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I EXHIBIT C REDACTED I FOR PUBLIC INSPECTION I

I TABLE C4 Audio Entertainment Market 2006 I Shares of Revenue

Sham(Terrestrial Revenue IL I (millions) Shares Only) Audio Sourca

Satellite Radio $1,571 4.7% 6.8% I sinus $637 1.9% 2.7% XM $933 2.8% 4.0% Temsbiel Radio $21,669 64.7% 93.2% I Radio Physical Audio Media (CD's etc.) $9.200 27.5% Digital Audio Media (Downloads. $850 2.6% I etc.) Subscription %rViceS $206 0.6% I TOIal 33,505 ?OD% loox Change In HHI 11 22

I Notes and Sources 1. The change in HHI Is calculated as equa to 2 x (XM share) x (Snw sham). oy~rsll HHl levels for he rnalkel. eihrpnwnerger or post-merger. cannot be calculated fmn these shams. With heexcapSon of XM and Sirius, hesa are heshares of VB&US wms of adbenlwtsinmenl I rather than of Individual supplien. 2. SirlusandXM Rewmue: XMsndSlriuaFwm1M(data[Periodendingaecember31.2006). 3. Terrestrial Radio Revenue Radio Advetiisicg Bureau. Radio Fads, AnnuelRevsnus. adatda at http:llwww.rab.ownlpubliipihvmue Trends.xls (leal visaed July 7,2W7). I 4, Physical and dIgW audb msdia and subsdptkr micas fmn RWZCO5 Vear-EndSnfktkx, amilsble st htlp:ll76,74.24.14~~7251F-5E09-535SgEBD.948W7FB6AE8.pdr (Isa vUW July 7. 2007). 5. Revenue rewedfor physical audh medla indudes revenues from CD's. Cassettes. LPIEP. DVD I Audia and SAW. but excludes DVD video revenue. 6. Revenue reporled for diailal eudio meda indudes revenues from dovrnloada and kosks, but excludes revenue lor ddtal mu& vldeop. 7. Revenues repand above exdude revenue hm saks of equipment woept in hecase Or satellite I radio where 1 indudes revenue fmm direct 5818s d radios and xxessoTies. I I I I I EXHIBIT C REDACTED ~I FOR PUBLIC INSPECTION

.. .- .. .- .. 1 Audio Enterlainment wlsrlwt 2wB Shares of Number of Usen EsNnMe 1 EsPmm 2 Shul). sh- I Numbr of (Ternatrial h Numberof Uaon Satell. hdle UEWl Audio Swrce (Million.) Shares (MilUans) Shams I Satell* Radio Sirius XM Terrestrial Radio I MP3 Player I CD Player wlmusic Total 100% 100% I Change in HHI - Notes and Souru.: The change in HHI is calculated as equal to 2 x (XM share) x (Sirius share). &poprials overall HHI hisfor Ule eiher promergeror pastm-mergsr. csnnot be cawlaled from mese shares. wlm the exwption of XM and Sinus. theam the shams of v-s -m d sub entertainmnl rsuler than of I indivdusl suppliers. Eatlm.tP 1 I 1. EDtimatesareofthanumbetofuse~inhepastvrwkage12+rrhe~amilable,andexcePtwhere~mMd. I

3. Usen of lerreshiai radio sewviu): Percentage ot me populawn 12+ listening In Me past weak fmm &MtrUI. FWb Today. How Amslisa tisfems lo R&: zwr ~i~mst 90. I 4. Usen of internat radii: Percentageof the powidon 12t listening in me past week horn Arbitm~dlsonMa Resaarch, me I&& Dial 2007: Wms Dgllalslpl~at 5. 5. Users of MP3 players: Percentage of me papulation 12r using Milplayers fmm Jupiter Research. US. Muric Forecast 2CG3 lo 201 I IAUeUa 2w6) a1 8. The Infinite Dial 2007 at 14 raporm that 30% of me populatan 12+ DW~San MP3 player. but not Me pnsnbxp ma uyld thsi MP3 player. Juplter WnWsa me I usem of MP3 playen, and that appmxlmatety 31% of Me populaUan 12+ owns MilWyers. 6. Usem of mobile phones wHh music: Caiwlated horn me prosntage of Wirele65 wbsaibers vho uaad mmU svda kslunr of lhair n-obil+ phm in ma pM 30 days (hvm ArbitmnlTelephla, The Mobile Avdb Media Sludy (2007) at 6) multiplled by the p~nanlagdmabile phMe ~~nenin me powlaIan '12+ lfmm ArbitrwEdiwn Medla R~~esrch.The IMnll.3 Diel 2007: Radio's &'la1 Pb3Lforms at 3). I 7. Estimate of USpapulatian @ 12+ as of January 1.2007 hvm Arbikon, RamNeUmwide RersnXra, GL& (Fa1 Zwe) at 4. Estlmate 2 1, Weekty users of devices: Cplwlated from SMge Ratings. DWtal MleGMh PmWkms (updatsd WnSRW7h sv- at hnp:iEumv.bridseratings.cQmlpress_042507 (last visited July 17,2007) exceptuhaa dJmnviw noled. Bridpe apwn13 OSbmBle numbers representative of me entire USpcpulation. These estimates have b%en multiplied by the POpulatDn age 12+ drvded by lotel population lo be I mnsesrvaw and for mrnDPmbiliN wah Dmer mwded estimates.

