PR Newswire | Nov 4, 2021 07:15AM EDT

11/04 06:15 CDT

BCE announces renewal of Normal Course Issuer Bid for Preferred Shares MONTRAL, Nov. 4, 2021

This news release contains forward-looking statements. For a description of the related risk factors and assumptions, please see the section entitled "Caution Concerning Forward-Looking Statements" later in this news release.

MONTRAL, Nov. 4, 2021 /CNW Telbec/ - BCE Inc. (BCE) today announced that the Toronto Stock Exchange (the "TSX") has accepted a notice filed by BCE of its intention to renew its normal course issuer bid ("NCIB") to purchase up to 10% of the public float of each series of BCE's outstanding First Preferred Shares that are listed on the TSX (the "Preferred Shares"). The period of the NCIB will extend from November 9, 2021 to November 8, 2022, or an earlier date should BCE complete its purchases under the NCIB. BCE will pay the prevailing market price at the time of acquisition for any Preferred Shares purchased plus brokerage fees payable by BCE, and all Preferred Shares acquired by BCE under the NCIB will be cancelled.

The actual number of Preferred Shares repurchased under the NCIB and the timing of such repurchases will be at BCE's discretion and shall be subject to the limitations set out in the TSX Company Manual.

The NCIB will be conducted through the facilities of the TSX as well as alternative trading systems in Canada, if eligible, or by such other means as may be permitted by securities regulatory authorities, including pre-arranged crosses, exempt offers, private agreements under an issuer bid exemption order issued by securities regulatory authorities and block purchases of Preferred Shares. Purchases made under an issuer bid exemption order will be at a discount to the prevailing market price.

Under the NCIB, BCE is authorized to repurchase shares of each respective series of the Preferred Shares as follows:

Issued and Public Average Maximum Number of SharesSeries Ticker Outstanding Float^(1) Daily Trading Subject to Purchase Shares^(1) Volume^(2)

Total^(3) Daily^(4)

R BCE.PR.R 7,998,900 7,998,900 10,368 799,890 2,592

S BCE.PR.S 2,128,267 2,128,267 6,498 212,826 1,624

T BCE.PR.T 5,870,133 5,870,133 9,172 587,013 2,293

Y BCE.PR.Y 8,079,291 8,079,291 7,814 807,929 1,953

Z BCE.PR.Z 1,918,509 1,918,509 1,921 191,850 1,000

AA BCE.PR.A 11,397,196 11,397,196 6,564 1,139,719 1,641

AB BCE.PR.B 8,599,204 8,599,204 11,875 859,920 2,968

AC BCE.PR.C 10,027,991 10,027,991 5,977 1,002,799 1,494

AD BCE.PR.D 9,963,209 9,963,209 11,981 996,320 2,995

AE BCE.PR.E 6,512,913 6,512,913 11,494 651,291 2,873

AF BCE.PR.F 9,481,487 9,481,487 5,720 948,148 1,430

AG BCE.PR.G 8,979,530 8,979,530 8,712 897,953 2,178

AH BCE.PR.H 5,017,570 5,017,570 3,439 501,757 1,000

AI BCE.PR.I 9,535,040 9,535,040 11,166 953,504 2,791

AJ BCE.PR.J 4,464,960 4,464,960 7,263 446,496 1,815

AK BCE.PR.K 22,735,621 22,735,621 33,413 2,273,562 8,353

AL BCE.PR.L 2,254,079 2,254,079 1,071 225,407 1,000

AM BCE.PR.M 10,439,978 10,439,978 12,773 1,043,997 3,193

AN BCE.PR.N 1,054,722 1,054,722 732 105,472 1,000

AO BCE.PR.O 4,600,000 4,600,000 5,682 460,000 1,420

AQ BCE.PR.Q 9,200,000 9,200,000 5,001 920,000 1,250

(1) As of November 3, 2021.

(2) For the 6 months ended October 31, 2021.

(3) Represents approximately 10% of the public float in respect of each series of Preferred Shares.

Represents the maximum number of shares of each series of Preferred Shares that may be purchased over the TSX (or alternative trading systems in Canada, if eligible) during the course of one trading day. This amount is(4) equal to the greater of (i) 25% of the average daily trading volume on the TSX calculated in accordance with the rules of the TSX, and (ii) 1,000 shares. This limitation does not apply to purchases made pursuant to block purchase exemptions.

