Comcast EQUITY RESEARCH QUARTERLY UPDATE OUTPERFORM. Comcast 2Q16 Follow-Up: Raising Price Target to $74, 8x 2017E EBITDA.

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1 EQUITY RESEARCH QUARTERLY UPDATE July 29, 2016 Stock Rating: OUTPERFORM mo. Price Target $74.00 CMCSA - NASDAQ $ Yr. EPS Gr. Rate 17% 52-Wk Range $68.36-$50.01 Shares Outstanding 2,446.0M Float 2,426.0M Market Capitalization $163,666.5M Avg. Daily Trading Volume 9,480,229 Dividend/Div Yield $1.11/1.64% Book Value $22.60 Fiscal Year Ends Dec 2016E ROE 15.3 % LT Debt $52,327.0M Preferred $1,236.0M Common Equity $55,276M Convertible Available No EPS Diluted Q1 Q2 Q3 Q4 Year Mult. 2014A x 2015A x 2016E 0.84A 0.83A x Prior (E) NM 2017E x Timothy Horan, CFA Tim.Horan@opco.com Brajesh Mishra Brajesh.Mishra@opco.com Disseminated: July 29, :03 EDT; Produced: July 29, :03 EDT Comcast Stock Price Performance COMMUNICATION AND CLOUD Comcast 2Q16 Follow-Up: Raising Price Target to $74, 8x 2017E EBITDA SUMMARY Comcast reported a strong 2Q16, with strength in both Cable and NBCU. Lower churn is the primary driver of performance helped by improved services/care. Churn in both broadband and video has declined for 29 consecutive months. These trends should continue as CMCSA increases X1 penetration to 50% from 40% now by YE16 and integrates Olympics content. Spending has increased in cable, though NBC margins are offsetting this. We believe Comcast can benefit from several near-term tailwinds: increased X1 penetration, DOCSIS 3.1, the Rio Olympics, and political ad spending. This should be particularly true for advertising revenue, which is seeing strong pricing. We are slightly increasing revenue but tweaking EPS on D&A. Our price target goes from $70 to $74 on 8x 2017E EBITDA. KEY POINTS X1 Video Platform Driving Lower Churn. Video results reflected the best 2Q results in ten years, primarily driven by Increasing X1 penetration (~40% penetration). Increased VOD and DVR usage among X1 subscribers, a 17% y/y increase in Mobile TV use, and increased customer service initiatives contributed to a 115K increase in customer relationships during Q2. Cable Margins Will Dip. Cable OCF margins of 40.6% were up 50 bps sequentially; however, we believe margins will drop by ~150bps in 2H16 on higher programming and marketing costs. Programming costs grew 7.4%, but will accelerate to 11% in 2H16. Management expects full-year cable margins to be flat to down 50bps, but content costs are more than hedged by NBC strength. Strong Upfront Points to Improved NBCU Profitability: The company completed its most successful upfront, with CPMs increasing 12.5% at NBC Primetime. Comcast has significantly narrowed the monetization gap (20% at the time of the NBC acquisition) vs. the industry. We expect the strong advertising market, coupled with the Olympics, to drive a 100 bps sequential increase in NBCU margins in 3Q16. Olympics/X1 Could Reshape Paid TV, and will drive Advertising Revenue. For the first time, the company is unifying its broadcast, NBC, Telemundo, digital and cable properties, with the Internet/Cloud. This will enable unique targeted advertising and a much richer customer viewing experience. We expect multiple content/tv partnerships and better subscriber growth as a result. Bottom Line. Our 2016 EPS estimate is unchanged, with