NEW YORK - May 7, 2002 - DIRECTV 5, a direct broadcast services (DBS) satellite built for DIRECTV, Inc. by Space Systems/Loral (SS/L), a subsidiary of Loral Space & Communications (NYSE: LOR), was successfully launched today at 1:00 p.m. EDT (5:00 p.m. GMT). The satellite was sent into space from the Baikonur Cosmodrome in Kazakhstan aboard a Proton K/Block DM launch vehicle provided by International Launch Services (ILS).

The DIRECTV 5 satellite is ideally suited for commercial broadcast applications in Ku-Band, with a payload optimized to meet the transmission demands of today's direct-broadcast markets. Its large capacity enhances the DIRECTV satellite fleet by providing much-needed bandwidth for expanded services.

DIRECTV 5 is the second Loral-built satellite in the direct-to-home television provider's fleet, joining DIRECTV 6 already in orbit. SS/L has also begun construction on the newest and most advanced DIRECTV satellite to date, DIRECTV 7S, expected to enter service by the end of 2003.

"We are extremely proud to deliver the DIRECTV 5 satellite to DIRECTV," said Pat DeWitt, president, Space Systems/Loral. "As DIRECTV continues to expand its fleet and services, we look forward to providing reliable, powerful and flexible satellites."

"DIRECTV is looking forward to the on-orbit delivery of the newest addition to our satellite fleet, DIRECTV 5. We appreciate the effort that SS/L has expended to deliver a customized satellite ready to provide expanded service to our customers," said David Baylor, executive vice president, DIRECTV, Inc.

DIRECTV 5 will be positioned at 119° West longitude, replacing DIRECTV 6, which will become an in-orbit spare.

The flexible DIRECTV 5 satellite also can operate at two other orbital positions - 110° WL and 101° WL. The satellite carries 32 Ku-band transponders operating at 113 W per channel, switchable to 16 transponders operating at 220 W per channel. Total satellite power is approximately 10 kW when it reaches geosynchronous orbit. The spacecraft has three communications antennas: two deployed 2.4-m transmit antennas and one 1.2-m receive antenna.

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 12 years, excellent station-keeping, and orbital stability by using bipropellant propulsion and momentum-bias systems. Solar arrays and batteries provide uninterrupted electrical power. In all, SS/L satellites have amassed a total of more than 900 years of on-orbit service.

The Companies

DIRECTV is the nation's leading digital satellite television service provider with more than 10.5 million customers. DIRECTV and the Cyclone Design logo are registered trademarks of DIRECTV, Inc., a unit of Hughes Electronics Corporation. HUGHES is the world's leading provider of digital television entertainment, broadband services, satellite-based private business networks, and global video and data broadcasting. The earnings of HUGHES, a unit of General Motors Corporation, are used to calculate the earnings per share attributable to the General Motors Class H common stock (NYSE: GMH). For more information, visit www.directv.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, including 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, defense 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 high technology company that concentrates primarily on satellite manufacturing and satellite-based services, 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.