2007 Comcast Annual Meeting of Shareholders on May. 23. 2007 / 9

FINAL TRANSCRIPT

CMCSA - 2007 Comcast Annual Meeting of Shareholders

Event Date/Time: May. 23. 2007 / 9:00AM ET

www.streetevents.com Contact Us

CORPORATE PARTICIPANTS David L. Cohen Comcast Corporation - EVP Brian L. Roberts Comcast Corporation - Chairman and CEO Charles Rothy ComputerShare Trust Company - Judge of Elections

CONFERENCE CALL PARTICIPANTS Jean Gardner - Representative for Miss Evelyn Y. Davis, Shareholder Catherine Nefaro - Representative for Richard Dee, Shareholder Dan Nielsen - United Methodist Church General Board of Pension and Health Benefits Tony Daley Communication Workers of America - CWA Members Relief Fund John Miller IBEW Local 827, New Jersey - President & Business Manager Josh Reisman - Shareholder Marge Krueger Communication Workers of America - Administrative Assistant Jim Voye International Brotherhood of Electrical Workers - Director of Research and Corporate Affairs Kevin Bielis - Shareholder Chris Smith Amalgamated Bank LongView Collective Investment Fund - Representative David Gannon American Brotherhood of Carpenters and Joiners - Representative Reverend Dr. Calvin Morris Community Renewal Service - Executive Director Roslyn Spiegel Philadelphia Jewish Labor Committee - Executive Director Hilary Woodock Reverend Andrew Poker Linda Lotz Board of National Organization - Interfaith Worker Justice - Chairwoman Harry Arnold Communication Workers of America, Local 13000 - Organizer

www.streetevents.com Contact Us 1

Caesar Ladelle Comcast - Maintenance Technician Javit Greeshy Comcast - Line Technician Rabbi Rave Solof - Shareholder Conrado Montano Comcast - Service Technician Gerry Leonard - Comcast Derek Comfrey Comcast - Service Technician Willy Coolie Comcast - Service Technician Nigel Laureals Comcast - Technician James Wilson Comcast - Technician Jose Hill Comcast - Technician Beckla Scott Comcast - Retired Technician Tom Hubeck Comcast - Shareholder Robert Fisbolinski International Brotherhood of Electrical Workers - Representative Yona Komatchodime Communications Workers of America, Local 9415 - Representative Rich Spieler IBEW Local 827 - Business Agent Daniel Brook - Shareholder

PRESENTATION David L. Cohen - Comcast Corporation - EVP Good morning, everyone, welcome to the Comcast's 2007 Annual Meeting of Shareholders, my name is David L. Cohen and I am an Executive Vice President of Comcast Corporation and it's my privilege to serve as the moderator of today's meeting. With me on the stage are Brian L. Roberts, the Chairman and CEO of the company and Arthur R. Block, Senior Vice President, General Counsel and Secretary of the company. Mr. Block will serve as Secretary of the meeting.

In fairness to all of the shareholders and attendants, and in the interest of an orderly meeting, the company has adopted specific rules of conduct for this meeting, including time limitations for each question on the agenda. And those rules of conduct have been distributed so hopefully everyone has them, if you don't just raise your hand and someone will be happy to provide you with a copy.

www.streetevents.com Contact Us 2

Shareholders will have an opportunity to ask general questions after the conclusion of the voting on all matters, and we will make sure that everyone who wants to have an opportunity to be heard will be heard. So we're going to ask, as we bring up the shareholder resolutions, that the comments be limited to the subject of the resolution and then we'll open the floor to any other topics that shareholders might want to discuss at the conclusion of the voting.

Mr. Roberts or I will decide the appropriate company representative to answer a shareholder's question. And just for your frame of reference, we plan on concluding the Annual Meeting no later than 11:00 a.m. and will try and deal with question and answer period to make sure that we abide by that schedule.

So at this time to kick off the meeting it is my pleasure to introduce our Chairman and CEO, Mr. Brian L. Roberts.

Brian L. Roberts - Comcast Corporation - Chairman and CEO Good morning. I'd like to call the meeting to order. And just as a way to begin I'd like to introduce to you our Board of Directors. Starting with Ralph J. Roberts, Founder of the company and Chairman of the Executive and Finance Committee of the Board, Ken Bacon, Sheldon Bonovitz, Ed Breen, Julian Brodsky, Joseph Collins, Mike Cook, Jeff Honickman, Dr. Judith Rodin, Mike Sovern.

I'd also like to introduce just a few folks in management, there are others in attendance, Steve Burke Executive Vice President and Chief Operating Officer of President, Comcast Cable, John Alchin, Co-Chief Financial Officer, Michael Angelakis Executive VP and Co-CFO and I think Larry Salva our Chief Accounting Officer for any accounting issues that might arise.

I'd like to also into in that vein, from Deloitte & Touche, the company's independent auditors, Jim Adams, Advisory Partner, [Greg Soleil] [the client first partner] for Comcast. This meeting now has been called to order pursuant to notice dated March 29, 2007 sent to all Shareholders of Record as of the close of business March 15, 2007. Proxies were solicited on behalf of the Board for this meeting.

Mr. [Charles Rothy], ComputerShare Trust Company, the transfer agent for the company's Class A common stock, has been appointed as Judge of Elections to [count] the votes at this meeting, and any adjournment or postponement thereof. Mr. Rothy has already delivered his Oath of Office. Shareholders of Record on March 15, 2007 in Class A common stock and Class B common stock are entitled to vote in a single class on all matters being voted upon at this meeting. The shareholders of Class A Special common stock will not vote on any matters at this meeting.

For there to be a quorum on each matter to come before this meeting, there must be present, in person or by proxy, shareholders entitled to cast the majority of the votes entitled to be cast in [perspective of the] matter. The Judge of Election has advised us that, based on proxies presented prior to the meeting, a quorum for matter is in attendance.

I have at the meeting copies of the Notice of Meeting, Proxy Statements, Form of Proxy, Affidavit of Mailing. There are also here at the meeting, true and complete lists of all the holder Directors of Class A common stock and Class B common stock, which are arranged in alphabetical order.

The list contains the names, addresses and the number of shares of stock held by each Shareholder of Record at the close of business of the record date. I also have an affidavit to the effect that these lists will be open to examination by any shareholder or shareholder's proxy during this meeting.

The copies of Notice of the Meeting, Proxy Statement, Form of Proxy and Affidavits, as well as an affidavit with respect to the shareholder list will be filed with the minutes of the meeting. So I now declare this meeting duly convened, properly organized and competent to transact business. Later in the meeting, a share vote will be taken by ballot on all matters to be voted upon at the meeting. If you wish to vote by ballot and did not obtain a ballot when you entered the meeting, you may obtain a ballot by contacting one of the ushers.

www.streetevents.com Contact Us 3

So I'd like to now begin by giving a brief report on your company and take us through then the business of the meeting. If you'll follow along, first of all this is our traditional Safe Harbor disclosure you see on the Internet. 2006 was really a fantastic year for Comcast, in fact it may have been one of the most important years in the company's history.

We broke all records in 2006, driven by the strength of the Cable business. Cable revenues increased 12% to over $26 billion, operating cash flow rose 15% to $10.5 billion. This was our sixth straight year, 26 consecutive quarters of double-digit operating cash flow growth. During the year our customers bought 5 million new products, or what we call RGUs, revenue generating units, an increase of nearly 70% since 2005.

We set a strong foundation for growth in 2007, and we believe the future has the potential to even be better. We have real momentum, we continue to innovate, differentiate and grow. The outstanding performance of Cable drove record results for the company. If you look at the consolidated company you can see some of the numbers here. Because of acquisitions, there was Susquehanna, the Adelphia and Time Warner swap, and the acquisition of Adelphia, part of the company, and Houston transactions, we added nearly 3.7 million new video customers.

We have been able to generate strong free cash flow generation, allowing us to repurchase $2.3 billion of our stock each of the last two years. And in the first quarter of 2007 we're off to a great start with our 27th consecutive quarter of double-digit cash flow growth. And we had record net RGU growth, which of course bodes well for the future with 1.8 million RGUs, up 63% in the first quarter alone.

All of this resulted in our being, according to the New York Times' list of most widely held stocks in America, the number one performing stock last year. We ranked, according to the Wall Street Journal, number ten out of the top 50 largest companies in returns over the last ten years. And if you invested with my dad in 1972 and bought 1,000 shares of the stock at the IPO for $7,000 you would have $3.7 million today, nearly a compounded 20% return, double the S&P 500. Last year alone we were up 63.3%. What's really driving the growth is Triple Play. It's changed the entire way we do business, we're no longer just a cable television company, we now have high-speed Internet and [the] Comcast Digital Voice. Together we are able to create a compelling value to the consumer of $99 to introduce products, and the average customer ends up buying $120 to $130 of products per month because of the great value and all of the other optional features.

So not only did we add 5 million new products in 2006, but each of our services, basic cable, digital cable, high-speed Internet and digital voice added more new customers than almost any time in the past. And as we expand the availability of this Triple Play to 85% of our customers or 40 million homes by the end of 2007, we expect that Triple Play will be the gift that keeps on giving.

And we believe that what's driving the television products is superior innovation, whether it's ON DEMAND, High Definition or Digital Video Recorders, we've been using digital to drive new technology and new services to our customers.

We had a 50% increase with 1.9 million digital new customers in 2006 than we did in 2005, and we're going to have way more than that in 2007. At year-end we had 12.7 million or 52% of our video customers now take digital, and after the first quarter that number grew all the way to 55% from 52% in 90 days.

A lot of what's powering digital, as many of you know here in Philadelphia, is the success of our ON DEMAND offerings. What began with only 1,000 plus shows is today nearing 9,000 offerings at any time you the consumer want them. And the take rate and usage rate has been astonishing.

We in now in March, for the first time in the company's history, have 200 million views in one month. The average home now watches something like 27 shows ON DEMAND a month, we had over 2 billion views last 12 months alone, and we continue to increase the breadth and depth of the product with new deals from content providers such as ABC, CBS and NBC, with movies, kids programming, sports programming and big hits such as Desperate Housewives, and Lost, and CSI, and Law & Order, all mostly for free for our customers to enjoy any time they want.

www.streetevents.com Contact Us 4

High Definition is another critical differentiator for Comcast video. Our competitor, Direct TV has been saying their High Definition offering is going to be 150 choices by 2008, our plan is to have over 800 choices at any time, when you sit down to watch TV, you'll have 800, between television channels and ON DEMAND High Definition channels.

We went out and we did a survey, a third party did an independent survey comparing satellite to HD and Comcast to HD for picture quality, and two out of three satellite customers picked Comcast HD as superior in quality. So if we have a better picture and more choices, we think in a great position to capture more and more market share as High Definition takes off in this country.

Our Internet experience, we also want to be the best. We had a record year in 2006, as you can see, with 1.9 million new subscribers. We are finding that over half of our customers in the last several quarters, according to an independent research by comScore, over half of our customers are coming from DSL existing accounts.

That's because we think our product is faster and gives a better experience as the world moves to video on the Internet. We also have Comcast.net, our very successful portal. Today, Comcast High-Speed Internet has more relationships than AOL. In the first quarter alone, we added 563,000 new customers net with the best first quarter ever for our High-Speed Data business.

Our CDV business, as you'll see, 80% of the CDV customers take all three products. We're going to go from 32 million homes available, to 40 million homes available. And that's going to drive results like the first quarter where we had 571,000 to go, as you can see, to be the biggest quarter as we continue to ramp up this business.

Some of you can appreciate that when you started business two years ago and you do 200,000 customers in the entire year, and last week we did 50,000. The amazing pace of how we've had to ramp up our installation capabilities and our service capabilities are something that we're continuing to work on. But these kind of results show that, net-net, it is a product people love and are lining up to buy.

One of the points is that the growth is not over. We're only about 6% or 7% penetrated in CDV, we're 25% or so in High-Speed Internet and 50% or so in video. We think there is a lot of growth ahead, and that we are just at the beginning of the benefit of Triple Play. But another new business that we can go into is the small and medium-size business with its own version of Double or Triple Play.

Like today there is really no competition, if you're a small business owner, to a local phone company. If we can capture the same 20% or more market share of the small phone business that we capture in the commercial business, we believe over the next five years this will be yet another business opportunity in our footprint alone, the Comcast footprint across the country, there are 5 million customers spending $12 million to $15 million on their phone business.

We can come in with High-Speed Internet, in some cases video, and in all cases a better deal on phone. And we hope to be able to launch that business, really in earnest, next year and beyond. Our programming business continues to be very strong and growing and successful.

Here's a list of the channels that we own, I'm not going to go into each but I'll just pick a couple. E! Entertainment, we purchased Walt Disney's share of E! and we now own 100% of E!, we have new talent with Ryan Seacrest from the very successful American Idol host, to help us with E! News and E! special events like the Academy Awards coverage.

We made a similar investment with the Golf Channel, which we also own basically 100%, and with Versus by having sports rights deals with the Golf Channel. Every PGA Tour event on Thursday and Friday for the next 15 years will be on the Golf Channel. For Versus we have the NHL out-of-market coverage, we're the only cable coverage that the NHL has that is national.

We also try to use our Content Division to continue to find innovative ways to grow ON DEMAND, and to really pioneer what's happening in content with that new technology. Two examples would be FEARnet and Sprout. Sprout is a pre-school age

www.streetevents.com Contact Us 5

© 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. FINAL TRANSCRIPT May. 23. 2007 / 9:00AM, CMCSA - 2007 Comcast Annual Meeting of Shareholders children's ON DEMAND service. We got 110 million orders in 2006 and for much of the year it was more popular than any of the Viacom Nickelodeon services or the Disney services ON DEMAND.

That spurred that to get more interest in ON DEMAND, which is going to be great for our customers, and so kids is now a huge category. FEARnet zoomed up to be one of the top five most used ON DEMAND services just by having a category, branding it and it is not even a linear cable channel, just an ON DEMAND channel at this time.