BCE is making this NCIB because it believes that, from time to time, the Preferred Shares may trade in price ranges that do not fully reflect their value. BCE believes that, in such circumstances, the repurchase of its Preferred Shares represents an appropriate use of its available funds.

As of November 3, 2021, under its current normal course issuer bid that commenced on November 9, 2020 and will expire on November 8, 2021, and which the company received approval from the TSX, BCE purchased, through the facilities of the TSX and alternative eligible trading systems, Preferred Shares as follows:

Maximum Number Number of Shares Weighted Average PriceSeries Ticker of Shares Purchased Paid per Security Subject to Purchase

R BCE.PR.R 800,000 1,100 $12.8136

S BCE.PR.S 351,344 1,600 $13.3082

T BCE.PR.T 448,655 - -

Y BCE.PR.Y 808,149 2,200 $13.2455

Z BCE.PR.Z 191,850 - -

AA BCE.PR.A 1,139,839 1,200 $13.5317

AB BCE.PR.B 860,015 2,400 $13.2154

AC BCE.PR.C 1,002,969 1,700 $14.4853

AD BCE.PR.D 997,030 7,100 $13.2945

AE BCE.PR.E 651,531 2,400 $13.1138

AF BCE.PR.F 948,468 3,200 $14.6953

AG BCE.PR.G 498,535 500 $13.0260

AH BCE.PR.H 901,464 2,400 $13.1488

AI BCE.PR.I 594,988 - -

AJ BCE.PR.J 805,011 - -

AK BCE.PR.K 2,274,592 10,300 $12.1929

AL BCE.PR.L 225,407 - -

AM BCE.PR.M 954,661 4,000 $12.9874

AN BCE.PR.N 195,338 1,300 $12.1500

AO BCE.PR.O 460,000 - -

AQ BCE.PR.Q 920,000 - -

Caution Concerning Forward-Looking StatementsCertain statements made in this news release constitute forward-looking statements, including, but not limited to, statements relating to potential future purchases by BCE of its Preferred Shares pursuant to the NCIB. All such forward-looking statements are made pursuant to the "safe harbour" provisions of applicable Canadian securities laws and of the United StatesPrivate Securities Litigation Reform Act of 1995. Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. These statements are not guarantees of future performance or events and we caution you against relying on any of these forward-looking statements. There can be no assurance that BCE will repurchase all or any of the numbers of Preferred Shares referred to in this news release under the NCIB. In particular, the purchase by BCE of its Preferred Shares pursuant to the NCIB will depend, among other, on the prevailing market price from time to time of the Preferred Shares. The forward-looking statements contained in this news release describe our expectations at the date of this news release and, accordingly, are subject to change after such date. Except as may be required by applicable securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. Forward-looking statements are provided herein for the purpose of giving information about the potential future purchases of Preferred Shares by BCE pursuant to the NCIB. Readers are cautioned that such information may not be appropriate for other purposes. For additional information on assumptions and risks underlying forward-looking statements made in this news release, please consult BCE's 2020 annual management's discussion and analysis (MD&A) dated March 4, 2021 as updated in BCE's 2021 first, second and third quarter MD&As dated April 28, 2021, August 4, 2021 and November 3, 2021, respectively, filed by BCE with the Canadian securities regulatory authorities (available at Sedar.com) and with the U.S. Securities and Exchange Commission (available at SEC.gov). These documents are also available at BCE.ca.

About BCEBCE is Canada's largest communications company, providing advanced Bell broadband wireless, Internet, TV, media and business communications services. To learn more, please visit Bell.ca or BCE.ca.

Through Bell for Better, we are investing to create a better today and a better tomorrow by supporting the social and economic prosperity of our communities. This includes the Bell Let's Talk initiative, which promotes Canadian mental health with national awareness and anti-stigma campaigns like Bell Let's Talk Day and significant Bell funding of community care and access, research and workplace initiatives throughout the country. To learn more, please visit Bell.ca/LetsTalk.

Media inquiries:

Marie-Eve Francoeur514-391-5263marie-eve.francoeur@bell.ca

Investor inquiries:

Thane Fotopoulos514-870-4619thane.fotopoulos@bell.ca

SOURCE Bell Canada