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Canadian Satellite Radio Holdings Inc.

and XM Canada

Annual & General Meeting of Shareholders

January 15, 2009

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John BitoveExecutive Chairman

Welcome

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Board of Directors

Pierre Boivin

Marc Comeau

Phil Evershed

James McCutcheon

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Gary Parsons

Bob Storey

Joe Verbrugge

Mat Wilcox

2008 Was A Good Year!

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� INCREASED revenues

� DECREASED losses

� GENERATED positive cash

� EMPHASIS on automotive, not retail

Agenda

John Bitove, Executive ChairmanWelcome

Oliver Jaakkola, Legal CounselFormal Part of our

Annual and General Meeting of Shareholders

Michael Moskowitz, President and CEO Strategic Highlights

Michael Washinushi, CFO Q1 2009 Financial Highlights

Michael Moskowitz, President and CEOClosing Remarks

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Formal Part of our

Annual and General Meeting of Shareholders

Oliver JaakkolaLegal Counsel

Safe Harbour Forward-Looking Statements

This presentation contains certain information that may constitute forward-looking statements within the meaning of securities laws. These statements relate to future events or future performance and reflect management’s expectations and assumptions regarding the growth, results of operations, performance and business prospects and opportunities of the Company on a consolidated basis. In some cases, forward-looking statements can be identified by terminology such as “may”, “would”, “could”, “will”, “should”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, “seek” or the negative of these terms or other similar expressions concerning matters that are not historical facts. In particular, statements regarding the Company’s objectives, plans and goals, including future operating results, economic performance and subscriber recruitment efforts involve forward-looking statements. A number of factors could cause actual events, performance or results to differ materially from what is projected in the forward-looking statements. Although the forward-looking statements contained in this presentation are based on what management of the Company considers to be reasonable assumptions based on information currently available to it, there can be no assurance that actual events, performance or results will be consistent with these forward-looking statements, and management’s assumptions may prove to be incorrect.

Our financial projections are based on estimates regarding expected future costs and expected revenue which are more fully described in the Company’s current MD&A. Other than as required by applicable Canadian Securities Law the Company does not update or revise any forward-looking statements to reflect new information, future events or otherwise. These forward-looking statements are subject to risks and uncertainties that could cause actual results or events to differ materially from expectations. These include but are not limited to the risk factors included in our currentMD&A (including those listed under the heading “Certain Risk Factors”) in addition to the risks itemized in our most recently filed Annual Report in Form 20-F (“Form 20-F”). Readers are advised to review these risk factors for a detailed discussion of the risks and uncertainties affecting the Company’s business.

Information identifying risks and uncertainties is available in CSR's filings with the Canadian securities regulators, available at www.sedar.com. Readers should not place undue reliance on forward-looking statements.

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Michael MoskowitzPresident & CEO

Strategic Highlights

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Doing What We Said We Would Do

� DRIVING the highest value initiatives, including

– building a stronger position in automotive and aftermarket

– leveraging the value of our strategic partnerships

� MANAGING our cost structure and improving our fixed cost base

� LEADING with the best programming

� SUPPORTING Canadian culture, artists and content

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� FOSTERED solid and proven relationships with import automakers

– increased import installations which helped to more than offset any decline in sales we saw from North America automakers

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� INCREASED conversion and accelerated consumer adoption

– conversion increased by nearly 10% on average

– 62% of self-paying net additions coming from automotive

– automotive now represents 42% of self-paying subscribers

2008 Automotive Accomplishments

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� INCREASED market share in key large retail accounts

� LAUNCHED unique products

– Grab ‘n’ go prepaid product

– Colour split screen radio

– Smallest portable satellite radio/Mp3 player all in one – XMp3

� IMPROVED direct sales channel

2008 Key Aftermarket Achievements

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� CONTRIBUTED over $1.8 million (and more than $3.1 million in three years) to support Canadian artists and cultural events

– Jazz Festival (Montreal)

– Vancouver Comedy Festival

– Just for Laughs (Toronto and Montreal)

� AWARDED $90,000 to Canadian artists through the creation of:

– The Verge Music Awards

– La Fête de la Musique de XM

Continued Support of Canadian Artists and Content

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Accelerated Subscriber Growth

497,400497,400

F2008F2007F2006

315,200315,200

Rental CarsOEM PromotionalOther PayingSelf-Paying

151,600151,600

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F2006 F2007 F2008

$6.9M

$21.2M

$39.5M

More Than Quadrupled Total Revenue

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F2006 F2007 F2008

$55.8M $56.0M

$43.9M

Significantly Improved Fixed and Marketing Costs

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Generated Two Consecutive Quarters of Positive Cash*

*Calculated as the change during the period in total cash, short-term investments and restricted investments, net.

