Creating

g A Premier Media and Entertainment Company

p y
annels
Cable
Cha
C
dcast
Broad
Digital

.com
Film
Parks

December 3, 2009
Safe Harbor
Caution Concerning Forward-Looking Statements
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some
cases you can identify those so-called
cases, so called “forward
forward-looking
looking statements
statements” by words such as “maymay,” “will
will,” “should
should,” “expects
expects,” “plans
plans,” “anticipates
anticipates,”
“believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of those words and other comparable words. We wish to take
advantage of the “safe harbor” provided for by the Private Securities Litigation Reform Act of 1995 and we caution you that actual events or
results may differ materially from the expectations we express in our forward-looking statements as a result of various risks and uncertainties,
many of which are beyond our control. Factors that could cause our actual results to differ materially from these forward-looking statements
include: ((1)) our p
proposed
p jjoint venture with General Electric is subject
j to regulatory
g y and other conditions,, and we cannot p provide assurances
that we will be able to consummate the transaction, that conditions imposed by regulators might not impact our results, or that the joint
venture will be able to succeed in the highly competitive media industry and generate acceptable financial returns and cash flows (2) changes
in the competitive environment, (3) changes in business and economic conditions, (4) changes in our programming costs, (5) changes in laws
and regulations, (6) changes in technology, (7) adverse decisions in litigation matters, (8) risks associated with acquisitions and other
strategic transactions, (9) changes in assumptions underlying our critical accounting policies, and (10) other risks described from time to time
in reports and other documents we file with the Securities and Exchange Commission. We undertake no obligation to update any forward-
looking statements. The amount and timing of share repurchases and dividends is subject to business, economic and other relevant factors.

Non-GAAP Financial Measures

Our presentation may also contain non-GAAP financial measures, as defined in Regulation G, adopted by the SEC. We provide a
reconciliation of these non
non-GAAP
GAAP financial measures to the most directly comparable GAAP financial measure in this presentation,
presentation and
descriptions of these non-GAAP financial measures can be found in our Form 8-K (Quarterly Earnings Release), which is located on the
SEC’s website at www.sec.gov.

Other Considerations
Financial numbers in this presentation are based, in part, on information provided to us by GE. These numbers are preliminary and, among
other things, do not include all purchase accounting adjustments. Throughout this presentation we provide estimated revenue and Operating
Cash Flow (OCF) dollar amounts and pro forma mix percentages. OCF figures exclude OCF from non-consolidated affiliates. Estimated
revenue and OCF mix percentages are before corporate overhead, inter-company eliminations and certain other amounts and do not include
all purchase accounting adjustments required by GAAP. Financial numbers in this presentation are for illustrative purposes only and do not
represent guidance.

The description of the transaction included in this presentation is qualified in its entirety by, and is subject to, the terms of the definitive
documentation to be filed with the Securities and Exchange Commission on a Form 8-K.

2
 Creating
g A Premier Media and Entertainment Company
p y
annels
Cable
Cha
C
dcast
Broad
Digital

.com
Film
Parks

3
 Compelling Strategic Opportunity
Positions Comcast for continued innovation and growth

• Brings together outstanding content creation and distribution capabilities

• Comcast creates Comcast Entertainment Group to hold its 51% interest in

a leading media and entertainment company
– C
Combines
bi NBCU
NBCU, a hi
highh quality
lit di
diversified
ifi d media
di company, with
ith C
Comcastt
programming assets, increasing our scale and capabilities
– Cable channels represent 82% of the new joint venture’s OCF and drive its profitability

• Builds on multi-platform reach to expand entertainment options for

consumers and growth opportunities for Comcast
– Accelerates innovation and new models for content deliveryy and distribution

• Combines experienced management teams with proven track records of

integrating, operating and growing cable and content assets

4
 Builds Shareholder Value

• Attractive transaction structure

– Maintains our balance sheet strength while providing 51% ownership and control of
extensive content businesses
– Unique structure provides performance incentives and significant value creation opportunity
 Under the redemption mechanism, Comcast shares in an additional 50% of the value
creation above the initial equity value
• Strong financial returns even assuming minimal synergies
– Structure provides meaningful tax benefits to Comcast and reduces net cash investment
– Any potential synergies further enhance returns
• Clear future capital allocation strategy
– The new joint venture represents a vehicle to invest in cable channels, a fast-growing part
of our business and one of the most compelling areas in media
– Comcast retains flexibility to invest in cable and broadband distribution and its commitment
to return capital to shareholders
 Increasing Comcast’s planned annual dividend 40% to $0.378 per share, with first
payment effective January 2010
 Repurchasing $3.6 billion of Comcast stock over the next 36 months

5
Michael J. Angelakis
Transaction Summary
Comcast and GE are forming a content joint venture initially owned
51% by Comcast and 49% by GE

Transaction Steps Transaction Structure

• NBC Universal will borrow $9.1 billion from third party

lenders and distribute the proceeds to GE
Cash
– Fully committed debt financing with expected BBB+/Baa2 rating ~$6.5Bn

• GE will contribute its interest in NBC Universal to the

new joint venture, valued at $30Bn, subject to $9.1 Comcast
Content Assets NBCU Assets Cash
billion of debt Valued at $30Bn
Valued at $9.1Bn
$7.25Bn
• Comcast will contribute its cable channels, regional
sports networks and two Internet assets (Fandango
and Daily Candy), together valued at $7.25 billion
New Joint Venture
• Subject to certain adjustments, Comcast will pay GE Comcast: 51%    GE: 49%
approximately $6.5 billion in cash to achieve 51% ($ in Billions)
g interest
controlling Value of NBC Universal $30.0
$30 0
• Structure provides meaningful tax benefits to Comcast Debt ($9.1)
NBC Universal Equity Value $20.9
• Regulatory approval and closing expected in 9 to12 Value of Comcast Content $7.3
months Initial Equity Value* $28.2

• GE to purchase Vivendi’s interest in NBC Universal

* Subject to adjustment based on the amount of cash, if any, in the venture at closing.
6
 Transaction Summary
Meets our strategic
g and financial objectives
j and creates a defined p
path
to achieve 100% control1
• The new joint venture will be conservatively capitalized with initial Debt/OCF of less than 3.0x
– Expect investment grade rating by Moody’s and S&P
– Business has high FCF conversion that will drive substantial de-levering

• The new joint venture is expected to self-finance future equity redemptions by GE

– Strong projected FCF and debt capacity fund the redemption of remaining 49% interest over 7 years
– Beginning shortly after closing, the new joint venture is expected to maintain maximum leverage of 2.75x and remain
investment grade

• Redemption price is based on the fully-distributed public market value at time of redemption,
subject to certain adjustments tied to the venture’s value.

• Comcast’s obligation to fund GE redemptions is capped at $5.75 billion

– If any borrowings by the venture to fund GE’s redemptions would result in the venture’s leverage ratio exceeding 2.75x or
the venture losing investment grade status, Comcast will provide a backstop to a maximum amount of $5.75 billion
• 1st redemption right for GE at year 3.5
3 5 of 50% of its ownership: maximum backstop of $2
$2.875
875 billion
• 2nd redemption right for GE at year 7 of remaining ownership: $2.875 billion backstop plus any unused amount from
1st redemption to a maximum of $5.75 billion

• Comcast receives a performance incentive as the value of the new joint venture increases
– Under the redemption price mechanism, Comcast shares in 50% of the value creation above the initial equity value of
$28.2 billion

(1) GE may retain a preferred interest in the venture in certain circumstances. Refer to Appendix for
detailed description 7
 Transaction Summary
Transaction structure and returns meets our financial objectives

• Immediately accretive to:

– Free Cash Flow
– Free Cash Flow per share
– Earnings per share

• Unique structure has market price-based

price based self-correction
self correction and attractive
performance incentive

– Under the redemption mechanism, Comcast shares in 50% of the value creation above the
initial equity value of $28.2 billion

• Expected double-digit IRRs substantially exceed our WACC and generate

meaningful shareholder value, even assuming:
– Minimal cost benefits (<$50 million) and no incremental revenue benefits
– “Business as usual” performance from Comcast and NBC Universal assets
– Multiple upside and downside scenarios

• Balanced approach of investing in strategic opportunities and future growth,

while
hil maintaining
i t i i financial
fi i l strength
t th and
d returning
t i capital
it l to
t shareholders
h h ld

8
Maintains Balance Sheet Strength and Investment Grade Rating
Illustrative 2010 estimated pro forma financial metrics
C t1
Comcast PF Comcast PF Comcast Mix %
Ex-Programming New JV
($Bn)
Revenue
2010 Estimate:
2 Parks
R
Revenue $35 2
$35.2 $18 2
$18.2 $52 1
$52.1 Broadcast
1% 11%
OCF $13.6 $3.0 $16.5
Cable Channels
Cap Ex $4.8 $0.4 $5.2 14%
Cable Distribution
3
Interest $2 4
$2.4 $0 6
$0.6 $3 0
$3.0 65%

3
FCF $4.3 $1.4 $5.7
OCF
4
Total Debt $33.4 $9.1 $42.5
Debt / OCF 2.5x 3.0x 2.6x Cable Channels
17%

Note: 2010 figures are for illustrative purposes only and do not represent guidance.
Cable Distribution
Figures are preliminary and do not include all GAAP purchase accounting adjustments 80%
(1) Comcast includes Cable, Corp & Other (CIM and Spectacor) and excludes contributed assets (Programming assets,
RSNs, Fandango and Daily Candy).
(2) PF Comcast revenue is net of inter-company eliminations.
(3) Interest expense and FCF are pro forma as if closing occurred on 1/1/2010.
(4) Estimated debt at closing. Excludes borrowings for transaction fees and debt guaranteed by GE.

Cable and Cable Channels are 97% of OCF and Drive Profitability and FCF Growth

9
Maintains Commitment to Return Capital to Shareholders

C t1
Comcast New Joint Venture
Ex-Programming

Strong FCF Generation Strong FCF + Debt Capacity

Parks
1% Broadcast
14%
Films
8%

IIncreased
d Return
R t off Capital
C it l to
t Expected
E t d to
t Fund
F d 100%
Shareholders Ownership
• Increasing Comcast’s planned annual dividend • Free cash flow is retained to fund any GE
40% to $$0.378 p
per share,, with first p y
payment redemption of its remaining 49% interest2
effective January 2010 • Debt capacity based on maximum leverage
– Expect to further grow the dividend in line with of 2.75x and maintaining investment grade
growth in the business rating
• Intend to complete share repurchase plan to • Comcast’s
Comcast s funding obligation is capped at
buy back $3.6 billion of Comcast stock over $5.75 billion over 7 year period
next 36 months
• Meaningful tax benefits to Comcast
• Dividend and share repurchase payout ratio in
excess of 50% of LTM Free Cash Flow

Continue to Build Long-Term Shareholder Value

(1) Comcast includes Cable and Corp & Other and excludes contributed assets (Programming assets, RSNs, Fandango and Daily Candy).
(2) GE may retain a preferred interest in the venture in certain circumstances.
10
Balanced and Disciplined Financial Strategy

Comcast’s Capital Allocation Principles Remain in Place

• Invest in the business to support profitable growth and generate attractive returns

• Disciplined acquisition and investment strategy

• Maintain the strength of our balance sheet and investment grade profile

• Return capital directly to shareholders

Committed to Build Shareholder Value

• This transaction has a strong financial profile

– Immediately accretive with strong returns

– Maintains balance sheet strength

g and investment grade
g profile
p

– Maintains capacity to accelerate return of capital to shareholders

Meets our Strategic and Financial Objectives

11
Brian L. Roberts
 2009E OCF Cable Channels
• Highly profitable collection of leading cable channels
Broadcast
Cable 
38%
Channels • Strong position with ratings growth across the portfolio
Cable 
78% Channels • Expansion potential through domestic and international distribution
31%
Broadcast
10% • Opportunities to deliver and monetize content across platforms