Our content is also part of our differentiation strategy in the local market, and so those of you in Philadelphia are familiar with Comcast SportsNet, but we're doing the same thing now in markets such as San Francisco and New England, where we just bought the RSN part ownership and completed full ownership in Boston.

We announced just this Monday that we're launching one in Portland with the basketball team and now 70% of our footprint we have some form of a regional sports presence. And in over 50% of our footprint we have a major regional sports presence, meaning a professional team on Comcast SportsNet.

So all of this causes us to figure out how to deploy our capital the best. We have had acquisitions on the left and partnership break-ups, we've had investments in the content. and you'll see on the right that we have been able to still repurchase because we think it was a good opportunity to continue to do so, to repurchase shares in the open market.

Last year alone we bought 3% of the stock back, since year-end '03 we've used more than 100% of the company's free cash flow to purchase our stock, while at the same time maintaining, and in most cases in those days, getting upgraded on our debt capacities. But really the stories behind the story are the people who make Comcast happen. We now are up to 90,000 strong.

We have been working hard to, as I mentioned, hire and train more and more field technicians and customer care representatives to keep pace with this amazing growth story. We hired 6,500 net new field and customer care representatives in 2006 and we plan to hire about the same, another 5 to 6,000 in 2007.

We believe our commitment to employees and culture makes Comcast a great place for people to want to work, and we've been singled out by numerous organizations and publications such as the Atlanta Business Chronicle, Boston Business Journal, CableWORLD, Twin Cities Business Journal, Richmond Times, State of Utah, Philadelphia Business Journal as one of the best places to work.

We believe that our company's reputation and future are founded on our touchstones, ethics, quality, flexibility, diversity, enthusiasm and employee focus. Let me pick one of those, diversity, and talk about that for a moment. Our commitment to diversity is woven into everything we do. Nearly 40% of our workforce is diverse.

We also try to have our purchasing, goods and services be from diverse suppliers, I'm proud to say that we purchased over $550 million of goods and services from diverse suppliers, hence being recognized by third-party organizations that support diversity such as DiversityInc Magazine ranked Comcast as one of the top 50 companies for diversity.

Essence Magazine named Comcast as one of the top 25 great places to work, Black MBA Magazine ranked Comcast as one of the top 50 companies for Black MBAs, DiversityBusiness.com ranked Comcast as one of the top 50 companies for multicultural business opportunities, and Hispanic Business Magazine named Comcast as one of the top 50 companies for Hispanics.

While we focus principally on providing services to our customers and you the shareholders and the profitability of the company, we also are deeply rooted to our communities, and our connection and strength derives from those communities. So we want to see the communities prosper and succeed, and to do that we've developed community partnerships that support neighborhoods with a lot of our resources.

www.streetevents.com Contact Us 6

In 2006, we provided more than $100 million of cash and in-kind support to non-profit organizations across the country. We established the Comcast Foundation in June 1999, and since then we've given more than $30 million to non-profit organizations in Comcast communities nationwide.

We work closely with organizations like United Way. In 2006, we completed the most successful United Way campaign in our history with employee participation increasing nearly 80% since 2005. Over the past four years, our campaigns have generated more than $10 million in employee and Comcast Foundation contributions.

Last year during Comcast Cares Day, in one single day, more than 32,000 Comcast employees, friends and family members partnered with more than 300 community organizations in 34 States, to provide more than 192,000 hours of service.

In addition to our national partnership with National Urban League, National Council of La Raza, we partner with City Year and The Partnership for a Drug-Free America, and with many local partners across the country to support and develop leadership through our Leaders and Achievers Scholarship Program. We gave $1,000 scholarships to 1,700 plus high school seniors, and the Emma Bowen Foundation for Minority Interests in Media, and we've had about 51 students be interns and granted $135,000 in scholarships to those.

Lastly, we're proud to call Philadelphia home. We are in the process of generating over 2,000 plus jobs to build [2,400] full-time job equivalents, and nearly $1.4 billion in total economic activities over a two and a half year period to create the Comcast Center.

By spring 2008 more than 2,000 employees will move into this center, it will be the first Philadelphia skyscraper to achieve leadership in energy and environmental design with so-called LEED certification. Conserving resources while balancing energy efficient, low maintenance products for constructions, that will help the center achieve this certification.

Just a few statistics, our new building will have a lighter footprint on the environment, by utilizing underground tanks which capture storm water and can potentially save 192,000 glasses of drinking water, providing 70% shading in the summer through the site positioning and shading devices, reducing the urban heat affect caused by the city's pavement absorbing sun rays.

A water conserving irrigation system will help the center use 52% less water than an average office building, saving some 44,000 gallons of water annually, and by limiting on-site parking and having reduced commuter emissions because of our direct access to mass transit over suburban stations.

2006 was indeed one of the most important and terrific years for the company, but we're off to a great start in 2007, and that's why we like to say it's been Comcastic so far and we hope to keep it that way. Thank you all.

I will now proceed with the business of the meeting. The first two items of business are company proposals. The Board of Directors has recommended that shareholders vote in favor of these two proposals. The first item of business will be the election of Directors, all of our nominees currently serve as Directors. Is there a motion to elect each of the nominees for Director?

Unidentified Company Representative I nominate to elect those Directors (inaudible - microphone inaccessible).

Brian L. Roberts - Comcast Corporation - Chairman and CEO Is there any discussion on this matter? The second order of business will be the proposal to ratify the appointment of Deloitte & Touche, LLC as the company's independent auditors for 2007 fiscal year. Is there a motion to approve this proposal?

www.streetevents.com Contact Us 7

Unidentified Company Representative (inaudible - microphone inaccessible)

Brian L. Roberts - Comcast Corporation - Chairman and CEO Is there any discussion on this matter? The next seven items of business are shareholder proposals. These proposals and the statements for and against their adoption are set forth in a Proxy Statement. The Board has recommended that shareholders vote against each of these proposals.

The first shareholder proposal recommends that the Board take the necessary steps to prevent the company from issuing new stock options. Do we have a motion by Evelyn Y. Davis or her duly authorized representative, to make this proposal?

Jean Gardner - - Representative for Miss Evelyn Y. Davis, Shareholder Good morning. My name is [Jean Gardner] and I'm here today as a duly authorized representative of Miss Evelyn Y. Davis. I move for the adoption of Miss Davis's proposal, set forth on page 18 of the Proxy Statement.

Brian L. Roberts - Comcast Corporation - Chairman and CEO Is there any discussion of this matter? Next is the shareholder proposal requesting that the Board act to separate the offices of the Chairman of the Board and Chief Executive Officer. Do we have a motion from Mr. Richard Dee or his duly authorized representative to approve the proposal?

Catherine Nefaro - - Representative for Richard Dee, Shareholder Good morning. My name is [Catherine Nefaro], I am here once again to represent stockholder Richard Dee and to introduce his proposal. Mr. Dee asked me to thank all of you who voted in its favor.

As most of you know, the proposal calls upon the Comcast Board of Directors to adopt a resolution that would require its present and future Chairmen or Chairwomen, as the case may be, to serve in that capacity only. It would require that a Chair have no management duties, titles or responsibilities.

Mr. Dee believes that what his proposal calls for is absolutely vital to the future success of Comcast, as well as all publicly owned companies. Mr. Dee further believes that far too many of Corporate America's problems stem from efforts by senior executives to concentrate power in themselves.

Such amassing of power is a somewhat recent phenomenon in the history of publicly owned companies, but certainly not a recent phenomenon in the history of nations. Such concentrations of power rarely have proven to be in the best interest of stockholders or citizens.

What conflicts of interest can be more damaging to the interest of stockholders, than those that occur when overseers are allowed to oversee and supervise themselves. When a senior executive is allowed to serve also a company's Chairman or the position is abolished, a crucial link in the successful chain of authority and responsibility is eliminated.

And owners of a company, it's outside stockholders, are deprived of both vital protection against conflicts of interest and a clear and direct channel of communication to the company through its highest ranking stockholder representative. On Mr. Dee's

www.streetevents.com Contact Us 8

© 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. FINAL TRANSCRIPT May. 23. 2007 / 9:00AM, CMCSA - 2007 Comcast Annual Meeting of Shareholders behalf, I again thank those of you who voted in favor of his proposal. And, I thank all of you on my own behalf of the courtesy of your interest and attention. Thank you.

Brian L. Roberts - Comcast Corporation - Chairman and CEO Thank you. Is there any discussion of this matter? Next is the shareholder proposal to require a Sustainability Report. Do we have a motion from a duly authorized representative of the General Board of Pension and Health Benefits of the United Methodist Church to approve the proposal?

Dan Nielsen - - United Methodist Church General Board of Pension and Health Benefits Good morning. My name is Dan Nielsen, and I United Methodist Church General Board of Pension and Health Benefits. It is the belief of an increasing number of investors that the information that can be found in a robust thorough Sustainability Report is material, and provides valuable insights into a company that assist in making well educated investment decisions.

More and more investors are viewing a corporation's environmental and social performance as lead indicators for shareholder returns. Almost 3,700 companies around the world have produced reports addressing social and environmental issues.

In addition to improving transparency and providing useful disclosures to shareholders, a Sustainability Report is a tool that can help drive operational efficiencies, produce cost savings and result in improved competitiveness.

Key components of a Sustainability Report include the company's definition of sustainability, a review of policies and practices related to social, environmental and economic sustainability and a summary of long-term plans to integrate sustainability objectives throughout the company. Performance metrics and future performance goals are also an integral part of a Sustainability Report.

A company's Annual Report provides specific metrics concerning the financial performance of a company such as revenues and profits. It also includes a discussion of the company's performance strategies for the upcoming year.

So too a Sustainability Report should include relevant metrics, such as energy consumption, the amount of waste generated and employee diversity and turnover. A Sustainability Report should also include a discussion of the company's performance in these areas and strategies for improving performance moving forward.

Sustainability is about the long-term health of a company, its employees, investors and the communities in which it conducts its business. Profitability is integral to a company's sustainability, but companies have a responsibility to all of the stakeholders they affect, not only shareholders.

How a company pursues profits is indicative of that company's sustainability. Making relevant information available to shareholders and other stakeholders is a responsibility that all companies have.

Brian L. Roberts - Comcast Corporation - Chairman and CEO Thank you. Is there any discussion at this time? Okay the next is a shareholder proposal requesting that the Board take steps that may be necessary to adopt a recapitalization plan that would provide each share of stock to have one vote per share. Do we have a motion from a duly authorized representative for the Communication Workers of America Members Relief Fund to approve the proposal?

www.streetevents.com Contact Us 9

Tony Daley - Communication Workers of America - CWA Members Relief Fund Yes, we do. Good morning, my name is Tony Daley, I am an Economist in the Research Department of the Communication Workers of America and I'm speaking on behalf of the CWA Members Relief Fund. I ask today that you approve proposal number six to adopt a recapitalization plan that will provide for all Comcast outstanding stock to have one vote per share.

The one share, one vote structure is the epitome of good governance and is widely backed in the investor community. Currently CEO Brian L. Roberts holds one third of the voting power of our company, yet owns slightly less than 3% of the shares outstanding. One share, one vote, this is the policy of the Council of Institutional Investors.

According to CII, the shareowner's right to vote is in violate and should be abridged. The CII is a non-profit association of 130 public labor and corporate pension funds with assets exceeding $3 trillion. In response to our proposal, the company defends the dual-class voting structure by making several arguments. One, it has been this way since the company went public in 1972, and that 92% of AT&T shareholders agreed to dual-class voting in our company when AT&T Broadband was purchased.

Let's remember that a majority of Comcast shareholders have voted in favor of revoking dual-class voting in the last two years. The company makes a second argument that suggests that Mr. Roberts and his father have provided stable leadership, and that the two have been, and will continue to be crucial to the long-term success of our business and position of financial strength.

The company position on dual-class voting suggests that shareholders, if given a full vote, would not agree with that statement. Is there a fear within the company that shareholders would seek to oust the current leadership? Is there an inability on the Board to convince shareholders the Misters Roberts -- of their leadership qualities?

The company makes a third argument. It has had no problem with raising capital. I will not comment on that claim, but it is clear that the stock trades at a discount because of the reduced voting power of the owners of the company.

Logic suggests that the future will not be as bright as the past. Finally the company makes a fourth argument, under Pennsylvania law Mr. Brian Roberts must approve any recapitalization. True. We suggest that Mr. Roberts has the power in his hands to approve corporate governance at our company.

He has the power to remove our company from the ranks of the Corporate Library in terms of good corporate governance. Let me remind you that Comcast received a D from the Corporate Library in terms of corporate governance in the past year, although that was up from an F last year.

Mr. Roberts, your shareholders are owners of this company, they deserve fairness. By denying shareholders one share, one vote, the Board is telling shareholders that their political stake should not reflect their economic stake. The Board is willing to take our money but not share the governance of our company.

Mr. Roberts, we understand your contempt to CWA, but understand us on this issue. We side with the mainstream of American capitalism on this issue. The Corporate Library supports one share, one vote, the CII supports one share, one vote, Proxy Governance supports one share, one vote, Glass Lewis supports one share, one vote.

This is a call to relinquish the super majority rights of the Roberts family, and a call on Mr. Roberts to support the call for shareholder democracy. The one share, one vote structure governs an overwhelming majority of Fortune 500 companies, it should govern our as well. We ask you to vote yes for item number six on the Proxy Card. Thank you, very much.

Brian L. Roberts - Comcast Corporation - Chairman and CEO Is there any discussion on this issue? Next is the shareholder proposal requesting the Board to require a vote on Executive compensation at each future meeting --.

www.streetevents.com Contact Us 10

David L. Cohen - Comcast Corporation - EVP Sir, there is discussion on the last proposal please.

