PALO ALTO, CALIF. - February 15, 2003 - Intelsat 907, the latest in a long line of advanced communications satellites built for Intelsat by Space Systems/Loral, a subsidiary of Loral Space & Communications (NYSE: LOR), was successfully launched at 2:00 a.m. EST today. The satellite was sent into space from the European Spaceport at Kourou, French Guiana, aboard an Ariane 44L launch vehicle.

Intelsat 907 is the seventh satellite in the Intelsat IX series that SS/L has delivered since 2001. Overall, it is the thirty-first satellite SS/L has delivered to the international communications provider since 1980. SS/L has now built nearly half of Intelsat's historical space fleet, significantly more than any other manufacturer.

"Space Systems/Loral is proud to be such a substantial supplier to Intelsat," C. Patrick DeWitt, SS/L's president and chief operating officer, said. "Our close, two-decade long relationship has played a large part in the success of Space Systems/Loral."

From its orbital position at 332.5 degrees East longitude, Intelsat 907 will serve the Atlantic Ocean region, including the Americas, Europe and Africa.

The Satellite

The Intelsat IX satellites are some of the largest and most advanced built by SS/L to date. Intelsat 907 carries 22 Ku-band and up to 76 C-band transponders (in 36 MHz equivalents), and has solar arrays that generate more than 9.5 kilowatts of power (beginning of life). Each Intelsat IX spacecraft carries more high-power amplifiers and generates more solar array power than its predecessors with only a small increase in dry mass.

This increased power and efficiency provide Intelsat with better coverage and stronger signals to help satisfy the demand for digital services, smaller earth stations, and specialized communications services. The Intelsat IX series of satellites are replacing the Intelsat series 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. High efficiency solar arrays and batteries provides uninterrupted electrical power. In all, SS/L satellites have amassed nearly 1,000 years of on-orbit service.

The Companies

Intelsat, Ltd., offers telephony, corporate network, broadcast and Internet solutions around the globe via capacity on 25 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 that includes 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, governmental 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 satellite communications company. It owns and operates a global fleet of telecommunications satellites used by television and cable networks to broadcast video entertainment programming, and by communication service providers, resellers, corporate and government customers for broadband data transmission, Internet services and other value-added communications services. Loral also is a world-class leader in the design and manufacture of satellites and satellite systems through its Space Systems/Loral subsidiary.

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, Loral Space & Communications Ltd. or its representatives have made or may make forward-looking statements, orally or in writing, which 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, which 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.