Comcast Reports Fourth Quarter and 2004 Year End Results
February 3, 2005 - Financial Tables
                             COMCAST CORPORATION
                                    Table 1
          Condensed Consolidated Statement of Operations (Unaudited)
                 (amounts in millions, except per share data)

                                           Three Months    Twelve Months
                                              Ended            Ended
                                           December 31,     December 31,
                                           2004    2003    2004     2003

     Revenues                             $5,235  $4,742  $20,307  $18,348

     Operating expenses                    1,962   1,775    7,462    7,041

     Selling, general and administrative
      expenses                             1,287   1,247    5,314    4,915

     Operating Cash Flow                   1,986   1,720    7,531    6,392

     Depreciation                            940     796    3,420    3,166

     Amortization                            335     182    1,203    1,272

     Operating Income                        711     742    2,908    1,954

     Interest expense                       (457)   (439)  (1,876)  (2,018)
     Investment income (loss), net           241     323      472      (84)
     Equity in net losses of affiliates      (22)    (27)     (88)     (60)
     Other income                            312      11      394       71
                                              74    (132)  (1,098)  (2,091)
     Income (Loss) from Continuing
      Operations before Income Taxes
      and Minority Interest                  785     610    1,810     (137)

     Income tax (expense) benefit           (360)   (215)    (826)      16

     Income (Loss) from Continuing
      Operations Before Minority Interest    425     395      984     (121)

     Minority interest                        (2)    (12)     (14)     (97)

     Income (Loss) from Continuing
      Operations                             423     383      970     (218)

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

     Net Income                             $423    $383     $970   $3,240

     Diluted earnings (loss)
      per common share

        Income (loss) from continuing
         operations                        $0.19   $0.17    $0.43   ($0.10)

        Income from discontinued
         operations                            -       -        -     0.08

        Gain on discontinued operations        -       -        -     1.46

        Net Income per common share        $0.19   $0.17    $0.43    $1.44

     Diluted weighted average number of
      common shares outstanding            2,228   2,269    2,250    2,256


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


                               COMCAST CORPORATION
                                     TABLE 2
                Condensed Consolidated Balance Sheet (Unaudited)
                              (dollars in millions)

                                         December 31, 2004 December 31, 2003
    ASSETS

      CURRENT ASSETS
            Cash and cash equivalents                 $452            $1,550
            Investments                              1,555             2,493
            Accounts receivable, net                   959               907
            Other current assets                       450               453
                Total current assets                 3,416             5,403

      INVESTMENTS                                   12,812            14,818

      PROPERTY AND EQUIPMENT, NET                   18,711            18,473

      FRANCHISE RIGHTS                              51,071            51,050

      GOODWILL                                      14,320            14,841

      OTHER INTANGIBLE ASSETS, net                   3,851             3,859

      OTHER NONCURRENT ASSETS, net                     694               715
                                                  $104,875          $109,159

    LIABILITIES AND STOCKHOLDERS' EQUITY

      CURRENT LIABILITIES
            Accounts payable, Accrued expenses
             and other current liabilities           4,957             5,814
            Deferred income taxes                      360               679
            Current portion of long-term debt        1,854               734
            Current portion of
             exchangeable debt                       1,645             2,427
                Total current liabilities            8,816             9,654

      LONG-TERM DEBT, less current portion          20,039            21,944
      LONG-TERM EXCHANGEABLE DEBT, less
       current portion                                  54             1,891

      DEFERRED INCOME TAXES                         26,815            25,900

      OTHER NONCURRENT LIABILITIES                   7,261             7,716

      MINORITY INTEREST                                468               392

      STOCKHOLDERS' EQUITY                          41,422            41,662
                                                  $104,875          $109,159


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

                                                      Twelve Months Ended
                                                          December 31,
                                                     2004              2003
    OPERATING ACTIVITIES
         Net cash provided by operating
          activities from continuing
          operations                                $5,930             $2,854

    FINANCING ACTIVITIES
      Proceeds from borrowings                       1,030              9,398
      Retirements and repayments of debt            (2,323)           (16,465)
      Repurchases of common stock and stock
       options                                      (1,361)               (14)
      Other, net                                       138                 33

         Net cash used in financing activities
          from continuing operations                (2,516)            (7,048)

