NEW YORK - August 6, 2004 - Loral Space & Communications announced today that Patrick K. Brant has been named president of subsidiary Loral Skynet. Mr. Brant succeeds Terry Hart.

Mr. Brant, 53, takes the helm at Loral Skynet as Loral prepares to file a plan of reorganization that should allow it to emerge from bankruptcy before the end of the year. Loral Skynet owns and operates a fleet of four telecommunications satellites that, in combination with its established hybrid VSAT/fiber global network infrastructure, provides secure, high-quality video broadcasting, broadband data transmission, Internet services and other value-added communications services to commercial and government customers.

Mr. Brant served as an executive at Loral Cyberstar from 1999 to 2003, ultimately as its president and chief operating officer. He was a leading participant in Cyberstar's integration into Loral Skynet in 2003. His strong sales, marketing and business development background includes senior management positions at satellite companies, including Orbital Communications and American Mobile Satellite Corporation. Mr. Brant holds a Bachelor of Science degree in Economics from the University of Maryland.

"Pat Brant's strong sales and marketing experience, knowledge of the industry, and leadership capabilities will unquestionably enhance our efforts to build out our international network of satellite services," stated Bernard L. Schwartz, chairman and chief executive officer of Loral.

Terry Hart, who served as president of Loral Skynet for seven years, left the company to pursue a career in academia, a longstanding objective. "We are grateful to Terry Hart, under whose leadership Loral Skynet grew from a one-satellite company in 1997 to an international satellite services company today. He has our respect and admiration for staying the course through the recent difficult time at Loral and in our industry," Mr. Schwartz continued, "and we wish him well."

Loral Space & Communications is a satellite communications company. In addition to having Loral Skynet as its subsidiary, Loral, through its Space Systems/Loral subsidiary is a world-class leader in the design and manufacture of satellites and satellite systems for commercial and government applications including direct-to-home television, broadband communications, wireless telephony, weather monitoring and air traffic management.

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, 2003, entitled "Commitments and Contingencies," and the company's other filings with the Securities and Exchange Commission. The reader is specifically referred to these documents.