Shaw Communications Inc.

Shaw Communications Inc.

June 27, 2008 17:00 ET

Shaw Announces 11% Increase in Dividends to $0.80 Per Annum

CALGARY, ALBERTA--(Marketwire - June 27, 2008) - Shaw Communications Inc. (TSX:SJR.B) (NYSE:SJR) ("Shaw") announced today that its Board of Directors has increased the equivalent annual dividend rate to $0.80 on Shaw's Class B Non-Voting Participating Shares and $0.7975 on Shaw's Class A Participating Shares. This represents an increase of 11% or $0.08 per share. Shaw's dividends are declared and paid on a monthly basis and this increase will commence September 29, 2008.

Based upon this increase in the dividend rates, Shaw's Board of Directors declared monthly dividends of $0.066666 on Shaw's Class B Non-Voting Participating Shares and $0.066458 on Shaw's Class A Participating Shares, payable on each of September 29, 2008, October 30, 2008 and November 27, 2008 to all holders of record at the close of business September 15, 2008, October 15, 2008 and November 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 over 3.3 million customers, including 1.5 million Internet and 500,000 residential Digital Phone customers, through a reliable and extensive network, which comprises over 600,000 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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