Comcast Reports Fourth Quarter and Year End 2005 Results
February 2, 2006 - 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,
                                           2005    2004    2005     2004
    Revenues                              $5,716  $5,235  $22,255  $20,307

         Operating expenses                2,061   1,962    7,969    7,462
         Selling, general and
          administrative expenses          1,500   1,287    5,793    5,314
                                           3,561   3,249   13,762   12,776
    Operating Cash Flow                    2,155   1,986    8,493    7,531

         Depreciation expense                951     940    3,630    3,420
         Amortization expense                311     335    1,173    1,203
                                           1,262   1,275    4,803    4,623
    Operating Income                         893     711    3,690    2,908

    Other Income (Expense)
         Interest expense                   (462)   (457)  (1,796)  (1,876)
         Investment income, net               53     241       89      472
         Equity in net losses of
          affiliates                         (25)    (22)     (47)     (88)
         Other income (expense)                5     312      (56)     394
                                            (429)     74   (1,810)  (1,098)
    Income before Income Taxes
     and Minority Interest                   464     785    1,880    1,810

    Income tax expense                      (319)   (360)    (933)    (826)

    Income Before Minority Interest          145     425      947      984

    Minority interest                        (12)     (2)     (19)     (14)

    Net Income                              $133    $423     $928     $970


       Net Income per common share         $0.06   $0.19    $0.42    $0.43

    Basic weighted average number of
     common shares                         2,169   2,218    2,197    2,240

    Diluted weighted average number of
     common shares                         2,179   2,229    2,208    2,250



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


                                                 December 31,     December 31,
    ASSETS                                           2005              2004

      CURRENT ASSETS
            Cash and cash equivalents                 $693              $452
            Investments                                148             1,555
            Accounts receivable, net                 1,060               959
            Other current assets                       693               569
                Total current assets                 2,594             3,535

      INVESTMENTS                                   12,682            12,812

      PROPERTY AND EQUIPMENT, net                   18,769            18,711

      FRANCHISE RIGHTS                              51,090            51,071

      GOODWILL                                      14,218            14,020

      OTHER INTANGIBLE ASSETS, net                   3,160             3,851

      OTHER NONCURRENT ASSETS, net                     633               694
                                                  $103,146          $104,694

    LIABILITIES AND STOCKHOLDERS' EQUITY

      CURRENT LIABILITIES
            Accounts payable and accrued
             expenses related to trade
             creditors                              $2,033            $2,041
            Accrued expenses and other
             current liabilities                     2,545             2,735
            Deferred income taxes                        2               360
            Current portion of long-term debt        1,689             3,499
                Total current liabilities            6,269             8,635

           LONG-TERM DEBT, less current portion     21,682            20,093

      DEFERRED INCOME TAXES                         27,370            26,815

      OTHER NONCURRENT LIABILITIES                   6,949             7,261

      MINORITY INTEREST                                657               468

      STOCKHOLDERS' EQUITY                          40,219            41,422
                                                  $103,146          $104,694



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

                                                       Twelve Months Ended
                                                          December 31,
                                                     2005               2004

     OPERATING ACTIVITIES
         Net cash provided by operating activities  $4,922             $5,930


     FINANCING ACTIVITIES
       Proceeds from borrowings                      3,978              1,030
       Retirements and repayments of debt           (2,706)            (2,323)
       Repurchases of common stock and
        stock options                               (2,313)            (1,361)
       Issuances of common stock                        93                113
       Other, net                                       15                 25

         Net cash used in financing activities        (933)            (2,516)


     INVESTING ACTIVITIES
       Capital expenditures                         (3,621)            (3,660)
       Proceeds from sales and
        restructuring of investments                   861                228
       Purchases of investments                       (306)              (156)
       Acquisitions, net of cash acquired             (199)              (296)
       Cash paid for intangible assets                (281)              (615)
       Purchases of short-term
        investments, net                               (86)               (13)
       Proceeds from settlement of
        contract of acquired company                     -                 26
       Other, net                                     (116)               (26)

