<SEC-DOCUMENT>0001214659-23-006813.txt : 20230511
<SEC-HEADER>0001214659-23-006813.hdr.sgml : 20230511
<ACCEPTANCE-DATETIME>20230511143832
ACCESSION NUMBER:		0001214659-23-006813
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230511
DATE AS OF CHANGE:		20230511
EFFECTIVENESS DATE:		20230511

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:		23910413

	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:			Arjuna Capital
		CENTRAL INDEX KEY:			0001703208
		IRS NUMBER:				475345511
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		353 WEST MAIN STREET
		CITY:			DURHAM
		STATE:			NC
		ZIP:			27701
		BUSINESS PHONE:		(978) 704-0114

	MAIL ADDRESS:	
		STREET 1:		353 WEST MAIN STREET
		CITY:			DURHAM
		STATE:			NC
		ZIP:			27701
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<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Notice
of Exempt Solicitation</B></FONT></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>NAME OF REGISTRANT:&nbsp;</B>Comcast Corporation</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; text-align: justify"><B>NAME OF PERSONS RELYING ON EXEMPTION:</B>&nbsp;
Arjuna Capital</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; text-align: justify"><B>ADDRESS OF PERSON RELYING ON EXEMPTION:&nbsp;</B>13
Elm St. Manchester, MA 01944</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>WRITTEN MATERIALS</B>: The attached written materials are submitted
pursuant to Rule 14a-6(g)(1) (the &ldquo;Rule&rdquo;) promulgated under the Securities Exchange Act of 1934,* in connection with a proxy
proposal to be voted on at the Registrant&rsquo;s 2023 Annual Meeting. <FONT STYLE="color: #1A1A1A">*Submission is not required of this
filer under the terms of the Rule but is made voluntarily by the proponent in the interest of public disclosure and consideration of these
important issues.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #1A1A1A">&nbsp;</FONT></P>

<HR ALIGN="CENTER" STYLE="width: 100%">

<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">May 11, 2023</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">Dear Comcast Corporation Shareholders,</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 writing to urge you to <B>VOTE &ldquo;FOR&rdquo; PROPOSAL 10
</B>on the proxy card, which asks the Company to report on the congruency of Comcast&rsquo;s political and electioneering spending against
publicly stated company values, with the following request:</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; background-color: white"><B>RESOLVED</B>:&nbsp;Shareholders request
that Comcast publish a report, at reasonable expense, analyzing the congruence of the Company&rsquo;s political and electioneering expenditures
during the preceding year against publicly stated company values and policies, listing and explaining any instances of incongruent expenditures,
and stating whether the Company has made, or plans to make, changes in contributions or communications to candidates as a result of identified
incongruencies.</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><U>We believe shareholders should vote &ldquo;FOR&rdquo; the Proposal
for the following reasons: </U></B></P>

