PPT Slide

XM System:

Satellites, spare and launch $473

Launch insurance 50

Ground segment 329

Total system cost $852

FCC license 90

Operating losses and

working capital

requirements 158

Total Uses $1,100

XM Fully Funded Through Commercial Operations

Net Equity Proceeds $909

Net Debt Proceeds 191

Net proceeds to date: $1,100

Sources

Uses

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