I 4. Estimate of US. pmulatim aged 12. as of January 1, 2007 fmm Arbiin. Radb Nalhwide RelsnaKe G1id3 (FaZms) st 4. Estimate of mtpl U.S. powlatian fmm US.Census Bureau Preen Release. Consus Bureeu RTWS Pqulaticm of300.8 Ml%n M Nnr YdsOsy (Deoember 28.2WBh evailadls e4 h~:lEumv.~nsus.~~~~~R~~~lre~se~~i~~~pmul~ta~~7~.h~l(Isst visited July 7,2007). E.t)m.t. 3 I 1. weekly users of devicBI. Calculated hvm usen a6 8 psrcBntage ofthe powlatan ape 12+ reporasd by ~IS$ERathas Rass Rdease. 2007 Cwnpsblha Media U-e Gvewlew (January 3,2007). avMabIe a1 ht~:llwww.~re~gr.cormpress.0l.W.07.CMlpMsdia~.hmr(last ViSW JW 17.2W7). except where olhelwise noted. 2. Estimate of USpopulation am12+ a6 of January 1, 2W7 from Arbmn, Radb Nafbnrrids Referem% GI& (Fa#2aae) a1 4. 3. User0 ofratelite radio: Calwlated as lor Estimats 1, which Pmssw. 2007mFatifiw I Mad& Ussge Ovsrviev (Januaiy 3,2007). avaifWe at httpJEumv.bfijperaUngs.mmf~.Ol.03.07.~' Uas.htm (lat visited July 17.2037). I REDACTED

FOR PUBLlC INSPECTION I

I TABLE C6 US. Audio Entertainment Market 2006 I Shares of Household Ownership

Shares (Terrestrial I Households 6 Sale111te Radio Audio Source (millions) Shares Only)

~ Satellite Radio 11.0 4.7% 9.0% I Sinus 5.1 2.2% 4.1% XM 5.9 2.6% 4.8% Terrestrial Radio 111.3 48.0% 91.0% I MP3 Player 31.8 13.7% Broadband internet Access 55.6 24.0% CD Players I Mobile Phone Wlrnusic etc. 22.1 9.5% Total 231.7 100% 100%

I Change in HHl li 40

Notes and Sourcet: I 1. The change in HHi is CalNiided as equal to 2 x (XM share) x (Sirlus share). &mriats wral HHI levels la the wrLet. ailher prpmsrwr or post-merger. canmt be calollated from these shares. Wlh the exception of XM and Sirius, these are the shares of varbus sources of adwentsltaiint rather than 01 individual supF4len. I 2. Number of households owning devices: Fmm Forrester Research. The .%!a ofcOnumers and Technolqly Benchmah' 2w6 (July 27.2006) at 3. except where othervise mid. 3. Number of househoids owning sateile redia: To mntfar 601118 havhx rare man one subsaibed radio. the fgure reported equal?,me number of ncm-lamliy plan subSQiFdbns. I cBlcuialed from the number d subscriben ard pmportiOn of family pian subsoip(iau as reponed in the XM and Sirius Farm 10-K data (2w6). 4. Numberof households with lerreablal radio: Estimated from parcentape ofhwwhdd8 utHmng radb in 2004 (fmm U.S. Census Bureau. Sfalisikel Abmoffhe Unifed Sfawls: 2007, hfofmafbr~and CMlmuniwfbns, Table 11 11, available af hHp:llwww.census.g~lplpmd12W6puta107rlalab I infocornm.pd (last visited July 5,2007))muiliplied by the number of hcusehdds horn Fmstes Reseamh. The stale of Consumers and Technology Benchmeh' 2Wg (July 27,2006) at 3. We assum the parcentaga of households with radio in 2w6 is the ~ameas mat h 2024. 5. Number of households with mobile phones with music: Equals me pwcsn(age 01 mobile phone I owners with mulhwdia capabilkies - the ability lo download luil soogs as 4 as video (han IbOS. : Keeping Pam wim &@a1 Music BeheVnr. 2006 Quarter 3 Report (Deoemt-3 2m6)a1 69) times the number of househdds reporlad as owning phwws from Fa-r ResefUCh. The Safe of I Consuman and Technofogy:Eenchmsrk 2006 (July 27.2wS) al3. I I I B ~ I I I I I I EXHIBIT B I I SIRIUS-XMJOINT OPPOSITION MB Docket No. 07-57 I July 24,2007 I I SIRIUSPOST-MERGER CHANNEL LINEUP I I I I I I I I I I I I I Sirius Everything'" Approx. 130 $12.95 $12.95 Pick Your Own 50 (Optional: Add a Channel Starting at 4 La Carte I' @ 5.25 Each; Add Super $12.95 I Premium Packages @ $6.00 $6.99 or $5.00 Each)