Broadcast Film Theme Parks

• NBC: a global brand with an iconic • Major studio with valuable • 1 of 2 international
legacy (News, Sports, Primetime) franchises theme park brands
Cable Channels • Telemundo: extensive presence in • Strong content library: • Attractive, profitable
Drive NBCU g g
the high-growth Hispanic
p market ,
4,000+ movie titles business
Profitability • TV stations with strong local
presence
• A growing library of 3,000+ titles

13
 2009E Revenue
Broadcast
• NBC: a global brand with an iconic legacy (News, Sports, Primetime)
• Telemundo: extensive presence in the high-growth
high growth Hispanic market
Broadcast
38%
• TV stations: strong local presence with deep ad sales relationships

Cable  • TV production studio supplies owned and 3rd party networks with a growing
Channels library of 3,000+ titles
31%

2009E OCF

Broadcast network
TV production #2 Spanish
reaches 100% of
studio + library: content producer
Cable  Broadcast US households
Channels 10% 3,000+ titles globally
78% NBC’s 10 O+Os
cover 27% of US 16 O+O’s
TV HH

Complex business…more opportunity than downside

14
 A Global and Iconic Brand
• Tonight Show …5 hosts, 5 decades of leadership
Entertainment • Late Night …3 hosts, 3 decades of leadership
• Saturday Night Live …a cultural institution for 35 years
• Today Show #1 for 15 straight years
• Nightly News #1 for 13 straight years
News • Meet the Press #1 for 12 straight years
• Local News #1 or #2 in 9 out of 10 DMAs
• Success at NBC creates significant value in MSNBC

Sports

Delivers mass-market audience with 100% reach of US TV HH

Reach of 1 network spot on … Same reach across 9 spots on …

15
 2009E Revenue Theme Parks
• One of two major international theme park brands
Broadcast
38% • Stable,
St bl iindustry-leading
d t l di margins
i
• International growth opportunity with zero-capital / management fee model
Parks 3%
Cable  (1) (2) (3)
Channels
31%

2009E OCF • Strong Brands

 Jurassic Park
 Men in Black
Broadcast  Shrek
10%
Cable  • Innovative New Attractions
Channels
78%  Harry Potter
 The Simpsons
 The Mummy

(1) NBCU owns 100% of Universal Studios Hollywood.

(2) 50/50 JV with Blackstone formed in September 2008.
(3) NBCU receives licensing/management fees for Universal Studios Japan. 17
 2009E Revenue Film
Cable  • One of six major Hollywood studios
Channels
31% • Movies
M i have
h strong,
t sustained
t i d and
d global
l b l appeall
Broadcast
38% • Extensive library includes 4,000+ movie titles
Cable  • Significant international distribution capability
Channels
Broadcast
38%
31% • Opportunities to develop new distribution and promotion strategies

• 4,000+ film library

2009E OCF
with classic titles

• Broad appeal for global audience

Cable  • Strong franchises
Channels
78%  Bourne
Broadcast
B d t  Fast and Furious
10%
 Meet the Parents

16
 Cable Channels Deliver Majority of Value

• One of the most valuable businesses in the media sector

• Attractive growth with resilient business model given dual

revenue streams:

– Affiliate fees from cable, satellite and telco providers have been growing on
average 12% per year1

– Advertising sales have increased on average 7% per year1 due to

increased ratings and attractive audience delivery

• Much of their own content is produced internally, adding to cost

stability and ratings growth

• NBCU owns 5 cable channels that each generate in excess of

$200 million in annual OCF

(1) Source: 2004-2009 per Kagan Research.

