Loral-Built Intelsat 904 Telecommunications Satellite Successfully Launched.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 23, 2002

New Spacecraft is Third in Intelsat IX Series; 27th Satellite

Built by Space Systems/Loral for Intelsat

Intelsat 904, the latest in a line of advanced communications satellites built for Intelsat by Space Systems/Loral, a subsidiary of Loral Space & Communications (NYSE: LOR), was successfully launched at 1:59 a.m. EST (6:59 a.m. GMT) this morning.

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

"Intelsat is one of SS/L's most important and longstanding customers and we are proud to support its global communications mission with the delivery of this satellite," said Pat DeWitt, president of SS/L. "The Intelsat IX satellites are some of the largest and most advanced satellites that SS/L has built and launched to date, providing a tremendous coverage area and strong signals for new digital applications."

Intelsat 904 is the third satellite in the IX series, and the 27th satellite SS/L has delivered to the international satellite operator since 1980. 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 manufacturer. The remaining four satellites in the series will be completed and launched later this year.

Intelsat 904 will provide service to Europe, the Middle East, Africa, and Asia from its orbital position at 60 degrees East longitude.

"The successful launch of Intelsat 904 significantly expands our ability to provide a range of enhanced services to our current and future customers in Europe, the Middle East, Africa, and Asia," said Conny Kullman, CEO, Intelsat, Ltd. "We are pleased with the performance of Space Systems/Loral in successfully delivering yet another advanced satellite system."

The Satellites

Each of the new Intelsat IX series satellites carries 76 C-band and 24 Ku-band operating transponders (in 36MHz 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 Intelsat IX spacecraft will provide better coverage and stronger signals to help satisfy the burgeoning global appetite 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 is a privately held international communications provider offering Internet, broadcast, telephony and corporate network solutions around the globe through its fleet of 21 satellites. For nearly four decades, leading telecommunications companies, multinational corporations and broadcasters in more than 200 countries and territories have relied 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, 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 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, 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. The reader is specifically referred to these documents regarding the factors and conditions that may affect future results.