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Loral Space & Communications Inc.
 CODE OF CONDUCT
 Revised
as of August 1, 2006




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1. Introduction
  A. General Policy
     B. Scope
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C. Violations of the Code
  2. Employment Practices
 A. Equal Employment Opportunity; Non-Discrimination in Company Business; Harassment
  B. Environmental Safety
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3. Business Conduct of Associates
 
  A. Compliance with Laws, Rules and Regulation
     B. Avoidance of Conflict of Interest
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
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    This restriction does not apply to
employees who come to Loral from other companies and who hold shares of those
companies stock in a savings plan or stock ownership plan. This
exception only applies to stock that was owned by the employee prior to his or
her employment with Loral, and that are held in those investment instruments.
Subject to the terms of the plan document, such employees may keep stock that
is in those investment instruments and any stock dividends paid from those
remaining in those investment instruments. 5




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C. Corporate Opportunities
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 D. Insider Trading
 The above restriction does not apply
to Loral stock acquired under the employee savings plan so long as any stock purchases
under the plan occur on a regular, automatic, and repeated basis. However, discretionary
transfers into and out of Loral stock in the employee savings plan are subject to these
restrictions.
 E. Proprietary Information / Trade Secrets
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
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   i. Patentable Inventions
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ii. Copyrighted Works
  F. Fair Dealing
   G. Entertainment, Gifts and Gratuities
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H. Marketing Activities
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  I. Marketing and Contracting with the Federal Government
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i. Special Requirements in Dealings with the Government
    ii. Procurement Integrity (Federal Procurement Policy Act of 1988)
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iii. Truth in Negotiations Act
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  iv. Anti-Kickback Act
  J. Proper and Timely Reporting of Public Documents
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K. Internal Controls
  L. Accuracy of Documentation
  i. Reporting Expense Reimbursements
  ii. Reporting Labor Charges
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
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 M. Producing Quality Products
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 N. Company Funds and Property
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
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    Tim Perry,
Corporate Director of Security, by calling (650) 852-4345.
 O. Following Security Guidelines
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    4. Waivers of the Code
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5. Reporting Violations
    A. Employees.
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 B. Directors, Executive Officers and any other persons subject to this Code.
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6. Additional Procedures for the CEO and Senior Financial Officers
  A.
 B.
 C.
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D.
 E.
 7. A FOREIGN CORRUPT PRACTICES ACT
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The application of these
exceptions to a particular situation involves a legal determination, and associates should
consult with their legal department prior to authorizing any payments under one of these
exceptions.
 All
such agreements must be approved by the legal department prior to execution.
 Because the status of certain types of payments may be
unclear, associates must review with the legal department of their division the nature of
any payments that raise potential FCPA concerns.
  B. EXPORT CONTROL LAWS
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  Corporate OfficeContact:
    
    Avi KatzVice President and General CounselTelephone #: (212) 338-5340Janet T. YeungVice President and Deputy General CounselTelephone #: (212) 338-5429Loral SkynetContact:
    
    Jeff StineVice President and General CounselTelephone #: (908) 470-2521Wanda GilmoreDirector, Export Compliance and International TradeTelephone #: (908) 470-2310Space Systems/LoralContact:
    
    Julie B. BannermanVice President and General CounselTelephone #: (650) 852-5474
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Paul MunninghoffExecutive Director, Export Control and AdministrationTelephone #: (650) 852-6702
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