18
A Valuable Portfolio of Profitable Cable Channels
Outstanding growth and profitability with industry-leading margins

2004-2009 CAGR: +16.2%

NBCU Cable Channels Operating Cash Flow ($MM)

$2,190
$1 953
$1,953

$1,560
$1,280
$1 103
$1,103
$1,035

2004 2005 2006 2007 2008 2009E

44% margin 44% margin 44% margin 48% margin 48% margin 51% margin

19
A Valuable Portfolio of Profitable Cable Channels
NBCU’s successful formula drives industry-leading ratings
• #1 in primetime ratings for 13 consecutive quarters
• “Characters Welcome” brand has led to unprecedented original success:
• Monk, Burn Notice, In Plain Site… and now White Collar

• #1 business news channel since 1989

• Global brand reaching 340MM HH around the world

• Top #10 in ratings A25-54 and A18-49 year-to-date

• Hit original series: Warehouse 13, Eureka, Ghost Hunters
• 23 international channels in 2010

• #2 cable news channel (primetime ratings A25-54), regularly beating CNN

• Successful The Place for Politics positioning

• Ratings doubled over the last 4 years

• #2 fastest growing top 20 cable entertainment network A18-49 over the past 2 years
• Successful positioning as the “pop culture innovator”

• Dramatic improvement since acquisition

• Top 25 in ratings for women 18-49

• Launched in 2008 to create premium

premium, highly targeted original programming
• First successes: Royal Pains, Psych

20
Combines Experienced Management Teams and Creative Talent

TV Entertainment MSNBC Comcast Programming Comcast Sports Group

Jeff Gaspin Phil Griffin Jeff Shell Jon Litner

Sports + Olympics
Sports + Olympics Universal Studios
Universal Studios Comcast Entertainment
Comcast Entertainment Sprout
Dick Ebersol Ron Meyer Ted Harbert Sandy Wax

NBCU NBC News/MSNBC Universal Pictures Style

Steve Capus
Steve Capus Adam Fogelson
Adam Fogelson Salaam Coleman‐Smith
Jeff Zucker
Jeff Zucker

NBCU Cable Entertainment  Universal Pictures Golf Channel

and Universal Cable  Donna Langley Page Thomson
Productions
Productions 
Bonnie Hammer

NBCU Women and  Universal Pictures  G4
Lifestyle Entertainment  + Universal Studios Neal Tiles
Networks Rick Finkelstein
Lauren Zalaznick

CNBC Universal Parks  Versus

and Resorts Jamie Davis
Mark Hoffman Tom Williams

21
Stephen B. Burke
 Business Opportunities

• Valuable portfolio of profitable cable channels

– Achieves scale for Comcast’s

Comcast s cable channels, providing opportunity for
margin expansion

– Combination of established and emerging cable channels plus broadcast

network provides opportunity for growth

• Valuable platform to reach key demographics

– Entertainment, women, sports and news

• Combination of content and distribution creates consumer choice

and
d drives
di value
l

• Unrivalled asset mix, defined strategy and attractive transaction

structure lead to shareholder value creation

23
Cable Channels…The Foundation for an Attractive Asset Mix

NBCU New Joint Venture

2009E Revenue 2009E Revenue

Film
Film
25%
28%
Cable 
Broadcast
Channels
38% Broadcast
31% 33%
Cable Channels Cable Channels
31% 40%
Parks Parks
3% 3%

Parks 
2009E OCF 2009E OCF 5%

Film
Cable Channels
Cable Channels 6% Film
82%
78% Broadcast 5%
10% Broadcast
Parks 8%
Parks
6% 5%

24
 Cable Channels Drive Growth

2004-2009 CAGR: +14.9%

Cable Channels Operating Cash Flow ($MM)

$2,762
$2,491
$2,000
$1,657 NBCU (1)
$1,524 Comcast
$1,381 $2,190
$1,953
$ , 2004-09
$1,560 CAGR:
$1,103 $1,280 +16.2%
$1,035

$346 $420 $377 $440 $538 $572 2004-09

CAGR:
+10.6%
2004 2005 2006 2007 2008 2009E

(1) Operating cash flow of consolidated Comcast cable channels excludes SNY, PBS Kids Sprout, TVOne, FEARNet.
25
A Valuable Portfolio of Profitable Cable Channels
Subscribers by Network(1) Comcast NBCU

99 Growth Opportunities:
97
97 • Cross promote and strengthen emerging
channels
96
93 • Strong platforms for advertisers
92
82 p
• Expand domestic and international
distribution
75
66 • Increase exposure to new platforms
64
64
35
40% 34 Minorityy Interests

32
8%
30 ~33%
33% 
22 ~16%

16 25%

(1) November 2009 Nielsen Households in MM except Universal, FearNet, Sleuth, and Sprout which are 2009E subscribers in millions.
26
A Valuable Portfolio of Profitable Cable Channels

2009E
OCF Cable Channels
(1)
Company ($Bn) % of Total OCF
(2)
$3.8 50%

$3.2 94%

$2.8 82%
New NBCU Joint Venture (3)
(4)
$2.8 39%
(5)

$1.9 38%

(1) Total OCF excludes corporate overhead.

