[Please refer to Appendix. Comcast Corporation (CMCSA) Solid Q3, Though Competition Concerns Weighing on Stock ESTIMATE CHANGE

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1 October 27, 2016 Baird Equity Research Connected Technology Comcast Corporation (CMCSA) Solid Q3, Though Competition Concerns Weighing on Stock X1 a differentiator. Yesterday morning Comcast reported solid overall Q3 results, with upside to video net additions and NBCU results. We remain positive on the company's overall positioning, growth and execution, though acknowledge the risks that upcoming lower-priced OTT video bundles could pose to the video business. However, given the combination of solid growth, cash flow and consistent execution, Comcast remains our preferred services play. Maintain our Outperform rating and $70 target price. Solid Q3. Consolidated revenue and EBITDA of $21.3 billion and $6.84 billion compared with our $21.2 billion and $6.83 billion estimates. Cable solid. Total cable revenue and EBITDA of $12.6 billion and $5.0 billion were in line with our estimates, with video and HSD net additions both slightly above forecast. - Key operating metrics. HSD net additions of 330,000 compared with 320,000 a year ago and our estimate of 300,000. Similarly, video net additions of 32,000 topped our 5,000 estimate and the year ago loss. - X1 a differentiator. X1 penetration reached 45% of video homes, and should benefit ARPU and churn. NBCU upside. Consolidated NBCU revenue and EBITDA of $9.2 billion and $2.15 billion beat our $8.9 billion and $2.08 billion estimates, driven by Film upside in our model. Film revenue and EBITDA of $1.8 billion and $353.0 million beat our $1.6 billion and $240.5 million estimates, with The Secret Life of Pets success helping soften tough YOY comps. Wireless comments. Comcast reiterated plans to launch a wireless product via its Verizon MVNO deal in mid OTT competition. Comcast remains skeptical that upcoming skinny OTT bundles will gain significant traction, though the DirecTV Now product pricing has raised eyebrows in the industry, and has the potential to be disruptive. Guidance comments. - Margins. CMCSA noted that it expected cable EBITDA margins to decline roughly 40 bps YOY, consistent with Q3 results and prior comments. - Programming cost pressure. Programming costs are expected to grow roughly 10% in 2016, with a similar level likely in 2017, with lower increases thereafter. - Capex. Cable capex 15% of revenue, with NBCU capex up 10% YOY to fund new investments. Revised forecasts. Relatively unchanged. - Q4. Consolidated revenue and EBITDA of $20.6 billion and $6.7 billion Consolidated revenue and EBITDA of $83.0 billion and $27.4 billion. Valuation update. CMCSA is currently trading at 7.3x our 2017 EBITDA forecast vs. peers at 7-8.5x. Comcast owns and operates Comcast Cable, the largest cable provider in the U.S., and NBCUniversal, a large-scale multimedia business. ESTIMATE CHANGE 1-Year Price Chart N-15 D J-16 Stock Data F-16 M-16 A-16 Rating: Outperform Suitability: Higher Risk Price Target: $70 Price (10/27/16): $61.20 Market Cap (mil): $148,777 Shares Out (mil): 2,431.0 Average Daily Vol (mil): 8.32 Dividend Yield: 1.8% Estimates FY Dec 2015A 2016E 2017E Q A 0.87 A Q A 0.83 A Q A 0.92 A Q A 0.87 E Fiscal EPS 3.25 A 3.49 E 3.61 E Previous Est 3.44 E 3.63 E Fiscal P/E 18.8x 17.5x 17.0x Chart/Table Sources: FactSet and Baird Data. Price chart reflects most recent closing price. M-16 J-16 J-16 A-16 S-16 [Please refer to Appendix - Important Disclosures and Analyst Certification] 68 O-16 William V. Power, CFA Sr. Research Analyst wpower@rwbaird.com Charles Erlikh Research Analyst cerlikh@rwbaird.com

