Exhibit 99.1

(SIRIUS LOGO)


	SIRIUS XM RADIO REPORTS SECOND QUARTER 2009 RESULTS

	•	*Adjusted Income from Operations of $132 Million – An Improvement of $193 Million Year Over Year*
	•	*Pro Forma Total Revenue of $608 Million, Up 1%*
	•	*EPS Excluding Charges ($0.01) vs. ($0.06) Year Over Year, In-line with Wall Street Estimates*
	•	*Company Increases Full-year Guidance for Adjusted Income from Operations to Over $400 Million From Over $350 Million*

NEW YORK – August 6, 2009 – SIRIUS XM Radio (NASDAQ: SIRI) today announced second quarter 2009 financial and operating results, including $132 million in adjusted income from operations, marking the company’s third consecutive quarter of positive adjusted income. The company also announced a 28% decrease in total cash operating expenses since the merger of SIRIUS and XM one year ago. SIRIUS XM also increased its full-year 2009 guidance for adjusted income from operations to over $400 million from over $350 million.

“Just one year ago, combined operations produced negative adjusted income from operations of $61 million,” said Mel Karmazin, SIRIUS XM’s CEO. “This year our revenue increase in the second quarter, paired with a $187 million expense reduction, drove an improvement of approximately $193 million in adjusted income from operations to $132 million in second quarter 2009. Based on these results we are increasing guidance again and expect to exceed over $400 million in adjusted income from operations during 2009. Growing our revenue in the face of broad declines in the advertising and automotive markets is a remarkable accomplishment, and we are well positioned for a rebound in auto sales.”

Second quarter 2009 pro forma total revenue was $608 million, up 1% from second quarter 2008 pro forma total revenue of $601 million. Second quarter 2009 subscription revenue was $577 million, up 3% from the second quarter 2008 subscription revenue of $558 million. Subscriber acquisition cost (SAC) per gross subscriber addition was $57 in the second quarter 2009, an improvement of 20% over the $71 in pro forma SAC per gross subscriber addition in the second quarter 2008.

SIRIUS XM ended the second quarter 2009 with 18,413,435 total subscribers, a decrease of 1% from the second quarter 2008 pro forma total subscribers of 18,576,830 and a decrease of 185,999 from the first quarter 2009 subscribers of 18,599,434. Self-pay subscribers were 15,421,414 in second quarter 2009, virtually unchanged from first quarter 2009 self-pay subscribers of 15,436,410 and up 592,264, or 4%, from the 14,829,150 self-pay subscribers in the second quarter 2008. Promotional subscribers were 2,992,021 in second quarter 2009.

Monthly average revenue per subscriber (ARPU) was $10.66 in the second quarter 2009, up from $10.55 in the second quarter 2008. The pro forma self-pay monthly customer churn rate was 2.0% in the second quarter 2009 down from 2.2% in the first quarter 2009, and up from 1.7% in second quarter 2008 pro forma self-pay churn.

In the second quarter 2009, SIRIUS XM achieved positive pro forma adjusted income from operations of $132 million as compared to a pro forma loss from operations of ($61) million in the second quarter 2008. The second quarter 2009 US GAAP net loss was ($157) million, or ($0.04) per share, and includes $108 million, or ($0.03) per share, in net charges for the loss on the extinguishment of debt and credit facilities and a $24 million write-off, or ($.007) per share, of prepayments for future launch services attributable to the counterparty’s bankruptcy filing. Absent these charges, the US GAAP net loss per share of ($0.01) was in line with Wall Street estimates. In the second quarter 2008 the US GAAP net loss was ($84) million, or ($0.06) per share. Second quarter 2009 free cash flow was $13 million compared to ($169) million of free cash flow in the second quarter 2008.

2009 OUTLOOK

SIRIUS XM now expects to achieve over $400 million in 2009 adjusted income from operations. This is an increase from the company’s previous guidance of over $350 million in 2009 adjusted income from operations provided on May 7, 2009.

BALANCE SHEET IMPROVEMENTS

During the second quarter the company made improvements to its balance sheet including refinancing some of its debt at lower rates, extending maturities, and improving amortization schedules and covenants.

“These transactions have significantly improved the credit profile of the company, and we intend to be opportunistic in pursuing additional balance sheet improvements,” said David Frear, SIRIUS XM’s EVP and CFO.

Based upon the company’s current plans, it has sufficient cash, cash equivalents, available borrowings under credit facilities and marketable securities to cover the company’s estimated funding needs through cash flow breakeven, the point at which revenues are sufficient to fund expected operating expenses, capital expenditures, working capital requirements, interest payments and taxes. The company’s projections are based on assumptions, which it believes are reasonable but contain uncertainties.

PRO FORMA RESULTS OF OPERATIONS

The discussion of operating results below is based upon pro forma comparisons as if the merger of SIRIUS and XM occurred on January 1, 2008 and excludes the effects of stock-based compensation and purchase accounting adjustments.

SECOND QUARTER 2009 VERSUS SECOND QUARTER 2008

For the second quarter of 2009, SIRIUS XM recognized total pro forma revenue of $608 million compared to $601 million for the second quarter 2008. This 1%, or $7 million, increase in revenue was driven by a 1% growth in weighted average subscribers from the second quarter 2008 as well as an increase in ARPU.

Total ARPU for the three months ended June 30, 2009 was $10.66, compared to $10.55 for the three months ended June 30, 2008. The increase was driven mainly by the sale of “Best of” programming, increased rates on the company’s multi-subscription packages and revenues earned on the company’s internet packages, partially offset by a decline in net advertising revenue per average subscriber.

In the second quarter 2009, the company achieved positive pro forma adjusted income from operations of $132 million, compared to an adjusted loss from operations of ($61) million for the second quarter of 2008 (refer to the reconciliation table of net loss to adjusted income (loss) from operations). The improvement was driven by the increase in total revenue of $7 million and a $187 million decrease, or 28%, in expenses included in adjusted income (loss) from operations.

Satellite and transmission costs decreased 27%, or $7 million, in the three months ended June 30, 2009 compared to the same period in 2008 due to reductions in maintenance costs, repeater lease expense, and personnel costs.

Programming and content costs decreased 14%, or $14 million, in the three months ended June 30, 2009 compared to the same period in 2008, mainly due to reductions in personnel and on-air talent costs as well as savings on certain content agreements.

Revenue share and royalties decreased by 5%, or $6 million, compared to the same period in 2008.

Customer service and billing costs remained relatively flat for the three months ended June 30, 2009 compared to the same period in 2008.

Cost of equipment decreased by 49%, or $8 million, in the three months ended June 30, 2009 compared to the same period in 2008 as a result of a decrease in the company’s direct to customer sales and lower inventory write-downs.

Sales and marketing costs decreased 53%, or $55 million, and have decreased as a percentage of revenue to 8% from 17% in the three months ended June 30, 2009 compared to the same period in 2008. The decrease in Sales and marketing costs was due to reduced advertising and cooperative marketing spend, as well as, reductions to personnel costs and third party distribution support expenses.

Subscriber acquisition costs decreased 46%, or $70 million, and decreased as a percentage of revenue to 13% from 25% in the three months ended June 30, 2009 compared to the same period in 2008. SAC per gross addition declined by 20% to $57 from $71 in the year ago

period. This improvement was driven by fewer OEM installations relative to gross subscriber additions, decreased production of certain radios, lower OEM subsidies and lower aftermarket inventory reserves as compared to the three months ended June 30, 2008. Subscriber acquisition costs also decreased as a result of the 35% decline in gross additions during the three months ended June 30, 2009 compared to the three months ended June 30, 2008.

General and administrative costs decreased 33%, or $22 million, mainly due to the absence of certain legal and regulatory charges incurred in 2008 and lower personnel costs.

Engineering, design and development costs decreased 35%, or $6 million, in the three months ended June 30, 2009 compared to the same period in 2008, due to lower costs associated with the manufacturing of radios, OEM tooling and manufacturing, and personnel.

Restructuring, impairments and related costs increased $27 million mainly due to a loss of $24 million on capitalized installment payments for the launch of a satellite, which are expected to provide no future benefits due to the counterparty’s bankruptcy filing.

Other expenses increased 285%, or $147 million, in the three months ended June 30, 2009 compared to the same period in 2008 driven mainly by the loss on extinguishment of debt and credit facilities of $108 million, and an increase in interest expense of $53 million, offset by an increase of $13 million in gain on investments. The loss on the extinguishment of debt and credit facilities was incurred on the full repayment of XM’s Amended and Restated Credit Agreement and its Second-Lien Credit Agreement. Interest expense increased due primarily to the issuance of XM’s 13% Senior Notes due 2013 and the 7% Exchangeable Senior Subordinated Notes due 2014 in the third quarter of 2008.

SIX MONTHS ENDED JUNE 30, 2009 VERSUS SIX MONTHS ENDED JUNE 30, 2008

For the six months ended June 30, 2009, SIRIUS XM recognized total pro forma revenue of $1,213 million compared with $1,180 million for the six months ended June 30, 2008. This 3%, or $33 million, increase in revenue was primarily driven by an increase in subscriber revenue resulting primarily from a 4% growth in weighted average subscribers over the period as well as revenues from the sale of “Best of” programming, increased rates on the company’s multi-subscription packages and revenues earned on the company’s internet packages.

Total ARPU for the six months ended June 30, 2009 was $10.57, compared to $10.54 for the six months ended June 30, 2008. The increase was driven mainly by the sale of “Best of” programming, increased rates on the company’s multi-subscription packages and revenues earned on its internet packages, partially offset by a decline in net advertising revenue per average subscriber.

The company’s pro forma adjusted income from operations increased $372 million to $241 million for the six months ended June 30, 2009 from a loss of ($131) million for the six months ended June 30, 2008 (refer to the reconciliation table of net loss to adjusted income (loss) from operations). This increase was driven by a 3%, or $33 million, increase in revenue and a 26%, or $339 million, decrease in expenses included in adjusted income (loss) from operations.

Satellite and transmission costs decreased 25%, or $13 million, in the six months ended June 30, 2009 compared to the same period in 2008 due to reductions in maintenance costs, repeater lease expense, and personnel costs.

Programming and content costs decreased 12%, or $25 million, in the six months ended June 30, 2009 compared to the same period in 2008, due mainly to reductions in personnel and on-air talent costs as well as savings on certain content agreements.

Revenue share and royalties increased by 2%, or $4 million, while declining slightly as a percentage of revenue in the six months ended June 30, 2009 compared to the same period in 2008.

Customer service and billing costs remained relatively flat for the six months ended June 30, 2009 compared to the same period in 2008 due to scale efficiencies over a larger daily weighted average subscriber base.

Cost of equipment decreased by 50%, or $16 million, in the six months ended June 30, 2009 compared to the same period in 2008 as a result of a decrease in the company’s direct to customer sales and lower inventory write-downs.

Sales and marketing costs decreased 46%, or $83 million, and decreased as a percentage of revenue to 8% from 15% in the six months ended June 30, 2009 compared to the same period in 2008 due to reduced advertising and cooperative marketing spend as well as reductions to personnel costs and third party distribution support expenses.

Subscriber acquisition costs decreased 47%, or $147 million, and decreased as a percentage of revenue to 14% from 26% in the six months ended June 30, 2009 compared to the same period in 2008. This decrease was driven by a 23% improvement in SAC, as adjusted, per gross addition due to fewer OEM installations relative to gross subscriber additions, decreased production of certain radios, lower OEM subsidies and lower aftermarket inventory reserves in the six months ended June 30, 2009 as compared to the six months ended June 30, 2008. Subscriber acquisition costs also decreased as a result of the 35% decline in gross additions during the six months ended June 30, 2009.

General and administrative costs decreased 32%, or $45 million, mainly due to the absence of certain legal and regulatory charges incurred in 2008 and lower personnel costs.

Engineering, design and development costs decreased 42%, or $13 million, in the six months ended June 30, 2009 compared to the same period in 2008, due to lower costs associated with the manufacturing of radios, OEM tooling and manufacturing, and personnel.

Restructuring, impairments and related costs increased $28 million mainly due to a loss of $24 million on capitalized installment payments, which are expected to provide no future benefits due to the counterparty’s bankruptcy filing, for the launch of a satellite.

