Shaw Communications Inc.

Shaw Communications Inc.

October 26, 2007 08:30 ET

Shaw Announces 9% Increase in Dividends

CALGARY, ALBERTA--(Marketwire - Oct. 26, 2007) - Shaw Communications Inc. (TSX:SJR.B) (NYSE:SJR) ("Shaw") announced today that its Board of Directors has increased the equivalent annual dividend rate to $0.72 on Shaw's Class B Non-Voting Participating Shares and $0.7175 on Shaw's Class A Participating Shares. This represents an increase of 9% or $0.06 per share. Shaw's dividends are declared and paid on a monthly basis and this increase will commence December 28, 2007.

Based upon this increase in the dividend rates, Shaw's Board of Directors declared monthly dividends of $0.06 on Shaw's Class B Non-Voting Participating Shares and $0.059792 on Shaw's Class A Participating Shares, payable on each of December 28, 2007, January 30, 2008 and February 28, 2008 to all holders of record at the close of business December 15, 2007, January 15, 2008 and February 15, 2008, respectively.

The foregoing dividends are designated as "eligible" dividends for the purposes of the Income Tax Act (Canada) and any similar provincial legislation.

Shaw's Board of Directors reviews the applicable dividend rates on a quarterly basis. Shareholders are entitled to receive dividends only when any such dividends are declared by Shaw's Board of Directors, and there is no entitlement to any dividend prior thereto.

Shaw Communications Inc. is a diversified communications company whose core business is providing broadband cable television, High-Speed Internet, Digital Phone, telecommunications services (through Shaw Business Solutions) and satellite direct-to-home services (through Star Choice). The Company serves 3.3 million customers, including almost 1.5 million Internet subscribers, through a reliable and extensive network, which comprises over 575,000 kilometres of fibre. Shaw is traded on the Toronto and New York stock exchanges and is included in the S&P/TSX 60 Index (TSX:SJR.B) (NYSE:SJR).

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