#1COMCAST Investor Presentation As of October 26, 2023 Unless otherwise noted, all disclosures, values and statistics referenced in this presentation reflect the full year 2022 period. Investor Contacts: Marci Ryvicker, EVP, Investor Relations [email protected] Jane Kearns, VP, Investor Relations [email protected] Marc Kaplan, VP, Investor Relations [email protected]#2Important Information. Unless otherwise noted, all disclosures, values and statistics referenced in this presentation reflect the full year 2022 period and may have changed during 2023. We undertake no obligation to update this information in light of new information, future events or otherwise, and instead refer you to our filings with the Securities and Exchange Commission and our quarterly earnings presentations made in respect to subsequent periods in 2023. This presentation is provided for informational purposes only. Caution Concerning Forward-looking Statements This presentation includes statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. These may include estimates, projections and statements relating to our business plans, objectives and expected operating results, which are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. These forward-looking statements are generally identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "potential," "strategy," "future," "opportunity," "commit," "plan," "goal," "may," "should," "could," "will," "would," "will be," "will continue," "will likely result" and similar expressions. In evaluating these statements, you should consider various factors, including the risks and uncertainties we describe in the "Risk Factors" sections of our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and other reports we file with the Securities and Exchange Commission. Factors that could cause our actual results to differ materially from these forward-looking statements include changes in and/or risks associated with: the competitive environment; consumer behavior; the advertising market; programming costs; consumer acceptance of our content; key distribution and/or licensing agreements; use and protection of our intellectual property; our reliance on third-party hardware, software and operational support; keeping pace with technological developments; cyber attacks, security breaches or technology disruptions; weak economic conditions; acquisitions and strategic initiatives; operating businesses internationally; natural disasters, severe weather-related and other uncontrollable events; loss of key personnel; laws and regulations; adverse decisions in litigation or governmental investigations; labor disputes; and other risks described from time to time in reports and other documents we file with the Securities and Exchange Commission. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update revise publicly any forward-looking statements, whether because of new information, future events or otherwise. The amount and timing of any dividends and share repurchases are subject to business, economic and other relevant factors. Non-GAAP Financial Measures This presentation also includes certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EPS and Free Cash Flow. Refer to the Notes following this presentation for a description of our non-GAAP measures and we also provide reconciliations to the most directly comparable GAAP financial measures in our Form 8-K (Quarterly Earnings Release) announcing our quarterly earnings and in our trending schedule, which can be found on the SEC's website at www.sec.gov and on our website at www.cmcsa.com. 2 COMCAST#3We are a Global Media and Technology Company Scaled leader with top brands in very large and profitable markets • Investing in and driving growth in high-margin businesses while protecting profitability in other businesses with secular headwinds ● Connectivity & Platforms xfinity 10G Xfinity XFi xfinity mobile sky mobile sky stream FRESWHEOL A COMCAST COMPANY xfinity x1 xfinity flex xfinity stream sky glass sky Q NOW TV xumo* sky atlantic 3 sky broadband effectv A COMCASI COMPANY COMCAST BUSINESS MASERGY sky business sky media sky showcase sky max sky documentaries Consolidated streaming platform joint venture formed in June 2022; reported under Corporate and Other. ● ● Strong balance sheet and substantial free cash flow generation Special culture: high integrity, innovative, collaborative, entrepreneurial, growth-driven Content & Experiences peacock NBC UNIVERSAL A COMEANT COMPANY UNIVERSAL