Comcast COMMUNICATION AND CLOUD OUTPERFORM

May 2, 2016

Stock Rating:

OUTPERFORM

12-18 mo. Price Target CMCSA - NASDAQ

$70.00 $60.76

3-5 Yr. EPS Gr. Rate 52-Wk Range

Shares Outstanding Float Market Capitalization Avg. Daily Trading Volume Dividend/Div Yield

Book Value Fiscal Year Ends 2016E ROE LT Debt Preferred Common Equity Convertible Available

EPS Diluted

Q1 Q2 Q3

2014A

0.68 0.75 0.73

2015A

0.79 0.84 0.80

2016E

0.84A 0.83 0.92

Prior (E) 0.80 0.85 0.91

2017E

--

--

--

17% $64.99-$50.01

2,462.0M 2,450.0M $147,476.4M 11,479,642 $1.11/1.83%

$21.38 Dec

15.3 % $48,833.0M $1,236.0M

$52,642M No

Q4 Year Mult.

0.77 2.93 20.7x

0.81 3.25 18.7x

0.94 3.53 17.2x

0.97

-- NM

-- 3.90 15.6x

EQUITY RESEARCH

QUARTERLY UPDATE

Comcast

COMMUNICATION AND CLOUD

1Q16 Follow-Up: Strong Subscriber Growth, Expect Better Advertising Revenue

SUMMARY

Comcast reported a strong 1Q16, as results reflected solid fundamentals in both Cable and NBCU. Lower churn is the primary driver of performance from better services/care. Management noted that churn in both HSD and video has declined for 26 consecutive months. We expect these trends to continue as CMCSA increases X1 penetration to 50% by YE16 and increases broadband speeds again. This is taking some increasing spending to accomplish, though. We believe Comcast can benefit from several near-term tailwinds--increased X1 penetration, DOCSIS 3.1, the Rio Olympics, and political ad spending. This should be particularly true for advertising revenue, which is seeing strong up-front trends. CMCSA trades at a discount to CHTR using consensus estimates.

KEY POINTS

X1 Video Platform Driving Lower Churn. Video results reflected the best 1Q adds in nine years, primarily driven by Increasing X1 penetration (~35% penetration). Increased VOD and DVR usage among X1 subscribers, a 32% y/y increase in Mobile TV use, and increased customer service initiatives contributed to a 269,000 increase in customer relationships during Q1.

Cable Margins Dip. Cable OCF margins of 40.1% fell 69bps y/y on elevated customer service spending (+8% y/y), higher programming costs, and increased labor costs for the X1 rollout. Programming costs grew 9.4% on renewals, retrans, and sports costs. Management expects full-year cable margins to be flat to down 50bps, suggesting slight margin improvement from Q1 levels.

DreamWorks Acquisition. We believe the DreamWorks acquisition represents a good strategic fit for NBCU. The deal widens the IP and IP pipeline for the theme parks and consumer products, and expands Universal Studios' current stable of eight global film franchises. Additionally, the acquisition helps CMCSA diversify away from the more mature US media/television industry.

Strong Momentum Heading into Up-fronts. Cable net ad revenues increased 4% while broadcast advertising climbed 9.6% (excl. Super Bowl). Given the healthy advertising market, NBCU is well positioned heading into the up-fronts, Olympics and political spending. For the first time, the company is unifying its broadcast, NBC, Telemundo, digital and cable properties, offering a unique opportunity to advertisers.

Bottom Line. Our 2016 EPS estimate remains unchanged, with stronger NBCU results offset by an increase in below-the-line items (Hulu losses, minority interest). Our initial 2017 estimate is $3.90. We believe its FCF yield of 5% remains attractive, and CMCSA is 1-2x cheaper vs/ peer cable providers. We see additional upside from aggressive capital returns. Reiterate Outperform.

Stock Price Performance

Company Description After its merger with AT&T Broadband, Comcast emerged as the leading multichannel video and broadband provider in the US. Comcast bought NBC in early 2011.

