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Announcement of Approval of Bell Plan of Arrangement for Exchange of Bell Canada Preferred Shares

MONTREAL, Quebec, Jan. 23 2007 -- BCE Inc. (TSX, NYSE: BCE)
announced today that the Bell Canada plan of arrangement providing for the
exchange of Bell Canada preferred shares for BCE preferred shares has received
final approval from Bell Canada's common and preferred shareholders and the
Quebec Superior Court. This arrangement is part of the company's corporate
simplification initiative.
    The share exchange and declaration of a one-time special dividend of
$0.20 per Bell Canada preferred share outstanding is expected to be effective
on January 31, 2007 for holders of Bell Canada preferred shares of record at
the close of business on that date. The payment of the one-time special
dividend will be made within seven days of January 31, 2007. Bell Canada
preferred shareholders must tender their preferred share certificate(s) along
with a completed letter of transmittal and other requested material in order
to receive the new share certificate(s). Additional copies of the letter of
transmittal, which fully explains the procedure, are available by calling
1-800-561-0934 (toll-free).
    The new BCE preferred shares are expected to begin trading on the Toronto
Stock Exchange (TSX) on February 1, 2007. Provided that the arrangement
becomes effective and that the Bell Canada preferred shares are exchanged for
BCE preferred shares, dividends otherwise payable on the Bell Canada preferred
shares on February 1, 2007 and February 12, 2007 will not be paid by Bell
Canada. However, the initial dividend payable on the new BCE preferred shares
on February 1, 2007 and February 12, 2007 will be in the same amount as if it
had been paid by Bell Canada on those dates.

    Caution Concerning Forward-Looking Statements

    Certain statements made in this press release, including, but not limited
to, the expected preferred share exchanges and one-time special dividend and
the effective date of the proposed transactions and other statements that are
not historical facts, are forward-looking statements and 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, readers are cautioned not to place
undue reliance on these forward-looking statements. In particular, the
completion of the arrangement is subject to the satisfaction of its closing
conditions. For additional information with respect to these closing
conditions and other assumptions and risk factors, please refer to the
management proxy circular of Bell Canada dated December 12, 2006 filed with
the Canadian securities regulatory authorities (available on BCE's website at
www.bce.ca and on SEDAR at www.sedar.com), and filed with the U.S. Securities
and Exchange Commission under Form 6K (available on EDGAR at www.sec.gov).The
forward-looking statements contained in this press release represent BCE's
expectations as of January 23, 2007 and, accordingly, are subject to change
after such date. However, BCE disclaims any intention and assumes no
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.

    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
holdings include Telesat Canada, a pioneer and world leader in satellite
operations and systems management, and an interest in CTVglobemedia, Canada's
premier media company. BCE shares are listed in Canada, the United States and
Europe.



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

SOURCE Corporate

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