Shaw Communications Inc.

Acquisition of a Restructured Canwest

May 3, 2010

Certain statements included in this presentation concerning Canwest, the acquisition of Canwest andthe benefits thereof for Shaw are forward-looking statements. Such forward-looking statementsinvolve risks, uncertainties and other factors which may cause actual results, performance orachievements of Canwest or Shaw to be materially different from performance or achievementsexpressed or implied by such forward-looking statements. In making such statements we haveassumed that required approvals of Canwest’s creditors, the applicable courts, the CRTC and theCompetition Bureau are received, and that other customary conditions to closing are met. Thestatements concerning the future performance of Canwest are based on its ability to maintain itsrecent cost reductions, its ability to execute on its business plans and broader economic conditions,

FORWARD LOOKING DISCLAIMER

recent cost reductions, its ability to execute on its business plans and broader economic conditions,including the demand for television advertising. Statements concerning the benefits to Shaw fromacquiring Canwest are based on assumptions concerning Canwest’s future performance and ourability to capitalize on opportunities that we have identified.

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• As the competitive environment intensifies and viewership habits evolve, we believe that ownership of content and various broadband and mobile rights will become more important in the future

• Customers are trending towards watching and purchasing content across a variety of media platforms (broadband and mobile devices) that fit with their schedules

○ We believe a greater percentage of traditional programming will be viewed in a video-on-demand (“VOD”) format and therefore ownership and access to these rights will be a valuable asset

○ Rights to US network programming is key in developing the business models for these platforms (i.e. VOD) and with the recent regulatory changes in VOD, we will have an opportunity to generate incremental ad or transaction revenue

I. Strategic Rationale

○ Over-the-top applications (i.e. Global TV website, Hulu etc.) relating to the viewing of traditional broadcasting will become more common in the future and management of content will help mitigate this risk to our core business

� We believe we can manage the rights to content and create value for all Canadians through innovation and technology advancements

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• Wireless is a key strategic growth opportunity for Shaw and we believe that we can differentiate a wireless product by integrating our existing services and products on a mobile device, including content

• As wireless technology continues to evolve and network speeds improve, customers will stream more content onto mobile devices

• Ownership of content and mobile rights will help develop the platform to deliver and monetize these services in the future

• Global TV is the second largest broadcast network in Canada and reaches over 98% of the broadcast market (32 million Canadians)

I. Strategic Rationale

• Global currently has a significant market share and can provide Shaw with an effective promotional vehicle, which is an important consideration as “brand” marketing becomes more important across our various product platforms

• Over the years, Global has substantially improved its programming line-up

○ See appendix A for current programming schedule

• Global is particularly strong in local news programming in western Canadian markets which aligns well with our footprint

• Canwest Media Group (“CWMG”) has the leading portfolio of profitable specialty television assets including HGTV, Food and Showcase

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• Today we announced that we have entered into agreements to buy 100% of a Restructured Canwest (“Canwest” or the “Company”)

• Total consideration for the transaction is approximately $2.0 billion and includes approximately $815 million of net debt at the CWMG subsidiary

○ Acquisition includes the entire economic interest of the CWMG subsidiary

• The transaction will be financed with cash on hand (in excess of $700 million) and our $1 billion operating facility which is currently undrawn

• The purchase price represents a consolidated multiple of approximately 9.5X EBITDA

II. Canwest Acquisition Details

• Canwest has been restructured as a pure play Canadian broadcaster

• Significant costs have already been removed from the business due to the recapitalization process

• Canwest business is well positioned for attractive performance as the economy continues to recover and advertising strengthens

• Publishing assets are not included in a restructured Canwest

• We are excited about the acquisition and we believe the combination of content with our cable and satellite distribution network, and soon to be wireless service, will position us to continue to be one of the leading entertainment and communications company in Canada

• The combination provides significant strategic opportunities

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• Canwest is comprised of two main subsidiaries including Canadian Television LP, which includes the conventional over-the-air Global assets, and the specialty business in the CWMG (formerly known as Alliance Atlantis)

II. Canwest Acquisition Details

Restructured Canwest

Canwest Media Inc.

Publishing LP is in a separate restructuring

proceeding with its creditors

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Canadian Television CW Media GroupPublishing LP

(100%)

• On February 12 we publicly announced that we had come to terms with Canwest Global Communications Corp. (“Canwest Global”) and the Ad Hoc Committee of Noteholders regarding our proposed equity investment of $95 million for a 20% economic interest and 80% voting interest of a Restructured Canwest

• The Board of Canwest Global approved the transaction and the Ontario Superior Court of Justice approved the proposal a week later on February 19

• The proposal was subject to a number of factors, including the amendment of the shareholders agreement that was in place with Goldman Sachs and was governing the CWMG subsidiary that holds the specialty assets

• Over the last number of months we have conducted extensive negotiations with all parties involved in the

II. Canwest Acquisition Details

restructuring process

• These include discussions with the management of Canwest, the bondholders through the Ad Hoc Committee and Goldman Sachs

• We believe this process provided us with a unique opportunity to acquire 100% of Canwest and take out the financial investors now

• The acquisition is attractive from both a strategic and timing perspective

• Opportunity is a result of the initial agreement to acquire 20% of Canwest

○ A 100% acquisition simplifies the ownership structure, provides Shaw with complete operating control and crystallizes the value paid to Goldman Sachs and the Noteholders

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• Canwest is well positioned to benefit from the improving economy and strengthening advertising market with significant restructuring completed

• Synergies captured between specialty television assets and conventional network

• We have received indications from all three rating agencies that our current ratings are not affected by this transaction, which will be confirmed in separate releases by the rating agencies

• The transaction has been approved by Goldman Sachs, the Ad Hoc Committee and the Board of Canwest however it remains subject to a number of conditions, including Canwest creditor and Court approvals

II. Canwest Acquisition Details

remains subject to a number of conditions, including Canwest creditor and Court approvals

• The transaction is also subject to regulatory approval from the CRTC and the Competition Bureau

• The process to achieve these approvals has been initiated

• We believe that with our support, Canwest will emerge from bankruptcy as a Canadian owned company and a stronger competitor

• This is the best result for Canwest employees, the economy and a benefit to the ongoing development of the Canadian broadcasting system

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Appendix A: Overview of Global Programming

(FOX) (FOX) (NBC)

(CBS) (CBS)* (FOX)* (FOX)*(FOX)

(FOX) (FOX)(NBC)

Foreign Programming – Reality/Variety

Foreign Programming – Half Hour ComedyForeign Programming – Hour Long Drama

9 * New Fall 2009 series

(CBS)

(CBS) (NBC)

(FOX) (FOX) (ABC)

(CW) (CW)* (CBS)*

(NBC)

Foreign Programming – Daytime

Canadian Programming