Comcast Results Presentation Deck

Cable: Strong Growth in Adjusted EBITDA and Net Cash Flow Adjusted EBITDA, Year/Year Growth Rates and Margins² ($ in billions) 38.1% $5.2 +2% 1Q18 39.2% $5.4 +5% 38.8% 38.8% $5.4 12.3% 12.7% +8% $5.6 +7% 13.9% 40.1% 40.5% $5.7 16.1% +10% Capital Expenditures as a % of Revenue $5.9 +7% 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 9.5% 39.8% 39.8% $5.9 11.0% $5.8 +7% 12.4% +5% 4Q19 14.5% 4th Quarter 2019 Highlights Adjusted EBITDA +5.4% to $5.9Bn 4Q19 margin of 39.8%, up 100bps y/y ● ● Non-programming expense increased 1.6%; decreased 1.9% per customer relationship Programming expense decreased 0.6%, reflecting: - Timing of programming contract renewals Decline in video subscribers See Notes on Slide 11 - Capital Expenditures decreased 7.8% to $2.1 Bn, representing 14.5% of Cable revenue Net Cash Flow³ +12.6% 2019 Highlights Adjusted EBITDA +7.3% to $23.3Bn - 2019 margin of 40.1%, up 140bps y/y Capital Expenditures -10.5% to $6.9Bn 11.9% of Cable revenue, an improvement of 190bps y/y 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 Net Cash Flow³ +18.4% All percentages represent year/year growth rates, except Adjusted EBITDA margin and Capital Expenditures as a % of Revenue. Cable results have been restated to include Comcast Cable's wireless phone service and certain other Cable-related business development initiatives that were previously presented in Corporate and Other. 7 COMCAST

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