Press Release: ARJUNA CAPITAL/ULTRA VIOLET: COMCAST/NBCUNIVERSAL IS ATTEMPTING TO KILL SHAREHOLDER RESOLUTION CALLING FOR BOARD TO CONDUCT INDEPENDENT INVESTIGATION OF WORKPLACE SEXUAL HARASSMENT

February 12, 2020

“They Just Don’t Get It”: Bid to Derail Arjuna Capital/UltraViolet Shareholder Resolution
Seen as Reflection of Mindset Linked to Allegations About Matt Lauer, Simon Cowell and
Sexual Harassment at Comcast Call Centers.

BOSTON & PHILADELPHIA - February 12, 2020 – Comcast/NBCUniversal executives are trying to kill a
shareholder resolution filed by investment management firm Arjuna Capital and supported by
UltraViolet, a leading national women’s organization, that calls on the company to conduct an
independent investigation into its failures to prevent workplace sexual harassment, and the
resulting financial risks to shareholders. Comcast/NBCUniversal is taking the extraordinary step
of petitioning the U.S. Securities and Exchange Commission (SEC) to block the resolution
before it can reach a vote of the company’s shareholders.

Advocates from Arjuna Capital and UltraViolet argue that Comcast/NBCUniversal is sending
“absolutely the wrong signal” by attempting to silence legitimate shareholder concerns about
workplace harassment stemming from numerous allegations against NBC on-air talent like Matt
Lauer and Simon Cowell, as well as managers at Comcast call centers who have been hit with
harassment complaints.

The shareholder resolution cites Comcast/NBC Universal for “an alleged failure to protect
employees from sexual harassment in the workplace, failing to hold those culpable accountable,
and lacking transparency.”

Natasha Lamb, managing partner, Arjuna Capital, said: “On its face, the decision by
Comcast/NBCUniversal to kill our sex discrimination resolution before it reaches an
investor vote suggests they just don’t get it. Attempting to cover up what is potentially a
company-wide pattern of abuse is not a credible corporate response. In the case of
workplace sexual harassment, sunlight is the best disinfectant, and continued attempts to
sweep concerns under the rug sends absolutely the wrong signal to shareholders. Investors
are legitimately concerned about their long-term wealth and the kind of regulatory fines
and court-imposed judgments that could lie just ahead.”

“Whether it’s Matt Lauer, Simon Cowell, or issues at Comcast’s call-centers, Comcast has
fostered a work environment that empowers men to abuse women in the workforce, all
while corporate executives look the other way, or worse, protect the abuser and silence
those who speak up,” explained Shaunna Thomas, co-founder and executive director of
UltraViolet. “Comcast’s piecemeal approach to addressing a culture of abuse only when it
is exposed in the media must end. Internal investigations are entirely insufficient and pose
a significant risk to Comcast’s brand and shareholder value. The last time Comcast
conducted an internal investigation, they exonerated their decision-makers and enablers of
abuse, and failed to make systemic changes that addressed the root of the problems. It is
time for real action.”

NBC News' digital editorial staff recently voted to form a union, with the NewsGuild of New
York, noting "serious questions" about how NBC News has handled sexual misconduct and its
"opaque" procedures for "exposing powerful predators." This failure to provide a safe workplace
extends to Comcast call centers, where employees have described a hostile culture of sexual
harassment. In July 2018, Comcast fired three call center employees who filed complaints. One
has now filed a complaint at the U.S. Equal Employment Opportunity Commission (EEOC).

The Arjuna Capital resolution notes that the risk of inaction on workplace harassment is
considerable for shareholders: “...Workplace harassment can harm shareholder value. The market
capitalization of Wynn Resorts dropped by 3 billion dollars over two days following harassment
allegations against CEO Steve Wynn. 21st Century Fox agreed to a $90-million settlement with
shareholders who alleged that directors failed to hold accountable senior executives who
perpetuated sexual harassment... To avoid legal and reputational risk, as the employer of 184,000
workers, Comcast must create a culture of accountability and transparency, and protect
employees from harassment and discrimination.”

In recent months, UltraViolet has called for Comcast/NBCUniversal to address its toxic
workplace culture. In November, UltraViolet organized a letter to the DNC, signed by
Presidential candidates Sen. Bernie Sanders, Sen. Elizabeth Warren, Sen. Cory Booker, Sen.
Kamala Harris, Rep. Julian Castro, and Tom Steyer, calling on the DNC to demand
Comcast/NBCUniversal take action to address the toxic culture that exists across their
newsrooms and boardrooms. In October, members of UltraViolet rallied outside of NBC’s
headquarters in New York City to deliver more than 20,000 signatures demanding changes
across Comcast.

Arjuna Capital is a champion of workplace concerns for women and minorities. In 2018, Arjuna
persuaded Citibank, J.P. Morgan, Wells Fargo, Bank of America, Bank of New York Mellon,
American Express, Mastercard, Reinsurance Group and Progressive to publish their gender and
racial pay gaps on an equal pay for equal work basis. Since 2016, Arjuna Capital compelled
similar disclosures from 22 companies, including leading U.S. tech and retail firms Apple,
Amazon, Intel, Microsoft, Google, Facebook, eBay, Adobe, Expedia, and Starbucks.

ABOUT THE REPORT AUTHORS

Arjuna Capital is a sustainable and impact investment firm that works with high-net-worth
individuals, families, and institutions to invest with a lens toward Environmental, Social, and
Governance (ESG) risk and opportunity. Lamb and Arjuna Capital have been recognized for
using shareholder resolutions to promote gender and racial pay equity in the tech, banking, and
retail sectors. Natasha Lamb was named to the “Bloomberg 50” list of influencers who defined
global business in 2017. For more information, visit www.ArjunaCapital.com.

UltraViolet is a community of more than one million people that drives feminist cultural and
political change. Through people power and strategic advocacy, we work to improve the lives of
women and girls of all identities and backgrounds, and all people impacted by sexism, by
dismantling discrimination and creating a cost for sexism.

CONTACTS:
(Arjuna Capital) Alexander Frank | 703-276-3264 | afrank@hastingsgroup.com
(UltraViolet) Brett Abrams | 516-841-1105 | brett@unbendablemedia.com