Comcast Reports Third Quarter 2003 Results
October 30, 2003 - Financial Tables
                               Comcast Corporation
                                     TABLE 1
            Condensed Consolidated Statement of Operations (Unaudited)
                   (amounts in millions, except per share data)


                                         Three Months Ended Nine Months Ended
                                           September 30,      September 30,
                                            2003     2002      2003     2002

    Service revenues                       $4,546   $1,698   $13,606   $5,102

    Operating, selling, general and
     administrative expenses                2,914    1,056     8,934    3,171

    Operating cash flow                     1,632      642     4,672    1,931

    Depreciation and amortization           1,139      371     3,460    1,091

    Operating Income                          493      271     1,212      840

    Interest expense                         (565)    (172)   (1,579)    (535)
    Investment loss, net                     (182)     (47)     (418)    (702)
    Other income (expense), net                12       (4)       38      (67)
                                             (735)    (223)   (1,959)  (1,304)

    Income (Loss) from Continuing
     Operations before Income                (242)      48      (747)    (464)
          Taxes and Minority Interest

    Income tax benefit (expense)              103      (27)      231      123
    Minority interest                         (14)       3       (85)     (23)

    Income (Loss) from Continuing
     Operations                              (153)      24      (601)    (364)

    Income from discontinued operations,
     net of tax (1)                            39       52       168      141
    Gain on discontinued operations, net
     of tax (1)                             3,290        -     3,290        -

    Net Income (Loss)                      $3,176      $76    $2,857    ($223)

    Basic and Diluted earnings (loss) per
     common share

          Income (loss) from continuing
           operations                      ($0.07)   $0.03    ($0.27)  ($0.38)

          Income from discontinued
           operations                        0.02     0.05      0.08     0.15

          Gain on discontinued operations    1.46        -      1.46        -

          Net income (loss) per common
           share                            $1.41    $0.08     $1.27   ($0.23)

    Basic weighted average number of
     common shares outstanding              2,257      953     2,256      952

    Diluted weighted average number of
     common shares outstanding              2,257      959     2,256      952


    (1)  On September 17, 2003 the Company completed the sale of its
         approximate 57% interest in QVC, Inc.  Accordingly, the results have
         been presented as discontinued operations.


                               Comcast Corporation
                                     TABLE 2
                Condensed Consolidated Balance Sheet (Unaudited)
                              (dollars in millions)


                                           September 30,      December 31,
                                                2003              2002
    ASSETS

     CURRENT ASSETS
        Cash and cash equivalents              $3,245              $505
        Investments                             2,982             3,258
        Accounts receivable, net                  850               862
        Other current assets                      537               380
        Current assets of discontinued
         operations and assets held for
         sale                                       -             2,094

             Total current assets               7,614             7,099

     INVESTMENTS                               15,463            15,174

     PROPERTY AND EQUIPMENT, net               18,194            18,381

     FRANCHISE RIGHTS AND GOODWILL             63,586            64,784

     OTHER NONCURRENT ASSETS - including
      other intangible assets, net              4,959             6,095

     NON-CURRENT ASSETS OF DISCONTINUED
      OPERATIONS                                    -             1,595

                                             $109,816          $113,128

    LIABILITIES AND STOCKHOLDERS' EQUITY

     CURRENT LIABILITIES
        Accounts payable, accrued
         expenses and other current
         liabilities                           $7,050            $7,637
        Short-term debt and current
         portion of long-term debt              1,221             5,398
        Current portion of exchangeable
         debt                                   1,844             1,555
        Current liabilities of
         discontinued operations                    -               816
             Total current liabilities         10,115            15,406

     LONG-TERM DEBT, less current portion      23,754            24,052
     LONG-TERM EXCHANGEABLE DEBT, less
      current portion                           3,562             3,904

     OTHER NONCURRENT LIABILITIES &
      MINORITY INTEREST                        31,147            30,514

     NON-CURRENT LIABILITIES & MINORITY
      INTEREST OF DISCONTINUED OPERATIONS           -               923

     STOCKHOLDERS' EQUITY                      41,238            38,329

                                             $109,816          $113,128


        Note:
        The value of certain assets and liabilities in the November 2002 AT&T
        Broadband acquisition are based on preliminary valuations and are
        subject to adjustment as additional information is obtained, including
        reports from valuation specialists and information related to the
        cost of terminating or meeting contractual obligations.


