MONTREAL, Québec,July 18 2006 --- BCE Inc. (TSX, NYSE: BCE) has
commenced the mailing of Bell Aliant Regional Communications Income Fund Units
and / or cash proceeds from the sale of units to its common shareholders of
record at 5:01 PM on July 10, 2006 pursuant to the shareholder-approved Plan
of Arrangement.
    As disclosed in the Notice of 2006 Annual and Special Shareholder Meeting
and Management Proxy Circular, and as confirmed by an advance income tax
ruling received from the Canada Revenue Agency, the distribution of these
Units constitutes a return of capital and is not considered to be a dividend.
Therefore, no amount needs to be included in taxable income for this
distribution.
    The value at the time of distribution of the Units received by, or sold
on behalf of, a shareholder represents the shareholder's adjusted cost base
(i.e. tax cost) of the Units. This value also represents the amount by which
the adjusted cost base of the shareholder's BCE common shares is reduced.
    While the Canadian tax authorities do not prescribe any specific
methodology for determining the value of the Units, BCE has used for its own
purposes the volume weighted average trading price over the two days July 10
and July 11, 2006 as an accurate indication of such value. Using this method,
the distributed Units would have a value of $33.40 per Unit. However, BCE
cannot provide assurance that the Canadian tax authorities will agree with the
use of such method. As a result, shareholders are advised to consult their own
tax advisors with regard to Canadian or U.S. tax matters.

    SHAREHOLDERS WHO ARE NON-RESIDENTS OF CANADA

    As the distribution of these Units constitutes a return of capital and is
not considered to be a dividend, no withholding on account of Canadian income
taxes was required to be made. Any gain or loss realized in connection with
the whole and/or fractional sale of Units on behalf of a non-resident of
Canada should not be subject to Canadian income tax.
    Shareholders requiring additional information may consult the BCE website
at:
http://www.bce.ca/en/investors/shareholderinfo/transactions/aliant/index.php

    About BCE Inc.

    BCE is Canada's largest communications company. Through its 28 million
customer connections, BCE provides 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. Other BCE
businesses include Canada's premier media company, Bell Globemedia, and
Telesat Canada, a pioneer and world leader in satellite operations and systems
management. BCE shares are listed in Canada, the United States and Europe.



For further information: For media inquiries, please contact: Pierre
Leclerc, Media Relations, (514) 391-2007, 1-877-391-2007,
pierre.leclerc@bell.ca; For investor inquiries, please
contact: Thane
Fotopoulos, (514) 870-4619, thane.fotopoulos@bell.ca