Pick Your Own 100 I A La Carte )I* $25.90"' (Including some best of XM) $14.99

Sirius Everything & Approx. 140 I Select XM"* $25.90"* $16.99 I Family Friendly & Select XM Approx. 130 $25.90.'" $14.99 Family Friendly Approx. 120 $12.95 $11.95 I Mostly Music Commercial Free Music (59) Family and Kids (4) Approx. 65 $12.95 $9.99 Religion (3) I Emergency (2)

News, &Talk Sports Channels (8) I Talk and Entertainment (10) Family and Kids (4) Approx. 50 Religion (3) $12.95 59.99 I News (13) Traffic and Weather (11) I Emergency (2) All content is subject to change from time to time due to contractual relationships with third-party providers and I for other reasons. I 'Available only for subscribers using next generation receivers who select channels via the Internet. "Consumers may block adult-themed content. Consumers who elect to block adult-themed content will be I provided a monthly credit. I '**Currently requires two subscriptions. I I I I

COMMERCIAL Heart and Soul SPORTS Playboy TRAFFIC AND I FREE MUSIC (59) Soul Town CHANNELS (7) Out WEATHER (11) jtarlite New Country Sports Action Sirius Stars I Sirius Love Prime Country ESPN Radio Phila/ Movin' Easy Roadhouse ESPNews Foxxhole SIRIUS Gold Outlaw Country ESPN Desportes Blue Collar Comedy /St. Louis I 60s Vibrations Bluegrass NBA Radio Raw Dog Comedy DC/ Totally 705 Spirit NFL Radio AtlantalMiami Big 80s Praise Hardcore Sports FAMILY AND KIDS DallaslHouston I The Pulse Planet Jazz (4) /LV The Bridge Pure Jazz PLAY-BY-PLAY Lime SF/ BBC Radio One Jazz Cafe SPORTS PhoenixISan Diego (5 DEDICATED) I Super Shuffle Spa73 Kids Stuff Orlando/Tampa Classic Rewind Blues NFL, NBA, NASCAR Radio Classia and College sporb Broadway's Best EMERGENCY (2) I play by play The Vault Symphony Hall RELIGION (3) SIRIUS Weather & lam On SIRIUS Pops Emergency TALK AND Catholic Channel Spectrum Universo Latino Weather 1 ENTERTAINMENT EWTN Radio Buzzsaw Rumbon (10) Christian Talk Octane Band e part ABC News &Talk Alt Nation Rock Velours SIRIUS Patriot I NEWS (13) First Wave Energie2 SIRIUS Left CNN Nation CBC Radio 3 CNN Headline I Lithium Iceberg Radio Laugh Break Comedy CBC Radio One NPR Now CNN En Espanol Left of Center PREMIUM MUSIC NPRTalk I Radio Korea Hard Attack (9) E! Premiere Plus Punk Elvis InfoPlus Coffeehouse Margaritaville Maxim I RCI Disorder Area 33 court Tv Faction PREMIUM Bloomberg I Boombox Hip Hop Nation ENTERTAINMENT CNBC Chill Back Spin (11) World Radio Netw The Beat Sirius Hits 1 Howard 100 BBC World Service I The Strobe Siriusly Sinatra Howard 101 Reggae Metropolitan Opera Martha Stewart I Hot Jamz COSMO I I I I I