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

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Comcast has shown a pattern of political contributions that appears to be substantially misaligned with the Company&rsquo;s publicly
stated company values, and its own contributions&rsquo; criteria. </B></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">Comcast is one of the nation&rsquo;s large corporate political contributors.
The Proponent of this proposal does not expect that every recipient of Comcast&rsquo;s donations will stand in 100% alignment with the
Company&rsquo;s aspirations, but has discerned a pattern over time of substantial misalignment with key values that is greatly concerning.
The Proponent believes that these misaligned political contributions help enable the enactment of public policies that undermine Comcast&rsquo;s
goals. The proposal cites several examples of apparent incongruities between the Company&rsquo;s values and those of its political contribution
recipients. The Proponent recognizes that their definition of misalignment may differ from the Company&rsquo;s; should Comcast conduct
its own misalignment analysis as called for in the resolved clause, its own definition would prevail.</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">Comcast states in its Statement on Political and Trade Association
Activities (last updated April 5, 2023) that the Company supports candidates who support policy positions aligned with its business interests,
but also lists some additional contributions&rsquo; criteria including candidates that &ldquo;support policies that make it easier to
hire and retain a skilled workforce with good pay and benefits&rdquo; and &ldquo;respect democracy and the rule of law.&rdquo; <SUP>1</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">As the proposal notes, it appears the Company has violated these values
and its stated contributions&rsquo; criteria through its political activities, outlined below:</P>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Democracy</B>: Within Comcast&rsquo;s Statement on Political and Trade Association Activities, the Company states that it supports
candidates that &ldquo;respect democracy and the rule of law.&rdquo; However, it appears that Comcast continues to support politicians
who advanced the fictitious stolen election narrative that led to the violent events of January 6, 2021. In the aftermath of the January
6 riots, Comcast said they would suspend political donations entirely or specifically cut off politicians who stated that the election
was stolen.<SUP>2</SUP> Despite that commitment, Accountable.US identified that Comcast has given at least $100,000 to election objectors
through their corporate PAC.<SUP>3</SUP> Additionally, Comcast contributed at least $315,000 to the Republican Attorneys General Association
(RAGA), which sent robocalls to individuals urging them to attend the &ldquo;March to Save America&rdquo; that culminated in the attack
on the Capitol.<SUP>4</SUP></TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Reproductive Health Care</B>: Despite the Company&rsquo;s stated commitment to inclusion and local communities,<SUP>5</SUP> and
its contributions&rsquo; criteria of supporting candidates who &ldquo;support policies that make it easier to hire and retain a skilled
workforce with good pay and benefits,&rdquo; Comcast has contributed to political activity working to weaken reproductive health care.</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 0pt 0.5in">In July 2022, the Supreme Court overturned the long-standing
precedent established in <I>Roe vs. Wade</I> affirming a constitutional right to abortion, dramatically altering the legal landscape regarding
abortion access in the United States. According to public records, Comcast has contributed at least 8 million dollars to political recipients
working to weaken access to reproductive health care. Research shows that restricting reproductive health care ultimately hurts companies&rsquo;
ability to attract and retain female talent within restrictive states (see below). Given this research, the impact of this political giving
is in direct opposition to <FONT STYLE="font-size: 10pt">the Company&rsquo;s criteria of supporting candidates that make it &ldquo;easier
to hire and retain a skilled workforce.&rdquo; </FONT></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">It is evident that many of the Company&rsquo;s political contributions,
outlined above, are in violation of its stated values and contributions&rsquo; criteria, as interpreted by the Proponent. This Proposal
asks the Company to complete the exercise of evaluating its political contributions against these stated values and contributions&rsquo;
criteria, reassess when there are areas of identified incongruencies, and transparently disclose the results of this exercise to its shareholders.</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> https://update.comcast.com/wp-content/uploads/sites/33/dlm_uploads/2023/04/Statement-on-Political-and-Trade-Association-Activities-April-5-2023.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.politico.com/news/2023/01/06/corporations-election-objectors-donations-00076668</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> Ibid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.usatoday.com/story/opinion/2021/01/19/corporate-spending-boosted-assault-on-capital-column/4160114001/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://corporate.comcast.com/impact/values-integrity</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>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Inconsistencies in Comcast&rsquo;s stated values and political contributions may pose significant risks to the Company&rsquo;s
business and reputation. </B></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">When Comcast does not adhere to its values and standards, it faces
significant risk by investing in activities that could undermine Comcast&rsquo;s business and reputation. The Company&rsquo;s disregard
for voting rights and the peaceful transfer of power could contribute to a denigration of the United States&rsquo;s political economy
that ultimately jeopardizes the Company&rsquo;s business interests. Strengthening democracy is crucial to a business and overall economy&rsquo;s
ability to succeed.<SUP>6,7,8</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">Likewise, Comcast is generously supporting politicians and political
organizations whose dedication to undermining reproductive health care is likely to weaken the Company&rsquo;s workforce and the talent
pool at large. A growing body of research shows the negative impacts to business and the economy as a whole from restricted access to
reproductive health:</P>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>The Institute for Women&rsquo;s Policy Research estimates that reproductive health care restrictions cost state economies $105 billion
per year by reducing labor force participation and increasing turnovers and time off rates.<SUP>9</SUP></TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>A Morning Consult national survey of 2,210 adults found that by a 2:1 margin, employed adults would prefer to live in a state where
abortion is legal and accessible. The results skew higher for millennials and Gen Z.<SUP>10</SUP></TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Another national survey of 3,500+ college-educated workers conducted in 2021 showed that majorities across gender, age, race, and
ethnicity would be discouraged from taking a job in states th<FONT STYLE="font-size: 10pt">at ban abortion, like Texas&rsquo; SB 8.<SUP>11</SUP></FONT></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">Companies risk their reputations when their political spending appears
to be misaligned with stated values. Investors and the wider public (on both sides of the political divide) have increased scrutiny of
companies&rsquo; election-related spending. Two recent examples are worth noting.</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 2022, the Walt Disney Company faced the ire of its employees and
many customers when it initially declined to take a strong stand against the Florida law known as &ldquo;Don&rsquo;t Say Gay.&rdquo; Disney
employees felt the need to stage a walkout and a week of internal protests to realign the Company&rsquo;s actions with its stated values.</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>6</SUP> Democracy accounts for a 6% boost to global GDP over 50
years. (https://www.weforum.org/agenda/2014/05/democracy-boost-economic-growth/)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> Poor democracies do better than poor authoritarian regimes.
(https://web.archive.org/web/20060628061201/http:/carnegiecouncil.org/viewMedia.php/prmTemplateID/9/prmID/5129)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> Countries categorized as &ldquo;free&rdquo; or &ldquo;partly
free&rdquo; outperform countries categorized as &ldquo;not free.&rdquo; (https://freedomhouse.org/article/democracy-good-business)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://iwpr.org/costs-of-reproductive-health-restrictions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://www.forbes.com/sites/maggiemcgrath/2022/05/07/these-are-the-us-companies-offering-abortion-related-benefits/?sh=50f2a78676ea</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif">https://bit.ly/3F0JusI</FONT></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">Additionally, in March of this year, Walgreens was torn between a group
of state attorney generals&rsquo; threats to not supply the abortifacient mifepristone to their states and pressure from customers&rsquo;
resulting boycott. In caving to the AGs&rsquo; threats, Walgreens exposed how weak its commitment is to women&rsquo;s health, which could
have long lasting negative repercussions to reputation, brand, and sales.</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 this environment of increased political scrutiny, a Company&rsquo;s
stated values provide an additional framework to adhere to when considering the positive and negative implications of a political contribution.
To mitigate this risk, CPA&rsquo;s-Zicklin&rsquo;s Model Code of Conduct for Corporate Political Spending (which the Company itself referenced
in its Opposition Statement) advises companies to &ldquo;review the positions of the candidates or organizations to which it contributes
to determine whether those positions conflict with the company&rsquo;s core values and policies.&rdquo;<SUP>12</SUP> This exercise, and
the requested report, will further protect the Company from business and reputational risks associated with misaligned political activity.</P>

