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

Shaw Communications Inc.

October 26, 2006 08:01 ET

Shaw Announces 67% Increase in Dividend Rates

CALGARY, ALBERTA--(CCNMatthews - Oct. 26, 2006) - Shaw Communications Inc. (TSX:SJR.B) (NYSE:SJR) announced today that its Board of Directors has increased the equivalent annual dividend rate on Shaw's Class A Participating Shares and Class B Non-Voting Participating Shares by $0.40 per share. The equivalent annual dividend rate will be $0.995 per Class A Participating Share and $1.00 per Class B Non-Voting Participating Share, payable in monthly installments commencing December 29, 2006.

Based upon this increase in the dividend rates, Shaw's Board of Directors declared monthly dividends of $0.0829166667 per Class A Participating Share and $0.0833333333 per Class B Non-Voting Participating Share, payable on each of December 29, 2006, January 31, 2007 and February 28, 2007 to all holders of record at the close of business December 15, 2006, January 15, 2007 and February 15, 2007, respectively.

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) 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 (Symbol: TSX - SJR.B, NYSE - SJR).

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