Comcast Corporation and four of our 100% owned cable holding company subsidiaries, Comcast Cable Communications, LLC (“CCCL Parent”), Comcast MO Group, Inc. (“Comcast MO Group”), Comcast Cable Holdings, LLC (“CCH”) and Comcast MO of Delaware, LLC (“Comcast MO of Delaware”), have fully and unconditionally guaranteed each other's debt securities. Comcast MO Group, CCH and Comcast MO of Delaware are collectively referred to as the “Combined CCHMO Parents.”

Comcast Corporation provides an unconditional subordinated guarantee of the $185 million principal amount currently outstanding of Comcast Holdings' ZONES due October 2029 and the $202 million principal amount outstanding as of June 30, 2012 of Comcast Holdings' 10.625% senior subordinated debentures due July 2012. The 10.625% senior subordinated debentures were repaid in July 2012. Comcast Corporation does not guarantee the $62 million principal amount currently outstanding of Comcast Holdings' ZONES due November 2029.

Condensed Consolidating Balance Sheet
June 30, 2012
(in millions)			Comcast Parent		CCCL Parent		Combined CCHMO Parents		Comcast Holdings		Non- Guarantor Subsidiaries		Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
Assets
	Cash and cash equivalents	$	-	$	-	$	-	$	-	$	2,101	$	-	$	2,101
	Investments		-		-		-		-		2,231		-		2,231
	Receivables, net		-		-		-		-		4,387		-		4,387
	Programming rights		-		-		-		-		1,114		-		1,114
	Other current assets		282		25		2		-		1,212		-		1,521
Total current assets			282		25		2		-		11,045		-		11,354
Film and television costs			-		-		-		-		5,120		-		5,120
Investments			-		-		-		-		8,018		-		8,018
Investments in and amounts due from subsidiaries eliminated upon consolidation			70,576		93,134		47,455		84,072		43,272		(338,509)		-
Property and equipment, net			253		-		-		-		26,638		-		26,891
Franchise rights			-		-		-		-		59,364		-		59,364
Goodwill			-		-		-		-		27,010		-		27,010
Other intangible assets, net			11		-		-		-		17,775		-		17,786
Other noncurrent assets, net			1,113		2		4		147		1,771		(892)		2,145
Total assets		$	72,235	$	93,161	$	47,461	$	84,219	$	200,013	$	(339,401)	$	157,688

Liabilities and Equity
	Accounts payable and accrued expenses related to trade creditors	$	15	$	-	$	-	$	-	$	5,715	$	-	$	5,730
	Accrued participations and residuals		-		-		-		-		1,300		-		1,300
	Accrued expenses and other current liabilities		1,283		189		54		285		3,947		-		5,758
	Current portion of long-term debt		601		2,117		-		202		34		-		2,954
Total current liabilities			1,899		2,306		54		487		10,996		-		15,742
Long-term debt, less current portion			20,752		1,826		1,759		113		9,725		-		34,175
Deferred income taxes			-		-		-		740		29,890		(749)		29,881
Other noncurrent liabilities			1,853		-		-		-		11,722		(143)		13,432
Redeemable noncontrolling interests			-		-		-		-		16,279		-		16,279
Equity:
	Common stock		31		-		-		-		-		-		31
	Other shareholders’ equity		47,700		89,029		45,648		82,879		120,953		(338,509)		47,700
Total Comcast Corporation shareholders’ equity			47,731		89,029		45,648		82,879		120,953		(338,509)		47,731
Noncontrolling interests			-		-		-		-		448		-		448
Total equity			47,731		89,029		45,648		82,879		121,401		(338,509)		48,179
Total liabilities and equity		$	72,235	$	93,161	$	47,461	$	84,219	$	200,013	$	(339,401)	$	157,688

Condensed Consolidating Balance Sheet
December 31, 2011
(in millions)			Comcast Parent		CCCL Parent		Combined CCHMO Parents		Comcast Holdings		Non- Guarantor Subsidiaries		Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
Assets
	Cash and cash equivalents	$	-	$	-	$	-	$	-	$	1,620	$	-	$	1,620
	Investments		-		-		-		-		54		-		54
	Receivables, net		-		-		-		-		4,351		-		4,351
	Programming rights		-		-		-		-		987		-		987
	Other current assets		235		8		3		-		1,315		-		1,561
Total current assets			235		8		3		-		8,327		-		8,573
Film and television costs			-		-		-		-		5,227		-		5,227
Investments			-		-		-		-		9,854		-		9,854
Investments in and amounts due from subsidiaries eliminated upon consolidation			71,222		89,568		45,725		88,336		36,949		(331,800)		-
Property and equipment, net			262		-		-		-		27,297		-		27,559
Franchise rights			-		-		-		-		59,376		-		59,376
Goodwill			-		-		-		-		26,874		-		26,874
Other intangible assets, net			9		-		-		-		18,156		-		18,165
Other noncurrent assets, net			912		30		5		148		1,761		(666)		2,190
Total assets		$	72,640	$	89,606	$	45,733	$	88,484	$	193,821	$	(332,466)	$	157,818

