Loral-Built Intelsat Americas™-8 Satellite Successfully Launched

Palo Alto, California -— June 23, 2005 — Intelsat Americas™-8 (IA-8), a high-power fixed satellite service (FSS) spacecraft built for Intelsat LLC, Washington, DC, by Space Systems/Loral (SS/L), was successfully launched today at 7:03 am PDT. The satellite was sent into space on a Sea Launch Zenit-3SL rocket from the Odyssey Launch Platform, positioned on the equator in the Pacific Ocean.

"Throughout Intelsat's history, Space Systems/Loral has provided the international operator with more satellites than any other manufacturer, maintaining a strong relationship centered on building reliable and technologically advanced spacecraft," said Bernard L. Schwartz, chairman and chief executive officer of Loral Space & Communications. "SS/L is a national resource, and together with Intelsat, we provide some of the most important pieces of the world's communications infrastructure."

Weighing in at 5,500 kg (12,125 pounds), IA-8 is designed to provide over 16 kW of power at the end of its 15-year mission life. The satellite carries 28 C-band and 36 Ku-band transponders that will provide coverage of North and South America, Alaska, Hawaii and the Caribbean from its orbital slot at 89 degrees West longitude. IA-8 also carries a Ka-band payload, providing 24 uplink and 4 downlink spot-beams covering the Continental United States.

IA-8 is one of the most advanced satellites ever built by SS/L, featuring advanced thermal technologies including deployable thermal radiators and loop heat pipes. The satellite also features state-of-the-art stationary plasma thrusters (SPTs) for orbital station-keeping maneuvers. This system, using a flight-proven design, significantly extends the satellite's useful lifetime.

"The Intelsat Americas-8 program has allowed SS/L to shine once again as the premier designer and manufacturer of large, high-power spacecraft developed for operators who demand superior performance," said C. Patrick DeWitt, president of Space Systems/Loral. "With so many satellites designed and developed by SS/L for Intelsat, the two companies have evolved into a dynamic and close-working team that provides Intelsat's customers with highly reliable platforms for business-critical communications services."

IA-8 is the thirty-second satellite built by SS/L for Intelsat, including all of the recently launched Intelsat IX series of satellites. In addition, SS/L is currently building the Intelsat Americas-9 satellite, which will further expand the operator's coverage and services in North America.

Intelsat Americas-8 is based on SS/L's space-proven 1300 platform, which has an excellent record of reliable operation. Its high efficiency solar arrays and lightweight batteries are designed to provide uninterrupted electrical power. In all, SS/L satellites have amassed more than 1,200 years of reliable on-orbit service.

Intelsat is a global communications provider offering flexible and secure services to cus-tomers in over 220 countries and territories. Intelsat has maintained a leadership position for over 40 years by distributing video, voice, and data for television and content providers, government and military entities, major corporations, telecommunications carriers, and Internet service providers. Intelsat's reach, power and expanding solutions portfolio deliver information reliably and quickly to every corner of the globe. For more information, visit www.intelsat.com.

Space Systems/Loral, a subsidiary of Loral Space & Communications (OTCBB: LRLSQ), 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, defense 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. In addition to Space Systems/Loral, through its Skynet subsidiary, Loral owns and operates a fleet of telecommunications satellites used to broadcast video entertainment programming, and for broadband data transmission, Internet services and other value-added communications services.

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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 addi-tion, 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 pro-ceedings in the Supreme Court of Bermuda in which certain partners of KPMG were appointed as joint provisional liquidators. Under Loral's proposed Plan of Reorganization, the company's existing common and preferred stock will be cancelled and no distribution will be made to the holders of such stock. A hear-ing for the court to consider confirmation of the Plan is currently scheduled for July 13, 2005. 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, 2004, entitled "Commitments and Contingencies," and the company's other filings with the Securities and Exchange Commission. The reader is specifically referred to these documents.