<SEC-DOCUMENT>0001214659-20-005312.txt : 20200602
<SEC-HEADER>0001214659-20-005312.hdr.sgml : 20200602
<ACCEPTANCE-DATETIME>20200601212507
ACCESSION NUMBER:		0001214659-20-005312
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200602
DATE AS OF CHANGE:		20200601
EFFECTIVENESS DATE:		20200602

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COMCAST CORP
		CENTRAL INDEX KEY:			0001166691
		STANDARD INDUSTRIAL CLASSIFICATION:	CABLE & OTHER PAY TELEVISION SERVICES [4841]
		IRS NUMBER:				270000798
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32871
		FILM NUMBER:		20935448

	BUSINESS ADDRESS:	
		STREET 1:		ONE COMCAST CENTER
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103-2838
		BUSINESS PHONE:		215-286-1700

	MAIL ADDRESS:	
		STREET 1:		ONE COMCAST CENTER
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103-2838

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AT&T COMCAST CORP
		DATE OF NAME CHANGE:	20020206

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Friends Fiduciary Corp
		CENTRAL INDEX KEY:			0001696940
		IRS NUMBER:				231968136
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1650 ARCH STREET
		STREET 2:		SUITE 1904
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		2152417272

	MAIL ADDRESS:	
		STREET 1:		1650 ARCH STREET
		STREET 2:		SUITE 1904
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
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<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">LOBBYING DISCLOSURE AT COMCAST CORPORATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commentary on Shareholder Resolution
Seeking Increased Lobbying Disclosure</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 90%"><DIV STYLE="font-size: 1pt; border-top: rgb(0,51,102) 2px solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Friends Fiduciary Corporation seeks your support<SUP>1</SUP>
for <B>Proposal 6 on the Comcast Corporation</B> (&ldquo;Comcast&rdquo;, or &ldquo;the Company&rdquo;) 2020 proxy ballot. The resolved
clause states:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Whereas, we believe in full disclosure of Comcast&rsquo;s
direct and indirect lobbying activities and expenditures to assess whether Comcast&rsquo;s lobbying is consistent with its expressed
goals and in the best interests of shareholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Resolved, the shareholders of Comcast request the preparation
of a report, updated annually, disclosing:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>1.</I></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Company policy and procedures governing lobbying, both direct and indirect, and grassroots lobbying communications.</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: white"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B><I>2.</I></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B><I>Payments by Comcast used for (a)&nbsp;direct or indirect lobbying or (b)&nbsp;grassroots lobbying communications, in each case including the amount of the payment and the recipient.</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: white"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B><I>3.</I></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B><I>Comcast&rsquo;s membership in and payments to any&nbsp;tax-exempt&nbsp;organization that writes and endorses model legislation.</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: white"><B><I>&nbsp;</I></B></P>

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<TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B><I>4.</I></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Description of management&rsquo;s and the Board&rsquo;s
        decision making process and oversight for making payments described in section 2 and 3 above.</I></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I></I></B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: black"><B><I>For purposes of this pr</I></B></FONT><B><I>oposal,
&ldquo;grassroots lobbying communication&rdquo; is communication to the general public that (a)&nbsp;refers to specific legislation
or regulation, (b)&nbsp;reflects a view on the legislation or regulation and (c)&nbsp;encourages the recipient of the communication
to take action with respect to the legislation or regulation. &ldquo;Indirect lobbying&rdquo; is lobbying by a trade association
or other organization of which Comcast is a member.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Both &ldquo;direct and indirect lobbying&rdquo; and &ldquo;grassroots
lobbying communications&rdquo; include efforts at the local, state and federal levels.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The report shall be presented to the Governance and Directors
Nominating Committee and posted on Comcast&rsquo;s website.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are the lead filers of this proposal, which has been co-filed
by other concerned investors, including the Greater Manchester Pension Fund, Boston Trust Walden, Echo Foundation, First Affirmative,
Missionary Oblates of Mary Immaculate, the Sisters of St. Francis of Philadelphia, the Benedictine Sisters of Mount St. Scholastica,
and Dana Investment Advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Rationale to vote FOR and Rebuttal to the Company&rsquo;s
Opposition Statement follows:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As investors, we encourage transparency and accountability in
the use of corporate funds to influence legislation and regulation. Our aim is not to keep the Company from spending, but to ensure
sufficient transparency for shareholders to be able to evaluate these significant costs, as well as to ensure sufficient internal
accountability to safeguard the alignment of spending with company mission, values, and ethics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> This is not a solicitation of authority to vote
your proxy. Please DO NOT send us your proxy card; Friends Fiduciary is not able to vote your proxies, nor does this communication
contemplate such an event. Friends Fiduciary Corporation urges shareholders to vote for Proposal 4 following the instruction provided
on the management&rsquo;s proxy mailing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Comcast&rsquo;s lack of transparency poses risks to the Company.