                               Comcast Corporation
                                     TABLE 3
            Condensed Consolidated Statement of Cash Flows (Unaudited)
                              (dollars in millions)

                                                        Nine Months Ended
                                                          September 30,
                                                     2003               2002

    OPERATING ACTIVITIES
        Net cash provided by operating
         activities from continuing operations       $2,519            $1,643

    FINANCING ACTIVITIES
      Proceeds from borrowings                        9,377               876
      Retirements and repayments of debt            (13,675)           (1,801)
      Other, net                                         (3)               70

        Net cash used in financing activities
         from continuing operations                  (4,301)             (855)

    INVESTING ACTIVITIES
      Capital expenditures                           (3,093)           (1,035)
      Proceeds from restructuring of TWE
       investment                                     2,100                 -
      Proceeds from sales of investments                977               734
      Proceeds from sale of Liberty Notes             3,000                 -
      Proceeds from sale of discontinued
       operations and assets held for sale            1,875                 -
      Other, net                                       (337)             (291)

         Net cash provided by (used in) investing
          activities from continuing operations       4,522              (592)


    INCREASE IN CASH AND CASH EQUIVALENTS             2,740               196

    CASH AND CASH EQUIVALENTS, beginning
     of period                                          505               214

    CASH AND CASH EQUIVALENTS, end of
     period                                          $3,245              $410


                              Comcast Corporation
                                    TABLE 4
         Pro Forma Financial Data by Business Segment (Unaudited) (1)
                             (dollars in millions)

                                            (2)
                                           Cable   Content Other   Total

    Three Months Ended September 30, 2003
    Revenues                                $4,374   $173    ($1)   $4,546
    Operating Cash Flow                     $1,620    $50   ($38)   $1,632
    Operating Income (Loss)                   $534    $14   ($55)     $493
    Operating Cash Flow Margin               37.0%  28.9%      NM    35.9%
    Capital Expenditures (6)                $1,045     $4    $32    $1,081

    Three Months Ended September 30, 2002
    Revenues                                $4,035   $148    ($6)   $4,177
    Operating Cash Flow (3)                 $1,198    $33   ($39)   $1,192
    Operating Income (Loss)                   $112    ($7)  ($61)      $44
    Operating Cash Flow Margin (3)           29.7%  22.8%      NM    28.5%
    Capital Expenditures (5)                $1,411     $2     $5    $1,418

    Nine Months Ended September 30, 2003
    Revenues                               $12,984   $635   ($14)  $13,605
    Operating Cash Flow                     $4,638   $169  ($135)   $4,672
    Operating Income (Loss)                 $1,339    $61  ($188)   $1,212
    Operating Cash Flow Margin               35.7%  26.6%      NM    34.3%
    Capital Expenditures (6)                $3,045    $14    $34    $3,093

    Nine Months Ended September 30, 2002
    Revenues                               $11,888   $547   ($25)  $12,410
    Operating Cash Flow (3)                 $3,421   $145  ($115)   $3,451
    Operating Income (Loss) (4)           ($16,325)   $37  ($198) ($16,486)
    Operating Cash Flow Margin (3)           28.8%  26.6%      NM    27.8%
    Capital Expenditures (5)                $3,789    $13    $11    $3,813

    (1)  See Non-GAAP and Other Financial Measures in Table 7.  Historical
         financial data by business segment, as required under generally
         accepted accounting principles, is available in the Company's
         quarterly report on Form 10-Q.  Financial data has been adjusted to
         reflect QVC as discontinued operations.

    (2)  Pro forma financial data includes the results of AT&T Broadband
         acquired in November 2002 (acquired systems).  Pro forma financial
         data excludes the results of the 314,000 cable subscribers sold to
         Bresnan Communications in March 2003 and excludes the results of the
         net reduction of 16,000 subscribers associated with the cable system
         exchange with Insight Communications in February 2003.

    (3)  Included for the three and nine months ended September 30, 2002 are
         acquisition & employee termination related costs of $107 and $295
         million, respectively, incurred by AT&T Broadband prior to the
         acquisition of AT&T Broadband by Comcast.

    (4)  Includes $16.525 billion impairment charge related to the write down
         of AT&T Broadband goodwill and cable franchise rights.

    (5)  For acquired systems, includes capital expenditures made since
         January 1, 2002.