stronger NBCU results offset by an increase in below-the-line items (Hulu losses, minority interest). Our 2017 estimate goes back to $3.90 on higher below-the-line items. CMCSA is 1-2x cheaper vs/ peer cable providers. We see additional upside from aggressive capital returns. Reiterate Outperform. Company Description After its merger with AT&T Broadband, Comcast emerged as the leading multichannel video and broadband provider in the US. Comcast bought NBC in early For analyst certification and important disclosures, see the Disclosure Appendix. Oppenheimer & Co Inc. 85 Broad Street, New York, NY Tel: Fax:

2 Comcast CMCSA (OUTPERFORM) - $ YEAR PRICE PERFORMANCE INVESTMENT THESIS Source: Bloomberg CMCSA 2016 Comcast is the largest cable provider in the US and has expanded into programming and entertainment since the acquisition of NBC Universal in The overall video market is highly correlated with housing starts, which appear to have bottomed, and we also believe that the company holds a significant competitive advantage vs. most wireline providers in terms of its network quality and broadband speeds. We believe Comcast's ability to generate consistently high cash flow from its cable business gives the company added flexibility to adapt to industry trends despite its large size. BASE CASE ASSUMPTION Comcast continues to grow cable revenue in the mid-single digits driven by HSD growth Within NBCU, theme parks and filmed entertainment segments continue to outperform, while broadcast and cable networks remain sluggish EPS growth in the low double-digit range CATALYSTS Roll-out of X1 video platform should improve customer "stickiness" (i.e., loyalty) and combat video subscriber losses Comcast enters the wireless market and offers quad-play products 2016 Olympics and Presidential election to drive strong advertising growth UPSIDE SCENARIO Comcast closes the monetization gap in broadcast and cable networks vs. competitors Video OTT (over the top) migration progresses more slowly than expected, leading to negligible video subscriber losses Comcast continues to take share in the SMB and consumer space DOWNSIDE SCENARIO New OTT video entrants accelerate video subscriber losses to 2% YoY Economic downturn pressures total customer ARPU of $140 Advertisers continue to shift spending away from linear television Aggressive entry into wireless PRICE TARGET CALCULATION At our 12- to 18-month price target of $74, the stock would trade at a premium, but in our view reasonable, FCF multiple of about 20x 2017E FCF/share and at a P/E multiple of 18.9x 2017E EPS. Cable stocks tend to trade on FCF, and in recent history have traded in the 20x area. However, the stock has been trading above its historical multiple since the acquisition of NBC Universal, benefiting from a blended cable/content valuation. KEY RISKS Economy, technology and consumer spending habits. The average consumer is spending $150 per month with Comcast, which is likely not sustainable in an economic downturn. The company faces the threat of additional competition in the form of over-the-top (OTT) technology, wireless broadband, and in 20% of its revenues from advertising to digital. We also see a potential acquisition of a wireless company as creating potential short-term pressure, as it would reduce near-term returns to shareholders, as can regulatory oversight. 2 Timothy Horan, CFA:

