Company Report

November 30, 2008

CMCSA
Comcast Corporation

Table of Contents Corporate Data

Company Overview . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Annual Income Statement . . . . . . . . . . . . . . . . . . 12 Address: Comcast Corp.
Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Company Segment Data . . . . . . . . . . . . . . . . . . . . 14 One Comcast Center
Philadelphia, PA 19103-2838
Earnings and Revenue . . . . . . . . . . . . . . . . . . . . . . . 4 Annual Balance Sheet . . . . . . . . . . . . . . . . . . . . . . 15
US
Key Ratio Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Annual Cash Flow . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Fundamentals and Growth . . . . . . . . . . . . . . . . . . . 6 Quarterly Income Statement . . . . . . . . . . . . . . . . 18 Phone: (215) 286-1700
Industry Comparison . . . . . . . . . . . . . . . . . . . . . . . . 7 Quarterly Balance Sheet . . . . . . . . . . . . . . . . . . . . 19 Fax: (215) 981-7790
Peer Comparison Graph . . . . . . . . . . . . . . . . . . . . . 8 Quarterly Cash Flow . . . . . . . . . . . . . . . . . . . . . . . . 21 Email: corporate_communications@comcast.com
Executive Compensation . . . . . . . . . . . . . . . . . . . . 9 Insiders and Institutional Holdings . . . . . . . . . . 22 Website: www.comcast.com

HEMSCOTT produces its data from sources believed by it to be reliable, and will endeavor to insure that such data is complete, accurate and timely. However,
HEMSCOTT does not represent or warrant such completeness, accuracy or timeliness, and shall have no liability whatsoever to CUSTOMER, to any of CUSTOMER’s
clients, or to any other party, on account of any incompleteness of, inaccuracies in or lateness of the data. HEMSCOTT expressly disclaims all warranties of fitness of
the data or any part thereof for a particular purpose. EXCEPT FOR WARRANTING THAT IT HAS THE RIGHT TO PROVIDE THE DATA, HEMSCOTT MAKES NO EXPRESS OR
IMPLIED WARRANTIES OF ANY KIND WITH RESPECT TO THE DATA. IN NO EVENT SHALL HEMSCOTT BE LIABLE FOR LOST PROFITS OR CONSEQUENTIAL DAMAGES,
EVEN IF ADVISED OF THE POSSIBILITY THEREOF. For questions please contact our Client Services Department at ReportHelp@hemscott.com.

© Hemscott, Inc. and Affiliates. All rights reserved.

Hemscott Company Overview Comcast Corporation CMCSA

Relative Strength History About Comcast Corporation

70% The Company is a cable operator in the United
States and offers a variety of entertainment and
60% communications products and services.

50%
S&P 500
40%

30%

20%

10%

CMCSA
0%

-10%

-20%
2003 2004 2005 2006 2007 2008

Officers and Directors Membership Information Key Fundamentals

Officer/ Industry Group Media Price as of 11/28/2008 $17.34
Name Standardized Title Age Director Since Business Segment CATV Systems Volume on 11/28/2008 8.7 Million
Brian L. Roberts CEO/Chairman of the Board/President/ 48 2002
Dow Jones Membership No 10-Day Average Volume 29.0 Million
Director
Stephen B. Burke Executive VP/COO/President, Subsidiary 49 2002 S&P Membership Yes Shares Outstanding 2.9 Billion
Lawrence S. Smith Executive VP/CFO 59 -- Russell 2000 Membership No 13-Week Price Range $9.20 - $21.95
Michael J. Angelakis Executive VP/CFO 43 2007 Forbes 500 Membership No 52-Week Price Range $9.20 - $22.86
John R. Alchin Executive VP/CFO/Treasurer 58 2000 Fortune 500 Industrial Membership No Market Capitalization 35.7 Billion
Julian A. Brodsky Director/Vice Chairman 74 2002 Last Twelve Month (LTM) Revenue 33.5 Billion
J. Michael Cook Director 65 2002 Earnings Per Share (EPS) $0.91
Dr. Judith Rodin, Ph.D. Director 63 2002 Financial Reporting P/E Ratio 19.1
Edward D. Breen Director 52 2005
Financials as of 9/2008 Book Value Per Share $13.96
Michael I. Sovern Director 76 2002
Kenneth J. Bacon Director 53 2002 Current Earnings Period Third Quarter Gross Margin 63.6%
S. Decker Anstrom Director 57 2002 Principal Auditor Deloitte & Touche L.L.P. Quarterly Dividend $0.06
Ralph J. Roberts Director 88 2002 Auditor’s Opinion Unqualified Dividend Yield 1.4%
Sheldon M. Bonovitz Director 70 2002 Inventory Valuation Method Unknown Beta 0.9
Joseph J. Collins Director 63 2004 Stock is Optionable No Fiscal Year Ends December
Jeffrey A. Honickman Director 51 2005 Employees 100,000
David L. Cohen Executive VP 52 2002
This company is NOT in bankruptcy Part-Time Employees 0
© Hemscott, Inc. and Affiliates. All rights reserved. Page 2
Hemscott Pricing Comcast Corporation CMCSA

Monthly Price History Price Monthly High/Low 200-Day Moving Average Price Change vs. Market
Price Performance Business
2 Years
-36.1% CMCSA Segment
1 Year One Week +10.0% +7.0%
-15.9%
Year-to-Date This Month +19.0% +5.0%
$40 -4.7% 3 Months +17.0% -7.0%
6 Months +20.0% -5.0%
9 Months +32.0% -11.0%
$30 12 Months +40.0% -6.0%
Year-to-Date +56.0% -3.0%

$20
Volume Data
$10 Current Week Total Volume 110.68 Million
On-Balance Volume Index 85%
Daily Volume as Percent of
$0 10-Day Average Volume 30%
Average This Week’s Dollar Volume 1.75 Billion
Volume
327.3 M Weekly Volume as Percent of
Shares Outstanding 5.37%
2004 2005 2006 2007 2008 Liquidity Ratio 86,376

Price Performance History Pricing Data

Price Percent Change Latest Close as a Percent Change From… Price Change vs. S&P 500 Close Price on 11/28/08 $17.34
Last Week +23.2% 10-Day Average +14% 1 Week +10% Open Price $16.65
Last 4 Weeks +10.0% 10-Week Average +5% 4 Weeks +19% High / Low Price $17.40 / $16.30
Last Month +10.0% 30-Week Average -10% This Month +19% 4 Week High / Low Price $18.03 / $12.73
Last 13 Weeks -18.1% 200-Day Average -11% 13 Weeks +17% 26 Week High / Low Price $22.86 / $9.20
Last 26 Weeks -22.9% 52-Week High -24% 26 Weeks +20% 52 Week High / Low Price $22.86 / $9.20
Last 52 Weeks -15.6% 52-Week Low +88% 52 Weeks +40% YTD High / Low Price $22.86 / $9.20
200-Day Price Index vs. S&P 500 140%
Current Price Momentum 77%
Price Momentum for Prior Week 62%
Key Price Fundamentals 5-Year Beta (Rolling 60 Months) 0.90
Price Range Moving Averages Average Daily Volume (Mil) 3-Year Beta (Rolling 36 Months) 0.90
4-Week High $18.03 5-Day $15.81 Last 10 Days 28.99
The 200-Day Price Index is a measure that traces
4-Week Low $12.73 10-Day $15.23 Last 4 Weeks 27.76
the relative changes in the stock price over time
26-Week High $22.86 10-Week $16.45 This Month 27.76 as compared to the Market. A score of 100
26-Week Low $9.20 20-Week $19.07 Last 13 Weeks 29.93 indicates that the price changes have been equal
to those of the Market, and a higher score
52-Week High $22.86 30-Week $19.35 Last 26 Weeks 25.15 indicates a price change that is outperforming
52-Week Low $9.20 200-Day $19.52 Last 52 Weeks 24.27 the Market.