Investors are increasingly examining companies&rsquo; indirect and direct lobbying and political spending, and Comcast faces reputational
risk as a result.<SUP>2</SUP> A growing number of companies are recognizing these risks-- since 2011, the number of companies disclosing
at least some of their trade association and other non-profit group memberships have more than doubled.<SUP>3</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SUMMARY</B></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.5pt; padding: 0in 0in 0in 7pt; border-left-width: 0in; border-left-color: Black">

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Comcast expends significant company resources on lobbying at both
the state and federal level in comparison with other companies. Although required at the federal level, <B>state and other disclosures
are often cursory or non-existent</B>&mdash;meaning that investors have no way of knowing how much the company is spending beyond
the federal level.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company <B>fails to disclose its involvement in trade associations</B>,
meaning investors have neither an accurate picture of the company&rsquo;s total lobbying expenditures nor an understanding of its
priorities, interests, or potential risks from memberships.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Comcast&rsquo;s lack of transparency around its <B>lobbying poses
risks to its already troubled reputation</B>, which is concerning in a highly regulated industry, especially given the rise of
public internet alternatives.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Current board oversight structures are insufficient</B> given the
volume of Comcast&rsquo;s lobbying spending. </FONT></TD></TR></TABLE>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>High level of spending, low level of disclosure</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Comcast expends significant company resources on lobbying
at both the state and federal level in comparison with other companies</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the federal level, Comcast spent over $28 million in 2018
and 2019, the highest sum spent by a company in the telecommunications sector<SUP>4</SUP> and 6<SUP>th</SUP> highest sum of all
reporting US companies in 2019.<SUP>5</SUP> In its rebuttal statement, the company points to the public availability of its federal
lobbying spending as evidence that further reporting is not necessary&mdash;however, our proposal asks for more information about
state level, trade association, and grassroots spending, all of which are <U>not</U> covered under federal disclosures.<SUP>6</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> Heidi Welsh and Robin Young, &ldquo;How Leading
U.S. Corporations Govern and Spend on State Lobbying,&rdquo; Sustainable Investments Institute and The Investor Responsibility
Research Institute, February 2017, p. 5, <FONT STYLE="color: blue"><U>https://www.weinberg.udel.edu/irrci/research/899</U></FONT>,
accessed May 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> Welsh and Young, &ldquo;How Leading U.S. Corporations
Govern and Spend on State Lobbying,&rdquo; p. 10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> OpenSecrets.org, &ldquo;Telecom Services,&rdquo;
https://www.opensecrets.org/federal-lobbying/industries/summary?cycle=2019&amp;id=B09, accessed May 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> OpenSecrets.org, &ldquo;Top Spenders,&rdquo; https://www.opensecrets.org/federal-lobbying/top-spenders?cycle=2019,
accessed May 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> &ldquo;Because the information that this proposal
seeks to be disclosed is generally publicly available in appropriate detail, as is in fact evidenced by the amounts noted in the
proposal itself, implementing this proposal would require us to incur unnecessary expense, would divert management attention away
from our primary business activities and would raise potential competitive concerns.&rdquo; Comcast Corporation, April 24, 2020,
Form DEF 14A, https://www.cmcsa.com/node/34631/html, accessed May 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Comcast&rsquo;s state-level lobbying spending is also likely
significant. Comcast hired 224 lobbyists in 34 states in 2018.<SUP>7</SUP> According to a 2017 study that looked at disclosures
from the six states with the most robust reporting requirements, between 2012 and 2015 Comcast spent over $7 million on state-level
lobbying,<SUP>8</SUP> ranking #5 in overall spending, <SUP>9</SUP>and #1 in its sector for revenue intensity. <SUP>10</SUP>That
does not take into account spending occurring in the 30 other states where the Company reportedly lobbied from 2010 through 2014.<SUP>11</SUP>
Lobbying disclosure requirements are currently close to nonexistent in 22 states.<SUP>12</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Comcast&rsquo;s spending at the state level is clearly significant,
but because state-level lobbying disclosure requirements are often very cursory, investors have no idea how much the Company is
