The special independent committee of the board of directors of the Company and all non-interested members of the board of directors of the Company unanimously recommend that Company shareholders vote FOR the proposed transaction for the reasons set out in the Circular including, but not limited to:

It is a premium priced offer.

• The C$4.50 cash consideration to be paid to holders of Class A Subordinate Voting Shares in the capital of the Company (the “Class A Shares”) under the Arrangement represents a premium of 22.3% over the closing price of Class A Shares on the TSX onFebruary 11, 2024 (the day prior to the Company’s announcement that it had been approached regarding a potential corporate transaction) and a premium of 17.7% over the 20-day volume-weighted average trading price of the Class A Shares on the TSX for the period ending February 11, 2024.

Company shareholders have the opportunity to remain invested in the satellite radio market.

• Company shareholders can elect to receive consideration in the form of publically traded shares of Sirius XM Holdings Inc. (“SIRI”), subject to certain limitations.
• Company shareholders can elect to receive consideration in the form of exchangeable shares that are exchangeable into publically traded shares of SIRI, subject to certain limitations and satisfaction of certain conditions.
• The maximum number of SIRI shares available for election (directly or indirectly through exchangeable shares) is 35 million, which represents approximately 50% of the offer consideration available for election by shareholders. Based on the July 28, 2024, closing price of US$4.36 per SIRI Share, the Bank of Canada noon exchange rate of C$1.3170 per US$1.00 and the fixed exchange ratio of 0.898 SIRI Shares under the Arrangement, if all shareholders were to elect to receive the maximum SIRI consideration, the offer value, as of end of day July 28, 2024 was approximately C$4.81 per Class A Share (based on proration at rate of 50%). The price per SIRI Share and the US dollar exchange rate are subject to change.

The consideration is fair from a financial point of view based on third-party opinions and is within the formal valuation range.

• The Company received fairness opinions from Ernst & Young LLP and National Bank Financial Inc. confirming that the consideration to be received by the minority shareholders pursuant to the Arrangement is fair, from a financial point of view, to such holders.
• Ernst & Young LLP prepared a formal valuation of the Class A Shares and the consideration to be paid to holders of Class A Shares under the Arrangement is within the range of C$3.96 to C$4.83 that was established by such formal valuation.

The Arrangement facilitates better strategic and economic alignment of the Company and SIRI, significantly reducing risks that would reasonably be expected to impact the Company’s financial condition, results of operations and prospects, including its ability to pay dividends.

• The Arrangement resolves risks associated with the Company’s general dependence on SIRI and, following discussions undertaken as part of the evaluation of the Arrangement, contractual risk around the significant likelihood that the royalty rates paid by the Company to SIRI (under the Sirius and XM license agreements) could increase materially upon expiry and extension of such agreements.
• The Arrangement removes exposure for Company shareholders to the Company’s dispute with SIRI relating to the activation fees paid under the XM licence agreement.
• The Company will be better positioned competitively as technology continues to evolve and competition increases from unlicensed competitors which may be foreign owned and controlled and are not subject to the same regulatory restrictions and fees as the Company.

Secured voting support.

• The Continuing Canadian Shareholder Group (Slaight Communications Inc. and Obelysk Media Inc.) has entered into voting support agreements to vote their Company shares in favour of the Arrangement.
• CBC announced its intention to vote in favour of the Arrangement.

SiriusXM Canada encourages Company shareholders to carefully read the Circular as it contains important information, including a full description of the Arrangement, background details on the extensive review and negotiation process undertaken, the detailed reasons behind the special independent committee’s recommendation in favour of the proposed transaction, as well as the complete third-party formal valuation and fairness opinion prepared by Ernst & Young LLP and fairness opinion prepared by National Bank Financial Inc.

The Circular will be available on SEDAR at www.sedar.com and on the Company’s dedicated transaction website atwww.siriusxmcanadatransaction.ca. The Circular will also be mailed to all shareholders of record. The Company has fixed 5:00 p.m. eastern time on July 29, 2024 as the record date for the purpose of determining Company voting shareholders entitled to receive notice of and vote at the Meeting or any adjournment or postponement thereof.

Process of Approval
As described in greater detail in the Circular, the Arrangement is subject to, among other things, the approval by 66 2/3% of the votes cast by SiriusXM Canada voting shareholders voting as a single class, as well as by a majority of the votes cast by the holders of Class A Shares (other than interested Company shareholders for the purposes of such vote). The Arrangement is also subject to receipt of court and any necessary regulatory approvals, including Canadian Radio-television and Telecommunications Commission approval. On closing of the Arrangement, it is expected that SiriusXM Canada’s shares will be delisted from the TSX. It is anticipated that the Arrangement will be completed as soon as all conditions have been satisfied or waived.

How to Vote
Registered Shareholders: vote by mail, fax, phone, online or in person at the special meeting.

Non-Registered Shareholders: intermediaries are required to forward the materials and to seek voting instructions in advance of the Meeting.

Votes must be submitted not later than 10:00 am eastern time on August 26, 2024, or if the Meeting is adjourned or postponed, prior to 10:00 am eastern time on the second business day before any adjourned or postponed Meeting.

For questions about the information contained in the Circular, or for assistance in completing the form of proxy or letter of transmittal and election form, please contact the proxy solicitation and information agent, D.F. King, toll free at 1-866-822-1238 (1-201-806-7301 by collect call) or by email at inquiries@dfking.com or the Company’s transfer agent and depositary, CST Trust Company at 1-800-387-0825 or by email at inquiries@canstockta.com. Alternatively, for up-to-date information and convenience in voting please visit the website: www.siriusxmcanadatransaction.ca.