Hugh Panero Quotations

We're going to do to radio what DBS (Direct Broadcast Satellite) and cable television did to the TV industry...providing lots more choices.

Through our strong partnership with CSR, XM will have an opportunity to expand the XM service beyond the United States and serve millions of Canadians with compelling Canadian and American programming.

With this last piece of the puzzle, after you sign a deal with the likes of Oprah, we see nothing else on the horizon of this magnitude.

We're looking forward to having the relationship evolve into other devices.

XM was the first company to offer satellite radio, the first to introduce satellite radios for the car and home, and the first to offer portable, live satellite radios. Now we're the first to offer radio channels in 5.1 Surround every minute of every day. We have an outstanding partnership with Neural Audio, which shares the same passion for high-quality sound that we have at XM.

God bless National Public Radio for thinking Bob Edwards' time had passed. And Infinity for letting Opie and Anthony go.

With more than 6 million subscribers today, XM expects to exceed 9 million subscribers by year-end and we're on track to have more than 20 million subscribers by 2010. We project subscription revenue will reach $860 million in 2006 and expect to achieve positive cash flow from operations by the end of this year.

Our next goal is to be number one in Canada ... and we can't think of a better content provider to join us than the NHL,

Oprah Winfrey is a prolific force in our culture whose unprecedented achievements in television, film, publishing and philanthropy will bring an amazing radio experience to the XM nation of subscribers.

Stern effect. Howard Stern has raised the awareness of the entire satellite radio category.

I would like to avoid having these kinds of letters show up two days before our earnings call, but that's the journey we're on right now.

We are thrilled about the National Hockey League's decision to partner with XM Satellite Radio, ... The clear winners of this partnership are the millions of hockey fans in the U.S. and in Canada who are incredibly passionate about their favorite NHL team and who will now be able to follow them regardless of where they call home.

Time will tell whether that is a deal that is going to make sense for my competitor or simply make sense for Howard Stern.

XM added a record number of new subscribers in 2005, representing 84 percent growth over prior year ending subscribers. We have more than six million subscribers today, and we expect to reach more than nine million subscribers by the end of 2006.

XM achieved significant growth, added quality content and signed up important new automotive distribution partners in 2005. At the start of 2005, XM had 3.2 million subscribers and led the satellite radio competition by 2.1 million subscribers. Over the course of the year, XM increased that lead to 2.6 million subscribers.

We are simply ecstatic about this new partnership.

There's no radio station in New York City where you can hear Sinatra sing 'New York, New York.' On XM you can.

This is just a competitive market. It depends on hardware, innovative radios, and content that has a certain seasonal nature to it.

For music fans, XM Satellite Radio and MP3s are the biggest things to happen in decades, and now you can get the best of both worlds in a single device that fits in the palm of your hand.

For music fans, XM Satellite Radio and compressed audio media are the biggest things to happen in decades, and now you can get the best of both worlds in a single device that fits in the palm of your hand.

For the first time ever, you can listen to XM live and play your MP3s on a single, handheld device. This is a major milestone for both satellite radio and MP3, and it promises to fundamentally change the way people enjoy their music. For music fans, these products from Pioneer and Samsung offer the very best of both worlds: XM and MP3 on the go.

The introduction of the first Scion product with standard XM Satellite Radio represents a new milestone for industry-leading entertainment in this cutting-edge new car segment. With our range of commercial-free music channels, XM is the perfect fit for Scion's youthful trend leaders.