Other expenses increased 190%, or $194 million, in the six months ended June 30, 2009 compared to the same period in 2008 driven mainly by the loss on extinguishment of debt and

credit facilities of $126 million, and an increase in interest expense of $79 million, offset by an increase of $9 million in gain on investments. The loss on the extinguishment of debt and credit facilities was incurred on the full repayment of XM’s Amended and Restated Credit Agreement and its Second-Lien Credit Agreement. Interest expense increased due primarily to the issuance of XM’s 13% Senior Notes due 2013 and the 7% Exchangeable Senior Subordinated Notes due 2014 in the third quarter of 2008.


	Unaudited

	Three Months Ended June 30,						Six Months Ended June 30,

	2009			2008			2009			2008

	(Actual)			(Pro Forma)			(Actual)			(Pro Forma)
Beginning subscribers		18,599,434			17,974,531			19,003,856			17,348,622
Gross subscriber additions		1,380,125			2,111,655			2,719,086			4,153,311
Deactivated subscribers		(1,566,124	)		(1,509,356	)		(3,309,507	)		(2,925,103	)

Net additions		(185,999	)		602,299			(590,421	)		1,228,208

Ending subscribers		18,413,435			18,576,830			18,413,435			18,576,830


Retail		8,235,761			9,185,837			8,235,761			9,185,837
OEM		10,081,514			9,285,488			10,081,514			9,285,488
Rental		96,160			105,505			96,160			105,505

Ending subscribers		18,413,435			18,576,830			18,413,435			18,576,830


Retail		(301,295	)		(4,090	)		(669,326	)		(52,878	)
OEM		123,165			593,169			85,561			1,252,220
Rental		(7,869	)		13,220			(6,656	)		28,866

Net additions		(185,999	)		602,299			(590,421	)		1,228,208


Self-pay		15,421,414			14,829,150			15,421,414			14,829,150
Paid promotional		2,992,021			3,747,680			2,992,021			3,747,680

Ending subscribers		18,413,435			18,576,830			18,413,435			18,576,830


Self-pay		(14,996	)		515,744			(128,243	)		955,804
Paid promotional		(171,003	)		86,555			(462,178	)		272,404

Net additions		(185,999	)		602,299			(590,421	)		1,228,208


Daily weighted average number of subscribers		18,438,473			18,240,018			18,575,219			17,931,515


	Unaudited Pro Forma

	Three Months Ended June 30,						Six Months Ended June 30,

	2009			2008			2009			2008


Average self-pay monthly churn (1)(7)		2.0	%		1.7	%		2.1	%		1.8	%
Conversion rate (2)(7)		44.4	%		50.6	%		44.7	%		50.8	%
ARPU (3)(7)	$	10.66		$	10.55		$	10.57		$	10.54
SAC, as adjusted, per gross subscriber addition (4)(7)	$	57		$	71		$	59		$	77
Customer service and billing expenses, as adjusted, per average subscriber (5)(7)	$	1.05		$	1.06		$	1.06		$	1.10
Total revenue	$	607,836		$	601,052		$	1,213,317		$	1,179,857
Free cash flow (6)(7)	$	12,694		$	(168,955	)	$	9,048		$	(480,054	)
Adjusted income (loss) from operations (8)	$	132,219		$	(61,118	)	$	241,055		$	(131,273	)
Net loss	$	(171,280	)	$	(203,471	)	$	(234,155	)	$	(436,858	)


	Unaudited Pro Forma

	Three Months Ended June 30,						Six Months Ended June 30,

*(in thousands)*	2009			2008			2009			2008

Revenue:
Subscriber revenue, including effects of rebates	$	576,958		$	558,290		$	1,153,034		$	1,097,345
Advertising revenue, net of agency fees		12,564			18,764			24,869			36,290
Equipment revenue		10,928			15,447			20,837			25,831
Other revenue		7,386			8,551			14,577			20,391

Total revenue		607,836			601,052			1,213,317			1,179,857

Operating expenses:
Satellite and transmission		18,659			25,467			38,401			51,202
Programming and content		87,707			101,871			184,386			209,793
Revenue share and royalties		117,671			123,309			238,932			234,451
Customer service and billing		58,054			58,236			117,723			118,302
Cost of equipment		8,051			15,702			16,044			31,840
Sales and marketing		48,610			103,326			99,212			182,403
Subscriber acquisition costs		80,988			150,585			164,698			311,919
General and administrative		45,754			67,980			94,331			139,460
Engineering, design and development		10,123			15,694			18,535			31,760
Depreciation and amortization		46,118			59,551			97,599			131,940
Share-based payment expense		31,003			30,098			52,501			69,864
Restructuring, impairments and related costs		27,000			—			27,614			—

Total operating expenses		579,738			751,819			1,149,976			1,512,934

Income (loss) from operations		28,098			(150,767	)		63,341			(333,077	)
Other expense		(198,263	)		(51,488	)		(295,267	)		(101,691	)

Loss before income taxes		(170,165	)		(202,255	)		(231,926	)		(434,768	)
Income tax expense		(1,115	)		(1,216	)		(2,229	)		(2,090	)

Net loss	$	(171,280	)	$	(203,471	)	$	(234,155	)	$	(436,858	)


	Actual

	For the Three Months Ended June 30,						For the Six Months Ended June 30,

*(in thousands, except per share data)*	2009			2008			2009			2008

Revenue:
Subscriber revenue, including effects of rebates	$	561,763		$	266,518		$	1,121,151		$	522,158
Advertising revenue, net of agency fees		12,564			8,332			24,869			16,740
Equipment revenue		10,928			7,956			20,837			14,019
Other revenue		5,574			211			10,951			450

Total revenue		590,829			283,017			1,177,808			553,367
Operating expenses (depreciation and amortization shown separately below) (1)
Cost of services:
Satellite and transmission		19,615			7,451			39,894			15,275
Programming and content		72,102			55,247			152,511			116,939
Revenue share and royalties		95,831			49,723			196,297			92,043
Customer service and billing		58,833			22,865			119,041			49,786
Cost of equipment		8,051			6,647			16,044			14,234
Sales and marketing		48,693			49,133			100,116			87,598
Subscriber acquisition costs		67,651			81,392			140,719			171,216
General and administrative		66,716			42,467			126,031			91,246
Engineering, design and development		11,944			9,028			21,723			17,684
Depreciation and amortization		77,158			27,113			159,524			54,019
Restructuring, impairments and related costs		27,000			—			27,614			—