Brian L. Roberts - Comcast Corporation - Chairman and CEO Oh, I'm sorry.

John Miller - IBEW Local 827, New Jersey - President & Business Manager Good morning, my name is [John Miller]. I'm President and Business Manager of IBEW Local 827 in New Jersey. I would like to speak on proposal number six to adopt a recapitalization plan and to amplify the message of Tony Daley from the CWA. This proposal asks for a corporate structure epitomized by the phrase one share, one vote. Currently the company centralizes voting power in the hands of Mr. Roberts.

In this great country of ours shareholders should have voting interest proportionate to their economic interest. Here in our company shareholders who are taking the actual investment risk are marginalized by the voting strength of Mr. Roberts.

This proposal has previously received the majority support of all shareholders, but because Mr. Roberts holds 33% of the voting strength, it was not passed. Comcast investors want change. The Board's perspective on shareholders spills over into how it deals with other stakeholders.

It treats consumers with equal contempt. Comcast has raised rates at three times the rate of inflation over the last ten years. I ask you to go to Google and type the phrase "I hate Comcast." The 1.1 million hits tells us that something is wrong. Comcast is not a well-loved company.

In the latest available customer service rankings, Comcast ranks much lower than any wireline or wireless company, and even lower than the Internal Revenue Service. These rankings compiled by the American Society for Quality for its American Customer Satisfaction Index, the numbers released in spring of 2007 show Comcast below Time Warner and Direct TV.

Union activists have stood before shareholder meetings in past, to argue that the company was making mistakes in the way it was treating employees. It is embarrassing to the company that the Calvert Fund, one of the largest socially responsible investment funds, deleted Comcast from its portfolio in December 2005, because it no longer meets Calvert's standards for workplace practices and labor relations.

This is a call to shareholders and to management, that now is the time for change. Give shareholders equal rights, spend the money so the company can give consumers better service, respect laborers rights. We ask you to vote yes on item number six. Thank you, very much.

Josh Reisman - - Shareholder My name is [Josh Reisman], I've been a shareholder for over 20 years, and I was comfortable buying Comcast knowing that Ralph Roberts owned 80% of the voting shares. I'm comfortable giving my proxy to Brian L. Roberts. I've always been in favor of Comcast as a long-term investment and I still am.

Although in hearing what I just heard, and I'll ask you Mr. Roberts, you don't have to answer it now, but I would request that just in your heart at some future time maybe you do respond, because the people, whether it's the union and its rhetoric or

www.streetevents.com Contact Us 11

© 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. FINAL TRANSCRIPT May. 23. 2007 / 9:00AM, CMCSA - 2007 Comcast Annual Meeting of Shareholders whatever it would be, I'm proud to have Comcast be a Philadelphia based company and I'm very happy with the leadership that you attract.

I can't really speak on the other points, but when I hear that Calvert has taken Comcast off the list, it's not really about money and return on investment. I would just ask that at some point in the future you could respond in a letter maybe to whoever sent it, or somewhere where investors could just get a sense of that.

Because when I see Comcast Cares and a red line through it, it doesn't feel good. And I wonder what's real beyond the rhetoric. So that's really my request, it doesn't have to be now, but it's just something occurred to me when I listened to that. But I thank you again for the stewardship you've had, and Mr. Roberts, as I often tell you, you say it's nice to meet a rich man, it doesn't mean I invested a lot, but it's done very well and I thank you for that.

Brian L. Roberts - Comcast Corporation - Chairman and CEO Thank you.

Josh Reisman - - Shareholder Thank you.

Daniel Brook - - Shareholder My name is [Daniel Brook], I'm a Comcast shareholder, and I'd like to speak in favor of the proposal. I acknowledge that it's unlikely to pass under the current corporate structure and that's unfortunate. Until such time as it does pass, I do have one request. I notice that in Mr. Robert's presentation he referred to Comcast as your company. Until such a resolution as this does pass, I would hope that he would refrain from referring to it as our company until it truly is. Thank you.

Brian L. Roberts - Comcast Corporation - Chairman and CEO Any other discussion of this matter? Next is a shareholder proposal requesting that the Board require a vote on executive compensation in each future Analyst Meeting. Do we have a motion from [John Swansor] or his duly authorized representative to approve this proposal?

Marge Krueger - Communication Workers of America - Administrative Assistant Good morning, to everyone. My name is Marge Krueger, I'm the Administrative Assistant for Vice President, [Jim Schwartz], from the Communication Workers of America, and I am Mr. John Swansor's representative. John is a Comcast employee represented by the CWA in Pittsburgh, as you may know.

I'd like to speak on item number seven as shareholder advisor on pay. We are concerned about compensation at the company. The compensation of the top six named officers increased from $73 million, to $122.8 million, an increase of over 40% between 2005 and 2006.

Now some of this compensation derived from the changed reporting requirements imposed on public companies by the SEC beginning last fall. Not all of it however, is that increase justified. In the Annual Report the company suggests that total shareholder return has outperformed the industry's peer groups since 2001, although it has underperformed the S&P 500 Index since 2001.

www.streetevents.com Contact Us 12

Yet, comparator groups are important. The company compares itself to only four companies in its industry. It does not compare itself to other media or telephone companies. According to the Corporate Library, the company has underperformed the industry by a substantial over five years. The Advisory Vote on pay calls for the submission of the compensation of top executive officers to an annual advisory non-binding vote by shareholders. Such votes give all shareholders a voice on pay.

Such votes encourage meaningful conversations between the Board of Directors and institutional shareholders. The Advisory Vote on pay has been used in the United Kingdom since 2003, and is currently mandated in Australia, the Netherlands and Sweden.

In his testimony before the House Financial Services Committee on March 8, 2007, Professor Stephen M. Davis from the Millstein Center on Corporate Governance at Yale University suggested that the Shareholder Advisory in Britain has been a positive force. A surprisingly broad consensus of corporate directors, shareholders and government in Britain see say on pay acting as a driver of corporate value, making public corporations more competitive and by raising confidence in governance, integrity, lowering risk for investors.

According to Lucien Bebchuk Director of the Corporate Governance Program of the Harvard Law School, "I support the introduction of the say on pay arrangements because they will annually provide companies with valuable information about how their shareholders view company performance."

Companies and investors have found that the Advisory Votes gives all shareholders a voice on pay, and it encourages meaningful conversation between Boards and institutional investors. According to a CFA poll in March 2006, 76% of money managers and financial analysts favor giving investors a non-binding vote on compensation packages.

TIAA, CREF, T. Rowe Price and Walden Asset Management support the Shareholder Advisory Vote. CalSTRS, California Teachers' Retirement System, the New York City Employees Retirement System and Council of Institutional Investors are all on record supporting the Shareholder Advisory.

The two largest proxy advisory services, Institutional Shareholder Services and Glass, Lewis & Company, support the Shareholder Advisory. Aflac Incorporated has voluntarily adopted, to begin in 2009, the Shareholder Advisory. The Economist and the Financial Times, as well as several US newspapers, including the Seattle Post-Intelligencer and the Atlantic Journal Constitution has endorsed the Shareholder Advisory.

A version of this proposal received 75% at Blockbuster on May 10, and 50.18% of the vote at Verizon on May 3. The vast majority of money managers, institutional investors and proxy advisors want a Shareholder Advisory on pay. Please, let's treat shareholders with respect and enable them to vote annually on the level of pay received by the top executives.

I'd like to address now, if I could steal a page out of your book Brian, the wages of people that make things happen at Comcast. In specific, I'd like to talk about the company program called ComTech. This is self-paced, allegedly mirrored face training program in which workers can themselves decide to increase their pay rate. This sounds like a progressive program.

Unfortunately, workers can be fired if they miss training benchmarks, not the same if the Board doesn't make their benchmarks. Right? And the company has refused to negotiate any part of the program when it bargains with the CWA or the IBEW, yet it pertains to wages and working conditions. It should be a mandatory subject of bargaining.

The company uses the programs to tell our members they should be unrepresented or not vote for the union, because union workers don't enjoy the pay benefits of the ComTech program but still do the same work. And just as a quick example for year, unrepresented workers ten miles from our largest location in Pittsburgh are ComTech employees, and they make significantly more than the represented employees.

www.streetevents.com Contact Us 13

Yet, when the region rates all the technicians in the region, a majority of the highest rated technicians are from the CWA-represented units. The only difference is whether they're union or not union. They're doing the same work. They're getting the same benchmarks, yet their pay is significantly lower. And there's no reason that that should happen. This has go to change.

There is no reason that the company needs to fear its employees. Their voice in your company can only make this company better and make more profit. The discrimination against union-represented workers is documented in a history detailed in 2004 in a study entitled No Bargain - Comcast and the Future of workers' right in the Telecommunication by American Rights at Work.

Comcast fired [Will Gadeaux], a long-time employee who is not represented by a union, after he testified before the Oakland city council and a [Networkers'] Rights Board hearing, also in Oakland, on Comcast's violations of workers' rights.

Comcast recently has fired [Rick Scwhartz], a Levittown, PA, employee of Comcast when he did the same work that two other techs did, but the only difference was that he was leading the union organizing drive. The company needs to change its thinking about pay, and it needs to be fair to its stakeholders. We ask that you vote "Yes" on Item 7. Thank you, very much.

Jim Voye - International Brotherhood of Electrical Workers - Director of Research and Corporate Affairs Good morning, Mr. Chairman. My name is Jim Voye. I'm the Director of Research and Corporate Affairs for the International Brotherhood of Electrical Workers, who through our over 300 union-trusteed pension funds, are stockholders in Comcast. And I'm here to make a comment in support of this shareholder proposal.

Mr. Chairman, I question the company's claim in its response in the Proxy Statement to this proposal that you, "Already provide efficient and meaningful methods of communicating with the Board and Compensation Committee that are a much more effective and reliable method of expressing support or criticism of our executive compensation practices, than the advisory vote on the Annual Meeting proxy ballot".

You refer us to Page 3 in the Proxy Statement for a discussion of these efficient and meaningful methods. On Page 3 of the Proxy, it is written that the efficient and meaningful methods of communicating with the Board and Compensation Committee consists of writing a letter to the corporate secretary.

Mr. Chairman, I respectfully submit that relying on unsolicited, sporadic letters from shareholders is, in reality, an effective and reliable method for the Board and Compensation Committee not to engage in a constructive dialog with shareholders, but to ignore shareholder criticism of compensation practices that have lavished well more than $100 million on you and other top Comcast executives over the past five years, while the return to shareholders during that time on a $100 investment was $20.

And the only reason there was a positive return at all was the very good year the company had in 2006. Mr. Chairman, I strongly suspect that the Board and Compensation -- that the Board and Compensation Committee do not pay much attention to shareholder letters criticizing the company's compensation practices. They would however, in our view, pay attention to an advisory vote on a Proxy Ballot that is sent to all shareholders.

Every UK company follows this advisory procedure. A bill is pending in Congress to require it for US companies. Regardless of what happens in Congress, we need it at Comcast. And that's why I urge my fellow shareholders to support this proposal. Thank you.

David L. Cohen - Comcast Corporation - EVP Next is the shareholders' proposal requesting that the Board require a pay differential report. Do we have a motion from [John Granada] or his duly authorized representative to approve this proposal?

www.streetevents.com Contact Us 14

Kevin Bielis - - Shareholder Good morning. My name is [Kevin Bielis]. I'm a worker and a shareholder. I rise to speak on Proposal Number 8 to establish a Board Committee to report on income differential within our company and to amplify the proposal as a representative of Mr. Granada.

I believe that the compensation of top executives in the United States is out of control. We are witnessing a period of increasing income in equity in our great country. According to the Congressional Budget Office, the wealthiest 20% of households account for 53.5% of income generated. I fear our company adds to this differential.

Our company has had a successful -- has had a successful year. How much of that success filtered to the average employee? When the average employee cannot benefit from corporate success, there is something wrong with that business model.

In the mid 1980s, management guru Peter Drucker argued that no CEO should earn more than 20 times the company's lowest paid employee. Drucker believed that the growing differential between CEO and worker pay would damage company cultures and employee productivity. Is it really in the best interest of our company to maintain an income differential in excess of 900 to1 between the CEO and our company?

I would submit that it at least merits an evaluation, but the Board disagrees. It appears argue that this disparity between the top and bottom is good, at least for shareholders. In its opposition to the proposal it writes, both our Board and Compensation Committee believe that our compensation philosophy and the procedures for determining the compensation of our executive officers and all of our employees are in the best interests of our shareholders.

We respectfully disagree. The connection between pay and performance has been broken at our company, at least for employees below the executive grade. The Board makes a second argument in opposition to this proposal. It suggest that shareholders already have information via the compensation discussion and analysis in the Annual Proxy to assess compensation practices.

Again, we respectfully disagree. Nowhere in the proxy is there data on salaries, wages throughout the company, and why the company believes the current structure of compensation is in the best interests of the company and its shareholders.

Finally, the Board makes a third argument. It suggests that preparation of such report would distract us from our business and operations, and would not be in the best interest of our shareholders. Unfortunately, it does not specify why a report that gives shareholders more data would be a distraction. Organizations should always evaluate their operations.

We ask the Board to give shareholders this important information immediately. We ask Comcast shareholders to vote for Item 8 on their Proxy card. Thank you.

David L. Cohen - Comcast Corporation - EVP Any discussion of this matter? The final order of business is a shareholder proposal requesting the Board require political contributions disclosure. Do we have a motion of a duly authorized representative of the Amalgamated Bank LongView Collective Investment Fund to approve the proposal?

Chris Smith - Amalgamated Bank LongView Collective Investment Fund - Representative Thank you, Mr. Chairman. My name is Chris Smith, and I represent Amalgamated Bank's LongView Collective Investment Fund. And as the name implies, LongView Fund is an institutional investor that takes a long-term approach to investment decisions and shareholder value. We look forward to a long relationship with the company for years to come.

www.streetevents.com Contact Us 15

We present to shareholders a proposal asking our Directors to disclose the company's political contributions and payments to tax-exempt organizations including trade associations. The implementation of this proposal will apply to principles of transparency and accountability to corporate spending on political activities.

