Bernard L. Schwartz announced today that he has
relinquished his executive positions with Globalstar L.P. (NASDAQ:GSTRF) and
that Olof Lundberg has been named chairman of the company. Mr. Lundberg also
has been named acting chief executive officer and will become chief
executive officer upon receipt of the appropriate U.S. immigration
documents. Mr. Schwartz will continue as a member of Globalstar’s General
Partners Committee and as a director of Globalstar Telecommunications
Limited. Loral will continue as the managing general partner of Globalstar.

‘Mr. Lundberg joins Globalstar at a critical juncture,’ Mr. Schwartz said.
‘He has had a long and distinguished career in satellite-based mobile
telephony, and his extensive expertise in telecommunications technology and
customer service is a valuable resource in the continuing deployment of the
Globalstar service.

‘Among his many accomplishments in the telecommunications industry, Mr.
Lundberg served for 15 years as director general/CEO of Inmarsat, a
pioneering mobile satellite communications company that he drove from a
start-up operation in 1979 into a highly successful, internationally
respected business.’

Mr. Lundberg, 57, subsequently served for four years as CEO and then
chairman and CEO of ICO Global Communications, leading the company from its
establishment through its initial public offering.

Prior to Inmarsat Mr. Lundberg held a number of positions at Swedish Telecom
(now Telia), where he managed and developed mobile and specialized services.

A founding Commissioner of the Global Information Infrastructure Commission,
Mr. Lundberg has been honored with several awards from foundations, private
organizations and governments around the world for his work in promoting and
expanding international telecommunications.

Globalstar is a partnership of the world’s leading telecommunications
service providers and equipment manufacturers, including co-founders Loral
Space & Communications and Qualcomm Incorporated; Alenia; China Telecom
(HK); DACOM; DaimlerChrysler Aerospace; Elsacom (a Finmeccanica Company);
Hyundai; TE.SA.M (a France Telecom/Alcatel company); Space Systems/Loral;
and Vodafone Group Plc. For more information, visit Globalstar’s web site at
www.globalstar.com.

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