    INVESTING ACTIVITIES
      Capital expenditures                          (3,660)            (4,161)
      Proceeds from restructuring of TWE
       investment                                                       2,100
      Proceeds from sales of investments
       and assets held for sale                        228              5,871
      Acquisitions, net of cash acquired              (296)              (152)
      Additions to intangibles and other
       noncurrent assets                              (628)              (155)
      Other, net                                      (156)             1,736

         Net cash (used in) provided by
          investing activities from
          continuing operations                     (4,512)             5,239

    (DECREASE) INCREASE IN CASH AND CASH
     EQUIVALENTS                                    (1,098)             1,045

    CASH AND CASH EQUIVALENTS, beginning
     of period                                       1,550                505

    CASH AND CASH EQUIVALENTS, end of period          $452             $1,550


                                     TABLE 4
                  Calculation of Free Cash Flow (Unaudited) (1)
                              (dollars in millions)

                                                      Twelve Months Ended
                                                          December 31,
                                                      2004               2003

    Operating Cash Flow                             $7,531             $6,392
    Interest, Net (2)                               (1,729)            (2,062)
    Cash Paid for Income Taxes (3)                    (205)               (95)
    Capital Expenditures                            (3,660)            (4,161)
    FREE CASH FLOW                                  $1,937                $74

    Changes in Working Capital and Other
     Items (4)                                         333             (1,381)

    Net Cash Provided by Operating
     Activities Less Capital Expenditures           $2,270            ($1,307)

    (1)  Free Cash Flow is defined as Operating Cash Flow less net interest,
         cash paid for taxes, and capital expenditures. It is unaffected by
         fluctuations in working capital levels from period to period and
         cash payments associated with intangible and other noncurrent
         assets.  Cash payments for intangible and other noncurrent assets
         include long-term technology license agreements including computer
         software, long term rights to service multi-dwelling properties and
         programming content for our cable networks. In 2004, cash payments
         for intangible assets also included a long-term strategic license
         agreement with Gemstar of approximately $250 million.

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

    (3)  Excludes income tax refunds of $591 million received in 2004 and a
         payment of $850 million associated with the sale of QVC in 4Q03.

    (4)  Free Cash Flow excludes amounts necessary to reconcile Free Cash
         Flow to "Net Cash Provided by Operating Activities Less Capital
         Expenditures." In 2004, these amounts include proceeds of $680
         million related to the exchange/sale of Liberty Media and Liberty
         Media International stock and proceeds of $591 million related to
         income tax refunds, offset by $515 million in cash payments for
         liabilities recorded as part of the acquisition of AT&T Broadband
         and the timing of payments made during the first quarter of 2004.
         For 2003, these amounts include $836 million in cash payments
         associated with the acquisition of AT&T Broadband and a cash payment
         of $850 million for income taxes associated with the sale of QVC.


                               COMCAST CORPORATION
                                     TABLE 5
          Pro Forma Financial Data by Business Segment (Unaudited) (1)
                              (dollars in millions)

                                                            Corporate
                                                              and
                                                    Content  Other
                                           Cable (2)  (3)     (4)     Total
    Three Months Ended December 31, 2004
    Revenues                                $4,987    $205     $43    $5,235
    Operating Cash Flow                     $1,974     $57    ($45)   $1,986
    Operating Income (Loss)                   $771     $11    ($71)     $711
    Operating Cash Flow Margin               39.6%   27.6%      NM     37.9%
    Capital Expenditures (5)                $1,044      $3      $3    $1,050

    Three Months Ended December 31, 2003
    Revenues                                $4,510    $166     $71    $4,747
    Operating Cash Flow                     $1,714     $59    ($52)   $1,721
    Operating Income (Loss)                   $790     $26    ($73)     $743
    Operating Cash Flow Margin               38.0%   35.1%      NM     36.3%
    Capital Expenditures (5)                $1,052      $8      $8    $1,068

    Twelve Months Ended December 31, 2004
    Revenues                               $19,321    $787    $204   $20,312
    Operating Cash Flow                     $7,473    $265   ($205)   $7,533
    Operating Income (Loss)                 $3,098    $103   ($291)   $2,910
    Operating Cash Flow Margin               38.7%   33.6%      NM     37.1%
    Capital Expenditures (5)                $3,622     $17     $21    $3,660

    Twelve Months Ended December 31, 2003
    Revenues                               $17,506    $628    $229   $18,363
    Operating Cash Flow                     $6,357    $214   ($173)   $6,398
    Operating Income (Loss)                 $2,134     $85   ($259)   $1,960
    Operating Cash Flow Margin               36.3%   34.0%      NM     34.8%
    Capital Expenditures (5)                $4,097     $18     $46    $4,161

    (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 annual
         report on Form 10-K.  All percentages are calculated based on actual
         amounts. Minor differences may exist due to rounding.