COMMERCIAL Heart and Soul TALK AND CNBC Sirius Stars I FREE MUSIC (59) Soul Town ENTERTAINMENT World Radio Netw. Fox News (10) jtarlite New Country BBC World Service Raw Dog Comedy ABC News &Talk Sirius Love Prime Country Elvis I SIRIUS Patriot Margaritaville Mavin' Easy Roadhouse TRAFFIC AND SIRIUS Left jlRlUS Gold Outlaw Country WEATHER (11) Sirius Hits 1 Road Dog Trucking 50s Vibrations Bluegrass New York Metropolitan Opera I Laugh Break Comedy rotally 705 Spirit PhilaIBoston NPR Now Big 80s Praise Los Angeles SUPER PREMIUM: NPR Talk I The Pulse Planet Jazz Chicago/St. Louis Howard Pkg.46.00 E! The Bridge Pure Jazz DC/Baltimore Howard 100 Fox News Talk BBC Radio One Jazz Cafe AtlantalMiami Howard 101 Maxim I Super Shuffle Spa73 / Classic Rewind Blues DetroiVLV Sports Pkg.-$5.00 FAMILY AND KIDS Classic Vinyl Broadway's Best SF/Seattle NFL play by play (4) I The Vault Symphony Hall Phoenix/ College play by play Lime Jam On SIRIUS Pops Orlando/Tampa NASCAR Spectrum Universo Latino Radio Disney I Kids Stuff Buzzsaw Rumbon EMERGENCY (2) Octane Band e part SIRIUS Weather & I Alt Nation Rock Velours Emergency First Wave Energie2 RELIGION (3) Canada Weather Hair Nation CBC Radio 3 Catholic Channel I Lithium Iceberg Radio EWTN Radio ADD A CHANNEL Underground Garage Christian Talk - 1.25 EACH Left of Center SPORTS Shade 45 I CHANNELS (7) Hard Attack NEWS (f3) Faction Punk Sports Action CNN Hip Hop Nation Coffeehouse I ESPN Radio CNN Headline Back Spin Disorder ESPNews CBC Radio One Siriusly Sinatra Area 33 ESPN Desportes CNN En Espanol COSMO Boombox NBA Radio I Radio Korea Playboy Chill NFL Radio Premiere Plus Out Q The Beat Hardcore Sports Infoplus Foxxhole The Strobe I RCI Blue Collar Comedy Reggae CoukW NBA play by play Hot Jamz 1 Bloomberg Martha Stewart 1 1 I I I

COMMERCIAL Heart and Soul SPORTS Playboy TRAFFIC AND I FREE MUSIC (59) Soul Town CHANNELS (7) Out Q WEATHER (11) Starlite New Country Sports Action Sirius Stars New York I Sirius Love Prime Country ESPN Radio Fox News PhildBoston Movin' Easy Roadhouse ESPNews Foxxhole Los Angeles SIRIUS Gold Outlaw Country ESPN Desportes Blue Collar Comedy ChicagofSt. Louis I 60s Vibrations Bluegrass NBA Radio Raw Dog Comedy DC/Ealtimore Totally 70s Spirit NFL Radio AtlantalMiami Big 80s Praise Hardcore Sports FAMILY AND KIDS Dallas/Houston I The Pulse Planet Jazz (4) DetroiVLV The Bridge Pure Jazz PLAY-BY-PLAY Lime SF/Seattle BBC Radio One Jazz Caf6 Disney Phoenix/San Diego (5 DEDICATED) I Super Shuffle Spa73 Kids Stuff Orlando/Tampa Classic Rewind Blues NFL, NBA. NASCAR Radio Classics and College sports Classic Vinyl Broadway's Best EMERGENCY (2) I play by play The Vault Symphony Hall RELIGION (3) SIRIUS Weather & Jam On SIRIUS Pops Emergency TALK AND Catholic Channel Spectrum Universo Latino Canada Weather I ENTERTAINMENT EWTN Radio Buzzsaw Rumbon (10) Christian Talk Octane Band e part ABC News &Talk XM I Alt Nation Rock Velours SIRIUS Patriot NEWS (13) 11 top selections First Wave Energie2 SIRIUS Left from XM CN N Hair Nation CBC Radio 3 Road Dog Trucking CNN Headline I Lithium Iceberg Radio Laugh Break Comedy CBC Radio One Underground Garage NPR Now CNN En Espanol Left of Center PREMIUM MUSIC NPR Talk I Radio Korea Hard Attack (9) E! Premiere Plus Punk Elvis Fox News Talk Infoplus Coffeehouse Margaritaville Maxim I RCl Disorder Shade 45 Area 33 court Tv Faction PREMIUM Bloomberg I Boombox Hip Hop Nation ENTERTAINMENT CNBC Chill Back Spin (11) World Radio Netw. The Beat Sirius Hits 1 Howard 100 EBC World Service I The Strobe Siriusly Sinatra Howard 101 Reggae Metropolitan Opera Martha Stewart I Hot Jamz COSMO I I I I I