3 CMCSA (OUTPERFORM) - $74.00 Comcast Exhibit 1. Selected Performance Data Comcast Selected Performance Data 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 YoY Change 2Q16E Actual vs. Estimates Consensus Recurring EPS $0.79 $0.84 $0.80 $0.81 $0.84 $ % $ % $0.81 Revenue Growth (%) 2.6% 11.3% 11.2% 8.5% 5.2% 2.8% 2.3% 1.3% EBITDA Margin (%) 33.4% 33.4% 33.1% 32.6% 33.9% 33.5% 0.15% 33.3% 0.4% 33.7% RGU Net Adds (000's) % % 216 Basic Subs Net Adds (000's) (8) (69) (48) (4) NA (25) NA (31) Broadband Net Adds (000's) % % 200 Telephony Net Adds (000's) % % 47 Source: Company reports; Factset; Oppenheimer & Co. Inc. estimates. Exhibit 2. Old vs. New Estimates Old New Old New Change Change 2016E 2016E 2017E 2017E Revenue ($ bil) $79.0 $ % $82.5 $ % EBITDA ($ bil) $26.4 $ % $28.5 $ % EBITDA % 33.4% 33.5% 0.1% 34.5% 34.2% -0.3% EPS ($) $3.53 $ % $3.99 $ % 3

4 Comcast CMCSA (OUTPERFORM) - $74.00 Exhibit 3. Comcast Consolidated Quarterly Model ($ in millions, except per share) Last Updated: 7/27/2016 Consolidated Model Q16 2Q16 3Q16E 4Q16E 2016E 1Q16 2Q16 3Q16E 4Q16E Operating Revenue Cable 46,928 12,204 12,444 12,570 12,851 50, % 6.0% 7.0% 7.1% Content 28,462 6,861 7,103 8,918 8,084 30, % (1.8%) 24.7% 8.1% Corporate & Other (879) (275) (278) (265) (244) (1,062) Total Consolidated Revenue 74,511 18,790 19,269 21,223 20,692 79, % 2.8% 13.7% 7.5% Operating Expenses 49,833 12,423 12,817 14,219 13,733 53, % 2.7% 13.9% 5.8% % of revenue 66.9% 66.1% 66.5% 67.0% 66.4% 66.5% EBITDA 24,678 6,367 6,452 7,005 6,959 26, % 3.0% 13.3% 10.9% % of revenue 33.1% 33.9% 33.5% 33.0% 33.6% 33.5% Depreciation & amortization 8,680 2,278 2,389 2,448 2,489 9, % 10.6% 12.1% 9.7% Operating income 15,998 4,089 4,063 4,557 4,469 17, % (1.0%) 13.9% 11.7% % of revenue 21.5% 21.8% 21.1% 21.5% 21.6% 21.5% Other (income) expense, net (42) (149) (27) (76) Interest expense & other costs 2, , % 2.7% 13.9% 10.7% Pretax income 13,338 3,535 3,358 3,756 3,673 14, % (3.7%) 15.1% 14.1% Provision for income taxes 4,959 1,311 1,278 1,390 1,359 5,338 Tax rate 37.2% 37.0% 37.0% 37.0% 37.0% 37.3% Minority Interest (250) (90) (52) (80) (80) (302) Net income, continuing ops. 8,129 2,134 2,028 2,286 2,234 8,682 Gain on Asset Sales/Other Charges Loss from discontinued ops (net) Net income to common 8,129 2,134 2,028 2,286 2,234 8, % (4.8%) 14.5% 13.3% % of revenue 10.9% 11.4% 10.5% 10.8% 10.8% 10.9% Earnings per share: Reported EPS $ 3.24 $ 0.87 $ 0.83 $ 0.94 $ 0.93 $ 3.56 Non-recurring gain (loss) $ 0.01 ($ 0.03) $ 0.00 $ 0.00 $ 0.00 ($ 0.03) Merger-related accretion/(decretion) $ 0.02 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 Operating EPS $ 3.25 $ 0.84 $ 0.83 $ 0.94 $ 0.93 $ % (1.8%) 18.0% 13.7% Average diluted shares 2,516 2,462 2,446 2,429 2,413 2,445 (3.7%) (3.4%) (2.9%) (2.7%) Dividends per share $ 0.97 $ 0.28 $ 0.28 $ 0.28 $ 0.28 $ % 10.8% 12.0% 12.0% Free cash flows analysis: Net income, continuing ops. 8,129 2,134 2,028 2,286 2,234 8,682 plus: D&A 8,680 2,278 2,389 2,448 2,489 9,604 minus: Cable Capex 7,034 1,576 1,881 1,913 2,113 7, % 12.2% 3.3% 2.5% as % of cable revenue 15.0% 12.9% 15.1% 15.2% 16.4% 14.9% minus: Content, Corp. & Other Cape 1, , % (89.8%) 3.0% 3.0% minus: Cash Paid for Capitalized So 1, , % 10.1% 1.0% 1.0% Total Capex 