Sirius XM Radio (SIRI)

2010 OUTLOOK

Looking to 2010, the company expects full-year revenue of over $2.7 billion. Free cash flow is expected to remain positive in 2010.

“We expect to add over 500,000 net subscribers this year, exceeding the company’s previous subscriber high of 19 million at the end of 2008. We also expect this year’s adjusted income from operations to be up approximately 20% to $550 million,” said Karmazin.

2009 AND 2010 OUTLOOK

SIRIUS XM affirmed its year 2009 guidance of over $400 million in pro forma full-year adjusted income from operations.

The company also provided guidance for 2010. “We expect the company’s cash flow growth momentum to continue into 2010, and we project full-year adjusted income from operations to increase approximately 20% next year,” said Mr. Karmazin. Based upon assumed 2010 automobile sales of 11.3 million units, SIRIUS XM expects to achieve positive full-year subscriber growth in 2010. The company also expects 2010 revenue growth of mid- to high-single digits, and growth in free cash flow compared to 2009.

“While the near future’s macroeconomic performance is extremely difficult to predict, our business has reached sufficient scale to allow us to continue to grow cash flow,” Mr. Karmazin added.

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.

2009 OUTLOOK

SIRIUS XM now expects to achieve over $350 million in 2009 adjusted income. This is an increase from the company’s previous guidance of over $300 million in 2009 adjusted income provided on March 10, 2009.

2008 OUTLOOK

Following approval of the pending merger with XM by the Federal Communications Commission, SIRIUS will provide guidance for 2008.

2008 OUTLOOK

Following approval of the pending merger by the government, SIRIUS will provide guidance for 2008.

• Total revenue approaching $1 billion
• More than 8 million subscribers at year-end
• Average monthly subscriber churn of approximately 2.2%-2.4%
• SAC per gross subscriber addition approaching $100

2007 OUTLOOK

SIRIUS today issued the following guidance for the full year 2007:

• Total revenue approaching $1 billion
• More than 8 million subscribers at year-end
• Average monthly subscriber churn of approximately 2.2% – 2.4%
• SAC per gross subscriber approaching $100

2007 OUTLOOK

SIRIUS today reiterated the following guidance for the full year 2007:

• Total revenue approaching $1 billion

• More than 8 million subscribers at year-end

• Average monthly subscriber churn of approximately 2.2 – 2.4%

• SAC per gross subscriber addition of approximately $95

2007 OUTLOOK

SIRIUS today provided the following guidance for the full year 2007:

• Total revenue approaching $1 billion
• More than 8 million subscribers at year-end
• Average monthly subscriber churn of approximately 2.2 – 2.4%
• SAC per gross subscriber addition of approximately $95

In light of the pending merger with XM, and the uncertainty surrounding the timing and financial impact, the company is no longer currently providing cash flow guidance. See section on the pending merger of equals with XM Satellite Radio Holdings Inc.