The Company is of the view that the Dissidents’ complaint is completely without merit and does not accurately reflect the circumstances underlying the transaction. SiriusXM Canada’s independent directors have determined that the Recapitalization is in the best interest of the Company and is fair from a financial point of view to the minority shareholders, having regard to a number of factors including the fairness opinion and formal valuation from Ernst & Young LLP and the fairness opinion from National Bank Financial Markets. The Company will present its position to Staff of the Ontario Securities Commission shortly and place the allegations raised by the Dissidents in their proper context.

The Recapitalization was previously announced on May 13, 2024. The Company expects to mail its management information circular to shareholders by no later than August 4, 2024. The Circular will provide significant disclosure regarding the Recapitalization, its background and its rationale, including disclosure in respect of the concerns raised by the Dissidents. The Company intends to engage with its shareholders once the Circular is filed and publicly available.