Timothy Horan, CFA 212-667-8137

Tim.Horan@

Brajesh Mishra 212 667-7625

Brajesh.Mishra@

For analyst certification and important disclosures, see the Disclosure Appendix. Oppenheimer & Co Inc. 85 Broad Street, New York, NY 10004 Tel: 800-221-5588 Fax: 212-667-8229

Comcast

CMCSA (OUTPERFORM) - $70.00

5-YEAR PRICE PERFORMANCE

80

70

60

50

40

30

20

10 2012

2013

Source: Bloomberg

2014

2015

CMCSA 2016

INVESTMENT THESIS

Comcast is the largest cable provider in the US and has expanded into programming and entertainment since the acquisition of NBC Universal in 2013. The overall video market is highly correlated with housing starts, which appear to have bottomed, and we also believe that the company holds a significant competitive advantage vs. most wireline providers in terms of its network quality and broadband speeds. We believe Comcast's ability to generate consistently high cash flow from its cable business gives the company added flexibility to adapt to industry trends despite its large size.

BASE CASE ASSUMPTION

Comcast continues to grow cable revenue in the mid-single digits driven by HSD growth

Within NBCU, theme parks and filmed entertainment segments continue to outperform, while broadcast and cable networks remain sluggish

EPS growth in the low double-digit range

CATALYSTS

Roll-out of X1 video platform should improve customer "stickiness" (i.e., loyalty) and combat video subscriber losses

Comcast enters the wireless market and offers quad-play products 2016 Olympics and Presidential election to drive strong advertising

growth

UPSIDE SCENARIO

Comcast closes the monetization gap in broadcast and cable networks vs. competitors

Video OTT (over the top) migration progresses more slowly than expected, leading to negligible video subscriber losses

Comcast continues to take share in the SMB and consumer space

DOWNSIDE SCENARIO

New OTT video entrants accelerate video subscriber losses to 2% YoY

Economic downturn pressures total customer ARPU of $140 Advertisers continue to shift spending away from linear television Aggressive entry into wireless

PRICE TARGET CALCULATION

At our 12- to 18-month price target of $70, the stock would trade at a premium, but in our view reasonable, FCF multiple of about 23x 2016E FCF/share and at a P/E multiple of 19.9x 2016E EPS. Cable stocks tend to trade on FCF, and in recent history have traded in the 20x area. However, given the company's content assets and high-quality network/services, we believe that our estimates are appropriate. In addition, the company has been trading above its historical multiple since the acquisition of NBC Universal, benefiting from a blended cable/content valuation.

KEY RISKS

Economy, technology and consumer spending habits. The average consumer is spending $150 per month with Comcast, which is likely not sustainable in an economic downturn. The company faces the threat of additional competition in the form of "over-the-top" (OTT) technology, wireless broadband, and in 20% of its revenues from advertising to digital. We also see a potential acquisition of a wireless company as creating potential short-term pressure, as it would reduce near-term returns to shareholders, as can regulatory oversight.

Timothy Horan, CFA: 212-667-8137 2

CMCSA (OUTPERFORM) - $70.00

Comcast

Key Developments to Monitor

Inroads into the Enterprise Market. The company registered impressive business services revenue growth of 17.5% in Q1. Small and medium-sized businesses (SMBs) have accounted for 60% of the revenue growth thus far, and Comcast believes that medium-sized and large enterprises still provide a meaningful runway for incremental growth.

Content Cost Inflation. Continued increases in the cost of sports programming could adversely impact cable and content margins. Comcast continued to guide to a 10% increase in programming costs in 2016 (attributing the rise to higher sports programming costs, contract renewals, and increases in retransmission fees).

Spectrum Auction. We believe Comcast will be a buyer up to a certain price. It is our view that the company is taking steps to eventually launch a wi-fi first mobile product--the company has 13.3M wi-fi hotspots as of YE15 and has reported that the average subscriber connects to a wi-fi hotspot five times per day with each session averaging over 25 minutes. The spectrum auction provides the company the option to acquire a strategic asset (if it can be had at a reasonable price).

Cash Deployment and Leverage. Management maintained its target of completing $5B in buybacks for 2016. During the quarter, the company repurchased 22 million of its common shares for $1.2 billion. Leverage currently stands at 2x debt/EBITDA, in-line with management's stated target.

Capital Spending. Consolidated capital expenditures increased 9.2%, to $1.9 billion during the first quarter. Cable capital expenditures increased 9%, to $1.6 billion for the quarter (12.9% of Cable revenue versus 12.6% in 1Q15). The increase reflects a higher level of infrastructure investment to increase network capacity, increased investment in line extensions, and higher spending on customer premise equipment related to the deployment of the X1 platform and wireless gateways.