© Hemscott, Inc. and Affiliates. All rights reserved. Page 3

Hemscott Earnings and Revenue Comcast Corporation CMCSA

Quarterly Price & Revenue History Price / Earnings

Price Business
$ US CMCSA Segment
Current P/E 19.1 16.1
Normalized P/E 19.1 11.8
1 Month Ago 17.3 16.6
19.07 20.13 20.56 21.87 19.18 18.74 18.84 22.20 22.53 20.46 19.60 17.29 17.45 21.84 24.61 28.23 25.95 28.12 24.18 18.26 26 Weeks Ago 27.8 20.7
Annual 20.41 19.74 ▼ -3.28% 19.97 ▲ 1.17% 23.03 ▲ 15.32% 24.13 ▲ 4.78% 52 Weeks Ago 27.4 38.1
EPS 5-Year High P/E 84.9 na
5-Year Low P/E 16.3 na
5-Year Average High 52.9 na
0.11 0.08 0.07 0.13 0.13 0.07 0.14 0.15 0.11 5-Year Average Low 36.2 na
-0.09 -0.01 0.94 0.02 0.04 0.04 0.38 0.26 0.19 0.18 0.20 5-Year Average P/E 43.7 na
LTM P/E as Percent of
Annual 0.95 0.30 ▼ -68.42% 0.28 ▼ -6.67% 0.78 ▲ 178.57% 0.83 ▲ 6.41% 5-Year Average P/E 44.0% na
Revenue P/E as Percent of
in Billions
Industry Group 24.0% na

A company with a LTM P/E at 100% of its 5-year

average is operating generally in line with its
4.47 5.69 4.55 4.74 4.91 5.07 5.10 4.15 5.36 5.60 5.28 5.42 5.60 5.91 6.43 7.03 7.39 7.71 7.78 8.01 history, as far as P/E is concerned. A lower percent
Annual 19.44 19.22 ▼ -1.12% 21.66 ▲ 12.69% 24.97 ▲ 15.26% 30.90 ▲ 23.75%
would indicate a lower valuation relative to its
2003 2004 2005 2006 2007 5-year history.

Ratio Changes vs. 1 Year ago Dividends

CMCSA Outperforming Business Segment % Change CMCSA % Change Business Segment Difference from Business Segment Business
Current Quarter Earnings +37.7 -51.3 89.0 CMCSA Segment
Latest Indicated Dividend $0.06 $0.24
Latest Quarter EPS Total Operations +44.4 -7.7 52.1
Dividend Yield 1.4% 1.3%
Latest Annual EPS Total Operations +5.1 -7.7 12.8 5-Year Avg. Yield 0.0% 0.4%
Latest Annual Revenue +23.8 +18.5 5.3 Payout Ratio 13.0% 21.0%
Latest Annual Earnings +2.1 -1.3 3.4 Last Fiscal Year Payout
from Total Operations 0.0% 17.0%
5-Year Avg. Payout from
Business Segment Outperforming CMCSA % Change CMCSA % Change Business Segment Difference from Business Segment
Total Operations 0.0% 106.0%
YTD Revenue +11.4 +18.6 -7.1 Dividend Type Cash, No Stock --
Current Quarter Revenue +9.9 +18.5 -8.6 Ex-Dividend Date 10/06/08
LTM EPS Total Operations +23.0 +51.6 -28.6 Declared Date 08/14/08
YTD EPS Total Operations +14.3 +63.2 -48.9 Record Date 10/08/08
Payment Date 10/29/08
YTD Earnings +7.6 +76.7 -69.1
Annual Amount $0.25 --

A comparison of Payout Ratio and Payout from

Total Operations gives an idea of how much of a
company’s profits are being returned to investors
in the form of dividends.

© Hemscott, Inc. and Affiliates. All rights reserved. Page 4

Hemscott Key Ratio Data Comcast Corporation CMCSA

Key Ratio Comparisons Underperforming Outperforming Key Ratio Historical Trends

Market Value CMCSA Rank in Business Segment Rank in Industry Rank in Market Price to Book Price to Cash Flow
Price to Book 1.2 43 32 64
Price to Sales 1.8 33 40 43
Price to Cash Flow 5.5 32 24 64
Price to Free Cash Flow 17.3 11 8 29
Price to Earnings (P/E) 19.1 18 16 11

13.1

11.8
Normalized Low P/E 19.1 17 13 11

1.8

1.4

2.1

1.3

9.7

6.3
Price to LTM Revenue 1.5 19 18 28 2004 2005 2006 2007 2004 2005 2006 2007

Profitability Return on Assets Gross Margin

Revenue to Assets 0.3 23 38 20
Return on Equity (ROE) 6.8 22 31 9
Return on Assets (ROA) 2.4 58 73 23
Payout Ratio 13.0 83 82 38
Gross Margin 63.6 82 66 78

64.8

65.6

64.5

63.8
EBIT Margin 20.6 86 79 66

0.9

0.9

2.3

2.3
Net Profit Margin 8.2 78 76 47 2004 2005 2006 2007 2004 2005 2006 2007

Financial Leverage Debt to Equity Interest Coverage

Total Debt to Equity 0.8 30 35 39
Long Term Debt to Equity 0.8 25 34 35
Long Term Debt to Total Capital 0.4 27 35 36
Long Term Debt to Total Debt 1.0 56 37 57
Debt to Common Equity 0.8 25 34 35
Leverage Ratio 2.8 32 39 44

0.6

0.6

0.7

0.8

1.9

1.9

2.7

2.9
Interest Coverage 2.8 29 44 19 2004 2005 2006 2007 2004 2005 2006 2007

Activity & Solvency Inventory Turnover Current Ratio

Asset Turnover 0.3 21 33 18
Inventory Turnover na na na na
There is not enough
Receivable Turnover 20.6 72 92 90 data available
Receivable per Day Sales 17.8 34 13 12 to display this chart.
Current Ratio 0.6 24 29 3
Quick Ratio 0.5 38 36 22

0.4

0.4

0.7

0.5
2004 2005 2006 2007 2004 2005 2006 2007

© Hemscott, Inc. and Affiliates. All rights reserved. Page 5

Hemscott Fundamentals and Growth Comcast Corporation CMCSA

Per Share Data Underperforming Outperforming Share Data

Value CMCSA Industry Sector Rank in Industry Rank in Sector Shares Outstanding 2.9 bil
Price/Tangible Book Value -1.3 0.4 -1.4 0 0 As of Date 9/30/08
Market Capitalization $35.7 bil
Book Value $13.96 $8.59 $10.39 81 79
Market Value as % of Revenues 107.0
Tangible Book Value -$13.45 -$6.54 -$10.65 13 2 Float 2.1 bil
Cash Flow $3.18 $1.35 $4.29 84 84 Float as % of Shares Outstanding 71.4
Current Assets $1.91 $6.43 $4.42 51 46 Short Interest Shares 52.9 mil
Current Liabilities $3.22 $6.95 $4.72 25 35 Short Interest Ratio 1.9
Short Interest as % of Float 2.6
Insider Shares Bought - Last 3 Mo. 0.0 mil
Insider Shares Sold - Last 3 Mo. 0.8 mil
Profitability & Leverage
Net Insider Shares - Last 3 Mo. -0.8 mil
Long-Term Debt $10.63 $8.31 $16.08 20 14 % of Outstanding Held by Insiders 0.2
Revenue $11.63 $14.71 $15.80 72 58 # of Institutional Shares Bought 98.1 mil
Working Capital -$1.30 -$0.52 -$0.30 10 7 # of Institutional Shares Sold 332.0 mil
Total Assets $39.76 $28.63 $39.64 84 86 Shares Held by Institutions 1.6 bil
Number of Institutions Holding Shares 958.0
Cash $0.94 $1.34 $1.79 73 67
% of Shares Held by Institutions 79.6
Free Cash Flow $1.00 -$0.37 $0.80 81 85

The Average percent of Shares Outstanding that

are held by Institutions in the S&P 500 is 80.5%.