Total operating expenses		553,594			351,066			1,099,514			710,040

Income (loss) from operations		37,235			(68,049	)		78,294			(156,673	)
Other income (expense):
Interest and investment income		901			1,425			1,641			4,227
Interest expense, net of amounts capitalized		(95,794	)		(16,745	)		(161,535	)		(34,421	)
Loss on extinguishment of debt and credit facilities, net		(107,756	)		—			(125,713	)		—
Gain on investments		8,422			—			516			—
Other income (expense)		749			13			1,259			(64	)

Total other expense		(193,478	)		(15,307	)		(283,832	)		(30,258	)

Loss before income taxes		(156,243	)		(83,356	)		(205,538	)		(186,931	)
Income tax expense		(1,115	)		(543	)		(2,229	)		(1,086	)

Net loss		(157,358	)		(83,899	)		(207,767	)		(188,017	)
Preferred stock beneficial conversion feature		—			—			(186,188	)		—

Net loss attributable to common stockholders	$	(157,358	)	$	(83,899	)	$	(393,955	)	$	(188,017	)

Net loss per common share (basic and diluted)	$	(0.04	)	$	(0.06	)	$	(0.11	)	$	(0.13	)

Weighted average common shares outstanding (basic and diluted)		3,586,742			1,499,723			3,555,489			1,487,610

(1) Amounts related to share-based payment expense included in operating expenses were as follows:


Satellite and transmission	$	1,177	$	759	$	1,934	$	1,555
Programming and content		1,891		1,160		4,381		3,949
Customer service and billing		779		265		1,318		541
Sales and marketing		3,072		2,464		7,358		7,704
Subscriber acquisition costs		—		—		—		14
General and administrative		20,961		11,457		31,699		23,455
Engineering, design and development		1,821		1,046		3,188		2,195

Total share-based payment expense	$	29,701	$	17,151	$	49,878	$	39,413


	June 30, 2009			December 31, 2008

*(in thousands, except share and per share data)*	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	541,688		$	380,446
Accounts receivable, net of allowance for doubtful accounts of $10,313 and $10,860, respectively		77,263			102,024
Receivables from distributors		33,673			45,950
Inventory, net		27,886			24,462
Prepaid expenses		120,273			67,203
Related party current assets		108,527			114,177
Other current assets		57,613			58,744

Total current assets		966,923			793,006
Property and equipment, net		1,690,864			1,703,476
FCC licenses		2,083,654			2,083,654
Restricted investments		3,400			141,250
Deferred financing fees, net		63,279			40,156
Intangible assets, net		647,936			688,671
Goodwill		1,834,856			1,834,856
Related party long-term assets		118,628			124,607
Other long-term assets		97,792			81,019

Total assets	$	7,507,332		$	7,490,695

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	512,581		$	642,820
Accrued interest		73,134			76,463
Current portion of deferred revenue		995,696			985,180
Current portion of deferred credit on executory contracts		244,116			234,774
Current maturities of long-term debt		286,045			399,726
Current maturities of long-term related party debt		787			—
Related party current liabilities		59,101			68,373

Total current liabilities		2,171,460			2,407,336
Deferred revenue		284,798			247,889
Deferred credit on executory contracts		918,678			1,037,190
Long-term debt		2,807,271			2,851,740
Long-term related party debt		222,096			—
Deferred tax liability		900,273			894,453
Related party long-term liabilities		21,123			—
Other long-term liabilities		37,929			43,550

Total liabilities		7,363,628			7,482,158

Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value $0.001; 50,000,000 authorized at June 30, 2009 and December 31, 2008:
Series A convertible preferred stock (liquidation preference of $51,370 at June 30, 2009 and December 31, 2008); 24,808,959 shares issued and outstanding at June 30, 2009 and December 31, 2008		25			25
Convertible perpetual preferred stock, series B (liquidation preference of $13 and $0 at June 30, 2009 and December 31, 2008, respectively); 12,500,000 and zero shares issued and outstanding at June 30, 2009 and December 31, 2008, respectively		13			—
Convertible preferred stock, series C junior; no shares issued and outstanding at June 30, 2009 and December 31, 2008		—			—
Common stock, par value $0.001; 9,000,000,000 and 8,000,000,000 shares authorized at June 30, 2009 and December 31, 2008, respectively; 3,883,905,655 and 3,651,765,837 shares issued and outstanding at June 30, 2009 and December 31, 2008, respectively		3,884			3,652
Accumulated other comprehensive loss, net of tax		(6,986	)		(7,871	)
Additional paid-in capital		10,252,983			9,724,991
Accumulated deficit		(10,106,215	)		(9,712,260	)

Total stockholders’ equity		143,704			8,537

Total liabilities and stockholders’ equity	$	7,507,332		$	7,490,695


	For the Six Months Ended June 30,

*(in thousands)*	2009			2008

Cash flows from operating activities:
Net loss	$	(207,767	)	$	(188,017	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		159,524			54,019
Non-cash interest expense, net of amortization of premium		26,799			1,971
Provision for doubtful accounts		16,278			5,048
Loss on extinguishment of debt and credit facilities, net		125,713			—
Write-down of long-lived assets		27,614			—
Amortization of deferred income related to equity method investment		(1,388	)		—
Loss on investments		6,353			—
Share-based payment expense		49,878			39,413
Deferred income taxes		2,229			1,086
Other non-cash purchase price adjustments		(85,223	)		—
Changes in operating assets and liabilities:
Accounts receivable		8,483			11,834
Inventory		(3,424	)		5,921
Receivables from distributors		12,277			(11,102	)
Related party assets		11,629			—
Prepaid expenses and other current assets		24,052			14,594
Other long-term assets		34,476			5,399
Accounts payable and accrued expenses		(106,041	)		(97,463	)
Accrued interest		997			53
Deferred revenue		24,713			26,875
Related party liabilities		11,851			—
Other long-term liabilities		(2,164	)		(712	)

Net cash provided by (used in) operating activities		136,859			(131,081	)


Cash flows from investing activities:
Additions to property and equipment		(127,811	)		(73,698	)
Purchases of restricted and other investments		—			(3,000	)
Merger-related costs		—			(14,843	)
Sale of restricted and other investments		—			5,004

