Globalstar Sets Two-For-One Stock Split

NEW YORK, April 27, 1998 -- Globalstar Telecommunications Limited (GTL) (NASDAQ:GSTRF), a general partner of Globalstar L.P. (Globalstar), announced today that its board of directors approved a two-for-one stock split of its common shares. This is Globalstar抯 second stock split since its initial public offering in February 1995, when 10 million shares were issued to raise $200 million.

As of April 24, 1998, GTL had approximately 43 million common shares outstanding on a fully diluted basis, including approximately 10 million shares issuable upon conversion of GTL抯 6-1/2 percent convertible preferred equivalent obligations due 2006 and two million shares issuable upon execution of outstanding warrants. As of April 24, 1998, Globalstar L.P. had outstanding partnership interests equivalent to approximately 119 million GTL common shares. Pending shareholder approval at the company抯 annual meeting tomorrow, April 28, of a proposal to increase the number of GTL shares authorized for issuance, the stock split will take the form of a stock dividend. Upon completion of the stock split, the number of shares outstanding on a fully diluted basis will increase to approximately 86 million shares. Shareholders of record on May 29, 1998, will be paid the stock dividend on June 8, 1998.

The proposal to authorize an increase in the number of Globalstar shares was included in the 1997 Proxy Statement. Shareholders who have not yet tendered their proxy but who will attend Globalstar抯 Annual Shareholders Meeting at the Essex House in New York City tomorrow, April 28, will be able to vote on the proposal.

Globalstar is deploying a worldwide, wireless digital telecommunication service, to be initiated in early 1999, through a constellation of 48 low-earth-orbit satellites. Founded by Loral Corporation (NYSE:LOR) and Qualcomm, Inc. (NASDAQ:QCOM), Globalstar includes other companies with partnership interests: AirTouch Communications, San Francisco, Calif.; Alcatel, N.V., Paris, France; Alenia Aerospazio, Rome, Italy; DACOM Corporation, Seoul, Korea; Daimler-Benz Aerospace AG, Munich, Germany; Elsacom, Rome, Italy; France Telecom, Paris, France; Hyundai Electronics Industries Co., Ltd., Seoul; Space Systems/Loral, Palo Alto, Calif.; Vodafone Group plc, Newbury, England; and, China Telecom (Hong Kong) Ltd. For more information on Globalstar, visit the company's web site at http://www.globalstar.com.

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