    (2)  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 financial data includes
         the results of the 30,000 cable subscribers acquired from US Coastal
         Cable in April 2004.

    (3)  Content includes our national networks E! Entertainment Television
         and Style Network (E! Networks), The Golf Channel, Outdoor Life
         Network, G4techTV and International Channel Networks.

    (4)  Corporate and Other includes Comcast-Spectacor, the Company's
         domestic wireline telecommunications business, international
         wireless operations, Corporate and elimination entries.  Prior to
         the first quarter of 2004, Comcast-Spectacor was included in
         Content, which now only consists of our national networks.  For all
         periods presented, Comcast-Spectacor is included in Corporate and
         Other.  In addition, beginning in the third quarter of 2004,
         Comcast-Spectacor includes the operating results of its investment
         in a sports-event related business.

    (5)  Our Cable segment's capital expenditures are comprised of the
         following categories:
                                                              YTD      YTD
                                            4Q04     4Q03   12/31/04 12/31/03
          Customer Premise Equipment (CPE)   $523     $425   $1,545   $1,573
          Scalable Infrastructure             178      123      561      350
          Line Extensions                      86       78      311      251
          Upgrades                            164      279      902    1,414
          Support Capital                      93      147      303      509
          Total                            $1,044   $1,052   $3,622   $4,097

         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).  Upgrades include 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).


                              COMCAST CORPORATION
                                    TABLE 6
         Pro Forma Data - Cable Segment Components (Unaudited) (1) (2)
      (dollars in millions, except average monthly revenue per subscriber
                                     data)

                                           Three Months    Twelve Months
                                              Ended            Ended
                                           December 31,     December 31,
                                           2004    2003    2004     2003
    Revenues:
    Video (3)                             $3,242  $3,061  $12,897  $12,110
    High-Speed Internet                      855     629    3,124    2,255
    Phone                                    173     183      701      801
    Advertising                              369     315    1,287    1,113
    Other (4)                                185     167      666      619
    Franchise Fees                           163     155      646      608
    Total Revenues                        $4,987  $4,510  $19,321  $17,506

    Programming Expense                                    $4,149   $3,914

    Operating Cash Flow                   $1,974  $1,714   $7,473   $6,357
    Operating Income                        $771    $790   $3,098   $2,134
    Operating Cash Flow Margin             39.6%   38.0%    38.7%    36.3%
    Capital Expenditures                  $1,044  $1,052   $3,622   $4,097
    Operating Cash Flow, Net of Capital
     Expenditures                           $930    $662   $3,851   $2,260


                                        4Q04    3Q04   4Q03     Growth  Growth
                                                                  vs.     vs.
                                                                 3Q04    4Q03
    Video
    Homes Passed (000's)               40,800  40,500  39,900    0.7%    2.3%
    Basic Subscribers (000's)          21,548  21,487  21,540    0.3%    0.0%
    Basic Penetration                   52.8%   53.0%   53.9%
    Quarterly Net Basic Subscriber
     Additions (000's)                     60       9      70  609.4%  (13.7%)

    Digital Subscribers (000's)         8,655   8,405   7,665    3.0%   12.9%
    Digital Penetration                 40.2%   39.1%   35.6%
    Quarterly Net Digital Subscriber
     Additions (000's)                    251     341     384  (26.5%) (34.7%)
    Digital Set-Top Boxes              12,959  12,480  11,189    3.8%   15.8%

    Monthly Average Video Revenue per
     Basic Subscriber                  $50.22  $50.00  $47.45    0.4%    5.8%
    Monthly Average Total Revenue per
     Basic Subscriber                  $77.29  $75.15  $69.92    2.8%   10.5%

