A focused discussion regarding Business Infrastructure

Services and Business Network Services

December 2, 2015

1

Forward Looking Information

Statements included in this presentation that are not historic constitute forward-looking statements. Forward-looking statements are based on assumptions and involve risks and other factors which may cause actual results to be materially different from views expressed or implied by such statements. Accordingly, forward-looking statements are not guaranteed and undue reliance should not be placed on them. Material risks and other factors that could cause actual results to differ materially from the views expressed in forward-looking statements and material assumptions underlying forward-looking statements are identified in the Company's Management’s Discussion and Analysis for fiscal 2015 which has been filed with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.

1

In April 2014, we announced a new organizational structure as part of our Focus to Deliver

multi-year program to enhance efficiency, productivity and improve customer service

capabilities

– Key outcomes driving this program include an improvement in customer satisfaction, an effective

customer-centric organization and a cost structure that enables future growth and high employee

engagement of top talent

2

Shaw closed the ViaWest transaction of US$1.2B effective September 1, 2014 and

rebranded as Business Infrastructure Services (“BIS”)

3

Shaw Business Infrastructure Services Investor Presentation

December 2, 2015

4

Nancy Phillips

Chief Financial

Officer

Chief Operating

Officer

Senior Vice President

Sales Chief Technology

Officer

Chief Data Centre

Officer

Management Team

Chief Marketing

Officer

Founder

President & CEO

Mike Krza Peter Strauss Jason Carolan Dave Leonard Jeff Gaillard Jason Nance

Relevant Industry Experience

30 Years 16 Years 10 Years 15 Years 33 Years 15 Years 20 Years

Prior Company Experience

Co-founder of

ViaWest; various

successful

entrepreneurial

enterprises

(i)Structure

5

Company History

Detailed Company Growth History

2011: Opened Hillsboro II data centre in Oregon

2011: Opened Synergy Park data centre in Richardson, Texas

2013: Expanded into Minneapolis (seventh market)

2013: Opened Lone Mountain data centre in Las Vegas

2013: Expanded into Phoenix (eighth market) through partnership with Cox

1999: Company Founded in Denver, CO as ISP roll-up

2002: Reached break-even EBITDA and launched managed services platform

2004: Expanded into Utah market (second market)

2005: Launched additional managed services, including metrics performance reporting, business continuity, and managed hosting solutions

2008: Acquired Dataside LLC, expanding footprint to 15 data centres across five states (fourth, fifth and sixth markets)

2009: Opened fifth data centre in the InfoMart (sixth data centre in Dallas metropolitan area)

2010: Oak Hill Capital Partners and GI Partners acquired ViaWest

2010: Completed two acquisitions (Consonus and SingleEdge) adding four new data centres in Utah

2006: Opened fifth facility in Salt Lake City, Utah

2006: Entered Portland (third market) with acquisition of Fortix

2007: Opened second downtown Denver facility and fourth data centre in Colorado (Cornell)

2007: Increased footprint in Utah with addition of Cottonwood facility

2014: Opened phase I of the Minneapolis data centre

2014: Opened phase I of the Compark data centre in Denver

2014: Acquired by Shaw

2015: Launching third data centre in greater Portland market

2015: Expanded into Calgary, Canada (ninth market)

2015: Acquired Applied Trust to enhance our security and compliance offering

2015: Acquired INetU a premier Cloud and Managed Service provider on the US East coast

1999 - 2005 2006 - 2007 2008 - 2010 2011 - 2013 2014 - 2015

Platform Expansion Strategic Transition Achieving Scale Beyond Denver Start-Up Years

6

Shift in customer demand to hybrid services positions ViaWest well for growth

– Managed and cloud services remain drivers of margin expansion for colocation providers

– Integrated offering of managed and cloud complements colocation driving cross-sell opportunities

– Improves customer stickiness and drives value of customer relationship

– Cloud offerings expand geographic customer footprint beyond existing markets

Market continues to redefine itself

– Large IaaS providers (e.g. Amazon and Google) lead the market in lower-end / commodity hosting

– Customers’ infrastructure purchasing decisions less defined by traditional retail versus wholesale

and more based on the actual applications they’re managing, with very specific requirements

– Providers looking to differentiate by offering full suite of services to meet wide range of customer

needs

– Geographic reach and interconnection / network density playing an increasingly vital role

Significant recent M&A activity across the industry, driven primarily by strategic buyers

– Recent acquisitions include TierPoint / Windstream Hosted Solutions, Digital Realty / Telx, Equinix /

Telecity, CyrusOne / Cervalis, QTS / Carpathia, Zayo / Latisys

Market Trends

7

Data centre and Cloud revenue

growth forecast (2012 – 2018)

Significant Investment Opportunity

Note: Represents North American revenue growth; "Cloud" refers to Cloud IaaS Source: Gartner Forecast: IT Services Worldwide (4Q14 Update)

8.7 9.8 10.9 11.8 12.9 14.0 15.2

14.116.4

18.520.7

23.025.0

27.03.3

5.17.3

10.4

14.1

18.4

22.9

4.8

5.5

6.3

7.2

8.3

9.4

10.6

-

$10

$20

$30

$40

$50

$60

$70

$80

2012 2013 2014 2015F 2016F 2017F 2018F

($US B)

Colocation Managed Hosting Public Cloud Private Cloud

16%

Expansion within our existing footprint

– Oregon

– Texas

M&A expansion into new products,

services and geographies

– Applied Trust

– INetU

Greenfield market expansion

– Calgary

Core Growth Initiatives

Continued investment in core growth initiatives to address the high demand for IT

outsourcing

8

ViaWest in the Infrastructure as a Service (IaaS) Landscape

Wholesale Colocation Managed Hosting Cloud - IaaS

Se

lec

t P

laye

rs

ViaWest offers a comprehensive suite of world‐class data centers and an IaaS portfolio of

Colocation, Dedicated Private Cloud, and Virtual Private Cloud all wrapped under a broad range

of managed services and a customer centered support experience

Hybrid capabilities allows for fully differentiated, customizable offering that serves customers “up

and down the stack”, improving customer retention and margins

9

Managed by ViaWest management team with responsibilities over all North

American business infrastructure service offerings

Co-Branded in Canada to leverage the strong brand image and reputation of

Shaw Communications

BIS investment provides Shaw with a growth platform in the attractive data

centre sector and expands on existing technology offering for mid-market

enterprises in the US and Canada

Business Infrastructure Services (BIS)

- Competes in the US data centre and cloud market

- Branded to leverage strong ViaWest expertise and track record

- Competes in the CDN data centre and cloud market

- Leverages Shaw brand and network with ViaWest expertise

Leveraging Reputation, Expertise and Brand

10

30 Data centres in 10 regions

9 cloud sites throughout North America

and Europe

Industry leading PUE for multitenant

data centres

120 MW power capacity

100% SLA and satisfaction guarantee

Calgary, Alberta

Seattle, WA

Portland, OR

Las Vegas, NV

Phoenix, AZ

Dallas, TX

Austin, TX

Minneapolis, MN

Allentown, PA

Richmond, VA

London

Salt Lake City, UT

Denver, CO

Geographic Reach and Comprehensive Capabilities

Hybrid IT Solutions

Private Cloud

Enterprise End-Users Public Cloud

Traditional IT

Comprehensive Suite of Solutions

Colocation and Network Services

Cloud Solutions

IT Consulting

Security and Compliance

Amsterdam

11

What Makes ViaWest Different

Operational Superiority Lead the Industry

Enabling Customers to Meet

Regulatory Responsibilities

Hybrid Solutions Future-Proof IT Decisions

with Optionality for Colocation,

Cloud, & Managed Services

Local Infrastructure Agnostic

Trusted Operator with

Local Presence and Expertise

Flexible Individualized Solutions

Aligned with Our

Customer’s IT Strategy

IT Builders Serve as Architects

Walking Customers Through

the Entire IT Spectrum

12

INetU is a managed cloud and dedicated hosting provider to enterprise customers

headquartered in Allentown, PA

Internationally diversified customer base across compliance sensitive industries

including retail, healthcare, SaaS & software and financial services

Provides a full-suite of managed services including solutions for private cloud,

multitenant cloud, managed dedicated servers, and hybrid cloud environments

including AWS in the US (VA, WA) and Europe (Amsterdam, London)