ORLANDO RESORT CNBC MSNBC usa SYEY E T TELEMUNDO FOCUS FEATURES MAS COM UNIVERSAL STUDIOS MOLLYWOCS bravo ILLUMINATION UNIVERSAL BEIJING NBC Sports sky sports NBCUniversal Local TOwned Stations Regional Sports Networks DREAMWORKS UNIVERSAL UNIVERSAL STUDIOS JAPAN STUDIO GROUP COMCAST#4We Delivered Strong 2022 Results 4 $121B Revenue 44% YoY #29 Fortune 500 See Notes on Page 31. $36B Adj. EBITDA 45% YoY 30% Adj. EBITDA margin $13B Free Cash Flow 35% Adj. EBITDA conversion. $18B Return of Capital 140% Free Cash Flow payout COMCAST#5New Reporting Structure Reflects. Our Integrated Operations and Strategy • 52.3M customer relationships paying us $100+ per month on average* ● 5 Global tech platform that fuels products and experiences across the company and our partners Connectivity & Platforms Residential Connectivity & Platforms *As of the end of 3Q 2023. X Business Services Connectivity ● ● 700M+ people reached globally by our collective media, studios and theme park properties One Platform helps advertisers reach nearly 230M U.S. adults every month, including 180M + streamers Media Content & Experiences her Studios Theme Parks COMCAST#6Comcast Corporation: Company Overview 2022 Results* 2022 Revenue: $121.4B 2022 Adj. EBITDA: $36.5B ● Content & Experiences 35% Drivers of our growth and the focus areas of our investment: 6 Revenue breakdown Residential Broadband Wireless Business Services Connectivity Connectivity & Platforms 65% Theme Parks Streaming Premium Content Creation in Our Studios Content & Experiences 17% Adj. EBITDA breakdown xfinity COMCAST BUSINESS Connectivity & Platforms 83% NBCUniversal sky *Consolidated Comcast Revenue and Adjusted EBITDA are the aggregate of Connectivity & Platforms and Content & Experiences, as well as Corporate, Other and Eliminations. Charts exclude Corporate, Other and Eliminations. See Notes on Page 31. COMCAST#7Key Growth Drivers: More Than 50% of Trailing Twelve Month Total Revenue Through 3Q23; Grew 8% Compared to Prior TTM Period 7 TTM Revenue Mix (through 3Q23) $120.9B Key Growth Drivers +$4.9B Compared to the Prior TTM Period* • Residential Broadband ● ● ● ● ● Wireless Business Services Connectivity Theme Parks Traditional ($6.1B) Compared to the Prior TTM Period* Connectivity & Platforms Legacy Video and Voice Media Networks Distribution Advertising (Excluding Peacock) Other ● Streaming (Peacock) Studios *Key Growth Drivers amount represents the aggregate of the categories listed and Traditional amounts represent the aggregate of all other categories. Both categories exclude the impacts of Eliminations. Refer to our trending schedule for additional detail. See Notes on page 31. COMCAST#8Connectivity & Platforms: Business Overview 2022 Results 2022 Revenue: $81.2B 2022 Adj. EBITDA: $31.2B 2022 Highlights: ● ● 8 Advertising 6% Video 38% #1 broadband provider in the U.S.*; fastest speeds inside & outside of the home 1B connected devices on our Xfinity WiFi #2 broadband provider in the U.K.*; launched service in Italy in 2020 Other 8% ● * Based on the number of customers at year end 2022. See Notes on Page 31. Revenue breakdown Residential Connectivity 38% Business Services Connectivity 11% World class entertainment operating system Business Services Award-winning voice remote 75M+ devices on our global technology platform Connectivity 16% Adj. EBITDA breakdown Residential Connectivity & Platforms 84% xfinity sky COMCAST BUSINESS COMCAST#9Connectivity & Platforms: 2022 Highlights 9 X *2022 Adjusted EBITDA growth on a constant currency basis was 5.0%. Growth: Delivered 4.4% Adj. EBITDA growth*, 140bps of Adj. EBITDA margin expansion and $20.6B of Net Cash Flow Domestic Residential Broadband: Maintained a balanced approach to drive continued domestic residential broadband ARPU growth (+3.8%) and profitability Network: Continued to invest in our domestic network plan; multi-gig symmetrical speeds beginning in 4Q23. Domestic Wireless: Record year of domestic wireless growth; 16% growth in total line net. additions; surpassed 5M total lines at year end; launched product to Comcast Business customers Operations: ● Further increased operational efficiency, which contributed to margin expansion COMCAST#10Domestic Broadband Remains a Long-Term Growth Opportunity 10 Best-in-Class product & innovation Multi-Gig speeds Home WiFi coverage with Gateway & Pods Control and reliability features Key pillars of our broadband growth strategy Network evolution Multi-Gig symmetrical speeds across footprint Launch of 10G