NBCU's Continued Investment in China. NBCU has significantly expanded its operations in China. The company had no employees in China at the time of the NBCU acquisition, but has now established both a movie team and a consumer products team and is in talks to build a theme park in Beijing. Although the market is already a significant profit generator (Fast & Furious, for example, grossed over $400 million at the Chinese box office), we believe China still represents a large incremental growth opportunity for the company. NBCU has a number of big movies slated for release in China in 2017.

Customer Service Spending. The reduction in churn was tied to the 8% y/y increase in customer spending. We believe these investments are aimed at migrating customer service online and reducing call center volumes and will be accretive to margins in the long term. The company has also improved the on-boarding experience as customer churn is highest during the first ninety days of customer engagement. During the quarter the company received ~11M incoming calls, the lowest call-in rate "in years" according to the company.

Cord-cutting and Cord-shaving. Management maintained that cord-cutting and cord-shaving rates remained stable during the quarter, impacting ~2% of the subscriber base. Management pointed to the strength of the scatter advertising market as evidence of the resiliency and continued importance of cable channels.

Rio Olympics. The company announced that it had surpassed $1 billion in national advertising sales for the Rio Olympics, achieving this milestone earlier than it did for the London Olympics.

Exhibit 1. Selected Performance Data

Comcast Selected Performance Data

Recurring EPS Revenue Growth (%) EBITDA Margin (%) RGU Net Adds (000's) Basic Subs Net Adds (000's) Broadband Net Adds (000's) Telephony Net Adds (000's)

1Q14 $0.68 13.7% 31.8%

549 24

383 142

2Q14 $0.75 3.5% 34.5%

196 (144) 203 137

Source: Company reports; Factset; Oppenheimer & Co. Inc. estimates.

3Q14 $0.73 4.0% 34.0%

302 (81) 315 68

4Q14 $0.77 4.8% 33.1%

504 6

375 123

1Q15 $0.79 2.6% 33.4%

476 (8)

407 77

2Q15 $0.84 11.3% 33.4%

160 (69) 180 49

3Q15 $0.80 11.2% 33.1%

289 (48) 320 17

4Q15 $0.81 8.5% 32.6%

688 89

460 139

1Q16 $0.84 5.2% 33.9%

593 53

438 102

YoY Change

5.6%

1.6% 24.6%

NA 7.6% 32.5%

Actual vs. 1Q16E Estimates

$0.80 4.6% 4.8% 33.5% 1.2% 401 47.8%

(10) NA 380 15.3%

31 226.4%

Consensus $0.79 4.4% 33.5% 444 16 385 43

3

Comcast

CMCSA (OUTPERFORM) - $70.00

Exhibit 2. Comcast Consolidated Quarterly Model ($ in millions, except per share)

Last Updated: 4/27/2016 Consolidated Model

Operating Revenue Cable Content Corporate & Other

Total Consolidated Revenue

2014 1Q15 2Q15 3Q15 4Q15 2015 1Q16 2Q16E 3Q16E 4Q16E

44,140 25,428

(793) 68,775

11,430 6,604 (181)

17,853

11,729 7,230 (216)

18,743

11,740 7,151 (222)

18,669

11,980 7,477 (212)

19,245

46,879 28,462

(831) 74,510

12,204 6,861 (275)

18,790

12,430 7,213 (224)

19,419

12,530 8,104 (242)

20,391

12,786 8,086 (227)

20,645

Operating Expenses % of revenue

45,852 11,897 12,477 12,485 12,973 49,832 12,423 12,988 13,623 13,743 66.7% 66.6% 66.6% 66.9% 67.4% 66.9% 66.1% 66.9% 66.8% 66.6%

EBITDA % of revenue

22,923 5,956 6,266 6,184 6,272 24,678 6,367 6,431 6,769 6,901 33.3% 33.4% 33.4% 33.1% 32.6% 33.1% 33.9% 33.1% 33.2% 33.4%