**Q1 ‘08 excludes net proceeds of $19.4M from convertible debt transaction.

20072008

Q1** Q2 Q3 Q4

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($6.5) ($6.5)

($4.7) ($4.3)($3.4)

($1.6) $0.3

$0.5 20072008

Q1** Q2 Q3 Q4

Achieved First Positive Profit Metric

Pre-Marketing Adjusted Operating Profit (Loss)

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Our TopPriorities For 2009

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Navigating a Challenging Business Environment

� Global recession now includes Canada

� Financial equity and credit markets remain disrupted

� Weak retail / consumer spending

� Softening automotive market

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Growing Penetration Rate of Factory InstallationsAnd Improving Conversion

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F2009F2008

Number of Import Models Covered by XM Canada Factory Installation Agreements

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47

40%

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� RATIONALIZE retail channel and drive profitability

� LEVERAGE unique partnerships

� IMPLEMENT new low cost and innovative tools to pursue sales

� CONSOLIDATE distribution to improve efficiency and profits

Optimize Aftermarket Focus and Leveraging Our Unique Partnerships

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� IMPLEMENT premium customer care practices and technology

� ALLOCATE dedicated resources to loyalty

� TARGET existing subscribers with second radios

� PROVIDE the best in audio entertainment

Loyalty Underpins Long-Term Success

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Reducing Fixed & Marketing Costs* Provides Significant Leverage to Scalable Business Model

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Other Operating ExpensesFixed & Marketing Costs*

* Fixed and marketing costs include: customer care & billing, broadcast & operations, programming & content, general & administrative, marketing support and advertising & marketing and modification of service provider contract and excludes subsidies and distributions.

F2007Q1 2009

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Michael WashinushiChief Financial Officer

Q1 2009 Financial Highlights

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Current Status

� Continue to pursue growth

– Driving shareholder value through high return initiatives

– Prudently managing fixed and marketing costs

– Capitalizing on our strengths in the automotive market

� Fully funded business model

– Over $65 million in liquidity

– Multi-year plans provide additional liquidity

� Results to date

– Three consecutive quarters of positive cash

– Two consecutive quarters of pre-marketing adjusted operating profit

– 93% of net additions coming from automotive in Q1 2009

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Q1 2008 Q1 2009Q1 2008

Q1 2009

Adjusted Operating Profit (Loss)Pre-Marketing

Adjusted Operating Profit (Loss)

Achieved Pre-Marketing Adjusted Operating ProfitFor Second Consecutive Quarter

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Generated Third Consecutive Quarter of Positive Cash*

*Calculated as the change during the period in total cash, short-term investments and restricted investments, net.

**Q1 ‘08 excludes net proceeds of $19.4M from convertible debt transaction.

20082009

Q1** Q2 Q3 Q4

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$0.5M $0.5M$0.3M

($3.9M)

($3.4M)

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XM Canada’s Path to Adjusted Operating Profit

Subscribers

0 500,000 1,000,000 1,000,000

Fixed and Marketing Costs (at Q1 2009)

Variable SAC$

Operating Profit

BREAKEVEN RANGE

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42M

Note: $42M based on LTM

500,000325,000

Achieved Positive Cash in Q3 2008

Adjusted Operating

Profit

514,500

350,300

Q1 2009Q1 2008 Q1 2009Q1 2008

329,300

214,100

Total Self-Paying SubscribersTotal Subscribers

Subscriber Growth

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Driving Cash and Subscriber Retention

ARPU Deferred Revenue

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Q1 2008 Q1 2009

$8.1M

$12.5M

Total Revenue

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Cost Per Gross Additionand Per Subscriber Acquisition Cost

CPGA SAC

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$11.9M

$9.6M

$1.8

Q1 2008 Q1 2009

Total Fixed and Marketing Costs*

* Fixed and marketing costs include: customer care & billing, broadcast & operations, programming & content, general & administrative, marketing support , advertising & marketing and modification of service provider contract and excludes subsidies and distributions.

Broadcast operations costs

General & administrative

Customer care & billing

51%

62%

19%

Total Fixed and Marketing Costs Costs on a per Subscriber Basis

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$11.4M

Modification of service provider contractFixed and marketing costs

Fully Funded Business Plan

Outstanding Amount Maturity

High Yield Debt US$100M 2014

Convertible Debt $19.4M 2014

Credit Facility $9.5M 2012

Restricted Investments

Cash and LC

XM Credit Facility

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Michael MoskowitzPresident & CEO

Closing Remarks

(1) Timeframe represents LTM growth (30-Sep-08) for all companies except Canadian Satellite Radio, Shaw Communications, Star Choice (Shaw), and Cogeco Cable

(2) Includes Rogers Cable, Shaw Communications, Cogeco Cable, and Vidéotron

(3) Includes Bell ExpressVu and Star Choice (Shaw)

(4) Sirius XM Radio (represents pro forma results prior to the merger of XM Satellite Radio and Sirius Satellite Radio)

(5) Includes DirecTV and Dish Network

(6) Includes Time Warner Cable, Comcast, Cablevision, and Charter Communications

(2) (3) (4) (5) (6)

Canada

U.S

XM Canada Outpaces Growth of Other Subscription-Based Businesses in both Canada and the U.S.

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Stronger Financial Position Than U.S. Counterpart

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XM Canada is in a stronger position to Sirius XM with:

� Debt that is smaller and spans over a longer period of time

� Three consecutive quarters of positive cash

� A fully funded business plan

Sirius XM Expected to Benefit from Merger Synergies in 2009

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F2008A

F2009E*

* Source: Sirius XM presentation at Annual Meeting of Stockholders held December 18, 2008.

Adjusted EBITDA

2.5x

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XM Canada: A Company With a Sound Future

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� FOCUSED on high return initiatives

� MANAGING costs prudently and effectively

� LEADING the industry with the best programming

� STRONG and experienced management team with a proven track record

� OPERATING business for long-term positive free cash flow and profitability

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Canadian Satellite Radio Holdings Inc.

and XM Canada

Annual & General Meeting of Shareholders

January 15, 2009