Advanced monitoring *Based on a comparison of wireless pricing as of the end of 3Q 2023. Expanding footprint New housing growth Accelerating edge-outs Government subsidies Converged savings & experience Bundled value proposition. Content integration Current wireless pricing: generally -30% -40% savings vs. telcos* Advanced security As we compete, we plan to maintain a balanced approach to drive continued broadband revenue growth & profitability COMCAST#11Early Stage of Growth in Domestic Wireless; Driving Penetration and Lines per Account 11 Domestic Wireless Subscriber Lines ('000s) 3,980 2021 *10% penetration at the end of 3Q23. +1,334 5,313 2022 xfinity mobile Only 9% penetration of our base of domestic residential broadband customers*; plenty of runway ahead Roadmap for future growth: Continue to leverage new pricing plan and capabilities ● ● Focus on experience and value with convergence Continue to focus on base management and churn improvement COMCAST#12International Connectivity Comprises Our International Broadband and Wireless Businesses 12 sky mobile 0 sky sky Sky provides broadband and wireless services in the U.K. and broadband service in Italy ● $3.4B in revenue; two-thirds from broadband and the balance from wireless 7M broadband subscribers and 3M+ wireless customer lines Strong growth potential COMCAST#13Business Services Connectivity Continues to be a Growth Driver; On a Path to Market Leadership Adj. EBITDA Margin Revenue Business Services Connectivity Revenue, Adj. EBITDA and Adj. EBITDA Margin Adj. EBITDA 13 58.1% $8.1B $4.7B 2021 57.4% $8.8B +9.5% * $5.1B +8.1% 2022 COMCAST BUSINESS ● sky business Comcast Business represents nearly all of Business Services Connectivity revenue, Adj. EBITDA and customer relationships; Sky Business launched in 2021 2.6M customer relationships U.S. market leader in small business segment Significant opportunity to capture share in the mid-sized business and enterprise segments Public sector is a new growth segment * Comcast acquired Masergy in 4Q 2021. Business Services Connectivity organic revenue growth was 6% in 2022, excluding Masergy. See Notes on Page 31. COMCAST#14Content & Experiences: Business Overview 2022 Results* 2022 Revenue: $43.2B 2022 Adj. EBITDA: $6.4B ● Invest $20B+ annually in content; monetize viewership through our owned platforms and licensing to third parties ● Theme Parks 16% 14 Studios 26% Leading TV portfolio by audience in the U.S. Fastest-growing streamer by subscribers in the U.S. #2 studio by worldwide box office #1 most-watched news organization in the U.S.** Revenue breakdown Media 57% ● Theme Parks 37% Studios 13% Parks in 4 cities: Orlando, Los Angeles (Hollywood), Osaka and Beijing New park, Epic Universe, scheduled to open in Orlando in 2025 Announced plans to open a new horror-themed experience in Las Vegas (2025) and a new park in Frisco, Texas designed for families with young children (2026) *Content & Experiences Revenue and Adjusted EBITDA are the aggregate of the three Content & Experiences segments as well as Headquarters, Other and Eliminations. Charts exclude Content & Experiences Headquarters, Other and Eliminations. See Notes on Page 31. **Based on people per month accessing our news group content (linear and/or digital) compared to other news organizations. Adj. EBITDA breakdown NBCUniversal peacock sky sports Usa T network UNIVERSAL A SPMENT COMPANY Media 50% UNIVERSAL DESTATIONS & EXPERENCES TELEMUNDO MSNBC COMCAST#15Content & Experiences: 2022 Highlights TAR S STONE OWN RULES AIR F 15 MEGAN UNRATED NEW MOVIES VAMPIRE ACADEMY A 10-PART MYSTERY SERIES peacock ORIGINAL POKER FACE PEACOCK ORIGINALS peacock op Real Housewives ULTIMATE GIRLS TRIP EX-WIVES CLUB THEY'VE GOT A LOT TO ONPACK *28M Peacock paid subscribers at the end of 3Q 23. Growth: • Delivered 2.0% growth in Adj. EBITDA, including higher Peacock losses Media: ● ● Reallocated resources across linear and streaming, enabling integrated strategy to deliver long-term, sustained Media profit growth Peacock paid subscriber net additions were 12M, fueled by live sports, our recent films and originals o Ended the year with 21M paid Peacock subscribers* Studios: Adj. EBITDA increased 9.3% to $961M, driven by the successful theatrical performance of Jurassic World: Dominion and Minions: The Rise of Gru Theme Parks: Adj. EBITDA increased $1.4B to $2.7B, its highest Adj. EBITDA on record, reflecting increases at each park compared to 2021 ● COMCAST#16Peacock Rapidly Gaining High Quality Scale 16 1M 2020 Paid Subscribers Since Launch in 2020 *28M Peacock paid subscribers at the end of 3Q 23. 