Annual Ratio History Annual Growth Rates (%)

Percent Multiples 2003 2004 2005 2006 2007 Industry Sector 3-Year 5-Year
Cash as Percent of Revenue 8.40 2.40 4.50 5.00 3.10 11.01 11.56 Revenue 14.3 12.2
Intangibles as Percent of Book Value 167.40 166.40 162.70 181.20 187.50 137.43 183.74 Income from Operations 40.6 7.9
Inventory as Percent of Revenue 0 0 0 0 0 3.72 2.18 Normalized Income 45.0 na
Dividends na na
Working Capital as Percent of Equity -10.20 -12.30 -9.10 -4.80 -10.40 9.37 -5.58
R&D na na
R&D as Percent of Revenue 0 0 0 0 0 0.15 0.18
Capital Spending 35.1 28.4
Long-Term Debt as Percent of Debt 88.29 85.17 92.77 96.61 95.23 90.71 95.42
R 2 of Revenue -- 93.5
SG&A as Percent of Revenue 26.80 26.00 26.00 26.10 25.70 32.66 22.88

5-Year Average Ratios

Revenue Ratios Return on Equity 5.0
Revenue Per Dollar Common Equity 0.44 0.46 0.52 0.61 0.75 1.47 0.99 Return on Assets 1.9
Revenue Per Dollar Cash 11.84 42.52 22.25 20.15 32.08 13.24 9.16 Return on Invested Capital 3.1
Revenue Per Dollar Inventory 0 0 0 0 0 283.46 47.87 Gross Margin 63.6
Revenue Per Dollar Invested Capital 0.28 0.31 0.34 0.36 0.43 0.80 0.43 Pre-Tax Margin 9.8
R&D as Percent of Revenue 0.0
Revenue Per Dollar Property 0.99 1.03 1.19 1.17 1.31 4.45 1.29
Long-Term Debt to Equity Ratio 0.6
Revenue Per Dollar Receivables 20.23 20.04 20.91 17.22 18.78 6.12 12.14
Total Debt to Equity 0.7
© Hemscott, Inc. and Affiliates. All rights reserved. Page 6
Hemscott Industry Comparison Comcast Corporation CMCSA

Company Data Relative to Industry Quarterly Profit Margin History

Gross Profit Margin to Industry
Price & Earnings 2004 2005 2006 2007 Q1 2008 Q2 2008 Q3 2008
Percent Revenue to Industry 42.0 29.8 25.3 25.5 25.5 25.0 24.6

113.9
Percent Earnings to Industry -32.5 34.4 39.6 41.0 21.1 23.9 27.8

97.5
86.7
Percent EPS to Industry -33.0 100.0 121.5 138.3 65.9 74.8 94.8

250.0

239.0

202.0

162.0

178.7
Percent Price to Industry 75.8 91.0 99.3 70.1 84.0 85.7 94.7
Percent P/E to Industry na 81.2 47.7 46.5 123.8 115.1 100.9 12/06 3/07 6/07 9/07 12/07 3/08 6/08 9/08
Percent Gross Profit Margin to Industry 111.5 113.5 113.0 110.8 109.4 107.0 105.5

Pre-Tax Profit Margin to Industry

Market Value
Percent Price/Book to Industry 53.6 77.1 84.3 57.6 67.6 67.4 70.9
Percent Price/Sales to Industry 129.8 122.3 145.9 100.0 117.6 120.1 129.0

192.0

191.8

180.0

144.1

146.9

109.0

112.9

126.4
Percent Price/Cash Flow to Industry 70.4 98.0 128.3 90.0 127.5 126.9 129.2
Percent Price/Free Cash Flow to Industry 84.6 -67.8 -50.3 225.6 52.9 88.2 119.3
12/06 3/07 6/07 9/07 12/07 3/08 6/08 9/08
Percent Debt/Equity to Industry 31.4 56.3 51.9 50.3 52.1 48.7 49.0
Percent Net Profit Margin to Industry -76.9 115.8 155.4 161.5 83.0 95.1 113.9

Peer Comparison CATV Systems Quarterly Ratio History

Market Year-to-Date Percent EPS 5-Year Revenue 5-Year Current Ratio to Industry
Company Name Cap.($mil) Latest P/E Latest Price Revenue($mil) to Industry Growth Rate Average ROE
Comcast Corporation 35,722.5 19.1 17.34 25,491.0 94.8 12.2 5.0
Time Warner Cable, Incorporated Sha 18,310.2 17.2 20.30 12,798.0 122.9 na na
Comcast Corporation Class A Special 13,745.6 nm 16.77 na na na na

77.8

75.0

55.6

88.9

62.5

50.0

60.0

66.7
British Sky Broadcasting Group plc 11,827.3 nm 26.99 9,872.0 -2,238.5 12.6 3,691.9
Viacom, Incorporated Class B 8,854.1 6.2 15.92 10,382.0 268.8 na na 12/06 3/07 6/07 9/07 12/07 3/08 6/08 9/08
Shaw Communications Inc CL B 6,936.5 58.9 17.09 2,920.7 111.5 15.5 18.6
Liberty Media Corporation New- Ente 5,855.0 nm 11.87 1,031.0 na na na
DISH Network Corporation Shs -A 4,953.4 5.9 11.08 8,696.2 196.9 15.4 na
Scripps Networks Interactive, Incor 4,550.6 nm 27.79 1,179.1 na na na Leverage Ratio to Industry
Cablevision Systems Corporation 4,354.3 43.1 14.66 5,178.1 35.4 10.6 na
Discovery Communications, Incorpora 4,021.0 nm 15.00 383.8 -26.1 na na
Liberty Global, Incorporated Class 3,355.5 nm 14.14 na na na na
NDS Group plc ADS 2,778.1 17.5 47.68 850.1 1,046.2 17.9 16.6

77.1

76.5

76.5

77.1

75.0

77.8

73.7

73.7
Liberty Global, Incorporated Class 2,095.8 nm 14.49 7,990.6 -91.7 na na
12/06 3/07 6/07 9/07 12/07 3/08 6/08 9/08
Liberty Global Incorporated Class B 1,987.4 nm 13.40 na na na na
Virgin Media, Incorporated 1,552.0 nm 4.73 5,305.7 -374.0 na na

© Hemscott, Inc. and Affiliates. All rights reserved. Page 7

Hemscott Peer Comparison Graph Comcast Corporation CMCSA

Peer Revenue Growth

+
This graph represents the
5 Year Average Revenue Growth
area encompassing the
universe of companies in the Services Sector Gaining Momentum Maintaining Good Momentum
Market that fall within 2 70%
LNET
standard deviations of the Revenue Growth Last Year
Market mean.
NETC 60%
Company groupings of 2
standard deviations from the
mean for the Sector and 50%
Business Segment are called
out for further detail. CATV Systems PNTVE

Revenue Growth Last Year

Business Segment 40%

30%
-

- 5 Year Average Revenue Growth +

CMCSA
NNDS 20%
CRWN
1 Yr. Revenue 5 Yr. Revenue DISH
Company Name Ticker Growth Rate Growth Rate SJR 10%
CHTR CVC
MCCC BSY
Comcast Corporation CMCSA 23.7 12.2 TIVO
Time Warner Cable, Incorporated Shares ATWC 35.6 na
Comcast Corporation Class A Special CMCSK na na 0%
British Sky Broadcasting Group plc BSY 8.0 12.6
Viacom, Incorporated Class B VIAB 17.1 na
Shaw Communications Inc CL B SJR 11.1 15.5 -10%
Liberty Media Corporation New- Entertainment Shs Series A LMDIA na na SPDE
DISH Network Corporation Shs -A DISH 13.0 15.4
Scripps Networks Interactive, Incorporated SNI na na -20%
Cablevision Systems Corporation CVC 9.4 10.6 Weak Earnings Growth Losing Momentum
Discovery Communications, Incorporated -- Shs Series -A-DISCA 2.8 na
Liberty Global, Incorporated Class C SharesLBTYK na na -10% -5% 0% 5% 10% 15% 20% 25% 30% 35%
NDS Group plc ADS NNDS 19.8 17.9
Liberty Global, Incorporated Class A LBTYA 38.8 na
Liberty Global Incorporated Class B LBTYB na na A company with a revenue growth rate from the most recent year that is exceeding its 5 year average
Virgin Media, Incorporated VMED 14.6 na revenue growth rate can indicate an increase in momentum for earnings growth.

Companies with data that fall outside of 2 standard deviations of the Business Segment average are not
displayed on the chart above.

