Green
Financing
Framework
January 2023

Table of Contents
1. Introduction
1.1 Company Overview
1.2 Comcast’s Environmental Sustainability Strategy
1.3 Environmental Sustainability Governance
1.4 Other Sustainability Resources

2. Green Financing Framework
2.1 Scope
2.2 Use of Proceeds
2.3 Process for Project Evaluation and Selection
2.4 Management of Proceeds
2.5 Reporting

3. External Review
3.1 Second Party Opinion
3.2 Verification

1. Introduction
Comcast Corporation (“Comcast,” the “Company,” “we,” “our,” or “us”) is a global media and technology
company with three primary businesses: Comcast Cable, NBCUniversal, and Sky. Our operations span thefollowing reportable business segments:
Cable Communications: Consists of the operations of Comcast Cable, which is a leading
provider of broadband, video, voice, wireless, and other services to residential customers in
the United States under the Xfinity brand; we also provide these and other services tobusiness customers and sell advertising.
Media: Consists primarily of NBCUniversal’s television and streaming platforms, including
national, regional, and international cable networks; the NBC and Telemundo broadcast
networks, NBC and Telemundo owned local broadcast television stations; and Peacock.
Studios: Consists primarily of NBCUniversal’s film and television studio production anddistribution operations.
Theme Parks: Consists primarily of our Universal theme parks in Orlando, Florida;
Hollywood, California; Osaka, Japan; and Beijing, China.
Sky: Consists of the operations of Sky, one of Europe’s leading entertainment companies,
which primarily includes a direct-to-consumer business, providing video, broadband, voice,and wireless phone services, and a content business, operating entertainment networks,
the Sky News broadcast network, and Sky Sports networks.
Our other business interests consist primarily of the operations of Comcast Spectacor, which owns thePhiladelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, and other initiatives.
Unless context otherwise requires, references to Comcast, the Company, and we include Comcast
Corporation and its consolidated subsidiaries.

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Comcast Corporation – Green Financing Framework (January 2023)

Comcast is principally focused on broadband, aggregation, and streaming for customers across the UnitedStates and Europe. We believe in protecting the environment where we live and work, so that we have asustainable planet now and in the future. That is why we have set a goal to be carbon neutral by 2035 in
Scope 1 and 2 emissions across our global operations.
Our carbon neutral goal will mean eliminating or offsetting approximately 1.8 million tons of CO2e (per 2021
data) – equivalent to removing 500,000 passenger cars from the road – a significant step as we work to help
build a better, greener world. Our strategy is to first reduce our Scope 1 and 2 emissions in line with sciencebased pathways designed to keep global warming to no more than 1.5⁰ C, then to purchase carbon offsets toaddress emissions that have not yet been mitigated.
We are focused on the following key initiatives to help us achieve these goals:

Sourcing renewable
and clean energy

Improving energy
efficiency

Measuring andreporting ouremissions4

We plan to shift to more zero carbon, renewable electricity by partnering withlocal utilities and investing in new renewable energy through power purchaseagreements and securing renewable energy credits. In 2021, 71% of our total
Scope 1 and 2 emissions was from the purchased electricity powering ouroperations around the world, including our facilities, hybrid fiber-coaxial cable
network and data centers, and theme parks – making the shift to renewableenergy the most significant lever in our emissions reduction strategy.

Across our buildings, network, vehicle fleets, production studios, and theme parks,
we will continue to develop and implement projects to improve energy efficiency.
In 2021, 18% of our total Scope 1 and 2 emissions was from our owned andoperated fleet and vehicles, with the remaining 11% coming from generators used
across our businesses for remote and back-up power, fugitive emissions fromrefrigerants in cooling systems, and a small quantity of purchased steam, cooling,and heating for select facilities. Across our businesses, we will look foropportunities to improve energy efficiency in cost-effective ways throughsmall-scale pilots. Successful pilots can then inform business cases for broader
implementation and impact.

To provide transparency and help drive improvement, we report emissions datausing the World Resource Institute and World Business Council for Sustainable
Development Greenhouse Gas (GHG) Protocol’s Corporate Account andReporting Standard – Revised Edition (the “GHG Protocol”). We also issue reports
using the SASB and TCFD frameworks. We have partnered with a leading
consulting firm to help develop our reporting and estimation approach. Moredetails can be found in our Carbon Footprint Data Report, our SASB Report, andour TCFD Report available on our ESG Reporting website athttps://www.cmcsa.com/esg-reporting.