2 Details Valuation Current valuation. Based on mid-day prices, CMCSA is trading at 7.3x our 2017 EBITDA forecast vs. CHTR at 8.1x and the telcos at 6-7x. Target price. Our $70 target price is based on 8.0x our 2017 adjusted EBITDA forecast, which puts it slightly below CHTR, but above the telcos. Revised Forecasts Q4'16 Estimates (000s) Revised Previous %Change Cable Revenue $12,802,571 $12,828, % NBCU Revenue $8,090,791 $7,965, % Total Revenue $20,643,362 $20,544, % Adj. EBITDA 6,744,721 6,637, % Adj. EBITDA Margin 32.7% 32.3% 40 bps Net Income 2,077,138 2,018, % Diluted GAAP EPS $0.87 $ % Free Cash Flow 2,463,971 1,706, % Capital Expenditures 2,736,840 2,742, % Video Net Adds 75,000 75, % Broadband Net Adds 380, , % Voice Net Adds 44,000 44, % Source: Estimates 2016 Estimates (000s) Revised Previous %Change Cable Revenue $50,007,571 $50,041, % NBCU Revenue $31,232,791 $30,846, % Total Revenue $80,021,362 $79,835, % Adj. EBITDA $26,401,721 $26,288, % Adj. EBITDA Margin 33.0% 32.9% 10 bps Net Income 8,476,138 8,358, % Diluted GAAP EPS $3.49 $ % Free Cash Flow 8,210,971 7,743, % Capital Expenditures 9,298,840 9,171, % Video Net Adds 156, , % Broadband Net Adds 1,368,000 1,333, % Voice Net Adds 212, , % Source: Estimates 2

3 2017 Estimates (000s) Revised Previous %Change Cable Revenue $52,477,912 $52,605, % NBCU Revenue $31,504,632 $31,444, % Total Revenue $82,982,545 $83,049, % Adj. EBITDA $27,411,896 $27,422, % Adj. EBITDA Margin 33.0% 33.0% 0 bps Net Income 8,451,070 8,477, % Diluted GAAP EPS $3.61 $ % Free Cash Flow 8,590,373 8,603, % Capital Expenditures 9,727,465 9,670, % Video Net Adds 35,000 15, % Broadband Net Adds 1,250,000 1,000, % Voice Net Adds 165, , % Source: Estimates Investment Thesis Q3 Summary Q3'16 Results (000s) Q3'16A Year Ago YOY % Estimate % Cable Revenue $12,557,000 $11,751, % $12,564, % NBCU Revenue $9,178,000 $7,152, % $8,916, % Total Revenue $21,319,000 $18,670, % $21,231, % Adj. EBITDA 6,835,000 6,160, % 6,829, % Adj. EBITDA Margin 32.1% 33.0% (90 bps) 32.2% (10 bps) Net Income 2,237,000 1,995, % 2,177, % Diluted GAAP EPS $0.92 $ % $ % Free Cash Flow 1,415,000 2,496, % 1,704, % Capital Expenditures 2,406,000 2,165, % 2,272, % Video Net Adds 32,000 (48,000) % 5, % Broadband Net Adds 330, , % 300, % Voice Net Adds 2,000 17, % 15, % Source: Estimates Best-in-class consumer cable business driven by broadband. With a growing broadband business and a stabilizing video business, we view Comcast s consumer cable business as best in class. In Q3, the company added 330,000 broadband subscribers, 2,000 voice subscribers, and 32,000 video subscribers. Strong ARPU growth. Comcast has generated strong, consistent ARPU growth for the past several quarters. In Q3, the company generated total ARPU (inclusive of business services) of $148.47, growing 3.7% YOY. Q3 video ARPU of $83.30 grew 3.9% YOY, driven in part by digital and advanced services adoption. 3

4 Solid margin outlook despite programming costs. Notably, Comcast expects relatively stable cable margins in 2016 despite an anticipated 10% ramp in programming costs. We currently forecast consolidated 2016 EBITDA margins of 33.0%, with cable margins of 40.1%. NBCU asset provides diversification. Comcast s NBCU acquisition provides revenue diversification and a solid growth profile. We also view NBCU as somewhat of a hedge against over-the-top, mobile, and other off channel video consumption. Business services small, but adds to growth profile. The company has generated strong growth in the business services segment, with revenue of $1.40 billion growing 15.5% YOY in Q3. Comcast has been particularly successful in the small business space. Returning cash to shareholders. Comcast repurchased $6.75 billion worth of shares in 2015 and plans to repurchase another $5 billion in Consumer video and broadband markets highly competitive. Comcast faces competition in video from both satellite operators and from AT&T and Verizon in many markets. Currently, the company