9,878 2,263 2,271 2,555 3,173 10, % (1.2%) 3.0% 2.3% as % of total revenue 13.3% 12.0% 11.8% 12.0% 15.3% 12.8% Share Buybacks 6,780 1,249 1,185 1,200 1,200 4,834 Dividends 2, , % 7.1% 8.7% 8.9% Free cash flows (2,286) (318) 560 NM NM NM NM Free cash flow prior to dist. 6,931 2,149 2,146 2,179 1,551 8, % 7.3% 28.2% 35.9% Balance sheets data: Cash 2,295 2,295 4,665 4,665 4,665 4,665 Current portion of debt 3,627 3,627 2,934 2,934 2,934 2,934 Long-term debt 48,994 48,705 52,629 52,327 52,646 52,646 Net debt 50,326 50,037 50,898 50,596 50,915 50,915 Effective annual interest expense 5.7% 5.6% 5.8% 5.9% 5.9% 5.8% Net PP&E 33,665 34,122 34,896 35,004 35,687 35,687 Implied useful life (PP&E) Total assets 166, , , , , ,073 Shareowners equity 53,978 52,642 55,276 57,562 59,796 59,796 Net debt / Total capitalization 48.2% 48.7% 47.9% 46.8% 46.0% 46.0% Net debt/ EBITDA 2.0x 2.0x 2.0x 1.8x 1.8x 1.9x Source: Company Reports & Oppenheimer & Co. Inc. Estimates. 4

5 CMCSA (OUTPERFORM) - $74.00 Comcast Exhibit 4. Comcast Segment Quarterly Model ($ in millions, except per share) Last Updated: 7/27/2016 Consolidated Model Q16 2Q16 3Q16E 4Q16E 2016E 1Q16 2Q16 3Q16E 4Q16E Operating Revenue Cable 46,928 12,204 12,444 12,570 12,851 50, % 6.0% 7.0% 7.1% Content 28,462 6,861 7,103 8,918 8,084 30, % (1.8%) 24.7% 8.1% Corporate & Other (879) (275) (278) (265) (244) (1,062) Total Consolidated Revenue 74,511 18,790 19,269 21,223 20,692 79, % 2.8% 13.7% 7.5% Operating Expenses 49,833 12,423 12,817 14,219 13,733 53, % 2.7% 13.9% 5.8% % of revenue 66.9% 66.1% 66.5% 67.0% 66.4% 66.5% EBITDA 24,678 6,367 6,452 7,005 6,959 26, % 3.0% 13.3% 10.9% % of revenue 33.1% 33.9% 33.5% 33.0% 33.6% 33.5% Depreciation & amortization 8,680 2,278 2,389 2,448 2,489 9, % 10.6% 12.1% 9.7% Operating income 15,998 4,089 4,063 4,557 4,469 17, % (1.0%) 13.9% 11.7% % of revenue 21.5% 21.8% 21.1% 21.5% 21.6% 21.5% Other (income) expense, net (42) (149) (27) (76) Interest expense & other costs 2, , % 2.7% 13.9% 10.7% Pretax income 13,338 3,535 3,358 3,756 3,673 14, % (3.7%) 15.1% 14.1% Provision for income taxes 4,959 1,311 1,278 1,390 1,359 5,338 Tax rate 37.2% 37.0% 37.0% 37.0% 37.0% 37.3% Minority Interest (250) (90) (52) (80) (80) (302) Net income, continuing ops. 8,129 2,134 2,028 2,286 2,234 8,682 Gain on Asset Sales/Other Charges Loss from discontinued ops (net) Net income to common 8,129 2,134 2,028 2,286 2,234 8, % (4.8%) 14.5% 13.3% % of revenue 10.9% 11.4% 10.5% 10.8% 10.8% 10.9% Earnings per share: Reported EPS $ 3.24 $ 0.87 $ 0.83 $ 0.94 $ 0.93 $ 3.56 Non-recurring gain (loss) $ 0.01 ($ 0.03) $ 0.00 $ 0.00 $ 0.00 ($ 0.03) Merger-related accretion/(decretion) $ 0.02 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 Operating EPS $ 3.25 $ 0.84 $ 0.83 $ 0.94 $ 0.93 $ % (1.8%) 18.0% 13.7% Average diluted shares 2,516 2,462 2,446 2,429 2,413 2,445 (3.7%) (3.4%) (2.9%) (2.7%) Dividends per share $ 0.97 $ 0.28 $ 0.28 $ 0.28 $ 0.28 $ % 10.8% 12.0% 12.0% Free cash flows analysis: Net income, continuing ops. 8,129 2,134 2,028 2,286 2,234 8,682 plus: D&A 8,680 2,278 2,389 2,448 2,489 9,604 minus: Cable Capex 7,034 1,576 1,881 1,913 2,113 7, % 12.2% 3.3% 2.5% as % of cable revenue 15.0% 12.9% 15.1% 15.2% 16.4% 14.9% minus: Content, Corp. & Other Cape 1, , % (89.8%) 3.0% 3.0% minus: Cash Paid for Capitalized So 1, , % 10.1% 