    (6)  Our Cable segment's capital expenditures are comprised of the
         following categories:

                                                               Recurring
                                                   YTD          Capital
                                           3Q03  09/30/03     Percentage*
    Customer Premise Equipment (CPE)        $381  $1,148        15%-25%
    Scalable Infrastructure                   92     227        2%-10%
    Line Extensions                           62     173           -
    Upgrade/Rebuild                          376   1,135        20%-30%
    Support Capital                          134     362          100%
    Total                                 $1,045  $3,045

    CPE includes costs incurred at the customer residence to secure new
    customers, revenue units and additional bandwidth revenues (e.g. digital
    converters). Scalable infrastructure includes costs, not CPE or network
    related, to secure growth of new customers, revenue units and
    additional bandwidth revenues or provide service enhancements (e.g.
    headend equipment).  Line extensions include network costs associated
    with entering new service areas (e.g. fiber/coaxial cable).
    Upgrade/rebuild includes costs to enhance or replace existing
    fiber/coaxial cable networks, including recurring betterments. Support
    capital includes costs associated with the replacement or enhancement of
    non-network assets due to obsolescence and wear out (e.g. non-network
    equipment, land, buildings and vehicles).

    * Represents an estimate of the recurring capital expenditures for each of
      the above components.

                               Comcast Corporation
                                     TABLE 5
           Pro Forma Data - Cable Segment Components (Unaudited) (1)(2)
     (dollars in millions, except average revenue per basic subscriber data)

                                 Historical       Acquired
                                Systems (3)      Systems (3)        Total
    Three Months Ended
     September 30                2003    2002    2003    2002    2003    2002
    Revenues:
    Video (4)                  $1,249  $1,180  $1,771  $1,685  $3,020  $2,865
    High-Speed Internet           244     156     342     235     586     391
    Phone                           6       6     183     205     189     211
    Advertising                   102      93     174     165     276     258
    Other (5)                      65      63      87     106     152     169
    Franchise Fees                 52      50      99      91     151     141
    Total Revenues             $1,718  $1,548  $2,656  $2,487  $4,374  $4,035
    Average Total Revenue per
     Basic Subscriber          $67.16  $60.72  $68.80  $64.43  $68.14  $62.74
    Average Video Revenue per
     Basic Subscriber          $48.83  $46.31  $45.87  $43.67  $47.05  $44.71

    Operating Cash Flow (6)      $742    $647    $878    $551  $1,620  $1,198
    Operating Income (Loss)      $409    $338    $125   ($226)   $534    $112
    Operating Cash Flow Margin
     (6)                        43.2%   41.7%   33.0%   22.2%   37.0%   29.7%
    Capital Expenditures (8)     $324    $322    $721  $1,089  $1,045  $1,411
    Operating Cash Flow
     (Deficit), Net of Capital
     Expenditures                $418    $325    $157   ($538)   $575   ($213)

                            Historical         Acquired
                           Systems (3)        Systems (3)           Total
    Nine Months Ended
     September 30           2003    2002    2003      2002     2003      2002
    Revenues:
    Video (4)             $3,735  $3,515  $5,303    $5,065   $9,038    $8,580
    High-Speed Internet      677     415     949       637    1,626     1,052
    Phone                     17      18     601       576      618       594
    Advertising              304     274     493       465      797       739
    Other (5)                189     184     263       311      452       495
    Franchise Fees           157     152     296       276      453       428
    Total Revenues        $5,079  $4,558  $7,905    $7,330  $12,984   $11,888
    Average Total Revenue
     per Basic Subscriber $66.08  $59.58  $68.54    $62.67   $67.55    $61.24
    Average Video Revenue
     per Basic Subscriber $48.60  $45.98  $45.97    $43.29   $47.02    $44.35

    Operating Cash Flow
     (6)                  $2,155  $1,897  $2,483    $1,524   $4,638    $3,421
    Operating Income
     (Loss) (7)           $1,198    $997    $141  ($17,322)  $1,339  ($16,325)
    Operating Cash Flow
     Margin (6)            42.4%   41.6%   31.4%     20.8%    35.7%     28.8%
    Capital Expenditures
     (8)                  $1,009  $1,011  $2,036    $2,778   $3,045    $3,789
    Operating Cash Flow
     (Deficit), Net of
     Capital
      Expenditures        $1,146    $886    $447   ($1,254)  $1,593     ($368)


    (1)  See Non-GAAP and Other Financial Measures in Table 7.

    (2)  Pro forma financial data includes the results of AT&T Broadband
         acquired in November 2002 (acquired systems).  Pro forma financial
         data excludes the results of the 314,000 cable subscribers sold to
         Bresnan Communications in March 2003 and excludes the results of the
         net reduction of 16,000 subscribers associated with the cable system
         exchange with Insight Communications in February 2003.

    (3)  Historical systems represent those cable businesses operated by the
         Company prior to the acquisition of AT&T Broadband. The acquired
         systems represent those cable businesses acquired from AT&T.

    (4)  Video revenues consist of our basic, expanded basic, premium, pay-
         per-view, equipment and digital services.