estimates its U-Verse and FiOS overlap at 20% and 15%, respectively. Additionally, as wireless speeds increase, Comcast may someday see broadband competition from LTE providers as well. Over-the-top video poses additional disruption threat. As high-speed broadband access becomes more ubiquitous and over-the-top offerings become more robust, Comcast may increasingly face video competition from players like Netflix, Hulu, YouTube, and DirecTV. Risks & Caveats Consumer video and broadband markets highly competitive. Comcast faces competition in video from both satellite operators and from AT&T and Verizon in many markets. Currently, the company estimates its U-Verse and FiOS overlap at 20% and 15%, respectively. Additionally, as wireless speeds increase, Comcast may someday see broadband competition from LTE providers as well. Over-the-top video poses additional disruption threat. As high-speed broadband access becomes more ubiquitous and over-the-top offerings become more robust, Comcast may increasingly face video competition from players like Netflix, Hulu, YouTube, and DirecTV. Programming costs could pressure cable margins longer term. Comcast s Cable video margins are highly sensitive to video programming costs. In 2016, Comcast expects programming costs to grow 10%. Family control risk. The Roberts family owns 100% of Comcast s super-voting Class B shares, which give the family roughly 33% voting power. Together, Brian and Ralph Roberts own just 0.02% of Comcast s Class A shares. NBCU TV businesses subject to ratings risk. NBCU s cable and broadcast businesses are sensitive to patterns in viewership, which can be volatile. Dips in ratings for its broadcast or cable properties could lead to lower advertising revenue. Sensitivity to economic factors. Comcast s cable business is sensitive to various economic factors, including the relative strength of the U.S. housing market. Broad economic weakness could also lead to weakness in Comcast s TV ad business. Additionally, due to the discretionary nature of some of NBCU s offerings, including its film and theme park businesses, the company could be affected by changes in consumer spending patterns. 4

5 Regulatory risks. Comcast s cable video business is subject to regulation from federal, state, and local governments, and Internet and VoIP regulation could increase over time. Additionally, NBCU s cable, film, and theme park businesses are also subject to various international, federal, and state laws. Company Description Headquartered in Philadelphia, Pennsylvania, Comcast Communications operates two major businesses: Comcast Cable and NBCUniversal. Comcast Cable is the largest cable provider in the United States, passing over 56 million homes. The business provides cable video, broadband, and voice services to consumers. Additionally, Comcast Cable provides services to small and medium-sized businesses. Comcast Cable s top markets include Philadelphia, Atlanta, Boston, Chicago, and Detroit. NBCU operates a series of entertainment-related businesses including its cable networks, broadcast networks, film, and theme parks businesses. NBCU s assets include cable properties like USA Network and CNBC, Broadcast channels like NBC and Telemundo, Universal Pictures, and theme parks like Universal Studios. 5

