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Letter to Shareholders

As we consider potential acquisitions or external investments, we will remain extremely disciplined and focused on opportunities that provide strong returns and have strategic value. The announced NBC Universal transaction fits both of these goals and its unique structure provides strong financial returns, even without additional synergies, as well as significant performance incentives and upside for Comcast. In 2010, we expect to dedicate our energies in this area toward planning for the NBC Universal transition.

We see our strong balance sheet as a strategic asset, ensuring ready access to capital, particularly in a difficult economic and competitive environment, and giving us the flexibility to invest in growth areas and maximize our competitive advantages. During 2009, we reduced total debt by 10% to $29.1 billion, lowered our cost of debt, and enhanced our long-term liquidity. We also structured the NBC Universal transaction to maintain our strong investment grade ratings.



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