Monday, December 5 2022

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

MONTREAL, November 3, 2022 /PRNewswire/ – BCE Inc. (BCE) announced today that the Toronto Stock Exchange (the “TSX”) has accepted a notice filed by BCE regarding 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 listed on the TSX (the “Preferred Shares”). The period of the OPNA will extend from November 9, 2022 at November 8, 2023, or an earlier date if BCE completes its purchases under the issuer bid. BCE will pay the prevailing market price at the time of acquisition for any preferred shares purchased plus brokerage fees payable by BCE (except in respect of purchases made pursuant to a takeover bid exemption order , which will be at a discount to the prevailing market price), and all preferred shares acquired by BCE pursuant to the issuer bid will be cancelled.

The actual number of preferred shares repurchased under the issuer bid and the timing of such repurchases will be at BCE’s discretion and will be subject to the restrictions set out in the TSX Company Manual.

The issuer bid will be made through a combination of trading and discretionary purchases under an automatic securities purchase plan through the facilities of the TSX as well as trading systems alternatives in Canada, if eligible, or through any other means permitted by securities regulators, including prearranged arrangements, exempt bids, private agreements pursuant to an order issued by the securities regulators in securities and bulk purchases of preferred shares. Purchases made pursuant to an issuer bid exemption order will be at a discount to the prevailing market price.

Under the terms of the issuer bid, BCE is authorized to repurchase shares of each respective series of preferred shares as follows:

Series

Teleprinter

Issued and
Exceptional
Shares(1)

Audience
Float(1)

Medium
Daily
Trade
Volume(2)

Maximum number of
Actions subject to
To buy

Total(3)

Daily(4)

R

BCE.PR.R

7,998,900

7,998,900

4,055

799 890

1,013

S

BCE.PR.S

2,128,267

2,128,267

1,067

212,826

1,000

J

BCE.PR.T

5,870,133

5,870,133

11,269

587,013

2,817

Yes

BCE.PR.Y

8,079,291

8,079,291

6,383

807 929

1,595

Z

BCE.PR.Z

1,918,509

1,918,509

659

191,850

1,000

AA

BCE.PR.A

12,307,661

12,307,661

9,932

1,230,766

2,483

A B

BCE.PR.B

7,688,739

7,688,739

6,989

768 873

1,747

THAT

BCE.PR.C

10,027,991

10,027,991

3,598

1,002,799

1,000

AD

BCE.PR.D

9,963,209

9,963,209

5,255

996 320

1,313

EA

BCE.PR.E

6,512,913

6,512,913

5,004

651 291

1,251

A F

BCE.PR.F

9,481,487

9,481,487

5,397

948 148

1,349

AG

BCE.PR.G

8,979,530

8,979,530

5,276

897 953

1,319

Oh

BCE.PR.H

5,017,570

5,017,570

2,961

501 757

1,000

AI

BCE.PR.I

9,535,040

9,535,040

3,983

953 504

1,000

A J

BCE.PR.J

4,464,960

4,464,960

3,703

446 496

1,000

AK

BCE.PR.K

23 190 312

23 190 312

15,753

2,319,031

3,938

AL

BCE.PR.L

1,799,388

1,799,388

462

179,938

1,000

A M

BCE.PR.M

10,439,978

10,439,978

7,767

1,043,997

1,941

A

BCE.PR.N

1,054,722

1,054,722

968

105,472

1,000

QA

BCE.PR.Q

9,200,000

9,200,000

5,946

920,000

1,486

(1)

As of November 2, 2022.

(2)

For the 6 months ended October 31, 2022.

(3)

Represents approximately 10% of the public float in respect of each series of preferred shares.

(4)

Represents the maximum number of shares of each series of preferred shares that may be purchased on the TSX (or other trading systems in Canada, if eligible) during a trading day. This amount is 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 under bulk purchase exemptions.

BCE is making this issuer bid 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 redemption of its preferred shares represents an appropriate use of its available funds.

From November 2, 2022under its current normal course issuer bid which commenced on November 9, 2021 and will expire on November 8, 2022and for which the company has received TSX approval, BCE has not purchased any preferred shares.

BCE will enter into an automatic securities purchase program (“ASPP”) with a Designated Broker in connection with the issuer bid on or about the commencement date of the issuer bid. The AESP will permit the purchase of preferred shares, subject to certain trading parameters, at times when BCE would not normally be active in the market due to applicable regulatory restrictions or self-imposed trading blackout periods. Outside of these periods, the Preferred Shares will be purchased by BCE at its option pursuant to the Issuer Bid.

Caution Regarding Forward-Looking Statements

Certain statements made in this press 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 issuer bid and ASPP. All such forward-looking statements are made pursuant to the safe harbor provisions of applicable Canadian securities laws and the United States Private 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 or implied by these forward-looking statements. These statements are not guarantees of future performance or events and we caution you not to rely on any of these forward-looking statements. There can be no assurance that BCE will repurchase all or any of the preferred shares referred to in this press release pursuant to the issuer bid. In particular, BCE’s purchase of its Preferred Shares under the Issuer Bid will depend on, among other things, the prevailing market price from time to time for the Preferred Shares. The forward-looking statements contained in this press release describe our expectations as of the date of this press release and, accordingly, are subject to change after such date. Except as required by applicable securities laws, we undertake no obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise. Forward-looking statements are provided herein for the purpose of providing information regarding potential future purchases of preferred shares by BCE pursuant to the above-noted issuer bid and ASPP. Readers are cautioned that this information may not be suitable for other purposes. For more information on the assumptions and risks underlying the forward-looking statements made in this press release, please see BCE’s 2021 Annual MD&A dated March 3, 2022BCE’s first quarter 2022 MD&A dated May 4, 2022BCE’s second quarter 2022 MD&A dated August 3, 2022BCE’s third quarter 2022 MD&A dated November 2, 2022 and BCE’s press release of November 3, 2022 announcing its financial results for the third quarter of 2022, filed by BCE with Canadian securities regulators (available on Sedar.com) and with the United States Securities and Exchange Commission (available on SEC.gov). These documents are also available on BCE.ca.

About BCE

BCE is Canada’s largest communications company, providing advanced wireless broadband, Internet, television, media and business services from Bell. To learn more, visit Bell.ca or BCE.ca.

Through Bell for the Better, we invest 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 mental health in Canada with national awareness and anti-stigma campaigns like Bell Let’s Talk Day and significant funding from Bell for Care and community access, research and workplace initiatives across the country. To learn more, visit Bell.ca/Lets Talk.

Media inquiries
Ellen Murphy
416-353-8774
[email protected]

Investor requests
Thane Fotopoulos
514-870-4619
[email protected]

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