Depreciation & amortization

8,019 2,066 2,161 2,182 2,270 8,679 2,278 2,306 2,358 2,417

Operating income % of revenue

14,904 3,890 4,105 4,002 4,002 15,999 4,089 4,125 4,411 4,484 21.7% 21.8% 21.9% 21.4% 20.8% 21.5% 21.8% 21.2% 21.6% 21.7%

Other (income) expense, net Interest expense & other costs

(224) (134)

(96)

78

110

(42) (149)

25

25

25

2,617

656

713

659

674 2,702

703

702

703

702

Pretax income Provision for income taxes

Tax rate Minority Interest Net income, continuing ops. Gain on Asset Sales/Other Charges Loss from discontinued ops (net) Net income to common

% of revenue

12,511 4,597 36.7% (212) 7,702 7,702 11.2%

3,368 1,261 37.4%

(82) 2,025

2,025 11.3%

3,488 1,313 37.6%

(38) 2,137

(8) -

2,129 11.4%

3,265 1,223 37.5%

(45) 1,997

1,997 10.7%

3,218 1,162 37.0%

(85) 1,971

1,971 10.2%

13,339 4,959 37.2% (250) 8,130 8,130 10.9%

3,535 1,311 37.0%

(90) 2,134

2,134 11.4%

3,398 1,274 37.5%

(90) 2,034

2,034 10.5%

3,682 1,362 37.0%

(100) 2,220

2,220 10.9%

3,757 1,390 37.0%

(100) 2,267

2,267 11.0%

Earnings per share: Reported EPS Non-recurring gain (loss) Merger-related accretion/(decretion) Operating EPS Average diluted shares Dividends per share

$ 3.20 $ 0.27 $ 0.00 $ 2.93 2,615 $ 0.86

$ 0.81 $ 0.01 $ 0.00 $ 0.79 2,556 $ 0.22

$ 0.84 $ 0.00 $ 0.00 $ 0.84 2,531 $ 0.25

$ 0.80 $ 0.00 $ 0.00 $ 0.80 2,502 $ 0.25

$ 0.79 $ 0.00 $ 0.02 $ 0.81 2,481 $ 0.25

$ 3.24 $ 0.01 $ 0.02 $ 3.25 2,516 $ 0.97

$ 0.87 ($ 0.03) $ 0.00 $ 0.84

2,462 $ 0.28

$ 0.83 $ 0.00 $ 0.00 $ 0.83 2,442 $ 0.28

$ 0.92 $ 0.00 $ 0.00 $ 0.92 2,422 $ 0.28

$ 0.94 $ 0.00 $ 0.00 $ 0.94 2,401 $ 0.28

Free cash flows analysis:

Net income, continuing ops.

7,702 2,025 2,137 1,997

plus: D&A

8,019 2,066 2,161 2,182

minus: Cable Capex

6,154 1,445 1,676 1,851

as % of cable revenue

13.9% 12.6% 14.3% 15.8%

minus: Content, Corp. & Other Capex 1,266

281

295

314

minus: Cash Paid for Capitalized Softw1a,1re22and Oth2e7r3Intangib3le27Assets 316

Total Capex

8,542 1,999 2,298 2,481

as % of total revenue

12.4% 11.2% 12.3% 13.3%

Share Buybacks

4,250 2,000 1,600 2,200

Dividends

2,255

572

628

623

Cash Taxes

264 2,025 1,116

Cash Interest Expense

691

550

673

plus: Non-Cash Tax & Interest Expense

962

(549)

93

Free cash flows

674

(480) (228) (1,125)

Free cash flow prior to dist.

7,179 2,092 2,000 1,698

1,971 2,270 2,062 17.2%

584 454 3,100 16.1% 980 614 790 569 477 (453) 1,141

8,130 8,679 7,034 15.0% 1,474 1,370 9,878 13.3% 6,780 2,437

(2,286) 6,931

2,134 2,278 1,687 13.8%

309 378 2,374 12.6% 1,200 677

161 2,038

2,034 2,306 1,859 15.0%

304 330 2,493 12.8% 1,250 679

(82) 1,846

2,220 2,358 1,913 15.3%

323 319 2,555 12.5% 1,250 675

97 2,023

2,267 2,417 2,113 16.5%

602 459 3,173 15.4% 1,300 665

(454) 1,511

Balance sheets data: Cash Current portion of debt Long-term debt Net debt Effective annual interest expense Net PP&E Implied useful life (PP&E) Total assets Shareowners equity Net debt / Total capitalization Net debt/ EBITDA

