Loral Space & Communications Inc. Common Stock to Begin Trading on NASDAQ Under "LORL"

NEW YORK — December 8, 2005 — Loral Space & Communications Inc. (NASDAQ: LORL) announced that its common stock will begin trading today on the NASDAQ National Market under the ticker symbol LORL. The stock had previously been trading on a "when issued" basis on the over-the-counter market under the ticker LRALV. The closing stock price of LRALV on December 7, 2005 was $29.10.

The company issued 18.7 million shares, or approximately 94 percent, of the 20 million new shares of Loral Space & Communications Inc. common stock to be distributed in accordance with Loral's Plan of Reorganization.

Also in accordance with the Plan, Loral Skynet has issued 987,000 shares, or approximately 99 percent, of the Loral Skynet preferred stock to be distributed. It also has issued $126 million principal amount of Loral Skynet senior secured notes.

The balance of common and preferred stock is being held in reserve pending the resolution of the few outstanding claim issues that remain.

Copies of Loral's Plan of Reorganization, as confirmed, and its Disclosure Statement are available on the Loral website at www.loral.com.

Loral's prior common stock, which was previously listed on the over-the-counter market under the ticker LRLSQ, and Loral's prior preferred stock were each cancelled as of November 21, 2005.

Loral Space & Communications (NASDAQ: LORL) is a satellite communications company. It owns and operates a fleet of telecommunications satellites used to broadcast video entertainment programming, distribute broadband data, and provide access to 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 for commercial and government applications including direct-to-home television, broadband communications, wireless telephony, weather monitoring and air traffic management. 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 also described in the section of the annual report on Form 10-K for the fiscal year ended December 31, 2004 of Loral Space & Communications Ltd. (the predecessor registrant to the company) ("Ltd."), entitled "Commitments and Contingencies," and the company's and Ltd.'s other filings with the Securities and Exchange Commission. The reader is specifically referred to these documents.