Such disclosure is consistent with public policy and in the best interest of the company's shareholders. Company executives exercise wide discretion over the use of corporate resources for political activities. These decisions involve political contributions called soft money.

They also involve payments to trade associations and related groups used for political activities that media accounts call the new soft money. Most of these expenditures are not disclosed. In the 2006 election cycle, for example, Comcast and its subsidiaries gave at least $518,300 to so-called 527 organizations. However, its payments to trade associations used for political activities are undisclosed and unknown.

The company maintains that the information covered by this proposal is publicly available, but the trade association funds are not, in fact, publicly disclosed. And the information is not accessible at a single location such as the company's website. In the contracts of the recent scandals associated with lobbyist Jack Abramoff, and charges of campaign contribution violation by members of Congress from both parties, public faith in the transparency and integrity of the political system has badly weakened.

It is essential that shareholders have confidence in how their company's political contributions are determined and that a comprehensive, transparent and accountable disclosure system is in place. Many companies have adopted that political disclosure activities were -- regimen that we're asking for today including Aetna, American Electric Power, DuPont and General Electric.

Absent a system of accountability, corporate executives will be free to use company assets for political objectives that are not shared by or may be in conflict with the interests of the company and its shareholders. The company's Board and its shareholders need complete disclosure to be able to fully evaluate the political use of corporate assets. Transparency and full disclosure are the hallmarks of corporate governance best practices. And we urge shareholders to support the proposal and urge our Board to implement this reform. Thank you.

David L. Cohen - Comcast Corporation - EVP Thank you. Any discussion of this matter? (inaudible)

Unidentified Company Representative Thank you. A share vote will now be taken by ballot on the matters to be voted upon at this meeting. The polls are open. And the holders of Class A common stock or their proxies are requested to mark and sign their ballots with respect to all of the matters being voted upon.

All shareholders and proxies should deliver their ballots to the ushers. If you have already submitted you Proxy Card, your shares will automatically be voted in accordance with your instructions on the Proxy Card. If you wish to vote in person, even if you have previously submitted your Proxy Card, you may do so by contacting an usher.

Does everyone who desires a ballot to vote in person have one? Please mark your ballots and present them to an usher.

If you still have a ballot and have not completed voting, could you please let an usher know? Have all shareholders and proxies who desire to do so had an opportunity to vote? Is there anyone with a ballot who is still voting?

www.streetevents.com Contact Us 16

The polls for each matter are now closed. The Judge of Election will tabulate the ballots. At this time, I'd like to open the floor for questions on any subject relating to the company. Sir?

QUESTIONS AND ANSWERS Unidentified Audience Member Yes. Could you please give us the preliminary vote total for both individual Directors and Shareholder Proposals?

Unidentified Company Representative I think we'll wait until we have the final vote, if that's okay. I think that's been our tradition.

Unidentified Audience Member Will that be during the meeting, or after the meeting?

Unidentified Company Representative We'll announce the results of the vote as soon as the Judge of Election calculates them.

Unidentified Audience Member Okay, good.

Unidentified Company Representative Thank you.

David L. Cohen - Comcast Corporation - EVP To be clear about it though, as in past practice, we will not announce numbers at the meeting. The numbers will be reported in our June 10-Q.

David Gannon - American Brotherhood of Carpenters and Joiners - Representative Thanks Mr. Chairman, fellow shareholders, just a comment. My name is [David Gannon]. I represent the United Brotherhood of Carpenters and Joiners of America and Metropolitan Regional Council. We are committed to long-term investment with the company. We would like to take the time to thank you for continuing to keep our company a strong Philadelphia community member. This commitment to Philadelphia business and our local economy is demonstrated in the heart of our great city.

When it is finished, the Comcast Tower will be the crown jewel of office buildings in the entire city. We appreciate the continued ability of local trades workers to supply their families and the Philadelphia economy through involvement of building your magnificent office tower. Investors should look to our company as a role model for how to decide on investing for their future. A company that returns to the local economy in addition to all our shareholders shows our company's future looks extremely bright. Thank you.

www.streetevents.com Contact Us 17

David L. Cohen - Comcast Corporation - EVP Thank you, very much.

Reverend Dr. Calvin Morris - Community Renewal Service - Executive Director Mr. Chairman, this is an open letter by 100 religious leaders to you. I believe it has already been given to you. My name is Reverend Dr. Calvin Morris. I'm from Chicago, and am Executive Director of Community Renewal Society there. And I'm delighted to have this opportunity to speak to you and to the Board of Comcast.

Our faith traditions affirm the moral right of workers to freedom of association in the work place. As religious leaders, we are deeply concerned about how Comcast lives up to its own code of ethics and credo when its employees seek to exercise their moral right to obtain or maintain union representation, Comcast states that it is, and I quote "respectful of the rights of all of its employees, and in full compliance with applicable laws and regulations".

However -- end of quote. However, we would remind you that what may be legal under current federal labor laws is not necessarily ethical or moral. The Comcast code of ethics and credo holds your company to a higher moral and ethical standard. Comcast opposes the unionization of its workforce. And this attitude is strongly rooted in the company's corporate culture.

Your company refuses to remain neutral and allow your employees to make the decision to choose or maintain union representation, free of company interference or reprisals. Experience shows that Comcast workers who want union representation must be prepared to face the company's ceaseless, and too often, unethical campaign to stay union-free.

Comcast may point to the legalities of its actions to prevent the unionization of its workforce. However, we must question these actions, because they violate the spirit of the laws that grant workers the freedom to obtain union representation. More importantly, we believe it is critical that the company considers the morality as such actions, generally and particularly in the light of its own code of ethics.

We call on Comcast to establish a committee of religious leaders to monitor the company's compliance with its code of ethics and credo, where Comcast are seeking to obtain or maintain union representation. We believe your current provisions for ethical oversight are not working. We stand ready to assist you in developing such a monitoring committee.

Mr. Roberts, my question is, who do we talk to in Comcast's senior management about setting up a meeting to discuss the establishment of the monitoring committee that we are proposing?

Brian L. Roberts. First of all, let me comment on a couple of points you made. We believe Comcast's advisement to our credo and ethics -- are all very proud of the company. We do not have a bias the way you perhaps suggest. We always appreciate the dialog not sure we are going to turn over to an outside committee, the oversight of the company, I don't think that's the process. But, in terms of specific suggestions or recommendations, we will follow up with you with an appropriate person, so that there can be a (inaudible) And so at this moment, you don't have a particular person --?

Brian L. Roberts - Comcast Corporation - Chairman and CEO I'll -- Mr. Cohen volunteered.

David L. Cohen - Comcast Corporation - EVP I will follow up.

www.streetevents.com Contact Us 18

Reverend Dr. Calvin Morris - Community Renewal Service - Executive Director All right.

David L. Cohen - Comcast Corporation - EVP Make sure I know where to reach you, and I will follow up.

Reverend Dr. Calvin Morris - Community Renewal Service - Executive Director Right. Well, thank you very much. We are -- we're concerned because what you say -- what your ethics say actually are very strong. They -- they're impressive. But, what we hear in terms of the way that company responds to workers who are identified as persons who are committed to unionization that you have a -- really a double standard in how you treat such workers, and in fact, sometimes, make it very difficult for those workers to survive. Sometimes, you fire people.

This seems to go against the very ethics that you propose, one that you're dad I think wrote in the very beginning of the company. So, there seems to be some kind of disconnect between what is in your code of ethics, and how you actually relate to workers.

David L. Cohen - Comcast Corporation - EVP Thank you.

Roslyn Spiegel - Philadelphia Jewish Labor Committee - Executive Director Good morning, gentlemen. My name is [Roslyn Spiegel], and I'm the Executive Director of the Philadelphia Jewish Labor Committee. Mr. Roberts, you and your family have engaged in humanitarian activities of all kinds. You've been honored for your humanitarian activities by esteemed Jewish organizations, and your foundation has funded many worthy causes.

There's no doubt about your religious commitments or your moral outlook as expressed by the Comcast code of ethics and the credo. Today as you know, is Shavuot, the Jewish holiday that celebrates The Ten Commandments as given to Moses, upon which Comcast's ethics -- code of ethics is based and most of the rest of our codes of ethics.

I draw your attention to the ninth commandment -- do not testify as false witness against your neighbor. Mr. Roberts, here are my questions. Why would you condone the use of a false witness to discharge a Comcast worker, Mr. Will Gadeaux, by fabricating a customer complaint? The second question is, how does Mr. Gadeaux or any other worker discharged because of the false witness by the company, right this injustice?

Brian L. Roberts - Comcast Corporation - Chairman and CEO It might -- Mr. Gadeaux, Mr. Cohen?

David L. Cohen - Comcast Corporation - EVP Hi, Miss Spiegel, good to see you again.

www.streetevents.com Contact Us 19

Roslyn Spiegel - Philadelphia Jewish Labor Committee - Executive Director Thank you.

David L. Cohen - Comcast Corporation - EVP I've seen you elsewhere, but it's good to see you in the context.

Roslyn Spiegel - Philadelphia Jewish Labor Committee - Executive Director Thank you.

David L. Cohen - Comcast Corporation - EVP I think as a responsible employer, we are a little bit limited as to how we can discuss the specifics of a particular employee. But, we would obviously take issue with the fact that there was any false witness borne against Mr. Gadeaux. The bottom line from the company's perspective is that Mr. Gadeaux was appropriately discharged, based upon his overall performance and having nothing to do with union activity.

And I would note that, unlike sometimes when some of you come here and raise a particular employee complaint that based upon the concern expressed by some people in this room and religious leaders that expressed in a letter to Mr. Roberts, that a high-level investigation initially conducted by our corporate Human Resources department, who under the leadership of Charisse Lillie, our Senior Vice President in the Cable division for Human Resources, who is her today and ultimately reviewed and conducted by me, we have concluded that that discharge of Mr. Gadeaux was appropriate and that there is no injustice that needs to be righted.

And unfortunately, I -- I'm aware -- I've personally read Mr. Gadeaux' entire file. I'm aware of a great many additional specifics, but do not feel at liberty to discuss them with a third -- with third parties in a public forum, because I do not believe, and we do not believe, consistent with the way in which we conduct ourselves as an employer that an individual disciplinary matter and an individual employee's performance should be discussed in such a forum.

Roslyn Spiegel - Philadelphia Jewish Labor Committee - Executive Director Right, and I appreciate that. And I'm -- but it seems that there are a couple of different things here. There's the actual discharge because the customer complained. But in fact, the customer didn't complain. And then, there is his record up to that point.

David L. Cohen - Comcast Corporation - EVP And again, I don't want to discuss all the specifics because it's not appropriate, but the customer complaint was not the basis for the discharge. And that would be an inaccurate characterization of the basis for the discharge.

And I would also note that notwithstanding the current position of the customer, there is significant contrary evidence, which I'm not at liberty to discuss in a public forum, that in -- even though the customer today says that he did not make a phone call and a complaint, there is significant contrary evidence that to -- that may in fact, not have been the case at the time. But, in any event, it was not the basis for the discharge.

www.streetevents.com Contact Us 20

Unidentified Audience Member Can't you ask for another meeting?

Roslyn Spiegel - Philadelphia Jewish Labor Committee - Executive Director I think we've already asked for another meeting.

David L. Cohen - Comcast Corporation - EVP Okay, thank you.

Roslyn Spiegel - Philadelphia Jewish Labor Committee - Executive Director And we look forward to meeting with you. Thank you.

Hilary Woodock Good morning. As a former employee, corporate, of Comcast, it's been interesting this morning listening to people talk about --.

David L. Cohen - Comcast Corporation - EVP Can you give us your name just for the [record]?

Hilary Woodock Sure, it's [Hilary Woodock], and interesting listening to the representatives, stock members in terms of unions and how people are feeling from the union perspective. If I may, at this moment, just speak to a feeling that I have from my perspective of working in corporate and in particular, Comcast is growing very quickly.

And working within the objectives of the year, looking at the road maps that were established at the end of 2006, seeing where those road maps are in 2007 and how competitive and how there's this sense of really needing to get out there and make my objective work, as opposed to us, as a team, making our objectives work.

I have a sense -- or while I was working there, that the concept of what the goals are from the top are not really trickling down to the middle or to below that, that it's more of a -- I need to get my objective done because I need that promotion. I'm not sure if some of this might be tied to whether or not people are feeling that they are being fairly paid.

It wouldn't surprise me if that might be an objective, because like you need that promotion. I need to be the one who seems the star. But, the problem is, is that you have all these stars. And everybody's vying for these resources that are limited. And nothing gets done, or you get a little bit done. But, then you're pulled and you're put over onto this project.

And things aren't being accomplished. So, you look at the road map for 2000 -- for the beginning of 2007. If you look now, where we are in the middle of the year, how many of those objectives that were originally planned, one, were realistic; two, are actually going to be met? I already know of some that have just been pushed aside to 2008. Some were pushed backed to 2008 in February.

www.streetevents.com Contact Us 21

Something's wrong there. I know it's tied to a young -- a company that's growing very quickly. So, my suggestion from experience is that some sort of maturity needs to be added. The company should be mature now, should be going mature, some sort of structure that takes the goals and really communicates them down -- gets people to have to actually tie back to those goals, and makes it so that we can actually accomplish what we start and feel satisfaction, as opposed to butting heads against each other and constantly being competitive.

I know that it's a dynamic industry, but how much time, effort and money was wasted, has been wasted, will be wasted going forward unless some sort of structure is applied? Thanks.