         Net cash used in investing activities      (3,748)            (4,512)


     INCREASE (DECREASE) IN CASH AND
      CASH EQUIVALENTS                                 241             (1,098)

     CASH AND CASH EQUIVALENTS,
      beginning of period                              452              1,550

     CASH AND CASH EQUIVALENTS, end of period         $693               $452



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

                                                Three            Twelve
                                             Months Ended      Months Ended
                                             December 31,      December 31,
                                            2005     2004     2005     2004
     Operating Cash Flow                   $2,155   $1,986   $8,493   $7,531
     Interest, Net (2)                        410      420    1,653    1,729
     Cash Paid for Income Taxes (3)           178       16      653      205
     Capital Expenditures                     868    1,050    3,621    3,660
     FREE CASH FLOW                          $699     $500   $2,566   $1,937


     Changes in Working Capital and Other
      Items (4)                              (585)     (55)  (1,265)     333

     Net Cash Provided by Operating
      Activities Less Capital
      Expenditures                           $114     $445   $1,301   $2,270


     (1) Free Cash Flow (as presented above) is defined as Operating Cash Flow
     less net interest, cash paid for income 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, acquisitions and investments.  Cash payments for intangible
     assets include long-term technology license agreements including computer
     software and long-term contract rights to service multi-dwelling
     properties. For the twelve months ended December 31, 2005, cash payments
     for intangible assets of $281 million included licenses and software
     intangibles of $174 million and multiple dwelling unit contracts of $68
     million.  For the twelve months ended December 31, 2004, cash payments
     for intangible assets of $615 million included a long-term strategic
     license agreement with Gemstar of approximately $250 million, other
     licenses and software intangibles of $161 million and multiple dwelling
     unit contracts of $177 million.  For the twelve months ended December 31,
     2005, cash payments for acquisitions and investments totaling $505
     million included MGM Inc., Liberate Technologies, and MetaTV.  In 2004,
     cash payments for acquisitions and investments totaling $452 million
     primarily related to the acquisition of TechTV.

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

     (3) Cash paid for income taxes excludes $490 million related to AT&T
     Broadband income taxes and related interest, net of estimated tax
     benefit.

     (4) Free Cash Flow excludes amounts necessary to reconcile Free Cash Flow
     to "Net Cash Provided by Operating Activities Less Capital Expenditures."
     For the twelve months ended December 31, 2005, this amount includes $994
     million in cash payments for liabilities incurred as part of the
     acquisition of AT&T Broadband, including $220 million in payments
     representing our share of the settlement payments related to certain AT&T
     litigation and $557 million related to AT&T Broadband income tax related
     payments.  For the twelve months ended December 31, 2004, this amount
     includes proceeds of $680 million related to the exchange/sale of Liberty
     Media and Liberty Media International stock and income tax refunds of
     $591 million offset by $515 million in cash payments for liabilities
     recorded as part of the acquisition of AT&T Broadband.  For the three
     months ended December 31, 2005, this amount includes $576 million in cash
     payments for liabilities incurred as part of the acquisition of AT&T
     Broadband including $557 million related to AT&T Broadband income tax
     related payments.  For the three months ended December 31, 2004, this
     amount includes $244 million in cash payments for liabilities recorded as
     part of the acquisition of AT&T Broadband.



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

                                                         Corporate and
                                            Cable   Content  Other
                                            (2)       (3)     (4)    Total
    Three Months Ended December 31, 2005
    Revenues                               $5,408    $235     $73   $5,716
    Operating Cash Flow                    $2,172     $35    ($52)  $2,155
    Operating Income (Loss)                  $967     ($8)   ($66)    $893
    Operating Cash Flow Margin              40.2%   15.0%      NM    37.7%
    Capital Expenditures (5)                 $849      $5     $14     $868

    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

    Twelve Months Ended December 31, 2005
    Revenues                              $21,158    $919    $178  $22,255
    Operating Cash Flow                    $8,458    $283   ($248)  $8,493
    Operating Income (Loss)                $3,860    $128   ($298)  $3,690
    Operating Cash Flow Margin              40.0%   30.8%      NM    38.2%
    Capital Expenditures (5)               $3,567     $16     $38   $3,621

    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


    (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 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, OLN, G4 and AZN
    Television.

