Shaw Comm-Cl.B : Shaw Announces First Quarter Financial and Operating Results

NEWS RELEASE Shaw announces first quarter financial and operating resultsCalgary, Alberta (January 12, 2012) - Shaw Communications Inc. announced consolidated financial and operating results for the three months ended November 30, 2011 and 2010 in accordance with the newly adopted International Financial Reporting Standards ("IFRS"). Consolidated revenue for the three month period of $1.28 billion was up 19% over the comparable period last year. Total operating income before amortization1 of $566 million increased 18% over the same period last year.

Free cash flow1 for the quarter was $119 million compared to $154 million for the same period last year. Improved operating income before amortization in the current period was reduced by higher capital investment related to strategic initiatives as well as increased interest and cash taxes.

Chief Executive Officer Brad Shaw said, "Our financial performance this quarter was solid. We continued to grow despite a volatile economic and competitive environment."

Mr. Shaw continued, "We have a number of strategic initiatives underway including our digital network upgrade and Wi-Fi build that support our leadership position in broadband and video, strengthening our core business. Our digital network upgrade is well underway and we recently started the trial of our Wi-Fi network at a variety of locations in Calgary, Edmonton and Vancouver. We also recently opened three new Customer Solutions Centres, all in Canada consistent with our existing centres, adding resources to handle both inbound and outbound customer service. Shaw has been built on a reputation of superior customer service and we are committed to retaining this advantage."

Net income from continuing operations of $202 million or $0.43 per share for the quarter ended November 30, 2011 compared to $17 million or $0.03 per share for the same period last year. All periods included non-operating items which are more fully detailed in Management's Discussions and Analysis (MD&A).2 The prior period included a charge of $139 million for the discounted value of the CRTC benefit obligation related to the acquisition of Shaw Media, as well as business acquisition, integration and restructuring expenses of $58 million. Excluding the non-operating items, net income for the three month period ended November 30, 2011 would have been $210 million compared to $164 million in the same period last year.

Revenue in the Cable division was up 4% for the three month period to $792 million. The improvement was primarily driven by customer growth and price changes. Operating income before amortization of $377 million was up 7% for the quarter.

Revenue in the Satellite division was $209 million for the three month period, up from $206 million for the same period last year. Operating income before amortization for the quarter of $69 million was comparable to the same period last year.

Revenue in the Media division for the three month period was $299 million and operating income before amortization was $120 million. For informational purposes, on a full quarter comparative basis to Q1 last year, Media revenues and operating income before amortization for the quarter declined 3% and 8%, respectively, reflecting the softening in the advertising market as a result of economic uncertainty.

Mr. Shaw concluded "Our performance is on track. Our management team continues to execute on the necessary strategic initiatives in this highly competitive environment. Our commitment to customer service and the strength of our delivery system, including our network infrastructure and employee base, have us positioned to deliver another year of solid financial and operational performance."

Shaw Communications Inc. is a diversified communications and media company, providing consumers with broadband cable television, High-Speed Internet, Home Phone, telecommunications services (through Shaw Business), satellite direct-to-home services (through Shaw Direct) and engaging programming content (through Shaw Media). Shaw serves 3.4 million customers, through a reliable and extensive fibre network. Shaw Media operates one of the largest conventional television networks in Canada, Global Television, and 18 specialty networks including HGTV Canada, Food Network Canada, History Television and Showcase. Shaw is traded on the Toronto and New York stock exchanges and is included in the S&P/TSX 60 Index (Symbol: 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.

For more information, please contact:

Shaw Investor Relations

[e-mail]

1 See definitions and discussion under Key Performance Drivers in MD&A.

2 See reconciliation of Net Income in Consolidated Overview in MD&A

Shaw Communications Inc.

January 12, 2012 MANAGEMENT'S DISCUSSION AND ANALYSIS NOVEMBER 30, 2011 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 Management's Discussion and Analysis ("MD&A") should also be read in conjunction with the unaudited interim consolidated Financial Statements and Notes thereto of the current quarter, the 2011 Annual MD&A included in the Company's August 31, 2011 Annual Report including the Consolidated Financial Statements and the Notes thereto. The financial information presented herein has been prepared on the basis of International Financial Reporting Standards ("IFRS") for interim financial statements and is expressed in Canadian dollars unless otherwise stated. The amounts in this MD&A and the Company's interim financial statements for the period ended November 30, 2010 have been restated to reflect the adoption of IFRS, with effect from September 1, 2010. Periods prior to September 1, 2010 have not been restated and are prepared in accordance with Canadian GAAP. Refer to note 13 of the November 30, 2011 interim financial statements for a summary of the differences between the financial statements previously prepared under Canadian GAAP and to those under IFRS. The unaudited IFRS related disclosures and values in this MD&A have been prepared using the standards and interpretations currently issued and expected to be effective at the end of the Company's first annual IFRS reporting period, which will be August 31, 2012. Certain accounting policies expected to be adopted under IFRS may not be adopted and the application of policies to certain transactions or circumstances may be modified and as a result, the November 30, 2011 and August 31, 2011 underlying values prepared on a basis consistent with IFRS are subject to change.

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