© Hemscott, Inc. and Affiliates. All rights reserved. Page 8

Hemscott Executive Compensation (as reported) Comcast Corporation CMCSA

Executive Compensation for 2007

Annual Restricted Securities Other Non-Cash Total
Name Title Salary Bonus Other Income Stock Award Options LTIP Payout Compensation Compensation
Brian L. Roberts CEO/Chairman of the Board $2,638,500 $1,440,068 $0 $3,063,084 0 $0 $3,199,135 $10,340,787
Stephen B. Burke Subsidiary President/Executive VP/CO… $2,113,500 $0 $0 $2,501,585 0 $0 $1,993,711 $6,608,796
Michael J. Angelakis CFO/Executive VP $1,146,625 $5,000,000 na $4,144,111 na na $6,759,381 $17,050,117
Lawrence S. Smith Former Executive VP/Former CFO $636,210 $511,580 $0 $1,418,383 0 $0 $41,205 $2,607,378

CEO Compensation By Economic Sector Bold = Includes Comcast Corporation

Average % 1-Year Total Average Average Average Average All

Economic Number of Change in Total % Return Average Average Annual Restricted Securities Average Other Non-Cash Average Total
Sector Companies Compensation for Sector Salary Bonus Other Income Stock Award Options LTIP Payout Compensation Compensation
Basic Materials 785 18.64 -49.93 $465,578 $275,216 $3,321 $790,700 49,938 $37,515 $185,523 $1,757,000
Conglomerates 21 -6.06 -41.59 $743,246 $672,064 $1,227 $2,645,936 21,428 $0 $187,018 $4,249,000
Consumer Goods 544 2.50 -46.19 $609,650 $163,232 $2,163 $721,981 22,889 $515 $205,247 $1,702,000
Financial 1508 -3.69 -41.10 $428,116 $241,309 $1,696 $523,953 4,243 $10,559 $181,237 $1,386,000
Healthcare 883 3.06 -46.76 $412,668 $100,089 $1,143 $267,792 7,544 $121 $103,239 $884,000
Industrial Goods 468 -3.74 -47.46 $492,617 $122,738 $224 $691,985 59,063 $15,194 $179,814 $1,502,000
Services 1290 8.67 -36.04 $520,114 $166,884 $1,778 $599,387 86,994 $9,432 $241,525 $1,538,000
Technology 1315 4.67 -49.90 $401,600 $99,172 $2,555 $499,926 14,732 $486 $160,954 $1,164,000
Utilities 159 10.30 -32.86 $563,566 $71,382 $384 $1,303,854 10,707 $48,418 $184,182 $2,171,000

CEO Compensation by Geographic Regions Compensation vs. Performance Compensation by Capitalization

1 Year Percent Change for CMCSA Market Cap Avg. CEO Compensation
CEO Compensation -10.1% > $1.5 Billion $6,286,727
Mid-West
Total Return -21.0% $400 Mil to $1.5 Bil $1,816,404
Average Total
Compensation 1,431,816 Revenue +23.7% $125 to $400 Mil $1,174,807
1 Year % Change +2.0% North-East Return on Equity +1.6% $40 to $125 Mil $659,764
Average Total Net Income +2.1%
West Compensation 1,587,774 $10 to $40 Mil $494,553
Average Total 1 Year % Change +1.4% Payout Ratio 0.0% < $10 Million $279,133
Compensation 1,099,224
1 Year % Change -0.7%

Compensation by Net Income Compensation by Revenue

Net Income Avg. CEO Compensation Revenue Avg. CEO Compensation
> $60 Million $5,010,464 > $1 Billion $5,012,022
South
$10 to $60 Million $1,097,613 $250 Mil to $1 Bil $1,441,526
Average Total
Compensation 1,405,131 $75K to $10 Mil $436,590 $50 to $250 Mil $678,073
1 Year % Change +6.1% -$500 to $75 K $271,958 $12.5 to $50 Mil $385,804
-$5 Mil to -$500K $297,720 $500K to $12.5 Mil $314,056
< -$5 Million $974,410 < $500 Thousand $341,068
© Hemscott, Inc. and Affiliates. All rights reserved. Page 9
Hemscott Officers and Directors
Officer and Director Biographies
Brian L. Roberts
President, Chief Executive Officer and Chairman of the Board
Brian L. Roberts, 48, has served as a director and as our President and
Chief Executive Officer since November 2002 and our Chairman of
the Board since May 2004. As of December 31, 2007, Mr. Roberts had
sole voting power over approximately 331/3% of the combined
voting power of our two classes of voting common stock. Mr.
Roberts is also a director of Comcast Holdings, a director of the
National Cable and Telecommunications Association and Chairman
of CableLabs. He is a son of Mr. Ralph J.
Stephen B. Burke
Executive Vice President and Chief Operating Officer; President,
Comcast Cable
Stephen B. Burke has served as our Chief Operating Officer since July
2004, and as our Executive Vice President and President of Comcast
Cable and Comcast Cable Communications Holdings since
November 2002. Prior to November 2002, Mr. Burke served as an
Executive Vice President of Comcast Holdings and as President of
Comcast Cable since January 2000. Mr.
Lawrence S. Smith
Executive Vice President and Co-Chief Financial Officer
Lawrence S. Smith has served as an Executive Vice President and as
our Co-Chief Financial Officer since November 2002. Prior to
November 2002, Mr. Smith served as an Executive Vice President of
Comcast Holdings for more than five years. Mr. Smith is also a
director of Comcast Holdings and Air Products and Chemicals, Inc.
Mr. Smith has informed the Company that he will step down from
his executive officer positions at the end of the first quarter of 2007.
Michael J. Angelakis
Executive Vice President and Co-Chief Financial Officer
Michael J. Angelakis has served as Executive Vice President and
Co-Chief Financial Officer of Comcast Corporation since March 2007.
Before March 2007, Mr. Angelakis served as Managing Director and
as a member of the Management and Investment Committees of
Providence Equity Partners for more than five years. Mr.
© Hemscott, Inc. and Affiliates. All rights reserved.
John R. Alchin
Executive Vice President, Co-Chief Financial Officer and
Treasurer
John R. Alchin has served as an Executive Vice President and as our
Co-Chief Financial Officer and Treasurer since November 2002. Prior
to November 2002, Mr. Alchin served as an Executive Vice President
and Treasurer of Comcast Holdings since January 2000. Mr. Alchin is
also a director of Polo Ralph Lauren Corp and BNY Capital Markets,
Inc. Mr. Alchin has informed the Company that he will step down
from his executive officer positions at the end of 2007.
Julian A. Brodsky
Non-Executive Vice Chairman and Director
Julian A. Brodsky, 74, has served as a director since November 2002.
From November 2002 to April 2004, he served as our Vice Chairman
and since May 2004 he has served as our non-executive Vice
Chairman. Mr. Brodsky has been an employee of Comcast for more
than five years. Prior to November 2002, he served as a director and
Vice Chairman of our predecessor for more than five years. In
addition, he is a director of Amdocs Ltd.
J. Michael Cook
Presiding Director
J. Michael Cook, 65, has served as a director since November 2002.
From 2001 until 2002, Mr. Cook served as a director of AT&T Corp.
Mr. Cook is a director of Eli Lilly & Company and International Flavors
& Fragrances, Inc. Mr. Cook is also a member of the advisory board of
the Securities Regulation Institute, Chairman Emeritus of the board
of Catalyst, Chairman of the Accountability Advisory Panel to the
Comptroller General of the United States, a member of the Advisory
Council of the Public Company Accounting Oversight Board (PCAOB)
and a member of the advisory board of the Graduate School of the
University of Florida.
Dr. Judith Rodin, Ph.D.
Director
Dr. Judith Rodin, 63, has served as a director since November 2002.
She is President of the Rockefeller Foundation. Dr. Rodin had
previously been President of the University of Pennsylvania, as well
as a professor of psychology and of medicine and psychiatry at the
University of Pennsylvania, from 1994 until 2004. She is currently a
director of Aetna, Inc.
Comcast Corporation CMCSA
Edward D. Breen
Director
Edward D. Breen, 52, has served as a director since June 2005. Mr.
Breen has been Chairman and Chief Executive Officer of Tyco since
July 2002. From January 2002 to July 2002, Mr. Breen was President
and Chief Operating Officer of Motorola, Inc.; from January 2001 to
January 2002, he was Executive Vice President and President of
Motorola's Networks Sector; and from January 2000 to January 2001,
he was Executive Vice President and President of Motorola's
Broadband Communications Sector. Mr.
Michael I. Sovern
Director
Michael I. Sovern, 76, has served as a director since November 2002.
Prior to November 2002, he served as a director of AT&T Corp. for
more than five years. Mr. Sovern is Chairman of Sotheby's. He is
President Emeritus and Chancellor Kent Professor of Law at
Columbia University where he served as President for more than five
years. He is President and a director of The Shubert Foundation and
a director of The Shubert Organization.
Kenneth J. Bacon
Director
Kenneth J. Bacon, 53, has served as a director since November 2002.
Mr. Bacon has served as the Executive Vice President of Housing and
Community Development at Fannie Mae since July 2005. Prior to
this, he was the interim Executive Vice President of Housing and
Community Development from January 2005 to July 2005 and
Senior Vice President of Multifamily Investment at Fannie Mae since
2000. Mr. Bacon is a member of the Executive Leadership Council,
Real Estate Roundtable and the Urban Land Institute.
S. Decker Anstrom
Director
S. Decker Anstrom, 57, has served as a director since November
2002. Prior to November 2002, Mr. Anstrom served as a director of
our predecessor since 2001. Mr. Anstrom was President and Chief
Executive Officer of The Weather Channel from 1999 to 2001. In
2002, Mr. Anstrom became a director and President and Chief
Operating Officer of Landmark Communications, Inc., a privately
held multimedia company, the assets of which include The Weather
Channel. He is currently Chairman of the board of directors of the
National Cable and Telecommunications Association and a director
of Pelmorex, Inc.
Page 10
Hemscott Officers and Directors
Officer and Director Biographies
Ralph J. Roberts
Director
Ralph J. Roberts, 88, has served as a director and Chair of the
Executive and Finance Committee of the Board since November
2002. He is the father of Mr. Brian L.
Sheldon M. Bonovitz
Director
Sheldon M. Bonovitz, 70, has served as a director since November
2002. Prior to November 2002, he served as a director of our
predecessor for more than five years. Mr. Bonovitz is Chairman
Emeritus of Duane Morris LLP. From 1998 to 2008, he served as
Chairman and Chief Executive Officer of Duane Morris LLP. Mr.
Bonovitz is also a director of eResearchTechnology, Inc. In addition,
he is a trustee of the Dolfinger-McMahon Charitable Trust and the
Christian R. and Mary F. Lindbach Foundation, and he serves on the
board of trustees of The Barnes Foundation, The Curtis Institute of
Music, the Free Library of Philadelphia Foundation and the
Philadelphia Museum of Art. Mr. Bonovitz also serves on the board
of directors of the Philadelphia Orchestra. He is also a founder of the
Foundation for Self-Taught American Artists, is the Foundation's
Chairman and serves on the Foundation's board of trustees.
Joseph J. Collins
Director
Joseph J. Collins, 63, has served as a director since October 2004. Mr.
Collins currently serves as the Chairman of Aegis, LLC. He had been
Chairman and Chief Executive Officer of AOL Time Warner
Interactive Video from August 2001 until December 2003. From 1989
to August 2001, Mr. Collins served as Chairman and Chief Executive
Officer of Time Warner Cable.
© Hemscott, Inc. and Affiliates. All rights reserved.
Comcast Corporation CMCSA
Jeffrey A. Honickman Gerald L. Hassell
Director Director Nominee
Jeffrey A. Honickman, 51, has served as a director since December Gerald L. Hassell, 56, has not previously served as one of our
2005. He has been the Chief Executive Officer of Pepsi-Cola and directors. He is President of BONY. Prior to the merger of The Bank of
National Brand Beverages, Ltd., a bottling and distribution company, New York Company, Inc. and Mellon Financial Corporation in July
which includes among its affiliates Pepsi-Cola Bottling Company of 2007, Mr. Hassell was President of The Bank of New York Company,
New York and Canada Dry Bottling Companies from New York to Inc. and The Bank of New York for more than five years. Mr. Hassell is
Virginia, for more than five years. He currently serves on the board of on BONY's board of directors. In addition, he is Chairman of the
directors of the American Beverage Association and the Pepsi-Cola board of visitors of The Fuqua School of Business at Duke University,
Bottlers Association, where he served as Chairman from 1999 to a member of The Financial Services Roundtable and Financial
2001. Mr. Honickman is a member of the board of trustees of Services Forum, a member of the board of the New York
Germantown Academy, and also serves on the board of governors of Philharmonic and Vice Chairman of Big Brothers/Big Sisters of New
St. Joseph's University Academy of Food Marketing, the board of York.
trustees of the National Museum of American Jewish History and the
Dean's Advisory Council of the Drexel University College of Business
and Administration.
David L. Cohen
Executive Vice President
David L. Cohen has served as an Executive Vice President since
November 2002. Mr. Cohen joined Comcast Holdings in July 2002 as
an Executive Vice President. Prior to that time, he was a partner in,
and Chairman of, the law firm of Ballard Spahr Andrews & Ingersoll,
LLP for more than five years. Mr.
Lawrence J. Salva
Senior Vice President, Chief Accounting Officer and Controller
Lawrence J. Salva has served as our Senior Vice President and
Controller since November 2002 and as Chief Accounting Officer
since May 2004. Mr. Salva joined Comcast Holdings in January 2000
as Senior Vice President and Chief Accounting Officer.
Arthur R. Block
Senior Vice President, General Counsel and Secretary
Arthur R. Block has served as our Senior Vice President, General
Counsel and Secretary since November 2002. Prior to November
2002, Mr. Block served as General Counsel of Comcast Holdings
since June 2000 and as Senior Vice President of Comcast Holdings
since January 2000. Mr.
Page 11
Hemscott Annual Income Statement Comcast Corporation CMCSA