    (4) Corporate and Other includes Comcast-Spectacor, Corporate
    activities and all other businesses not presented in the Cable or
    Content segments and elimination entries.  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:

                                                              FY       FY
                                             4Q05    4Q04    2005     2004
    New Service Offerings
        Customer Premise Equipment (CPE)     $460    $523  $1,876   $1,545
        Scalable Infrastructure               197     178     837      561
                                              657     701   2,713    2,106
    Recurring Capital Projects
        Line Extensions                        75      86     303      311
        Support Capital                        72      93     286      303
                                              147     179     589      614

    Upgrades                                   45     164     265      902
    Total                                    $849  $1,044  $3,567   $3,622

    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).  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).  Upgrades include
    costs to enhance or replace existing fiber/coaxial cable networks,
    including recurring betterments.



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

                                           Three Months    Twelve Months
                                               Ended          Ended
                                            December 31,    December 31,
                                           2005    2004    2005     2004

    Revenues:
    Video (3)                             $3,426  $3,242  $13,635  $12,897
    High-Speed Internet                    1,059     855    3,986    3,124
    Phone                                    173     173      687      701
    Advertising                              368     369    1,359    1,287
    Other (4)                                212     185      811      666
    Franchise Fees                           170     163      680      646
    Total Revenues                        $5,408  $4,987  $21,158  $19,321

    Programming Expense                                    $4,371   $4,149

    Operating Cash Flow                   $2,172  $1,974   $8,458   $7,473
    Operating Income                        $967    $771   $3,860   $3,098
    Operating Cash Flow Margin             40.2%   39.6%    40.0%    38.7%
    Capital Expenditures                    $849  $1,044   $3,567   $3,622
    Operating Cash Flow, Net of Capital
     Expenditures                         $1,323    $930   $4,891   $3,851
    Capital Expenditures per Basic
     Subscriber                                              $166     $168
    Capital Expenditures per Revenue
     Generating Unit                                          $87      $94


                                               4Q05        4Q04        3Q05
    Video
    Homes Passed (000's)                      41,600      40,800      41,400
    Basic Subscribers (000's)                 21,449      21,561      21,409
    Basic Penetration                          51.5%       52.8%       51.8%
    Quarterly Net Basic Subscriber
     Additions (000's)                            40          60         (46)

    Digital Subscribers (000's)                9,789       8,656       9,447
    Digital Penetration                        45.6%       40.1%       44.1%
    Quarterly Net Digital Subscriber
     Additions (000's)                           342         251         307
    Digital Set-Top Boxes                     15,052      12,960      14,398

    Monthly Average Video Revenue per
     Basic Subscriber                         $53.29      $50.19      $52.98
    Monthly Average Total Revenue per
     Basic Subscriber                         $84.12      $77.24      $82.70

    High-Speed Internet
    "Available" Homes (000's)                 41,249      40,010      40,980
    Subscribers (000's)                        8,520       6,994       8,142
    Penetration                                20.7%       17.5%       19.9%
    Quarterly Net Subscriber Additions
     (000's)                                     378         438         437
    Monthly Average Revenue per
     Subscriber                               $42.39      $42.06      $42.88

    Phone
    "Available" Homes (000's) (5)             21,378      10,437      16,524
    Subscribers (000's)                        1,321       1,223       1,242
    Penetration                                 6.2%       11.7%        7.5%
    Quarterly Net Subscriber Additions
     (000's)                                      79          10          12
    Monthly Average Revenue per
     Subscriber                               $45.19      $47.30      $46.03

    Total Revenue Generating Units
     (000's)  (6)                             41,079      38,434      40,240
    Quarterly Net Additions                      839         759         710


    (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 includes the results of the
    30,000 cable subscribers acquired from US Coastal Cable in April 2004.
    Pro forma subscriber data also includes 85,000 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) Available homes includes circuit switched and Comcast Digital Voice
    homes.