    (5)  Other revenues include installation revenues, guide revenues,
         commissions from electronic retailing, regional sports programming
         networks, revenues from our digital media center and other product
         offerings of AT&T Broadband in 2002.

    (6)  Included for the three and nine months ended September 30, 2002 are
         acquisition & employee termination related costs of $107 and $295
         million, respectively, incurred by AT&T Broadband prior to the
         acquisition of AT&T Broadband by Comcast.

    (7)  Includes $16.525 billion impairment charge related to the write down
         of AT&T Broadband goodwill and cable franchise rights.

    (8)  For acquired systems, includes capital expenditures made since
         January 1, 2002.

                             Comcast Corporation
                                   TABLE 6
              Pro Forma Data - Cable Segment (Unaudited) (1)(2)


                                           Historical Systems (3)
                                     3Q03             2Q03          3Q02
    Cable
    Homes Passed (000's)           14,447.2        14,364.2      14,139.3
    Subscribers (000's)             8,514.6         8,536.5       8,504.9
    Penetration                        58.9%           59.4%         60.2%
    Quarterly Net Subscriber
     Additions (000's)                (21.9)          (23.1)         (2.6)

    Digital Cable
    "Digital Ready"
     Subscribers (000's)            8,514.6         8,536.5       8,478.4
    Subscribers (000's)             2,550.2         2,417.6       2,113.5
    Penetration                        30.0%           28.3%         24.9%
    Quarterly Net Subscriber
     Additions (000's)                132.6            94.9         131.3
    Monthly Average Revenue
     per Subscriber                  $15.08          $15.47        $15.52

    High-Speed Internet
    "Available" Homes (000's)      13,631.1        13,424.7      12,061.1
    Subscribers (000's)             2,072.0         1,881.8       1,338.8
    Penetration                        15.2%           14.0%         11.1%
    Quarterly Net Subscriber
     Additions (000's)                190.2           163.6         169.7
    Monthly Average Revenue
     per Subscriber                  $41.22          $42.31        $41.34

    Phone
    "Available" Homes (000's)         453.7           355.5         274.6
    Subscribers (000's)                39.4            38.5          38.7
    Penetration                         8.7%           10.8%         14.1%
    Quarterly Net Subscriber
     Additions (000's)                  0.9             0.5          (1.9)
    Monthly Average Revenue
     per Subscriber                  $51.19          $49.58        $50.03

    Total Revenue Generating
     Units (000's) (4)             13,176.2        12,874.4      11,995.9


                               Comcast Corporation
                                     TABLE 6
                Pro Forma Data - Cable Segment (Unaudited) (1)(2)

                                             Acquired Systems (3)
                                     3Q03            2Q03          3Q02
    Cable
    Homes Passed (000's)           25,299.6        25,224.7      24,640.8
    Subscribers (000's)            12,883.4        12,860.7      12,831.9
    Penetration                        50.9%           51.0%         52.1%
    Quarterly Net Subscriber
     Additions (000's)                 22.7            36.2        (131.1)

    Digital Cable
    "Digital Ready"
     Subscribers (000's)           12,883.4        12,860.7      12,831.9
    Subscribers (000's)             4,723.2         4,537.5       4,123.6
    Penetration                        36.7%           35.3%         32.1%
    Quarterly Net Subscriber
     Additions (000's)                185.7            67.4         277.8
    Monthly Average Revenue
     per Subscriber                  $15.10          $15.18        $14.08

    High-Speed Internet
    "Available" Homes (000's)      19,803.7        18,698.9      16,830.0
    Subscribers (000's)             2,789.0         2,506.5       1,914.6
    Penetration                        14.1%           13.4%         11.4%
    Quarterly Net Subscriber
     Additions (000's)                282.5           187.3         169.3
    Monthly Average Revenue
     per Subscriber                  $43.02          $44.11        $42.83

    Phone
    "Available" Homes (000's)       8,928.7         8,808.4       8,039.0
    Subscribers (000's)             1,272.4         1,328.0       1,322.9
    Penetration                        14.3%           15.1%         16.5%
    Quarterly Net Subscriber
     Additions (000's)                (55.6)          (52.8)        102.7
    Monthly Average Revenue
     per Subscriber                  $46.87          $49.16        $53.75

    Total Revenue
     Generating Units (000's) (4)  21,668.0        21,232.7      20,193.0

                               Comcast Corporation
                                     TABLE 6
                Pro Forma Data - Cable Segment (Unaudited) (1)(2)

                                                   Total

                                     3Q03            2Q03          3Q02

    Cable
    Homes Passed (000's)           39,746.8        39,588.9      38,780.1
    Subscribers (000's)            21,398.0        21,397.2      21,336.8
    Penetration                        53.8%           54.0%         55.0%
    Quarterly Net Subscriber
     Additions (000's)                  0.8            13.1        (133.7)

