The satellite was sent into space from the Baikonur Cosmodrome in Kazakhstan, aboard an ILS Proton K/DM3 launch vehicle.

Intelsat 903 is the fourth satellite launched in the IX series, and the 28th satellite SS/L has delivered to the international satellite operator since 1980. Two more satellites, Intelsat 905 and Intelsat 906, are scheduled for launch later this year, with the final satellite in the series, Intelsat 907, set to launch early in 2003.

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.

Intelsat 903 will provide fixed satellite services to North and South America, Europe, Africa and the Middle East from its 325.5 degrees East longitude orbital position.

"We are grateful to SS/L for building the Intelsat 903 satellite, which will provide the powerful and flexible services that our customers have come to expect," said Intelsat Ltd. CEO Conny Kullman. "Certainly, our 99.9993% fleet reliability in 2001 is indicative of our commitment to launching high-quality satellites."

Each of the new Intelsat IX series satellites carries 76 C-band and 24 Ku-band transponders (in 36MHz equivalents), and solar arrays that generate more than 8.6 kilowatts of power (beginning of life). Each spacecraft in the Intelsat IX series 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. Many of the IX series satellites will serve as replacements for the Intelsat VI satellites, now in orbit, and will 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 21 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 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.

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.