Annual Income Statement Fiscal Year Ends December 31 Income Statement Data in Millions of US Dollars Year-to-Date Information
2007 2006 2005 2004 2003 2002 2008 YTD
Operating Revenue $30,895 $24,966 $21,075 $19,221 $18,348 $8,102 Revenue $25 Billion
Cost of Sales 11,175 8,871 7,260 6,764 7,041 3,012 Income from Total Operations $2 Billion
Gross Operating Profit $19,720 $16,095 $13,815 $12,457 $11,307 $5,090 EPS from Total Operations $0.72

Selling, Gen. & Administrative Expense 7,934 6,514 5,490 5,005 4,915 2,254 Year-to-Date values are as of previous Quarter end.
Operating Profit before Depreciation (EBITDA) $11,786 $9,581 $8,325 $7,452 $6,392 $2,836
The trend graphs below display year-over-year
Depreciation Income 6,208 4,962 4,804 4,623 4,438 1,915 growth percentages over four years.
Interest Income 167 0 0 0 166 0
Earnings from Equity Interest (63) (124) (42) (81) (60) (63)
Other Income 960 1,163 36 869 (179) (542)
Income Statement Trends (%)
Other Special Charges (4) 0 0 0 0 0 Operating Revenue Gross Margin
Special Income Charges (4) 0 0 0 0 0
Interest Expense 2,289 2,064 1,795 1,874 2,018 870 23.8 22.5
Pretax Income (EBT) $4,349 $3,594 $1,720 $1,743 ($137) ($554) 18.5 16.5
9.7 10.9
4.8 10.2
Income Taxes 1,800 1,347 873 801 (16) (128)
Minority Interest Income (38) 12 19 14 97 43
Net Income from Continuing Operations $2,587 $2,235 $828 $928 ($218) ($469)
07 06 05 04 07 06 05 04
Net Income from Total Operations 2,587 2,533 928 970 3,240 (195)
Total Net Income $2,587 $2,533 $928 $970 $3,240 ($195)

Normalized Income $2,591 $2,235 $828 $928 ($218) ($469) Interest Income Cost of Sales

nm 26.0
22.2
7.3 3.9

0.0 0.0 100

07 06 05 04 07 06 05 04

Normalized Income Total Income

15.9 2.1 173

170

10.8 nm 4.3 70.1

07 06 05 04 07 06 05 04

© Hemscott, Inc. and Affiliates. All rights reserved. Page 12

Hemscott Annual Income Statement Comcast Corporation CMCSA

Detailed EPS Analysis Shares in Millions, EPS Data in US Dollars EPS Analysis Trends (%)
2007 2006 2005 2004 2003 2002 Shares Outstanding Cont. Ops. EPS
Basic Weighted Shares Outstanding 3,098 3,160 3,295 3,360 3,382 1,664
Diluted Weighted Shares Outstanding 3,129 3,180 3,312 3,375 3,382 1,664 1.9 0.7 18.3
2.0 4.1
184
Basic EPS from Continuing Operations $0.84 $0.71 $0.25 $0.28 ($0.07) ($0.28)
Basic EPS from Discontinued Operations 0.00 0.09 0.03 0.01 1.03 0.11
Basic EPS from Total Operations 0.84 0.80 0.28 0.29 0.96 (0.17) 10.7 nm
Basic EPS Total 0.84 0.80 0.28 0.29 0.96 (0.17)
07 06 05 04 07 06 05 04
Basic EPS Normalized $0.84 $0.71 $0.25 $0.28 ($0.07) ($0.28)

Diluted EPS from Continuing Operations 0.83 0.70 0.25 0.28 (0.07) (0.28)
Diluted EPS from Discontinued Operations 0.00 0.09 0.03 0.01 1.03 0.11 Basic EPS Total EPS Normalized
Diluted EPS from Total Operations 0.83 0.79 0.28 0.29 0.96 (0.17)
Diluted EPS Total 0.83 0.79 0.28 0.29 0.96 (0.17)
5.0 186 18.3
184
Diluted EPS Normalized $0.83 $0.70 $0.25 $0.28 ($0.07) ($0.28)

