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Letter to Shareholders

In 2009, we returned more than $1.5 billion directly to shareholders through a combination of dividends and share repurchases. Highlighting our confidence in the prospects of our business and in conjunction with the NBC Universal transaction, we increased our commitment to our dividend and share repurchase program. In December 2009, we raised our dividend by 40%, the second increase in a year. In addition, we announced our intention to repurchase, by the end of 2012, the $3.3 billion of stock remaining in our stock buyback authorization at the end of 2009.

Looking Ahead

The decade behind us was transformative for Comcast. We gained scale in cable, quadrupling our video customer base and increasing cable revenues eleven-fold. We achieved this by reinforcing our technology platform to deliver two-way digital services, new broadband and digital voice products, and expanding offerings for small businesses. We also built significant value in content—and now, with the NBC Universal transaction, we will grow that value.

None of us can predict the future; we can only get ready for it. For Comcast, this means having a flexible and experienced management team, a strong and smart employee base, a first-rate collection of complementary businesses, and the scale we need to be a leader no matter where the future may take us. I believe we are ready.

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