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Contact:
John McCarthy
Loral Space & Communications
212/338-5345

SPACE SYSTEMS/LORAL AWARDED $103 MILLION CONTRACT TO BUILD CRITICAL
POWER SYSTEMS FOR THE INTERNATIONAL SPACE STATION

SS/L to Build 40 New Batteries Under a Sub-Contract From Boeing NASA
Systems

PALO ALTO, CALIF. - July 8, 2003 - Space Systems/Loral (SS/L), a
subsidiary of Loral Space & Communications (NYSE: LOR), today
announced that it has won a contract from Boeing NASA Systems,
Houston, Texas, to build 40 replacement batteries for the U.S.
photovoltaic, or power-producing, module of the International Space
Station (ISS). These replacement units will be used as spares or to
replace older ISS batteries currently on orbit. 

"SS/L has been a key contractor to Boeing for a variety of ISS
related projects over the past two decades, and we are very pleased
to be continuing that work at this critical time in the development
of the International Space Station," said C. Patrick DeWitt,
president of Space Systems/Loral. 

The seven-year contract with Boeing NASA Systems calls for the
delivery of 40 battery Orbital Replacement Units (ORUs), in addition
to the 21 ISS battery ORUs that SS/L is currently on contract to
deliver to Boeing over the next two years.

SS/L's advanced nickel-hydrogen batteries are used to store
electrical energy for use during the 16 solar eclipse periods that
the ISS encounters during its daily orbits around the earth.

Since 1994, SS/L has manufactured more than 50 batteries for the
final on-orbit configuration of the Space Station. SS/L's first
batteries were carried to the Space Station on November 30, 2000,
aboard the Space Shuttle Endeavor.

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, governmental
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.
Through its Skynet subsidiary, it owns and operates a global fleet
of telecommunications satellites used by television and cable
networks to broadcast video entertainment programming, and by
communication service providers, resellers, corporate and government
customers for broadband data transmission, Internet services and
other value-added communications services. Loral also is a
world-class leader in the design and manufacture of satellites and
satellite systems through its Space Systems/Loral subsidiary. For
more information, visit Loral's web site at www.loral.com. 

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, which have been
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.

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