3,910 4,217 44,017 44,324 5.8% 30,953

3.8 159,339

53,068 45.5%

1.9x

3,937 4,180 42,953 43,196 6.0% 31,127

3.8 158,757

52,511 45.1%

1.8x

3,486 3,887 44,636 45,037 6.5% 31,572

3.6 159,674

52,729 46.1%

1.8x

1,893 3,152 44,605 45,864 5.8% 32,170

3.7 158,958

51,965 46.9%

1.9x

2,295 3,627 48,994 50,326 5.6% 33,665

3.6 166,574

53,978 48.2%

2.0x

2,295 3,627 48,994 50,326 5.7% 33,665

3.7 166,574

53,978 48.2%

2.0x

2,295 3,627 48,833 50,165 5.6% 34,122

3.7 170,599

52,642 48.8%

2.0x

2,295 3,627 48,915 50,247 5.6% 34,309

3.7 170,152

54,676 47.9%

2.0x

2,295 3,627 48,818 50,150 5.6% 34,506

3.6 169,707

56,896 46.8%

1.9x

2,295 3,627 49,272 50,604 5.6% 35,262

3.6 169,402

59,162 46.1%

1.8x

Return on equity - Dupont method

Profit margin (NI / Rev)

11.2%

Asset utilization (Rev / Avg. assets) 43.2%

Leverage (Avg. assets / Avg. equity) 305.5%

Return on equity (annualized)

14.8%

Return on invested capital

9.7%

11.3% 11.3% 303.9% 15.6% 10.1%

11.4% 11.8% 298.2% 16.0% 10.6%

10.7% 11.7% 301.3% 15.1% 10.2%

10.2% 11.8% 304.5% 14.7% 10.0%

10.9% 45.7% 304.5% 15.2% 10.0%

11.4% 11.4% 313.2% 16.2% 10.0%

10.5% 11.8% 307.1% 15.1%

9.9%

10.9% 12.4% 301.9% 16.3% 10.5%

11.0% 12.3% 297.0% 16.0% 10.4%

Source: Company Reports & Oppenheimer & Co. Inc. Estimates.

1Q15

2Q15

Year -Over- Year Change

3Q15 4Q15

2015 1Q16 2Q16E 3Q16E 4Q16E

6.3% 6.3% (4.0%) 20.2%

6.3% 5.9% 20.8% 13.0%

6.2% 11.9%

2.6% 11.3% 11.2% 8.5%

8.3%

0.2% 13.0% 12.6% 9.4%

8.7%

6.8% 3.9%

5.2%

4.4%

6.0% 6.7% (0.2%) 13.3%

6.7% 8.1%

3.6% 9.2% 7.3%

4.1% 9.1% 5.9%

7.5% 8.0%

8.4% 6.7%

7.7%

6.9%

2.6% 9.5% 10.0%

4.9% 9.0%

8.1% 11.4% 8.6% 7.9% 6.9% 5.7%

8.2% 10.3%

7.3%

5.1%

6.7% 8.1% 6.5% 0.5% 10.2% 12.0%

2.2% 10.0% 12.6% 7.0%

(0.6%) 1.5% 5.7% 1.4%

3.2% 6.6%

7.2% 5.0%

(1.5%) 6.7% 4.2% (2.6%) 12.8% 16.8%

12.2% 8.0%

4.2% (0.9%) 5.6%

5.4% (4.5%) 11.2% 15.0%

16.1% (3.4%) 16.5%

12.5% (3.7%) 11.5%

8.9% 6.1% (4.4%) (4.2%) 11.9% 10.5%

10.8% (3.8%) 12.5%

5.6% (3.7%) 22.9%

(1.4%) 14.8% 15.9% (3.5%) (3.2%) (3.2%) 12.0% 12.0% 12.0%

26.2% 12.3% 12.6% 10.1%

(7.3%) 25.8% 20.1%

(3.3%) 25.8% 11.7%

2.6% 22.5% 12.4%

65.9% 17.3% 18.7%

14.3%

16.4% 22.1% 15.6%

16.7%

10.0% 38.5% 18.8%

10.9%

3.0% 1.0% 8.5%

3.3%

3.0% 1.0% 3.0%

2.5%

3.0% 1.0% 2.3%

12.6% 7.4%

7.0% 5.9%

8.1% 18.4%

8.1% 8.4% 8.4%

(127.9%) (565.3%) (434.8%) NM (439.2%)

