The National Broadcasting Company Robert C. Wright, President and Chief Executive Officer, National Broadcasting Company, Inc. The National Broadcasting Company delivered double-digit earnings growth for the second consecutive year on an 8% revenues increase in 1994. Contributing to our success in 1994 were higher ratings, the strength of the News Division, a solid year from sports programming, record levels of profitability at our owned-and-operated stations, doubling of profits at CNBC and an improved economy. We also laid the groundwork for growth in global markets and new information technology. In programming, NBC launched an extremely strong fall season. Our new series were the most successful of any network in households and key demographic groups. Moving "Frasier" and "Wings" to Tuesday resulted in increased Tuesday-night ratings and profits. Thursday remained NBC's most-watched night, with "Seinfeld" being joined by the season's strongest new hit, "ER." NBC News became stronger. "Dateline NBC" was expanded to three nights per week and is a powerful component of our prime-time schedule. The "Today" show opened an exciting street-level studio in Rockefeller Center. New international outlets make NBC News one of the most widely distributed news organizations in the world. NBC Sports has the premier sports package on television today. Our ratings for AFC football reached the highest point since 1985 and, for the first time since 1975, exceeded the competition's ratings for the NFC. We also acquired the rights to the U.S. Open golf package through at least 1997 and retained rights to air Wimbledon tennis through 1999. In addition, advertising sales for the 1996 Olympics in Atlanta are well ahead of the sales pace for the 1992 Barcelona Olympics. In 1994, many broadcast affiliates switched networks. While adding additional costs for NBC, new affiliate agreements will provide incentives for greater clearances of network programming. NBC ended 1994 as the only network remaining on VHF stations in all top 25 markets. NBC also made an agreement with CBS that will change our roster of owned-and-operated stations. Following regulatory approvals, we will exchange the assets of KCNC in Denver for those of WCAU in Philadelphia and will trade towers and station signals in Miami. As a result, NBC will now own a station in the fourth-largest U.S. market and will increase national coverage by NBC-owned stations by 900,000 households. We improved our position as a major owner of cable and satellite program services in the United States by launching America's Talking. CNBC, our other wholly owned cable network, grew in subscribers and advertising revenues. Globalization has also been dramatic. NBC Super Channel now reaches 60 million homes in 32 countries. We initiated the expansion of CNBC into Asia. Canal de Noticias NBC, our 24-hour Spanish language news service, continues to grow in Latin America. NBC also became a leader in new media products with the launch of NBC Desktop Video, a service that will bring business news video, live or on-demand, directly to personal computers. Looking ahead, our programming abilities and firmly established distribution system make NBC well positioned for strong growth as we enter the age of "The Information Superhighway" and the globalization of television.

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