EXECUTIVE COMPENSATION

COMPENSATION DISCUSSION AND ANALYSIS This discussion and analysis describes our executive compensation philosophy, process, plans and practices and gives the context for understanding and evaluating the more specific 2018 compensation information for our NEOs contained in the tables and related disclosures that follow. Our NEOs for 2018 were as follows: • Brian L. Roberts, Chairman and Chief Executive Officer • Michael J. Cavanagh, Chief Financial Officer • Stephen B. Burke, Chief Executive Officer of NBCUniversal • David L. Cohen, Senior Executive Vice President • David N. Watson, Chief Executive Officer of Comcast Cable Executive Summary We are a global media and technology company with three primary businesses, Comcast Cable, NBCUniversal and Sky. • Comcast Cable is one of the leading providers of high-speed internet, video, voice and security and automation services to residential customers under the XFINITY brand; we also provide these and other services to business customers, sell advertising and have a wireless voice and data service, known as Xfinity Mobile, through our mobile virtual network operator rights with Verizon Wireless. • NBCUniversal operates a diversified portfolio of cable networks, the NBC and Telemundo broadcast networks, television studio production operations, television station groups, Universal Pictures and Universal Parks and Resorts. • Sky, which we acquired in the fourth quarter of 2018, is a leading media and entertainment company in Europe. Sky’s direct-to-consumer business provides video, internet, voice and wireless phone services, and its content business operates entertainment and sports networks and the Sky News broadcast network. Our Board credits the leadership of Mr. Brian L. Roberts and our other NEOs for working cohesively to effectively manage Comcast, for fostering our entrepreneurial and innovative workplace culture while maintaining our commitment to act with integrity and respect and give back to the communities in which we operate, for Comcast achieving strong performance over the past several years and for their strategic vision. We have a deep-rooted strategic focus on long-term growth, which we have achieved in part by executing on a series of pivotal transactions. We acquired AT&T Broadband in 2002, more than doubling our then size, and NBCUniversal in 2011, adding scale in media and in content creation. This past year marked another transformative moment, with our acquisition of Sky, which significantly strengthened our global footprint. We funded the acquisition of Sky with debt to avoid dilution for our shareholders and have paused our common stock repurchase program in 2019 to accelerate the reduction of our indebtedness. Our financial and operational performance in 2018 was strong, including our generating record free cash flow, as described in “2018 Business Highlights” below. Our longer-term stock performance over each of the last three-, five- and ten-year periods has outperformed our entertainment/media and transmission/distribution peers in most instances. In any short-term period, our stock performance may be affected by various uncertainties, including the emergence of new technologies for the distribution and viewing of content, changing regulatory requirements and shifting competitive environments in our industries toward fewer, larger and more global companies. Weighing on our stock performance in the first half of 2018 were uncertainties regarding our consideration of significant strategic steps toward becoming a stronger leader in entertainment and technology. Our stock performance in the latter half of 2018 and in the first quarter of 2019, however, has since rebounded, significantly outperforming each of our peer groups. Our Board values and rewards our NEOs for thinking strategically and pursuing strategic pivotal transactions for our overall long-term growth prospects. Our NEOs are responsible for managing a more complex and uniquely diversified company than many of our peer companies and for helping to shape the future of media and technology in the United States and globally. In designing a compensation program for our NEOs, we start by evaluating our businesses’ objectives and take into account the diversified nature of our businesses and complexity in managing them in tailoring our compensation program toward furthering these

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