6 BAIRD 777 EAST WISCONSIN AVENUE MILWAUKEE, WI Senior Research Analyst: William V. Power, CFA (214) Comcast Corporation Income Statement ($000, Except per-share amounts) Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Year (03/31) (06/30) (09/30) (12/31) (03/31) (06/30) (09/30) (12/31) Act. Act. Act. Act. Act. Act. Act. Act. Act. Est. Est. Est. Revenue Cable 44,165,000 11,441,000 11,740,000 11,751,000 11,996,000 46,928,000 12,204,000 12,444,000 12,557,000 12,802,571 50,007,571 52,477,912 NBC Universal 25,428,000 6,604,000 7,229,000 7,152,000 7,477,000 28,462,000 6,861,000 7,103,000 9,178,000 8,090,791 31,232,791 31,504,632 Total Revenue 68,775,000 17,853,000 18,742,000 18,670,000 19,246,000 74,511,000 18,790,000 19,269,000 21,319,000 20,643,362 80,021,362 82,982,545 YOY Growth Cable 5.6% 6.4% 6.4% 6.3% 6.0% 6.3% 6.7% 6.0% 6.9% 6.7% 6.6% 4.9% NBC Universal 7.5% -4.0% 20.2% 20.8% 13.0% 11.9% 3.9% -1.7% 28.3% 8.2% 9.7% 0.9% Total Revenue 6.4% 2.6% 11.3% 11.2% 8.5% 8.3% 5.2% 2.8% 14.2% 7.3% 7.4% 3.7% Expenses Cable 26,068,000 6,783,000 6,963,000 7,025,000 7,120,000 27,891,000 7,315,000 7,396,000 7,571,000 7,686,431 29,968,431 31,752,317 NBC Universal 19,912,000 5,129,000 5,536,000 5,520,000 5,925,000 22,110,000 5,239,000 5,414,000 7,032,000 6,262,209 23,947,209 23,918,332 Depreciation 6,417,000 1,634,000 1,674,000 1,697,000 1,776,000 6,781,000 1,785,000 1,868,000 1,865,000 1,900,000 7,418,000 7,850,000 Amortization 1,682, , , , ,000 1,899, , , , ,000 2,089,000 2,200,000 Total Operating Expenses 45,852,000 11,897,000 12,475,000 12,487,000 12,973,000 49,832,000 12,423,000 12,814,000 14,484,000 13,898,641 53,619,641 55,570,649 Adjusted EBITDA 22,851,000 5,937,000 6,226,000 6,160,000 6,273,000 24,596,000 6,367,000 6,455,000 6,835,000 6,744,721 26,401,721 27,411,896 Adjusted EBITDA Margin 33.2% 33.3% 33.2% 33.0% 32.6% 33.0% 33.9% 33.5% 32.1% 32.7% 33.0% 33.0% GAAP Operating Income 14,824,000 3,890,000 4,106,000 4,000,000 4,003,000 15,999,000 4,089,000 4,066,000 4,440,000 4,299,721 16,894,721 17,361,896 Operating Margin 21.6% 21.8% 21.9% 21.4% 20.8% 21.5% 21.8% 21.1% 20.8% 20.8% 21.1% 20.9% Interest Expense (2,617,000) (656,000) (713,000) (659,000) (674,000) (2,702,000) (703,000) (732,000) (751,000) (778,011) (2,964,011) (3,112,042) Investment Income 296,000 33,000 17,000 (26,000) 57,000 81,000 30,000 58,000 80,000 61, , ,859 GAAP Income Before Taxes 12,385,000 3,402,000 3,489,000 3,263,000 3,219,000 13,373,000 3,535,000 3,358,000 3,724,000 3,483,421 14,100,421 14,161,713 Income Tax Expense 3,873,000 1,261,000 1,313,000 1,223,000 1,162,000 4,959,000 1,311,000 1,278,000 1,400,000 1,306,283 5,295,283 5,310,642 Minority Interest 212,000 82,000 38,000 45,000 85, ,000 90,000 52,000 87, , , ,000 GAAP Net Income 8,300,000 2,059,000 2,138,000 1,995,000 1,972,000 8,164,000 2,134,000 2,028,000 2,237,000 2,077,138 8,476,138 8,451,070 Diluted Adjusted EPS $2.90 $0.79 $0.84 $0.80 $0.81 $3.25 $0.87 $0.83 $0.92 $0.87 $3.49 $3.61 Diluted GAAP EPS $3.17 $0.81 $0.84 $0.80 $0.79 $3.24 $0.87 $0.83 $0.92 $0.87 $3.49 $3.61 Diluted Shares Outstanding 2,619,750 2,556,000 2,531,000 2,502,000 2,481,000 2,517,500 2,462,000 2,446,000 2,431,000 2,389,000 2,432,000 2,340,000 Research disclosures can be accessed at Source: Estimates, Company Data 10/27/2016 6

7 BAIRD 777 EAST WISCONSIN AVENUE MILWAUKEE, WI Senior Research Analyst: William V. Power, CFA (214) Comcast Corporation Cable Metrics ($000, Except subscriber and ARPU figures) Video Customers Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Year (03/31) (06/30) (09/30) (12/31) (03/31) (06/30) (09/30) (12/31) Act. Act. Act. Act. Act. Act. Act. Act. Act. Est. Est. Est. Beginning Subscribers 22,577,000 22,383,000 22,375,000 22,306,000 22,258,000 22,383,000 22,347,000 22,400,000 22,396,000 22,428,000 22,347,000 22,503,000 Net Additions (195,000) (8,000) (69,000) (48,000) 89,000 (36,000) 53,000 (4,000) 32,000 75, ,000 35,000 Ending Subscribers 22,383,000 22,375,000 22,306,000 22,258,000 22,347,000 22,347,000 22,400,000 22,396,000 22,428,000 22,503,000 22,503,000 22,538,000 Growth % -0.9% -1.0% -0.7% -0.5% -0.2% -0.2% 0.1% 0.4% 0.8% 0.7% 0.7% 0.2% Penetration of Homes Passed % 40.9% 40.8% 40.4% 40.1% 40.1% 40.1% 40.1% 39.9% 39.9% 39.8% 39.8% 39.5% Video ARPU Growth % 2.1% 3.9% 4.5% 3.9% 4.8% 4.3% 3.9% 2.5% 3.9% 2.9% 3.3% 1.8% Broadband Customers Beginning Subscribers 20,662,000 21,962,000 