Closing of Integration Transaction to Combine Loral with Telesat Currently Expected November 18, 2021 and November 19, 2021

Nov. 9, 2021

Loral Space & Communications Inc. announced that the parties to the Transaction Agreement and Plan of Merger, dated November 23, 2020 (the "Transaction Agreement"), currently expect that the two-day closing provided for in the Transaction Agreement will occur on November 18, 2021 and November 19, 2021, subject to the satisfaction or waiver of all the conditions to the closing.

In addition, Loral announced that the deadline (the "Election Deadline") for holders of Loral's common stock to deliver their Election Form and Letter of Transmittal (the "Election Form") whereby Loral stockholders may elect (each such election, an "Election") the consideration to be received upon the closing of the merger provided for in the Transaction Agreement is 5:00 p.m., Eastern Time, on November 15, 2021. All Election Forms must be received by Computershare Investor Services Inc. by 5:00 p.m., Eastern Time, on November 15, 2021.

Stockholders who do not make an Election with respect to any Loral common stock they hold on or prior to the Election Deadline will receive Class B Shares of Telesat Corporation upon consummation of the merger.

As described in the Election Form, Loral stockholders who hold their shares of Loral common stock in certificated form or whose shares of Loral common stock are registered in their name should follow the instructions set forth in the Election Form and deliver the properly completed Election Form and duly executed transmittal materials included with the Election Form to Computershare Investor Services Inc. via one of the delivery methods set forth in the Election Form.

Loral stockholders who hold their shares of Loral common stock through a broker, investment dealer, bank, trust company or other nominee must make an Election by following the election instructions in the Election Form that such stockholders receive from their broker, investment dealer, bank, trust company or other nominee. Such Loral stockholders should contact their broker, investment dealer, bank, trust company or other nominee with any questions.