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SPACE SYSTEMS/LORAL AWARDED $103 MILLION CONTRACT TO BUILD CRITICAL POWER SYSTEMS FOR THE INTERNATIONAL SPACE STATION

SS/L to Build 40 New Batteries Under a Sub-Contract From Boeing NASA Systems

PALO ALTO, CALIF. - July 8, 2003 - Space Systems/Loral (SS/L), a subsidiary of Loral Space & Communications (NYSE: LOR), today announced that it has won a contract from Boeing NASA Systems, Houston, Texas, to build 40 replacement batteries for the U.S. photovoltaic, or power-producing, module of the International Space Station (ISS). These replacement units will be used as spares or to replace older ISS batteries currently on orbit.

"SS/L has been a key contractor to Boeing for a variety of ISS related projects over the past two decades, and we are very pleased to be continuing that work at this critical time in the development of the International Space Station," said C. Patrick DeWitt, president of Space Systems/Loral.

The seven-year contract with Boeing NASA Systems calls for the delivery of 40 battery Orbital Replacement Units (ORUs), in addition to the 21 ISS battery ORUs that SS/L is currently on contract to deliver to Boeing over the next two years.

SS/L's advanced nickel-hydrogen batteries are used to store electrical energy for use during the 16 solar eclipse periods that the ISS encounters during its daily orbits around the earth.

Since 1994, SS/L has manufactured more than 50 batteries for the final on-orbit configuration of the Space Station. SS/L's first batteries were carried to the Space Station on November 30, 2000, aboard the Space Shuttle Endeavor.

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, governmental 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.

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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 Ex-change 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 state-ments as a result of a wide variety of factors and conditions, which have been described in the section of the com-pany'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.

Contact:
John McCarthy
Loral Space & Communications
212/338-5345