1.0% 1.0% Total Capex 9,878 2,263 2,271 2,555 3,173 10, % (1.2%) 3.0% 2.3% as % of total revenue 13.3% 12.0% 11.8% 12.0% 15.3% 12.8% Share Buybacks 6,780 1,249 1,185 1,200 1,200 4,834 Dividends 2, , % 7.1% 8.7% 8.9% Free cash flows (2,286) (318) 560 NM NM NM NM Free cash flow prior to dist. 6,931 2,149 2,146 2,179 1,551 8, % 7.3% 28.2% 35.9% Balance sheets data: Cash 2,295 2,295 4,665 4,665 4,665 4,665 Current portion of debt 3,627 3,627 2,934 2,934 2,934 2,934 Long-term debt 48,994 48,705 52,629 52,327 52,646 52,646 Net debt 50,326 50,037 50,898 50,596 50,915 50,915 Effective annual interest expense 5.7% 5.6% 5.8% 5.9% 5.9% 5.8% Net PP&E 33,665 34,122 34,896 35,004 35,687 35,687 Implied useful life (PP&E) Total assets 166, , , , , ,073 Shareowners equity 53,978 52,642 55,276 57,562 59,796 59,796 Net debt / Total capitalization 48.2% 48.7% 47.9% 46.8% 46.0% 46.0% Net debt/ EBITDA 2.0x 2.0x 2.0x 1.8x 1.8x 1.9x Source: Company Reports & Oppenheimer & Co. Inc. Estimates. 5

6 Comcast CMCSA (OUTPERFORM) - $74.00 Exhibit 5. Comcast Consolidated Annual Model ($ in millions, except per share) Last Updated: 7/27/2016 CAGR Consolidated Model E 2017E E 2017E '12-'17 Operating Revenue Cable 44,140 46,928 50,070 52, % 6.3% 6.7% 5.4% 5.9% Content 25,428 28,462 30,966 31, % 11.9% 8.8% 0.9% 5.6% Corporate & Other (793) (879) (1,062) (1,101) Total Consolidated Revenue 68,775 74,511 79,974 82, % 8.3% 7.3% 3.7% 5.8% Operating Expenses 45,852 49,833 53,192 54, % 8.7% 6.7% 2.6% 5.1% % of revenue 66.7% 66.9% 66.5% 65.8% EBITDA 22,923 24,678 26,782 28, % 7.7% 8.5% 5.9% 7.3% % of revenue 33.3% 33.1% 33.5% 34.2% Depreciation & amortization 8,019 8,680 9,604 10, % 8.2% 10.6% 4.9% 5.3% Operating income 14,904 15,998 17,178 18, % 7.3% 7.4% 6.4% 8.5% % of revenue 21.7% 21.5% 21.5% 22.0% Other (income) expense, net (224) (42) (76) - Interest expense & other costs 2,617 2,702 2,932 3, % 3.2% 8.5% 2.5% 3.6% Pretax income 12,511 13,338 14,322 15, % 6.6% 7.4% 6.7% 5.6% Provision for income taxes 4,597 4,959 5,338 5,652 Tax rate 36.7% 37.2% 37.3% 37.0% Minority Interest (212) (250) (302) (320) Net income, continuing ops. 7,702 8,129 8,682 9,304 Gain on Asset Sales/Other Charges Loss from discontinued ops (net) Net income to common 7,702 8,129 8,682 9, % 5.5% 6.8% 7.2% 8.4% % of revenue 11.2% 10.9% 10.9% 11.2% Earnings per share: Reported EPS $ 3.20 $ 3.24 $ 3.56 $ 3.90 Non-recurring gain (loss) $ 0.27 $ 0.01 ($ 0.03) $ 0.00 Merger-related accretion/(decretion) $ 0.00 $ 0.02 $ 0.00 $ 0.00 Operating EPS $ 2.93 $ 3.25 $ 3.53 $ % 10.8% 8.7% 10.5% 15.1% Average diluted shares 2,615 2,516 2,445 2,383 (1.7%) (3.8%) (2.8%) (2.6%) (2.6%) Dividends per share $ 0.86 $ 0.97 $ 1.11 $ % 12.5% 14.2% 12.0% Free cash flows analysis: Net income, continuing ops. 7,702 8,129 8,682 9,304 plus: D&A 8,019 8,680 9,604 10,072 minus: Cable Capex 6,154 7,034 7,482 7, % 14.3% 6.4% 2.5% 9.3% as % of cable revenue 13.9% 15.0% 14.9% 14.5% minus: Content, Corp. & Other Cape 1,266 1,474 1,264 1, % 16.4% (14.3%) 2.0% 10.2% minus: Cash Paid for Capitalized So 1,122 1,370 1,516 1, % 22.1% 10.6% 1.0% 10.6% Total Capex 8,542 9,878 10,262 10, % 15.6% 3.9% 2.2% 9.6% as % of total revenue 12.4% 13.3% 12.8% 12.6% Share Buybacks 4,250 6,780 4,834 5,000 Dividends 2,255 2,437 2,630 2, % 8.1% 7.9% 12.2% 12.9% Cash Taxes Cash Interest Expense plus: Non-Cash Tax & Interest Expense (100.0%) Free cash flows 674 (2,286) (81.8%) (439.2%) NM 66.9% (23.9%) Free cash flow prior to dist. 7,179 6,931 8,024 8,887 (6.3%) (3.5%) 15.8% 10.8% 1.4% Balance sheets data: Cash 3,910 2,295 4,665 4,665 Current portion of debt 4,217 3,627 2,934 2,934 Long-term debt 44,017 48,994 52,646 51,710 Net debt 44,324 50,326 50,915 49,979 Effective annual interest expense 5.8% 5.7% 5.8% 5.9% Net PP&E 30,953 33,665 35,687 36,103 Implied useful life (PP&E) Total assets 159, , , ,669 Shareowners equity 53,068 53,978 59,796 69,100 Net debt / Total capitalization 45.5% 48.2% 46.0% 42.0% Net debt/ EBITDA 1.9x 2.0x 1.9x 1.8x Source: Company Reports & Oppenheimer & Co. Inc. Estimates. 6

7 CMCSA (OUTPERFORM) - $74.00 Comcast Exhibit 6. Comcast Segment Annual Model ($ in millions, except per share) CAGR Segment Model E 2017E E 2017E '12-'17 Cable Total Video 20,783 21,526 22,369 23, % 3.6% 3.9% 4.5% 3.2% High-Speed Data 11,321 12,471 13,500 14, % 10.2% 8.2% 8.2% 8.9% Voice 3,671 3,608 3,563 3, % (1.7%) (1.3%) (3.4%) (0.7%) Advertising 2,393 2,298 2,532 2, % (4.0%) 10.2% (6.0%) 0.8% Other 5,972 7,025 8,107 8, % 17.6% 15.4% 10.9% 16.1% Total Revenue 44,140 46,928 50,070 52, % 6.3% 6.7% 5.4% 5.9% Operating Expenses Cost of Services 18,867 20,290 21,933 23, % 7.5% 8.1% 6.3% 6.8% % of revenue 42.7% 43.2% 43.8% 44.2% SG&A & Other 7,161 7,601 7,947 8, % 6.1% 4.6% 4.3% 4.6% % of revenue 16.2% 16.2% 15.9% 15.7% Operating Expenses 26,028 27,891 29,880 31, % 7.2% 7.1% 5.7% 6.2% EBITDA 18,112 19,037 20,190 21, % 5.1% 6.1% 5.0% 5.4% % of revenue 41.0% 40.6% 40.3% 40.1% Depreciation and Amortization 6,422 7,051 7,637 8, % 9.8% 8.3% 5.1% 4.6% % of revenue 14.5% 15.0% 15.3% 15.2% Operating Income 11,690 11,986 12,553 13, % 2.5% 4.7% 4.9% 6.0% Subscriber Summary (000) Homes Passed 54,673 55,691 56,248 56, % 1.9% 1.0% 1.0% 1.3% Video Subscribers 22,383 22,347 22,461 22,531 (0.9%) (0.2%) 0.5% 0.3% 0.5% Subscribers added (lost) (195) (36) Penetration of Homes Passed 40.9% 40.1% 39.9% 39.7% Avg. Monthly Cable Rev. per Sub $ $ $ $ Advanced Services Customers High Speed Data Subs 21,962 23,328 24,736 25, % 6.2% 6.0% 4.0% 5.9% % of basic 98.1% 104.4% 110.1% 114.2% HSD net-adds (000) 1,276 1,367 1,408 1,000 (1.5%) 7.1% 3.0% (29.0%) (3.9%) HSD net-adds run rate per day 5,104 5,468 5,632 4,000 Telephony Subscribers 11,193 11,475 11,704 11, % 2.5% 2.0% 0.9% 3.5% % of basic 50.0% 51.3% 52.1% 52.4% Telephony net-adds (000) (38.8%) (40.0%) (19.0%) (56.2%) (30.4%) Phone net-adds run rate per day 1,880 1, ,600 RGU Net Adds 1,551 1,613 1,751 1,170 Monthly ARPUs Total Video $77.05 $80.35 $83.24 $ % 4.3% 4.0% 4.0% 2.9% High-Speed Data $44.27 $45.97 $46.83 $ % 3.8% 1.9% 3.0% 2.6% Voice $27.88 $26.57 $25.55 $24.40 (5.5%) (4.7%) (3.9%) (4.5%) (4.5%) Total Cable $ $ $ $ % 7.0% 6.4% 4.9% 5.6% NBC Universal Cable Networks Cable Network Revenue 9,563 9,628 10,178 10, % 0.7% 5.7% 1.6% 3.4% Operating Expenses 5,974 6,129 6,375 6, % 2.6% 4.0% 3.0% Cable Networks EBITDA 3,589 3,499 3,804 3, % (2.5%) 8.7% (0.8%) % of Cable Network Revenue 37.5% 36.3% 37.4% 36.5% Broadcast Television Broadcast Television Revenue 8,542 8,530 10,374 9, % (0.1%) 21.6% (8.7%) 2.9% Operating Expenses 7,808 7,750 8,852 8, % (0.7%) 14.2% (6.9%) Broadcast Television EBITDA ,523 1, % 6.3% 95.3% (19.1%) % of Broadcast Television Revenu 