MONTREAL, May 21 /PRNewswire-FirstCall/ - BCE Inc. (TSX, NYSE: BCE)
today announced that, together with the purchaser, it will seek leave to
appeal to the Supreme Court of Canada the Quebec Court of Appeal's decision
to deny the company's plan of arrangement related to the BCE's proposed
privatization.

    "The judgment overturning the Quebec Superior Court decision rewrites
Canadian law relating to the duty of Canadian boards of directors to
maximize value for shareholders in the context of a change of control
transaction, as well as to the entitlements of bondholders in those
circumstances. Both the transaction and the issues of law involved are of
public importance in Canada. We believe the Supreme Court of Canada should
reverse this decision, and allow the transaction to proceed," said Martine
Turcotte, Chief Legal Officer of BCE and Bell Canada.

    The appeal will require the Supreme Court of Canada to grant leave to
appeal. BCE will be seeking directions from the Supreme Court of Canada to
expedite the disposition of such application for leave to appeal, and any
appeal.

    In light of today's Quebec Court of Appeal decision, the expected
timing for the closing of the transaction will be contingent on the Supreme
Court granting leave to appeal and the timing related to any such appeal.

    On June 29, 2007, BCE entered into a definitive agreement to be
acquired by an investor group led by Teachers' Private Capital, the private
investment arm of the Ontario Teachers' Pension Plan, Providence Equity
Partners Inc., Madison Dearborn Partners, LLC, and Merrill Lynch Global
Private Equity.

    Caution Concerning Forward-Looking Statements

    This news release contains forward-looking statements relating to the
proposed privatization of BCE, legal proceedings related thereto and other
statements that are not historical facts. Such forward-looking statements
are subject to important risks, uncertainties and assumptions including, in
particular, the inherent uncertainty regarding the conduct, outcome and
timing of any litigation. The results or events predicted in these
forward-looking statements may differ materially from actual results or
events. As a result, we cannot guarantee that any forward-looking statement
will materialize.

    The timing and completion of the proposed privatization transaction is
subject to a number of terms and conditions, including, without limitation:
(i)satisfaction of the conditions to the approvals of the Canadian
Radio-television and Telecommunications Commission and the Minister of
Industry, (ii) reversal by the Supreme Court of Canada of the judgment of
the Quebec Court of Appeal relating to the plan of arrangement, and (iii)
certain termination rights available to the parties under the definitive
agreement dated June 29, 2007, as amended, governing the terms of the
transaction. The conditions to these approvals may not be satisfied, the
other conditions to the transaction may not be satisfied in accordance with
their terms, and/or the parties to the definitive agreement may exercise
their termination rights, in which case the proposed privatization
transaction could be modified, restructured or terminated, as applicable.
Failure to complete the proposed privatization transaction could have a
material adverse impact on the market price of BCE's shares.

    The forward-looking statements contained in this news release are made
as of the date of this release and, accordingly, are subject to change
after such date. Except as may be required by Canadian 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. Additionally, we undertake no
obligation to comment on expectations of, or statements made by, third
parties in respect of the proposed privatization transaction. For
additional information with respect to certain of these and other
assumptions and risks, please refer to BCE's 2007 annual MD&A dated March
5, 2008 included in the Bell Canada Enterprises 2007 Annual Report, BCE's
2008 First Quarter MD&A dated May 6, 2008, as well as to the definitive
agreement dated June 29, 2007, as amended, and BCE's management proxy
circular dated August 7, 2007, all filed by BCE with the Canadian
securities commissions (available at http://www.sedar.com) and with the U.S.
Securities and Exchange Commission (available at http://www.sec.gov). These
documents are also available on BCE's website at http://www.bce.ca.

    About BCE Inc.

    BCE is Canada's largest communications company, providing 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. BCE also holds an
interest in CTVglobemedia, Canada's premier media company. BCE shares are
listed in Canada and the United States.

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