XM Reaches 360,000 Subs; Expects One Million In 2003

CONSTELLATIONS

XM announced in late December a set of definitive financing agreements totaling $450 million -- consisting of $200 million in new funds from strategic and financial investors and $250 million in payment deferrals and related credit and payment facilities from General Motors.

Las Vegas - Jan 10, 2003
XM Satellite Radio announced today it has signed up more than 360,000 subscribers, extending its market leadership in digital satellite radio.

"XM had an outstanding fourth quarter, adding 145,000 subscribers, a 72 percent increase in subscribers over our cumulative total at the end of the third quarter and more than five times as many subscribers as we signed-up in the fourth quarter of 2001," said XM President and CEO Hugh Panero.

"XM's accelerating subscriber growth has been fueled by 'the second launch of XM' in new vehicles from General Motors and other automakers, and by our 'third launch' into the home and portable markets with our next-generation SKYFi receivers, including XM's first portable radio."

"XM expects a very strong 2003, with new subscribers approximately triple those obtained in 2002", Panero continued. "By year-end 2003, XM will have crossed the one million subscriber mark and be firmly established as a mass- market product."

XM ended 2002 with more than 347,000 subscribers. The Company had thousands of additional radios sold at retail but not yet activated by year- end -- demonstrating the attractiveness of XM as a Holiday gift.

The first XM "boomboxes" reached retail shelves very late in the quarter and sold out almost immediately, indicating a significant near-term market for this breakthrough product -- the first XM receiver requiring no installation and able to be utilized in the home or "on the go" without any adapter devices.

In 2002, the Delphi SKYFi, XM's plug-and-play radio incorporating the most advanced user features of any satellite radio on the market today, proved to be a "hot" Christmas gift. Compact and attractive, the complete SKYFi system costs less than $200. SKYFi can be set-up in the car, home, office, or virtually anywhere a subscriber chooses to enjoy XM's 101 channels of revolutionary programming.

XM's new portable satellite radio, the Delphi SKYFi Audio System, is expected to be a strong seller during 2003. "This boombox extends XM Radio's merchandising beyond retailers' car stereo sections to their portable audio and HiFi departments; it also should broaden XM's appeal to younger audiences," Panero said.

On the OEM side, GM and other automakers like Honda and Nissan will expand their XM-equipped vehicle offerings. General Motors currently provides factory-installed XM radios in 25 lines of cars, light trucks and SUVs, including household names such as Buick, Cadillac, Chevrolet, GMC, Oldsmobile and Pontiac, and plans to eventually expand XM availability across its entire product line.

In the funding area, XM announced in late December a set of definitive financing agreements totaling $450 million -- consisting of $200 million in new funds from strategic and financial investors and $250 million in payment deferrals and related credit and payment facilities from General Motors.

In addition, XM commenced an Exchange Offer for its outstanding 14 percent Senior Secured Notes. With the new funds and payment deferrals from these transactions, XM expects to achieve full funding through cash-flow breakeven. XM anticipates all necessary conditions and approvals related to these financings will be satisfied by the end of February 2003.

SPACEMART

Crutchfield Study: Customers Praise XM And Sirius Satellite Radio

Charlottesville - Nov 25, 2002
One year after the launch of satellite radio, the results are in -- consumers love it. That's one of the findings of a survey of satellite radio buyers conducted by Crutchfield Corporation, the nation's leading direct retailer of home and mobile consumer electronics.

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