Net cash used in investing activities		(127,811	)		(86,537	)


Cash flows from financing activities:
Proceeds from exercise of warrants and stock options		—			181
Preferred stock issuance costs, net		(3,712	)		—
Long-term borrowings, net		384,876			—
Related party long-term borrowings, net		316,340			—
Payment of premiums on redemption of debt		(16,572	)		—
Repayment of long-term borrowings		(427,871	)		(1,250	)
Repayment of related party long-term borrowings		(100,867	)		—

Net cash provided by (used in) financing activities		152,194			(1,069	)

Net increase (decrease) in cash and cash equivalents		161,242			(218,687	)
Cash and cash equivalents at beginning of period		380,446			438,820

Cash and cash equivalents at end of period	$	541,688		$	220,133

FOOTNOTES TO PRESS RELEASE AND TABLES FOR NON-GAAP FINANCIAL MEASURES


(1)	Average self-pay monthly churn represents the monthly average of self-pay deactivations by the quarter divided by the average self-pay subscriber balance for the quarter.

(2)	We measure the percentage of subscribers that receive our service and convert to self-paying after the initial promotion period. We refer to this as the “conversion rate.” At the time of sale, vehicle owners generally receive between three and twelve month prepaid trial subscriptions and we receive a subscription fee from the OEM. Promotional periods generally include the period of trial service plus 30 days to handle the receipt and processing of payments. We measure conversion rate three months after the period in which the trial service ends. Based on our experience it may take up to 90 days after the trial service ends for subscribers to respond to our marketing communications and become self-paying subscribers.

(3)	ARPU is derived from total earned subscriber revenue and net advertising revenue, divided by the number of months in the period, divided by the daily weighted average number of subscribers for the period. ARPU is calculated as follows (in thousands, except for per subscriber amounts):


	Unaudited Pro Forma

	Three Months Ended June 30,				Six Months Ended June 30,

	2009		2008		2009		2008

Subscriber revenue	$	576,958	$	558,290	$	1,153,034	$	1,097,345
Net advertising revenue		12,564		18,764		24,869		36,290

Total subscriber and net advertising revenue	$	589,522	$	577,054	$	1,177,903	$	1,133,635

Daily weighted average number of subscribers		18,438,473		18,240,018		18,575,219		17,931,515
ARPU	$	10.66	$	10.55	$	10.57	$	10.54


(4)	SAC, as adjusted, per gross subscriber addition is derived from subscriber acquisition costs and margins from the direct sale of radios and accessories, excluding share-based payment expense divided by the number of gross subscriber additions for the period. SAC, as adjusted, per gross subscriber addition is calculated as follows (in thousands, except for per subscriber amounts):


	Unaudited Pro Forma

	Three Months Ended June 30,					Six Months Ended June 30,

	2009			2008		2009			2008

Subscriber acquisition cost	$	80,988		$	150,585	$	164,698		$	311,933
Less: share-based payment expense granted to third parties and employees		—			—		—			(14	)
Less/Add: margin from direct sales of radios and accessories		(2,877	)		255		(4,793	)		6,009

SAC, as adjusted	$	78,111		$	150,840	$	159,905		$	317,928

Gross subscriber additions		1,380,125			2,111,655		2,719,086			4,153,311
SAC, as adjusted, per gross subscriber addition	$	57		$	71	$	59		$	77


(5)	Customer service and billing expenses, as adjusted, per average subscriber is derived from total customer service and billing expenses, excluding share-based payment expense, divided by the number of months in the period, divided by the daily weighted average number of subscribers for the period. Customer service and billing expenses, as adjusted, per average subscriber is calculated


	as follows (in thousands, except for per subscriber amounts):


	Unaudited Pro Forma

	Three Months Ended June 30,						Six Months Ended June 30,

	2009			2008			2009			2008

Customer service and billing expenses	$	58,959		$	59,253		$	119,284		$	120,484
Less: share-based payment expense		(905	)		(1,017	)		(1,561	)		(2,182	)

Customer service and billing expenses, as adjusted	$	58,054		$	58,236		$	117,723		$	118,302

Daily weighted average number of subscribers		18,438,473			18,240,018			18,575,219			17,931,515
Customer service and billing expenses, as adjusted, per average subscriber	$	1.05		$	1.06		$	1.06		$	1.10

(6) Free cash flow is calculated as follows:

	Unaudited Pro Forma

	Three Months Ended June 30,						Six Months Ended June 30,

	2009			2008			2009			2008

Net cash provided by (used in) operating activities	$	69,988		$	(119,107	)	$	136,859		$	(366,095	)
Additions to property and equipment		(56,671	)		(45,052	)		(127,811	)		(101,145	)
Merger related costs		(623	)		(4,825	)		—			(14,843	)
Restricted and other investment activity		—			29			—			2,029

Free cash flow	$	12,694		$	(168,955	)	$	9,048		$	(480,054	)


(7)	Average self-pay monthly churn; conversion rate; ARPU; SAC, as adjusted, per gross subscriber addition; customer service and billing expenses, as adjusted, per average subscriber; and free cash flow are not measures of financial performance under U.S. generally accepted accounting principles (“GAAP”). We believe these non-GAAP financial measures provide meaningful supplemental information regarding our operating performance and are used by us for budgetary and planning purposes; when publicly providing our business outlook; as a means to evaluate period-to-period comparisons; and to compare our performance to that of our competitors. We also believe that investors also use our current and projected metrics to monitor the performance of our business and to make investment decisions.

	We believe the exclusion of share-based payment expense in our calculations of SAC, as adjusted, per gross subscriber addition and customer service and billing expenses, as adjusted, per average subscriber is useful given the significant variation in expense that can result from changes in the fair market value of our common stock, the effect of which is unrelated to the operational conditions that give rise to variations in the components of our subscriber acquisition costs and customer service and billing expenses. Specifically, the exclusion of share-based payment expense in our calculation of SAC, as adjusted, per gross subscriber addition is critical in being able to understand the economic impact of the direct costs incurred to acquire a subscriber and the effect over time as economies of scale are reached.

	These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP. These non-GAAP financial measures may be susceptible to varying calculations; may not be comparable to other similarly titled measures of other companies; and should not be considered in isolation, as a substitute for, or superior to measures of financial performance prepared in accordance with GAAP.


