BCE reports results of series Y and Z preferred share conversions



    MONTREAL, Québec, Nov. 20 /CNW Telbec/ - BCE Inc. (TSX, NYSE:   BCE) today
announced that 6,991,775 of its 8,852,620 Cumulative Redeemable First
Preferred Shares, Series Z ("Series Z Preferred Shares") have been tendered
for conversion, on a one-for-one basis, into Cumulative Redeemable First
Preferred Shares, Series Y ("Series Y Preferred Shares"). In addition, 12,825
of its 1,147,380 Series Y Preferred Shares have been tendered for conversion,
on a one-for-one basis, into Series Z Preferred Shares. Consequently, on
December 1, 2007, BCE will have 8,126,330 Series Y Preferred shares and
1,873,670 Series Z Preferred shares issued and outstanding. The Series Y
Preferred Shares and the Series Z Preferred Shares will continue to be listed
on the Toronto Stock Exchange under the symbols BCE.PR.Y and BCE.PR.Z
respectively.
    The Series Y Preferred Shares will pay a monthly floating adjustable cash
dividend for the five-year period beginning on December 1, 2007, as and when
declared by the Board of Directors of BCE. The Series Z Preferred Shares will
pay on a quarterly basis, for the five-year period beginning on December 1,
2007, as and when declared by the Board of Directors of BCE, a fixed dividend
based on an annual dividend rate of 4.331%.
    Under and subject to the terms and conditions of the Definitive Agreement
entered into by BCE Inc. in connection with its acquisition by an investor
group led by Teachers' Private Capital, the private investment arm of the
Ontario Teachers' Pension Plan, Providence Equity Partners Inc. and Madison
Dearborn Partners, LLC, the purchaser has agreed to purchase all outstanding
Series Y Preferred Shares for a price of $25.50 per share, together with
accrued but unpaid dividends to the Effective Date (as such term is defined in
the Definitive Agreement). The purchaser has also agreed, on and subject to
the terms and conditions of the Definitive Agreement, to purchase all
outstanding Series Z Preferred Shares for a price of $25.25 per share,
together with accrued but unpaid dividends to the Effective Date. The Board of
BCE Inc. has received opinions as to the fairness, from a financial point of
view, of the consideration to be paid for the preferred shares from BCE Inc.'s
financial advisors.

    About BCE Inc.

    BCE is Canada's largest communications company, providing the most
comprehensive and innovative suite of communication services to residential
and business customers in Canada. Under the Bell brand, the Company's services
include local, long distance and wireless phone services, high-speed and
wireless Internet access, IP-broadband services, information and
communications technology services (or value-added services) and
direct-to-home satellite and VDSL television services. BCE also holds an
interest in CTVglobemedia, Canada's premier media company. BCE shares are
listed in Canada and the United States.

    Caution Concerning Forward-Looking Statements

    This news release contains forward-looking statements relating to the
proposed privatization of BCE and other statements that are not historical
facts. Such forward-looking statements are subject to important risks,
uncertainties and assumptions. The results or events predicted in these
forward-looking statements may differ materially from actual results or
events. As a result, you are cautioned not to place undue reliance on these
forward-looking statements.
    The completion of the proposed privatization transaction is subject to a
number of terms and conditions, including, without limitation: (i) approval of
the CRTC, Industry Canada and other applicable governmental authorities, (ii)
necessary court approval, and (iii) certain termination rights available to
the parties under the definitive agreement dated June 29, 2007 governing the
terms of the transaction. These approvals may not be obtained, the other
conditions to the transaction may not be satisfied in accordance with their
terms, and/or the parties to the definitive agreement may exercise their
termination rights, in which case the proposed privatization transaction could
be modified, restructured or terminated, as applicable. Failure to complete
the proposed privatization transaction could have a material adverse impact on
the market price of BCE's shares. In addition, depending on the circumstances
in which the proposed transaction is not completed, BCE could have to pay
significant fees and costs as directed by the purchaser, in addition to its
own costs incurred in connection with such activities completed to date.

    The forward-looking statements contained in this news release are made as
of the date of this release and, accordingly, are subject to change after such
date. However, we disclaim any intention and assume no obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise. Additionally, we undertake no obligation to
comment on expectations of, or statements made by, third parties in respect of
the proposed privatization transaction. For additional information with
respect to certain of these and other assumptions and risks, please refer to
the definitive agreement dated June 29, 2007, as well as BCE's 2007 Second
Quarter MD&A dated July 31, 2007, BCE's 2007 Third Quarter MD&A dated November
6, 2007 and BCE's management proxy circular dated August 7, 2007, all filed by
BCE with the Canadian securities commissions (available at www.sedar.com) and
with the U.S. Securities and Exchange Commission (available at www.sec.gov).
These documents are also available on BCE's website at www.bce.ca.




For further information:

For further information: Pierre Leclerc, Bell Canada, Media Relations,
(514) 391-2007, 1-877-391-2007, pierre.leclerc@bell.ca; Thane Fotopoulos, BCE,
Investor Relations, (514) 870-4619, thane.fotopoulos@bell.ca

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