3.5 69.8 10.7 nm

07 06 05 04 07 06 05 04

© Hemscott, Inc. and Affiliates. All rights reserved. Page 13

Hemscott Company Segment Data Comcast Corporation CMCSA

Company Segment Distribution Company Segment Data in Thousands of US Dollars

Fiscal Year 2005 For the twelve months ending December 31, 2005
Segment Name % of Total Operating % of Total Total % of All % of Total Net Fixed % of Total
(SIC/Hemscott Code) Revenue Revenue Income Oper. Income Assets Total Assets Depreciation Depreciation Assets Fixed Assets
Cable (4841/725) 21,158,000 94.46 3,860,000 104.89 100,774,000 95.01 4,598,000 95.33 3,567,000 98.51
Corporate (0/725) 323,000 1.44 -308,000 -8.37 2,760,000 2.60 70,000 1.45 38,000 1.05
Content (0/725) 919,000 4.10 128,000 3.48 2,530,000 2.39 155,000 3.21 16,000 0.44

Third Quarter 2008 For the three months ending September 30, 2008
Cable (4841/725) 8,131,000 95.91 3,251,000 96.87 0 na 0 na 0 na
Corporate (0/725) 0 0.00 0 0.00 0 na 0 na 0 na
Programming (0/725) 347,000 4.09 105,000 3.13 0 na 0 na 0 na
x (0/725) 0 0.00 0 0.00 0 na 0 na 0 na

Second Quarter 2008 For the three months ending June 30, 2008
Cable (4841/725) 8,100,000 95.68 1,825,000 97.65 0 na 3,085,000 96.89 2,609,000 99.62
Corporate (0/725) 0 0.00 0 0.00 0 na 0 0.00 0 0.00
Programming (0/725) 366,000 4.32 44,000 2.35 0 na 99,000 3.11 10,000 0.38
x (0/725) 0 0.00 0 0.00 0 na 0 0.00 0 0.00

First Quarter 2008 For the three months ending March 31, 2008
Cable (4841/725) 7,916,000 95.62 1,594,000 96.43 0 na 1,548,000 96.63 1,355,000 99.71
Corporate (0/725) 0 0.00 0 0.00 0 na 0 0.00 0 0.00
Programming (0/725) 363,000 4.38 59,000 3.57 0 na 54,000 3.37 4,000 0.29
x (0/725) 0 0.00 0 0.00 0 na 0 0.00 0 0.00

© Hemscott, Inc. and Affiliates. All rights reserved. Page 14

Hemscott Annual Balance Sheet Comcast Corporation CMCSA

Annual Balance Sheet Fiscal Year Ends December 31 Balance Sheet Data in Millions of US Dollars Balance Sheet Trends (%)
2007 2006 2005 2004 2003 2002 Cash & Equivalents Current Assets
Cash and Equivalents $963 $1,239 $947 $452 $1,550 $505
Marketable Securities 98 1,735 148 1,555 2,493 3,258 30.8 82.7
Receivables 1,645 1,450 1,008 959 907 862 22.3 110 29.5
Prepaid Expenses 0 0 0 261 0 0 34.6
19.4
Current Deferred Income Taxes Asset 214 0 0 0 0 0
70.8
Other Current Assets + 747 778 745 308 453 2,474
Total Current Assets = $3,667 $5,202 $2,848 $3,535 $5,403 $7,099
07 06 05 04 07 06 05 04
Land and Improvements 202 163 148 152 152 0
Buildings and Improvements 1,667 33,236 27,016 25,604 23,864 0
Machinery, Furniture, and Equipment 30,351 0 0 2,371 1,020 0
Other Fixed Assets 11,212 3,355 2,619 0 0 22,236 Non-Current Assets Total Assets
Gross Fixed Assets 43,432 36,754 29,783 28,127 25,036 22,236
Accumulated Depreciation and Depletion 19,808 15,506 12,079 9,416 6,563 3,855
4.3 4.6 2.7 6.8
Intangibles 62,816 60,808 51,922 68,942 69,750 70,213 0.6 2.5 1.2 4.1
Cost in Excess 14,705 13,768 13,498 0 0 0
Other Non-Current Assets + 8,605 9,379 17,428 13,506 15,533 17,435
Total Non-Current Assets = $109,750 $105,203 $100,552 $101,159 $103,756 $106,029

Total Current Assets 3,667 5,202 2,848 3,535 5,403 7,099

Total Non-Current Assets + 109,750 105,203 100,552 101,159 103,756 106,029 07 06 05 04 07 06 05 04
Total Assets = $113,417 $110,405 $103,400 $104,694 $109,159 $113,128

Accounts Payable 3,336 2,862 2,239 2,041 2,355 1,296 Accounts Payable Current Liabilities
Short Term Debt 1,495 983 1,689 3,499 3,161 6,953
Accrued Expenses 0 0 0 0 3,459 5,236
Accrued Liabilities 494 453 360 337 0 0 16.6 10.6
27.8 10.6
Current Deferred Income Taxes Liabilities 0 314 2 360 679 1,105 10.2
24.5
9.7
Other Current Liabilities + 2,627 2,579 2,234 2,398 0 816 13.3
Total Current Liabilities = $7,952 $7,191 $6,524 $8,635 $9,654 $15,406

Long-Term Debt 29,828 27,992 21,682 20,093 23,835 27,957

Deferred Income Taxes 26,880 27,338 27,370 26,815 25,900 23,104 07 06 05 04 07 06 05 04
Other Non-Current Liabilities 7,167 6,476 6,948 7,261 7,816 7,161
Minority Interest Balance + 250 241 657 468 292 1,172
Total Non-Current Liabilities = $64,125 $62,047 $56,657 $54,637 $57,843 $59,394
Total Equity Total Liabilities
Total Current Liabilities 7,952 7,191 6,524 8,635 9,654 15,406
Total Non-Current Liabilities + 64,125 62,047 56,657 54,637 57,843 59,394 0.4 2.4 2.9 0.6 4.1 9.6
Total Liabilities = $72,077 $69,238 $63,181 $63,272 $67,497 $74,800 0.1 6.3

Common Stock Equity + 41,340 41,167 40,219 41,422 41,662 38,329

Total Equity = $41,340 $41,167 $40,219 $41,422 $41,662 $38,329

07 06 05 04 07 06 05 04

© Hemscott, Inc. and Affiliates. All rights reserved. Page 15

Hemscott Annual Balance Sheet Comcast Corporation CMCSA

Annual Balance Sheet, continued Fiscal Year Ends December 31 Balance Sheet Data in Millions of US Dollars Balance Sheet Trends (%)
2007 2006 2005 2004 2003 2002 Other Curr. Assets Long-Term Debt
Total Liabilities $72,077 $69,238 $63,181 $63,272 $67,497 $74,800
Total Equity + 41,340 41,167 40,219 41,422 41,662 38,329 4.4 6.6
4.0 142 29.1
Total Liabilities & Stock Equity = $113,417 $110,405 $103,400 $104,694 $109,159 $113,129
7.9 15.7

