Comcast Results Presentation Deck

Notes 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.

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