NM

NM

NM

NM

(29.8%) 44.5% (4.9%) (22.2%) (3.5%) (2.6%) (7.7%) 19.1% 32.4%

4

CMCSA (OUTPERFORM) - $70.00

Comcast

Exhibit 3. Comcast Segment Quarterly Model ($ in millions, except per share)

Segment Model Cable Total Video High-Speed Data Voice Advertising Other Total Revenue

2014 1Q15 2Q15 3Q15 4Q15 2015 1Q16 2Q16E 3Q16E 4Q16E

20,783 11,321

3,671 2,393 5,972 44,140

5,331 3,044

906 504 1,645 11,430

5,431 3,101

903 582 1,712 11,729

5,348 3,129

900 593 1,770 11,740

5,416 3,197

899 639 1,829 11,980

21,526 12,471

3,608 2,318 6,956 46,879

5,538 3,275

896 559 1,936 12,204

5,603 3,341

890 629 1,968 12,430

5,574 3,382

887 658 2,029 12,530

5,645 3,433

882 728 2,097 12,786

Operating Expenses Cost of Services

% of revenue

SG&A & Other % of revenue

Operating Expenses

EBITDA % of revenue

Depreciation and Amortization % of revenue

Operating Income

18,867 42.7%

7,161 16.2%

26,028 18,112 41.0%

6,422 14.5% 11,690

4,977 43.5%

1,779 15.6%

6,756 4,674 40.9% 1,675 14.7% 2,999

5,042 43.0%

1,889 16.1%

6,931 4,798 40.9% 1,726 14.7% 3,072

5,052 43.0%

1,940 16.5%

6,992 4,748 40.4% 1,777 15.1% 2,971

5,108 42.6%

1,972 16.5%

7,080 4,900 40.9% 1,850 15.4% 3,050

20,179 43.0%

7,580 16.2%

27,759 19,120 40.8%

7,028 15.0% 12,092

5,415 44.4%

1,900 15.6%

7,315 4,889 40.1% 1,843 15.1% 3,046

5,448 43.8%

1,939 15.6%

7,387 5,043 40.6% 1,889 15.2% 3,153

5,477 43.7%

1,942 15.5%

7,419 5,111 40.8% 1,879 15.0% 3,232

5,550 43.4%

1,982 15.5%

7,532 5,254 41.1% 1,918 15.0% 3,336

Subscriber Summary (000) Homes Passed Video Subscribers Subscribers added (lost) Penetration of Homes Passed Avg. Monthly Cable Rev. per Sub Advanced Services Customers

54,673 54,904 55,205 55,455 55,691

22,383 22,375 22,306 22,258 22,347

(195)

(8)

(69)

(48)

89

40.9% 40.8% 40.4% 40.1% 40.1%

$163.63 $170.25 $175.00 $175.63 $179.05

55,691 55,910 55,757 56,010 56,248

22,347 22,400 22,350 22,310 22,395

(36)

53

(50)

(40)

85

40.1% 40.1% 40.1% 39.8% 39.8%

$174.67 $181.82 $185.17 $187.04 $190.67

(81.30) (68.86)

High Speed Data Subs % of basic HSD net-adds (000) HSD net-adds run rate per day

21,962 98.1% 1,276 5,104

22,369 100.0%

407 6,512

22,548 101.1%

180 2,880

22,868 102.7%

320 5,120

23,328 104.4%

460 7,360

23,328 104.4%

1,367 5,468

23,766 106.1%

438 7,008

23,916 107.0%

150 2,400

24,216 108.5%

300 4,800

24,416 109.0%

200 3,200

Telephony Subscribers % of basic Telephony net-adds (000) Phone net-adds run rate per day

