Only U.S. satellite radio operator Operating synergies and cost-saving opportunities from acquisition of XM Satellite Radio in 2008 Increased number of automotive models under exclusive contracts for factory-installation of satellite radios Steady stream of new subscribers from ongoing conversion of roughly 48% of automaker promotional subscribers to paid status Modestly increasing subscriber churn Two year record of positive EBITDA and discretionary cash flow Substantial debt balances Dependence on U.S. automotive sales for subscriber growth Sizable debt maturities in 2013 and 2014 The 'B+' corporate credit rating on New York, N.Y.-based Sirius XM Inc. reflects our expectation that the company's debt leverage will remain high for the remainder of 2010 and 2011, reflecting limited discretionary cash flow. The company's position as