    Digital Cable
    "Digital Ready"
     Subscribers (000's)           21,398.0        21,397.2      21,310.3
    Subscribers (000's)             7,273.4         6,955.1       6,237.1
    Penetration                        34.0%           32.5%         29.3%
    Quarterly Net Subscriber
     Additions (000's)                318.3           162.3         409.1
    Monthly Average Revenue
     per Subscriber                  $15.09          $15.28        $14.57

    High-Speed Internet
    "Available" Homes (000's)      33,434.8        32,123.6      28,891.1
    Subscribers (000's)             4,861.0         4,388.3       3,253.4
    Penetration                        14.5%           13.7%         11.3%
    Quarterly Net Subscriber
     Additions (000's)                472.7           350.9         339.0
    Monthly Average Revenue
     per Subscriber                  $42.25          $43.34        $42.22

    Phone
    "Available" Homes (000's)       9,382.4         9,163.9       8,313.6
    Subscribers (000's)             1,311.8         1,366.5       1,361.6
    Penetration                        14.0%           14.9%         16.4%
    Quarterly Net Subscriber
     Additions (000's)                (54.7)          (52.3)        100.8
    Monthly Average Revenue
     per Subscriber                  $46.99          $49.17        $53.63

    Total Revenue Generating
     Units (000's) (4)             34,844.2        34,107.1      32,188.9

    (1) See Non-GAAP and Other Financial Measures in Table 7.

    (2) Pro forma financial data includes the results of AT&T Broadband
        acquired in November 2002 (acquired systems).  Pro forma financial
        data excludes the results of the 314,000 cable subscribers sold to
        Bresnan Communications in March 2003 and excludes the results of the
        net reduction of 16,000 subscribers associated with the cable system
        exchange with Insight Communications in February 2003.  Pro forma
        subscriber data includes 6,100 subscribers acquired from Telemedia,
        Inc. in June 2003, 16,600 subscribers acquired from ATM in July 2003
        and 16,000 subscribers acquired from Millennium Inc. in September
        2003.

    (3) Historical systems represent those cable businesses operated by the
        Company prior to the acquisition of AT&T Broadband. The acquired
        systems represent those cable businesses acquired from AT&T.

    (4) The sum total of all primary analog video, digital video, high-speed
        Internet and phone customers, but excluding additional outlets.


                             Comcast Corporation
                                   TABLE 7

Non-GAAP and Other Financial Measures

Prior to the first quarter of 2003, we described the performance measure, operating income before depreciation and amortization, as Operating Cash Flow. In the first quarter of 2003, we referred to the same measure as EBITDA (earnings before interest, taxes, depreciation and amortization) in response to new guidance on Non-GAAP measures provided by the SEC in Regulation G and amendments to Item 10 of Regulation S-K. In the second quarter, we reverted back to describing this measure as Operating Cash Flow based on additional guidance provided by the SEC staff. This is only a change in terminology. We have not changed the calculation of this measure.

Operating Cash Flow is the primary basis used to measure the operational strength and performance of our businesses. Free Cash Flow is an additional performance measure used as an indicator of our ability to service debt and make strategic investments. We use Debt Excluding Exchangeables as a measure of debt that will require cash from future operations or financings. We also adjust certain historical data on a pro forma basis following significant acquisitions or dispositions to enhance comparability.

Operating Cash Flow is defined as operating income before depreciation and amortization and impairment charges, if any, related to fixed and intangible assets. As such, it eliminates the significant level of non-cash depreciation and amortization expense that results from the capital intensive nature of our businesses and intangible assets recognized in business combinations, and is unaffected by our capital structure or investment activities. Our management and Board of Directors use this measure in evaluating our consolidated operating performance and the operating performance of all of our operating segments. This metric is used to allocate resources and capital to our operating segments and is a significant component of our annual incentive compensation programs. We believe that Operating Cash Flow is also useful to investors as it is one of the bases for comparing our operating performance with other companies in our industries, although our measure of Operating Cash Flow may not be directly comparable to similar measures used by other companies.

As Operating Cash Flow is the measure of our segment profit or loss, we reconcile it to operating income, the most directly comparable financial measure calculated and presented in accordance with Generally Accepted Accounting Principles (GAAP), in the business segment footnote of our quarterly and annual financial statements. Therefore, we believe our measure of Operating Cash Flow for our business segments is not a "non-GAAP financial measure" as contemplated by Regulation G adopted by the Securities and Exchange Commission. Consolidated Operating Cash Flow is a non-GAAP financial measure.

