XM Closes New Financing

December 11, 2001

Washington - Dec 10, 2001 - XM Satellite Radio announced the close of its public offering of 11.5 million common shares at a price of $11.25 per share, including the over-allotment option of 1.5 million shares, resulting in total gross proceeds of $129 million. The underwriter of the deal was Morgan Stanley.

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