Liabilities and Equity
	Accounts payable and accrued expenses related to trade creditors	$	10	$	-	$	-	$	-	$	5,695	$	-	$	5,705
	Accrued participations and residuals		-		-		-		-		1,255		-		1,255
	Accrued expenses and other current liabilities		1,030		189		77		272		3,346		-		4,914
	Current portion of long-term debt		26		-		554		202		585		-		1,367
Total current liabilities			1,066		189		631		474		10,881		-		13,241
Long-term debt, less current portion			22,451		3,953		1,764		111		9,663		-		37,942
Deferred income taxes			-		-		-		727		29,728		(523)		29,932
Other noncurrent liabilities			1,849		-		-		-		11,328		(143)		13,034
Redeemable noncontrolling interests			-		-		-		-		16,014		-		16,014
Equity:
	Common stock		32		-		-		-		-		-		32
	Other shareholders’ equity		47,242		85,464		43,338		87,172		115,826		(331,800)		47,242
Total Comcast Corporation shareholders’ equity			47,274		85,464		43,338		87,172		115,826		(331,800)		47,274
Noncontrolling interests			-		-		-		-		381		-		381
Total equity			47,274		85,464		43,338		87,172		116,207		(331,800)		47,655
Total liabilities and equity		$	72,640	$	89,606	$	45,733	$	88,484	$	193,821	$	(332,466)	$	157,818

Condensed Consolidating Statement of Income
For the Three Months Ended June 30, 2012

(in millions)		Comcast Parent		CCCL Parent		Combined CCHMO Parents		Comcast Holdings		Non- Guarantor Subsidiaries		Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
Revenue:
Service revenue	$	-	$	-	$	-	$	-	$	15,211	$	-	$	15,211
Management fee revenue		210		205		127		-		-		(542)		-
		210		205		127		-		15,211		(542)		15,211
Costs and Expenses:
Operating costs and expenses		99		205		127		-		10,318		(542)		10,207
Depreciation		8		-		-		-		1,508		-		1,516
Amortization		1		-		-		-		408		-		409
		108		205		127		-		12,234		(542)		12,132
Operating income (loss)		102		-		-		-		2,977		-		3,079
Other Income (Expense):
Interest expense		(354)		(83)		(33)		(8)		(147)		-		(625)
Investment income (loss), net		2		-		-		1		5		-		8
Equity in net income (losses) of investees, net		1,511		1,679		1,326		1,620		29		(6,136)		29
Other income (expense), net		-		-		-		-		(47)		-		(47)
		1,159		1,596		1,293		1,613		(160)		(6,136)		(635)
Income (loss) before income taxes		1,261		1,596		1,293		1,613		2,817		(6,136)		2,444
Income tax (expense) benefit		87		29		11		2		(940)		-		(811)
Net income (loss)		1,348		1,625		1,304		1,615		1,877		(6,136)		1,633
Net (income) loss attributable to noncontrolling interests		-		-		-		-		(285)		-		(285)
Net income (loss) attributable to Comcast Corporation	$	1,348	$	1,625	$	1,304	$	1,615	$	1,592	$	(6,136)	$	1,348

Comprehensive income (loss) attributable to Comcast Corporation	$	1,326	$	1,627	$	1,304	$	1,615	$	1,588	$	(6,134)	$	1,326

