PALO ALTO, CALIF. - September 9, 2003 - Space Systems/Loral (SS/L), a subsidiary of Loral Space & Communications (OTCBB: LRLSQ), today announced that Mr. Greg Harms and Mr. Bill Weller will assume marketing and sales responsibilities in Asia, succeeding Dr. Paul R. Davis who retired in August.

Mr. Harms, marketing and sales vice president and a seasoned professional with 25 years of experience in the satellite industry, will be responsible for SS/L's customers in Japan and Korea, in addition to his current responsibilities in Europe.

Mr. Weller, a marketing and sales vice president at SS/L and 26-year satellite industry veteran, will team with Mr. Harms, supporting customers in Japan, China and Hong Kong in addition to his current responsibilities in North America.

"Loral's dedication to Asia remains strong," said Arnold Friedman, senior vice president of marketing and sales. "The Asian market is a high growth potential area and Space Systems/Loral will continue to apply its many resources in the region."

Mr. Tony Colucci, marketing and sales vice president, continues to be responsible for supporting customers in South Asia and the Middle East.

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 include mission control operations and procurement of launch services. Based in Palo Alto, Calif., 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 9001:2000 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. These factors include those related to the filing, on July 15, 2003 by Loral and certain of its subsidiaries, of voluntary petitions for reorganization under Chapter 11 of Title 11 of the United States Code in the United States District Court for the Southern District of New York and parallel insolvency proceedings in the Supreme Court of Bermuda in which certain partners of KPMG were appointed as joint provisional liquidators. Additional factors and conditions are also described in the section of the company's annual report on Form 10-K for the fiscal year ended December 31, 2002, 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.