32.0

07 06 05 04 07 06 05 04

© Hemscott, Inc. and Affiliates. All rights reserved. Page 16

Hemscott Annual Cash Flow Comcast Corporation CMCSA

Annual Cash Flow Fiscal Year Ends December 31 Cash Flow Data in Millions of US Dollars Cash Flow Trends (%)
2007 2006 2005 2004 2003 2002 Net Income From Operations
Net Income (Loss) $2,587 $2,533 $928 $970 ($218) ($469)
Depreciation Cash Flow 5,107 3,967 3,666 3,469 3,166 1,694 2.1 173 32.9
Amortization Cash Flow 1,101 995 1,138 1,154 1,272 221
36.9 113
Deferred Income Taxes Cash Flow 247 674 183 531 820 (95)
20.5
Operating Gains (Losses) (310) (843) 7 (608) (1,806) 720
4.3 nm
Increase (Decrease) in Receivables (100) (357) (97) (54) (45) 80
Increase (Decrease) in Payables 175 560 (152) (163) 35 220
Increase (Decrease) in Other Working Capital (352) (497) (912) 12 (370) 50
07 06 05 04 07 06 05 04
Other Non-Cash Items 337 322 74 771 0 0
Net Cash from Discontinued Operations + 0 (736) 0 0 0 0
Net Cash from Operating Activities = $8,792 $6,618 $4,835 $6,082 $2,854 $2,421
From Investing Short Term Invst.
Sale of Long Term Investments 1,158 2,720 0 0 0 0
Sale of Short Term Investments 0 33 861 228 7,971 1,263 11.4 163 16.9 nm 0.0 nm 132 27.8
Purchase of Property/Plant/Equipment (6,564) (4,701) (3,621) (3,660) (4,161) (1,852)
Acquisitions (1,319) (5,110) (199) (296) (152) (251)
Purchase of Long Term Investments (2,089) (2,812) 0 0 0 0
Purchase of Short Term Investments 0 0 (392) (169) (234) (88)
Net Other Investment Changes + 62 (2) (397) (615) 1,815 (197)
Net Cash from Investment Activities = ($8,752) ($9,872) ($3,748) ($4,512) $5,239 ($1,125)
07 06 05 04 07 06 05 04
Issuance of Debt 3,713 7,497 3,978 1,030 9,398 8,759
Issuance of Capital Stock 412 410 93 113 67 19
Repayment of Long Term Debt (1,401) (2,039) (2,706) (2,323) (16,465) (9,508) Stock Issuance From Financing
Repurchase of Capital Stock (3,102) (2,347) (2,313) (1,361) (14) 0
Net Other Finance Charges + 62 25 15 25 (34) (275)
= 0.5 341 nm
Net Cash from Financing Activities ($316) $3,546 ($933) ($2,516) ($7,048) ($1,005)

Net Cash from Operating Activities 8,792 6,618 4,835 6,082 2,854 2,421
Net Cash from Investment Activities (8,752) (9,872) (3,748) (4,512) 5,239 (1,125) nm 62.9 64.3
+ 17.7 68.7
Net Cash from Financing Activities (316) 3,546 (933) (2,516) (7,048) (1,005)
Net Change in Cash = ($276) $292 $154 ($946) $1,045 $291
07 06 05 04 07 06 05 04
Cash at Beginning of Period 1,239 947 793 1,739 505 214
Net Change in Cash + (276) 292 154 (946) 1,045 291
Cash at End of Period = $963 $1,239 $947 $793 $1,550 $505
Change in Cash Ending Cash

89.6 30.8
nm
nm nm 22.3 19.4
48.8

07 06 05 04 07 06 05 04

© Hemscott, Inc. and Affiliates. All rights reserved. Page 17

Hemscott Quarterly Income Statement Comcast Corporation CMCSA

Quarterly Income Statement Fiscal Year Ends December 31 Income Statement Data in Millions of US Dollars Most Recent Qtr. Information
Q3 2008 Q2 2008 Q1 2008 Q4 2007 Q3 2007 Q2 2007 2008 MRQ
Operating Revenue $8,549 $8,553 $8,389 $8,014 $7,781 $7,712 Revenue $9 Billion
Cost of Sales 3,095 3,091 3,107 2,903 2,759 2,754 Income from Total Operations $2 Billion
Gross Operating Profit $5,454 $5,462 $5,282 $5,111 $5,022 $4,958 EPS from Total Operations $0.26

Selling, Gen. & Administrative Expense 2,217 2,111 2,108 2,029 2,093 1,946
Operating Profit before Depreciation (EBITDA) $3,237 $3,351 $3,174 $3,082 $2,929 $3,012
The trend graphs below display quarter-over-
Depreciation Income 1,567 1,601 1,619 1,624 1,538 1,544
quarter growth percentages over four quarters.
Interest Income 12 18 19 41 35 34
Earnings from Equity Interest 2 (13) (35) (14) (12) (16)
Other Income 77 (63) 330 115 122 93
Income Statement Trends (%)
Other Special Charges (3) 0 (2) (4) 0 0 Operating Revenue Gross Margin
Special Income Charges (3) 0 (2) (4) 0 0
Interest Expense 601 618 621 600 571 550 0.1 2.0 0.2 3.4
4.7 3.0 3.4 1.8
Pretax Income (EBT) $1,157 $1,074 $1,246 $996 $965 $1,029

Income Taxes 401 455 508 400 421 453

Minority Interest Income (15) (13) 6 (6) (16) (12)
Net Income from Continuing Operations $771 $632 $732 $602 $560 $588
9/08 6/08 3/08 12/07 9/08 6/08 3/08 12/07
Net Income from Total Operations 771 632 732 602 560 588
Total Net Income $771 $632 $732 $602 $560 $588

Normalized Income $774 $632 $734 $606 $560 $588 Interest Income Cost of Sales

17.1 0.1 0.5 7.0 5.2

Detailed EPS Analysis Shares in Millions, EPS Data in US Dollars

33.3
5.3 53.7

Q3 2008 Q2 2008 Q1 2008 Q4 2007 Q3 2007 Q2 2007

Basic Weighted Shares Outstanding 2,909 2,957 3,009 3,098 3,087 3,113
9/08 6/08 3/08 12/07 9/08 6/08 3/08 12/07
Diluted Weighted Shares Outstanding 2,920 2,970 3,017 3,129 3,118 3,147

Basic EPS from Continuing Operations $0.26 $0.21 $0.24 $0.20 $0.18 $0.19
Basic EPS from Total Operations 0.26 0.21 0.24 0.20 0.18 0.19 Normalized Income Total Income
Basic EPS Total 0.26 0.21 0.24 0.20 0.18 0.19
22.5 21.1 22.0 21.6
Basic EPS Normalized $0.26 $0.21 $0.24 $0.20 $0.18 $0.19
13.9 8.2 13.7 7.5
Diluted EPS from Continuing Operations 0.26 0.21 0.24 0.20 0.18 0.19
Diluted EPS from Total Operations 0.26 0.21 0.24 0.20 0.18 0.19
Diluted EPS Total 0.26 0.21 0.24 0.20 0.18 0.19

Diluted EPS Normalized $0.26 $0.21 $0.24 $0.20 $0.18 $0.19 9/08 6/08 3/08 12/07 9/08 6/08 3/08 12/07

© Hemscott, Inc. and Affiliates. All rights reserved. Page 18

Hemscott Quarterly Balance Sheet Comcast Corporation CMCSA

Quarterly Balance Sheet Fiscal Year Ends December 31 Balance Sheet Data in Millions of US Dollars Balance Sheet Trends (%)
Qundefined 2008 Qundefined 2008 Qundefined 2008 Qundefined 2007 Qundefined 2007 Qundefined 2007 Cash & Equivalents Current Assets
Cash and Equivalents $2,714 $1,767 $635 $963 $2,949 $828
Marketable Securities 203 295 86 98 65 395 53.6 18.6
Receivables 1,658 1,665 1,497 1,645 1,598 1,441 49.7
Current Deferred Income Taxes Asset 0 0 0 214 0 0 178 32.1
15.4
Other Current Assets + 938 920 886 747 785 878
= 67.3
Total Current Assets $5,513 $4,647 $3,104 $3,667 $5,397 $3,542 34.1

Land and Improvements 0 0 0 202 0 0

9/08 6/08 3/08 12/07 9/08 6/08 3/08 12/07
Buildings and Improvements 0 0 0 1,667 0 0
Machinery, Furniture, and Equipment 0 0 0 30,351 0 0
Other Fixed Assets 46,581 45,407 44,904 11,212 42,029 40,529
Gross Fixed Assets 46,581 45,407 44,904 43,432 42,029 40,529 Non-Current Assets Total Assets
Accumulated Depreciation and Depletion 22,671 21,574 20,955 19,808 18,816 17,629
Intangibles 64,022 64,063 64,137 62,816 63,172 63,079
0.2 0.4 0.0 1.8 0.5 1.0 0.5 0.2
Cost in Excess 14,909 15,074 14,867 14,705 14,549 14,416
Other Non-Current Assets + 6,142 6,280 6,767 8,605 6,840 6,819
Total Non-Current Assets = $108,983 $109,250 $109,720 $109,750 $107,774 $107,214

Total Current Assets 5,513 4,647 3,104 3,667 5,397 3,542

Total Non-Current Assets + 108,983 109,250 109,720 109,750 107,774 107,214
Total Assets = $114,496 $113,897 $112,824 $113,417 $113,171 $110,756 9/08 6/08 3/08 12/07 9/08 6/08 3/08 12/07