COMMERCIAL Heart and Soul SPORTS Playboy TRAFFIC AND I FREE MUSIC (59) CHANNELS (7) WEATHER (11) Soul Town Out Q Starlite New Country Sports Action Sirius Stars New York I Sirius Love Prime Country ESPN Radio Fox News Phila/Boston Movin' Easy Roadhouse ESPNews Foxxhole Los Angeles SIRIUS Cold Outlaw Country ESPN Desportes Blue Collar Comedy ChicagoISt. Louis I 60s Vibrations Bluegrass NBA Radio Raw Dog Comedy DC/Baltimore Totally 70s Spirit NFL Radio AtlantaIMiami Big 80s Praise Hardcore Sports FAMILY AND KIDS Dallas/Houston I The Pulse Planet Jazz (4) Detroit/LV The Bridge Pure Jazz PLAY-BY-PLAY Lime SF/Seattle BBC Radio One Jazz Cafe SPORTS Radio Disney PhoenixISan Diego (5 DEDICATED) I Super Shuffle Spa73 Kids Stuff OrlandoITampa Classic Rewind Blues NFL, NBA, NASCAR Radio Classics and College sports Classic Vinyl Broadway's Best EMERGENCY (2) I play by Play The Vault Symphony Hall RELIGION (3) SIRIUS Weather -5 Jam On SIRIUS Pops Emergency TALK AND Catholic Channel Spectrum Universo Latino Canada Weather I ENTERTAINMENT EWTN Radio Buzzsaw Rumbon (10) Christian Talk Octane Band e part ABC News &Talk XM I Alt Nation Rock Velours SIRIUS Patriot NEWS (13) 11 top selections First Wave Energie2 SIRIUS Left from XM CNN Hair Nation CBC Radio 3 Road Dog Trucking CNN Headline I Lithium Iceberg Radio Laugh Break Comedy CBC Radio One Underground Garage NPR Now CNN En Espanol Left of Center PREMIUM MUSIC NPR Talk I Radio Korea Hard Attack (9) E! Premiere Plus Punk Elvis Fox News Talk InfoPlus I Coffeehouse Margaritaville Maxim Disorder Shade 45 RCI Area 33 court Tv Faction PREMIUM Bloomberg I Boombox Hip Hop Nation ENTERTAINMENT CNBC Chill Back Spin (11) World Radio Netw. The Beat Sirius Hits 1 Howard 100 I The Strobe Siriusly Sinatra Howard 101 BBC World Service Reggae Metropolitan Opera Martha Stewart I Hot Jamz COSMO I I I I 1

COMMERCIAL Hot Jamz FAMILY AND KIDS I FREE MUSIC (59) Heart and Soul (4) Starlite Soul Town Lime I Sirius Love New Disney Movin' Easy Prime Country Kids Stuff SIRIUS Gold Roadhouse Radio Classics I 60s Vibrations Outlaw Country Totally 70s Bluegrass RELIGION (3) Big 80s Spirit Catholic Channel The Pulse Praise I EWTN Radio The Bridge Planet Jazz Christian Talk BBC Radio One Pure Jazz I Super Shuffle Jazz Cafe EMERGENCY (2) Classic Rewind Spa73 Classic Vinyl Blues SIRIUS Weather & Emergency I The Vault Broadway's Best Canada Weather Jam On Symphony Hall 1 Spectrum SIRIUS Pops Buzzsaw Universo Latino Octane Rumbon I Alt Nation Band e part First Wave Rock Velours Hair Nation Energie2 I Lithium CBC Radio 3 Underground Garage Iceberg Radio Left of Center I Hard Attack Punk I Coffeehouse Disorder Area 33 I Boombox Chill The Beat 1 The Strobe Reggae I I I I I 1

SPORTS NEWS (13) EMERGENCY (2) I CHANNELS (7) CNN SIRIUS Weather & Sports Action CNN Headline Emergency ESPN Radio I CBC Radio One Canada Weather ESPNews CNN En Espanol ESPN Desportes Radio Korea I NBA Radio Premiere Plus NFL Radio InfoPlus Hardcore Sports RCI I court Tv TALK AND Bloomberg ENTERTAINMENT CNBC E (10) World Radio Neb. ABC News &Talk BBC World Service SIRIUS Patriot I SIRIUS Left TRAFFIC AND Road Dog Trucking WEATHER (11) Laugh Break Comedy I New York NPR Now Phila/Boston NPR Talk Los Angeles El I Chicago/%. Louis Fox News Talk DC/Baltimore Maxim I / DallaVHouston FAMILY AND KIDS Detroit/LV (4) SF/Seattle I Lime Phoenix/San Diego Radio Disney Orlando/Tampa I Kids Stuff Radio Classics

I RELIGION (3) Catholic Channel RNTN Radio 1 Christian Talk I I I C EXHIBIT C

SIRIUS-XMJOINT OPPOSITION MB Docket No. 07-57 July 24,2007

XM POST-MERGERCHANNEL LINEUP I I 1 I I :M Everything'" Approx. 170 $12.95 $12.95 Pick Your Own 50 from all but Premium (Optional: Add a Channel Starting at b La Carte I* $12.95 i @$.25 each; Add Super $6.99 Premium Packages @ $3.00 I or $6.00 each) Pick Your Own 100 L La Carte ll* (including some best of $25.90"'" $14.99 I Sirius) :M Everything & Approx. 180 I elect Sirius" $25.90." $16.99 amily Friendly & Select Sirius Approx. 170 $25.90." $14.99 : amily Friendly Approx. 160 $12.95 $11.95 Aostly Music Commercial Free Music (58) More Music (5) I Approx. 65 $12.95 $9.99 Kids (2) Religion (1) 1 Emergency & Weather (1) lews, Sports &Talk News (12) I sports (IO) Kids (2) Approx. 60 $12.95 $9.99 Talk and Entertainment (15) Traffic, Weather and Alerts (21) I Religion (1) Emergency &Weather (1) 1 )I/ content is subject to change from time to time due to contractual relationships with third-party providers and )r other reasons I *Available only for subscribers using next generation receivers who select channels via the Internet. I "Consumers may block adult-themed content. Consumers who elect to block adult-themed content wiil be provided a monthly credit. I ""Currently requires two subscriptions. I 1 I 1