9M 2021 21M * 2022 peacock 12M paid subscriber net additions in 2022; fastest growing U.S. streamer in 2022 • 2022 revenue of $2.1B, up from $0.8B in 2021 •~$10 ARPU (paid subscribers) highlights quality of subscribers and compares favorably to competitors In 2023, converting bundled subscribers receiving Peacock for free to paid subscribers COMCAST#17Strong, Resilient Studios Business 17 Adj. EBITDA $0.9B 2021 $1.0 B 2022 UNIVERSAL. ● ● A COMCAST COMPANY ● ● DREAMWORKS In film, #2 studio in 2022 by worldwide box office: 2 of the top-five films by worldwide box office: Jurassic World: Dominion and Minions: The Rise of Gru #1 and #3 Horror by domestic box office: Nope and Black Phone FOCUS ILLUMINATION FEATURES *Season-to-date P2+ average viewership among broadcast/cable dramas; 9.19.2022-5.28.2023, live + 7 days. **FBI, FBI: Most Wanted, and FBI: International licensed to CBS; Umbrella Academy licensed to Netflix. U UNIVERSAL In TV, success across internal and 3rd party platforms: Behind 6 of the top-10 linear dramas*: FBI**, Chicago Fire, Chicago Med, Chicago P.D., FBI: Most Wanted** and FBI: International** Streaming Hits: Bel Air, Best Man, Candy, Hacks and Umbrella Academy** A major driver of Peacock's success STUDIO GROUP COMCAST#18Record Breaking Year at Theme Parks in 2022 18 $2.5B 2018 $2.5B 2019 Adj. EBITDA Rapid recovery following COVID-related restrictions. Momentum continued in 2022 2020 -$0.5B $1.3B 2021 $2.7B 2022 UNIVERSAL DESTINATIONS & EXPERIENCES ● ● Highest Adj. EBITDA and guest attendance ever in 2022 First profitable quarter for Beijing (3Q22) Successfully navigated pandemic closures and restrictions in Osaka and Beijing • Recently-opened attractions at each park: VelociCoaster, Secret Life of Pets, Super Nintendo World • New parks / experiences: Epic Universe in Orlando in 2025; horror-themed experience in Las Vegas in 2025; new park in Frisco, Texas designed for families with young children in 2026 COMCAST#19COMCAST Creating Long-term Shareholder Value#20Creating Long-Term Shareholder Value Revenue 20 See Notes on Page 31. Operating Leverage Drive Margin Expansion Adj. EBITDA Maintain Capital Intensity Free Cash Flow (FCF) Excluding Interest Payments Maintain ~2.4x Consolidated Net Leverage Financial Leverage FCF Return Capital to Shareholders FCF/ Share COMCAST#21Benefits of a Strong Balance Sheet and Maintaining Our Current, Investment Grade Credit Ratings 13 Able to invest through business & economic cycles (e.g., Domestic network, Peacock, Epic Universe) 21 See Notes on Page 31. $ Consistently return capital to shareholders (healthy balance of dividends & share repurchases) H Flexibility; access to a large and diverse set of fixed income investors to efficiently and cost- effectively refinance maturing debt securities over time (at ~2.4x target consolidated net leverage ratio) COMCAST#22Returned a Record $18B to Shareholders in 2022 22 Return of Capital, $B Share Buybacks Dividends $4 $2 $2 2013 FCF Payout* $7 $78B returned to shareholders over the past 10 years (dividends & share repurchases) as of year end 2022 81% 66% 28% ......... $8 $8 $8 $5 $5 $5 $4 $4 $3 $3 $4 2018 2019 $4 $2 2014 *Free Cash Flow results under the current definition disclosed beginning in 2016. $9 $7 $2 83% 2015 $3 2016 2017 15 consecutive annual dividend increases through January 2023; 16% CAGR 31% $4 2020 50% $18 $9 $4 140% $5 2021 $13 $5 2022 -20% reduction in share count over the past 10 years COMCAST#23Key Objectives 23 REVENUE ● Drive Margin Expansion ● Maintain Capital Intensity ADJ. EBITDA Key Operational Objectives: Remain disciplined on broadband rate/volume Navigate TV evolution for profitability Focus on driving operational efficiencies FCF EXCLUDING INTEREST PAYMENTS Maintain 2.4x Consolidated Net Leverage ● ● FCF Key Financial & Strategic Objectives: Invest for growth in our businesses Residential Broadband, Wireless, Business Services Connectivity, Theme Parks, Streaming, Premium Content Creation in Our Studios O Return Capital to Shareholders FCF/SHARE Grow FCF/share Protect our strong balance sheet position + return capital to shareholders. COMCAST#24COMCAST Social and Environmental Responsibility#25Committed to Giving Back & Positively Impacting Our Communities 25 LIET Digital Equity Improving access to technologies, tools and resources for tens of millions of people DE&I Infusing more diversity, equity and inclusion across our