RATE RESET CLASS 2 PREFERRED SHARES, SERIES A, AND CUMULATIVE REDEEMABLE FLOATING RATE CLASS 2 PREFERRED SHARES, SERIES B Calgary, Alberta (May 28, 2021) - Shaw Communications Inc. ('Shaw' or the 'Company') announced today that it intends to redeem all of its issued and outstanding Cumulative Redeemable Rate Reset Class 2 Preferred Shares, Series A (the 'Series A Shares') and Cumulative Redeemable Floating Rate Class 2 Preferred Shares, Series B (the 'Series B Shares', and together with the Series A Shares, the 'Preferred Shares') in accordance with their terms (as set out in the Company's articles) on June 30, 2021 (the 'Redemption Date') at a price equal to $25.00 per Preferred Share (the 'Redemption Price'), less any tax required to be deducted or withheld. The aggregate Redemption Price payable by Shaw to redeem the Preferred Shares will be $300 million.