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

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Reporting on a Company&rsquo;s political expenditures and values congruency is increasingly becoming a &ldquo;best practice.&rdquo;
</B></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">With over 30 &ldquo;values congruency&rdquo; proposals filed in 2023
(see www.proxypreview.org), it is clear that companies will be facing similar questions from internal and external stakeholders in the
years ahead. Ignoring the topic will not make it go away. The CPA&rsquo;s Model Code of Conduct for Corporate Political Spending added
a plank in 2021 calling for a congruency review to be considered by boards of directors, and the recently released Erb Principles for
Corporate Political Responsibility calls for companies to:</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 0pt 0.5in">[P]rovide transparency in their political activities, publicly
reporting on their Corporate Political Responsibility oversight processes and policies, all direct political spending, spending through
trade associations or other thir<FONT STYLE="font-size: 10pt">d parties influencing on their behalf, <B>and any actions to address misalignments</B>&hellip;.
(Emphasis added). </FONT></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">Several companies have started to report on misalignment, illustrating
that implementation of the proposal is feasible and welcomed by investors. CSX, Heidelberg and Woodside Energy have produced reports on
trade association misalignment, and in 2023, it was announced that AT&amp;T and Cigna, in response to similar shareholder proposals, will
report aggregated information that will convey the extent to which their political contributions align with the company&rsquo;s public
policy and sustainability priorities.<SUP>13,14</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>12</SUP> https://www.politicalaccountability.net/wp-content/uploads/2022/06/CPA-Zicklin-Model-Code-of-Conduct-for-Corporate-Political-Spending.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://www.asyousow.org/press-releases/2023/4/3/att-commits-political-spending-transparency-for-shareholders-customers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.cleanyield.com/cigna-commits-to-strengthening-transparency-of-political-contributions/</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>Response to Comcast&rsquo;s Statement of Opposition</B></P>

