Relatively new is the ability to share contacts not only in the web client, but also to your ActiveSync/Exchange devices.
Assuming you've already shared a contacts folder successfully with at least Manager-level privileges from one mailbox to another using the Classic web client (not the Modern one!), and you're using ActiveSync/Exchange with your smart phone to synchronize Mail, Contacts and Calendars with your mailbox, then to synchronize those shared contacts to your phone, control-click the shared contact folder to bring up a contextual menu:
Select Folder Sync Settings, and enable synchronization!
That's it! When you go back to your smart phone, you should now see the shared contacts.
Restrictions
The following restrictions apply to shared folder synchronization:
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It’s not possible to sync a mountpoint referring to a full account share.
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It’s not possible to sync a subfolder of a shared folder, as doing so would return an incomplete folder tree.
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It’s not possible to sync a read-only share, as the Exchange ActiveSync protocol does not envision the concept of a
read-only
resource. Synchronizing a read-only folder will cause severe inconsistencies between the client and the server, along with many errors.