(8)	We refer to net loss before interest and investment income, interest expense net of amounts capitalized, income tax expense, loss from redemption of debt, loss on investments, other expense (income), restructuring, impairments and related costs, depreciation and amortization, and share related payment expense as adjusted income (loss) from operations. Adjusted income (loss) from operations is not a measure of financial performance under U.S. GAAP. We believe adjusted income (loss) from operations is a useful measure of our operating performance. We use adjusted income (loss) from operations for budgetary and planning purposes; to assess the relative profitability and on-going performance of our consolidated operations; to compare our performance from period–to-period; and to compare our performance to that of our competitors. We also believe adjusted income (loss) from operations is useful to investors to compare our operating performance to the performance of other communications, entertainment and media companies. We believe that investors use current and projected adjusted income (loss) from operations to estimate our current or prospective enterprise value and to make investment decisions.

	Because we fund and build-out our satellite radio system through the periodic raising and expenditure of large amounts of capital, our results of operations reflect significant charges for interest and depreciation expense. We believe adjusted income (loss) from operations provides useful information about the operating performance of our business apart from the costs associated with our capital structure and physical plant. The exclusion of interest and depreciation and amortization expense is useful given fluctuations in interest rates and significant variation in depreciation and amortization expense that can result from the amount and timing of capital expenditures and potential variations in estimated useful lives, all of which can vary widely across different industries or among companies within the same industry. We believe the exclusion of taxes is appropriate for comparability purposes as the tax positions of companies can vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the various jurisdictions in which they operate. We believe the exclusion of restructuring and related costs is useful given the non-recurring nature of these expenses. We also believe the exclusion of share-based payment expense is useful given the significant variation in expense that can result from changes in the fair market value of our common stock. To compensate for the exclusion of taxes, other income (expense), depreciation and amortization and share-based payment expense, we separately measure and budget for these items.

	There are material limitations associated with the use of adjusted income (loss) from operations in evaluating our company compared with net loss, which reflects overall financial performance, including the effects of taxes, other income (expense), depreciation and amortization, restructuring impairments and related costs, and share-based payment expense. We use adjusted income (loss) from operations to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. Investors that wish to compare and evaluate our operating results after giving effect for these costs, should refer to net loss as disclosed in our unaudited condensed consolidated statements of operations. Since adjusted income (loss) from operations is a non-GAAP financial measure, our calculation of adjusted income (loss) from operations may be susceptible to varying calculations; may not be comparable to other similarly titled measures of other companies; and should not be considered in isolation, as a substitute for, or superior to measures of financial performance prepared in accordance with GAAP.

	The reconciliation of the pro forma unadjusted net loss to the pro forma adjusted income (loss) from operations is calculated as follows (see footnotes for reconciliation of the pro forma amounts to their respective GAAP amounts):


	Unaudited Pro Forma

		Three Months Ended June 30,						Six Months Ended June 30,

*(in thousands)*		2009			2008			2009			2008

Reconciliation of Net loss to Adjusted income (loss) from operations:
Net loss		$	(171,280	)	$	(203,471	)	$	(234,155	)	$	(436,858	)
Add back Net loss items excluded from Adjusted income (loss) from operations:
Interest and investment income			(901	)		(2,168	)		(1,641	)		(6,646	)
Interest expense, net of amounts capitalized			100,579			47,225			172,970			94,228
Income tax expense			1,115			1,216			2,229			2,090
Loss on extinguishment of debt and credit facilities, net			107,756			—			125,713			—
(Gain) loss on investments			(8,422	)		4,373			(516	)		8,550
Other expense (income)			(749	)		2,058			(1,259	)		5,559

Income (loss) from operations			28,098			(150,767	)		63,341			(333,077	)
Restructuring, impairments and related costs			27,000			—			27,614			—
Depreciation and amortization			46,118			59,551			97,599			131,940
Share-based payment expense			31,003			30,098			52,501			69,864

Adjusted income (loss) from operations		$	132,219		$	(61,118	)	$	241,055		$	(131,273	)

There are material limitations associated with the use of a pro forma unadjusted results of operations in evaluating our company compared with our GAAP results of operations, which reflects overall financial performance. We use pro forma unadjusted results of operations to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. Investors that wish to compare and evaluate our operating results after giving effect for these costs, should refer to results of operations as disclosed in our unaudited condensed consolidated statements of operations. Since pro forma unadjusted results of operations is a non-GAAP financial measure, our calculations may not be comparable to other similarly titled measures of other companies; and should not be considered in isolation, as a substitute for, or superior to measures of financial performance prepared in accordance with GAAP.


(9)	The following tables reconcile our GAAP results of operations to our non-GAAP pro forma unadjusted results of operations.


	Unaudited For the Three Months Ended June 30, 2009

	As Reported			Purchase Price Accounting Adjustments			Allocation of Share-based Payment Expense			Pro Forma


Revenue:
Subscriber revenue, including effects of rebates	$	561,763		$	15,195		$	—		$	576,958
Advertising revenue, net of agency fees		12,564			—			—			12,564
Equipment revenue		10,928			—			—			10,928
Other revenue		5,574			1,812			—			7,386

Total revenue		590,829			17,007			—			607,836
Operating expenses (excludes depreciation and amortization shown separately below) (1)
Cost of services:
Satellite and transmission		19,615			354			(1,310	)		18,659
Programming and content		72,102			17,701			(2,096	)		87,707
Revenue share and royalties		95,831			21,840			—			117,671
Customer service and billing		58,833			126			(905	)		58,054
Cost of equipment		8,051			—			—			8,051
Sales and marketing		48,693			3,173			(3,256	)		48,610
Subscriber acquisition costs		67,651			13,337			—			80,988
General and administrative		66,716			406			(21,368	)		45,754
Engineering, design and development		11,944			247			(2,068	)		10,123
Depreciation and amortization		77,158			(31,040	)		—			46,118
Share-based payment expense		—			—			31,003			31,003
Restructuring, impairments and related costs		27,000			—			—			27,000

Total operating expenses		553,594			26,144			—			579,738

Income (loss) from operations		37,235			(9,137	)		—			28,098
Other income (expense)
Interest and investment income		901			—			—			901
Interest expense, net of amounts capitalized		(95,794	)		(4,785	)		—			(100,579	)
Loss on extinguishment of debt and credit facilities, net		(107,756	)		—			—			(107,756	)
Gain on investments		8,422			—			—			8,422
Other (expense) income		749			—			—			749