22,369,000 22,548,000 22,868,000 21,962,000 23,329,000 23,767,000 23,987,000 24,316,000 23,329,000 24,696,000 Net Additions 1,276, , , , ,000 1,367, , , , ,000 1,368,000 1,250,000 Ending Subscribers 21,962,000 22,369,000 22,548,000 22,868,000 23,329,000 23,329,000 23,767,000 23,987,000 24,316,000 24,696,000 24,696,000 25,946,000 Growth % 6.3% 6.2% 6.0% 5.9% 6.2% 6.2% 6.2% 6.4% 6.3% 5.9% 5.9% 5.1% Penetration of Homes Passed % 40.2% 40.7% 40.8% 41.2% 41.9% 41.9% 42.5% 42.8% 43.2% 43.7% 43.7% 45.4% Broadband ARPU Growth % 2.9% 4.2% 3.7% 4.0% 3.5% 3.8% 1.3% 2.2% 2.3% 2.5% 2.1% 1.9% Voice Customers Beginning Subscribers 10,723,000 11,193,000 11,270,000 11,319,000 11,336,000 11,193,000 11,475,000 11,577,000 11,641,000 11,643,000 11,475,000 11,687,000 Net Additions 470,000 77,000 49,000 17, , , ,000 64,000 2,000 44, , ,000 Ending Subscribers 11,193,000 11,270,000 11,319,000 11,336,000 11,475,000 11,475,000 11,577,000 11,641,000 11,643,000 11,687,000 11,687,000 11,852,000 Growth % 4.4% 3.7% 2.9% 2.4% 2.5% 2.5% 2.7% 2.8% 2.7% 1.8% 1.8% 1.4% Penetration of Homes Passed % 20.5% 20.5% 20.5% 20.4% 20.6% 20.6% 20.7% 20.8% 20.7% 20.7% 20.7% 20.7% Voice ARPU Growth % -5.5% -5.4% -5.2% -4.0% -4.2% -4.7% -3.6% -3.8% -5.1% -5.0% -4.4% -2.5% Video Revenue 20,783,000 5,331,000 5,431,000 5,348,000 5,416,000 21,526,000 5,538,000 5,581,000 5,591,000 5,613,795 22,323,795 22,829,162 Growth % 1.2% 3.0% 3.7% 3.3% 4.4% 3.6% 3.9% 2.8% 4.5% 3.7% 3.7% 2.3% Broadband Revenue 11,321,000 3,044,000 3,101,000 3,129,000 3,197,000 12,471,000 3,275,000 3,369,000 3,405,000 3,476,603 13,525,603 14,534,970 Growth % 9.6% 10.7% 10.0% 10.2% 9.8% 10.2% 7.6% 8.6% 8.8% 8.7% 8.5% 7.5% Voice Revenue 3,671, , , , ,000 3,608, , , , ,482 3,540,482 3,499,345 Growth % 0.4% -1.5% -2.1% -1.4% -1.9% -1.7% -1.1% -1.1% -2.4% -2.8% -1.9% -1.2% Business Services Revenue 3,960,000 1,116,000 1,163,000 1,211,000 1,261,000 4,751,000 1,311,000 1,360,000 1,399,000 1,452,672 5,522,672 6,325,525 Growth % 22.2% 21.4% 20.4% 19.5% 18.7% 20.0% 17.5% 16.9% 15.5% 15.2% 16.2% 14.5% Advertising Revenue 2,388, , , , ,000 2,298, , , , ,394 2,513,394 2,449,624 Growth % 9.1% -1.6% -1.7% -1.3% -9.2% -3.8% 12.0% 3.5% 7.8% 14.1% 9.4% -2.5% Other Revenue 2,042, , , , ,000 2,274, , , , ,625 2,581,625 2,839,286 Growth % 8.6% 12.8% 12.3% 13.0% 7.7% 11.4% 14.7% 14.0% 13.0% 12.5% 13.5% 10.0% Total Cable Revenue 44,165,000 11,441,000 11,740,000 11,751,000 11,996,000 46,928,000 12,204,000 12,444,000 12,557,000 12,802,571 50,007,571 52,477,912 Growth % 5.6% 6.4% 6.4% 6.3% 6.0% 6.3% 6.7% 6.0% 6.9% 6.7% 6.6% 4.9% Cable EBITDA 18,097,000 4,658,000 4,777,000 4,726,000 4,876,000 19,037,000 4,889,000 5,048,000 4,986,000 5,116,140 20,039,140 20,725,595 EBITDA Margin 41.0% 40.7% 40.7% 40.2% 40.6% 40.6% 40.1% 40.6% 39.7% 40.0% 40.1% 39.5% Cable Capital Expenditures 6,156,000 1,446,000 1,678,000 1,853,000 2,063,000 7,040,000 1,576,000 1,881,000 2,044,000 2,150,000 7,651,000 8,033,550 Source: Estimates, Company Data 10/27/2016 7

8 BAIRD 777 EAST WISCONSIN AVENUE MILWAUKEE, WI Senior Research Analyst: William V. Power, CFA (214) Comcast Corporation NBCUniversal Metrics ($000, Except per-share amounts) Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Year (03/31) (06/30) (09/30) (12/31) (03/31) (06/30) (09/30) (12/31) Act. Act. Act. Act. Act. Act. Act. Act. Act. Est. Est. Est. Cable Networks Revenue 9,563,000 2,359,000 2,450,000 2,412,000 2,407,000 9,628,000 2,453,000 2,566,000 2,942,000 2,467,175 10,428,175 10,510,823 Growth % 3.9% -5.8% -1.1% 7.0% 3.4% 0.7% 4.0% 4.7% 22.0% 2.5% 8.3% 0.8% Broadcast TV Revenue 8,542,000 2,248,000 1,813,000 1,971,000 2,498,000 8,530,000 2,084,000 2,128,000 3,087,000 2,733,440 10,032,440 9,032,682 Growth % 20.0% -14.2% -0.2% 11.4% 7.0% -0.1% -7.3% 17.4% 56.6% 9.4% 17.6% -10.0% Film Revenue 5,008,000 1,446,000 2,266,000 1,946,000 1,629,000 7,287,000 