Comcast Corporation – Green Financing Framework (January 2023)

To help meet our goal to be carbon neutral in Scope 1 and 2 emissions by 2035, and as part of our broader
commitment to environmental sustainability, Comcast has designed this Green Financing Framework (the“Framework”) under which we may issue bonds or other debt instruments, the net proceeds of which we intend
to allocate to finance or refinance new and existing projects, in whole or in part, that will help achieve ourenvironmental objectives (each within the realm of green financing). The use of proceeds outlined in thisFramework is directly related to our primary strategies of shifting to renewable energy and improving energy
efficiency in our facilities and operations, vehicle fleet, and products. This Framework details which projects
are eligible for financing or refinancing, the use of proceeds, how projects will be selected, and the
management of proceeds and reporting.

Comcast has two management committees that oversee governance of environmental sustainability for theenterprise – a senior executive level committee and an operational committee. The Executive Environmental
Committee, chaired by Comcast's Chief Financial Officer, Chief Legal Officer, and Chief Administrative
Officer, meets periodically with members of Environment Operating and Governance Committee (“EOGC”)
to assess and manage climate-related risks and opportunities and review and approve environmental
sustainability strategy, targets, and results. The EOGC, chaired by Comcast’s SVP of Corporate Strategy andEnvironmental Sustainability, defines strategies across our businesses to address climate-related risks, realize
climate-related opportunities, and prioritize activities from a financial planning perspective that will have themost significant impact to help us attain our 2035 carbon neutral goal. This committee is comprised of
executives from each business unit and across multiple functions including procurement, strategy, finance,accounting, legal, and other operational functions. In addition, each business (Comcast Cable,
NBCUniversal, and Sky) has developed their own tailored climate-related strategies and initiatives given thenature of their respective businesses, which are also reviewed and discussed at the EOGC.
Our Board and its committees exercise their respective roles in strategy, risk oversight, and oversight ofsignificant environmental matters in a variety of ways, including:• The Governance and Corporate Responsibility Committee periodically reviews and assesses theCompany’s annual Impact Report and the Company’s significant environmental and social issues,
risks and trends, including those relating to climate issues.
• The Audit Committee reviews the Company’s policies, practices and assessments with respect tosignificant business risks relating to business continuity (such as those risks arising from severe
weather events).
• The Board oversees risks associated with the Company’s reputation, which may include theCompany's climate-related activities, and, as appropriate, reviews our climate-related strategies
and initiatives.
Committee charters are posted under “Corporate Governance” in the Investors section of our website atwww.cmcsa.com.

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Comcast Corporation – Green Financing Framework (January 2023)

We also provide key reports, policies and resources related to our ESG performance and progress on our ESG
Reporting website at https://www.cmcsa.com/esg-reporting, including the following reports.
• Annual Impact Report• Sustainability Accounting Standards Board (SASB) Report• Task Force on Climate-Related Financial Disclosures (TCFD) Report• Carbon Footprint Data Report• Code of Conduct• Code of Conduct for Suppliers and Business Partners• Statement on Modern Slavery and Supply Chain Values• Human Rights Statement
Inclusion of information in the materials on this ESG Reporting website should not be construed as acharacterization of the materiality or financial impact of that information with respect to the Company.

2. Green Financing Framework
This Framework is designed to align with the core components and key recommendations (shown below) of
the International Capital Markets Association (ICMA) Green Bond Principles (“GBP”) 2021 (with June 2022
Appendix 1). These principles are voluntary process guidelines for best practices when issuing Green Bonds.
The GBP promotes transparency among investors, underwriters, arrangers, placement agents, and others topromote integrity in the Green Bond market.
Core Components:• Use of Proceeds• Process for Project Evaluation and Selection• Management of Proceeds• Reporting
Key Recommendations:• Framework• External Review

Comcast has designed this Framework under which Comcast intends to finance or refinance new and/or
existing investments, in whole or in part, to facilitate the Company meeting its environmental objectives. This
Framework details which project types are eligible for financing / refinancing with the net proceeds of various
types of financing (e.g., commercial paper, term loans, bond issuances, securitizations, and convertible
notes, among other options (each, a “Green Financing”)).

