Shaw Announces Second Quarter Results

Shaw Communications Inc. is a diversified communications company whose core business is providing broadband cable television, High-Speed Internet, Digital Phone, telecommunications services (through Shaw Business Solutions) and satellite direct-to-home services (through Star Choice). The Company serves 3.4 million customers, including over 1.6 million Internet and 700,000 Digital Phone customers, through a reliable and extensive network, which comprises 625,000 kilometres of fibre. Shaw is traded on the Toronto and New York stock exchanges and is included in the S&P/TSX 60 Index (TSX: SJR.B) (NYSE: SJR).

The accompanying Management's Discussion and Analysis forms part of this news release and the "Caution Concerning Forward Looking Statements" applies to all forward-looking statements made in this news release.


(1) See definitions and discussion under Key Performance Drivers in MD&A.
(2) Funds flow from operations is before changes in non-cash working capital
    balances related to operations as presented in the unaudited interim
    Consolidated Statements of Cash Flows.
(3) See reconciliation of Net Income in Consolidated Overview in MD&A

MANAGEMENT'S DISCUSSION AND ANALYSIS

FEBRUARY 28, 2009

April 2, 2009

Certain statements in this report may constitute forward-looking statements. Included herein is a "Caution Concerning Forward-Looking Statements" section which should be read in conjunction with this report.

The following should also be read in conjunction with Management's Discussion and Analysis included in the Company's August 31, 2008 Annual Report and the Consolidated Financial Statements and the Notes thereto and the unaudited interim Consolidated Financial Statements and the Notes thereto of the current quarter.


CONSOLIDATED RESULTS OF OPERATIONS
SECOND QUARTER ENDING FEBRUARY 28, 2009

Selected Financial Highlights

                       Three months ended              Six months ended
                   --------------------------- -----------------------------
                    February February           February   February
                          28,      29, Change         28,        29, Change
                        2009     2008       %       2009       2008       %
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($000's Cdn except
 per share amounts)
Operations:
 Service revenue     839,144  763,182    10.0  1,656,612  1,507,010     9.9
 Service operating
  income before
  amortization (1)   381,355  349,711     9.0    749,152    682,620     9.7
 Operating margin(1)    45.4%    45.8%   (0.4)      45.2%      45.3%   (0.1)
 Funds flow from
  operations (2)     334,508  304,293     9.9    646,475    590,635     9.5
 Net income          156,229  298,848   (47.7)   279,306    411,071   (32.1)
Per share data:
 Earnings per share
  - basic              $0.36    $0.69              $0.65      $0.95
  - diluted            $0.36    $0.69              $0.65      $0.94
 Weighted average
  participating shares
  outstanding during
  period (000's)     428,833  431,844            428,295    431,797
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(1) See definition under Key Performance Drivers in Management's Discussion
    and Analysis.
(2) Funds flow from operations is before changes in non-cash working capital
    balances related to operations as presented in the unaudited interim
    Consolidated Statements of Cash Flows.

Subscriber Highlights

                                                  Growth
                                 -------------------------------------------
                          Total    Three months ended      Six months ended
                       February   February   February   February   February
                             28,        28,        29,        28,        29,
                           2009       2009       2008       2009       2008
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Subscriber statistics:
 Basic cable
  customers           2,273,904      4,273      6,524     13,471     14,662
 Digital customers    1,076,373    106,489     48,006    167,206     87,502
 Internet customers
  (including pending
  installs)           1,626,334     26,130     31,517     57,282     66,236
 DTH customers          896,633      3,657      4,977      4,105      6,521
 Digital phone lines
 (including
 pending installs)      719,376     50,848     56,536    107,445    106,875
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