    High-Speed Internet
    "Available" Homes (000's)
    Subscribers (000's)                40,010  38,060  34,731    5.1%   15.2%
    Penetration                         6,992   6,554   5,285    6.7%   32.3%
    Quarterly Net Subscriber Additions
     (000's)                            17.5%   17.2%   15.2%
    Monthly Average Revenue per
     Subscriber                           438     549     423  (20.3%)   3.5%
                                       $42.07  $42.91  $41.33   (2.0%)   1.8%
    Phone
    "Available" Homes (000's)          10,437   9,978   9,414    4.6%   10.9%
    Subscribers (000's)                 1,223   1,213   1,267    0.9%   (3.4%)
    Penetration                         11.7%   12.2%   13.5%
    Quarterly Net Subscriber Additions
     (000's)                               10     (12)    (45) 188.1%  123.2%
    Monthly Average Revenue per
     Subscriber                        $47.30  $47.18  $47.13    0.3%    0.4%

    Total Revenue Generating Units
     (000's) (5)                       38,418  37,659  35,757    2.0%    7.4%

    (1) See Non-GAAP and Other Financial Measures in Table 7.  All percentages
        are calculated based on actual amounts.  Minor differences may exist
        due to rounding.

    (2) Pro forma financial and subscriber 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 systems exchange with Insight
        Communications in February 2003. Pro forma financial and subscriber
        data includes the results of the 30,000 cable subscribers acquired
        from US Coastal Cable in April 2004. Pro forma subscriber data
        includes 54,000 subscribers acquired in various small acquisitions
        during the periods presented. The impact of these acquisitions on our
        segment operating results was not material.

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

    (4) Other revenues include installation revenues, guide revenues,
        commissions from electronic retailing, other product offerings,
        commercial data services and revenues of our digital media center and
        regional sports programming networks.

    (5) The sum total of all basic video, digital video, high-speed
        Internet and phone subscribers, excluding additional outlets.


                                   TABLE 7

    Non-GAAP and Other Financial Measures

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 repay debt, make investments and return capital to investors, principally through stock repurchases. 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 and gains or losses from the sale of assets, if any. 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 and cash payments associated with intangible assets which are detailed in our quarterly and annual reports on Forms 10Q/K. We believe that Free 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 Free Cash Flow is accrual-based and may not be comparable to similar measures used by other companies.

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
       Reconciliation of Historical and Pro Forma Data by Business Segment
                                   (Unaudited)
                              (dollars in millions)

                                  Historical (1)
                                                           Adjustments (2)
                                         Corporate          Corporate
    Three Months Ended                     and                 and
    December 31, 2004     Cable  Content  Other  Total  Cable Other Pro forma

    Revenues             $4,987   $205     $43   $5,235    -     -     $5,235
    Operating expenses
     (excluding
     depreciation and
     amortization)        3,013   148       88    3,249    -     -     3,249
    Operating Cash Flow  $1,974   $57     ($45)  $1,986    -     -    $1,986
    Depreciation and
     amortization         1,203    46       26    1,275    -     -     1,275
    Operating income
     (loss)                $771   $11     ($71)    $711    -     -      $711
    Capital expenditures $1,044    $3       $3   $1,050    -     -    $1,050

                                                           Adjustments (2)
                                         Corporate          Corporate
    Three Months Ended                     and                 and
    December 31, 2003     Cable  Content  Other  Total  Cable Other Pro forma

    Revenues              $4,507  $166     $69   $4,742    $3    $2   $4,747
    Operating expenses
     (excluding
     depreciation and
     amortization)         2,795   107     120    3,022     1     3    3,026
    Operating Cash Flow   $1,712   $59    ($51)  $1,720    $2   ($1)  $1,721
    Depreciation and
     amortization            924    33      21      978     -     -      978
    Operating income
     (loss)                 $788   $26    ($72)    $742    $2   ($1)    $743
    Capital expenditures  $1,052    $8      $8   $1,068     -     -   $1,068

                                                           Adjustments (2)
                                         Corporate          Corporate
    Twelve Months Ended                    and                 and
    December 31, 2004     Cable  Content  Other  Total  Cable Other Pro forma

    Revenues             $19,316  $787    $204  $20,307    $5     -   $20,312
    Operating expenses
     (excluding
     depreciation and
     amortization)        11,845   522     409   12,776     3     -   12,779
    Operating Cash Flow   $7,471  $265   ($205)  $7,531    $2     -   $7,533
    Depreciation and
     amortization          4,375   162      86    4,623     -     -    4,623
    Operating income
     (loss)               $3,096  $103   ($291)  $2,908    $2     -   $2,910
    Capital expenditures  $3,622   $17     $21   $3,660     -     -   $3,660