Industry leading customer satisfaction rating (NPS 74)

Building Scale and Expertise

Applied Trust is a comprehensive IT professional services firm specializing in security,

compliance, infrastructure and devops consulting

North American customer base in healthcare, finance, education, and government

Provides critical security infrastructure management and design services

13

Expertise around a spectrum of IT infrastructure solutions allows ViaWest to

provide individually tailored services to support a diverse set of customer

needs

Platform Agnostic Hybrid Service Offering

Colocation investments in Oregon,

Calgary and Texas build on our

infrastructure foundation

INetU investment bring scale and

expanded product offerings to our

Cloud and Managed Platform

Applied Trust expands our reach

into our customers IT roadmap

Space

and

Power

Remote

Hands

Network

and

Bandwidt

h

Private

Cloud

Public

Cloud Cloud

DRaaS

Complianc

e Security Applied

Trust

Consultin

g

14

ViaWest has a wide variety of satisfied customers across industry segments as well as

enabling leading SaaS and IaaS providers

ViaWest Representative Customers

Services

Retail /

Manufacturing

Financial

Entertainment /

Hospitality

Government /

Non-Profit

Communications /

Technology

Healthcare

Education

15

Revenue Diversification and Visibility (1)

(1) ViaWest customers in US$

MRR by Market – Oct 2015 Customer Count by MRR – Oct 2015 MRR by Customer Rank – Oct 2015

AZ6%

CO39%

MN2%

NV8%

OR9%

TX20%

UT16%

$0 - $1k47%

$1k - $5k29%

$5k - $20K16%

$20k - $100K7%

$100K+1%

Top 312%

Top 4-1012%

Top 11-2511%

Top 26-5010%Top 51-100

12%

Top 100-50031%

Other12%

Stable Recurring Revenue

Class

> 3 years

1 – 3 years

< 1 year

Contract

Counts

Avg. Contract

MRR MRR % Share

306

1,664

916

32%

61%

7%

US$18,387

US$6,409

US$1,332

> 3 years32%

1 year - 3 years61%

< 1 year7%

16

2015 Financial Review

(1) FCF is unlevered (i.e. no interest, no taxes)

vs. 2014

Strong finish to year with Q4/F15 MRR bookings of US$1.1 million, largest in history of the Company, generating strong momentum into fiscal year 2016

– Q4/F15 ViaWest revenue and EBITDA grew 11% and 15%, respectively from prior year

For fiscal year 2015, ViaWest revenue and EBITDA both increased by 10% over fiscal year 2014

– ViaWest EBITDA growth of 12% after adjustments for one-time legal expenses and longer-term incentives

ViaWest capital expenditures totaled US$91 million in 2015, which was largely attributed to expansion capital for the new Brookwood (OR) facility, existing facility augmentations and customer installations

– ViaWest maintenance capital as a percent of revenue was 1.6% and 2.1% for 2014 and 2015, respectively

2014 2015 ViaWest

$'s in millions ViaWest ViaWest

Foreign

Exchange

Canadian

Operations BIS vs 2014US$ US$ C$ C$ C$

Revenue $184 $203 $43 - $246 10%

Adj EBITDA $76 $83 $18 ($6) $95 10%

CapEx $88 $91 $21 $40 $152 4%

FCF (1)

($12) ($8) ($3) ($46) ($57) na

17

Investing in Future Cash Flow

vs. 2014

Calgary1 is designed to replicate what we have created in the US

– Start of Canadian initiative results in initial investment of C$40M in F2015

– Historically new market initiatives produce an EBITDA break even in 5 to 7 quarters