Condensed Consolidating Statement of Income
For the Three Months Ended June 30, 2011
(in millions)		Comcast Parent		CCCL Parent		Combined CCHMO Parents		Comcast Holdings		Non- Guarantor Subsidiaries		Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
Revenue:
Service revenue	$	-	$	-	$	-	$	-	$	14,333	$	-	$	14,333
Management fee revenue		200		195		119		-		-		(514)		-
		200		195		119		-		14,333		(514)		14,333
Costs and Expenses:
Operating costs and expenses		89		195		119		-		9,643		(514)		9,532
Depreciation		7		-		-		-		1,471		-		1,478
Amortization		1		-		-		-		384		-		385
		97		195		119		-		11,498		(514)		11,395
Operating income (loss)		103		-		-		-		2,835		-		2,938
Other Income (Expense):
Interest expense		(358)		(82)		(43)		(8)		(130)		-		(621)
Investment income (loss), net		2		-		-		1		58		-		61
Equity in net income (losses) of investees, net		1,186		1,336		805		1,424		37		(4,751)		37
Other income (expense), net		1		-		-		-		(35)		-		(34)
		831		1,254		762		1,417		(70)		(4,751)		(557)
Income (loss) before income taxes		934		1,254		762		1,417		2,765		(4,751)		2,381
Income tax (expense) benefit		88		28		15		2		(1,147)		-		(1,014)
Net income (loss)		1,022		1,282		777		1,419		1,618		(4,751)		1,367
Net (income) loss attributable to noncontrolling interests		-		-		-		-		(345)		-		(345)
Net income (loss) attributable to Comcast Corporation	$	1,022	$	1,282	$	777	$	1,419	$	1,273	$	(4,751)	$	1,022

Comprehensive income (loss) attributable to Comcast Corporation	$	1,014	$	1,284	$	777	$	1,419	$	1,270	$	(4,750)	$	1,014

Condensed Consolidating Statement of Income
For the Six Months Ended June 30, 2012

(in millions)		Comcast Parent		CCCL Parent		Combined CCHMO Parents		Comcast Holdings		Non- Guarantor Subsidiaries		Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
Revenue:
Service revenue	$	-	$	-	$	-	$	-	$	30,089	$	-	$	30,089
Management fee revenue		414		405		252		-		-		(1,071)		-
		414		405		252		-		30,089		(1,071)		30,089
Costs and Expenses:
Operating costs and expenses		191		405		252		-		20,620		(1,071)		20,397
Depreciation		15		-		-		-		3,030		-		3,045
Amortization		2		-		-		-		808		-		810
		208		405		252		-		24,458		(1,071)		24,252
Operating income (loss)		206		-		-		-		5,631		-		5,837
Other Income (Expense):
Interest expense		(721)		(165)		(69)		(16)		(294)		-		(1,265)
Investment income (loss), net		3		-		-		1		96		-		100
Equity in net income (losses) of investees, net		2,905		3,222		2,375		3,124		32		(11,626)		32
Other income (expense), net		-		-		-		-		(63)		-		(63)
		2,187		3,057		2,306		3,109		(229)		(11,626)		(1,196)
Income (loss) before income taxes		2,393		3,057		2,306		3,109		5,402		(11,626)		4,641
Income tax (expense) benefit		179		58		24		5		(1,827)		-		(1,561)
Net income (loss)		2,572		3,115		2,330		3,114		3,575		(11,626)		3,080
Net (income) loss attributable to noncontrolling interests		-		-		-		-		(508)		-		(508)
Net income (loss) attributable to Comcast Corporation	$	2,572	$	3,115	$	2,330	$	3,114	$	3,067	$	(11,626)	$	2,572

Comprehensive income (loss) attributable to Comcast Corporation	$	2,554	$	3,119	$	2,330	$	3,114	$	3,062	$	(11,625)	$	2,554

Condensed Consolidating Statement of Income
For the Six Months Ended June 30, 2011
(in millions)		Comcast Parent		CCCL Parent		Combined CCHMO Parents		Comcast Holdings		Non- Guarantor Subsidiaries		Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
Revenue:
Service revenue	$	-	$	-	$	-	$	-	$	26,461	$	-	$	26,461
Management fee revenue		398		380		234		-		-		(1,012)		-
		398		380		234		-		26,461		(1,012)		26,461
Costs and Expenses:
Operating costs and expenses		237		380		234		5		17,750		(1,012)		17,594
Depreciation		14		-		-		-		2,950		-		2,964
Amortization		2		-		-		-		739		-		741
		253		380		234		5		21,439		(1,012)		21,299
Operating income (loss)		145		-		-		(5)		5,022		-		5,162
Other Income (Expense):
Interest expense		(719)		(173)		(86)		(16)		(232)		-		(1,226)
Investment income (loss), net		3		-		-		5		142		-		150
Equity in net income (losses) of investees, net		2,347		2,659		1,599		2,716		-		(9,321)		-
Other income (expense), net		(16)		-		-		1		(55)		-		(70)
		1,615		2,486		1,513		2,706		(145)		(9,321)		(1,146)
Income (loss) before income taxes		1,760		2,486		1,513		2,701		4,877		(9,321)		4,016
Income tax (expense) benefit		205		60		30		5		(1,910)		-		(1,610)
Net income (loss)		1,965		2,546		1,543		2,706		2,967		(9,321)		2,406
Net (income) loss attributable to noncontrolling interests		-		-		-		-		(441)		-		(441)
Net income (loss) attributable to Comcast Corporation	$	1,965	$	2,546	$	1,543	$	2,706	$	2,526	$	(9,321)	$	1,965

