NEW YORK - January 15, 2002 - Loral Space & Communications (NYSE: LOR) today announced that Dr. Joel Schindall has been named vice president and chief technical officer. In this position, Dr. Schindall will develop and coordinate Loral's strategic and technical growth objectives. Dr. Schindall will report to Eric Zahler, president and chief operating officer.

Dr. Schindall, 60, most recently was senior vice president of engineering and development and chief engineer at Globalstar, the global mobile satellite telephone company. At Globalstar, Dr. Schindall was responsible for the successful development and deployment of the ground and communications segments of the system. He also oversaw the overall engineering integrity of the Globalstar system and identified potential additional system applications and technologies.

"As chief technical officer, Joel will lead the company's continuing technological development across Loral's business units, working with our existing engineering teams as well as with our customers," said Eric Zahler, president and chief operating officer of Loral. "We are pleased that he has accepted this important responsibility."

Before joining Globalstar, Dr. Schindall spent more than eight years with the former Loral Corporation as president of Loral Conic, a division in San Diego, Calif. that designs and manufactures rugged telemetry equipment used in flight testing of missiles and spacecraft.

Prior to that, Dr. Schindall held a variety of positions at Watkins-Johnson Company in Palo Alto, Calif., including manager of the Recon Division. Dr. Schindall's work during his 19 year tenure there included the invention of several unique products, a direct role in conceiving and developing an entire family of advanced computer-controlled microwave receivers, and a key role in the staffing and leadership of the division.

Dr. Schindall received his bachelor's, master's and doctorate degrees in electrical engineering from the Massachusetts Institute of Technology. During his graduate years, he developed and taught several engineering courses and received an award for excellence in teaching.

Loral Space & Communications is a high-technology company that concentrates primarily on satellite manufacturing and satellite-based services, including transponder leasing and value-added services, domestic and international corporate data networks, broadband data transmission and content, Internet and international direct-to-home satellite services.

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 Loral'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.