As previously disclosed, Loral Space & Communications, Inc. is restructuring its corporate office as a result of the sale of its former wholly owned subsidiary, Space Systems/Loral, LLC. In connection with the corporate office restructuring, on March 15, 2013, the board of directors of the company approved the termination of the employment of Harvey B. Rein as Senior Vice President and Chief Financial Officer effective as of March 15, 2013. Following Mr. Rein's termination of employment, he will be engaged by the Company as a part-time consultant to the Board to assist in the oversight of financial reporting and other financial functions and for other assignments on an as-needed basis.

In connection with the corporate office restructuring, on March 15, 2013, the board appointed John Capogrossi as Chief Financial Officer and Treasurer of the Company effective as of March 15, 2013, replacing Mr. Rein and Mr. Stack in those positions, respectively. Mr. Capogrossi, 59, has served Loral and its predecessors in various capacities for close to 25 years and will continue to serve as Vice President and Controller, a position he has held since January 2008.