NEW YORK - January 17, 2002 - Loral Space & Communications (NYSE: LOR) announced today that Nicholas C. Moren, senior vice president and treasurer, will retire from the company on February 15, 2002. An officer of the company since 1991, Mr. Moren is relocating with his family to Australia.

"Nick made a substantial contribution during his eleven years at Loral," stated Bernard L. Schwartz, Loral chairman and chief executive officer. "We will miss his participation on Loral's senior management team but wish him well as he pursues the good life 'Down Under'."

Richard Mastoloni, vice president and assistant treasurer, has been elected to succeed Mr. Moren as treasurer. Mr. Mastoloni, 37, joined Loral's treasury department in 1997 and has participated extensively with Mr. Moren in the company's equity and debt offerings, the structuring of bank loans, and the development of relationships with numerous financial institutions. Mr. Schwartz noted, "Nick and Richard together headed a team of talented people, and Richard will provide continuity and experience for this key position."

Prior to joining Loral, Mr. Mastoloni spent 11 years with Chase Securities where he was vice president of its media and telecommunications investment banking group, executing corporate finance and merchant banking transactions for wireless and telecommunications clients. Before that, he was a vice president in the bank's global mergers and acquisitions group.

Mr. Mastoloni holds a master's in business administration from Columbia University where he was a member of Phi Beta Kappa. He earned his undergraduate degree in economics from the University of Vermont.

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, content and Internet 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 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.