8.6% 9.1% 14.7% 13.0% Filmed Entertainment Filmed Entertainment Revenue 5,008 7,287 5,837 6,037 (8.1%) 45.5% (19.9%) 3.4% 3.2% Operating Expenses 4,297 6,053 5,236 5,252 (13.5%) 40.9% (13.5%) 0.3% Filmed Entertainment EBITDA 711 1, % 73.6% (51.3%) 30.7% % of Filmed Entertainment Revenu 14.2% 16.9% 10.3% 13.0% Theme Parks Theme Parks Revenue 3,708 4,391 4,907 5, % 18.4% 11.7% 10.0% Operating Expense 2,161 2,439 2,730 2, % 12.9% 11.9% Theme Park EBITDA 1,168 1,527 2,177 2, % 30.7% 42.5% 19.0% % of Theme Park Revenue 44.5% 45.7% 44.4% 48.0% Total Content Revenue 25,428 28,462 30,966 31, % 11.9% 8.8% 0.9% 5.6% Sequential growth Operating Expenses 19,840 22,048 23,556 23, % 11.1% 6.8% (1.4%) 3.4% EBITDA 5,588 6,414 7,410 8, % 14.8% 15.5% 8.1% 14.3% % of revenue 22.0% 22.5% 23.9% 25.6% Depreciation and Amortization 1,495 1,539 1,872 1, % 2.9% 21.6% 5.2% 8.2% % of revenue 5.9% 5.4% 6.0% 6.3% Operating Income 4,093 4,875 5,538 6, % 19.1% 13.6% 9.1% ` Source: Company Reports & Oppenheimer & Co. Inc. Estimates. 7

8 Comcast CMCSA (OUTPERFORM) - $74.00 Stock prices of other companies mentioned in this report (as of 5/2/16): Charter Communications (CHTR-NASDAQ, $217.68, Not Covered) Disclosure Appendix Oppenheimer & Co. Inc. does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Analyst Certification - The author certifies that this research report accurately states his/her personal views about the subject securities, which are reflected in the ratings as well as in the substance of this report. The author certifies that no part of his/her compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this research report. Potential Conflicts of Interest: Equity research analysts employed by Oppenheimer & Co. Inc. are compensated from revenues generated by the firm including the Oppenheimer & Co. Inc. Investment Banking Department. Research analysts do not receive compensation based upon revenues from specific investment banking transactions. Oppenheimer & Co. Inc. generally prohibits any research analyst and any member of his or her household from executing trades in the securities of a company that such research analyst covers. Additionally, Oppenheimer & Co. Inc. generally prohibits any research analyst from serving as an officer, director or advisory board member of a company that such analyst covers. In addition to 1% ownership positions in covered companies that are required to be specifically disclosed in this report, Oppenheimer & Co. Inc. may have a long position of less than 1% or a short position or deal as principal in the securities discussed herein, related securities or in options, futures or other derivative instruments based thereon. Recipients of this report are advised that any or all of the foregoing arrangements, as well as more specific disclosures set forth below, may at times give rise to potential conflicts of interest. All price targets displayed in the chart above are for a 12- to- 18-month period. Prior to March 30, 2004, Oppenheimer & Co. Inc. used 6-, 12-, 12- to 18-, and 12- to 24-month price targets and ranges. For more information about target price histories, please write to Oppenheimer & Co. Inc., 85 Broad Street, New York, NY 10004, Attention: Equity Research Department, Business Manager. 8

