CBC/Radio-Canada converts class

March 21, 2014, Ottawa

CBC/Radio-Canada is converting all of its Sirius XM Canada Holdings Inc. (“Sirius XM Canada” or the “Issuer”) Class “B” shares into Class “A” shares of the Issuer.

CBC/Radio-Canada has given notice to the Issuer of the conversion of 53,570,361 Class “B” Voting Shares of the Issuer into 17,856,787 Class “A” Subordinate Voting Shares (the “Conversion Shares”) of the Issuer. The Conversion Shares represent approximately 13.99% of the outstanding Class “A” Subordinate Voting Shares of the Issuer, after giving effect to the Conversion.

After giving effect to the Conversion, CBC/Radio-Canada will hold 17,856,787 Class “A” Subordinate Voting Shares of the Issuer and an option to acquire 50,000 Class “A” Subordinate Voting Shares of the Issuer (the “Option”). Assuming the exercise of the Option, the holdings of CBC/Radio-Canada in the Issuer represents approximately 14.03% of the outstanding shares of all classes of the Issuer and approximately 10.44% of the votes attached to all outstanding shares of the Issuer based on publicly available information.

CBC/Radio-Canada holds its securities in the Issuer for investment purposes and may sell, acquire or otherwise trade in or with respect to securities of the Issuer from time to time.

The Conversion Shares are being acquired by CBC/Radio-Canada in reliance on the exemption from securities legislation contained in Section 2.42 of National Instrument 45-106 Prospectus and Registration Exemptions of the Canadian Securities Administrators.

About CBC/Radio-Canada

CBC/Radio-Canada is Canada's national public broadcaster and one of its largest cultural institutions. The Corporation is a leader in reaching Canadians on new platforms and delivers a comprehensive range of radio, television, Internet, and satellite-based services. Deeply rooted in the regions, CBC/Radio-Canada is the only domestic broadcaster to offer diverse regional and cultural perspectives in English, French and eight Aboriginal languages.

For further information or to obtain a copy of the Early Warning Report filed by CBC/Radio-Canada, please contact:

France Belisle
Director, Communications and Public Relations
tel. 613-288-6039
cel. 613-301-0552
France.Belisle@cbc.ca

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