Reverend Andrew Poker Hello. My name is [Reverend Andrew Poker]. I'm a local pastor here in Philadelphia. And I wanted to ask you Mr. Roberts, based on the foundation of the code of ethics by your father in a very different time, a very different place than the current climate of rapidly changing technology and markets, especially as we saw today and you spoke about earlier, of how you view the code of ethics in light of all that, especially how important it is to you? So, if you could speak to that?

Brian L. Roberts - Comcast Corporation - Chairman and CEO First of all, I just want to respond to the previous comment. Look, there's a certain imperfection in business when you have 90,000 people you want to go in all directions at the same time perfectly, and I welcome that comment that we can and need to constantly push ourselves to do better. And due to the code of ethics that's sacrosanct to the company, and it's something that we are focused on and rigorously reviewing, maintaining and trying to abide by.

Reverend Andrew Poker And you have a -- you continue to look at it through time and changing technology, workforce with the rapid growth of 6,000 workers in a year, and that continues to change.

Brian L. Roberts - Comcast Corporation - Chairman and CEO Yes.

Reverend Andrew Poker Okay, thank you.

Linda Lotz - Board of National Organization - Interfaith Worker Justice - Chairwoman Good morning. My name is Linda Lotz. I'm on the Board of the National Organization, Interfaith Worker Justice. We have local chapters in about 50 cities, and many of those overlap with Comcast operations. In addition, many of us are Comcast subscribers.

And so, as we come to look at the tremendous presentation you did this morning, it's clear that you're very -- trying very hard to do the right thing. In presenting the request earlier from Calvin Morris for an ethical panel, Interfaith Worker Justice is supporting this and encourages you to consider it.

www.streetevents.com Contact Us 22

We believe that, in fact, a faith community provides -- is part of the community of stakeholders. In our congregations, we represent -- we work with, provide pastoral services to many of the workers, to many mangers and certainly to even executives and directors.

We see the results when there is worker strife, when workers are not treated well, when workers are being fired in their effort to try to have some respect on the job and to get better salaries and to be able to have union representation.

And so, we wish very much to support the call for an ethical panel. My question to you is, would you agree that the faith community could provide some guidance and support that might help you in addressing your problems with workers that are seeking unions?

David L. Cohen - Comcast Corporation - EVP As I mentioned earlier, I think we're happy to engage in a dialog. We've already had the conversations you just alluded to. And we will follow up.

Linda Lotz - Board of National Organization - Interfaith Worker Justice - Chairwoman Okay, thank you very much.

Harry Arnold - Communication Workers of America, Local 13000 - Organizer Yes. Mr. Roberts, my name is Harry Arnold. And I am an organizer with the Communication Workers of America, Local 13000, right here in Philadelphia. And recently, I had the opportunity to meet and work with the majority of the hard-working and very loyal employees at a Comcast facility in Levittown, Pennsylvania.

And unfortunately, on April 18th of this year, Comcast chose to fire Rich Schwartz, a worker from that facility, who is actually here with me today, sitting right here. Rich was -- Rich is a 52-year old communications technician III with ten years of experience, very loyal service to Comcast, and happened to be the second most senior employee at that facility.

In a letter from a local HR manager that was simply placed on his doorstep by UPS, in that letter it claimed that, "He had unacceptable performance related to a customer call," one customer call. However, documents that we have show otherwise, that there were at least two other technicians and a manager who went out on this particular job after Rich was there, the same day. They performed no differently than Rich. However, he was the only one singled out, suspended and eventually terminated.

So my question is, Mr. Roberts, why was Rich the only one disciplined and terminated for this particular job? The only difference that we can see and point to is his open support for the unionization of those workers. Comcast has the opportunity now still, to do the right thing by this employee. And I ask that you personally look into this injustice, and immediately reinstate Rich Schwartz as soon as possible. Thank you, for your time.

Brian L. Roberts - Comcast Corporation - Chairman and CEO On individual matters -- I appreciate what you're saying. And I'm sorry that the situation is as it is. Mr. Cohen, maybe you know more about the specifics --.

www.streetevents.com Contact Us 23

David L. Cohen - Comcast Corporation - EVP I do. I hate to say this, and I don't want to suggest that I've read the personnel files on every one of our 90,000 employees, but I've also had the privilege of reading Mr. Schwarz' entire personnel file.

And again, I'm not going to discuss the specifics of any individual employee case here. But, suffice it to say that in our judgment, there were appropriate reasons for the termination. That's as far as I'm going to go.

Harry Arnold - Communication Workers of America, Local 13000 - Organizer Are you still willing to have any dialog at all with us on this?

David L. Cohen - Comcast Corporation - EVP On an individual employee case? No. We've had the employee case. We will -- there is obviously an opportunity for dialog at the appropriate level. And if there's anything further to be done, we would follow through on that. But, we're not going to discuss an individual employee case.

Harry Arnold - Communication Workers of America, Local 13000 - Organizer Okay.

David L. Cohen - Comcast Corporation - EVP Thank you.

Unidentified Audience Member Were you --?

David L. Cohen - Comcast Corporation - EVP We have a long line -- we have a long line of people waiting to talk. So, I think we'll either let the people --.

Unidentified Audience Member You can step in front of me. Were you at that meeting?

David L. Cohen - Comcast Corporation - EVP At what meeting?

Unidentified Audience Member That they had for Mr. Schwarz? In Levittown?

www.streetevents.com Contact Us 24

David L. Cohen - Comcast Corporation - EVP There was no meeting.

Unidentified Audience Member You were not there.

David L. Cohen - Comcast Corporation - EVP There was no meeting.

Harry Arnold - Communication Workers of America, Local 13000 - Organizer They terminated him over -- with a letter.

David L. Cohen - Comcast Corporation - EVP Okay, let's go to the next question.

Brian L. Roberts - Comcast Corporation - Chairman and CEO Next question.

Unidentified Audience Member (Inaudible - microphone inaccessible) What if you got a letter under your door?

David L. Cohen - Comcast Corporation - EVP Ma'am, if you would like to speak feel free to come up to the microphone and -- in your turn.

Caesar Ladelle - Comcast - Maintenance Technician My name is [Caesar Ladelle]. I'm a line maintenance technician in the City of Chicago, a loyal employee for 12 years. I filed a code of ethics violation addressed to Arthur Block on April 4th. And I -- to this date, I still have not received any feedback or concerns about this.

I also followed up with a letter of acknowledgement by the date of May 22nd, and to this date, I still haven't received any concern or feedback from the company. Can you address this?

David L. Cohen - Comcast Corporation - EVP Mr. Ladelle, believe it or not, I have your letter -- a copy of our letter right there.

www.streetevents.com Contact Us 25

Caesar Ladelle - Comcast - Maintenance Technician Yes.

David L. Cohen - Comcast Corporation - EVP And I also have a response to your letter, which probably -- which may well have crossed with your coming across the country to this meeting from [Derek Volmar] out of the Midwest region. I'd be happy to share that with you after the meeting.

Caesar Ladelle - Comcast - Maintenance Technician All right, thank you.

Javit Greeshy - Comcast - Line Technician Good morning. My name is [Javit Greeshy]. I'm a line technician in [Cortland] Chicago. It was reported that you earned $14.3 million in 2005. It was also reported that you earned [$27.84 million] in 2006. How do you justify offering us, the worker, a pay increase of 1.85% at my bargaining table in Chicago?

With the salary mentioned earlier, you Brian L. Roberts, made $6,875 per hour in 2005, and made an astonishing $13,384 per hour in 2006. And in Chicago, the company's proposing 1.85% or $0.20 average increase to already low wages of fewer than $11 per hour. And how is that right for the company, shareholder or employees? People are losing their homes, cars, families. This is just not right. Mr. Roberts, can you answer that please?

Brian L. Roberts - Comcast Corporation - Chairman and CEO First of all, let me say that my view of Comcast started with nothing. The company has grown to 90,000 employees. We added 6,000 jobs last year. People are coming and choosing to work for this company. We added another 5,000 jobs this year. Compensation of the company is governed by the Compensation Committee of the Board of Directors, as it is in every public company by independent compensation committee. And it's a competitive marketplace for all jobs at all levels.

I think this is what has made Comcast grow is the success of the (inaudible) [keep a] workforce that's attractive and motivated. And I hope that we're able to do that in your city. And we're confident we're doing that in how we're performing.

Unidentified Audience Member That's not the question.

Javit Greeshy - Comcast - Line Technician That's not the question. Is this fair for one point -- earlier in your report, you were saying all this Comcast making all those high percentage, and we are offered 1.85%. In today's economy, is this fair?

www.streetevents.com Contact Us 26

Brian L. Roberts - Comcast Corporation - Chairman and CEO My understanding is there's an agreement that was ratified by the employees in your market. And I think what you're saying is, you're [not happy] --.

Javit Greeshy - Comcast - Line Technician No, it's not rectified. We're still in bargaining.

David L. Cohen - Comcast Corporation - EVP There's a current agreement. You're in bargaining for a new agreement for when the current agreement expires. And all -- again, there's a time and a place for collective bargaining. This is clearly a case where the bargaining table is the place to negotiate this.

And in addition to wages and benefits, there are numerous other issues at the bargaining table. And these negotiations should take place at the table, which is the only place you can negotiate a collective bargain anyway.

Unidentified Audience Member Is Mr. Roberts going to be present for that?

Javit Greeshy - Comcast - Line Technician But, we have only one week to go with our contract expires, and 1.8 is just not going to do it for today's --.

David L. Cohen - Comcast Corporation - EVP I'd suggest that you go back to the bargaining table and you negotiate. It is our interest in having collective bargaining agreements and all of our employees who are represented by unions. As of today, we have that. And we will -- and our team stands ready, willing and able to negotiate when you get back to Chicago. And we'll attempt to get an agreement in place.

Javit Greeshy - Comcast - Line Technician Okay. I hope you think about 1.85%. Thank you.

David L. Cohen - Comcast Corporation - EVP Thank you.

Rabbi Rave Solof - - Shareholder My name is [Rabbi Rave Solof]. I -- today is Shavuot, but I'm wearing a different kepaw. I'm here as a shareholder, as a customer, as a subscriber to Comcast Internet and so on. I've been writing to members of Congress and the Senate for over 30 years here in Pennsylvania.

www.streetevents.com Contact Us 27

Usually, I get a Dear Mr. Solof, thank you for contacting my office regarding so and so. I appreciate your taking your time. Concerns of constituents are always important. On the 25th of April, I got this letter, which really surprised me. Dear Mr. Solof, thank you for providing me with a carbon copy of the letter you sent to Verizon management regarding the attempt by Verizon business technicians in New York and New England to form a union.

I appreciate you bringing this issue to my attention. I have written to Verizon Chairman and Chief Executive Officer, Ivan Seidenberg, and Senior Vice President of our Human Resources, Robert Toohey, urging them to take into account your views as they consider this important issue. Sincerely, Arlen Spector.

I think that to have a senior republican senator -- take that position, is a strong wind. I think that it is possible to have a much more union-friendly NLRB in a couple of years. And I think that Comcast will be a in a better profitable position, being in a vanguard of very favorable relations with unions, than being in the rear guard of union avoidance.

And if I understood correctly, the Comcast advertisement that I saw on television, indicates that management is way ahead of me on this, that you're looking to have people choose careers at Comcast. One other thing that struck my attention was a pair of communications from the communications and -- Communications Workers of America.

One communication was union avoidance activities that have been reported and testimony and so on. The other one, the United States is falling behind other industrialized nations in high-speed Internet access. What can you do to help test your connection? Why does speed matter? High-speed means being able to watch more. It's time for a change.

The Communications Workers of American Union has launched a campaign to advocate for high-speed networks. Recent studies show that building a national high-speed network could add 1.2 million jobs and $500 billion to the economy. I think this is another straw in the wind that the interests in the largest sense of Comcast and the workforce are not opposite. They're really in harmony.

Building a national high-speed Internet network must me good, both for the company and for the labor force. I respectfully suggest that the time is right for outsourcing any little problems that -- regarding individuals and creating a general atmosphere of cooperation and mutual development, so that the company profits and the workers are rewarded, and we go ahead together doing a -- an even better job than we've been able to do before this. Thank you.

Unidentified Company Representative I think we'll try to let everybody get their (inaudible).

Conrado Montano - Comcast - Service Technician Hello, my name is [Conrado Montano]. I'm a service technician in Chicago. I've been in the company for five years. It's -- Comcast makes no secret that he has an anti-union philosophy. When the new hires come in, they're told, you don't want to be in the union, because there's no money in it.

Comcast has put out documents, basically bragging about the mistreatment of union workers, compared to non-union workers. This is not fair and just in my book. Isn't it discrimination to treat some workers differently, even though they do the same work, because they choose to have their work conditions guaranteed by collective bargaining agreement?

www.streetevents.com Contact Us 28

David L. Cohen - Comcast Corporation - EVP I don't believe that that's -- what you articulated is the policy of the company. And if you have something you would like to give us, I would certainly have our folks take a look at it.

Conrado Montano - Comcast - Service Technician I certainly do. I have actually memos and documents specifying difference between a non-union and union in very clear writing. Are unions worth the money? That's the first memo I'll show you. And it's basically telling you how they are better off [than not]. So --.

David L. Cohen - Comcast Corporation - EVP Okay. [David Packham], maybe could you just get them (inaudible) from him? Thank you.

Conrado Montano - Comcast - Service Technician Thank you.

Gerry Leonard - - Comcast Good morning, everyone. My name is [Gerry Leonard] from Oswego office in Illinois. I've been an employee with the company for 18 months now. I have a big history behind the cable industry. I've been doing it for five years prior. I came to Comcast hoping to get a better deal.

I'm finding lately, I'm not getting a better deal. I started at this company. I am making $10.70 an hour, the same thing as a teenager at a local McDonald's. I feel that preparing fries is not the same kind of work as preparing cable for a customer's house.

