Shaw 2009 Annual Report Download - page 9

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and developments will conform with the expectations and predictions of Shaw is subject to a
number of risks and uncertainties described in the section “Known events, trends, risks and
uncertainties” included in this report. These factors include general economic, market or business
conditions; the opportunities (or lack thereof) that may be presented to and pursued by Shaw;
increased competition in the markets in which Shaw operates and from the development of new
markets for emerging technologies; changes in laws, regulations and decisions by regulators in
Shaw’s industries in both Canada and the United States; Shaw’s status as a holding company with
separate operating subsidiaries; changing conditions in the entertainment, information and
communications industries; risks associated with the economic, political and regulatory policies
of local governments and laws and policies of Canada and the United States; and other factors,
many of which are beyond the control of Shaw. Should one or more of these risks materialize, or
should assumptions underlying the forward-looking statements prove incorrect, actual results may
vary materially from those as described herein. Consequently, all of the forward-looking statements
made in this report and the documents incorporated by reference herein are qualified by these
cautionary statements, and there can be no assurance that the actual results or developments
anticipated by Shaw will be realized or, even if substantially realized, that they will have the
expected consequences to, or effects on, Shaw.
You should not place undue reliance on any such forward-looking statements. Further, any forward-
looking statement (and such risks, uncertainties and other factors) speaks only as of the date on
which it was originally made and Shaw expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking statement contained in this document
to reflect any change in expectations with regard to those statements or any other change in events,
conditions or circumstances on which any such statement is based, except as required by law. New
factors affecting the Company emerge from time to time, and it is not possible for Shaw to predict
what factors will arise or when. In addition, Shaw cannot assess the impact of each factor on its
business or the extent to which any particular factor, or combination of factors, may cause actual
results to differ materially from those contained in any forward-looking statements.
5
Shaw Communications Inc.
MANAGEMENT’S DISCUSSION AND ANALYSIS
August 31, 2009