Our Vision. In July 1998, we saw an opportunity to separate the media assets of Shaw Communications Inc. and create a new publicly traded company that would be even more strategically focused and provide shareholders with substantially increased value. Corus Entertainment Inc. is the result. We also recognized that a focused management team could maximize opportunities for growth. Shareholders who retained both Corus and Shaw shares have realized a gain of 125%, compared to a growth rate of 61% in the TSE composite and 19% in the communications sector. In addition, the creation of Corus is in accord with direction from the Government of Canada’s convergence policy, which encourages dis- tributors to create structurally separate companies to advance their interests in ownership of programming assets. In this regard we are making meaning- ful progress in positioning ourselves as a vital and contributing force in Canadian broadcasting. We will continue to turn it up as we aggressively move into markets that contribute to our strategic goals for the future. 03