1,383,000 1,351,000 1,792,000 1,661,580 6,187,580 7,018,025 Growth % -8.1% 7.0% 92.7% 64.1% 25.8% 45.5% -4.4% -40.4% -7.9% 2.0% -15.1% 13.4% Theme Parks Revenue 2,623, , , ,000 1,019,000 3,339,000 1,026,000 1,136,000 1,440,000 1,308,396 4,910,396 5,278,676 Growth % 17.4% 33.7% 25.7% 14.0% 38.6% 27.3% 57.6% 47.0% 60.7% 28.4% 47.1% 7.5% NBC Universal Revenue 25,428,000 6,604,000 7,229,000 7,152,000 7,477,000 28,462,000 6,861,000 7,103,000 9,178,000 8,090,791 31,232,791 31,504,632 Growth % 7.5% -4.0% 20.2% 20.8% 13.0% 11.9% 3.9% -1.7% 28.3% 8.2% 9.7% 0.9% Cable Networks EBITDA 3,589, , , , ,000 3,499, , , , ,527 3,730,527 3,809,972 EBITDA Margin 37.5% 38.1% 35.6% 34.6% 37.1% 36.3% 39.0% 36.8% 30.4% 38.0% 35.8% 36.2% Growth % 2.5% 0.3% -4.6% -3.8% -2.0% -2.5% 6.5% 8.3% 6.9% 4.9% 6.6% 2.1% Broadcast TV EBITDA 734, , , , , , , , , ,344 1,329,344 1,126,213 EBITDA Margin 8.6% 8.1% 12.7% 7.6% 8.7% 9.1% 13.6% 18.5% 12.2% 10.0% 13.3% 12.5% Growth % 112.8% 49.2% -3.8% 5.6% -5.7% 6.3% 56.0% 70.6% 152.0% 26.0% 70.4% -15.3% Film EBITDA 711, , , , ,000 1,234, ,000 56, , , , ,056 EBITDA Margin 14.2% 20.3% 18.6% 19.3% 8.8% 16.9% 12.1% 4.1% 19.7% 10.2% 12.0% 13.8% Growth % 47.2% 1.7% 116.4% 149.0% 85.7% 73.6% -43.0% -86.7% -6.1% 18.5% -39.6% 29.9% Theme Park EBITDA 1,096, , , , ,000 1,464, , , , ,030 2,178,030 2,417,633 EBITDA Margin 41.8% 37.5% 43.2% 48.4% 44.4% 43.8% 36.5% 41.3% 49.0% 48.0% 44.4% 45.8% Growth % 9.2% 55.4% 45.9% 14.2% 37.0% 33.6% 53.7% 40.4% 62.7% 38.9% 48.8% 11.0% NBC Universal EBITDA 5,516,000 1,475,000 1,693,000 1,632,000 1,552,000 6,352,000 1,622,000 1,689,000 2,146,000 1,828,582 7,285,582 7,586,301 EBITDA Margin 21.7% 22.3% 23.4% 22.8% 20.8% 22.3% 23.6% 23.8% 23.4% 22.6% 23.3% 24.1% Growth % 16.6% 13.6% 19.3% 17.1% 10.5% 15.2% 10.0% -0.2% 31.5% 17.8% 14.7% 4.1% NBCU Capital Expenditures 1,221, , , , ,000 1,386, , , , ,140 1,559,140 1,598,119 Source: Estimates, Company Data 10/27/2016 8

9 BAIRD 777 EAST WISCONSIN AVENUE MILWAUKEE, WI Senior Research Analyst: William V. Power, CFA (214) Comcast Corporation Balance Sheet & Cash Flow Projections Y 2014A Q1 2015A Q2 2015A Q3 2015A Q4 2015A Y 2015A Q1 2016A Q2 2016A Q3 2016A Q4 2016E Y 2016E Y 2017E Balance Sheet Cash & ST Investments 4,512,000 4,095,000 4,512,000 2,030,000 2,401,000 5,628,000 4,665,000 2,807,000 3,363,996 3,363,996 4,380,369 Accounts Receivable 6,321,000 6,144,000 6,321,000 6,527,000 6,896,000 6,375,000 6,708,000 7,533,000 6,619,339 6,619,339 6,990,099 Other Current Assets 2,698,000 2,682,000 2,698,000 2,944,000 3,006,000 3,177,000 3,404,000 4,888,000 4,888,000 4,888,000 4,888,000 PP&E, net 30,953,000 31,127,000 30,953,000 32,170,000 33,665,000 34,122,000 34,896,000 35,656,000 36,492,840 36,492,840 38,370,305 Franchise Rights 59,364,000 59,364,000 59,364,000 59,364,000 59,364,000 59,364,000 59,364,000 59,364,000 59,364,000 59,364,000 59,364,000 LT Marketable Securities 3,135,000 3,235,000 3,135,000 3,323,000 3,224,000 3,638,000 3,679,000 3,857,000 3,857,000 3,857,000 3,857,000 Other Assets 52,356,000 52,110,000 52,356,000 52,600,000 58,018,000 58,295,000 59,269,000 63,819,000 63,814,000 63,814,000 63,414,000 Total Assets 159,339, ,757, ,339, ,958, ,574, ,599, ,985, ,924, ,399, ,399, ,263,773 Accounts Payable 5,638,000 6,157,000 5,638,000 5,996,000 6,215,000 6,333,000 6,359,000 6,594,000 6,394,955 6,394,955 6,344,149 Other Current Liabilities 11,772,000 12,345,000 11,772,000 11,363,000 11,963,000 12,751,000 11,242,000 11,444,000 11,444,000 11,444,000 11,444,000 ST Debt 4,217,000 4,180,000 4,217,000 3,152,000 3,627,000 4,119,000 2,934,000 3,333,000 3,333,000 3,333,000 3,333,000 LT Debt 44,017,000 42,953,000 44,017,000 44,605,000 48,994,000 51,515,000 52,629,000 57,095,000 57,095,000 57,095,000 57,095,000 Total Debt 48,234,000 47,133,000 48,234,000 47,757,000 52,621,000 55,634,000 55,563,000 60,428,000 60,428,000 60,428,000 