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No. of Recommendations: 8

44,000 new subscribers signed up on Christmas day

25,000 retail locations now sell Sirius Satellite equipment

300% subscriber growth in 2004

Churn is LOW

Anticipation for Howard is huge

There was a statement referring to 10 million dish network subs, which I did not understand. Can someone who heard this please clarify?

Programming --- Sirius is the most innovative for programming and talent

Howard Stern
John Madden is promoting Sirius
Jim Brown will announce
Greatful Dead
Eminem & Shady Records
Maxim (sp) Radio
…And much more

96% Customer Satisfaction
88% Would recommend to friends
30% of non-subs interviewed are aware of Sirius (very high brand awareness)

Large Retail Promotion beginning in February

Will achieve more with compression and new technology

Star mate
Streamer GT for trucks
Sportster Replay (has pause button and will replay the last 44 minutes)
ReGo (up to 4 hrs flash card recording capability – cannot
play Sirius music on another device. Can record and replay mp3.)
Will be introducing cheaper products with new features
Pioneer partnering with Sirius
Kenwood making head devices
Rotel will be making devices for audiophiles

SiriusConnect receiver. The new product utilizes SIRIUS' next generation technology to offer a single-piece system that is compatible with SIRIUS-ready headunits from manufacturers such as Alpine, Audiovox, JVC, Kenwood, Eclipse and Pioneer. The SiriusConnect receiver will also interface with XM-ready headunits from Alpine and Pioneer that are up to three years old, making it easier for consumers to chose the content provider that best meets their needs and tastes.

OEM products will show the greatest growth -- more than aftermarket

Can use Parental Controls to deny access to individual channels.

Question from Bear Sterns
Will Howard come in earlier than 2006?
Answer: No discussions taking place at this time.
If it is in the best interest of all parties, Sirius would accept him early.
They would love to have him in early.
They are working to rapidly complete his studio.
They will honor his present contract.

Premium Channels:
Traffic and navigation (Nav Tec) – available 4th qrtr 2005
Sirius Video – 2 or 3 channels for children
Howard stern will probably make a video(s)

My guess is that other income will come from:
Advertising - which can be a huge chunk
Premium channels -- just as Motley Fool benefits from all of their premium products, Sirius will add many more premium channels.
Pay For Listen special events. Just like cable TV, I anticipate many "pay for listen" events.
Pay to download music - This is a natural follow on to the ability to record. Teenagers are a huge market for this feature.
More Premium Video channels, including Music and Sports.

Mel Karmazin stated that in one year they expect to be double where they are today (in subs). The lawyer prevented him from stating “more than double”. However, he did say that they will be bigger than anyone expects. This goes along with my estimate that their 2005 sub estimate is conservative and they will have at least 3 million.

They continue to say that Satellite is the “next generation” of radio, after AM and FM.

Update note:
Mel Karmazin will be on Power Lunch today at Noon ET.

That's the best note taking I could do. I may have made some mistakes and probably did miss some things. Feel free to correct any errors I may have made, and to clarify or elaborate on some of the things I mentioned.

I hope others will contribute more factual information so the board can do some Sirius analysis and get away from cheer leading and doom saying. New investors especially should read the Sept 10Q and the company news reports, and report anything they find interesting.

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