BEDMINSTER, NJ - November 11, 2003 - Loral Skynet announced that Telstar 13 has successfully completed its in-orbit testing and is in operation at its 121 degrees West longitude orbital slot. Pending regulatory approval, Loral has agreed to sell Telstar 13, along with four other North American telecommunications satellites to Intelsat, Ltd., Hamilton, Bermuda.

On August 8, 2003, Telstar 13 was launched from the Odyssey Launch Platform, positioned on the Equator in the Pacific Ocean, on a Sea Launch Zenit-3SL rocket. In a unique satellite sharing arrangement, EchoStar Communications Corporation, Littleton, Colo., operates the Ku- and Ka-band payloads on the satellite as EchoStar IX; Loral Skynet owns and operates the C-band payload as Telstar 13.

Telstar 13's 24 C-band FSS transponders operating at 36 MHz will provide Skynet's cable programming customers with coverage throughout North America, including Alaska, Hawaii and Puerto Rico. Skynet's current satellite serving cable programmers, Telstar 7, is operating nearby at 129 degrees West longitude. Together the satellites form a very attractive platform to cable programmers looking for the benefits of a strong neighborhood and restoration solutions.

A pioneer in the satellite industry, Loral Skynet continues to deliver the superior service quality and range of satellite solutions that have made it an industry leader for more than 40 years. With its fleet of satellites and its established hybrid VSAT/fiber global network infrastructure, Skynet offers a unique, single source for all broadcast, data network, Internet access and IP needs. Headquartered in Bedminster, New Jersey, Skynet is dedicated to providing secure, high-quality connectivity and communications. For more information, visit www.loralskynet.com.

In addition to being the parent company of Loral Skynet, Loral Space & Communications (OTCBB: LRLSQ) is a world-class leader in the design and manufacture of satellites and satellite systems for commercial and government applications 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.