Comprehensive income (loss) attributable to Comcast Corporation	$	1,959	$	2,550	$	1,543	$	2,706	$	2,525	$	(9,324)	$	1,959

Condensed Consolidating Statement of Cash Flows
For the Six Months Ended June 30, 2012
(in millions)		Comcast Parent		CCCL Parent		Combined CCHMO Parents		Comcast Holdings		Non- Guarantor Subsidiaries		Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
Net cash provided by (used in) operating activities	$	(194)	$	(100)	$	(71)	$	6	$	8,174	$	-	$	7,815
Investing Activities:
Net transactions with affiliates		3,317		100		624		(6)		(4,035)		-		-
Capital expenditures		(4)		-		-		-		(2,457)		-		(2,461)
Cash paid for intangible assets		(4)		-		-		-		(410)		-		(414)
Proceeds from sales of businesses and investments		-		-		-		-		64		-		64
Purchases of investments		-		-		-		-		(108)		-		(108)
Other		-		-		-		-		90		-		90
Net cash provided by (used in) investing activities		3,309		100		624		(6)		(6,856)		-		(2,829)
Financing Activities:
Proceeds from (repayments of) short-term borrowings, net		(1)		-		-		-		(553)		-		(554)
Repurchases and repayments of debt		(1,125)		-		(553)		-		(14)		-		(1,692)
Repurchases and retirements of common stock		(1,500)		-		-		-		-		-		(1,500)
Dividends paid		(741)		-		-		-		-		-		(741)
Issuances of common stock		184		-		-		-		-		-		184
Distributions to noncontrolling interests		-		-		-		-		(233)		-		(233)
Other		68		-		-		-		(37)		-		31
Net cash provided by (used in) financing activities		(3,115)		-		(553)		-		(837)		-		(4,505)
Increase (decrease) in cash and cash equivalents		-		-		-		-		481		-		481
Cash and cash equivalents, beginning of period		-		-		-		-		1,620		-		1,620
Cash and cash equivalents, end of period	$	-	$	-	$	-	$	-	$	2,101	$	-	$	2,101

Condensed Consolidating Statement of Cash Flows
For the Six Months Ended June 30, 2011
(in millions)		Comcast Parent		CCCL Parent		Combined CCHMO Parents		Comcast Holdings		Non- Guarantor Subsidiaries		Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
Net cash provided by (used in) operating activities	$	(291)	$	(4)	$	(66)	$	(12)	$	7,329	$	-	$	6,956
Investing Activities:
Net transactions with affiliates		1,640		1,004		66		32		(2,742)		-		-
Capital expenditures		(3)		-		-		-		(2,374)		-		(2,377)
Cash paid for intangible assets		-		-		-		-		(296)		-		(296)
Acquisitions, net of cash acquired		-		-		-		-		(5,660)		-		(5,660)
Proceeds from sales of businesses and investments		-		-		-		-		116		-		116
Purchases of investments		-		-		-		-		(46)		-		(46)
Other		(50)		-		-		-		27		-		(23)
Net cash provided by (used in) investing activities		1,587		1,004		66		32		(10,975)		-		(8,286)
Financing Activities:
Proceeds from (repayments of) short-term borrowings, net		747		-		-		-		(6)		-		741
Repurchases and repayments of debt		(750)		(1,000)		-		-		(14)		-		(1,764)
Repurchases and retirements of common stock		(1,050)		-		-		-		-		-		(1,050)
Dividends paid		(572)		-		-		-		-		-		(572)
Issuances of common stock		206		-		-		-		-		-		206
Distributions (to) from noncontrolling interests		77		-		-		-		(252)		-		(175)
Other		46		-		-		(20)		(69)		-		(43)
Net cash provided by (used in) financing activities		(1,296)		(1,000)		-		(20)		(341)		-		(2,657)
Increase (decrease) in cash and cash equivalents		-		-		-		-		(3,987)		-		(3,987)
Cash and cash equivalents, beginning of period		-		-		-		-		5,984		-		5,984
Cash and cash equivalents, end of period	$	-	$	-	$	-	$	-	$	1,997	$	-	$	1,997