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


                             COMCAST CORPORATION
                                   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, has been defined as Operating Cash Flow less net interest, cash paid for income 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 and other non-current 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. Beginning in 2006, we are changing the definition of Free Cash Flow to mean "Net Cash Provided by Operating Activities From Continuing Operations" (as stated in our Consolidated Statement of Cash Flows) reduced by capital expenditures and cash paid for intangible assets; and increased by any payments related to certain non-operating items, net of estimated tax benefits (such as income taxes on investment sales, and non-recurring payments related to income tax and litigation contingencies of acquired 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
     Reconciliation of Historical and Pro Forma Data by Business Segment
                               (Unaudited) (1)
                            (dollars in millions)


                                      Historical
                                                             Adjustments (1)

                                            Corporate          Corporate
    Three Months Ended                        and                 and    Pro
    December 31, 2004         Cable  Content Other  Total  Cable Other  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

                                            Corporate          Corporate
    Twelve Months Ended                       and                 and    Pro
     December 31, 2004        Cable  Content Other  Total  Cable Other  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



                           Reconciliation of Operating Cash Flow to Free Cash
                                            Flow (Unaudited)
                                         (dollars in millions)


                                                 Three Months Ended
                                                     December 31,
                                                2005               2004

    Operating Cash Flow                    $2,155   $2,155   $1,986   $1,986
    Less:
       Interest, net (2)                     (410)    (410)    (420)    (420)
       Cash Paid for Income Taxes            (178)    (178)     (16)     (16)
       Change in Operating Assets and
        Liabilities,
        net of acquisitions                  (693)             (220)
       Other (3)                              108               165
    Net Cash Provided by Operating
     Activities                              $982            $1,495
        Less:  Capital Expenditures                   (868)           (1,050)
    Free Cash Flow                                    $699              $500


                                                 Twelve Months Ended
                                                     December 31,
                                                 2005              2004

    Operating Cash Flow                    $8,493   $8,493   $7,531   $7,531
    Less:
       Interest, net (2)                   (1,653)  (1,653)  (1,729)  (1,729)
       Cash Paid for Income Taxes            (653)    (653)    (205)    (205)
       Change in Operating Assets and
        Liabilities,
        net of acquisitions                (1,022)             (331)
       Other (3)                             (243)              664
    Net Cash Provided by Operating
     Activities                            $4,922            $5,930
        Less:  Capital Expenditures                 (3,621)           (3,660)
    Free Cash Flow                                  $2,566            $1,937




                  Reconciliation of 2006 Outlook (Unaudited)
                            (dollars in millions)

                                 CONSOLIDATED

                           Year Ended                      As
                        December 31, 2005   FAS123R (4)  Adjusted    Outlook
    Reconciliation of
     Operating Income to
     Operating Cash Flow:
      Operating Income             $3,690     ($166)     $3,524
      Depreciation and
       Amortization                 4,803          -      4,803
      Operating Cash Flow          $8,493     ($166)     $8,327     Growth
                                                                  between
                                                                   9 - 10%

    Reconciliation of Net
     Cash Provided by
     Operating Activities
     to Free Cash Flow:
      Net Cash provided
       by Operating Activities     $4,922
      Capital Expenditures         (3,621)
      Cash Paid for Intangible
       Assets                        (281)
        Payments related
         to AT&T Broadband
         litigation            220
        Income Tax Payments
         related to AT&T
         Broadband             557
        Tax Payments on
         Investment
         Sales                 431
        Less: Tax Benefit     (146)
      Non-Operating Items,
       net of tax                   1,062
      Free Cash Flow *              $2,082  Conversion of between 25% to 30%
                                            of Operating Cash Flow


                                    CABLE
                                 Year Ended                   As
                             December 31, 2005 FAS123R (4) Adjusted  Outlook

