MONTREAL, Jan. 19 2010 -- BCE Inc. (TSX, NYSE: BCE) today
announced that 592,772 of its 14,085,782 Cumulative Redeemable First
Preferred Shares, Series AF (series AF preferred shares) have been tendered
for conversion, on a one-for-one basis, into Cumulative Redeemable First
Preferred Shares, Series AE (series AE preferred shares). In addition,
1,084,090 of its 1,914,218 series AE preferred shares have been tendered for
conversion, on a one-for-one basis, into series AF preferred shares.
Consequently, on February 1, 2010, BCE will have 1,422,900 series AE
preferred shares and 14,577,100 series AF preferred shares issued and
outstanding. The series AE preferred shares and the series AF preferred
shares will continue to be listed on the Toronto Stock Exchange under the
symbols BCE.PR.E and BCE.PR.F respectively.
    The series AE preferred shares will continue to pay a monthly floating
adjustable cash dividend for the five-year period beginning on February 1,
2010, as and when declared by the Board of Directors of BCE. The monthly
floating adjustable dividend for any particular month will continue to be
calculated using the Designated Percentage for such month representing the
sum of an adjustment factor (based on the market price of the series AE
preferred shares in the preceding month) and the Designated Percentage for
the preceding month. The series AF preferred shares will pay on a quarterly
basis, for the five-year period beginning on February 1, 2010, as and when
declared by the Board of Directors of BCE, a fixed dividend based on an
annual dividend rate of 4.541%.

About BCE

    BCE is Canada's largest communications company, providing the most
comprehensive and innovative suite of communication services to residential
and business customers in Canada. Operating under the Bell and Bell Aliant
brands, the Company's services include wireline and wireless voice and data
services, digital television and information and communications technology
(ICT) services. BCE shares are listed in Canada and the United States. For
corporate information on BCE, please visit www.bce.ca. For Bell
product and
service information, please visit www.bell.ca.


For further information: Media inquiries: Claire Fiset, Bell Media Relations,
(514) 870-4739, 1-877-391-2007, claire.fiset@bell.ca;
Investor inquiries:
Thane Fotopoulos, BCE Investor Relations, (514) 870-4619,
thane.fotopoulos@bell.ca