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Comcast Corporation – Green Financing Framework (January 2023)

We intend to allocate an amount equal to the net proceeds of any Green Financing to the financing or
refinancing, in whole or in part, of Eligible Green Investments. “Eligible Green Investments” include new andexisting investments made by Comcast that meet specified eligibility criteria and occur within the two fullcalendar years prior to the issuance of a Green Financing through its maturity.

Eligible Green
Investment Category

Renewable Energy

Energy Efficiency

Eligibility Criteria
and Project Examples

Expenditures related to the construction, development, acquisition, operation, or
maintenance of renewable energy generation, such as solar and wind energy, thatare long-term and new to the grid, as well as renewable energy storage projects.
Qualifying projects include:• Infrastructure related to generation, transmission, distribution and storage of
owned or on-site renewable energy projects• The purchase of renewable energy1 in our global operations through powerpurchase agreements (PPAs), virtual power purchase agreements (vPPAs), andgreen tariffs or other supplier retail products that are:
1. Long-term (≥ 5 years)
2. Entered into prior to the commencement, or in the case of rehabilitatedprojects, the re-commencement, of commercial operation of therenewable project, thus supporting the addition of new renewable energy
to the grid

Expenditures related to the design, construction, manufacture, installation, or
operation of systems, products, and technologies intended to reduce energy
consumption or greenhouse gas emissions, such as:• Improvements to minimize energy use in offices and everyday operations,such as sensors and controls, LED lighting, energy efficient HVAC systems,
cooling towers, and remote management and data management
applications, with projected energy savings of up to 15-30%• Exploration and implementation of energy efficiencies in consumer
equipment, such as set-top boxes, gateways, and televisions

1
Amounts for qualifying renewable energy agreements will be considered allocated upon commercial operation and will represent estimates of
future outlays. The allocated amounts will be calculated as the net present value of the projected contractual costs of the renewable energy
over the life of a Green Financing based on estimated electricity generated or delivered and the scheduled price under the contract. For existing
contracts, allocated amounts will be determined on a similar basis using actual costs to-date and projected future costs.

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Comcast Corporation – Green Financing Framework (January 2023)

Eligible Green
Investment Category

Green Buildings,
Campuses,Communities,
and Cities

Eligibility Criteria
and Project Examples

Expenditures related to design, construction, and improvement of real estate projects
that have received (in the past two calendar years) or are expected to receive (within
the next three years) regional, national, or international third-party sustainable
certifications or verifications and meet the following eligibility requirements:• Qualifying sustainable certifications or verifications include:2o LEED Gold or higher (for Building, Campus, or Community and City
designations)
3o ENERGY STAR rating of 85 or higher
4o BREEAM Excellent or Outstandingo Other equivalent third-party verified green building certification• For qualifying buildings (such as office buildings, technical facilities, andstudios), eligible expenditures include the full cost of design and construction,
or improvements required to obtain the sustainable certification• For qualifying campus or community and city certifications, under which a
multi-building campus or a theme park may be certified, eligible expenditures
include those directly related to projects required to meet the sustainable
certification, and do not include the full cost of design, construction, or
improvement for the entire campus, community, or city5• For leasing6, new or existing buildings that have received one of the above
third party-verified green building certifications, and that meet the following
criteria:
o Leases that were entered into prior to the operation of the building,thereby contributing to the addition of new sustainable buildings to thecommunityo Long term leases (more than 15 years)

2 Leadership in Energy and Environmental Design (“LEED”) is a voluntary third-party building certification process developed by the U.S.

Green Building Council (“USGBC”), a non-profit organization, and covers environmental performance of a building from a wholebuilding perspective over the building’s life cycle.
3 ENERGY STAR is a voluntary U.S. Environmental Protection Agency program that seeks to deliver environmental benefits and financial

value through superior energy efficiency. To be eligible for ENERGY STAR certification, a building must earn an ENERGY STAR score of
75 or higher, indicating that it performs better than at least 75 percent of similar buildings nationwide.

4 Building Research Establishment Environmental Assessment Methodology (“BREEAM”) is a voluntary third-party building certification

process developed by the U.K. Building Research Establishment. BREEAM measures the environmental performance of buildings.

5 For example, costs will be eligible if they are associated with projects that contribute to achieving the sustainable certification,

including ecosystem assessments, stormwater and wastewater management, water efficiency measures, regionally native
landscaping, construction activity pollution prevention, light pollution reduction, sustainable transportation options, energy efficient
infrastructure, incorporation of renewable energy, and recycling and waste reduction capabilities. Costs that are not associated withprojects that contribute to the sustainable certification will not be eligible, including, for example, theme park attractions, non-green
power generation, and buildings that are not themselves sustainably certified.