Free Cash Flow, which is a non-GAAP financial measure, is defined as Operating Cash Flow less net interest, cash paid for taxes, and capital expenditures. As such, it is unaffected by fluctuations in working capital levels from period to period. It can also be computed as cash provided by operating activities less capital expenditures adjusted for the change in operating assets and liabilities, net of acquisitions.

Debt Excluding Exchangeables, which is a non-GAAP financial measure, refers to the aggregate amount of our consolidated debt and capital lease obligations less the amount of notes that are collateralized by securities that we own.

Pro forma data is used by management to evaluate performance when significant acquisitions or dispositions occur. Historical data reflects results of acquired businesses only after the acquisition dates while pro forma data enhances comparability of financial information between periods by adjusting the data as if the acquisitions (or dispositions) occurred at the beginning of the prior year. Our pro forma data is only adjusted for the timing of acquisitions and does not include adjustments for costs related to integration activities, cost savings or synergies that have been or may be achieved by the combined businesses. We believe our pro forma data is not a non-GAAP financial measure as contemplated by Regulation G.

Operating Cash Flow and Free Cash Flow should not be considered as substitutes for operating income (loss), net income (loss), net cash provided by operating activities or other measures of performance or liquidity reported in accordance with GAAP. Debt Excluding Exchangeables should not be considered as a substitute for Total Debt. Additionally, in the opinion of management, our pro forma data is not necessarily indicative of future results or what results would have been had the acquired businesses been operated by us after the assumed earlier date.

Following are quantitative reconciliations of Free Cash Flow, Debt Excluding Exchangeables, Consolidated Operating Cash Flow, and, although not required by Regulation G, reconciliations of business segment Operating Cash Flow and pro forma data.

                             Comcast Corporation
                             TABLE 7-A continued
     Reconciliations of Historical and Pro Forma Data by Business Segment
                                 (Unaudited)
                            (dollars in millions)


                                Historical (1)

    Three Months Ended
     September 30, 2003    Cable        Content    Other        Total
    Revenues               $4,374         $173       ($1)      $4,546
    Operating expenses
     (excluding depreciation
     & amortization)        2,754          123        37        2,914
    Operating Cash Flow    $1,620          $50      ($38)      $1,632
    Depreciation and
     amortization           1,086           36        17        1,139
    Operating income
     (loss)                  $534          $14      ($55)        $493
    Capital expenditures   $1,045           $4       $32       $1,081


    Three Months Ended
     September 30, 2002     Cable        Content   Other        Total
    Revenues               $1,548         $148       $2         $1,698
    Operating expenses
     (excluding depreciation
     & amortization)          903          115       38          1,056
    Operating Cash Flow      $645          $33     ($36)          $642
    Depreciation and
     amortization             309           40       22            371
    Operating income
     (loss)                  $336          ($7)    ($58)          $271
    Capital expenditures     $322           $2       $5           $329


    Nine Months Ended
      September 30, 2003   Cable        Content    Other        Total
    Revenues              $12,985         $635     ($14)       $13,606
    Operating expenses
     (excluding depreciation
     & amortization)        8,347          466      121          8,934
    Operating Cash Flow    $4,638         $169    ($135)        $4,672
    Depreciation and
     amortization           3,299          108       53          3,460
    Operating income
     (loss)                $1,339          $61    ($188)        $1,212
    Capital expenditures   $3,045          $14      $34         $3,093


    Nine Months Ended
     September 30, 2002     Cable        Content   Other         Total
    Revenues               $4,558          $547     ($3)        $5,102
    Operating expenses
     (excluding depreciation
     & amortization)        2,662           402     107          3,171
    Operating Cash Flow    $1,896          $145   ($110)        $1,931
    Depreciation and
     amortization             900           108      83          1,091
    Impairment charge           -             -       -              -
    Operating income
     (loss)                  $996           $37   ($193)          $840
    Capital expenditures   $1,011           $13     $11         $1,035


                             Comcast Corporation
                             TABLE 7-A continued
     Reconciliations of Historical and Pro Forma Data by Business Segment
                                 (Unaudited)
                            (dollars in millions)

                                       Adjustments (2)
    Three Months Ended
     September 30, 2003              Cable         Other      Pro forma
    Revenues                           -              -        $4,546
    Operating expenses
     (excluding depreciation
     & amortization)                   -              -         2,914
    Operating Cash Flow                -              -        $1,632
    Depreciation and amortization      -              -         1,139
    Operating income (loss)            -              -          $493
    Capital expenditures               -              -        $1,081