Total other expense		(193,478	)		(4,785	)		—			(198,263	)

Loss before income taxes		(156,243	)		(13,922	)		—			(170,165	)
Income tax expense		(1,115	)		—			—			(1,115	)

Net loss	$	(157,358	)	$	(13,922	)	$	—		$	(171,280	)


(1) Amounts related to share-based payment expense included in operating expenses were as follows:

Satellite and transmission	$	1,177		$	133		$	—		$	1,310
Programming and content		1,891			205			—			2,096
Customer service and billing		779			126			—			905
Sales and marketing		3,072			184			—			3,256
Subscriber acquisition costs		—			—			—			—
General and administrative		20,961			407			—			21,368
Engineering, design and development		1,821			247			—			2,068

Total share-based payment expense	$	29,701		$	1,302		$	—		$	31,003


	Unaudited For the Three Months Ended June 30, 2008

	As Reported			Predecessor Financial Information			Allocation of Share-based Payment Expense			Pro Forma


Revenue:
Subscriber revenue, including effects of rebates	$	266,518		$	291,772		$	—		$	558,290
Advertising revenue, net of agency fees		8,332			10,432			—			18,764
Equipment revenue		7,956			7,491			—			15,447
Other revenue		211			8,340			—			8,551

Total revenue		283,017			318,035			—			601,052
Operating expenses (excludes depreciation and amortization shown separately below) (1)
Cost of services:
Satellite and transmission		7,451			19,780			(1,764	)		25,467
Programming and content		55,247			49,604			(2,980	)		101,871
Revenue share and royalties		49,723			73,586			—			123,309
Customer service and billing		22,865			36,388			(1,017	)		58,236
Cost of equipment		6,647			9,055			—			15,702
Sales and marketing		49,133			59,280			(5,087	)		103,326
Subscriber acquisition costs		81,392			69,193			—			150,585
General and administrative		42,467			42,015			(16,502	)		67,980
Engineering, design and development		9,028			9,414			(2,748	)		15,694
Depreciation and amortization		27,113			32,438			—			59,551
Share-based payment expense		—			—			30,098			30,098

Total operating expenses		351,066			400,753			—			751,819

Loss from operations		(68,049	)		(82,718	)		—			(150,767	)
Other income (expense)
Interest and investment income		1,425			743			—			2,168
Interest expense, net of amounts capitalized		(16,745	)		(30,480	)		—			(47,225	)
Loss on extinguishment of debt and credit facilities, net		—			—			—			—
Loss on investments		—			(4,373	)		—			(4,373	)
Other (expense) income		13			(2,071	)		—			(2,058	)

Total other expense		(15,307	)		(36,181	)		—			(51,488	)

Loss before income taxes		(83,356	)		(118,899	)		—			(202,255	)
Income tax expense		(543	)		(673	)		—			(1,216	)

Net loss	$	(83,899	)	$	(119,572	)	$	—		$	(203,471	)


(1) Amounts related to share-based payment expense included in operating expenses were as follows:

Satellite and transmission	$	759		$	1,005		$	—		$	1,764
Programming and content		1,160			1,820			—			2,980
Customer service and billing		265			752			—			1,017
Sales and marketing		2,464			2,623			—			5,087
Subscriber acquisition costs		—			—			—			—
General and administrative		11,457			5,045			—			16,502
Engineering, design and development		1,046			1,702			—			2,748

Total share-based payment expense	$	17,151		$	12,947		$	—		$	30,098


	Unaudited For the Six Months Ended June 30, 2009

	As Reported			Purchase Price Accounting Adjustments			Allocation of Share- based Payment Expense			Pro Forma


Revenue:
Subscriber revenue, including effects of rebates	$	1,121,151		$	31,883		$	—		$	1,153,034
Advertising revenue, net of agency fees		24,869			—			—			24,869
Equipment revenue		20,837			—			—			20,837
Other revenue		10,951			3,626			—			14,577

Total revenue		1,177,808			35,509			—			1,213,317
Operating expenses (excludes depreciation and amortization shown separately below) (1)
Cost of services:
Satellite and transmission		39,894			681			(2,174	)		38,401
Programming and content		152,511			36,592			(4,717	)		184,386
Revenue share and royalties		196,297			42,635			—			238,932
Customer service and billing		119,041			243			(1,561	)		117,723
Cost of equipment		16,044			—			—			16,044
Sales and marketing		100,116			6,831			(7,735	)		99,212
Subscriber acquisition costs		140,719			23,979			—			164,698
General and administrative		126,031			878			(32,578	)		94,331
Engineering, design and development		21,723			548			(3,736	)		18,535
Depreciation and amortization		159,524			(61,925	)		—			97,599
Share-based payment expense		—			—			52,501			52,501
Restructuring, impairments and related costs		27,614			—			—			27,614

Total operating expenses		1,099,514			50,462			—			1,149,976

Income (loss) from operations		78,294			(14,953	)		—			63,341
Other income (expense)
Interest and investment income		1,641			—			—			1,641
Interest expense, net of amounts capitalized		(161,535	)		(11,435	)		—			(172,970	)
Loss on extinguishment of debt and credit facilities, net		(125,713	)		—			—			(125,713	)
Gain on investments		516			—			—			516
Other (expense) income		1,259			—			—			1,259

Total other expense		(283,832	)		(11,435	)		—			(295,267	)

Loss before income taxes		(205,538	)		(26,388	)		—			(231,926	)
Income tax expense		(2,229	)		—			—			(2,229	)

Net loss	$	(207,767	)	$	(26,388	)	$	—		$	(234,155	)


(1) Amounts related to share-based payment expense included in operating expenses were as follows:

Satellite and transmission	$	1,934		$	240		$	—		$	2,174
Programming and content		4,381			336			—			4,717
Customer service and billing		1,318			243			—			1,561
Sales and marketing		7,358			377			—			7,735
Subscriber acquisition costs		—			—			—			—
General and administrative		31,699			879			—			32,578
Engineering, design and development		3,188			548			—			3,736

Total share-based payment expense	$	49,878		$	2,623		$	—		$	52,501


	Unaudited For the Six Months Ended June 30, 2008

	As Reported			Predecessor Financial Information			Allocation of Share-based Payment Expense			Pro Forma


