Intelsat 907, the latest in a long line of advanced communications
satellites built for Intelsat by Space Systems/Loral, a subsidiary of
Loral Space & Communications , was successfully launched at
2:00 a.m. EST today. The satellite was sent into space from the
European Spaceport at Kourou, French Guiana, aboard an Ariane 44L
launch vehicle.

Intelsat 907 is the seventh satellite in the Intelsat IX series
that SS/L has delivered since 2001. Overall, it is the thirty-first
satellite SS/L has delivered to the international communications
provider since 1980. SS/L has now built nearly half of Intelsat’s
historical space fleet, significantly more than any other
manufacturer.

“Space Systems/Loral is proud to be such a substantial supplier to
Intelsat,” C. Patrick DeWitt, SS/L’s president and chief operating
officer, said. “Our close, two-decade long relationship has played a
large part in the success of Space Systems/Loral.”

From its orbital position at 332.5 degrees East longitude,
Intelsat 907 will serve the Atlantic Ocean region, including the
Americas, Europe and Africa.

The Satellite

The Intelsat IX satellites are some of the largest and most
advanced built by SS/L to date. Intelsat 907 carries 22 Ku-band and up
to 76 C-band transponders (in 36 MHz equivalents), and has solar
arrays that generate more than 9.5 kilowatts of power (beginning of
life). Each Intelsat IX spacecraft carries more high-power amplifiers
and generates more solar array power than its predecessors with only a
small increase in dry mass.

This increased power and efficiency provide Intelsat with better
coverage and stronger signals to help satisfy the demand for digital
services, smaller earth stations, and specialized communications
services. The Intelsat IX series of satellites are replacing the
Intelsat series now on orbit to provide enhanced voice, video, and
data transmission services across the globe.

The spacecraft is based on SS/L’s space-proven 1300 geostationary
satellite platform, which has an excellent record of reliable
operation. The 1300 is designed to achieve a long useful life, in this
case 13 years, excellent station-keeping, and orbital stability by
using bipropellant propulsion and momentum-bias systems. High
efficiency solar arrays and batteries provides uninterrupted
electrical power. In all, SS/L satellites have amassed nearly 1,000
years of on-orbit service.

The Companies

Intelsat, Ltd., offers telephony, corporate network, broadcast and
Internet solutions around the globe via capacity on 25 geosynchronous
satellites in prime orbital locations. Customers in more than 200
countries and territories rely on Intelsat satellites and staff for
quality connections, global reach, and reliability. For more
information, visit www.intelsat.com.

Space Systems/Loral is a premier designer, manufacturer, and
integrator of powerful satellites and satellite systems. SS/L also
provides a range of related services that includes mission control
operations and procurement of launch services. Based in Palo Alto,
California, the company has an international base of commercial and
governmental customers whose applications include broadband digital
communications, direct-to-home broadcast, governmental communications,
environmental monitoring, and air traffic control. SS/L is ISO 9001
certified. For more information, visit www.ssloral.com.

Loral Space & Communications is a satellite communications
company. It owns and operates a global fleet of telecommunications
satellites used by television and cable networks to broadcast video
entertainment programming, and by communication service providers,
resellers, corporate and government customers for broadband data
transmission, Internet services and other value-added communications
services. Loral also is a world-class leader in the design and
manufacture of satellites and satellite systems through its Space
Systems/Loral subsidiary. For more information, visit Loral’s web site
at www.loral.com.

This document contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. In
addition, Loral Space & Communications Ltd. or its representatives
have made or may make forward-looking statements, orally or in
writing, which may be included in, but are not limited to, various
filings made by the company with the Securities and Exchange
Commission, press releases or oral statements made with the approval
of an authorized executive officer of the company. Actual results
could differ materially from those projected or suggested in any
forward-looking statements as a result of a wide variety of factors
and conditions, which have been described in the section of the
company’s annual report on Form 10-K for the fiscal year ended
December 31, 2001, entitled “Certain Factors That May Affect Future
Results,” and the company’s other filings with the Securities and
Exchange Commission. The reader is specifically referred to these
documents.