company and society COMLEAST Environment Shaping a more sustainable future by improving our environmental impact COMCAST#26Advancing Digital Equity Building on a decade-long foundation with a commitment over the next 10 years to provide tens of millions of Americans with access to the technology, tools and resources to enable them to build skills, careers and pathways to economic mobility in an increasingly digital society. Connectivity • Connecting people to the internet, technology and resources needed to succeed in a digital world 26 internet >> essentials FROM COMCAST LIFT ZONE FROM COMCAST Skills & Creativity Creating opportunities and new career pathways in media and technology and opening doors for new voices to be heard and stories to be shared ● NBCU ACADEMY THE EDIT fimm her FEMALE FORWARD INNER-CITYARTS GHETTO FILM SCADOL ACADEMY ORIGINAL CU VOICES FELLOWSHIP CODEPATH*ORG REBOOT REPRESENTATION Entrepreneurialis m • Equipping entrepreneurs and small business owners with skills, digital resources and opportunities to help them thrive COMCAST NBCUNIVERSAL LIFT Labs R COMCAST RISE COMCAST NBCUNIVERSAL SPORTS TECH BUILD COMCAST#27Initiatives Across the Company Focused on Diversity, Equity and Inclusion. Our Employees ● ● ● ● 27 DE&I days DE&I Speakers series Employee resource groups Workforce and leadership diversity FL Supplier Diversity & Investments • $30B spent with diverse suppliers since 2011 Investments in diverse-led and/or diverse serving financial institutions O Seibert Williams Shank Clear Vision Impact Fund Inclusiv Racial Equity and Resilience Investment Fund Media & Awareness ● ● ● ● ● The More You Know DE&IPSAS NBCU Academy Black Experience destination Deals with diverse content creators Representation of diverse individuals, cultures and stories on air and behind the camera Community Impact ● Inspiring volunteerism, service and leadership Increasing technology access and skills Using storytelling platforms for social good • Charitable contributions, including through Employee Matching Gift Program COMCAST#28Environmental Sustainability We're proud of the progress we've made so far, reducing our Scope 1 and 2 emissions by 38% from our 2019 base year through 2022, all while growing our business. ● Reduction mainly driven by: 28 ● Our Goal to be Carbon Neutral by 2035 in Scope 1 and 2 Emissions ● sourcing more clean energy greening of U.S. electricity grid improving operational efficiency in energy and vehicle fleet • Continuing to reduce emissions by: ● investing in clean and renewable energy reducing vehicle emissions improving energy efficiency Million mtCO2e Scope 1 and 2 Emissions: Emissions Year Over Year 2.5 2019 2.2 2020 1.8 2021 1.6 2022 2022 Emission Sources 67% 20% 13% Purchased electricity powering facilities, data centers, theme parks and network Emissions from our owned and operated fleet and vehicles Generators, cooling systems, purchased steam, cooling and heating COMCAST#29ESG Reporting and Disclosure We report on ESG issues that are important to our stakeholders, including our employees, customers, suppliers, shareholders and the communities where we operate. The following key reports, policies and resources related to our ESG performance and progress are located on the ESG Reporting page of our website at www.cmcsa.com/esg-reporting and provide a broad view of our ESG efforts. and initiatives. 29 2023 Impact Report Carbon Footprint Data Report Political and Trade Association Activity EHS Management System Framework SASB Report EEO-1 Data Code of Conduct Statement on Harassment & Discrimination TCFD Report Code of Conduct for Suppliers and Business Partners Human Rights Statement Statement on Modern Slavery and Supply Chain Values COMCAST#30Recognized for Creating a Great Place to Work. Select list of awards received in 2022 & 2023: Comcast NBCUniversal is Great Place to Work Certified. We were named one of the: Best Companies to Work For (#9 in 2023) Companies that Care (#12 in 2023) Best Workplaces for Parents (#5 in 2022) Best Workplaces for Women (#22 in 2023) ● ● Comcast NBCUniversal honored as a top 20 company on DiversityInc's Top 50 list as one of the U.S.' most inclusive companies, placing #13 overall in 2023 Comcast NBCUniversal named among USA Today's first-ever list of America's Climate Leaders (2023) For the sixth time, Com cast NBCUniversal named a Top Company in the U.S. by LinkedIn (2023) 30 Comcast recognized as a Best Workplace for Innovators by Fast Company (2023) For the 10th consecutive