PALO ALTO, CALIF. - March 20, 2003 - Space Systems/Loral (SS/L), a subsidiary of Loral Space & Communications (NYSE: LOR), today announced that its satellites have collectively achieved more than 1,000 years - an entire millennium - of on-orbit service, marking a new milestone in experience and reliability.

SS/L satellites have covered the globe for decades, beginning with the 1960 launch of Courier, the world's first active repeater communications satellite. Since then, SS/L satellites have served mission critical commercial and government applications as diverse as international communications, satellite radio services, direct-to-home broadcast, satellite telephony, environment (weather) monitoring, Internet services, governmental communications, and air traffic control.

Altogether, 162 SS/L satellites, including seven launched in 2002, have been placed into service around the globe over the past 43 years. SS/L plans to launch eight to ten more in 2003.

"Our greatest strengths are our ability to create satellite designs that maximize our customers' business solutions and our drive for reliability," said C. Patrick DeWitt, president of SS/L. "The ingenuity, dedication and competence of our employees help keep us in the forefront of our industry. Highly trained, they invent our leading-edge technology, build our reliable satellites and make sure our customers are satisfied."

Reliability Counts

SS/L continuously researches and refines the design of every component, system, and subsystem, from antennas to power systems, all with an eye to making each more efficient, more reliable and more robust. It is not uncommon for SS/L's satellites to last far beyond their required design life and continue to produce revenues for their owners.

The Products

SS/L's geostationary satellites continue to evolve to best meet the current and future needs of commercial and governmental satellite operators. SS/L offers its customers a wide range of power and capability through its space-proven 1300 satellite. The power on SS/L-designed satellites can range from small satellites with 5 kilowatts to larger spacecraft as high as 25 kilowatts supporting as many as 150 transponders.

SS/L designs offer several technological differentiators, including re-configurable spot beams that deliver coverage to precisely defined areas, re-configurable capacity, and on-board switching. The satellites are designed to achieve long useful orbital life, precise stationkeeping, excellent fuel economy and orbital stability by using advanced propulsion and stabilization systems.

The Company

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. Through its Skynet subsidiary, 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.