spending in 22 states and have only a murky picture in others. (In its rebuttal, the company says that &ldquo;there are similar
disclosure requirements [to those at the federal level] in all 50 states&rdquo; <SUP>13</SUP>&mdash;this is simply untrue.) Transparent
lobbying disclosure is especially important given the current political climate. Telecommunications companies will likely continue
to increase their lobbying spending at the state level,<SUP>14</SUP> particularly as the net neutrality debate moves into state
legislatures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Lobbying via trade associations</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Company fails to fully disclose its involvement in trade
associations, meaning investors have neither an accurate picture of the company&rsquo;s total lobbying expenditures nor an understanding
of its priorities or interests.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Comcast does not disclose membership dues or other payments
made to non-profit organizations participating in lobbying activity, chief among them trade associations. Investors do not know
which trade associations the Company is a part of. Through outside research we have found that Comcast serves on the board of NCTA
- Internet &amp; Television Association, which spent $27.46 million on <I>lobbying</I> in 2018 and 2019,<SUP>15 </SUP>and just
$2.2 million on <I>political contributions </I>in the 2018 election cycle.<SUP>16</SUP> Comcast also belongs to the 21st Century
Privacy Coalition, the Business Roundtable, and CTIA, which together spent $33.5 million on federal lobbying in 2019.<SUP>17</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> Followthemoney.org, &ldquo;Comcast,&rdquo; https://www.followthemoney.org/entity-details?eid=644,
accessed May 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> Welsh and Young, &ldquo;State Lobbying,&rdquo;
p. 29.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> The study examined the largest 100 S&amp;P500 companies,
adjusted for sector distribution. Welsh and Young, &ldquo;State Lobbying,&rdquo; p. 44.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> Welsh and Young, &ldquo;State Lobbying,&rdquo;
p. 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> Yue Qui, Ben Wieder, and Chris Zubak-Skees, &ldquo;Here
are the interests lobbying in every statehouse,&rdquo; Center for Public Integrity, February 11, 2016, <FONT STYLE="color: blue"><U>https://www.publicintegrity.org/2016/02/11/19283/here-are-interests-lobbying-every-statehouse</U></FONT>,
accessed May 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> Welsh and Young, &ldquo;State Lobbying,&rdquo;
p. 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> Comcast Corporation, April 24, 2020, Form DEF
14A, page 30.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> Liz Essley White and Ben Wieder, &ldquo;Amid federal
gridlock, lobbying rises in the states,&rdquo; Center for Public Integrity, February 11, 2016, <FONT STYLE="color: blue"><U>https://www.publicintegrity.org/2016/02/11/19279/amid-federal-gridlock-lobbying-rises-states</U></FONT>,
accessed May 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> OpenSecrets.org, &ldquo;National Cable &amp; Televisions
Assn,&rdquo; <FONT STYLE="color: blue"><U>https://www.opensecrets.org/lobby/clientsum.php?id=D000022131&amp;year=2018</U></FONT>,
accessed May 31. 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> OpenSecrets.org, &ldquo;National Cable &amp; Televisions
Assn,&rdquo; <FONT STYLE="color: blue"><U>https://www.opensecrets.org/pacs/lookup2.php?strID=C00010082&amp;cycle=2018</U></FONT>,
accessed May 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> OpenSecrets.org, &ldquo;21st Century Privacy Coalition,&rdquo;
https://www.opensecrets.org/federal-lobbying/clients/summary?cycle=2019&amp;id=D000067672; &ldquo;Business Roundtable,&rdquo; https://www.opensecrets.org/federal-lobbying/clients/summary?cycle=2019&amp;id=D000032202;
&ldquo;CTIA,&rdquo; https://www.opensecrets.org/federal-lobbying/clients/summary?cycle=2019&amp;id=D000000394; all accessed May
31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Arguing sufficient implementation, the Company points to its
disclosure of payments used for <I>political contributions,</I> by trade associations receiving over $50,000 per year.<SUP>18</SUP>
Disclosing political contributions, however, <I>does not include payments to trade associations made by Comcast used for lobbying
purposes</I>.<SUP>19</SUP> These undisclosed trade association payments used to lobby go unevaluated by both shareholders and the
Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, although the company does not donate to 501(c)(4)
organizations for the purpose of funding <I>political activity,</I> its policy does not extend to donations to 501(c)(4) organizations
that are used for <I>lobbying.</I> Shareholders have no way of knowing how much money the company is spending on these donations.