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

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Comcast&rsquo;s public disclosure of political activities does not alleviate the need for the Company to assess and disclose political
contributions&rsquo; alignment with stated Company values. </B></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">In the Board&rsquo;s Opposition Statement, the Company references its
&ldquo;trendsetter&rdquo; designation in the 2022 CPA-Zicklin Index to justify its refusal to provide the transparency and accountability
requested by this Proposal. While the Proponent applauds Comcast&rsquo;s enhanced disclosure around political contributions, this does
not fulfill the request for the Company to evaluate its political activity alignment with Company values. In fact, in June 2022, the CPA
publicly stated, &ldquo;The Index does not make a value judgment on a company&rsquo;s political spending or alignment with its publicly
stated values.&rdquo; The CPA released a one-page statement clarifying the purpose of the Index &ldquo;in response to companies citing
their Index scores as arguments in opposition to shareholder resolutions calling for lobbying disclosure or company reports on the alignment
of their political spending with core values and positions.&rdquo;<SUP>15</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">The Proponent strongly endorses Comcast&rsquo;s use of multiple criteria
in its determination of whether to fund candidates. We also agree with the Company that complete alignment of values with political recipients
is an unreasonable goal or expectation. Yet, it is not unreasonable to expect that a company should have processes in place to identify
and respond if a legislator is consistently voting against its goals.</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 requested report would provide greater accountability to shareholders
by illuminating where the Company identifies misalignment and how it addresses it. Shareholders would benefit from knowing how often serious
misalignment occurs, how the Company balances competing interests when making political contributions to candidates who are not in complete
alignment, and whether alignment/misalignment increases or decreases over time.</P>

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

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Comcast alludes to considering &ldquo;other issues that impact customers and employees&rdquo; in the contribution process outside
of direct busi<FONT STYLE="font-size: 10pt">ness interests, yet provides no insight into these issues or the vetting process. </FONT></B></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">In its Opposition Statement, Comcast recognizes that there are issues
outside of business interests that impact stakeholders, and which the Company considers when making political spending decisions. Comcast
states that the Governance and Corporate Responsibility Committee (GCR) evaluates &ldquo;both the benefits and risks posed by our political
spending&rdquo; and that it monitors the position of trade associations to assess alignment with the Company. Yet, there is no transparency
into how the Company is making these congruency decisions, nor does it appear there is regular monitoring of political expenditures outside
of trade associations.</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 Opposition Statement also states that political contributions are
not &ldquo;incongruent with the values that guide us as a company.&rdquo; However, there is no evidence that Comcast has undertaken any
review, as called for by this Proposal, to thoroughly assess alignment of political contributions. Again, the requested report would provide
this insight into the additional issues that Comcast considers and assure shareholders that Comcast is appropriately monitoring and reassessing
both trade association memberships and political spending.</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>15</SUP> https://bit.ly/3Kc3SKp</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">Comcast can strengthen shareholder trust and mitigate future reputational
and business risks by issuing a report that addresses the following questions:</P>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>On which of the Company&rsquo;s priority issues is there greater and lesser alignment?</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>What were the consequences of misalignment? For example, did Comcast communicate to any or all of the identified recipients where
it had identified areas of misalignment?</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Did the Company request that the recipients reconsider their position on any issues?</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Were future contributions conditioned upon greater alignment on any issues?</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"><B><U>Conclusion</U></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 believe a transparency report analyzing the congruency of Comcast&rsquo;s
political and electioneering expenditures against publicly stated company values and policies will help provide crucial corporate accountability
and is in the long-term best interest of shareholders.</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">Please contact Julia Cedarholm at juliac@arjuna-capital.com
for additional information.</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">Sincerely,</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"><IMG SRC="nlambsig.jpg" ALT=""></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">Natasha Lamb</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Arjuna Capital</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>This is not a solicitation of authority to vote your proxy. Please
DO NOT send us your proxy card. Arjuna Capital is not able to vote your proxies, nor does this communication contemplate such an event.
The proponent urges shareholders to vote for Proxy Item 10 following the instruction provided on the management&rsquo;s proxy mailing.</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"><B>The views expressed are those of the authors and Arjuna Capital
as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be
a forecast of future events or a guarantee of future results. These views may not be relied upon as investment advice. The information
provided in this material should not be considered a recommendation to buy or sell any of the securities mentioned. It should not be assumed
that investments in such securities have been or will be profitable. This piece is for informational purposes and should not be construed
as a research report.</B></P>


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