Shaw Communications Inc.

Shaw Communications Inc.

January 12, 2006 13:06 ET

Shaw Announces Increase in Dividend Rates by Over 30%

CALGARY, ALBERTA--(CCNMatthews - Jan. 12, 2006) - Shaw Communications Inc. (TSX:SRJ.NV.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 $0.13 per share. The equivalent annual dividend rate will be $0.535 per Class A Participating Share and $0.54 per Class B Non-Voting Participating Share, payable in monthly installments commencing March 31, 2006. This represents an increase of over 30% over the current equivalent annual dividend rates.

Based upon this increase in the dividend rates, Shaw's Board of Directors declared monthly dividends of $0.0445833333 per Class A Participating Share and $0.045 per Class B Non-Voting Participating Share, payable on each of March 31, 2006, April 28, 2006 and May 31, 2006 to all holders of record at the close of business March 15, 2006, April 15, 2006 and May 15, 2006, 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 Canadian communications company whose core business is providing broadband cable television, High-Speed Internet, Digital Phone, telecommunications services (through Big Pipe Inc.) and satellite direct-to-home services (through Star Choice Communications Inc.) to approximately 3.0 million customers. Shaw is traded on the Toronto and New York stock exchanges and is a member of the S&P/TSX 60 index (Symbol: TSX - SJR.NV.B, NYSE - SJR).

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