9 CMCSA (OUTPERFORM) - $74.00 Comcast Oppenheimer & Co. Inc. Rating System as of January 14th, 2008: Outperform(O) - Stock expected to outperform the S&P 500 within the next months. Perform (P) - Stock expected to perform in line with the S&P 500 within the next months. Underperform (U) - Stock expected to underperform the S&P 500 within the next months. Not Rated (NR) - Oppenheimer & Co. Inc. does not maintain coverage of the stock or is restricted from doing so due to a potential conflict of interest. Oppenheimer & Co. Inc. Rating System prior to January 14th, 2008: Buy - anticipates appreciation of 10% or more within the next 12 months, and/or a total return of 10% including dividend payments, and/or the ability of the shares to perform better than the leading stock market averages or stocks within its particular industry sector. Neutral - anticipates that the shares will trade at or near their current price and generally in line with the leading market averages due to a perceived absence of strong dynamics that would cause volatility either to the upside or downside, and/or will perform less well than higher rated companies within its peer group. Our readers should be aware that when a rating change occurs to Neutral from Buy, aggressive trading accounts might decide to liquidate their positions to employ the funds elsewhere. Sell - anticipates that the shares will depreciate 10% or more in price within the next 12 months, due to fundamental weakness perceived in the company or for valuation reasons, or are expected to perform significantly worse than equities within the peer group. Distribution of Ratings/IB Services Firmwide IB Serv/Past 12 Mos. Rating Count Percent Count Percent OUTPERFORM [O] PERFORM [P] UNDERPERFORM [U] Although the investment recommendations within the three-tiered, relative stock rating system utilized by Oppenheimer & Co. Inc. do not correlate to buy, hold and sell recommendations, for the purposes of complying with FINRA rules, Oppenheimer & Co. Inc. has assigned buy ratings to securities rated Outperform, hold ratings to securities rated Perform, and sell ratings to securities rated Underperform. Company Specific Disclosures Oppenheimer & Co. Inc. makes a market in the securities of CMCSA and CHTR. Oppenheimer & Co. Inc. expects to receive or intends to seek compensation for investment banking services in the next 3 months from CMCSA. Additional Information Available Please log on to or write to Oppenheimer & Co. Inc., 85 Broad Street, New York, NY 10004, Attention: Equity Research Department, Business Manager. Other Disclosures This report is issued and approved for distribution by Oppenheimer & Co. Inc. Oppenheimer & Co. Inc. transacts business on all principal exchanges and is a member of SIPC. This report is provided, for informational purposes only, to institutional and retail investor clients of Oppenheimer & Co. Inc. and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited. The securities mentioned in this report may not be suitable for all types of investors. This report does not take into account the investment objectives, financial situation or specific needs of any particular client of Oppenheimer & Co. Inc. Recipients should consider this report as only a single factor in making an investment decision and should not rely solely 9

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