11,193 50.0%

470 1,880

11,270 50.4%

77 1,232

11,319 50.7%

49 784

11,336 50.9%

17 272

11,475 51.3%

139 2,224

11,475 51.3%

282 1,128

11,577 51.7%

102 1,632

11,608 51.9%

31 500

11,640 52.2%

31 500

11,671 52.1%

31 500

RGU Net Adds

1,551

476

160

289

688 1,613

593

131

291

316

Monthly ARPUs Total Video High-Speed Data Voice Total Cable

$77.05 $44.27 $27.88 $163.65

$79.40 $45.78 $26.89 $170.25

$81.03 $46.03 $26.65 $175.00

$80.00 $45.93 $26.48 $175.63

5.06% $80.95 $46.14 $26.27 $179.05

$80.35 $45.97 $26.57 $174.98

$82.51 $46.36 $25.91 $181.82

$83.46 $46.72 $25.58 $185.17

$83.20 $46.85 $25.42 $187.04

$84.19 $47.06 $25.22 $190.67

NBC Universal

Cable Networks Cable Network Revenue

9,563

Operating Expenses

5,974

Cable Networks EBITDA % of Cable Network Revenue

3,589 37.5%

Broadcast Television Broadcast Television Revenue

8,542

Operating Expenses

7,808

Broadcast Television EBITDA

734

% of Broadcast Television Revenue 8.6%

Filmed Entertainment Filmed Entertainment Revenue

5,008

Operating Expenses

4,297

Filmed Entertainment EBITDA

711

% of Filmed Entertainment Revenue14.2%

2,359 1,461

898 38.1%

2,248 2,066

182 8.1%

1,446 1,153

293 20.3%

2,450 1,578

872 35.6%

1,813 1,582

231 12.7%

2,266 1,844

422 18.6%

2,412 1,577

835 34.6%

1,971 1,821

150 7.6%

1,946 1,570

376 19.3%

2,407 1,513

894 37.1%

2,498 2,281

217 8.7%

1,629 1,486

143 8.8%

9,628 6,129 3,499 36.3%

8,530 7,750

780 9.1%

7,287 6,053 1,234 16.9%

2,453 1,497

956 39.0%

2,553 1,634

919 36.0%

2,084 1,800

284 13.6%

2,037 1,780

257 12.6%

1,383

1,216

167 12.1%

1,563

1,422

141 9.0%

2,561 1,665

896 35.0%

2,756 2,425

331 12.0%

1,503 1,323

180 12.0%

2,574 1,609

965 37.5%

2,739 2,397

342 12.5%

1,546 1,453

93 6.0%

Theme Parks Theme Parks Revenue Operating Expense

3,708 2,161

935 1,028 1,239 1,189 4,391 1,026 1,131 1,363 1,308

572

583

636

648 2,439

651

646

695

706

Theme Park EBITDA % of Theme Park Revenue

Total Content Revenue Sequential growth

Operating Expenses EBITDA

% of revenue Depreciation and Amortization

% of revenue Operating Income

1,168 44.5%

25,428

263 40.4%

363 6,604

354 45.8%

7,230

458 51.1%

7,151

452 1,527 44.4% 45.7%

7,477 28,462

375

485

36.5% 42.9%

6,861 7,213

668 49.0%

8,104

602 46.0%

8,086

19,840

5,588 22.0%

1,495 5.9%

4,093

5,110

1,494 22.6%

364 5.5%

1,130

5,518

1,712 23.7%

405 5.6%

1,307

5,494

1,657 23.2%

380 5.3%

1,277

5,926

1,551 20.7%

390 5.2%

1,161

22,048

6,414 22.5%

1,539 5.4%

4,875

5,239

1,622 23.6%

414 6.0%

1,208

5,572

1,642 22.8%

397 5.5%

1,245

6,205

1,899 23.4%

454 5.6%

1,445

6,247

1,839 22.7%

469 5.8%

1,370

Source: Company Reports & Oppenheimer & Co. Inc. Estimates.