(2) Disney excludes Equity in Affiliates. 2009 data reflects the fiscal year ending September 30, 2009.
(3) The new joint venture’s estimated OCF excludes Equity in Affiliates and non-recurring items. Cable channels as a percentage of the total new joint venture’s OCF.
(4) Time Warner excludes HBO financial information based on Kagan Research.
(5) News Corp 2009 data reflects the fiscal year ending June 30, 2009.

Source: Company Filings, Wall Street Research

27
 Establishes Strong Platforms

Entertainment …a large audience across cable and broadcast 1

Women …reaches the most women – on cable TV and online sites

Sports …reaches across national broadcast, cable and regional sports

News
Local
News

E t
Extensive
i choices
h i ffor advertisers
d ti and
d consumers
(1) For TV: Nielsen Unduplicated Cume Audience (Women 18-49), September 2009. For online: Nielsen NetView Monthly Unique Audience,
September 2009. 28
 A Leading Provider of Content Online
• A “Top 10” online property with 82 million monthly unique visitors

• A leading supplier of professionally produced online content:

#1 Women/Lifestyle #3 News #3 Entertainment #7 Sports

Todayshow.com MSNBC.com Eonline.com NBC Sports

iVillage.com CNBC.com Fancast.com Comcastsportsnet
Style.com Fandango.com
g Versus.com
Popsugar.com Accesshollywood Golfnow.com
Oxygen.com Hulu
Bravo.com Fancast
DailyCandy.com
Exercise TV
25%

Source: MediaMetrix, October 2009 (Unduplicated Audience).

Note: g are based on companies
Rankings p that focus p y on the p
primarily production and distribution of p
professional content online and exclude p
portals and ad networks that p y
primarily
aggregate content and audiences from 3rd parties. Comcast’s new joint venture includes weather.com (25% ownership), but excludes msnbc.com (50% ownership) and Hulu
(27% ownership). Comcast.net and Fancast are excluded, as they are not being contributed to the joint venture.

29
Growth Opportunities for the Combination
Content Distribution Content
Benefits Benefits Benefits
Content Content Distribution
• Cross
Cross-promotion
promotion between • Help
p launch and grow
g • Strengthen Video On
channels and NBC cable channels Demand and On Demand
Online offerings
• Programming from NBC, • Use new technologies
Universal Studios and such as Video On Demand, • Accelerate interactive
Television Studio for electronic sell
sell-through
through and television applications and
channels On Demand Online advanced advertising

• Gain scale for advertising,
digital and cost structure
• Protect copyrights, fight
piracy, create new
distribution models,
models etc.
etc
• Offer tent-pole events and
use libraries to create new
products

Builds Shareholder Value

30
 Shareholder Value Creation
M t All Our
Meets O Acquisition
A i iti d Investment
and I t t Criteria
C it i and
d
Maximizes Long-Term Shareholder Value

• Compelling strategic rationale

– Extends the size and capabilities of cable, content and Internet businesses
– Pro forma asset mix positions the company to continue to innovate and grow

• Significant capacity to execute

― Combines strong and experienced management teams with proven track record of
i t
integrating,
ti operating
ti and
d growing
i cable
bl and
d content
t t assets
t

• Strong financial returns and financial profile

― Immediately accretive with strong returns
― Maintains balance sheet strength and investment grade profile
― Maintains capacity to accelerate return of capital to shareholders

31
Appendix
Important Transaction Points
• During the six month period starting on the 3½ year anniversary of closing (1st redemption right), GE can 
elect to cause the new joint venture to redeem 50% of its interest
elect to cause the new joint venture to redeem 50% of its interest.

