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					              g                                      p y
       Creating A Premier Media and Entertainment Company
  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,                          so-called forward-looking statements                       may, will, should, expects, plans, anticipates,
 cases you can identify those so called “forward looking statements” by words such as “may ” “will ” “should ” “expects ” “plans ” “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
          ( )     p p        j
 include: (1) our proposed joint venture with General Electric is subject to regulatory and other conditions, and we cannot provide assurances
                                                                        j        g      y                   ,                p
 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
                         non GAAP                                                                                   presentation,
 reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure in this 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
              g                                      p y
       Creating A Premier Media and Entertainment Company
  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
       Combines NBCU a hi h quality diversified media company, with Comcast
     – C bi     NBCU, high        lit di    ifi d  di            ith C    t
       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
    –                                                            y
        Accelerates innovation and new models for content delivery 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      $9.1Bn
                                                                                                   Valued at
                                                                                                   $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
    controlling interest                                                                                        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
                                                                       path
    Meets our strategic and financial objectives and creates a defined p
                    g                   j
                          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
            •                                       35                                               $2.875
                1st redemption right for GE at year 3.5 of 50% of its ownership: maximum backstop of $2 875 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

•                               price-based self-correction
    Unique structure has market price based 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,
     hil    i t i i   fi    i l t     th d t       i      it l t h h ld
    while maintaining financial strength and returning capital to shareholders


                                                                                                 8
Maintains Balance Sheet Strength and Investment Grade Rating
Illustrative 2010 estimated pro forma financial metrics
                                 C     t
                                 Comcast1                                                           PF Comcast          PF Comcast Mix %
                               Ex-Programming                         New JV
 ($Bn)
                                                                                                                                Revenue
2010 Estimate:
          2                                                                                                                        Parks
  Revenue
  R                                    $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     t
                     Comcast1                                                                           New Joint Venture
                      Ex-Programming


            Strong FCF Generation                                                               Strong FCF + Debt Capacity
                                                                                                                                         Parks
                                                                                                                                          1% Broadcast
                                                                                                                                                  14%
                                                                                                                                                     Films
                                                                                                                                                      8%



      Increased R t
      I                 f Capital t
              d Return of C it l to                                                                 E    t d to Fund
                                                                                                    Expected t 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 share, with first p y
                     per                 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 funding obligation is capped at
                                                                                               Comcast s
      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 and investment grade profile
                                      g                  g     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          p
                             the high-growth Hispanic 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)
                                                                    high growth
                             • Telemundo: extensive presence in the 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, industry-leading
                                         • St bl i 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 have strong, sustained and global appeal
                            M i h        t         t i d d l b l          l
             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

                                         premium,
            • Launched in 2008 to create 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

                          Comcast’s
     – Achieves scale for 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
      dd i       l
    and drives value

•   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                                    y
                                                   Minority 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   i    h i    for d ti        d
           Extensive choices f advertisers and 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                    p
          Rankings are based on companies that focus p         y        production and distribution of p
                                                       primarily on the 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-promotion between
  Cross promotion                      p            grow
                                  • Help launch and 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                        sell-through
                                    electronic sell through and     television applications and
  channels                          On Demand Online                advanced advertising

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




                                Builds Shareholder Value

                                                                                                  30
                   Shareholder Value Creation
               O A      i iti    dI     t   t C it i     d
       M t All Our Acquisition and Investment Criteria and
       Meets
             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
      integrating, operating and growing cable and content assets
      i t    ti         ti     d     i     bl    d    t t      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
                   •       Comcast can elect to acquire the remainder of GE’s interest on the 8th anniversary of closing1.
                           Comcast!can!elect!to!acquire!the!remainder!of!GE s!interest!on!the!8 anniversary!of!closing



                   •       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!
                           limitations.
                           li it ti
                   •       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 will 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 Provided by Operating Activities
              C                O                                                                     $9.2
                                                                                                     $                          $2.0
                                                                                                                                $                          $11.2
                                                                                                                                                           $
Less:
       Estimated Capital Expenditures and Cash Paid for
                                                                                                   $(5.4)                      $(0.4)                      $(5.8)
       Intangible Assets
            g
       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




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




                                                                                                                                                                        35

				
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