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SPACE SYSTEMS/LORAL-BUILT SATMEX-6 SATELLITE SUCCESSFULLY
LAUNCHED

Newest Satellite For The Americas To Enable Communications Across Entire Western Hemisphere

Palo Alto, CA - May 27, 2006 — Satmex-6, a high-power, state-of-the-art communications satellite built for Satelites Mexicanos S.A. de C.V. (Satmex) by Space Systems/Loral (SS/L), was successfully launched today at 2:09 p.m. Pacific Daylight Time. The satellite was sent into orbit aboard an Ariane 5 ECA rocket from Arianespace's Spaceport in Kourou, French Guiana. SS/L is a subsidiary of Loral Space & Communications (NASDAQ: LORL).

"With a combination of flight-proven, heritage satellite technology and advanced systems, Satmex-6 is one of the most powerful and sophisticated satellites that has ever been built for the Americas," said Pat DeWitt, president, Space Systems/Loral. "SS/L is proud to work with Satmex to provide an advanced satellite that will play an integral role in serving the ever-expanding communications needs of the Americas."

From its orbital position at 113 degrees West longitude, Satmex-6 will provide Fixed Satellite Service (FSS) over the Americas in both C- and Ku-band during its 15-year specified mission life. The satellite offers hemispheric C- and Ku-band footprints, switchable coverage in both C-band and Ku-band, and high-power coverage of South America and the Caribbean.

Satmex-6 carries 60 transponders: 36 C-band transponders providing full 50-state coverage of the United States, Central and South America, and 24 Ku-band transponders serving all 50 United States, Mexico, Central and South America, with concentrated coverage areas over major cities in South America.

Satmex, the leading Mexican satellite operator in the Americas, offers broadcast, telephone, and telecommunications services to 37 countries. Satmex also supports the development of rural and remote regions of the Americas with distance learning and rural telephony services. Through its business partners in the NAFTA region and Latin America, Satmex provides high-speed connectivity to Internet Service Providers (ISPs) and Digital Broadcast Services (DBS). Satmex is ISO 9001 certified.

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, defense communications, environmental monitoring and air traffic control. SS/L satellites have amassed more than 1,300 years of reliable on-orbit service. 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. For more information, visit Loral's web site at www.loral.com.

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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 Inc. 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 from time to time 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. Many of these factors and conditions are described under the caption "Risk Factors" in each of the company's annual report on Form 10-K for the fiscal year ended December 31, 2005 and its quarterly reports on Form 10-Q for subsequent periods. The reader is specifically referred to these documents, as well as the company's other filings with the Securities and Exchange Commission.