Comcast is a member of Broadband for America, a 501(c)(4) group which has been subpoenaed by the New York attorney general in the
course of an investigation into the potential fraudulence of some of the 22 million comments submitted to the Federal Communication
Commission when it was deciding whether to classify internet service providers as public utilities.<SUP>20</SUP> Comcast peer AT&amp;T,
which <U>does</U> comprehensively disclose its lobbying expenditures, reported that between January and June 2018 $1,450,466 of
its total donation (amount unknown) was used for lobbying by Broadband for America.<SUP>21</SUP> A search of federal and selected
state databases did not find Broadband for America as a lobbying client, implying that its lobbying work is at the grassroots level.
501(c)(4) and other organizations operating outside of mandated disclosure requirements leave no way for shareholders to ascertain
how much Comcast is spending to support these groups.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In their recommendation, the Company refers to &ldquo;federal
and certain state laws&rdquo; that &ldquo;require we disclose the portion of certain trade association dues that are used for lobbying
activities...&rdquo;<SUP>22</SUP> But investors have no way to know how much of Comcast&rsquo;s reported lobbying totals are comprised
of its trade association payments used for lobbying, unless voluntarily disclosed. It is important to clarify that these mandated
disclosures do not break out Comcast&rsquo;s payments to trade associations which are then used for lobbying. As outlined above,
lobbying makes up the bulk of trade associations&rsquo; political expenditures.<SUP>23</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> The company refers to tax code 26 USC Section
162 e(1)(b), which only applies to political contributions. Comcast Corporation, April 24, 2020, Form DEF 14A, p 33.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> 26 USC Section 162 (e)(1)(a) is the code that
covers lobbying. Cornell University Law School Legal Information Institute, &ldquo;26 U.S. Code &sect; 162 - Trade or business
expenses,&rdquo; <FONT STYLE="color: blue"><U>https://www.law.cornell.edu/uscode/text/26/162</U></FONT>, accessed May 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> Nicholas Confessore, &ldquo;New York Attorney
General Expands Inquiry Into Net Neutrality Comments,&rdquo; <I>The New York Times, </I>October 28, 2018, <FONT STYLE="color: blue"><U>https://www.nytimes.com/2018/10/16/technology/net-neutrality-inquiry-comments.html</U></FONT>,
accessed May 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> AT&amp;T Inc., &ldquo;AT&amp;T Political Engagement
Report, January &ndash; June 2018,&rdquo; <FONT STYLE="color: blue"><U>https://about.att.com/ecms/dam/csr/aug2018/PoliticalEngamentReport/ATT_PoliticalEngagementReport_2018_Jan-Jun.pdf</U></FONT>,
accessed May 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> Comcast Corporation, Form DEF 14A, p 34.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> For example, the largest trade association in
the US, the Chamber of Commerce spent $33 million on political contributions and $302 million on lobbying during the 2010 election.
