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Annual Meeting of ShareholdersMay 14, 2008

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Safe HarborCaution Concerning Forward-Looking StatementsThis 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 “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 include: (1) changes in the competitive environment, (2) changes in business and economic conditions, (3) changes in our programming costs, (4) changes in laws and regulations, (5) changes in technology, (6) adverse decisions in litigation matters, (7) risks associated with acquisitions and other strategic transactions, (8) changes in assumptions underlying our critical accounting policies, and (9) 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 MeasuresOur presentation may also contain non-GAAP financial measures, as defined in Regulation G, adopted by the SEC. We provide a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure in our quarterly earnings releases, which can be found on the Financial Information page of our web site at www.cmcsa.com or www.cmcsk.com.

Focus:Profitable Growth

to Drive Shareholder Value

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Best consumer experience

New product innovation

Enhancing shareholder value

Focus:Profitable Growth to Drive Shareholder Value

2007: Solid Performance in a Challenging Environment

$0.74$0.60Adjusted EPS

$3.1$2.3Share Repurchases

$2.3$2.6Consolidated FCF

13%Pro Forma Growth Rate

12%Pro Forma Growth Rate

6.0

$11.8

$30.12007

5.1New Product (RGU) Additions

$10.5Consolidated OCF

$27.8Consolidated Revenue2006($ in billions except Adjusted EPS and RGU

Additions)

5

1,306

1,5631,317

2,300

1Q07 2Q07 3Q07 4Q07

481423

322

846

1Q 2Q 3Q 4Q

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A More Challenging Environment: A Slowing Economy + Increasing Competition

* Video Net Adds Include: CVC, TWC, CHTR, CMCSA, DTV, DISH, VZ FiOS and T U-VerseHSD Net Adds Include: T, TWC, CMCSA, CVC, VZ and CHTR

’07 vs. ‘06 Change

Video Net Adds and Y/Y Percentage Change* HSD Net Adds and Y/Y Percentage Change*(in thousands) (in thousands)

25% -40% -22% -7% -18% -20%-38% -29%

20062007

20062007

538

774

540678

1,953

2,391

1,613

1,845

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2008: Comcast Responded• Triple Play remains core message in the market

• Expanding market offers to address changing environment:– Introducing new Double Play and Economy Offers

Target new customersProvide choices for retention and upgradesRespond in competitive markets

– Strong early results

• Continue to invest to improve service and enhance product portfolio- Project Infinity: Focus on Hi-Def- Docsis 3.0 or Wideband

5/14/20088

Source: Company filings and Wall Street research

Scale MattersHighest Advertising Revenue / Sub

Basic Subscribers$35

$40

$45

$50

$55

$60

$65

$70

0 5 10 15 20 25

Lowest Programming Costs / Sub

Basic Subscribers$150

$200

$250

$300

$350

$400

$450

0 5 10 15 20 25

Highest EBITDA Margin

Basic Subscribers

0%

10%

20%

30%

40%

50%

0 5 10 15 20 25

Adve

rtisi

ng R

even

ue /

Sub

Prog

ram

min

g C

osts

/ Su

b

EBIT

DA

Mar

gin

Basic Video Digital Advertising HSD Phone Business Services

Revenue by Product and Total Average Revenue per Basic Subscriber

20071998 1999 2000 2001 2002 2003 2004 2005 2006 1Q08

$42ARPU

$107ARPU

Multiple Services Drive Growth

$62ARPU

Note: Graph includes ARPU from circuit-switched phone acquired from AT&T Broadband. 9

DEC 2004: 75 Million

Views

DEC 2005: 140 Million

Views

DEC 2006: 180 Million

Views

DEC 2007: 300 Million

Views

1,700 Programs

3,500 Programs

9,000 Programs

10,000+ Programs

More than 7 Billion ON DEMAND views since 2004

A Superior Video Product

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• Today: more than 400 HD choices• 1,000 HD choices by YE2008• Next: 3,000 HD movies on demand