                                                           Adjustments (2)
                                         Corporate          Corporate
    Twelve Months Ended                    and                 and
    December 31, 2003      Cable  Content Other  Total  Cable Other Pro forma

    Revenues             $17,492  $628    $228  $18,348   $14    $1  $18,363
    Operating expenses
     (excluding
     depreciation and
     amortization)        11,142   414     400   11,956     7     2   11,965
    Operating Cash Flow   $6,350  $214   ($172)  $6,392    $7   ($1)  $6,398
    Depreciation and
     amortization          4,223   129      86    4,438     -     -    4,438
    Operating income
     (loss)               $2,127   $85   ($258)  $1,954    $7   ($1)  $1,960
    Capital expenditures  $4,097   $18     $46   $4,161     -     -   $4,161


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

                                                   31-Dec-04        31-Dec-03
    Current portion of long-term debt               $3,499            $3,161
    Long-term debt                                  20,093            23,835
    Total Debt                                     $23,592           $26,996
    Exchangeable debt                                1,699             4,318
    Debt excluding exchangeables                   $21,893           $22,678

                         Calculation of 2005 Free Cash Flow
                                (dollars in billions)

                                        Operating Cash Flow    Free Cash Flow
    2004 Operating Income                       $2.9                $2.9
    Add: Depreciation and Amortization           4.6                 4.6
    2004 Operating Cash Flow                     7.5                 7.5
    2005 Operating Cash Flow Growth Rate         12%
    2005 Operating Cash Flow Growth              0.9

    Less: 2004 Capital Expenditures                                  3.7
          2004 Consolidated Interest, net                            1.7
          2004 Consolidated Cash Paid for
           Income Taxes                                              0.2

    2004 Free Cash Flow                                             $1.9
    2005 Free Cash Flow Growth                                   35% to 45%
    Projected 2005 Free Cash Flow                               $2.6 to $2.8

          Reconciliation of 2004 Content Data to Adjusted Content Data
                         Comparable to 2004 Guidance
                             (dollars in millions)

                                        Revenue      OCF
    Actual 2004 Content Segment            787        265
    Adjustments:
    International Channel (3)               (7)         1
    TechTV (4)                             (21)         9
    Adjusted Content Segment               759        275
    Actual 2003 Content Segment            628        214

    Growth                               20.8%      29.0%


    (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 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.  Minor differences may
         exist due to rounding.

    (3)  Adjustments reflect actual operating results from the acquisition
         date.

    (4)  TechTV revenue adjustment reflects the estimated impact of additional
         TechTV affiliation and advertising revenue in the merged network and
         OCF adjustment reflects estimated costs associated with the
         reorganization and integration of G4 and TechTV.



                            COMCAST CORPORATION
                            TABLE 7-B continued
        Reconciliation of Net Income to Free Cash Flow (Unaudited)
               (dollars in millions, except per share data)

                                                  Three Months Ended
                                                     December 31,
                                                2004              2003
                                                   per share         per share
                                               $      (2)        $      (2)
    Net Income as reported                   $423    $0.19     $383    $0.17
      Discontinued Operations, net of tax       -        -        -        -
      Non-operating items, net of tax (1)    (344)   (0.15)    (192)   (0.09)
    Net Income (Loss) as adjusted             $79    $0.04     $191    $0.08

    Items to reconcile net income (loss)
      as adjusted to Operating Cash Flow:
        Depreciation and amortization       1,275     0.57      978     0.43
        Interest expense                      457     0.21      439     0.19
        Income tax expense (benefit)          175     0.07      112     0.06
    Operating Cash Flow                    $1,986    $0.89   $1,720    $0.76

                                                 2004             2003
    Operating Cash Flow                    $1,986   $1,986   $1,720   $1,720
    Less:
      Interest, net (3)                      (420)    (420)    (435)    (435)
      Cash Paid for Income Taxes              (16)     (16)     (28)     (28)
      Change in Operating Assets and
       Liabilities, net of
        acquisitions (4)                     (220)             (678)
      Other (5)                               165              (244)
    Net Cash Provided by Operating
     Activities                            $1,495              $335
        Less: Capital Expenditures                  (1,050)           (1,068)
    Free Cash Flow                                    $500              $189


