September 2, 2003


$560 Million of Cash at June 30, 2003, an Amount Sufficient to Reach the Cash Flow Breakeven Point

NEW YORK - September 2, 2003 - SIRIUS (NASDAQ: SIRI), known for delivering the very best in commercial-free music and premium broadcast entertainment to cars and homes across the country, today announced that it filed a shelf registration statement with the Securities and Exchange Commission covering up to $500 million of debt securities, common stock, preferred stock and warrants.

The company also announced that it has no present intention to issue securities under the registration statement. As of June 30, 2003, SIRIUS had approximately $560 million of cash, cash equivalents and marketable securities, an amount projected to be in excess of the amount the company needs to reach cash flow breakeven, the point at which revenues are sufficient to fund expected operating expenses, capital expenditures, interest and principal payments and taxes.

"We have no plans to issue securities under this shelf registration statement at this time. Our offerings of 3½% Convertible Notes in May and common stock in June leave SIRIUS in an excellent position, with the strongest balance sheet in the industry and cash in excess of the projected amount we need to reach the cash flow breakeven point," said David Frear, SIRIUS' Executive Vice President and Chief Financial Officer. "Shelf registrations are a great tool for allowing SIRIUS to opportunistically enter the debt and equity markets in the future for transactions that enhance stockholder value, such as acquisitions, debt issuances to fund stock buyback programs and other expansions of our business plan."


SIRIUS is the only satellite radio service bringing listeners more than 100 streams of the best music and entertainment coast-to-coast. SIRIUS offers 60 music streams with no commercials, along with over 40 world-class sports, news and entertainment streams for a monthly subscription fee of only $12.95, with greater savings for upfront payments of multiple months or a year or more. Stream Jockeys create and deliver uncompromised music in virtually every genre to our listeners 24 hours a day. Satellite radio products bringing SIRIUS to listeners in the car, truck, home, RV and boat are manufactured by Kenwood, Panasonic, Clarion and Audiovox, and are available at major retailers including Circuit City, Best Buy, Car Toys, Good Guys, Tweeter, Ultimate Electronics, Sears and Crutchfield. SIRIUS is the leading OEM satellite radio provider, with exclusive partnerships with DaimlerChrysler, Ford and BMW. Automotive brands currently offering SIRIUS radios in select new car models include BMW, MINI, Chrysler, Dodge, Jeep®, Nissan, Infiniti, Mazda and Audi. Automotive brands that have announced plans to offer SIRIUS in select models include Ford, Lincoln, Mercury, Mercedes-Benz, Jaguar, Volvo, Volkswagen, Land Rover and Aston Martin.

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Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, future events or performance with respect to SIRIUS Satellite Radio Inc. are not historical facts and may be forward-looking and, accordingly, such statements involve estimates, assumptions and uncertainties which could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to the factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2002 filed with the Securities and Exchange Commission. Among the key factors that have a direct bearing on our results of operations are: our dependence upon third parties to manufacture, distribute, market and sell SIRIUS radios and components for those radios; the unproven market for our service; our competitive position and any events which affect the useful life of our satellites.

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