                                     Adjustments (2)
    Three Months Ended
     September 30, 2002            Cable          Other    Pro forma
    Revenues                      $2,487            ($8)       $4,177
    Operating expenses
     (excluding depreciation
     & amortization)               1,934             (5)        2,985
    Operating Cash Flow             $553            ($3)       $1,192
    Depreciation and amortization    777              -         1,148
    Operating income (loss)        ($224)           ($3)          $44
    Capital expenditures          $1,089              -        $1,418

                                     Adjustments (2)
    Nine Months Ended
     September 30, 2003            Cable          Other     Pro forma
    Revenues                          (1)             -       $13,605
    Operating expenses
     (excluding depreciation
     & amortization)                  (1)             -         8,933
    Operating Cash Flow                -              -        $4,672
    Depreciation and amortization      -              -         3,460
    Operating income (loss)            -              -        $1,212
    Capital expenditures               -              -        $3,093

                                     Adjustments (2)
    Nine Months Ended
     September 30, 2002            Cable          Other    Pro forma
    Revenues                      $7,330           ($22)      $12,410
    Operating expenses
     (excluding depreciation
     & amortization)               5,805            (17)        8,959
    Operating Cash Flow           $1,525            ($5)       $3,451
    Depreciation and amortization  2,321              -         3,412
    Impairment charge             16,525              -        16,525
    Operating income (loss)     ($17,321)           ($5)     ($16,486)
    Capital expenditures          $2,778              -        $3,813

   Reconciliation of Total Debt to Debt Excluding Exchangeables (Unaudited)
                            (dollars in millions)

    As of September 30, 2003
    Current portion of long-term debt                 $3,065
    Long-term debt                                    27,316
    Total Debt                                       $30,381
    Exchangeable debt                                  5,406
    Debt excluding exchangeables                     $24,975

    (1)  Historical amounts have been adjusted to reflect QVC as discontinued
         operations.

    (2)  Pro forma data is only adjusted for timing of the acquisitions (or
         dispositions) and for acquisitions does not include adjustments for
         costs related to integration activities, cost savings or synergies
         that have been or may be achieved by the combined businesses.

                               Comcast Corporation
                               TABLE 7-B continued
    Reconciliations of Cable Segment Historical and Pro Forma Data (Unaudited)
                              (dollars in millions)

    Three Months Ended
     December 31, 2002           Historical    Adjustments (1)  Pro forma
    Revenues                         $2,792          $1,357        $4,149
    Operating expenses
     (excluding depreciation
     & amortization)                  1,890           1,211         3,101
    Operating Cash Flow                 902             146         1,048
    Depreciation and amortization       770             421         1,191
    Operating income (loss)            $132          ($275)        ($143)


    Three Months Ended
     September 30, 2002          Historical   Adjustments (1)   Pro forma
    Revenues                         $1,548          $2,487        $4,035
    Operating expenses
     (excluding depreciation
     & amortization)                    901           1,936         2,837
    Operating Cash Flow                 647             551         1,198
    Depreciation and amortization       309             777         1,086
    Operating income (loss)            $338          ($226)          $112

    Three Months Ended
     June 30, 2002               Historical    Adjustments (1)  Pro forma
    Revenues                         $1,541          $2,468        $4,009
    Operating expenses
     (excluding depreciation
     & amortization)                    888           1,944         2,832
    Operating Cash Flow                 653             524         1,177
    Depreciation and amortization       298             785         1,083
    Impairment charge                     -          16,525        16,525
    Operating income (loss)            $355       ($16,786)     ($16,431)

    Three Months Ended
     March 31, 2002              Historical    Adjustments (1)  Pro forma
    Revenues                         $1,469          $2,375        $3,844
    Operating expenses
     (excluding depreciation
     & amortization)                    872           1,926         2,798
    Operating Cash Flow                 597             449         1,046
    Depreciation and amortization       293             759         1,052
    Operating income (loss)            $304          ($310)          ($6)

    (1)  Pro forma data is only adjusted for timing of the acquisitions (or
        dispositions) and for acquisitions does not include adjustments for
        costs related to integration activities, cost savings or synergies
        that have been or may be achieved by the combined businesses.