Accounts Payable 3,187 3,027 2,982 3,336 3,014 2,978

Short Term Debt 3,087 1,889 1,350 1,495 764 458 Accounts Payable Current Liabilities
Accrued Expenses 2,985 3,173 3,071 0 2,926 3,301
Accrued Liabilities 0 0 0 494 0 0
Current Deferred Income Taxes Liabilities 0 0 0 0 0 102 5.3 10.7 14.5
1.5 10.6 9.3 18.6
Other Current Liabilities + 0 0 0 2,627 0 0 6.9
Total Current Liabilities = $9,259 $8,089 $7,403 $7,952 $6,704 $6,839

Long-Term Debt 30,601 30,624 30,009 29,828 30,340 27,794

Deferred Income Taxes 27,209 27,292 27,116 26,880 26,570 26,533
Other Non-Current Liabilities 298 7,207 7,110 7,167 7,404 7,487 9/08 6/08 3/08 12/07 9/08 6/08 3/08 12/07
Minority Interest Balance + 6,925 348 388 250 265 278
Total Non-Current Liabilities = $65,033 $65,471 $64,623 $64,125 $64,579 $62,092

Total Current Liabilities 9,259 8,089 7,403 7,952 6,704 6,839 Total Equity Total Liabilities
Total Non-Current Liabilities + 65,033 65,471 64,623 64,125 64,579 62,092
Total Liabilities = $74,292 $73,560 $72,026 $72,077 $71,283 $68,931 0.3 1.1 1.3 1.3 1.0 2.1 0.1 1.1

Common Stock Equity + 40,204 40,337 40,798 41,340 41,888 41,825

Total Equity = $40,204 $40,337 $40,798 $41,340 $41,888 $41,825

9/08 6/08 3/08 12/07 9/08 6/08 3/08 12/07

© Hemscott, Inc. and Affiliates. All rights reserved. Page 19

Hemscott Quarterly Balance Sheet Comcast Corporation CMCSA

Quarterly Balance Sheet, continued Fiscal Year Ends December 31 Balance Sheet Data in Millions of US Dollars Balance Sheet Trends (%)
Qundefined 2008 Qundefined 2008 Qundefined 2008 Qundefined 2007 Qundefined 2007 Qundefined 2007 Other Curr. Assets Long-Term Debt
Total Liabilities $74,292 $73,560 $72,026 $72,077 $71,283 $68,931
Total Equity + 40,204 40,337 40,798 41,340 41,888 41,825 2.0 0.1 2.1
3.8 18.6 0.6 1.7
Total Liabilities & Stock Equity = $114,496 $113,897 $112,824 $113,417 $113,171 $110,756 4.8

9/08 6/08 3/08 12/07 9/08 6/08 3/08 12/07

© Hemscott, Inc. and Affiliates. All rights reserved. Page 20

Hemscott Quarterly Cash Flow Comcast Corporation CMCSA

Quarterly Cash Flow Fiscal Year Ends December 31 Cash Flow Data in Millions of US Dollars Cash Flow Trends (%)
Q3 2008 Q2 2008 Q1 2008 Q4 2007 Q3 2007 Q2 2007 Net Income From Operations
Net Income (Loss) $2,135 $1,364 $732 $2,587 $1,985 $1,425
Depreciation Cash Flow 4,093 2,761 1,390 5,107 3,768 2,477 30.3 43.9
Amortization Cash Flow 694 459 229 1,101 816 569 56.5 49.6
Deferred Income Taxes Cash Flow 609 403 232 247 160 197
86.3 118
Operating Gains (Losses) (273) (202) (275) (310) (240) (242)
Increase (Decrease) in Receivables 4 (7) 162 (100) (51) 72 71.7 74.3
Increase (Decrease) in Payables (21) (69) (144) 175 10 (80)
Increase (Decrease) in Other Working Capital (227) (36) (186) (352) (592) (163)
9/08 6/08 3/08 12/07 9/08 6/08 3/08 12/07
Other Non-Cash Items + 359 255 119 337 252 135
Net Cash from Operating Activities = $7,373 $4,928 $2,259 $8,792 $6,108 $4,390

Sale of Long Term Investments 0 0 0 1,158 1,123 805 From Investing Short Term Invst.
Sale of Short Term Investments 452 320 49 0 52 56
Purchase of Property/Plant/Equipment (4,413) (2,976) (1,557) (6,564) (4,897) (3,287) 55.3 97.3 82.4 72.2 63.4 57.7 nm 0.0
Acquisitions (700) (331) (29) (1,319) (1,277) (770)
Purchase of Long Term Investments 0 0 0 (2,089) (129) (52)
Purchase of Short Term Investments (67) (41) (26) 0 0 0
Net Other Investment Changes + (2) (17) 20 62 46 43
Net Cash from Investment Activities = ($4,730) ($3,045) ($1,543) ($8,752) ($5,082) ($3,205)

Issuance of Debt 3,513 2,009 192 3,713 3,610 590 9/08 6/08 3/08 12/07 9/08 6/08 3/08 12/07
Issuance of Capital Stock 53 42 10 412 404 334
Repayment of Long Term Debt (1,143) (831) (218) (1,401) (1,529) (1,320)
Repurchase of Capital Stock (2,800) (1,979) (1,000) (3,102) (1,852) (1,252) Stock Issuance From Financing
Payment of Cash Dividends (367) (185) 0 0 0 0
Net Other Finance Charges + (148) (135) (28) 62 51 52
= 2.0 17.3 3.4 230 nm
Net Cash from Financing Activities ($892) ($1,079) ($1,044) ($316) $684 ($1,596)

Net Cash from Operating Activities 7,373 4,928 2,259 8,792 6,108 4,390
Net Cash from Investment Activities (4,730) (3,045) (1,543) (8,752) (5,082) (3,205)
Net Cash from Financing Activities + (892) (1,079) (1,044) (316) 684 (1,596) 26.2 320
Net Change in Cash = $1,751 $804 ($328) ($276) $1,710 ($411) 97.6
9/08 6/08 3/08 12/07 9/08 6/08 3/08 12/07
Cash at Beginning of Period 963 963 963 1,239 1,239 1,239
Net Change in Cash + 1,751 804 (328) (276) 1,710 (411)
Cash at End of Period = $2,714 $1,767 $635 $963 $2,949 $828
Change in Cash Ending Cash

118 53.6

nm 178

67.3
18.8 nm 34.1

9/08 6/08 3/08 12/07 9/08 6/08 3/08 12/07

© Hemscott, Inc. and Affiliates. All rights reserved. Page 21

Hemscott Insiders and Institutional Holdings Comcast Corporation CMCSA

Insider Transactions for Previous 3 Months Short Interest Shares (Millions)

Insider
Shares
Bought
in Millions
0.48 0.45 0.59 0.46
0.00 0.03 0.23 0.00 0.00
4.36 4.02 3.90

49.2

46.0

47.0

71.5

50.1

47.7

57.5

52.9
Insider 0.00 0.01 3.16 3.03 3.42 0.65 0.84
0.21 0.34 0.33 0.27 0.18
Shares Jul Aug Aug Sep Sep Oct Oct Nov
Sold
in Millions

Short Interest Ratio

Net
Insider
Shares
0.31 0.29
Traded 0.00 0.02 0.02 0.14 0.12 1.19 1.00 0.47
in Millions 0.64 0.83

2.4

2.0

3.1

3.7

1.9

1.2

1.8

1.9
October November December January '08 February March April May June July August September Jul Aug Aug Sep Sep Oct Oct Nov

Institutional Holdings
An Increasing Short Interest indicates a greater
Shares number of people who are anticipating the price
Bought
in Millions of the stock to go down. The Average Short
Interest Ratio in the S&P 500 is 2.5%.

152 150 227 286 284 272 369 371 354 86.33 85.64 98.09

Shares 172 171 163 253 254 255 115 115 123 319 320 332 Stock Split History
Sold
in Millions Split Date Split Factor
2/22/2007 1.5 for 1
5/6/1999 2 for 1
2/3/1994 1.5 for 1
10/25/1989 1.5 for 1
4/11/1988 1.5 for 1
Total
12/19/1986 1.5 for 1
Shares
Held 6/28/1985 1.5 for 1
in Billions 9/19/1984 1.5 for 1
1/6/1983 1.5 for 1

1.61 1.61 1.69 1.65 1.63 1.63 1.86 1.86 1.86 1.63 1.64 1.64
1,016 1,012 982 984 982 980 952 953 973 966 964 958 Number of Institutions
November December January '08 February March April May June July August September October Holding Shares of CMCSA

© Hemscott, Inc. and Affiliates. All rights reserved. Page 22