– Operations commenced in Q2/F16

10%

15%

20%

25%

30%

35%

40%

45%

50%

-

$20

$40

$60

$80

$100

$120

2014A 2015A 2016F

US

$'s

in m

illio

ns

Operating FCF Expansion Customer % of Revenue

Expanding EBITDA margins and low

maintenance capital drive strong operating

FCF

Management expects continued investment

to meet market demand

– +/- US$10M in simple free cash

flow for ViaWest

Strong operating FCF sustainable with

minimal customer and expansion capital

– Approximately 60% of bookings

from existing customers

ViaWest Operating FCF EBITDA less Maintenance Capital

Platform for Investment

18

Built For Long-term Sustained Growth

Robust revenue backlog with committed contract minimums

95%+ of revenue is contractually recurring, with average contract length of three years

Low revenue churn of ~0.8% per month

Operates 30 facilities across ten regional markets

Regional markets have lower threat of new entrants and fewer competing facilities

Scale and leadership position creates competitive advantage

Strong

Industry

Fundamentals

Demand growth outpacing supply growth

Growth in internet usage and mobile applications continues to drive demand for capacity

Continued shift to outsourced data centre operations

Mission critical nature of service provided creates barriers to entry

Well Positioned

in Attractive,

Regional Markets

Approximately 2,000 customers with limited customer or industry vertical concentration

Approximately 2/3 of bookings are from existing customers, driving revenue growth (net of churn) prior to any new customer wins

Strong

Relationships with

Diversified

Customer Base

Facilities fully equipped to ensure full and uninterrupted access to and transmission of data

24x7x365 support provided by ViaWest’s engineers

Industry leading reputation for infrastructure and network uptime

Attractive

Recurring Revenue

Model

Seasoned senior management team with deep industry and market experience

Demonstrated track record of successful execution and results

Average of ~20 years industry experience

Strong

Historical Financial

Performance

High Quality

Infrastructure and

Operations

Consistent organic revenue and EBITDA growth with improving margins

CY2012-2014 PF revenue and EBITDA CAGR of 14.1% and 16.8%, respectively

Combined company EBITDA margin of over 40%

Experienced

Management

Team

19

20

• Market: Review outlook on the business telecom market

• Customer: Share customer insights and segmentation

• Starting point: Recast Shaw Business’ starting point

• Strategy: Align on overarching strategy pillars to support it

• Program: Outline the detailed initiatives to support this strategy

• Update: Share results to-date

21

• Shaw Business Network Services (“BNS”) represents a significant growth opportunity and we are making the transition and appropriate investments to capitalize on the market segments we are focused on – Small Office Home Office (“SOHO”) and Small Medium Business (“SMB”)

– Drive penetration in SOHO/SMB markets with disciplined go-to-market execution and investments in team and network

– Capture share of wallet with SMB/Small Enterprise markets by filling core product gaps

– Expand into select segments of high growth data centre and managed services markets

• Core Canadian business telecom market is projected to grow ~2% p.a. over next 5 years

– Data and internet usage expanding, but facing new competitors and commoditization pressures

– Voice revenue will continue to decline as it becomes an OTT application

• Solid Y/Y growth in both Revenue and EBITDA for our Core Business at 9% and 10% respectively

• High margins remain consistent

1

$ in millions Core 1 Satellite 2 Total Core Satellite Total Core Satellite Total

Revenue 405$ 79$ 484$ 442$ 78$ 520$ 9% -1% 7%

EBITDA 203$ 37$ 240$ 223$ 34$ 256$ 10% -8% 7%

Margin 50.1% 47.0% 49.6% 50.3% 43.5% 49.3%

1. Core Business includes SMB, Enterprise and Wholesale

2.Satellite includes Shaw Broadcasting and Shaw Tracking

F2014 F2015 growth

22

• Industry Landscape

• Customer Insights

• Shaw Business

• Overview of Strategy

• Update

23

Core business growing slowly; software, data centre, managed services projecting high growth

Core wireline products projected to grow slowly

More advanced services such as managed network and data centre projected to grow much faster

Annual Canadian business telecom/IT spend ($B)

1. Includes Office Suites, CRM, Web conferencing, collaboration and social suites

Source: IDC, Gartner, BCG analysis 24

Data demands expanding...

