#1COMCAST 2nd Quarter 2020 Results JULY 30, 2020#2Important Information Caution Concerning Forward-looking Statem ents This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify these so-called "forward-looking statements" by words such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these and other comparable words. We wish to take advantage of the "safe harbor" provided for by this Act, and we caution you that actual events or results may differ materially from the expectations we express in our forward-looking statements as a result of various risks and uncertainties, many of which are beyond our control. Factors that could cause our actual results to differ materially from these forward-looking statements include: (1) impacts from the COVID-19 pandemic, (2) changes in the competitive environment, (3) changes in business and economic conditions, (4) changes in our programming costs, (5) changes in laws and regulations, (6) changes in technology, (7) loss of key vendors, (8) adverse decisions in litigation matters, (9) risks associated with strategic initiatives, including the development of Peacock, and acquisitions such as Sky, (10) changes in assumptions underlying our critical accounting judgments and estimates, and (11) other risks described from time to time in reports and other documents we file with the Securities and Exchange Commission. We undertake no obligation to update any forward-looking statements. The amount and timing of share repurchases and dividends is 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 schedules, which can be found on the SEC's website at www.sec.gov and on our website at www.cm csa.com. 2#32nd Quarter 2020 Highlights 3 COMCAST See Notes on Slide 12 $23.7B in Revenue $7.9B in Adjusted EBITDA $6.0B in Free Cash Flow xfinity Added +217K customer relationships, best second quarter on record Adjusted EBITDA +5.5% driven by strength in high-speed internet ● ● ● Revenue ($B) COMCAST BUSINESS $14.4 Adj. EBITDA ($B) NBCUniversal Launched Peacock free to Xfinity X1 and Flex customers on April 15, ahead of national debut on July 15, with 10M sign-ups to date $6.1 $6.2 $4.1 $1.6 Re-opened parks in Orlando and Japan after temporary closures. due to COVID-19 sky Key sports have returned including Premier League, Bundesliga and Serie A $0.7 Successfully retained 99% of total customers and 95% of sports subscribers since the crisis began#4Consolidated 2nd Quarter 2020 Financial Results ($ in billions, except per share data) 4 Revenue See Notes on Slide 12 $26.9 2Q 19 (11.7%) $23.7 2Q20 Adjusted EBITDA $8.7 2Q 19 (9.1%) $7.9 2Q20 Adjusted EPS $0.78 2Q 19 Free Cash Flow Generation: $6.0 Billion in 2Q20; $9.3 Billion YTD (11.5%) $0.69 2Q20#5Cable Communications 2nd Quarter 2020 Overview Customer Relationships (M) Revenue Per CR* 30.9 Adjusted EBITDA 5 2Q 19 $5.9 $63.38 2Q 19 +4.1% 32.1 2Q20 +5.5% $6.2 +1.4% $64.28 2Q20 ($B) $14.5 2Q 19 Net Cash Flow $4.0 2Q19 (0.2%) $14.4 2Q20 +11.1% $4.4 2Q20 ($B) ($B) Commentary Customer relationships: +4.1% to 32.1M Total customer relationship net adds of 217K, best 2Q result on record Added 323K HSI customers (not including over 600K additional high-risk or free Internet Essentials customers that still receive our service), best 2Q result in 13 years Added 126K wireless lines, ending the quarter with 2.4M total lines ● ● Revenue: -0.2% to $14.4B; +1.4% excl. accrued customer RSN fee adjustments* Reported results were negatively impacted by COVID-19, including accrued customer RSN fee adjustments, reduced advertising revenue, impact of the FCC's Keep Americans Connected Pledge and our efforts to assist customers during the crisis HSI: +7.2% to $5.0B; +8.9% excl. accrued customer RSN fee adjustments** Wireless: +33.9% to $326M Business Services: +3.6% to $2.0B - ** Adjusted EBITDA: +5.5% to $6.2B; +1.4% per customer relationship Adj. EBITDA was not impacted by accrued RSN fee adjustments Programming expense -5.0%, +1.5% excl. accrued RSN fee adjustments** Non-programming expense -3.4% Adj. EBITDA margin improved 230bps y/y to 42.8%; +170bps excl. the impact of accrued RSN fee adjustments** Net Cash Flow: +11.1% to $4.4B Capital Expenditures -8.9% to $1.5B; represents 10.1% of Cable revenue, an improvement of 90bps y/y All percentages represent year/year growth rates, except Adjusted EBITDA margin and Capital Expenditures as a % of Revenue. * Represents average monthly results per customer relationship. ** Cable Communications reported results for 2Q20 include the impacts of accrued RSN related adjustments. Refer to Notes page for further details. See Notes on Slide 12#6NBCUniversal 2nd Quarter 2020 Overview Revenue $8,206 6 2Q 19 $2,324 2Q19 (25.4%) $6,124 