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SIRIUS XM to Retire $114 Million of Debt a year ahead of schedule

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More positive news from Sirius XM Today. SIRIUS XM Radio announced that on June 1, 2010, XM Satellite Radio Inc. will redeem all of its outstanding 10% Senior PIK Secured Notes due 2011, CUSIP Nos. 983759AE1 and 983759AH4, at a redemption price of 100% plus accrued interest. As of the redemption date, $113,685,000 of 10% Senior PIK Secured Notes due 2011 will be outstanding. XM issued the related notice of redemption to the trustee today, who will notify noteholders of the details of the June 1 redemption.

“Our strong cash position, strong first quarter subscriber growth and the improving outlook for the economy have put us in position to retire these notes a year ahead of schedule,” said David Frear, Executive Vice President and Chief Financial Officer of SIRIUS XM. “The early retirement of these notes will reduce interest expense and increase our free cash flow.”

This announcement is neither an offer to sell nor a solicitation to buy any of these securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful.