Shaw 2010 Annual Report Download - page 9

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circumstances as of the current date. However, whether actual results 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, but are not limited to, general economic, market or business
conditions; the opportunities (or lack thereof) that may be presented to and pursued by Shaw;
Shaw’s ability to execute its strategic plans, 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. The
foregoing is not an exhaustive list of all possible factors. 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. The Company utilizes
forward-looking statements in assessing its performance. Certain investors, analysts and others,
utilize the Company’s financial guidance and other forward-looking information in order to assess
the Company’s expected operational and financial performance and as an indicator of its ability to
service debt and return cash to shareholders. The Company’s financial guidance may not be
appropriate for other purposes.
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, 2010