BEDMINSTER, NJ - November 24, 2003 - Loral Skynet today announced that it has reached an agreement with Universidad Pedagógica y Tecnológica de Colombia (UPTC), Tunja, Colombia, to provide the school with Internet access using a very small aperture terminal (VSAT) satellite network hosted on Loral's Telstar 12 satellite. Loral Skynet is a subsidiary of Loral Space and Communications (OTCBB: LRLSQ).

UPTC's network will provide a telecommunications and computer infrastructure in Colombia to promote Internet use throughout the intermediate and secondary school system, and technological training in different municipalities throughout the country.

As part of a Colombian presidential initiative, UPTC will employ Skynet's reliable, high-speed Internet trunking service to provide cost-effective and fast Internet connectivity. The VSAT system is designed to enhance communications capabilities and educational opportunities for Colombia's rural population and improve communications between Colombia's academic and research centers and other institutions worldwide.

"VSAT technology offers solutions unmatched by competing technologies. The nature of satellite-based VSAT networks allows it to operate independent of terrestrial infrastructure and provides powerful and dependable high-speed connectivity, even in the most remote locations of our country," said Mr. Carlos A. Salamanca, director of UPTC. "Skynet's VSAT network is ideally suited for countries such as Colombia where traditional terrestrial communication networks are inadequate or impossible to establish due to geographic obstacles such as mountains, jungles and bodies of water."

The pilot plan for virtual classrooms, Internet access and data transmission has been implemented in the municipality of Yopal (Casanare) in Colombia. Five secondary schools within the city limits and two in rural areas are serviced by a Skynet VSAT network.

"Few would question that the latest technologies for learning should be available in all schools," stated Terry Hart, president, Loral Skynet. "However, the cost of providing such connectivity via traditional terrestrial methods is prohibitive to many school systems throughout the Americas because of their geography or remote locations. Skynet's VSAT solutions are helping governments overcome these obstacles."

Loral Skynet's VSAT technology provides data, voice and video communications between any number of geographically dispersed sites for applications as diverse as large-file transfer, desktop streaming of video and audio and voice communications. In addition, with its expertise in licensing and regulatory issues, established in-country ground operators and 24/7 managed global network, Skynet's VSAT systems provide an attractive communications solution where the coverage area is large, where quick installation is required and where terrestrial alternatives are unavailable.

A pioneer in the satellite industry, Loral Skynet delivers the superior quality of service, range of satellite solutions and unparalleled reliability 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 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.