Now like I said, I've been with this company for a while, and I find discrimination against me because I am union. I know that person with the same experience as me is making at least $2 to $3 more than I am in the same position just because they are non-union.

I also know that as an industry standard, Comcast is dragging down the standard when our competitor is paying even higher wages for one product, phone, than I am doing three products. You don't call yourself a phone company. You just did on your video. We are a phone company, why are we not paid like the phone company?

I have current documents taken from Heartland Alliance, off their website, stating poverty levels in Illinois for a family of four, which is what I have, the poverty level is $20,000. I took in, after taxes and benefits, less than $20,000 last year. As a matter of fact, I made $15,603.52. You've got a summerhouse. I can't even afford a house. Thank you for your time.

Derek Comfrey - Comcast - Service Technician Good morning, Chairman. My name is [Derek Comfrey], I'm a service technician at the Chicago Cortland location. I've been working for Comcast for about five years. I'm a shareholder also, and I just wanted to ask you Mr. Roberts, are you aware that are union IBEW Local [21S5] request for information on safety issues at our Cortland location?

www.streetevents.com Contact Us 29

Brian L. Roberts - Comcast Corporation - Chairman and CEO I am not, Mr. Cohen, are you?

David L. Cohen - Comcast Corporation - EVP [Mr. Roberts], I am aware of.

Derek Comfrey - Comcast - Service Technician Okay. There was a letter sent on February 2nd, and another letter sent on March 29th to the company.

Brian L. Roberts - Comcast Corporation - Chairman and CEO We'll look into it, and if you make sure that I have your name and address, I'll make sure that we get back to you. Do you have a copy of that?

Derek Comfrey - Comcast - Service Technician I have a copy right here.

Brian L. Roberts - Comcast Corporation - Chairman and CEO Give it (inaudible). Thank you, sir.

David L. Cohen - Comcast Corporation - EVP We will get back to you.

Derek Comfrey - Comcast - Service Technician Thank you.

Willy Coolie - Comcast - Service Technician Good morning, Mr. Chairman. My name is [Willy Coolie]. I'm a service technician at the Carol Stream facility in Illinois here. It's a union office. I came from a non-union office, so I've seen union and non-union and the difference. I was a meeting on February 21, 2007 in Chicago.

The honorable Congressman, Danny Davis, signed a letter to you about adopting the components of an employee free choice as a Comcast [policy]. Do you believe that our employees should have a choice if they want to be non-union or union? And if you do, then why don't we adopt this as the entire company's policy?

www.streetevents.com Contact Us 30

Brian L. Roberts - Comcast Corporation - Chairman and CEO These -- I believe that employees should have a right to choose whether to vote for union or not. We think that employees would lose freedom to vote if it's not a secret ballot. I do not support the act, and we're not the only ones. The US Secretary of Labor said that (inaudible) . And there's others as

Willy Coolie - Comcast - Service Technician Okay. Another question to you --.

Brian L. Roberts - Comcast Corporation - Chairman and CEO Yes, sir.

Willy Coolie - Comcast - Service Technician As far as being fair to employees, families and having the free choice you yourself. I mean wouldn't you want -- if you were an employee of a company, wouldn't you want a voice? Wouldn't you want to be heard without being disciplined or fired, because that almost happened to me? So, I mean, having someone to back you up when you're right, I don't think it's not fair. I think it's fair.

Brian L. Roberts - Comcast Corporation - Chairman and CEO I think it's up to the employees to decide on that question, and I think there's a process to do that. The vast majority of our employees don't feel that way. But there are many situations where there are unions, and when they're there we try to bargain, as Mr. Cohen was saying, and we contract (inaudible). I think we had something like 17 contracts that we have ratified in the last 18, 24 months.

Willy Coolie - Comcast - Service Technician Okay. My last question to you, as far as about the letter that the Congressman Danny Davis signed, did you happen to receive that letter when it was sent out to you?

Brian L. Roberts - Comcast Corporation - Chairman and CEO I'm not remembering it at this moment, but if you have a copy, we'd be happy to take another look at it.

Willy Coolie - Comcast - Service Technician Yes.

Unidentified Speaker We do.

www.streetevents.com Contact Us 31

Nigel Laureals - Comcast - Technician Good morning. My name is [Nigel Lareals], I'm a technician in Oakland for Comcast, and I've just got a couple of questions that me and my fellow brothers and sisters at the union have been wanting to ask.

Well, I've been working for the company for just under a year, and we've seen a lot of things already and we wondered why is it that with the company that cares so much, why is that from a -- why is that we were -- we just went through a decert and we were shown what we could make if we were a non-union shop.

Why is that a person who is doing just one line of service, working in the non-union shop and me who I'm in a union shop doing all three lines of service, still making -- able to make way more money than me? And we have just been wondering, how is it just that just because we're union, we're treated different?

Brian L. Roberts - Comcast Corporation - Chairman and CEO Our view is that there was a decert, there was an election by the employees to continue with the union. I believe that it was continued, and I'm not totally sure of your location. I think -- .

Nigel Laureals - Comcast - Technician Oakland, California.

Brian L. Roberts - Comcast Corporation - Chairman and CEO Oakland -- the decertification, the union wanted decertification (inaudible).

Nigel Laureals - Comcast - Technician Yes.

Brian L. Roberts - Comcast Corporation - Chairman and CEO So there's some examples of (inaudible) you got your way.

Nigel Laureals - Comcast - Technician We did. I mean we won, but we lost because now we're not going to get the money that was shown to us. So we're seeing that the company is very profitable, why is it that we can't get that money that non-union shops are making, just because we're [represented]?

Brian L. Roberts - Comcast Corporation - Chairman and CEO That's something you talk to at the bargaining table as we've been talking about in the other questions. Thank you.

Unidentified Audience Member You don't offer it. (inaudible-microphone inaccessible) to you. You don't offer it at the bargaining table.

www.streetevents.com Contact Us 32

James Wilson - Comcast - Technician My name is [James Wilson]. I've been a technician in Oakland for the past eight years, it'll be nine in July. I'm an advanced tech. I started with the company when it was TCI and AT&T, and now it's Comcast. Each company, we went through a decert. There's been three since I've been there. We fought each one and we have overcome each one as union members.

With TCI, I was first -- I was new. So I didn't quite understand what a decert was. But as I went along, I figured it out and I made my own decisions. I voted for the union. But there was no interference from management during the time that this decert was going along.

In 2001, the company merged with AT&T. There was yet another decert. I was already seasoned, I understood what a decert was, I knew whether I wanted a union or whether I didn't want a union. Again, there was no interference from management. It was all based upon how the technicians felt, whether they wanted to keep it or whether they wanted to get rid of it.

Here we are in '07 and yet another decert is filed, this time it's different. This time, we have captive audience meetings, we have managers who take groups of technicians out for breakfast and lunch several times a day.

And prior to the decert, beforehand, the routes were always so heavy that technicians almost never got to go home on time, often doing two to four hours overtime every single day. The moment the decert is filed, now they have time to figure out lunches and dinners and the technicians' routes are light.

And those veterans who feel that they want to keep the union, which is the guys that are in my department, the network department, we weren't offered these things pretty much. Over time, they came to us and we got to go for a captive audience breakfast and we basically -- we didn't want to talk about it.

Now we looked at the decert that's filed and it's signed by one individual, but it's written from another individual. The decert was filed during work time. We have employees who will testify to this, not to mention they were duped into signing it by believing from the individual that this is to speed up contract negotiations to get more money.

So they signed. And once they realized what it was that they signed, it turned them away from the company. And it gave the company a bad stain in Oakland. And this was one reason why the decert failed.

The other reason is because you had a majority of technicians who really wanted it. But the point I'm making is, if you preach a code of ethics and you have employees who go around and not just as an employee, but under management's direction, because these employees were followed by a supervisor when they had this decert signed on company time. And if you tell us that you follow the rules, how is that following the rules?

Brian L. Roberts - Comcast Corporation - Chairman and CEO I understand your point. I'm not familiar with the specifics of who you're referring to, and if you want, we can follow that up if you would like to say -- .

James Wilson - Comcast - Technician We have some specifics, and we can -- we'll be getting that to you. But to further -- .

www.streetevents.com Contact Us 33

Unidentified Company Representative We need to ask you to wrap up. There's just more people waiting and you're (inaudible).

James Wilson - Comcast - Technician I understand.

Unidentified Company Representative Four minutes.

James Wilson - Comcast - Technician No problem. No problem.

Unidentified Company Representative So [you're about] out of time. Okay.

James Wilson - Comcast - Technician But to further, as union technicians, we do the same amount of work as non-union technicians. In our meetings, they show us the numbers throughout every system. And I know that Oakland is a bigger system than all other systems, so I know it generates more money and it just happens to be union.

We also know that we put in two to three times the amount of work as the non-union technicians do, given that there is contractual work involved in that as well. But the numbers do reflect that we do our fair share of the work.

If we're shown and we're told during this decert that vote no and you can make more money, it's your contract is holding you back. And we get to see all this money that the company is generating on a yearly basis, and it's just growing, and growing, and growing, why is it that we are being held back as union members and told this in our faces by being shown what union members make as opposed to non-union members?

Brian L. Roberts - Comcast Corporation - Chairman and CEO First of all, I'd like to see some of those things you were saying you were shown, and if you could get them to us, we would appreciate it.

James Wilson - Comcast - Technician Sure thing.

Brian L. Roberts - Comcast Corporation - Chairman and CEO Thank you.

www.streetevents.com Contact Us 34

Jose Hill - Comcast - Technician Good morning. My name is [Jose Hill]. For the past year, I've worked as the technician at the Cortland facility in Chicago. I'm also proud to say that I am an Army veteran, that has served my country well. In August 2006, I returned after a one year tour of duty fighting in Iraq. I have served my country proudly, risking my personal safety for the betterment of our country and protection of our way of life.

Now that I've returned to work, I find myself fighting a different war. A war that you, Mr. Brian Roberts, have declared against me and my family, along with my co-workers. I perform the same Comcast duties as other technicians. I'm [partitioning] three products, video, Internet and CDV.

Yet my wages are yet at least -- I'm sorry. Yet my wages are at least $7 an hour less than a worker doing the same work, working less than eight miles away from a Cortland, Chicago facility, where there is no collective bargaining agreement. Mr. Roberts, why am I made to work for $56 less than another employee at your company, working less than eight miles away from my work garage, who does the same work? $56 less than -- $56 less a day that I cannot bring home to my family.

Why must my family be made to suffer the loss of $448 each month that I work? Is this really how America's rich feel towards its workers? Is this the price I must pay for fighting for your freedom? I ask you Mr. Roberts, with all due respect, please don't tell me that your representatives are bargaining in good faith with my union. You see, I am part of the union's bargaining committee.

For less than eight days before the contract expires, Comcast has made only one wage proposal and it was for 1.8% increase. Could you live on 1.8% increase? Obviously not, considering the nice salary and compensation you take in year after year.

The 1.8 proposal was after Comcast had rejected the union's fair wage proposal, that would have brought me and my co-workers in line with other Comcast workers that perform the same work, working less than eight miles away from my garage. Not just wages have been rejected, but you've refused to pay equal dollars on work boots. I get $175. Non-union shops get $200. With tuition assistance, I get $2,500 while non-union shops get $6,200. Why?

Not only am I disheartened over this, I really don't understand why Comcast attacks the workers, the workers that make Comcast profits. With the ever rising high cost of gasoline, food, rent, each pay check is getting harder and harder to support my family.

Just three months ago, I got pre-approved for a home that would only allow me to live in the area of the city where there's crime that's rampant and poverty all over the place. Can you explain, why I'm sitting at the table across from your negotiators and bargaining in good faith with them, trying to get a decent contract?

When I ask -- now don't get me wrong, we're not molecular biologist by no stretch of the imagination, but we are doing the same work as your non-union workers and they're still getting paid considerably higher than us. There's no justification for that in any way. We offered them a proposal that would make us as equal as them, and they rejected it. And they have the audacity to offer us a 1.8% proposal. Can you explain that?

Brian L. Roberts - Comcast Corporation - Chairman and CEO Jose, first of all, thank you for you service to the country on behalf of all of us.

Jose Hill - Comcast - Technician Thank you.

www.streetevents.com Contact Us 35

Brian L. Roberts - Comcast Corporation - Chairman and CEO Many of your co-workers are in Iraq as well and (inaudible). As far as the bargaining going in your location right now, as Mr. Cohen said previously, this doesn't seem to be the time and place to sit down and negotiate what we proposed or you proposed.

I'm not saying -- I don't believe this is the time and place to really be able to directly address your question, but I think generally speaking, as I said, we are trying to have in place an organization where people can grow in their careers, can do well whether it's union or non-union, it's up to the employees.

So that's worked for a long time for this company, as you saw in the results, and it continues to grow the number of employees who want to work at this company, and hopefully we resolve the situation in Chicago.

Jose Hill - Comcast - Technician Thank you, Mr. Roberts.

Brian L. Roberts - Comcast Corporation - Chairman and CEO Thank you.

Beckla Scott - Comcast - Retired Technician Good morning. My name is [Beckla Scott]. I'm retired from Bella, Pennsylvania, and I am -- I made the best investment to come here today as a senior citizen, if I came later I could get here free. But I paid for the high rates and I am so glad. I will never again just sign whatever the Directors say and not hear the whole story.

I feel so sorry for this gentleman here. I'm speaking on behalf of him. I was a manager in maintenance. I supervised the men who are talking today. As a 40-year-old female, I carried ladders, I climbed poles, I know what they're talking about.

And for you to stand there, you're saying one thing, but your body language tells me that you don't really care. I can't understand why you have nothing -- and I hate to say dear, but you don't have that much on your stand to read that when people are talking that you do not look at them.

I grew up that if you are listening to a person, you look them in the face if you're an honest person. Okay? So now I think that you deserve to apologize to him. What do you mean about sending him a letter at home? And you have not met with him to speak to him? And you don't want to hear it? I am angry, okay?

