Shaw Communications Inc.

Shaw Communications Inc.

December 14, 2007 17:30 ET

Shaw Announces Redemption of 8.54% Series B Capital Securities

CALGARY, ALBERTA--(Marketwire - Dec. 14, 2007) - Shaw Communications Inc. (TSX:SJR.B) (NYSE:SJR) announced today that it has given notice of its intention to redeem all of its outstanding Cdn $100 million 8.54% Series B Capital Securities (commonly referred to as Canadian Originated Preferred Securities). The CUSIP number of the Series B Capital Securities is 82028K AA9.

The redemption date will be January 30, 2008. The redemption price of $1,042.70 per Series B Capital Security plus $28.31 in accrued and unpaid interest per Series B Capital Security will be paid in the normal manner on that date to security holders of record at the close of business on January 15, 2008.

This news release is for informational purposes only and is not an offer to buy any securities of Shaw Communications Inc.

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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