6 Amounts for qualifying leased buildings will be considered allocated at lease commencement and will represent estimates of future

outlays. The allocated amounts will be calculated as the net present value of the projected contractual commitments to ourcounterparty(ies) over the life of a Green Financing. For existing contracts, allocated amounts will be determined on a similar basis
using actual costs to-date and projected costs.

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Comcast Corporation – Green Financing Framework (January 2023)

Eligible Green
Investment Category

Clean Transportation

Circular Economy
Adapted Products,
Production
Technologies,
and Processes

Eligibility Criteria
and Project Examples

Expenditures related to the acquisition, design, development, construction,
maintenance, or operation of electric and alternative vehicles and related
infrastructure, such as:• Acquisition (whether owned or leased7) of vehicles, such as cars, trucks, vans,buses, trams, trolleys and carts, that are based on clean transportation
technologies, including electric, hydrogen and hybrid vehicles, or new clean
vehicle types that may become available as technology evolves, subject to thecondition that any qualifying vehicle must have CO2 emissions ≤ 50g perpassenger-km• Installation of electric vehicle charging infrastructure

Expenditures related to designing out waste in Comcast’s products and services, andprojects for waste prevention, reduction, and recycling for Comcast’s facilities,
operations, and supply chain, such as:• Increasing the use of sustainable, recycled, refurbished, or reused materials
and components in our products and services• Improving recovery of materials• Recycling of packaging• Reduction of E-waste• Reduction of plastic usage and/or waste

The net proceeds of any Green Financing will be allocated across Eligible Green Investments evaluated andselected by representatives from Comcast’s Sustainability, Treasury, Finance, Accounting and Legal teams
based on compliance with the eligibility criteria set forth above. On an annual basis, these teams will evaluate
the ongoing eligibility of selected projects throughout the life of any Green Financing. Projects selected forallocation under the Framework will be consistent with Comcast’s existing corporate policies and procedures,such as our internal environmental health and safety policies and practices, our Code of Conduct, our Code of
Conduct for Suppliers and Business Partners, our Statement on Modern Slavery and Supply Chain Values, andour Human Rights Statement, with evaluations, as appropriate, of any perceived environmental and social
risks and benefits associated with the project.

7 Amounts for qualifying leased vehicles will be considered allocated at lease commencement and will represent estimates of future outlays.
The allocated amounts will be calculated as the net present value of the projected contractual commitments to our counterparty(ies) overthe life of a Green Financing. For existing contracts, allocated amounts will be determined on a similar basis using actual costs to-date andprojected costs.

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Comcast Corporation – Green Financing Framework (January 2023)

Comcast intends to allocate an amount equal to the net proceeds from any Green Financing to the financing
or refinancing of existing and future Eligible Green Investments. Pending allocation, an amount equal to thenet proceeds from any Green Financing may be held in accordance with our internal investment policy andnormal liquidity practices. Actual spend allocated to Eligible Green Investments will be tracked by our Financedepartment and will be reflected in Comcast’s internal records. If at some point during the life of a Green
Financing, a project to which funds have been previously allocated no longer meets the eligibility criteria listed
above, we intend to reallocate the funds to other Eligible Green Investments with commercially reasonable
efforts. Any payment of principal and interest on the debt issued in any Green Financing will be made fromour corporate account and will not be linked to the performance of any Eligible Green Investment.

Until full allocation of the net proceeds from the sale of any Green Financing, we will publish an annual Green
Financing Report that will include:
1. The amount of net proceeds from the sale of any Green Financing that have been allocated to one ormore Eligible Green Investments either individually or by category;
2. A list of Eligible Green Investments at such level of detail as we deem appropriate under the circumstances;
3. Case studies and expected impact metrics, where applicable and feasible;
4. The outstanding amount of net proceeds from the sale of any Green Financing yet to be allocated to
Eligible Green Investments at the end of the reporting period; and5. Assertions by Comcast’s management with respect to (1) and (4) above.
Examples of the impact metrics that may be included in any report we publish are as follows, and we expect todisclose the methodology used to calculate such metrics where helpful:

Eligible Green
Investment Category

ExampleImpact Metrics

Renewable Energy• Annual GHG emissions reduced/avoided in metric tons of CO2 equivalent• Annual renewable energy generation (MWh/GWh)

