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Capital Expenditures

Letter to Shareholders

We are very excited about the opportunities that this combination provides and have begun the planning process. Steve Burke, Chief Operating Officer of Comcast Corporation, is leading our effort to maximize the opportunities available from the new combination of our cable, broadband and content businesses. Given Steve’s additional responsibilities, I am delighted to welcome Neil Smit as President of Comcast Cable. Neil is an accomplished and talented executive and a terrific addition to our cable management team.

Capital Allocation and Return of Capital

We continue to have a disciplined approach to capital allocation that carefully balances three objectives:

  1. investing in the operating and strategic needs of our business;
  2. maintaining our balance sheet strength; and
  3. returning capital directly to our shareholders.

Our first priority is to deploy capital to our businesses that provide attractive incremental returns, strengthen our competitive position or offer future growth potential. In 2009, our capital expenditures totaled $5.1 billion, or 14% of revenue, representing a meaningful decrease in capital intensity, even as we continued to invest in key strategic initiatives, like All-Digital and wideband.



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