                               Comcast Corporation
                               TABLE 7-C continued
        Reconciliation of Net Income (Loss) to Free Cash Flow  (Unaudited)
                   (dollars in millions, except per share data)

                                             Three Months Ended
                                                September 30,
                                          2003                2002
                                    $           per        $        per
                                              share (3)          share (3)
    Net Income (Loss)
     as reported                 $3,176        $1.41     $76       $0.08
      Discontinued Operations,
       net of tax                (3,329)       (1.47)    (52)      (0.05)
      Non-operating items,
       net of tax (1)               120         0.05      30        0.03
    Net Income (Loss)
     as adjusted                   ($33)      ($0.01)    $54       $0.06


    Items to reconcile net
     income (loss) as adjusted
     to Operating Cash Flow:
      Depreciation & amortization 1,139         0.50     371        0.39
      Interest expense              565         0.25     172        0.18
      Income tax expense            (39)       (0.02)     45        0.04
    Operating Cash Flow          $1,632        $0.72    $642       $0.67


                                        2003                  2002
    Operating Cash Flow          $1,632       $1,632    $642        $642
    Less:
      Interest, net (2)            (556)        (556)   (155)       (155)
      Cash Paid for Income Taxes    (14)         (14)     (1)         (1)
      Change in Operating Assets
        & Liabilities, net
        of acquisitions            (254)                 329
    Net Cash Provided by
     Operating Activities          $808                 $815
       Less:  Capital
        Expenditures                          (1,081)               (329)
    Free Cash Flow                              ($19)               $157



                                             Nine Months Ended
                                               September 30,
                                        2003                  2002
                                    $         per         $          per
                                            share (3)             share (3)
    Net Income (Loss)
     as reported                 $2,857      $1.27     ($223)     ($0.23)
      Discontinued Operations,
       net of tax                (3,458)     (1.53)     (141)      (0.15)
      Non-operating items,
       net of tax (1)               302       0.13       515        0.54
    Net Income (Loss)
     as adjusted                  ($299)    ($0.13)     $151       $0.16

    Items to reconcile
     net income (loss)
     as adjusted to
     Operating Cash Flow:
      Depreciation &
       amortization               3,460       1.53     1,091         1.15
      Interest expense            1,579       0.70       535         0.56
      Income tax expense            (68)     (0.03)      154         0.16
    Operating Cash Flow          $4,672      $2.07    $1,931        $2.03


                                        2003                  2002
    Operating Cash Flow          $4,672    $4,672     $1,931       $1,931
    Less:
      Interest, net (2)          (1,624)   (1,624)      (489)        (489)
      Cash Paid for Income Taxes    (67)      (67)       (11)         (11)
      Change in Operating Assets
       & Liabilities, net
       of acquisitions             (462)                 212
    Net Cash Provided by
     Operating Activities        $2,519               $1,643
       Less: Capital
        Expenditures                       (3,093)                 (1,035)
    Free Cash Flow                          ($112)                   $396



                                               Three Months Ended
                                                  September 30,

    (1) Detail of non-operating           2003                 2002
        items:                       $      per share (3)  $    per share (3)
         Investment (income)
          expense - mark to market
          adjustments on trading
          securities, derivatives
          and hedged items, net     $213        $0.09      $47      $0.05
         Investment (income)
          expense - (gain) loss on
          sales and exchanges of
          investments                 (4)        -           -       -
         Investment expense -
          investment impairment
          losses (4)                   -         -           6       0.01
         All other, net (5)          (25)       (0.01)      (5)     (0.01)
           Total non-operating
            items                    184         0.08       48       0.05
         Tax effect                  (64)       (0.03)     (18)     (0.02)
         Non-operating items,
          net of tax                $120        $0.05      $30      $0.03



                                              Nine Months Ended
                                                September 30,

    (1) Detail of non-operating           2003                 2002
        items:                       $      per share (3)  $    per share (3)
         Investment (income)
          expense - mark to market
          adjustments on trading
          securities, derivatives
          and hedged items, net     $477       $0.21      $393      $0.41
         Investment (income)
          expense - (gain) loss on
          sales and exchanges of
          investments                (26)      (0.01)      101       0.11
         Investment expense -
          investment impairment
          losses (4)                  70        0.03       227       0.24
         All other, net (5)          (56)      (0.02)       71       0.07
           Total non-operating
            items                    465        0.21       792       0.83
         Tax effect                 (163)      (0.08)     (277)     (0.29)
         Non-operating items,
          net of tax                $302       $0.13      $515      $0.54


    (2) Includes interest expense net of interest income and excludes non-
        cash interest and subsidiary preferred dividends.

    (3) Diluted weighted average shares outstanding for the three and nine
        months ended September 30, 2003 were 2,257 billion and 2,256 billion,
        respectively.  Diluted weighted average shares outstanding for the
        three and nine months ended September 30, 2002 were 959 million and
        952 million, respectively.

    (4) We record losses on our investments for which we have determined that
        a decline in value of the investment was considered other than
        temporary.

    (5) Includes investment, interest and dividend income, equity in net
        (income) losses of affiliates, other income (expense) and minority
        interest.

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