SiriusXM Canada Announces Completion of Secondary Offering

SiriusXM Canada Announces Completion of Secondary Offering

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES/

TORONTO, March 26, 2012 /PRNewswire/ - Canadian Satellite Radio Holdings Inc.
("SiriusXM Canada" or the "Company") (TSX: XSR), parent of SiriusXM
Canada Inc., announced today that two of its shareholders, CSRI Inc.
and Slaight Communications Inc. (collectively, the "Selling
Shareholders") have completed the sale of an aggregate of 8,000,000
Class A Subordinate Voting Shares of the Company ("Class A Shares") at
a price of $3.00 per share.

The offering was completed on a bought deal basis by an underwriting
syndicate comprised of Canaccord Genuity Corp. and National Bank
Financial Inc. Consistent with the previously announced offering terms,
CSRI Inc. sold 6,000,000 Class A Shares, and Slaight Communications
Inc. sold 2,000,000 Class A Shares. SiriusXM Canada did not receive any
proceeds from the offering.

"The successful completion of this secondary offering significantly
increases the size and liquidity of the Company's publicly traded
float," said Mark Redmond, President and CEO of Sirius XM Canada. "The
interest in the Company was overwhelming. I welcome our new
institutional and individual shareholders who have expressed confidence
in the future of SiriusXM Canada."

Immediately following closing, CSRI Inc. owns 62,390,124 Class B Voting
Shares ("Class B Shares") and Slaight Communications Inc. owns
47,570,361 Class B Shares. The Class A Shares sold under the terms of
the offering had previously been held by the Selling Shareholders in
the form of Class B Shares which were converted to Class A Shares
effective March 19, 2012 on a three-for-one basis, consistent with the
terms of the Company's articles.

In accordance with the existing governance agreement between the Company
and Sirius XM Radio Inc. ("Sirius XM"), and to ensure that all
requirements relating to the Canadian ownership and control are
complied with as contemplated in the Company's articles, effective on
March 19, 2012, Sirius XM converted 8,202,941 Class B Shares to
2,734,314 Class A Shares in order to remain at a 25% voting interest.
Immediately following such conversion, Sirius XM owns 39,060,258 Class
A Shares and 22,764,739 Class B Shares.

This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of the
Class A Shares in any state, territory or other jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any state,
territory or jurisdiction. The Class A Shares have not been, and will
not be registered under the U.S. Securities Act of 1933, as amended,
and may not be offered or sold in the United States absent registration
or compliance with an applicable exemption from the registration
requirements under U.S. securities laws.

About SiriusXM Canada

Canadian Satellite Radio Holdings Inc. (TSX: XSR) operates as SiriusXM
Canada. SiriusXM Canada is the country's leading audio entertainment
company and broadcasts more than 120 satellite radio channels featuring
premier sports, news, talk, entertainment and commercial-free music.
SiriusXM Canada offers an array of content from the most recognized
news and entertainment brands as well as from professional sports
leagues including the NHL, NFL, MLB and CFL.

Programming is available on a variety of devices including pre-installed
and after-market radios in cars, trucks and boats, smartphones and
mobile devices, and consumer electronics products for homes and
offices. SiriusXM programming is also available online at www.sirius.ca and www.xmradio.ca and on Apple, BlackBerry and Android-powered mobile devices.

SiriusXM Canada has partnerships with every major automaker and its
radio products are available at more than 3,000 retail locations
nationwide. To find out more about Sirius XM Canada (TSX: XSR), visit
our website at www.siriusxm.ca.

Forward-Looking Statements

Certain statements included above may be forward-looking in nature. Such
statements can be identified by the use of forward-looking terminology
such as "expects," "may," "will," "should," "intend," "plan," or
"anticipates" or the negative thereof or comparable terminology, or by
discussions of strategy. Forward-looking statements include estimates,
plans, expectations, opinions, forecasts, projections, targets,
guidance or other statements that are not statements of fact, including
with respect to future operating performance and merger benefits and
costs synergies. Although SiriusXM Canada believes that the
expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will prove
to have been correct. SiriusXM Canada's forward-looking statements are
expressly qualified in their entirety by this cautionary statement.
SiriusXM Canada makes no commitment to revise or update any
forward-looking statements in order to reflect events or circumstances
after the date any such statement is made, except as required by
applicable law. Additional information identifying risks and
uncertainties is contained in Canadian Satellite Radio Holdings Inc.'s
filings with the Canadian securities regulators, available at www.sedar.com.

SOURCE Canadian Satellite Radio Holdings Inc.

Canadian Satellite Radio Holdings Inc.

CONTACT: Investors
Morlan Reddock
416-408-6899
investor.relations@siriusxm.ca Kristen Dickson
TMX Equicom
416-815-0700 ext 273
kdickson@equicomgroup.com

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