For this satellite newsgathering (SNG) application, Loral Skynet will provide TV Globo with full-time satellite capacity, dedicated occasional capacity and satellite access management monitored by a team of operations professionals from Skynet's Hawley, Pennsylvania earth station.

"TV Globo, like many other programmers with Brazilian and Latin American coverage needs, benefits from the unique, hemispheric broadcasting capabilities of the Telstar 12 satellite," said Terry Hart, president, Loral Skynet. "Skynet is committed to serving the Brazilian and Latin American regions from high-powered platforms like Telstar 12. With the launch of the Estrela do Sul satellite next year, Skynet will have the tools in place to meet Latin America's growing demand for connectivity."

Loral Skynet do Brasil's Estrela do Sul satellite, currently scheduled to enter service in 2003, will provide Ku-band services from its 63° degrees West orbital position. Now under construction and testing at Space Systems/Loral in Palo Alto, Calif., the satellite's unique coverage patterns will provide Skynet's customers with access to Brazilian and Latin American markets.

"For TV Globo, consolidating our incoming video feeds on Telstar 12 will reduce our operating costs and greatly simplify the process of transmitting images generated throughout North and South America for distribution to TV Globo stations in Brazil," said José Ricardo Mello dos Santos, News and Sports Division Engineering Director, TV Globo.

Launched in 1965, TV Globo's Rede Globo television network is the largest television programmer in Brazil, reaching audiences in 99.84% of Brazil's 5,043 municipal districts. Rede Globo operates 113 full power television stations and captures 74% of prime-time audiences, 56% of morning audiences, 59% of afternoon audiences and 69% of late-night viewers. Its advertising revenues account for approximately 75% of all Brazil's placement budgets.

On the air 24 hours a day, Rede Globo records and airs a multitude of soap operas, mini-series, comedy hours, musical events and news programs and specials throughout the year. Programming totals nearly 4,500 hours a year, equivalent to 2,210 full-length features, which ranks it as the world's largest television program producer. Dubbed in a wide variety of languages, this treasure-trove of small-screen gems relays all the myth and magic of Brazil to some 130 countries all over the world. For more information, visit Rede Globo on the Internet at www.redeglobo.com.br.

Loral Skynet of Bedminster, N.J. is a leading satellite communications services provider that operates the Telstar satellite fleet. This fleet provides C-band and Ku-band coverage to over 85%of the world's population for the transmission of video and data services. Loral Skynet also offers gateway access services and transmission platforms through Skynet Network Services. Knowledge and management services for the deployment and development of customized satellite solutions are offered through Skynet Professional Services. Loral Skynet is a member of the Loral Global Alliance, which, along with Europe*Star, Loral Skynet do Brasil and Satmex offers customers coordinated operations to meet today's communications needs. For more information, visit Loral Skynet's web site at: www.loralskynet.com.

Loral Space & Communications is a high technology company that concentrates primarily on satellite-based services and satellite manufacturing, 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.