Adam Bonica, &ldquo;Avenues of Influence: On the Political Expenditures of Corporations and Their Directors and Executives,&rdquo;
December 3, 2013, p. 5, <FONT STYLE="color: blue"><U>https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2313232</U></FONT>, accessed
May 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company maintains that it is impossible to control what
payments made to trade associations are used for<SUP>24</SUP> while simultaneously espousing its policy of ensuring in writing
that its payments to 501(c)4 or 527 organizations are not used to make political contributions or independent expenditures.<SUP>25</SUP>
As investors, we are concerned by this inconsistency; it appears the Company does not know how its funds given to trade associations
are being spent. Willful blindness or ignorance to a trade association&rsquo;s positions and lobbying makes the case that trade
association disclosure is needed to mitigate potential risks from controversial advocacy. We believe shareholders and the board
would benefit from accountability for these memberships and payments used for lobbying.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Reputational risk</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Comcast&rsquo;s lack of transparency around its lobbying
poses reputational risks.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The 2019 Axios Harris Poll 100 found Comcast had the 10<SUP>th</SUP>
worst reputation of the 100 most visible companies in the United States, not far ahead of companies like Wells Fargo and Phillip
Morris. In more specific scoring areas, including citizenship, ethics, and trust, Comcast also ranked in the bottom ten.<SUP>26</SUP>
(See also &ldquo;America Hates Comcast More Than Ever,&rdquo; <I>Motherboard</I>).<SUP>27</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Comcast&rsquo;s lobbying spending is perceived to go counter
to its public statements, a sentiment which has only grown given recent debates over net neutrality (see &ldquo;Comcast wants you
to think it supports net neutrality while it pushes for net neutrality to be destroyed,&rdquo; <I>Slate</I>).<SUP>28</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Comcast&rsquo;s lack of lobbying transparency perpetuates its
negative public image and could fuel regulatory backlash or contribute to the rise of municipal broadband,<SUP>29</SUP> potentially
threatening company profitability (see &ldquo;Comcast has a lot to lose if municipal broadband takes off,&rdquo; <I>Ars Technica</I>).<SUP>30</SUP>
In a highly regulated industry providing essential services such as telecommunications, we maintain that careful consideration
of reputational risk becomes even more crucial. Municipal broadband has drawn bipartisan support, especially in conservative areas.
More than 750 communities in the US have decided to operate their own networks. As one article puts it, &ldquo;Our desire for better
broadband, and our collective disdain for Comcast, tends to be one of the few things capable of bridging the partisan divide.&rdquo;<SUP>31</SUP>
Comcast&rsquo;s consistent low rankings in the areas of trust and citizenship speak to the potential for its lack of transparency
to impact its future prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> &ldquo;Additionally, we do not control how any
such associations direct any expenditures, and in many cases, are not even aware that such expenditures are made. In fact, we may
not agree with the position of the organization on any given candidate or issue.&rdquo; Comcast Corporation, Form DEF 14A, p 34.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> &ldquo;Prior to making a contribution to a 501(c)4
organization or unregulated 527 political organization, Comcast must receive written representations from such entity that Comcast's
funds will be used in a manner acceptable to Comcast, including the fact that such funds (a) will not be used, directly or indirectly,
to make contributions to candidate campaigns, political parties, other organizations registered as political committees, or SuperPACs,
and (b) will not be used to make independent expenditures.&rdquo; Comcast Corporation, &ldquo;Statement on Political and Trade
Association Activity,&rdquo; https://update.comcast.com/wp-content/uploads/sites/33/dlm_uploads/2019/04/Statement-on-Political-and-Trade-Association-Activity-2.pdf,
accessed May 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> The Axios Harris Poll 100, &ldquo;The 100 Most
Visible Companies,&rdquo; <FONT STYLE="color: blue"><U>https://theharrispoll.com/HarrisPoll_Axios_MostVisible_2019.pdf</U></FONT>,
accessed May 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> Karl Bode, &ldquo;America Hates Comcast More Than
Ever,&rdquo; <I>Motherboard, </I>May 24, 2018, <FONT STYLE="color: blue"><U>https://www.vice.com/en_us/article/7xmxza/america-hates-comcast-more-than-ever</U></FONT>,
accessed May 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> April Glaser, &ldquo;Comcast Wants You to Think
It Supports Net Neutrality While It Pushes For Net Neutrality to Be Destroyed,&rdquo; <I>Slate, </I>November 28, 2017, <FONT STYLE="color: blue"><U>http://www.slate.com/blogs/future_tense/2017/11/28/comcast_wants_you_to_think_it_supports_net_neutrality_while_it_pushes_for.html</U></FONT>,
accessed May 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>29</SUP> Recently, the town of Charlemont, MA rejected
Comcast&rsquo;s offer for municipal service, choosing instead to create their own municipal broadband. The town cited net neutrality
and Comcast&rsquo;s reputation as a concern in planning documents. Town of Charlemont, Warrant Article Background Information,