Energy Efficiency• Annual GHG emissions reduced/avoided in metric tons of CO2 equivalent• Annual reduction in energy consumption (MWh)Green Buildings, Campuses,
Communities, and Cities• Square footage of new green certified buildings, by certification type andlevel

Clean Transportation• Annual GHG emissions reduced/avoided in metric tons of CO2 equivalent• Number of clean vehicles deployed

Circular Economy
Adapted Products, Production
Technologies, and Processes• Annual GHG emissions reduced/avoided in metric tons of CO2 equivalent• Waste prevented, minimized, reused, or recycled in metric tons

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Comcast Corporation – Green Financing Framework (January 2023)

3. External Review
Comcast has retained an independent consultant with recognized environmental expertise to provide a Second
Party Opinion (“SPO”) on the environmental benefits of Comcast’s Green Financing Framework as well as thealignment to the GBP. The SPO is available on the SPO provider’s website.

On an annual basis, starting no later than one year after a Green Financing and until full allocation of the net
proceeds from such Green Financing, we expect each Green Financing Report to be accompanied by averification or attestation report from an external accountant with respect to the firm’s examination ofassertions by Comcast’s management as to the amount of the net proceeds from a Green Financing that havebeen allocated to Eligible Green Investments. This examination will be conducted in accordance with attestation
standards established by the American Institute of Certified Public Accountants.

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Comcast Corporation – Green Financing Framework (January 2023)

Disclaimer
The information and opinions contained in this Framework are provided as of the date of this Framework andare subject to change without notice. This Framework represents current Comcast policy and intent and is notintended to, nor may it be relied on, to create legal relations, rights, or obligations. This Framework may
contain or incorporate by reference public information not separately reviewed, approved or endorsed by
Comcast and accordingly, no representation, warranty or undertaking, express or implied, is made and no
responsibility or liability is accepted by Comcast as to the fairness, accuracy, reasonableness, or completenessof such information.
This Framework may contain statements about future events and expectations that are “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These forward-looking
statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,”“intend,” “potential,” “strategy,” “future,” “opportunity,” “commit,” “plan,” “goal,” “may,” “should,” “could,”“will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking
statements are based on current expectations, forecasts, and assumptions that are subject to risks,
uncertainties, and other factors that may cause actual results to differ materially from those suggested bysuch forward-looking statements. In evaluating these statements, you should consider various factors,
including the risks and uncertainties we describe in the “Risk Factors” sections of our Forms 10-K and 10-Q andother reports we file with the Securities and Exchange Commission (“SEC”). For a discussion of the risks andchallenges we may face in meeting our environmental goals, see also our 2022 Impact Report, available on
our ESG Reporting website at https://www.cmcsa.com/esg-reporting. Forward-looking statements may
contain estimates, make assumptions based on developing standards that may change, and provide
aspirational goals and commitments that are not intended to be promises or guarantees. Readers are
cautioned not to place undue reliance on forward-looking statements and such other statements, which speak
only as of the date they are made. None of Comcast, its subsidiaries nor any of its affiliates assumes any
responsibility or obligation to update or revise any such statements, whether because of new information,
future events or otherwise.
This Framework is provided for information purposes only and does not constitute a recommendation
regarding the purchase, sale, subscription, or other acquisition or disposal of any of Comcast’s securities. In
particular, neither this document nor any other related material may be distributed or published in any
jurisdiction in which it is unlawful to do so, except under circumstances that will result in compliance with any
applicable laws and regulations. Persons into whose possession such documents may come must informthemselves about, and observe, any applicable restrictions on distribution. This Framework is not and is notintended to be and does not form part of or contain an offer to sell or an invitation to buy, or a solicitation of
any offer or invitation to buy, any such securities. If any such offer or invitation is made, it will be done so
pursuant to separate and distinct documentation in the form of a prospectus supplement, an accompanying
prospectus or other equivalent document and a related pricing term sheet (the “Offering Documents”), andany decision to purchase or subscribe for any such securities pursuant to such offer or invitation should bemade solely on the basis of such Offering Documents (including any documents incorporated by reference
therein) and not these materials, and only after consulting with any legal, tax, financial, and other advisors, as
appropriate. No decision to subscribe for or purchase any securities of Comcast should be made on the basisof the information contained in this Framework.

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Comcast Corporation – Green Financing Framework (January 2023)