1Q15

2Q15

Year -Over- Year Change

3Q15 4Q15

2015 1Q16 2Q16E 3Q16E 4Q16E

3.0% 10.7% (1.5%) (0.6%) 17.3%

6.3%

3.7% 10.0% (2.1%) (0.9%) 17.1%

6.3%

3.3% 10.2% (1.4%) (0.5%) 17.0%

6.3%

4.4% 9.8% (1.9%) (9.1%) 14.7% 5.9%

3.6% 10.2% (1.7%) (3.1%) 16.5%

6.2%

3.9% 7.6% (1.1%) 10.9% 17.7% 6.8%

3.2% 7.7% (1.5%) 8.0% 14.9% 6.0%

4.2% 8.1% (1.5%) 11.0% 14.6% 6.7%

4.2% 7.4% (1.9%) 14.0% 14.7% 6.7%

5.8%

7.9%

7.1% 7.1%

7.0%

8.8%

8.1% 8.4% 8.7%

7.7%

5.4%

4.4% 6.1%

5.9%

6.8%

2.6% 0.1% 0.5%

6.3% 6.2%

5.7%

6.5%

7.2% 5.1%

6.3% 6.4%

6.8% 4.6%

7.6% 13.8% 10.6%

3.8% 2.3% 1.3%

6.7% 5.6%

8.3% 4.6%

9.4% 10.0%

3.4%

1.6%

6.6% 5.1%

6.1% 7.7%

6.4% 7.2%

9.5% 5.8% 3.7%

2.6% 8.8% 9.4%

1.7%

1.7%

1.8% 1.9%

1.9%

(1.0%) (0.7%) (0.5%) (0.2%) (0.2%)

1.8% 0.1%

1.0% 0.2%

1.0% 0.2%

1.0% 0.2%

6.2% 6.0% 5.9% 6.2% 6.3% (11.3%) 1.6% 22.7%

6.2% 7.1%

6.2%

6.1% 5.9% 4.7%

7.6% (16.7%) (6.3%) (56.5%)

3.7%

2.9%

2.4% 2.5%

2.5%

2.7%

2.6% 2.7% 1.7%

(45.8%) (64.2%) (75.0%) 13.0% (40.0%) 32.5% (36.2%) 83.8% (77.5%)

3.9% 4.2% (5.4%) 7.3%

4.5% 3.7% (5.2%) 7.2%

3.9% 4.0% (4.0%) 7.0%

4.8% 3.5% (4.2%) 6.3%

4.3% 3.8% (4.7%) 6.9%

3.9% 1.3% (3.6%) 6.8%

3.0% 1.5% (4.0%) 5.8%

4.0% 2.0% (4.0%) 6.5%

4.0% 2.0% (4.0%) 6.5%

(5.8%) (9.3%) 0.3%

(1.1%) 1.0% (4.6%)

7.0% 13.7% (3.8%)

3.4% 6.9% (2.0%)

0.7% 2.6% (2.5%)

4.0% 2.5% 6.5%

4.2% 3.6% 5.4%

6.2% 5.6% 7.4%

6.9% 6.3% 8.0%

(14.2%) (17.3%) 49.2%

(0.2%) 0.4% (3.8%)

11.4% 11.9%

5.6%

7.0% 8.4% (5.7%)

(0.1%) (7.3%) (0.7%) (12.9%) 6.3% 56.0%

12.3% 39.8% 12.5% 33.2% 11.1% 120.5%

9.6% 5.1% 57.8%

7.0% 8.5% 1.7%

92.7% 88.0% 116.4%

64.1% 51.7% 149.0%

25.8% 22.0% 85.7%

45.5% 40.9% 73.6%

(4.4%) (31.0%) (22.8%) (5.1%) 5.5% (22.9%) (15.8%) (2.2%) (43.0%) (66.7%) (52.0%) (35.1%)

38.1% 20.4%

54.7%

30.5% 13.4%

45.1%

8.3% 8.2% 6.0% 13.3%

13.9% 28.4%

18.4% 12.9%

30.7%

9.7% 13.8%

42.6%

10.0% 10.0% 10.0% 37.0% 45.8% 33.1%

(4.0%) 20.2% 20.8% 13.0% 11.9%

3.9% (0.2%) 13.3% 8.1%

(8.2%) 20.4% 14.0% 19.4%

22.0% 14.2% 17.0% 8.7%

11.1% 14.8%

2.5% 8.6%

1.0% 12.9% 5.4% (4.1%) 14.6% 18.6%

(0.3%) 9.5%

2.4% 0.3%

2.9% 13.7% (2.0%) 19.4% 20.3%

19.5% 22.8% 22.2% 11.8% 19.1%

6.9% (4.7%) 13.2% 18.0%

5

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