New Spacecraft is Fifth in Intelsat IX Series – 29th Satellite Built by Space Systems/Loral for Intelsat

Intelsat 905,
the latest in a line of advanced communications satellites built for
Intelsat by Space Systems/Loral, a subsidiary of Loral Space &
Communications, was successfully launched at 2:44 a.m. EDT
this morning.

The satellite was sent into space from the European Spaceport at
Kourou, French Guiana, aboard an Ariane 44L launch vehicle.

Intelsat 905 is the fifth satellite in the Intelsat IX series, and
the 29th satellite SS/L has delivered to the international satellite
operator since 1980. Intelsat 906 is scheduled for launch later this
year, with the final satellite in the series, Intelsat 907, set to
launch early in 2003. The Intelsat IX satellites are some of the
largest and most advanced satellites that SS/L has built to date.

With the delivery of all seven spacecraft in the Intelsat IX
series, SS/L will have built 31 spacecraft for Intelsat, nearly half
of its historical fleet, and significantly more than any other

Intelsat 905 will provide service to North and South America,
Europe, Africa and the Middle East from its orbital position at 335.5
degrees East longitude.

Each of the new Intelsat IX series satellites carries 76 C-band
and 22 Ku-band operating transponders (in 36 MHz equivalents), and its
solar arrays will generate more than 8.6 kilowatts of power (beginning
of life). The Intelsat IX series of spacecraft carries a much greater
percentage of high-power amplifiers and generates more solar array
power than its predecessors with only a small increase in dry mass.

The increased power and efficiency of the spacecraft will provide
Intelsat with better coverage and stronger signals to help satisfy the
demand for digital services, smaller earth stations, and specialized
communications services. They are replacing the Intelsat VI
satellites, 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. A system of
high efficiency solar arrays and batteries provides uninterrupted
electrical power. In all, SS/L satellites have amassed a total of more
than 900 years of on-orbit service.

The Companies

Intelsat, Ltd., offers telephony, corporate network, broadcast and
Internet solutions around the globe via capacity on 23 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

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, including 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, defense communications,
environmental monitoring, and air traffic control. SS/L is ISO 9001
certified. For more information, visit

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 Internet services. For more
information, visit Loral’s web site at

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, 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 regarding the
factors and conditions that may affect future results.