2011. In this annual information form - Encana

The decision to pay dividends and the amount of such dividends is subject to the discretion of the
Company’s Board of Directors based on numerous factors and may vary from time to time.
Although the Company currently intends to pay quarterly cash dividends to its shareholders, these cash dividends
may be reduced or suspended. The amount of cash available to the Company to pay dividends, if any, can vary
significantly from period to period for a number of reasons, including, among other things: Encana's operational
and financial performance; fluctuations in the costs to produce natural gas, oil and NGLs; the amount of cash
required or retained for debt service or repayment; amounts required to fund capital expenditures and working
capital requirements; access to equity markets; foreign currency exchange rates and interest rates; and the risk
factors set forth in this annual information form.
The decision whether or not to pay dividends and the amount of any such dividends are subject to the discretion
of the Company’s Board of Directors, which regularly evaluates the Company's proposed dividend payments and
the solvency test requirements of the CBCA. In addition, the level of dividends per common share will be affected
by the number of outstanding common shares and other securities that may be entitled to receive cash dividends
or other payments. Dividends may be increased, reduced or suspended depending on the Company's operational
success and the performance of its assets. The market value of the common shares may deteriorate if the
Company is unable to meet dividend expectations in the future, and that deterioration may be material.
The Company’s foreign operations will expose it to risks from abroad which could negatively affect its
results of operations.
Some of Encana’s operations and related assets may be located, from time to time, in countries outside North
America, some of which may be considered to be politically and economically unstable. Exploration or
development activities in such countries may require protracted negotiations with host governments, national oil
companies and third parties and are frequently subject to economic and political considerations, such as taxation,
nationalization, expropriation, inflation, currency fluctuations, increased regulation and approval requirements,
governmental regulation and the risk of actions by terrorist or insurgent groups, any of which could adversely
affect the economics of exploration or development projects.
Encana Corporation
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Annual Information Form (prepared in US$)