Shaw announces first quarter results with solid start in 2008

Calgary, Alberta — Shaw Communications Inc. today announced results for the first quarter ended November 30, 2007. Consolidated service revenue and service operating income before amortization of $744 million and $333 million, respectively, each improved 11% over the comparable period last year. Funds flow from operations increased to $286 million compared to $244 million in the same quarter last year.

CABLE

“¢ The Digital Phone footprint was expanded in the quarter with launches in Duncan, Parksville, Qualicum, Langley and Pitt Meadows, all in British Columbia as well as Portage La Prairie and Southport, both in Manitoba. Most recently the service was launched in Moose Jaw, Saskatchewan. The service is now available to approximately 85% of homes passed.
“¢ During the quarter Shaw added 50,339 digital phone lines to total 435,696 as at November 30, 2007. Internet and Digital customers increased by 34,719 and 39,496, respectively. Basic cable subscribers were up 8,138.
“¢ Quarterly free cash flow of $60.4 million improved $16.0 million over the same quarter last year.

SATELLITE (DTH and Satellite Services)

“¢ Free cash flow of $29.4 million for the three month period compared to $31.7 million for the same period last year.
“¢ During the quarter Star Choice added 1,544 customers and as at November 30, 2007 customers now total 881,129.

During the quarter Star Choice completed several upgrade projects to expand its HD capacity which has allowed it to increase the number of HD channels offered from 25 at August 31, 2007 to 33 currently.