<FONT STYLE="color: blue"><U>http://charlemont-ma.us/sites/default/files/2018.12.06._stm_broadband_background_information_0.pdf</U></FONT>,
accessed May 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>30</SUP> Jon Brodkin, &ldquo;Comcast has a lot to lose
if municipal broadband takes off,&rdquo; <I>Ars Technica,</I> November 3, 2017, <FONT STYLE="color: blue"><U>https://arstechnica.com/tech-policy/2017/11/comcast-has-a-lot-to-lose-if-municipal-broadband-takes-off/</U></FONT>,
accessed May 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>31</SUP> Karl Bode, &ldquo;More than 750 American Communities
Have Built Their Own Internet Networks,&rdquo; <I>Vice</I>, January 23, 2018, <FONT STYLE="color: blue"><U>https://motherboard.vice.com/en_us/article/a3np4a/new-municipal-broadband-map</U></FONT>,
accessed May 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Company&rsquo;s trade association and other relationships
can pose reputational risks.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;We understand that trade associations and other non-profit
organizations can serve a useful business purpose. However, Comcast&rsquo;s lack of public disclosure and lack of board-level
oversight over its trade association involvement risks damage to its already precarious reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Last year, Comcast joined more than 100 companies, including
peers AT&amp;T and Verizon, <SUP>32</SUP> in discontinuing its membership in the American Legislative Exchange Council (ALEC),
a non-profit organization that writes and endorses model legislation. ALEC has a history of promoting controversial legislation
at the state-level, and last year attracted negative attention for a racist keynote speech given at its annual conference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While we applaud the company&rsquo;s decision to reduce its
reputational risk by leaving ALEC, Comcast still has exposure from other associations. We encourage the company to further align
its memberships and payments with its corporate values of doing the right thing and acting with integrity<SUP>33</SUP> by disclosing
the names of and amounts paid to trade associations and other tax-exempt organizations which lobby on the company&rsquo;s behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Lack of board oversight</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>There are not enough board oversight structures in place,
especially given the volume of Comcast&rsquo;s lobbying spending. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s Statement on Political and Trade Association
Activity mentions that participation in trade associations is reported directly to the Governance and Directors Nominating Committee
of the Company&rsquo;s Board of Directors. However, the participation is approved by the Senior Executive Vice President prior
to reporting, and no mention is made of board or management procedures for evaluating trade association memberships specifically,
or spending and priorities more generally, outside of the presentation of annual reports and a &ldquo;periodic review&rdquo; of
the Company&rsquo;s Statement on Political Activity and Trade Associations. <SUP>34</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With 2019 reported Adjusted EBITDA of over $34 billion, the
company&rsquo;s contention that such a report would be an &ldquo;unnecessary burden&rdquo; is not compelling. The report could
be easily produced and at minimal cost to the company. Many companies, including WalMart, Intel, Coca-Cola and Microsoft, produce
similar reports without disclosing proprietary information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>32</SUP> David Armiak, &ldquo;AT&amp;T Drops ALEC for Hosting
Hate Speech&rdquo;, <I>PR Watch, </I>November 30, 2018, <FONT STYLE="color: blue"><U>https://www.prwatch.org/news/2018/11/13428/att-drops-alec-hosting-hate-speech</U></FONT>,
accessed May 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>33</SUP> Comcast Corporation, &ldquo;Our Values,&rdquo;
<FONT STYLE="color: blue"><U>https://corporate.comcast.com/values</U></FONT>, accessed May 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>34</SUP> Comcast Corporation, &ldquo;Statement on Political
and Trade Association Activity,&rdquo; https://update.comcast.com/wp-content/uploads/sites/33/dlm_uploads/2019/04/Statement-on-Political-and-Trade-Association-Activity-2.pdf,
accessed May 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>CONCLUSION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Comcast&rsquo;s significant lobbying expenditures, lack of appropriate
board oversight, and exposure to reputational risk as a result clearly signal a need for enhanced disclosure. For the reasons stated
above, we believe Comcast&rsquo;s current lobbying disclosures are not adequate to inform shareholders and protect their interests.
Therefore, we urge shareholders to vote <U>FOR </U>Proposal 6 following the instructions provided on the Company&rsquo;s proxy
mailing. <B>This is not a solicitation of authority to vote your proxy. Please DO NOT send us your proxy card; Friends Fiduciary
is not able to vote your proxies, nor does this communication contemplate such an event.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions regarding Comcast Corporation Proposal 6 please
contact Kate Monahan, Shareholder Engagement Manager, at <FONT STYLE="color: blue">kmonahan@friendsfiduciary.org</FONT>. </I></P>

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<P STYLE="margin: 0">&nbsp;</P>

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