                            COMCAST CORPORATION
                            TABLE 7-B continued
        Reconciliation of Net Income to Free Cash Flow (Unaudited)
               (dollars in millions, except per share data)

                                                 Twelve Months Ended
                                                     December 31,
                                                 2004              2003
                                                  per share         per share
                                               $      (2)       $      (2)
    Net Income as reported                   $970    $0.43   $3,240    $1.44
      Discontinued Operations, net of tax       -        -    3,458    (1.53)
      Non-operating items, net of tax (1)    (497)   (0.22)     110    $0.04
    Net Income (Loss) as adjusted            $473    $0.21    ($108)  ($0.05)

    Items to reconcile net income (loss)
      as adjusted to Operating Cash Flow:
        Depreciation and amortization       4,623     2.05    4,438     1.97
        Interest expense                    1,876     0.83    2,018     0.89
        Income tax expense (benefit)          559     0.26       44     0.02
    Operating Cash Flow                    $7,531    $3.35   $6,392    $2.83

                                                 2004              2003
    Operating Cash Flow                    $7,531   $7,531   $6,392   $6,392
    Less:
      Interest, net (3)                    (1,729)  (1,729)  (2,062)  (2,062)
      Cash Paid for Income Taxes             (205)    (205)     (95)     (95)
      Change in Operating Assets and
       Liabilities,
       net of acquisitions (4)               (331)             (380)
      Other (5)                               664            (1,001)
    Net Cash Provided by Operating
     Activities                            $5,930            $2,854
        Less: Capital Expenditures                  (3,660)           (4,161)
    Free Cash Flow                                  $1,937               $74


    (1)  Detail of non-operating items:
                                                    Three Months Ended
                                                       December 31,
                                               2004             2003
                                                 per share         per share
                                              $      (2)       $      (2)
          Investment (income) expense -
           mark to market adjustments
           on trading securities, derivatives
           and hedged items, net           ($143)  ($0.06)  ($272)  ($0.12)
          Investment (income) - gain
           on sales and exchanges of
           investments                        (9)       -      (1)       -
          Investment expense - investment
           impairment losses (6)               6        -       2        -
          All other, net (7)                (383)   (0.18)    (24)   (0.01)
           Total non-operating items        (529)   (0.24)   (295)   (0.13)
          Tax Effect                         185     0.09     103     0.04
           Non-operating items,
            net of tax                     ($344)  ($0.15)  ($192)  ($0.09)


                                                  Twelve Months Ended
                                                      December 31,
                                                 2004             2003
                                                   per share         per share
                                              $       (2)       $      (2)
          Investment (income) expense -
           mark to market adjustments
           on trading securities, derivatives
           and hedged items, net            ($283)   ($0.13)   $206    $0.09
          Investment (income) - gain
           on sales and exchanges of
           investments                        (45)    (0.02)    (28)   (0.01)
          Investment expense - investment
           impairment losses (6)               16      0.01      72     0.03
          All other, net (7)                 (452)    (0.20)    (80)   (0.03)
           Total non-operating items         (764)    (0.34)    170     0.08
          Tax Effect                          267      0.12     (60)   (0.04)
           Non-operating items, net of
            tax                             ($497)   ($0.22)   $110    $0.04

    (2)  Diluted weighted average shares outstanding for the three and
         twelve months ended December 31, 2004  were 2.228 billion and 2.250
         billion, respectively.  Diluted weighted average shares outstanding
         for the three and twelve months ended December 31, 2003, were 2.269
         billion and 2.256 billion, respectively.

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

    (4)  Included in the twelve months ended December 31, 2004, is a $591
         million income tax refund received in the second quarter and the
         fourth quarter of 2004.

    (5)  Includes non-cash expense included in Operating Cash Flow (such as
         equity compensation), cash proceeds from the sale of trading
         securities ($127 million in 4Q04 and $680 million year-to-date 2004
         primarily related to Liberty Media and Liberty Media International
         shares and $85 million year-to-date 2003 related to Sprint shares),
         cash related to other (income) expense, dividends, legal reserve
         adjustment and the net effect of changes in accrued income taxes.
         2003 includes a cash payment of $850 million for income taxes
         associated with the sale of QVC.

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

    (7)  Includes investment, interest and dividend income, equity in
         net (income) losses of affiliates, other (income) expense (including
         a $250 million legal reserve adjustment) and minority interest.

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