And I think that the union, and I was management, so, no, I'm not just for unions, okay? But I think the union needs to send letters to all the newspapers. It's free, letters to the editors. Let the community know what's going on.

All your paid advertisement means nothing, if you don't have time to speak to an employee who got a letter at his home, and you didn't even talk to him about it. I think it's a disgrace and as far as the stockholders, I will spread the word. Not unless we can come to an agreement that you will take time to talk with him. Can we talk with him? Can we talk with him? I -- only asked was time to talk with him.

www.streetevents.com Contact Us 36

Brian L. Roberts - Comcast Corporation - Chairman and CEO Ma'am I let you finish, now you should let me answer your question. You are not hearing the entire story, and this is not the appropriate forum to discuss an individual matter of discipline and discharge of an employee.

Beckla Scott - Comcast - Retired Technician This, as a stockholder, this is my opportunity, okay? I am the stockholder. I am the one making the investment. As stockholders, this is our opportunity to tell you how we want the company to operate.

I don't want to have another employee who is getting a letter at home that they're fired, okay? This is my opportunity. And you can put your head down, you don't have to look at me. But I'm here to speak.

Brian L. Roberts - Comcast Corporation - Chairman and CEO I'm looking at the stopwatch --

Beckla Scott - Comcast - Retired Technician Well I'm not stopping then, since you want me to stop. Okay? So I'm asking, who do you want me to follow-up on, to find out if you take the time to speak to this gentleman? Give me your number.

Brian L. Roberts - Comcast Corporation - Chairman and CEO You can call (inaudible). I'd be happy to do that.

Beckla Scott - Comcast - Retired Technician May I have your business card?

Brian L. Roberts - Comcast Corporation - Chairman and CEO I'll give you a business card (inaudible).

Beckla Scott - Comcast - Retired Technician When?

Brian L. Roberts - Comcast Corporation - Chairman and CEO I'll give you a business card when the meeting is over.

Unidentified Company Representative Yes, when the meeting is over.

www.streetevents.com Contact Us 37

Beckla Scott - Comcast - Retired Technician Thank you, very much.

Brian L. Roberts - Comcast Corporation - Chairman and CEO Thank you.

Tom Hubeck - Comcast - Shareholder Mr. Roberts. My name is [Tom Hubeck]. I am a union member, a Comcast employee, and a shareholder. First, I believe this can be a great company. But I do have some concerns. I have already heard, or going to hear about some things going [in] Comcast. I hope you really listen.

A few weeks back, my office had the HR Department along with Customer Service Department come to our office to talk about TCF, the customer first. This meeting showed us the importance of customers, not only external, but internal customers as well. Meaning that we should work together as a team. It is a great concept and very important to our survival and I'm sure you'll share the same view.

In a newspaper (inaudible) dated May 23rd, one we all got in the mail, they were on the greeting desk as we walked in. That came -- executive compensation for some of the comments our company makes. These are, I'll read right from that document. Compensation, which rewards executives for their results are consistent with shareholders' interests in which responsible activities for the purpose of attracting motivated and retaining the best executives in order to maintain our competitiveness.

If our customer service of both internal and external customers are important and the rewards and compensation are needed to attract, motivate and retain best executives in order to maintain competitiveness, does our company think that any of these things apply to the workers?

Brian L. Roberts - Comcast Corporation - Chairman and CEO Keep going.

Tom Hubeck - Comcast - Shareholder Well in my area, the company seems to think that it can attract, motivate and retain good employees by offering under $11 an hour. Mr. Roberts, I'm not sure if you have been in the Chicago area recently, but we as a company are not going to attract, motivate very many people with these wages to do the work for that job.

As well, Mr. Roberts, you know our competition is going to be arriving in Chicago very soon, and as things stand, Comcast will be the competition's breeding ground for its best employees. Our company will train our competitor's best employees.

We as a company need to wake up and stop playing games and start treating employees with equality, respect, dignity and honor and move our company to the top of the industry. Not act as a low-road predator employer. It is now in your hands, and your responsibility to do what is morally, ethically right for our employees. Take control, Mr. Roberts.

www.streetevents.com Contact Us 38

Robert Fisbolinski - International Brotherhood of Electrical Workers - Representative My name is [Robert Fisbolinski], I'm with the International Brotherhood of Electrical Workers. Mr. Roberts and fellow shareholders here today, thank you for your time.

To brother Gannon's earlier point this morning, I only wish that Comcast was in the business of building skyscrapers, but you are not. All the building trades have certainly prospered from the construction projects. We applaud your values and recognition of union labor. We call upon you to do the same for your 90,000 full-time employees.

Mr. Roberts, you keep deflecting the question that this is not the place to address many of our concerns here today. This is the place to discuss our concerns. At previous shareholder meetings, we have brought up these concerns and you vowed to do something about it. As President and CEO of this company, what have you done? Nothing has changed. It has all been the same. So this is the place to address our concerns.

The shareholder earlier this morning said that Mr. Roberts Senior said it was good to be a rich man. Mr. Roberts, it is unfortunate that you will not be able to do that to any of your current front-line employees. They will not be rich. This is disheartening, seeing that Comcast cares and it is [rooted] in the community and wants the community to prosper and succeed.

Your employees know they will not be rich like you. They just want to be comfortable. They want to be able to provide for their families. You are able to provide a comfortable lifestyle for your family. You have little worries.

Your employees shouldn't have to choose between fueling their cars at almost $4 a gallon, or to put food on their table for their families. You might not believe this, but it is happening. It is a reality. Mr. Roberts, how does that reality make you feel and as shareholders, why shouldn't we be concerned with the issues that have been raised?

Brian L. Roberts - Comcast Corporation - Chairman and CEO Look, I am not in control of every cost in the United States, like fuel costs. I like everybody else is affected, it affects the company and it affects people and I take it very seriously. You ask what have we done since the last couple shareholder meetings. We have 18 collective bargaining agreements for unions representing 18 different locations. And we ratified, successfully negotiated 14 of those agreement, with the most recent being on May 7th.

There are (inaudible) open agreements right now, and a number of the comments coming today are about those open agreements. And all I think we're trying to say today is that this isn't the place to negotiate those open agreements, but we have successful been able to reach agreements in many, many, many locations, and I hope we will do the same.

Robert Fisbolinski - International Brotherhood of Electrical Workers - Representative Do you believe 1.85% in this current economy is just?

Brian L. Roberts - Comcast Corporation - Chairman and CEO Not at -- this is not (inaudible) time.

Robert Fisbolinski - International Brotherhood of Electrical Workers - Representative I'm just asking you a simple question. Do you feel it is just?

www.streetevents.com Contact Us 39

Brian L. Roberts - Comcast Corporation - Chairman and CEO I appreciate --

Unidentified Audience Member Yes or no? (inaudible-microphone inaccessible).

Brian L. Roberts - Comcast Corporation - Chairman and CEO Do we have another question?

Unidentified Audience Member No, it isn't.

Robert Fisbolinski - International Brotherhood of Electrical Workers - Representative How can you say that this company cares when it really doesn't? Why hasn't the attitude of union busting, union avoidance, and the war on -- the war on the -- why is the war on the workers continuing?

Brian L. Roberts - Comcast Corporation - Chairman and CEO We don't obviously think of it as a war on the workers, and I think that I've said that I believe the company, it's got 90,000 employees, I think something like 98% are not represented by a union.

I hear what you're saying, and obviously we'll try to reach agreement in all of the open agreements as we have in the past. And somehow these things can be worked out. It's not usually at an annual shareholders' meeting.

Robert Fisbolinski - International Brotherhood of Electrical Workers - Representative Do you believe those 90,000 employees might choose to become a part of a union if they weren't afraid of discipline by the company? There's fear and intimidation by the company placed on every employee that tries to form a union. Lies are spread by your management to the workers. [There's] deceptions. How can you justify that continuing? How can you justify the deceptions?

Brian L. Roberts - Comcast Corporation - Chairman and CEO Thank you.

Robert Fisbolinski - International Brotherhood of Electrical Workers - Representative Can you justify the deceptions?

www.streetevents.com Contact Us 40

Brian L. Roberts - Comcast Corporation - Chairman and CEO (inaudible-microphone inaccessible).

Robert Fisbolinski - International Brotherhood of Electrical Workers - Representative Thank you.

Brian L. Roberts - Comcast Corporation - Chairman and CEO Thank you.

Unidentified Audience Member Good morning, Mr. Chairman. I'm really glad, in your presentation, to see that everything is Comcastic for you. Everybody wants to see this company grow. Everybody in this room wants to see profits raise. You also make this big deal about Comcast cares and what you give back to the community.

You talk this program where if you don't know, I certainly know that it's mainly management out there doing that work, because the employees don't feel compelled to do that after the way they are treated at work.

If Comcast truly cares about the community, why don't workers that do the same work get paid the same as the others? Isn't it true that Comcast cares is only a PR tool, and the people that you talk about, the 90,000 behind the story are abused, divided and discriminated against if they choose to form a union?

Brian L. Roberts - Comcast Corporation - Chairman and CEO I don't agree with that statement. We don't abuse, divide and discriminate.

Unidentified Audience Member Well you've gotten documents that show up there, if you haven't had a chance to read them yet, maybe it'll take two minutes to do that. You've got documents from us that show that, in fact people are threatened and intimidated. And the reason that your people, as you say, choose not to be union is because you've got them scared to death that if they even try, they're going to be fired just like the gentleman over here. Just like Will Gadeaux. Why do people have to be afraid to be fired to form a union? Can you answer that one for me, Mr. Roberts? Or, is that another deflection?

Brian L. Roberts - Comcast Corporation - Chairman and CEO A [deflection]. We obviously don't agree that that's what the company is trying to do, and that is a very specific, we'd like to get them and respond them thoughtfully.

Unidentified Audience Member We've given you that before, and you've responded to them thoughtfully by saying that you're not going to discuss it, that it's not true and whatever you want to say.

www.streetevents.com Contact Us 41

You can say whatever you want to say from that podium, and the majority of the people out here don't know the facts. The people that you see in shirts like mine and they came with me know the facts. The rest of the shareholders don't.

So, what do you plan to do about that? Why can't Comcast be the company to lead the charge and just let people form a union when they want to form it instead of playing this big game that you play about pushing people back and scaring people and starting decertification petitions where there are unions?

Brian L. Roberts - Comcast Corporation - Chairman and CEO That's how it works, where the employees get to make the decision, and whether it's one way or the other, we try to do it as appropriately as possible and I think we have -- appreciate what you're saying in coming here today. I don't know how else -- .

Unidentified Audience Member Well, I'm asking you to let them do it without fear of intimidation and reprisal.

Brian L. Roberts - Comcast Corporation - Chairman and CEO I don't believe there's intimidation and fear of reprisal. If you're -- .

Unidentified Audience Member And we've given you proof of that.

Brian L. Roberts - Comcast Corporation - Chairman and CEO (inaudible-microphone inaccessible)

Unidentified Audience Member Can you give me a date that you'll get back to us by?

Brian L. Roberts - Comcast Corporation - Chairman and CEO (inaudible).

Unidentified Audience Member Yes, that's funny. That's funny to you.

Brian L. Roberts - Comcast Corporation - Chairman and CEO It's not funny, sir.

www.streetevents.com Contact Us 42

Unidentified Audience Member You laughed.

Brian L. Roberts - Comcast Corporation - Chairman and CEO Thank you.

Unidentified Company Representative We will respond to all complaints promptly, and we will do so (inaudible).

Unidentified Audience Member Can you give me a date, please?

Unidentified Company Representative It depends how I haven't seen the complaint --

Unidentified Audience Member They're in front of you.

Unidentified Company Representative I haven't seen them --

Unidentified Audience Member Can we expect a response by next week.

Unidentified Company Representative It depends on how long it takes to review.

Yona Komatchodime - Communications Workers of America, Local 9415 - Representative Good morning. My name is [Yona Komatchodime] and I'm a member of the Communications Workers Of America, Local 9415 in Oakland, California and I'm also a member of the Regional Council of the Progressive Jewish Alliance in Northern California.

I have a follow-up question regarding the code of ethics you, Mr. Roberts, talked about being sacrosanct. And it is regarding a specific code of ethics violation that was filed from some of the members out of the Oakland garage regarding the termination of Will Gadeaux.

www.streetevents.com Contact Us 43

You say Mr. Cohen, that an independent investigation was conducted from within the company, it was reported to Charisse Lillie and it was reviewed by yourself. My question is, is it common practice on management for management to try to discourage people -- employees to have filed ethics complaints to withdraw that complaint before that is decided upon? Is that common practice for management to try to influence a code of ethics complaint in that way?

David L. Cohen - Comcast Corporation - EVP I think I'd answer no to that question.

Yona Komatchodime - Communications Workers of America, Local 9415 - Representative Okay. Because in the case in Oakland, we have the employees who did file those -- that ethics complaint were approached one-on-one behind closed doors, and told why they should withdraw the complaint, why Mr. Gadeaux was not terminated for the fabrication, which he was terminated for, tried to influence it in that way. And so that is the interpretation of what an independent investigation of the code of ethics complaint is.

It seems to me that you all way to live up to your code of ethics, and that it seems to me the appropriate thing would be to listen to these religious leaders and allow them to come in and have a true third party to investigate how you all are doing, in terms of your code of ethics for your company.

David L. Cohen - Comcast Corporation - EVP First of all, I was not aware of those discussions with the employees. I'm not sure it was an encouragement to withdraw the complaint. As I have suggested to you, there are often multiple sides to the story and as a responsible employer, I think we try to be careful in respecting the privacy rights of our employees, and not discussing the details of what may have underlay any particular decision.

And it's not -- so I don't know what was communicated to the employees. That was a part of the investigation that was conducted at corporate headquarters of what occurred in connection with Mr. Gadeaux.