60,428,000 Other Liabilities 43,778,000 43,692,000 43,778,000 43,825,000 44,203,000 44,252,000 45,231,000 45,642,000 45,903,257 45,903,257 46,965,385 Stockholders' Equity 53,068,000 52,511,000 53,068,000 51,965,000 53,978,000 54,512,000 55,276,000 55,823,000 56,235,964 56,235,964 58,089,239 Total Liabilities & SE 159,339, ,757, ,339, ,958, ,574, ,599, ,985, ,924, ,399, ,399, ,263,773 Cash Flow Analysis Net Cash From Operations 16,945,000 5,263,000 3,571,000 4,979,000 4,965,000 18,778,000 5,110,000 4,273,000 4,114,000 5,600,811 19,097,811 20,117,838 Capital Expenditures (7,420,000) (1,726,000) (1,971,000) (2,165,000) (2,637,000) (8,499,000) (1,885,000) (2,271,000) (2,406,000) (2,736,840) (9,298,840) (9,727,465) Cash Paid for Capitalized Software & Other Intangible Assets (1,122,000) (273,000) (327,000) (316,000) (454,000) (1,370,000) (378,000) (359,000) (426,000) (400,000) (1,563,000) (1,800,000) Free Cash Flow 8,403,000 3,264,000 1,273,000 2,498,000 1,874,000 8,909,000 2,847,000 1,643,000 1,282,000 2,463,971 8,235,971 8,590,373 Comcast Reported Free Cash Flow 8,167,000 3,183,000 1,167,000 2,496,000 2,091,000 8,937,000 2,805,000 1,527,000 1,415,000 2,463,971 8,210,971 8,589,808 Dividend Payments 2,254, , , , ,000 2,437, , , , ,975 2,600,975 2,574,000 Share Buybacks 4,251,000 2,000,000 1,585,000 2,185, ,000 6,750,000 1,249,000 1,136,000 1,377,000 1,250,000 5,012,000 5,000,000 Debt Beginning Debt 47,847,000 48,234,000 47,133,000 48,234,000 47,757,000 48,234,000 52,621,000 55,634,000 55,563,000 60,428,000 52,621,000 60,428,000 Debt Added 387,000 (1,101,000) 1,101,000 (477,000) 4,864,000 4,387,000 3,013,000 (71,000) 4,865,000-7,807,000 - Ending Debt 48,234,000 47,133,000 48,234,000 47,757,000 52,621,000 52,621,000 55,634,000 55,563,000 60,428,000 60,428,000 60,428,000 60,428,000 Balance Sheet Analysis Total Debt / Total Cap Current Ratio Quick Ratio Cash / Share $1.74 $1.60 $1.78 $0.81 $0.97 $0.97 $2.29 $1.91 $1.15 $1.41 $1.41 $1.90 Total Cash / Share $2.95 $2.87 $3.02 $2.14 $2.27 $2.27 $3.76 $3.41 $2.74 $3.02 $3.02 $3.57 Book Value / Share $20.49 $20.54 $20.97 $20.77 $21.76 $21.76 $22.14 $22.60 $22.96 $23.54 $23.54 $25.15 Days Sales Outstanding (Total) Gross Debt / EBITDA (TTM) 2.1x 2.0x 2.0x 2.0x 2.1x 2.1x 2.2x 2.2x 2.3x 2.3x 2.3x 2.2x Net Debt / EBITDA (TTM) 1.8x 1.7x 1.7x 1.8x 1.9x 1.9x 1.9x 1.9x 2.1x 2.0x 2.0x 1.9x Return on Assets 5.2% 5.2% 5.4% 5.0% 4.7% 5.1% 5.0% 4.7% 5.0% 4.7% 4.9% 4.7% Return on Invested Capital 5.0% 3.2% 5.0% 4.9% 4.7% 4.6% 4.7% 4.5% 4.7% 4.6% 4.5% 4.6% DuPont Analysis Tax Burden 67.0% 60.5% 61.3% 61.1% 61.3% 61.0% 60.4% 60.4% 60.1% 59.6% 60.1% 59.7% Interest Burden 0.8x 0.9x 0.8x 0.8x 0.8x 0.8x 0.9x 0.8x 0.8x 0.8x 0.8x 0.8x Operating Margin 21.6% 21.8% 21.9% 21.4% 20.8% 21.5% 21.8% 21.1% 20.8% 20.8% 21.1% 20.9% Turnover 0.4x 0.4x 0.5x 0.5x 0.5x 0.4x 0.4x 0.4x 0.5x 0.5x 0.4x 0.5x Leverage 3.0x 3.0x 3.0x 3.1x 3.1x 3.1x 3.1x 3.1x 3.2x 3.2x 3.2x 3.1x ROE 15.6% 15.7% 16.1% 15.4% 14.6% 15.1% 15.7% 14.7% 16.0% 14.8% 15.1% 14.5% Source: Estimates, Company Data 10/27/2016 9

10 Appendix - Important Disclosures and Analyst Certification Approved on 27 October :11EDT/ Published on 27 October :11EDT. Rating and Price Target History for: Comcast Corporation (CMCSA) as of /31/13 O:$55 01/08/14 O:$56 01/28/14 O:$60 02/25/15 O:$65 05/04/15 O:$66 12/22/15 O:$65 02/05/16 O:$66 04/27/16 O:$67 07/28/16 O:$ Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q Created by BlueMatrix 1 Incorporated makes a market in the securities of CMCSA. Appendix Important Disclosures and Analyst Certification Incorporated and/or its affiliates expect to receive or intend to seek investment-banking related compensation from the company or companies mentioned in this report within the next three months. Incorporated may not be licensed to execute transactions in all foreign listed securities