLP Cincinnati, OH Board of Directors James Monroe III Chairman of the Board and Chief Executive Officer William A. Hasler Director, Aviat Networks, Mission West Properties and the Schwab Funds. John R. M. Kneuer President of JKC Consulting LLC. and Senior Partner, Fairfax Media Partners (Private Equity Investment) James F. Lynch Managing Partner Thermo Capital Partners, (Private Equity Investment) J. Patrick McIntyre Chairman and Chief Operating Officer ET Water (Commercial Irrigation) Richard S. Roberts VP & General Counsel Thermo Development, Inc. (Management Firm) Executive Officers James Monroe III Chairman of the Board and Chief Executive Officer Anthony J. Navarra President, Global Operations L. Barbee Ponder IV General Counsel and Vice President, Regulatory Affairs Richard S. Roberts Corporate Secretary Common Stock The Company’s voting common stock is traded on The NASDAQ Capital Market under “GSAT.” As of April 9, 2012, the company had 298,475,751 shares outstanding and 108 holders of record. voting Notice of Annual Meeting May 22, 2012, 10:00 a.m. CDT Globalstar, Inc. 300 Holiday Square Blvd. Covington, LA USA 70433 (985) 335-1500 For directions to the meeting, please call (985) 335-1505. �� Globalstar, Inc. 300 Holiday Square Blvd. Covington, LA USA +1.985.335.1500 www.globalstar.com