• Traffic growing 20%+ p.a.

• ~20% more SMBs expect to use fiber/ethernet in 5 years

Voice becoming an app – subs and pricing will continue to erode

• 2/3rds of SMBs use or plan to use OTT voice

• 29%1 of SMBs using SIP

• OTT provides more features at lower costs

Changing core product focus towards data

1. Among those SMBs with trunking solutions

Managed service adoption high, even among SMBs

• ~50% of SMBs using managed IT and managed network/ security

ILEC/MSOs seen as reliable managed service provider

• 40% of SMBs would consider telecom provider as a vendor of managed services

Quality service vital to win, especially in managed services

• 95% of CIOs said they would switch providers for better service

IT outsourcing on the rise

25

Source: BCG IT Decision Maker Survey 2014 (n = 500), Shaw documents, BCG interviews, BCG analysis

26

Source: BCG CIO Interviews

Question: What new products would you buy from a telco?

27

• Industry Landscape

• Customer Insights

• Shaw Business

• Overview of Strategy

• Update

28

• Small businesses, on average, require fixed internet for ~70% of FTEs and fixed phone for ~50%

– Many businesses, including 70% of those with a mobile workforce, express interest in Go WiFi

• The online channel is the most important channel for reaching these businesses: 30% prefer online

– Similar to consumer, self serve will be a vital part of long-term strategy

• Managed service uptake is already high, even among smaller businesses

– ~75% of SMBs already use managed services and nearly half of SOHOs

– Data centre uptake is lower among SOHOs (35%) and SMBs (57%) vs. Enterprises (>75%)

• The key drivers of customer purchase are fairly balanced – it isn't just about cost

– 26% cite cost as the most important driver, but quality (23%) and security (20%) are quite important

29

Source: BCG IT Decision Maker Survey (US and Canada, Dec 2014)

30

Source: BCG IT Decision Maker Survey (US and Canada, Dec 2014)

31

~1/3rd of businesses have switched providers in the past five years

Source: BCG IT Decision Maker Survey (US and Canada, Dec 2014)

32

• Industry Landscape

• Customer Insights

• Shaw Business

• Overview of Strategy

• Update

33

Leveraging our core network asset to bring unique products and services to our target markets

34

Covering core and near-core telecom services, data centre and cloud

2013 Canadian business telecom/IT spend ($B)

1. Wireline Voice, Data, Internet. Data centre and Cloud and Managed Network adjusted to reflect typical division of telecom spend by province. (32% of Canadian telecom spending occurs in BC, AB, MB, SK).

2. Wholesale adjusted to remove wireless wholesale, and adjusted to reflect Western Canada. Source: IDC, Gartner, BCG analysis

35

SOHO/SMB Corporate Enterprise

0

200

400

600

800

1,000

1,200

1,400

1,600R

eve

nu

e (

Ms)

Significant opportunity exists within our current footprint

Western Canada wireline revenue

36

37

38

• Industry Landscape

• Customer Insights

• Shaw Business

• Overview of Strategy

• Update

39

Develop best in class business experience that is positioned

for long term growth

40

Enhanced Voice Managed Network / Security Managed WiFi

1. Based on market size, growth rates, competitiveness and industry trends.

Source: Customer/Expert interviews; Cisco market analyses; BCG Analysis

Hosted/ mngd DC services

41

• Sales

• Customer Support Trusted Advisor

• Enhanced Voice

• Cloud based Storage & Services

Convenience

• Managed WiFi

• Advanced Security

• Access to Shaw Go WiFi

Connected & Secure

• Pricing

• Promotion Switch & Save

Op

po

rtu

nit

y

42

• Industry landscape

• Customer insights

• Shaw Business

• Overview of strategy

• Update

43

44

45

46

47