• Project Infinity: more content from more providers – the most on demand content anywhere

A Superior Video Product

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10.412.4

14.1

24

68

101214

1Q06 1Q07 1Q08

A Superior Broadband ExperienceDrives Growth

Stable Average Revenue per Subscriber: $40+/Month

1Q06 1Q07 1Q08

28.4%

25.6%22.0%

Total HSD Subscribers(subscribers in millions)

Penetration

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A Superior Broadband ExperienceDrives Growth

27%

24%

20%

58%55%

38% 40% 42%53%

61% 64% 68%

0000001111111

1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08

Attracting More DSL Customers(% of gross HSD additions from DSL)

Source: comScore

PowerBoost® WidebandBlast!®

1,872

2,459

3,150

3,831

4,449

5,088

1,357

871542

8.1%

2.5%3.1%

4.4%

5.6%

6.8%

9.3%

10.3%

11.5%

-50

200

450

700

950

1,200

1,450

1,700

1,950

2,200

2,450

2,700

2,950

3,200

3,450

3,700

3,950

4,200

4,450

4,700

4,950

5,200

1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q080.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

CDV Penetration*

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Comcast Digital Voice More Growth Ahead

Ramping CDV Subscribers(in thousands)

4th Largest Residential Phone Company: 5.1MM Customers

• $573MM in CDV Revenue for 1Q08, up 110%

• ~80% of CDV customers take all three products

• Goal: 20-25% penetration of homes passed

1Q0820072006

Building Value in Programming and Interactive Media

National Cable Networks

RegionalSports Businesses Interactive Media

Strong operating businesses in

10 markets

Solidly positioned and performing well

Growing Comcast’s online businesses –creating converged

experiences

The MtnSNYCSSWest

PhiladelphiaNorthwest

New EnglandMid-Atlantic

ChicagoBay Area

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Making a Difference

• 50,000 Volunteers

May 3, 2008

• 500 community projects

1MM Hours of Service Since 2001

• $17MM+ in Grants to Literacy Programs since 2000

• 500+ Local Non-Profits and Charitable Partners

• 54% Increase in Participation in 2007

• Total Contributions $18.5MM+ since 2001

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Volunteerism

Youth Leadership Development

Literacy

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Continuing Commitment to Return Capital to Shareholders

Share Repurchases*

FY2007 1Q08FY2005 FY2006

$2.5Bn

127% FCF

$2.3Bn

$3.1Bn

$1.0Bn

142% FCF

90% FCF

132% FCF

* Includes the repurchase of $700MM of securities exchangeable into Comcast common stock in 2005 and 2006.** Includes actual Comcast share repurchases and repurchases of exchangeable securities described above through 2007 as well as the intention to complete approximately $7 billion of share repurchases by 2009 and pay an annual dividend of $0.25 in 2008 and 2009.

Cumulative $16.4Bn** Returned 2005 thru 2009

CMCSA

$2,907,066

05/9/20081972

Building Long-Term Shareholder Value

1,000 Shares of CMCSA Purchased at the IPO at $7 per Share

Average Annual ReturnCMCSA 18.3%

S&P 500 Index 9.7%

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$7,000 $195,458S&P 500

0%CMCSA S&P 500

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Source: Bloomberg

10 Year Performance: Comcast Outperforms the S&P 500

19

47%

86%

CMCSAS&P 500

Ten Year Total Return(5/9/98-5/9/08)

-12.5%

0.0%

12.5%

25.0%

YTD 2008: Outperforming the Market and Our Peers

22.6%

11.3%9.1%

(1.9%) (1.9%)

3.2%

(0.9%)

(4.0%) (4.9%)(6.5%) (6.7%) (7.6%) (8.0%)

(9.5%) (9.6%)(10.8%)

CBSNWSViacomCVCVZLBTYANASDAQTWXS&P 500

DJIATDISHDISTWCDTVComcast

Year to Date Total Return(1/1/08 – 5/1/08)

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