Shaw Announces Second Quarter Results

Market Wire, April, 2009

            Six months                      Six months
                 ended                           ended
           ------------                    ------------
                        Operating                       Operating
($000's       February     net of       Non-  February     net of      Non-
 Cdn)         28, 2009   interest  operating  29, 2008   interest operating
----------------------------------------------------------------------------
Operating
 income        470,916                         430,023
 Amortization
  of
  financing
  costs -
  long-term
  debt          (1,892)                         (1,863)
 Interest
  expense
  debt        (113,564)                       (117,227)
----------------------------------------------------------------------------
Operating
 income
 after
 interest      355,460    355,460              310,933    310,933         -
 Debt
  retirement
  costs              -          -          -    (5,264)         -    (5,264)
 Other
  gains          8,994          -      8,994    25,518          -    25,518
----------------------------------------------------------------------------
Income
 before
 income
 taxes         364,454    355,460      8,994   331,187    310,933    20,254
 Income tax
  expense
 (recovery)     85,161    105,230    (20,069)  (79,820)   101,322  (181,142)
----------------------------------------------------------------------------
Income
 before
 following     279,293    250,230     29,063   411,007    209,611   201,396
 Equity
  income
  on investee       13          -         13        64                   64
----------------------------------------------------------------------------
Net income     279,306    250,230     29,076   411,071    209,611   201,460
----------------------------------------------------------------------------


                 Three                           Three
                months                          months
                 ended                           ended
               --------                        --------
                        Operating                       Operating
($000's       February     net of       Non-  February     net of      Non-
 Cdn)         28, 2009   interest  operating  29, 2008   interest operating
----------------------------------------------------------------------------
Operating
 income        238,180                         224,142
 Amortization
  of
  financing
  costs-
  long-term
  debt            (946)                           (884)
 Interest
  expense -
  debt         (56,354)                        (57,511)
----------------------------------------------------------------------------
Operating
 income
 after
 interest      180,880    180,880          -   165,747    165,747         -
 Debt
  retirement
  costs              -          -          -    (5,264)         -    (5,264)
 Other gains     7,312          -      7,312     1,983          -     1,983
----------------------------------------------------------------------------
Income
 (loss)
 before
 income taxes  188,192    180,880      7,312   162,466    165,747    (3,281)
 Income tax
  expense
  (recovery)    31,843     52,425    (20,582) (136,402)    52,625  (189,027)
----------------------------------------------------------------------------
Income
 before
 following     156,349    128,455     27,894   298,868    113,122   185,746
 Equity
  loss on
  investee        (120)         -       (120)      (20)         -       (20)
----------------------------------------------------------------------------
Net income     156,229    128,455     27,774   298,848    113,122   185,726
----------------------------------------------------------------------------

(1) See definitions and discussion under Key Performance Drivers in
    Management's Discussion and Analysis.


The changes in net income are outlined in the table below.

                             February 28, 2009 net income compared to:
                   ---------------------------------------------------------
                              Three months ended           Six months ended
                   -------------------------------------- ------------------
                    November 30, 2008  February 29, 2008  February 29, 2008
                   -------------------------------------- ------------------
----------------------------------------------------------------------------
(000's Cdn)
Increased service
 operating income
 before amortization           13,558             31,644             66,532
Increased amortization         (8,114)           (17,668)           (25,668)
Decreased interest expense        856              1,157              3,663
Change in net other
 costs and revenue (1)          5,377             10,493            (11,311)
Decreased (increased)
 income taxes                  21,475           (168,245)          (164,981)
----------------------------------------------------------------------------
                               33,152           (142,619)          (131,765)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(1) Net other costs and revenue includes debt retirement costs, other gains
    and equity income on investee as detailed in the unaudited interim
    Consolidated Statements of Income and Retained Earnings (Deficit).