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SPACE SYSTEMS/LORAL WINS CONTRACT TO BUILD NEW SATELLITE FOR INTELSAT CORPORATION

Palo Alto, CA - January 19, 2007—Space Systems/Loral (SS/L), a subsidiary of Loral Space & Communications (NASDAQ:LORL) and the world's leading provider of high-power commercial satellites, today announced that Intelsat Corporation has awarded SS/L a contract to manufacture Intelsat 14, a new, high-power C- and Ku-band fixed satellite service (FSS) satellite.

"This contract underscores our long-standing relationship with Intelsat," said John Celli, president of Space Systems/Loral. "This new project provides SS/L the opportunity to demonstrate our success in combining heritage, space-proven satellite technology with new innovation. We are pleased to be awarded the contract for this important new member of Intelsat's global fleet."

Intelsat 14, to be located at 45 degrees West longitude, will be the 44th Space Systems/Loral satellite built over the past four decades for Intelsat, the world's largest fixed satellite services operator. The satellite will carry 40 C-band and 22 Ku-band transponders across four different beams, covering the Americas , Europe and Africa.

Intelsat 14 will have a design life of 15 years and will replace the PAS-1R satellite when the new satellite is delivered in 2009. Its high efficiency solar arrays and lightweight batteries are designed to provide uninterrupted electrical power. The satellite is based on SS/L's 1300 platform, which features qualified, flight proven subsystems and a long record of reliable operation. In all, SS/L satellites have amassed more than 1,300 years of reliable on-orbit service.

Intelsat 14 is the first satellite awarded to SS/L in 2007. The company received seven satellite awards in 2006 from a wide variety of customers, including FSS operators, direct-to-home and satellite radio service providers.

About Space Systems/Loral
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 government customers whose applications include broadband data communications, television and radio broadcasting, mobile satellite services, fixed satellite services, 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.

About Loral Space & Communications
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.


Investor Contact: John McCarthy
Loral Space & Communications
(212) 338-5345

Media Contact: Wendy Lewis
Space Systems/Loral
(650) 852-5188