Comcast Corporation Expects $2 Billion in Free Cash Flow in 2004, Previews Operating Cash Flow Guidance

Comcast Corporation (Nasdaq: CMCSA, CMCSK) today announced that it expects to generate consolidated free cash flow in 2004 of approximately $2 billion. This substantial level of free cash flow is expected to be driven by 15-17% growth in cable operating cash flow and significantly reduced cable capital expenditures of $3.3-3.4 billion, as the company completes the upgrade of its cable systems. The Company expects to report considerable additional liquidity resources at year-end 2003, including an estimated cash position of $1.7 billion, $1.5 billion in Time Warner stock, $1.3 billion in Liberty Media stock, a 21% interest in Time Warner Cable and interests in other cable partnerships.

As a result of the company's outstanding operating performance in 2003 and strong balance sheet, its Board of Directors has authorized the repurchase of up to $1 billion of the Company's outstanding common equity securities. Comcast expects such repurchases to occur from time to time, in the open market or in private transactions, subject to market conditions. Brian L. Roberts, president and CEO of Comcast Corporation said, "Our operational and integration progress will produce continued revenue and operating cash flow growth and significant free cash flow in 2004. We have strengthened our balance sheet with nearly $7 billion in debt reduction and still retain substantial additional liquidity. Our solid financial and operating performance combined with confidence in our continuing growth prospects are reflected in this stock repurchase announcement."