GOES-M, the latest in a
line of advanced U.S. weather satellites built for NOAA and NASA by
Space Systems/Loral, was successfully launched by NASA at 3:23 a.m.
EDT this morning.

The satellite was sent into space aboard an Atlas IIA rocket from
Launch Complex 36, Pad 36A at the Cape Canaveral Air Force Station,
Florida. Space Systems/Loral is a subsidiary of Loral Space &
Communications .

In the next several days, GOES-M (Geostationary Operational
Environmental Satellite) will be moved to an on-orbit storage location
where it will be ready to take up the GOES mission of monitoring
hurricanes, severe thunderstorms, flash floods and other severe
weather. GOES-M, which will later be renamed GOES-12, is the fifth of
five similar satellites built for NOAA/NASA by SS/L, the first
launched in 1994. Launches are staggered to keep at least two
operational satellites in orbit at all times.

“The GOES I through L series of spacecraft has proven themselves
to be a large step forward in the our ability to predict severe
weather. We have appreciated the many contributions from Space
Systems/Loral and look forward to its continued support,” said Martin
Davis, NASA’s GOES Project Manager.

“The GOES weather satellites provide critical data to users such
as The National Weather Service, the Department of Defense, farmers,
the air traffic control system, and all U.S. television stations,”
said John M. Klineberg, president of SS/L. “We are proud to have
played a role in NOAA/NASA’s essential environmental monitoring
mission for more than 25 years.”

“Our relationship began when SS/L developed the spin-stabilized
Synchronous Meteorological Satellites that were first launched in 1974
and were later replaced by the current series of GOES spacecraft,”
Klineberg added. In an SS/L reliability milestone, GOES-8, the first
of the current series, continues its uninterrupted operation now
approaching seven years, almost 50% longer than its five-year mission
design life.

SS/L satellites, which have amassed more than 800 years of
reliable on-orbit service, are designed to achieve long useful orbital
life using bi-propellant propulsion and momentum-bias systems for
excellent station-keeping and orbital stability. A system of solar
arrays and batteries provides uninterrupted electrical power.

The on-board meteorological sensing instruments for GOES-M include
the Imager and Sounder instruments manufactured by ITT Industries,
Aerospace Communications Division, developed under contract to SS/L.
GOES-M is the first GOES spacecraft equipped with an advanced Solar
X-Ray Imager, which was provided by NASA. This instrument will capture
full-disk X-Ray images of the Sun that will provide advanced warning
for geomagnetic storms that can negatively affect communications and
electric power grids and may cause high-energy radiation that can
endanger spacecraft and astronauts.

The United States operates two meteorological satellites in
geostationary orbit 22,300 miles over the Equator, one over the East
Coast and one over the West Coast. GOES-10, launched in 1997,
currently overlooks the West Coast and the Pacific Ocean including
Hawaii from its position at 135 degrees West longitude. GOES-8,
launched in April 1994, provides coverage for the East Coast and out
into the Atlantic Ocean and is stationed at 75 degrees West longitude.
GOES-9 and GOES-11 are in storage orbits near 105 degrees West
longitude. GOES-M will be positioned in the same general area.

NOAA’s National Environmental Satellite, Data, and Information
Service (NESDIS) operates the GOES series of satellites. After the
satellites complete on-orbit checkout, NOAA assumes responsibility for
command and control, data receipt, and product generation and
distribution. The GOES spacecraft are a critical component of the
ongoing National Weather Service modernization program, aiding
forecasters in providing more precise and timely forecasts.

The Goddard Space Flight Center manages the design, development
and launch of the spacecraft for NOAA, and NASA’s Kennedy Space Center
in Florida is responsible for government oversight of launch
operations and countdown activities.

Space Systems/Loral is one of the world’s premier designers,
manufacturers, and integrators of powerful geostationary (GEO)
satellites and satellite systems. SS/L also provides a range of
related services, including mission control operations and procurement
of launch services. Based in Palo Alto, California, SS/L has an
international base of commercial and governmental customers whose
applications include broadcast video distribution, broadband digital
communications, direct-to-home broadcast, environmental monitoring,
and air traffic control. SS/L is ISO 9001 certified. For more
information, visit www.ssloral.com.

Loral Space & Communications is a high technology company that
concentrates primarily on satellite manufacturing and satellite-based
services, including broadcast transponder leasing and value added
services, domestic and international corporate data networks,
broadband data transmission and content services and Internet
services. 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, from time to time, Loral Space & Communications Ltd. or its
representatives have made or may make forward-looking statements,
orally or in writing. Such forward-looking statements 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. These factors and
conditions have been described in the section of the company’s annual
report on Form 10-K for the fiscal year ended December 31, 2000,
entitled “Certain Factors That May Affect Future Results,” and the
company’s other filings with the Securities and Exchange Commission.
With regard to forward-looking statements concerning Loral CyberStar,
Inc. and its business, financial condition, results of operations and
prospects, the factors and conditions which could materially affect
these statements are described in the section of Loral CyberStar’s
annual report on Form 10-K for the fiscal year ended December 31,
2000, entitled “Certain Factors That May Affect Future Results.” The
reader is specifically referred to these documents regarding the
factors and conditions that may affect future results.