ZOMMERCIAL The Heat NEWS (12) Take Five TRAFFIC, I 'REE MUSIC (58) Fox News WEATHER & CNN ALERTS (21) The '40s Watercolors CNN Headline News America Right Boston The '50s Beyond Jazz ABC News &Talk Air America I New York The '60s High Standards CNN en Espanol The '70s Bluesville CNBC PLAY-BY-PLAY SPORTS Baltimore The '80s Fine Tuning Y (36 DEDICATED) . DC The '90s Audio Visions POTUS 'OB PGA Tour (1) 4merica Escape BBC MLB (15) Detroit I < Country The Move C-SPAN NHL (5) Chicago 3luegrass Junction BPM XM Public Radio College Sports (15) St. Louis The Village Chrome /St. Paul l J.S. Country The Chill Quai de Neuf? Seattle The Heart Fuego TALK & ENTERTAINMENT The Blend Viva SPORTS (IO) a (13) Los Angeles Flight 26 Aguila ESPN Radio XM Live San Diego Cinemagic Caliente ESPN News Extreme XM Phoenix 3n Broadway Air Musique I Radio E! Dallas u-Pop The Joint IndyCar Sonic Theater Houston Hitlist Sur la Route XM Deportivo National Lampoon Atlanta 1 The Message XM Classics XMSN Radio Classics Tampa Spirit vox MLB Home Plate Orlando Enlighten XM Pops NHL Home Ice Fox News Talk Miami I XM Sports Guide The Power XMU PREMIUM MUSIC Calendar Sportif Family Talk EMERGENCY & Fred (10) Open Road WEATHER (1) I XM Cafe XMX KIDS (2) Radio Parallele Emergency Alert I Top Tracks Willie's Place Weather Channel Reach MD I Ethel Highway 16 Radio Disney Big Tracks 20 on 20 XM Kids REGIONAL TALK, Loft Boneyard NEWS & MUSIC (6) I Verge Liquid Metal PREMIUM ENTERTAINMENT Nashville! LUCY Squizz (8) KISS Soul Street Fungus Virus Mix I Suite 62 Rhyme XM Comedy Sunny The Groove Raw The City Laugh Attack WSlX I Oprah & WLW I I t I t

COMMERCIAL The Heat SPORTS (10) REGIONAL TALK, ADD A CHANNEL FREE MUSIC (58) NEWS & MUSIC (6) - t.25 EACH I Real Jazz ESPN Radio XMX The '40s Watercolors ESPN News Nashville! Willie's Place The '505 Beyond Jazz KISS I Highway 16 The '60s High Standards IndyCar Mix The '70s Bluesville XM Deportivo Sunny 20 on 20 Boneyard I The '80s Fine Tuning XMSN WSlX Liquid Metal The '90s Audio Visions MLB Home Plate WLW Squizz America Escape NHL Home Ice Fungus I X Country The Move XM Sports Guide TRAFFIC. WEATHER & Rhyme BPM Calendar Sportif ALERTS (21) The Village Chrome Raw Boston I US. Country The Chill XM Comedy KIDS (2) New York Laugh Attack The Heart Fuego Radio Disney Philadelphia The Blend Viva Take Five XM Kids Baltimore I Flight 26 Aguila Fox News Washington, DC Cinemagic Caliente America Right TALK & Air Musique Pittsburgh Air America On Broadway ENTERTAINMENT I Detroit u-Pop The Joint (13) Chicago Sur la Route SUPER PREMIUM: Hitlist XM Live St. Louis I he Message XM CIassics Extreme XM O&A Pkg.-$3.00 (1) Minneapolis/St. Paul pirit vox O&A - Virus E! Seattle nlighten XM Pops Sonic Theater San Francisco I )eep Tracks National Lampoon Oprah Pkg.43.00 Los Angeles (1) :MU NEWS (12) Radio Classics San Diego Oprah & Friends 'red CNN Talk Radio I Phoenix :M Cafe CNN Headline News Fox News Talk Dallas Play by Play Sports .bp Tracks ABC News &Talk The Power Houston Pkg-$6.00 (36) Ethel CNN en Espanol Family Talk I Atlanta MLB, PCA, NHL and Big Tracks CNBC Open Road Tampa College Sports Loft Bloomberg Radio Radio Parallele Orlando Verge POTUS '08 li Reach MD Miami Lucy BBC Soul Street C-SPAN EMERGENCY i3 I Suite 62 XM Public Radio WEATHER (I) The Groove Canada 360 Emergency Alert / I The City ? Weather Channel I I - I I I