Adjusted EBITDA ($M) 2Q20 ($M) (29.5%) $1,638 2Q20 All percentages represent year/year growth rates. See Notes on Slide 12 Cable Networks $2,515 (14.7%) Revenue ($M) Adj. EBITDA ($M) Commentary y/y% y/y% Broadcast TV $2,364 (1.6%) Film ed Entertainment Theme Parks $1,194 (18.1%) $87 (94.1%) $1,243 +3.5% $641 +20.0% $228 +24.8% ($399) (167.7%) ● ● ● ● Lower distribution and advertising, partially offset by higher content licensing & other, which includes transactions with Peacock Distribution impacted by credits accrued at RSNs resulting from a reduced number of games planned by leagues due to COVID-19 Lower programming & production costs reflect the postponement or cancellation of sporting events resulting from COVID-19 Lower advertising reflecting reduced advertiser spend due to COVID-19; higher content licensing, which includes transactions with Peacock, and higher retrans Adjusted EBITDA reflects lower revenue, more than offset by reduced operating costs Revenue reflects the impact of theater closures due to COVID-19 and a comparison to the strong performances of last year's releases, which more than offset higher content licensing from PVOD releases Adjusted EBITDA reflects lower revenue, more than offset by reduced operating costs driven by lower advertising, marketing & promotion expenses Results reflect temporary park closures in Japan (late February) and in Orlando and Hollywood (mid-March) due to COVID-19 Parks in Orlando and Japan reopened with limited capacity in June, while Hollywood remains closed#7Sky 2nd Quarter 2020 Overview 7 Customer Relationships 24.0 +4% 2Q 19 Revenue $4,828 2Q 19 23.9 +2% 3Q 19 (12.9%) $4,079 2Q20 24.0 +2% 4Q19 $772 23.9 ($M) Adjusted EBITDA 2Q 19 +1% 1Q20 All percentages represent year/year constant currency growth rates. See Notes on Slide 12 23.7 (1%) 2Q20 +0.2% $749 (M) 2Q20 ($M) Commentary ● ● ● Customer relationships: - 1.3% to 23.7M Net losses of -214K reflects the postponement of sporting events and the suspension of certain sales channels due to COVID-19 Revenue: 12.9% to $4.1B Direct-to-Consumer -6.7% to $3.5B: lower ARPU due to COVID- 19, which resulted in lower sports subscription revenues, as well as a decrease customers y/y - Advertising -41.2% to $321M: primarily reflects overall market weakness, which was worsened by COVID-19, as well as the continued unfavorable impact of a legislation change related to gambling advertising. Content -35.7% to $234M: reflects lower revenue from sports programming as a result of the postponement of sporting events due to COVID - 19 Adjusted EBITDA: +0.2% to $749M Lower revenue offset by lower operating costs; reflects the postponement of sporting events due to COVID-19#8Free Cash Flow and Capital Allocation Capital Allocation Priorities. 8 ● Maintaining a Strong Balance Sheet Investing Organically for Profitable Growth Returning Capital to Shareholders Balance Sheet Statistics Consolidated Net Debt / Adjusted EBITDA Consolidated Net Debt ($B) 3.1x $103.5 2Q 19 2.7x $89.8 2Q20 Consolidated Capital* Consolidated capital: -4.2% to $2.7B Return of Capital 2Q20: Paid $1.1B in dividends 2020: Raised dividend by $0.08 to $0.92 per share on an annualized basis, +10% y/y 12th consecutive annual increase ● ● Dividends (split-adjusted): $0.14 $0.189 $0.23 $0.33 $0.39 09 10 11 12 13 *Capital reflects Capital expenditures plus Cash paid for capitalized software and other intangibles as presented in our Trending Schedules See Notes on Slide 12 $0.45 $0.50 $0.55 Free Cash Flow Generation: $6.0 Billion in 2Q20; $9.3 Billion YTD $0.63 $0.76 $0.84 $0.92 14 15 16 17 18 19 20#9Appendix#10Our Response to COVID-19 SUPPORTING OUR PEOPLE We have committed $500 million to support our employees where operations have been closed or impacted, made work from home options as broadly available as possible, and enhanced safety measures for customer-facing employees. 10 NEW sky Te INCREASING ACCESS TO NEWS & IN FORMATION Our NBC and Sky news teams are working around the clock to keep the world informed and we're bringing that news and information to more people than ever. See Notes on Slide 12 KEEPING CUSTOMERS CONNECTED Keeping the internet accessible and reliable is more important than ever. Our technology and engineering teams are working tirelessly to support our network operations 24/7 to ensure network performance and reliability. "Education" PROVIDING FREE EDUCATIONAL RESOURCES In partnership with Common Sense Media, we've curated thousands of hours of free educational programming into an education destination for Xfinity video customers to support remote learning for kids K-12. internet >> essentials OFFERING IN TERN ET ESSENTIALS FREE TO NEW CUSTOMERS Eligible new customers will receive 60 days of Internet Essentials service, the nation's largest, most comprehensive internet adoption program for low-income households, without charge. And we've increased the speed of this internet service for all customers. DELIVERING MORE ENTERTAINMENT We are bringing great entertainment home to consumers in new ways-offering movies on dem and on the same day as their theatrical releases and making more free content available to X1 video customers.