    Reconciliation of Operating
     Income to Operating
     Cash Flow:
      Operating Income              $3,860       ($117)      $3,743
      Depreciation and Amortization  4,598            -       4,598
      Operating Cash Flow           $8,458       ($117)      $8,341   Growth
                                                                    between
                                                                   10 - 11%

    Reconciliation of Net Cash
     Provided by Operating
     Activities to Free Cash Flow:
      Net Cash provided by
       Operating Activities
      Capital Expenditures
      Cash Paid for Intangible Assets
        Payments related to AT&T
         Broadband litigation
        Income Tax Payments related
         to AT&T Broadband
        Tax Payments on Investment
         Sales
        Less: Tax Benefit
      Non-Operating Items, net of tax
      Free Cash Flow *

    * Free Cash Flow Definition Beginning in 2006 (see table 7)

    (1) 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.  There were no pro forma
        adjustments to the three and twelve months ending December 31, 2005.
        Minor differences may exist due to rounding.

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

    (3) Includes non-cash interest expense included in Operating Cash Flow,
        cash related to other (income) expense, dividends, and the net effect
        of changes in accrued income taxes.

    (4) The impact of Operating Cash Flow for 2005, under the provisions of
        SFAS No. 123 (predecessor to SFAS No. 123R), is an incremental expense
        of approximately $166 million, including $117 million at Comcast
        Cable.


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

                              Three Months Ended       Twelve Months Ended
                                 December 31,              December 31,
                              2005         2004         2005         2004
                            $     EPS    $     EPS    $     EPS    $     EPS
    Net Income             $133  $0.06  $423  $0.19  $928  $0.42  $970  $0.43

    Adjustments:
      Investment income     (53)        (241)         (89)        (472)
      Other income (expense) (5)        (312)          56         (394)
      Tax effect of
       adjustments (at 40%)
       and refinement of
       effective tax rate   111          221           13          346

    Adjusted Net Income(1) $186  $0.09   $91  $0.04  $908  $0.41  $450  $0.20


    (1) Adjusted Net Income excludes Investment Income and Other Income (as
    presented in our Consolidated Statement of Operations), net of a 40%
    income tax rate and excludes in the fourth quarter of 2005 a refinement to
    our effective tax rate.



              Reconciliation of 2005 Content Segment (Unaudited)
                            (dollars in millions)

                                             Three Months Ended
                                                December 31,
                                     2005           2004      Growth %
    Content Operating Cash Flow       $35            $57        (37.9%)
    NHL impact                        (22)             -            NM
    Content excluding NHL             $57            $57          1.2%

                                             Twelve Months Ended
                                                December 31,
                                     2005           2004      Growth %
    Content Operating Cash Flow      $283           $265          7.0%
    NHL impact                        (22)             -            NM
    Content excluding NHL            $305           $265         15.3%


 Reconciliation of Operating Cash Flow excluding Hurricane Impact (Unaudited)
                            (dollars in millions)

                                            Three Months Ended
                                               December 31,
                                     2005           2004      Growth %
    Cable Operating Cash Flow      $2,172         $1,974         10.1%
    Hurricane impact                   48              9            NM
    Cable excluding hurricane
     impact                        $2,220         $1,983         11.9%
    Content                            35             57        (37.9%)
    Other                             (53)           (44)        18.1%
    Total Comcast excluding
     hurricane impact              $2,202         $1,996         10.3%


                                            Twelve Months Ended
                                                December 31,
                                     2005           2004      Growth %
    Cable Operating Cash Flow      $8,458         $7,473         13.2%
    Hurricane impact                   60             20            NM
    Cable excluding hurricane
     impact                        $8,518         $7,493         13.7%
    Content                           283            265          7.0%
    Other                            (249)          (204)       (21.7%)
    Total Comcast excluding
     hurricane impact              $8,552         $7,554         13.2%



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

                                                          December 31,
                                                     2005              2004
    Current portion of long-term debt               $1,689            $3,499
    Long-term debt                                  21,682            20,093
    Total Debt                                     $23,371           $23,592
    Exchangeable Debt                                   46             1,699
    Debt excluding exchangeables                   $23,325           $21,893

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