Yona Komatchodime - Communications Workers of America, Local 9415 - Representative Okay. So just to clarify for you there, certain employees made a code of ethics violation complaint -- .

David L. Cohen - Comcast Corporation - EVP My point -- I heard you. What I'm saying is, that in any conversation that employees [that] withdraw, a code of ethics complaint is not a part of the investigation.

Yona Komatchodime - Communications Workers of America, Local 9415 - Representative So then what -- ?

Unidentified Company Representative So if you have some additional information that you'd like us to go through (inaudible).

www.streetevents.com Contact Us 44

Yona Komatchodime - Communications Workers of America, Local 9415 - Representative So if it wasn't part of the investigation, then is that -- why was it done then?

David L. Cohen - Comcast Corporation - EVP It's not relevant to the investigation.

Yona Komatchodime - Communications Workers of America, Local 9415 - Representative I understand it wasn't relevant.

David L. Cohen - Comcast Corporation - EVP (inaudible) termination was appropriate.

Yona Komatchodime - Communications Workers of America, Local 9415 - Representative Correct. So why in fact, did management then approach those employees and try them to withdraw their complaints?

David L. Cohen - Comcast Corporation - EVP I'm not sure that they did.

Yona Komatchodime - Communications Workers of America, Local 9415 - Representative Okay.

Unidentified Company Representative I think that's what he said (inaudible).

David L. Cohen - Comcast Corporation - EVP I'm not say that they didn't. I'm saying I did not know.

Yona Komatchodime - Communications Workers of America, Local 9415 - Representative Okay.

Unidentified Company Representative Thank you.

www.streetevents.com Contact Us 45

Yona Komatchodime - Communications Workers of America, Local 9415 - Representative Thank you.

Rich Spieler - IBEW Local 827 - Business Agent Good morning. My name is [Rich Spieler]. I'm the business agent for the IBEW, Local 827 in New Jersey. Later on this year, our -- we're going to be engaging in bargaining for the Pleasantville, New Jersey bargaining unit.

Considering all the good fortunes that the company has shown today, can we expect from Comcast the intent to bargain a fair and equitable contract with the intent to increase wages, to improve benefits, to secure job security for your workers, as well as our members?

Brian L. Roberts - Comcast Corporation - Chairman and CEO It is always our intent to try to create an environment where if people want to renew the agreement, and have a productive and excited workforce. We will endeavor to do that in your location (inaudible).

Rich Spieler - IBEW Local 827 - Business Agent Should we expect a decertification effort in that location this year?

Brian L. Roberts - Comcast Corporation - Chairman and CEO That's not up to me.

Rich Spieler - IBEW Local 827 - Business Agent Who would that be up to?

Brian L. Roberts - Comcast Corporation - Chairman and CEO (inaudible-microphone inaccessible)

Rich Spieler - IBEW Local 827 - Business Agent [Up to] the employees?

Brian L. Roberts - Comcast Corporation - Chairman and CEO (inaudible-microphone inaccessible).

Rich Spieler - IBEW Local 827 - Business Agent And there would be no interference by the company in Pleasantville to try to decertify our unit?

www.streetevents.com Contact Us 46

Brian L. Roberts - Comcast Corporation - Chairman and CEO The -- company wise, whatever the process and the law is around the decertification process, we're not going to make a full statement. I don't -- I'm not familiar with the Pleasantville employee status of your agreement and what the attitude of the employees are about [the] representatives.

Rich Spieler - IBEW Local 827 - Business Agent Are you familiar with the Pleasantville location?

Brian L. Roberts - Comcast Corporation - Chairman and CEO (inaudible-microphone inaccessible).

Rich Spieler - IBEW Local 827 - Business Agent You have a home near there. You have a summer home near there? Or (inaudible). I believe you do. All right. If they try to decertify, I think we had to ratify you in 2004, you might expect to see it again this year. Thanks a lot. Have a good day.

Brian L. Roberts - Comcast Corporation - Chairman and CEO Thank you.

Unidentified Company Representative We have time for two more questions.

Daniel Brook - - Shareholder Hello. My name is [Daniel Brook] and I'm a shareholder. I'm not a member of CWA or any other union. It's clear from this meeting and from media coverage, including in the New York Times, that Comcast is an anti-union company and it spends a lot of money on union avoidance. It's not a secret.

So out of respect for the shareholders, Mr. Roberts, I think you owe it to us to explain why the company has this policy, and why it's in the best interests of the shareholders.

Brian L. Roberts - Comcast Corporation - Chairman and CEO The company has conducted itself the same way, very consistent, for -- since the inception of the company. Each location makes its own decisions, we do believe that we can have a direct relationship with our employees and that works very well.

Where that is not chosen by the employees, we then try to work with the union that they've chosen, and that's worked for the company in many locations for many years as well. That success, as you've seen in the slides earlier, I think demonstrates that as a total group -- I'm sure there are isolated instances where we're less than perfect.

www.streetevents.com Contact Us 47

On balance, Comcast has been one of the better performing companies, we're one of the growing companies. Many companies in the country are laying off people right now and shrinking. We're fortunate to be in an industry where we've made investments. And some of the decisions by my predecessors and others in the company to invest has really paid off. And I think consumers like our products, and hopefully we've created an environment that employees want to work for this company.

Daniel Brook - - Shareholder At the very least, with articles such as the one about a year ago in the New York Times, will you acknowledge that the company has a PR disaster on its hands, and is taking it seriously?

Brian L. Roberts - Comcast Corporation - Chairman and CEO No.

Daniel Brook - - Shareholder What do you think of the New York Times article?

Brian L. Roberts - Comcast Corporation - Chairman and CEO I don't remember which article you're referring to.

Daniel Brook - - Shareholder Okay. I'll --.

Brian L. Roberts - Comcast Corporation - Chairman and CEO (inaudible -microphone inaccessible)

Daniel Brook - - Shareholder There are very New York -- I think there was only one New York Times article last year about anti-union activity at Comcast. I imagine you read it. It's a pretty prominent newspaper.

Brian L. Roberts - Comcast Corporation - Chairman and CEO (inaudible-microphone inaccessible).

Daniel Brook - - Shareholder Could you look into that at your office? You should be reading coverage of Comcast in the front section of the New York Times as the CEO.

www.streetevents.com Contact Us 48

Brian L. Roberts - Comcast Corporation - Chairman and CEO Last question please? If you -- the gentlemen behind you (inaudible).

Kevin Bielis - - Shareholder My name is [Kevin Bielis]. I'd like to ask -- I'm a shareholder as well. What's the company's customer service standards right now? Where are they falling as a company, as a whole, as compared to other companies in cable?

Brian L. Roberts - Comcast Corporation - Chairman and CEO We've made a lot progress, we do something, just to put it in magnitude of scale, we have about 250 million phone calls a year the company takes, and we (inaudible) about 25 million [times]. So each one is a local --.

The answer -- the right answer to that question is market by market, some have made more progress, some are just launching new products and some have had hurricanes -- it's all over. Generally, we have made some progress. I think frankly, we're trying to hire, as you've seen, because of all the new products --.

Kevin Bielis - - Shareholder I'm asking about the customer service standards, I'm not asking about how you're hiring. I'm asking about the customer service standards, how the customer feels.

Brian L. Roberts - Comcast Corporation - Chairman and CEO (inaudible-microphone inaccessible).

Kevin Bielis - - Shareholder Okay. Well, I'll be more specific. How are the customer service standards in the Chicagoland area?

Brian L. Roberts - Comcast Corporation - Chairman and CEO Chicagoland area, I don't know that one off the top of my head.

Kevin Bielis - - Shareholder Okay. Well as an employee, I can tell you what we were told. We were told that we ranked number 11 out of all the cable companies in the country, that's what we were told. So you don't have that information, that's kind of shocking to me.

But my question would be this, you've heard today wages, safety, disparate treatment of workers, firing people. When this -- when are you guys going to wake up that maybe that your 90,000 employees that you think are all happy, 98% are union-free and they're happy and whatever. Do you ever think there's a correlation between our customer service numbers, and our morale at these offices where you want to put in a 1.85% to these workers?

www.streetevents.com Contact Us 49

It's a slap in the face, and mind you, it wasn't even a proposal that you had enough guts to put in writing. It was just an off-the-cuff -- well, we'll just offer you 1.85%. When is this company, as a shareholder, as an employee going to invest really truly, not just standing up here in front of everybody and saying this is what we do, we love our employees, blah, blah, blah.

It ain't happening in Chicago. And it's not just union people. It's non-union too. They are scared, Mr. Roberts. They are definitely scared. And we understand the anti-union, that you don't want the whole market to go union. But I'm telling you, we're not going to go away. We're not going away. I think the proper thing for us to do as a company is to embrace the union, and let's go after our competitors. Let's be efficient in the market. Let's be there.

As the one gentleman said, we're going to be training our competitor's employees. And all your employees are going to be going over there and you're going to have a revolving door here of $10 an hour workers. And guess what's going to happen? Customer service, you're not even going to be on the map anymore because customers are not happy.

Because you have people that you guys think, and I don't know why, but you guys want $20 an hour work out of people, but you want to pay them $10 an hour. It will never happen. It will never happen, sir. You need to take control and you -- and I know Mr. Cohen says this isn't the time or place.

There's a bargaining session tomorrow in Chicago. So I would urge you that is the time and the place to handle this. Pick up the phone today, call the people you need to call, and let's get this done tomorrow. You can do this, we can move forward starting tomorrow. Thank you.

Unidentified Audience Member I'm not here about jobs. I'm here because I'm a shareholder, and I want to thank our two-to-ones that we just had. But I'm also here, I'm not anti-union, but I've been in many stockholders' meetings and I'm really appalled to hear this complaint.

This is something -- these things should be done in a private meeting with legal counsel. It was one after the other, badgering, and badgering, and badgering. And so I want to thank our company for making some money.

I would like to see some dividends. As a stockholder of all the telephone company stocks, I'd love to see old-fashioned dividends come with Comcast. We all have war stories, and as we know what we're going through right now in the United States with the amnesty, they're working for less money. But we all should thank God that we have our jobs. We all have a code of ethics. Just a minute, you're intruding on me.

I believe in working, I'm from the old fashioned work ethic. My father was a [BRC] mediator. My family did very well, even though my father only made $8,600 a year and all of my nephews are doctorates, including my daughter.

So when I hear people whine and cry, let's say we all have a dream and we work hard and we have a problem, we have a union and they have union labor lawyers, who should be in there disputing all these things. So thank God we did have this little bit more money, and let's look forward to dividends. Thank you.

Brian L. Roberts - Comcast Corporation - Chairman and CEO Thank you. Okay. At this time, will the Judge of Election please submit -- .

www.streetevents.com Contact Us 50

Unidentified Audience Member I'd like to respond just really quick, with respect to the shareholder here if that's fine. But we did -- in my unit, we did try the proper channels. We went seven years without a contract. We did deal with legal counsel. We did try the right ways to do things. We have tried to talk to you. I've come to you, Mr. Roberts, I've asked you to get involved, and you guys keep turning a blind eye.

So unfortunately, this is the proper forum that we have to tell you, because we are -- issued you documents. We've told you things today that you claim you have never been aware of. Well then, you have people in your organizations that are putting a bad name on you, sir. So with respect to the lady over here, we have tried those routes. We're not whining and complaining. We just want to be equality and be fair to people, and our employees. Thank you.

Brian L. Roberts - Comcast Corporation - Chairman and CEO (inaudible) results of the balloting.

Charles Rothy - ComputerShare Trust Company - Judge of Elections Mr. Chairman, having conducted the election and vote at the annual meeting of shareholders of Comcast Corporation, I can report, based upon my preliminary tally, that the shareholders have voted for the election of each of the nominees for director, ratified the appointment of Deloitte & Touche LLP as the company's independent auditors for the 2007 fiscal year, and voted against the approval of each of the shareholder proposals voted upon at the meeting.

Brian L. Roberts - Comcast Corporation - Chairman and CEO Thank you. (inaudible)

Unidentified Audience Member Excuse me, Mr. Chairman, I'd like to request that preliminary vote totals be shared with the shareholders at this meeting. At every other annual meeting I've been to, companies do that. And I'd like -- .

Brian L. Roberts - Comcast Corporation - Chairman and CEO It's been -- our practice is that the numbers will be disclosed in the 10-Q -- in the June 10-Q. That is when we disclose it.

Unidentified Audience Member At every other annual meeting I've been to, the company is willing to share the preliminary share vote results, and I'd like our company to adhere to that corporate best practice.

Brian L. Roberts - Comcast Corporation - Chairman and CEO From the report of the -- thank you. From the report of the Judge of Elections, (inaudible) I therefore declare that each nominee is now elected as director of the company. The appointment of Deloitte & Touche has been ratified by the shareholders, and that each of the other proposals voted upon has not been approved. The Judge of Elections, will execute a certificate as to the final results of the voting, which will be filed along with the minutes of the meeting.

www.streetevents.com Contact Us 51

Since no further business has come before the meeting, the meeting is concluded. Thank you all for your attendance.

DISCLAIMER

Thomson Financial reserves the right to make changes to documents, content, or other information on this web site without obligation to notify any person of such changes. In the conference calls upon which Event Transcripts are based, companies may make projections or other forward-looking statements regarding a variety of items. Such forward-looking statements are based upon current expectations and involve risks and uncertainties. Actual results may differ materially from those stated in any forward-looking statement based on a number of important factors and risks, which are more specifically identified in the companies' most recent SEC filings. Although the companies may indicate and believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realized. THE INFORMATION CONTAINED IN EVENT TRANSCRIPTS IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE CONFERENCE CALLS. IN NO WAY DOES THOMSON FINANCIAL OR THE APPLICABLE COMPANY ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY EVENT TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S CONFERENCE CALL ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.