:OMMERCIAL The Heat NEWS (12) Take Five WSIX I :RE€ MUSIC (58) Real Jazz CNN Fox News WLW .he '40s Watercolors CNN Headline News America Right 1 .he '50s Beyond Jazz ABC News &Talk Air America TRAFFIC, WEATHER (I 'he '60s High Standards CNN en Espanol ALERTS (21) .he '70s Bluesville CNBC PLAY-BY-PLAY SPORTS Boston I -he '80s Fine Tuning Bloomberg Radio (36 DEDICATED) New York -he '905 Audio Visions POTUS 'OB PCA Tour (1) Philadelphia imerica Escape BBC MLB (15) Baltimore i ( Country The Move C-SPAN NHL Washington, DC lluegrass Junction BPM XM Public Radio (5) College Sports (15) Pittsburgh -he Village Chrome Canada 360 Detroit 1 J.S. Country The Chill Quoi de Neuf? rhe Heart Fuego TALK & Chicago -he Elend Viva ENTERTAINMENT St. Louis SPORTS (IO) (13) I :light 26 Aguila MinneapoIislSt. Paul -. ESPN Radio XM Live -memagic Caliente Seattle ESPN News Extreme XM 3n Broadway Air Musique San Francisco t Fox Sports Radio E! J-Pop The Joint Los Angeles IndyCar iitlist Sur la Route Sonic Theater San Diego XM Deportivo National Lampoon I rhe Message XM Classics Phoenix XMSN Radio Classics ipirit vox Dallas MLE Home Plate Talk Radio inlighten XM Pops Houston NHL Home Ice Fox News Talk 1 Ieep Tracks Atlanta XM Sports Guide The Power Tampa

COMMERCIAL The Heat NEWS (12) Take Five TRAFFIC , I FREE MUSIC (58) Real Jazz Fox News WEATHER & CNN ALERTS (21) The '40s Watercolors CNN Headline News America Right Boston The '50s Beyond Jazz ABC News &Talk Air America I New York The '60s High Standards CNN en Espanol Philadelphia The '70s Bluesville CNBC PLAY-BY-PLAY SPORTS Baltimore I The '80s Fine Tuning Bloomberg Radio (36 DEDICATED) Washington, DC The '90s Audio Visions POTUS '08 PGA Tour (1) Pittsburgh America Escape BBC MLB (15) Detroit I X Country The Move C-SPAN NHL Chicago Bluegrass Junction BPM XM Public Radio (5) College Sports (15) St. Louis The Village Chrome Canada 360 Minneapolis/St. Paul I US. Country The Chill Quoi de Neuf? The Heart Fuego TALK & Seattle The Blend Viva ENTERTAINMENT San Francisco SPORTS (IO) (13) I Flight 26 Aguila Los Angeles ESPN Radio Cinemagic Caliente XM Live San Diego ESPN News On Broadway Air Musique Extreme XM Phoenix t Fox Sports Radio u-pop The Joint E! Dallas IndyCar Hitlist Sur la Route Sonic Theater Ho u5 ton XM Deportivo National Lampoon 1 The Message XM Classics Atlanta XMSN Radio Classics Spirit vox Tampa MLB Home Plate Talk Radio Enlighten XM Pops Orlando NHL Home Ice Fox News Talk I Deep Tracks Miami XM Sports Guide The Power XMU PREMIUM MUSIC Calendar Sportif Family Talk EMERGENCY & Fred (10) Open Road WEATHER (1) I XM Cafe XMX KIDS (2) Radio Parallele Emergency Alert f Top Tracks Willie's Place Weather Channel Reach MD I Ethel Highway 16 Radio Disney XM Kids Big Tracks 20 on 20 SELECT SIRIUS Loft Boneyard REGIONAL TALK, NEWS 81MUSIC (6) 11 top selections I Verge Liquid Metal PREMIUM from Sirius ENTERTAINMENT Nashville! Lucy Squizz (8) KISS Soul Street Fungus Virus Mix I Suite 62 Rhyme XM Comedy The Groove Raw Sunny The City Laugh Attack WSlX I Oprah & Friends WLW 1 i m I

COMMERCIAL The City RELIGION (1) I FREE MUSIC (58) The Heat Family Talk The '40s Real Jazz I The '50s Watercolors EMERGENCY & The '60s Beyond Jazz WEATHER (1) The '70s High Standards Emergency Alert 1 I The '80s Bluesville Weather Channel The '90s Fine Tuning America Audio Visions 1 X Country Escape Bluegrass Junction The Move The Village BPM I us. Country Chrome The Heart The Chill The Blend Fuego I Flight 26 Viva Cinemagic Aguila I On Broadway Caliente u-Pop Air Musique Hitlist The Joint 1 The Message Sur la Route Spirit XM Classics Enlighten vox 1 Deep Tracks XM Pops XMU Fred MORE MUSIC (5) I XM Cafe Nashville! Top Tracks KISS Ethel 1 Mix Big Tracks sunny Loft WSlX Verge I WLW Lucy Soul Street KIDS (2) I Suite 62 The Groove Radio Disney I XM Kids I I I I I