Revenue:
Subscriber revenue, including effects of rebates	$	522,158		$	575,187		$	—		$	1,097,345
Advertising revenue, net of agency fees		16,740			19,550			—			36,290
Equipment revenue		14,019			11,812			—			25,831
Other revenue		450			19,941			—			20,391

Total revenue		553,367			626,490			—			1,179,857
Operating expenses (excludes depreciation and amortization shown separately below) (1)
Cost of services:
Satellite and transmission		15,275			39,922			(3,995	)		51,202
Programming and content		116,939			101,166			(8,312	)		209,793
Revenue share and royalties		92,043			142,408			—			234,451
Customer service and billing		49,786			70,698			(2,182	)		118,302
Cost of equipment		14,234			17,606			—			31,840
Sales and marketing		87,598			108,786			(13,981	)		182,403
Subscriber acquisition costs		171,216			140,717			(14	)		311,919
General and administrative		91,246			83,235			(35,021	)		139,460
Engineering, design and development		17,684			20,435			(6,359	)		31,760
Depreciation and amortization		54,019			77,921			—			131,940
Share-based payment expense		—			—			69,864			69,864

Total operating expenses		710,040			802,894			—			1,512,934

Loss from operations		(156,673	)		(176,404	)		—			(333,077	)
Other income (expense)
Interest and investment income		4,227			2,419			—			6,646
Interest expense, net of amounts capitalized		(34,421	)		(59,807	)		—			(94,228	)
Loss on extinguishment of debt and credit facilities, net		—			—			—			—
Loss on investments		—			(8,550	)		—			(8,550	)
Other (expense) income		(64	)		(5,495	)		—			(5,559	)

Total other expense		(30,258	)		(71,433	)		—			(101,691	)

Loss before income taxes		(186,931	)		(247,837	)		—			(434,768	)
Income tax expense		(1,086	)		(1,004	)		—			(2,090	)

Net loss	$	(188,017	)	$	(248,841	)	$	—		$	(436,858	)


(1) Amounts related to share-based payment expense included in operating expenses were as follows:

Satellite and transmission	$	1,555		$	2,440		$	—		$	3,995
Programming and content		3,949			4,363			—			8,312
Customer service and billing		541			1,641			—			2,182
Sales and marketing		7,704			6,277			—			13,981
Subscriber acquisition costs		14			—			—			14
General and administrative		23,455			11,566			—			35,021
Engineering, design and development		2,195			4,164			—			6,359

Total share-based payment expense	$	39,413		$	30,451		$	—		$	69,864


(10)	The following table reconciles our GAAP Net loss attributable to common stockholders to our non-GAAP Net loss before preferred stock beneficial conversion feature and Net loss before preferred stock beneficial conversion feature per common share (basic and diluted).


	For the Six Months Ended June 30,

*(in thousands, except per share data)*	2009			2008

Net loss attributable to common stockholders	$	(393,955	)	$	(188,017	)
Less: Preferred stock beneficial conversion feature		(186,188	)		—

Net loss before preferred stock beneficial conversion feature	$	(207,767	)	$	(188,017	)

Net loss before preferred stock beneficial conversion feature per common share (basic and diluted)	$	(0.06	)	$	(0.13	)

Weighted average common shares outstanding (basic and diluted)		3,555,489			1,487,610

####

About SIRIUS XM Radio

SIRIUS XM Radio is America’s satellite radio company delivering to subscribers commercial-free music channels, premier sports, news, talk, entertainment, and traffic and weather.

SIRIUS XM Radio has content relationships with an array of personalities and artists, including Howard Stern, Martha Stewart, Oprah Winfrey, Jimmy Buffett, Jamie Foxx, Barbara Walters, Opie & Anthony, Bubba the Love Sponge®, The Grateful Dead, Willie Nelson, Bob Dylan, Tom Petty, and Bob Edwards. SIRIUS XM Radio is the leader in sports programming as the Official Satellite Radio Partner of the NFL, Major League Baseball®, NASCAR®, NBA, NHL®, and PGA TOUR®, and broadcasts major college sports.

SIRIUS XM Radio has arrangements with every major automaker. SIRIUS XM Radio products are available at shop.sirius.com and shop.xmradio.com, and at retail locations nationwide, including Best Buy, RadioShack, Target, Sam’s Club, and Wal-Mart.

SIRIUS XM Radio also offers SIRIUS Backseat TV, the first ever live in-vehicle rear seat entertainment featuring Nickelodeon, Disney Channel and Cartoon Network; XM NavTraffic® service for GPS navigation systems delivers real-time traffic information, including accidents and road construction, for more than 80 North American markets.

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the benefits of the business combination transaction involving SIRIUS and XM, including potential synergies and cost savings and the timing thereof, future financial and operating results, the combined company’s plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “ are expected to,” “anticipate,” “believe,” “plan,” “estimate,” “intend,” “will,” “should,” “may,” or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of SIRIUS’ and XM’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond the control of SIRIUS and XM. Actual results may differ materially from the results anticipated in these forward-looking statements.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statement: our substantial indebtedness; the businesses of SIRIUS and XM may not be combined successfully, or such combination may take longer, be more difficult, time-consuming or costly to accomplish than expected; the useful life of our satellites; our dependence upon automakers and other third parties; our competitive position versus other forms of audio and video entertainment; and general economic conditions. Additional factors that could cause SIRIUS’ and XM’s results to differ materially from those described in the forward-looking statements can be found in SIRIUS’ Annual Report on Form 10-K for the year ended December 31, 2008 and XM’s Annual Report on Form 10-K for the year ended December 31, 2008, which are filed with the Securities and Exchange Commission (the “SEC”) and available at the SEC’s Internet site (http://www.sec.gov). The information set forth herein speaks only as of the date hereof, and SIRIUS and XM disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication.

E-SIRI

Contact Information for Investors and Financial Media:

Paul Blalock
SIRIUS XM Radio
212 584 5174
paul.blalock@siriusxm.com

Patrick Reilly
SIRIUS XM Radio
212 901 6646
patrick.reilly@siriusxm.com

Hooper Stevens
SIRIUS XM Radio
212 901 6718
hooper.stevens@siriusxm.com