Shaw Communications Inc.
NYSE : SJR
TSX : SJR.B

Shaw Communications Inc.

July 13, 2007 08:31 ET

Shaw Announces 18% Increase in Dividend to $285 Million per Year

CALGARY, ALBERTA--(Marketwire - July 13, 2007) - Shaw Communications Inc. ("Shaw") (TSX:SJR.B) (NYSE:SJR) announced today that its Board of Directors has increased the equivalent annual dividend rate to $1.32 on Shaw's Class B Non-Voting Participating Shares and $1.315 on Shaw's Class A Participating Shares (on a pre-split basis). This represents an increase of 18% or $0.20 per share. Shaw's dividends are declared and paid on a monthly basis and this increase will commence September 27, 2007.

Based upon this increase in the dividend rates, Shaw's Board of Directors declared monthly dividends of $0.055 on Shaw's Class B Non-Voting Participating Shares and $0.054792 on Shaw's Class A Participating Shares, payable on each of September 27, 2007, October 30, 2007 and November 29, 2007 to all holders of record at the close of business September 15, 2007, October 15, 2007 and November 15, 2007, respectively, with each such per share amount reflecting the two-for-one stock split to occur on July 30, 2007.

Further to Shaw's news release dated April 13, 2007, the already announced dividends of $0.092917 per Class A Participating Share and $0.093333 per Class B Non-Voting Participating Share, payable on July 31, 2007 to all holders of record at the close of business on July 15, 2007, will not be affected by the stock split. However, in order to reflect the stock split, the Board of Directors of Shaw has resolved to reduce by 50% the already announced dividends of $0.092917 per Class A Participating Share and $0.093333 per Class B Non-Voting Participating Share, payable on August 31, 2007 to all holders of record at the close of business on August 15, 2007. As a result, Shaw will pay on August 31, 2007 dividends on a post-split basis of $0.046458 per Class A Participating Share and $0.046667 per Class B Non-Voting Participating Share to all holders of record at the close of business on August 15, 2007.

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, telecommunication services (through Shaw Business Solutions) and satellite direct-to-home services (through Star Choice) to 3.2 million customers. 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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