#11Free Cash Flow Generation Adjusted EBITDA to Free Cash Flow Walk 11 Adjusted EBITDA $16.1 Capital expenditures ($4.0) Software & intangibles See Notes on Slide 12; Differences may exist due to rounding ($1.2) Cash interest expense ($1.9) Cash taxes ($0.3) Changes in operating assets and liabilities ($0.0) Noncash share- based compensation and Other $0.7 YTD 2Q20 ($B) Free Cash Flow $9.3#12Notes We define Adjusted EBITDA as net income attributable to Com cast Corporation before net income (loss) attributable to noncontrolling interests and redeem able subsidiary preferred stock, 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. Refer to our Form 8-K (Quarterly Earnings Release) for a reconciliation and further details. We define Adjusted EPS as our diluted earnings per common share attributable to Comcast Corporation shareholders adjusted to exclude the effects of the amortization of acquisition-related intangible assets, investments that investors may want to evaluate separately (such as based on fair value) and the impact of certain events, gains, losses or other charges that affect period-over-period comparisons. 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 for acquisitions and construction of real estate properties and the construction of Universal Beijing Resort are presented separately in our Statement of Cash Flows and are therefore excluded from capital expenditures for Free Cash Flow. Refer to our Form 8-K (Quarterly Earnings Release) for a reconciliation and further details. Cable Communications reported results for 2Q20 include the impacts of accrued RSN related adjustments. The table below summarizes the impacts of these adjustments: RSN Adjustments Three months ended June 30, 2020 Revenue High-speed internet Video Total revenue Expenses Programming and production 12 Reported Change Adjusted EBITDA Adjusted EBITDA margin 7.2% (3.2%) (0.2%) (1.7%) (2.0%) (1.6%) (5.0%) 5.5% 230 bps 1.5% 5.5% 60 bps 170 bps (Percentages represent year/year growth rates and Adjusted EBITDA margin is presented as year/ year basis point change) We define Cable Communications Net Cash Flow as Cable Communications Adjusted EBITDA reduced by capital expenditures and cash paid for capitalized software and other intangible assets. Refer to our trending schedules for a reconciliation and further details. Adjusted Change (6.5%) 8.9% (1.2%) 1.4% Sky constant currency and constant currency growth rates are calculated by comparing the comparative period results in the prior year adjusted to reflect the average exchange rates from the current year period rather than the actual exchange rates in effect during the respective prior year periods. Refer to our Form 8-K (Quarterly Earnings Release) for a reconciliation and further details. As of June 30, 2020 - Consolidated net debt of $89.8 billion represents long-term debt, including current portion (as stated in our Consolidated Balance Sheet), adjusted to exclude $1.8 billion of Universal Beijing Resort debt, plus $725 million of NBCUniversal Enterprise, Inc. preferred stock, less cash and cash equivalents (as stated in our Consolidated Balance Sheet). Amounts owed under a collateralized obligation are presented separately in our Consolidated Balance Sheet and are therefore excluded from consolidated net debt. Consolidated net debt/Adjusted EBITDA is calculated based on trailing twelve month Adjusted EBITDA. Adjusted EBITDA for the twelve months ended June 30, 2020 was $33.0 billion, as presented in our trending schedules. As of June 30, 2019 - Consolidated net debt of $103.5 billion represents long-term debt, including current portion (as stated in our Consolidated Balance Sheet), adjusted to exclude $931 million of Universal Beijing Resort debt, plus $725 million of NBCUniversal Enterprise, Inc. preferred stock, less cash and cash equivalents (as stated in our Consolidated Balance Sheet). Consolidated net debt/Adjusted EBITDA is calculated based on trailing twelve month Pro Forma Adjusted EBITDA. Pro Form a Adjusted EBITDA for the twelve months ended June 30, 2019 was $33.5 billion, as presented in our trending schedules, and is presented as if the acquisition of Sky occurred on January 1, 2017.#13COMCAST