directly. Transactions in foreign listed securities may be prohibited for residents of the United States. Please contact a Baird representative for more information. Investment Ratings: Outperform (O) - Expected to outperform on a total return, risk-adjusted basis the broader U.S. equity market over the next 12 months. Neutral (N) - Expected to perform in line with the broader U.S. equity market over the next 12 months. Underperform (U) - Expected to underperform on a total return, risk-adjusted basis the broader U.S. equity market over the next 12 months. Risk Ratings: L - Lower Risk - Higher-quality companies for investors seeking capital appreciation or income with an emphasis on safety. Company characteristics may include: stable earnings, conservative balance sheets, and an established history of revenue and earnings. A - Average Risk - Growth situations for investors seeking capital appreciation with an emphasis on safety. Company characteristics may include: moderate volatility, modest balance-sheet leverage, and stable patterns of revenue and earnings. H - Higher Risk - Higher-growth situations appropriate for investors seeking capital appreciation with the acceptance of risk. Company characteristics may include: higher balance-sheet leverage, dynamic business environments, and higher levels of earnings and price volatility. S - Speculative Risk - High-growth situations appropriate only for investors willing to accept a high degree of volatility and risk. Company characteristics may include: unpredictable earnings, small capitalization, aggressive growth strategies, rapidly changing market dynamics, high leverage, extreme price volatility and unknown competitive challenges. Valuation, Ratings and Risks. The recommendation and price target contained within this report are based on a time horizon of 12 months but there is no guarantee the objective will be achieved within the specified time horizon. Price targets are determined by a subjective review of fundamental and/or quantitative factors of the issuer, its industry, and the security type. A variety of methods may be used to determine the value of a security including, but not limited to, discounted cash flow, earnings multiples, peer group comparisons, and sum of the parts. Overall market risk, interest rate risk, and general economic risks impact all securities. Specific information regarding the price target and recommendation is provided in the text of our most recent research report. Distribution of Investment Ratings. As of September 30, 2016, Baird U.S. Equity Research covered 719 companies, with 49% rated Outperform/Buy, 50% rated Neutral/Hold and 1% rated Underperform/Sell. Within these rating categories, 8% of Outperform/Buy-rated and 4% of Neutral/Hold-rated companies have compensated Baird for investment banking services in the past 12 months and/or Baird managed or co-managed a public offering of securities for these companies in the past 12 months. Analyst Compensation. Analyst compensation is based on: 1) the correlation between the analyst's recommendations and stock price performance; 2) ratings and direct feedback from our investing clients, our institutional and retail sales force (as applicable) and from independent rating services; 3) the analyst's productivity, including the quality of the analyst's research and the analyst's contribution to the growth and development of our overall research effort and 4) compliance with all of Robert W. Baird s internal policies and procedures. This compensation criteria and actual compensation is reviewed and approved on an annual basis by Baird's Research Oversight Committee. Analyst compensation is derived from all revenue sources of the firm, including revenues from investment banking. Baird does not 10

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