GE • During the six month period starting on the 7th anniversary of closing (2nd redemption right), GE can elect 

to cause the new joint venture to redeem GE’s remaining  interest1.
Redemption • The new joint  venture’s redemption of GE’s equity interest is supported by the new joint venture’s strong 
Rights FCF generation and debt capacity. 
• If any borrowings by the joint venture to fund GE’s redemptions would result in the venture’s leverage ratio 
exceeding 2.75x or the venture losing investment grade status, Comcast will provide a backstop to a 
maximum amount of $5.75 billion: up to $2.875 billion for 1st redemption right, and up to an additional 
$2.875 billion (plus any unused amount from 1st redemption) for the 2nd redemption right.

• If the 1st GE redemption right is exercised, Comcast can elect to simultaneously buy the remainder of GE’s 
Comcast interest1.
Purchase • If GE’s 1st redemption right is not exercised during the six month period starting on the 5th anniversary of 
closing, Comcast can elect to acquire 50% of GE’s interest.
Rights
• interest on the 8th anniversary of closing
Comcast can elect to acquire the remainder of GE’ss interest on the 8
Comcast can elect to acquire the remainder of GE anniversary of closing1.

• After approximately the 3½ year anniversary of closing, GE can engage in public and private sales (including 
causing an IPO), subject to Comcast’s right of first offer or similar purchase rights and certain other 
li it ti
limitations.
• After approximately the 4th anniversary of closing, Comcast has the right to sell its entire stake, subject to 
Transfer  tag‐along / drag‐along rights.
Rights • After the 4th anniversary of closing, Comcast is permitted to sell a portion of its stake as long as it 
maintains control and is the largest shareholder in the new joint venture.
• Comcast can cause an IPO to occur after the closing of the 1st GE redemption right, if exercised, or after the 
4th anniversary of the deal closing if not exercised.
(1) GE may retain a preferred interest in certain circumstances.
33
Illustrative Redemption Calculation
• Valuation based on 20% premium to market‐
Public Equity Value
Public Equity Value  based multiples at the time of redemption

• Excess value over initial equity value is split 
20% Equity Premium
50%‐50% between Comcast and GE

Adjusted Equity Value • Redemption value of GE stake expected to be 
funded primarily through free cash flow and 
leverage capacity at the new joint venture
Initial Equity Value of 
Initial Equity Value of
$28.2 Billion
• If any borrowings by the joint venture to fund 
Excess Value GE’s redemptions would result in the venture’s 
leverage ratio exceeding 2.75x or the venture 
losing investment grade status Comcast will
losing investment grade status, Comcast will 
provide a backstop to a maximum amount of 
50% Equity Investment Split $5.75 billion

Shared Portion of Excess Value – 1st redemption right at year 3.5: maximum 

backstop of $2.875 billion
– 2nd redemption right at year 7: maximum 
backstop of $2.875 billion plus any unused 
Adjusted Equity  Shared Portion of  Equity Value for  backstop from 1st redemption
Value Excess Value Redemption
– Maximum total redemption funding of $5 75
Maximum total redemption funding of $5.75 
billion

34
Reconciliation of Non-GAAP Financial
Measures to GAAP
Comcast1 New JV PF
Ex-Programming
Comcast

Estimated Net Cash

C Provided by Operating
O Activities $9.2
$ $2.0
$ $11.2
$
Less:
Estimated Capital Expenditures and Cash Paid for
$(5.4) $(0.4) $(5.8)
Intangible
g Assets
Estimated Adjustments for Payment of Tax on
$0.1 $(0.2) $(0.1)
Non-operating Items and Other Distributions
Adjustment to Exclude the Estimated Impact of
$0.4 $0.0 $0.4
the Economic Stimulus Packages

Estimated Free Cash Flow $4.3 $1.4 $5.7

1) Comcast includes Cable

Cable, Corporate & Other (CIM and Spectacor) and excludes contributed assets (Programming entities
entities, Regional SportsNets,
SportsNets Fandango and Daily Candy)
Candy).

35