Multi-band satellite to fill commercial and military communications needs

PALO ALTO, CALIF. – June 11, 2003 – The Optus and Defence C1 communications
satellite, built by Space Systems/Loral (SS/L) under contract from
Mitsubishi Electric Corporation for Optus of Australia, was successfully
launched at 6:38 p.m. EDT today, sent into space from the Spaceport at
Kourou, French Guiana aboard an Ariane 5 rocket. SS/L is a wholly-owned
subsidiary of Loral Space & Communications (NYSE: LOR).
Optus and Defence C1 is one of the most advanced communications satellites
ever built, carrying a total of 16 antennas that will provide 18 beams
across Australia, New Zealand, and the Asia-Pacific region, as well as
global beams covering a large area from India to Hawaii. The advanced
communications payload operates in four different frequency bands —
commercial services at Ku-band, and military communications at UHF, X- and
Ka-bands. It will operate from an orbital slot at 156 degrees East
longitude.

"The successful launch of Optus and Defence C1 is the culmination of a
unique commercial and military partnership," said Patrick DeWitt, president
of SS/L. "Optus and Defence C1 will serve as an important example of the
benefits that commercial satellites can provide in certain types of military
communications – including reduced costs and shorter deployment times. We
are proud to have been chosen to participate in this pioneering effort."

Optus, a leading Australian integrated telecommunications company, will use
Optus and Defence C1’s Ku-band payload to distribute video, direct-to-home
TV, and telephony and Internet connections to remote areas.

For the Australian Department of Defence, the satellite’s Ka-band payload
will provide high-data-rate broadcast coverage for video, and voice and data
communications. The X-band payload will provide medium- to high-data-rate
voice and data for land and maritime applications. The UHF payload will
provide secure low-rate voice and data communications to mobile platforms.

The Satellite

Optus and Defence C1 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 life, in this case 15 years. The 1300
achieves high stability by using bipropellant propulsion and momentum-bias
attitude control systems. A system of high-efficiency solar arrays and
batteries provide uninterrupted electrical power. Total satellite power will
be approximately 10 kW at end of life (EOL), and the spacecraft will have a
launch mass of nearly five metric tons. In total, SS/L satellites have
amassed more than 1,000 years of on-orbit service.

Optus managed the procurement, teamed with the Australian Department of
Defence. Japan’s Mitsubishi Electric Corporation (MELCO), the prime
contractor, teamed with SS/L, which designed, assembled, integrated and
tested the spacecraft at its California facility. SS/L also supplied the
Ku-band subsystem. MELCO was responsible for the overall payload.

The Companies

Optus is Australia’s leading integrated communications company, serving
around six million customers each day. The company provides a broad range
of communications services including mobile, national and long distance
services, local telephony, business network services, Internet and satellite
services and subscription television.

Since commencing operations in 1992, Optus has invested more than $7 billion
in the construction of fixed, mobile and satellite networks, including
central business district and suburban local access networks. These
networks provide the company with an advanced technology platform capable of
delivering integrated communications, information and entertainment
services.

On August 30, 2001, Optus became a 100 percent-owned subsidiary of SingTel,
which began trading on the Australian Stock Exchange (ASX) on September 10,
2001, under the ASX code "SGT AU." SingTel is also traded on the Singapore
Exchange (SGX) under the SGX code "ST SP."

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, Calif., 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
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
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, 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, 2002, 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.

Contacts:

John McCarthy
Loral Space & Communications
212-338-5345

Joni Gathercole
Optus
+61-2-9342-7850