Weil, Gotshal & Manges LLP

Weil Gotshal Advises PSP Investments on its CAD $3.42 Billion Acquisition of BCE’s Telesat Canada

(December 18, 2006, Weil Gotshal Press Release)

New York, December 18, 2006 - Weil, Gotshal & Manges LLP, the international law firm, advised Canada’s Public Sector Investment Board (PSP Investments), on its CAD $3.42 billion acquisition of Telesat Canada, the satellite services subsidiary of BCE Inc. (TSX/NYSE:BCE). PSP Investments formed a new joint venture with Loral Space & Communications Inc. (NASDAQ: LORL) to make the definitive agreement with BCE.

Under the agreement, PSP Investments and Loral Space will acquire 100 percent of the stock of Telesat Canada. PSP Investments, the pension fund manager for Canada’s federal public service, along with the Canadian Forces, the Royal Canadian Mounted Police, and other Canadian investors will hold majority voting control in the new company, which will be known as Telesat and will be headquartered in Ottawa.

Loral Space will contribute its Loral Skynet business, which involves satellite service assets in Europe, Asia, the Middle East and Latin America, to Telesat’s existing satellite services in North and South America, creating one of the largest global operators of telecommunications satellites.

Members of the new company’s management team will be drawn from both Telesat and Loral Skynet. The deal, subject to regulatory approval in both the US and Canada, is expected to close in mid-2007.

Weil, Gotshal & Manges LLP’s Team

Partners: Doug Warner, Michael Nissan, Kim Blanchard,
Associates: Peter Feist, Hagai Zaifman, Thomas Hetherington, Andrew Bailey, Tomer Schwartz

About Weil, Gotshal & Manges

Weil, Gotshal & Manges LLP is an international law firm of over 1,100 lawyers, including approximately 300 partners. Weil Gotshal is headquartered in New York, with offices in Austin, Boston, Brussels, Budapest, Dallas, Frankfurt, Houston, London, Miami, Munich, Paris, Prague, Providence, Shanghai, Silicon Valley, Singapore, Warsaw, Washington DC and Wilmington.
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