NEWS (12) TALK AND Dallas I ENTERTAINMENT CNN Houston (15) CNN Headline News Atlanta XM Live ABC News &Talk Tampa I Extreme XM CNN en Espanol Orlando Take Five CNBC Miami E! I Bloomberg Radio Sonic Theatei POTUS ‘08 EMERGENCY & National Lampoon BBC WEATHER (1) Radio Classics Emergency Alert / I C-SPAN Talk Radio Weather Channel XM Public Radio America Right Canada 360 Air America RELIGION (I) 1 Quoi de Neuf? Fox News Talk Family Talk The Power SPORTS (10) I Open Road ESPN Radio Radio Parallele ESPN News Reach MD I Fox Sports Radio XMSN TRAFFIC, IndyCar WEATHER AND I XM Deportivo ALERTS (22) MLB Home Plate Boston I NHL Home Ice New York KM Sports Guide Philadelphia Calendar Sportif Baltimore I Washington, DC KIDS (2) Pittsburgh Xadio Disney Detroit rn

I. David Frrar, hereby declarc rhc following:

1. Ri0graphic.d Tnl‘iwmation

1. I mithe Exccut.ive Vice Prcsidcnr and of Sirius Satcllite

Radio lnc. (“Sirins”). My resyonsibilitics nt. Sirius. include. among other things.

managcmenr of accounting, financial reporting. risk cvaluation, and investor

relations. I II addition, I havc rcsponsibilities Liir thc information technology

functions UT thc company and for Sirius’ next generation satellite conskllation. 1

liave held this position for lour ycnrs I report directly to Ihe Chief Executive

Officer of Sirius, Me1 Karniazin.

2. Prior to joining Sirius, 1 held the pusition of CFO at SAVVIS Communications, B

global managed network sei-vices proviclcr with operations in 34 counrries. I also

previously held the posirion 01’ Senior Vice Presidelit and Chief Financial Olliccr I for Oiion Network Systems, Mycducntion includes an MBA in business administration frorn the Univcrsity nf Michigan and a hachrliir’s degree in history I from the University of Michigan. I 11. Introduction and Synopsis

_I 2. Prior to the an~iouncementolthis merger and immzdiatcly thereaftcr, scciiritics

I analysts estiniatcd thut there would be ellicicncics from the mergcr of Sirius and I XM Satellite Radio (“XM“)on the ordcr of hundreds of millions of dollars aruiunlly. In addilion to yeviewing the, rcpcirts of these analysts, Sirius’

I managcniciit independently considered the potcntial for synergies and cost I 1 I sayings from a mqrr withXM and ills0 \xlie\e that there would be hundreds 01'

millions of dollars in onnual efficitlncics.'

4. The purpose ofthis Dzdaratinn is to provide iiisight into the many potential cost

synergies mid economics of scalc that will bc realized by the combination of

Sirius mid XM. 1 am qualified to makc: this judgmcnt bec.ausc of my

cutnpreliensive understanding of [he business model. prulits and loss statemenl3,

and cost structure of'Sirius. Though I do not have perfect hciwlcdgc regarding

XM, based on publicly availablc infurmalion, discussions with invcst.meni

bankers that have rwcarclied both companies, and meetings with Xhl's

managemcnt, 1 have knowledge that XM's operations nnd finmcials arc similar in

many respects to Sirius'

5. In sliott, it is my professional opinion and helief that ii mcrgcr of Sit-ius and XM

will result in significant, cognizahlc syriergies in evcty line itcm of the inc.orne

statement that will bcnefit consumers aid that arc not achicvable without this

rncrgcr, including:

A decrease in fixed and variable cnstr for: satellite and hroadcast

operations, terrestrial nctwclrk (ipcrations. programming arid conlent. I customer scrvice and billingx salcs mid marketing (including retail md I Recause of legal rzqiiircmeots limiling the types of information that thc rrianngeinent ofeirher standalone company can rcvicw regarding the othcr'a operations, Siriiis and XM have reldlled outside cnnsutitancy fur rlre purpose ofrcviewing the operationu otid financials of holh uonipa~iiesand quantifying:. I haacd uti the consultantx' cxpenisr, the potential efficiencies ofthe pnrpoaed inerger. The qunnlilic.ntioii of Ilwe synergies is un on-going process. urd becausc much olthc inlormation is commcrcially rensitivr and pruyrieiaiy Sirius and XM u,ill providc addilioiid informarinn 111 the I'CC subjcct to a heighkned 1 Comniisrinn piotectivc order limilinp access LO that in~c~riiiu~ioiito tlic Commission usid third pnrties' outside counsel and oiitsidc comultants. I 2 I