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Andrew Lack, President and COO, NBC
'NBC continues to reign as America's No. 1 broadcast network among viewers most desired by advertisers. With the best station group in the business, an attractive portfolio of cable assets and our upcoming acquisition of Telemundo, we will continue to broaden our reach and outpace the competition with our impressive growth rates.'

In 2001, NBC continued to outperform the competition with strong performances across all of our operating divisions. In the toughest advertising market in a decade, earnings were down, but we are in significantly better shape than the competition. With significant strategic acquisitions and programming and operational strength, we are well positioned for accelerated growth as ad sales recover.

The NBC television network finished the year with 6 of the top 10 prime-time shows in the most sought-after demographic category, adults 18-49. The Peacock network received 16 Emmy Awards in 2001, more than any other broadcast network for the eighth year in a row. Now in its third season, NBC's hit drama The West Wing won eight Emmys. In its twelfth season, NBC's Law & Order continues to achieve record-breaking ratings. Also during the year, Jay Leno and Conan O'Brien continued to win their time periods by significant margins. NBC had 8 of the top 10 programs during the summer of 2001.

NBC News registered another year of earnings growth behind stellar ratings performances across the board. Today, NBC Nightly News with Tom Brokaw and Meet the Press are all No. 1 in their time slots, while Dateline NBC finished the year as the No. 1 newsmagazine among adults 18-49. On September 11, the division demonstrated its important public role as more Americans turned to the trusted voices and faces of NBC News to get information and analysis of that day's tragic events than to any other news organization.

MSNBC had another year of strong brand expansion in 2001 with distribution growing 19% to 73 million households. Total-day ratings grew 35% compared with the previous year among adults 25-54, a key demographic for advertisers. MSNBC also enjoyed the youngest audience among cable news networks.

NBC's broadcast of the 2002 Winter Games will reach at least 180 million Americans, giving the network an unrivaled platform from which to promote NBC's programming assets. NBC is the exclusive U.S. broadcaster of the Olympic Games through the 2008 Games in Beijing. NBC Sports has long-term agreements to broadcast many of the world's top sporting events. NBC Sports' newest platform, NASCAR auto racing, saw unprecedented ratings, up 34% from the prior year. NBC also broadcasts Wimbledon tennis, the Triple Crown, Notre Dame football, and professional golf's PGA Tour, U.S. Open and Ryder Cup.

NBC's 13 owned-and-operated stations had another record year in ratings in 2001, with a strong increase in market share. Ten of our 13 stations were No. 1 or No. 2 in their respective markets. The acquisition of San Francisco station KNTV will add a valuable presence in America's fifth-largest television market.

CNBC grew earnings in 2001 despite the difficult marketplace. Operating margin expanded and distribution increased to 82 million households in the United States. In 2001, NBC launched CNBC World, a digital channel focused on international markets and market makers, and the Senior PGA moved its tournament broadcasts to CNBC.

In October of 2001, NBC announced plans to acquire Spanish-language broadcaster Telemundo. When the transaction is completed we will be the only major broadcast network with a business devoted to developing and airing programming specifically created for the fast-growing Spanish-speaking market. This acquisition will give NBC significant strategic opportunities across all divisions, including sales, station operations, news, entertainment and sports, along with the benefits of duopolies in five major markets.

NBC is well positioned for another year of strong performance in 2002.

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