year, Points of Light named Comcast NBCUniversal to The Civic 50, which recognizes the most community-minded companies in the U.S. (2023) Comcast NBCUniversal Named Best for Vets Employer by Military Times (#1 Telecommunications company in 2022) Comcast NBCUniversal named a 2023 Leading Disability Employer by the National Organization on Disability COMCAST#31Notes Numerical information is presented on a rounded basis using actual amounts. Minor differences in totals and percentage calculations may exist due to rounding. Beginning in the first quarter of 2023, we changed our presentation of segment operating results around our two primary businesses, Connectivity & Platforms and Content & Experiences. We have updated certain historical information as a result of these changes, including: (1) presentation of Cable Communications results in the Residential Connectivity & Platforms and Business Services Connectivity segments and (2) presentation of Sky's results across the Connectivity & Platforms and Content & Experiences segments, and Corporate & Other. Refer to our Form 8-K dated March 13, 2023 for additional information. We define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by revenue. Refer to our Form 8-K (Quarterly Earnings Release) for a reconciliation and further details. We define Free Cash Flow as net cash provided by operating activities (as stated in our consolidated Statement of Cash Flows) reduced by capital expenditures and cash paid for intangible assets. From time to time, we may exclude from Free Cash Flow the impact of certain cash receipts or payments (such as significant legal settlements) that affect period-to-period comparability. Cash payments related to certain capital or intangible assets, such as the construction of Universal Beijing Resort, are presented separately in our Statement of Cash Flows and are therefore excluded from capital expenditures and cash paid for intangible assets for Free Cash Flow. Adjusted EBITDA conversion is calculated as Free Cash Flow divided by Adjusted EBITDA. Free Cash Flow payout is calculated as total return of capital, consisting of dividends and share repurchases, divided by Free Cash Flow. Refer to our Form 8-K (Quarterly Earnings Release) for a reconciliation and further details. We define Connectivity & Platforms Net Cash Flow as Connectivity & Platforms Adjusted EBITDA reduced by capital expenditures and cash paid for capitalized software and other intangible assets. Refer to our trending schedule for a reconciliation and further details. Constant currency growth rates are calculated by comparing the results for each comparable prior year period adjusted to reflect the average exchange rates from each current period presented, rather than the actual exchange rates that were in effect during the respective periods. Refer to our Form 8-K dated March 13, 2023, for a reconciliation and further details. Consolidated net leverage is calculated as consolidated net debt/trailing twelve month Adjusted EBITDA, adjusted to exclude Universal Beijing Resort. Consolidated net debt of $86.7 billion as of December 31, 2022 represents long-term debt, including current portion (as stated in our Consolidated Balance Sheet), less cash and cash equivalents (as stated in our Consolidated Balance Sheet) and adjusted to exclude $3.5 billion of debt and $0.1 billion of cash at Universal Beijing Resort. Amounts owed under a collateralized obligation are presented separately in our Consolidated Balance Sheet and are therefore excluded from consolidated net debt. The denominator of $36.6 billion represents Adjusted EBITDA for the twelve months ended December 31, 2022 of $36.5 billion, adjusted to exclude $0.2 billion of Universal Beijing Resort Adjusted EBITDA losses. Customer metrics for 2022 have been updated to reflect the new segment presentation, and to align methodologies for counting business customer metrics to: (1) include locations receiving our services outside of our distribution system and (2) now count certain customers based on the number of locations receiving services, including arrangements whereby third parties provide connectivity services leveraging our distribution system. These changes in methodology were not material to any period presented. Previously reported total Sky customer relationships of approximately 23 million as of December 31, 2022 also included approximately 5 million customer relationships outside of the Connectivity & Platforms markets. 31 COMCAST#32COMCAST