<SEC-DOCUMENT>0001309014-11-000818.txt : 20111209
<SEC-HEADER>0001309014-11-000818.hdr.sgml : 20111209
<ACCEPTANCE-DATETIME>20111209095324
ACCESSION NUMBER:		0001309014-11-000818
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20111208
FILED AS OF DATE:		20111209
DATE AS OF CHANGE:		20111209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BCE INC
		CENTRAL INDEX KEY:			0000718940
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08481
		FILM NUMBER:		111252231

	BUSINESS ADDRESS:	
		STREET 1:		1 CARREFOUR ALEXANDER-GRAHAM-BELL
		CITY:			VERDUN
		STATE:			A8
		ZIP:			H3E 3B3
		BUSINESS PHONE:		514-786-3891

	MAIL ADDRESS:	
		STREET 1:		1 CARREFOUR ALEXANDER-GRAHAM-BELL
		CITY:			VERDUN
		STATE:			A8
		ZIP:			H3E 3B3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BELL CANADA ENTERPRISES INC
		DATE OF NAME CHANGE:	19880111
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>htm_6365.htm
<DESCRIPTION>LIVE FILING
<TEXT>
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BCE Inc.&nbsp;-&nbsp;Form&nbsp;6-K
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UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>
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<P>
<CENTER>
<FONT SIZE="+2" FACE="Arial"><B>FORM 6-K</B></FONT><BR>

</CENTER>
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<P>
<CENTER>
<FONT size="+1">
REPORT OF FOREIGN PRIVATE ISSUER<BR>PURSUANT TO RULE 13a-16 OR 15d-16<BR>UNDER THE SECURITIES EXCHANGE ACT OF 1934
</FONT>
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<P>
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December 8, 2011
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	<FONT SIZE="+2"><B>BCE Inc.</B></FONT><BR>
	<FONT SIZE="-7">&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT>
    </TD>
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	<FONT SIZE="-1">(Translation of registrant&#146;s name into English)</FONT>
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	&nbsp;
    </TD>
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      <FONT FACE="Courier" SIZE="+0">1, Carrefour Alexander-Graham-Bell<br>Corporate Secretary's Office<br>Building A7<br>Verdun, Quebec H3E 3B3</FONT>
    </TD>
  </TR>
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="CENTER" WIDTH="100%" COLSPAN="5">
        <FONT SIZE="-7">&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT><BR>
	    <FONT SIZE="-1">(Address of principal executive office)</FONT>
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	&nbsp;
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	Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:&nbsp;&nbsp;[<FONT FACE="Courier">&nbsp;</FONT>]&nbsp;Form 20-F&nbsp;&nbsp;&nbsp;&nbsp;[<FONT FACE="Courier">x</FONT>]&nbsp;Form 40-F
    </TD>
  </TR>
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        &nbsp;
    </TD>
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        Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&nbsp;&nbsp;[<FONT FACE="Courier">&nbsp;</FONT>]
    </TD>
  </TR>

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        &nbsp;
    </TD>
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        Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&nbsp;&nbsp;[<FONT FACE="Courier">&nbsp;</FONT>]
    </TD>
  </TR>

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        &nbsp;
    </TD>
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        Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:&nbsp;&nbsp;[<FONT FACE="Courier">&nbsp;</FONT>]&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;[<FONT FACE="Courier">x</FONT>]&nbsp;No
    </TD>
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        &nbsp;
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        If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):&nbsp;&nbsp;&nbsp;<FONT FACE="Courier"><U>&nbsp;n/a&nbsp;</U></FONT>
    </TD>
  </TR>
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        &nbsp;
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<PRE>
Press Release - December 8, 2011
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<B>SIGNATURES</B>
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       Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
    </TD>
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       &nbsp;
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       &nbsp;
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    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       BCE Inc.
    </TD>
  </TR>

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       &nbsp;
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    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       &nbsp;
    </TD>
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  <TR>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="40%">
       Date: December 8, 2011
    </TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="4%%">
       By:
    </TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="56%">
       Alain F. Dussault<BR><HR WIDTH="30%" NOSHADE>
    </TD>
  </TR>

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       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       Name:&nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       Alain F. Dussault
    </TD>
  </TR>

  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="40%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       Title:
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       Corporate Secretary
    </TD>
  </TR>
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="40%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       &nbsp;
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    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       &nbsp;
    </TD>
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EXHIBIT&nbsp;INDEX
</B></FONT>
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<BR>
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      <FONT SIZE="-1"><B>Exhibit No.</B></FONT>
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      &nbsp;
    </TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="77%">
      <FONT SIZE="-1"><B>Description</B></FONT>
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      <HR SIZE="1" NOSHADE>
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      <FONT SIZE="-1">1<FONT>
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       &nbsp;
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      <FONT SIZE="2">Press Release - December 8, 2011</FONT>
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      &nbsp;
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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>exhibit1.htm
<DESCRIPTION>EX-1
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Exhibit&nbsp;&nbsp;EX-1
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<P align="left" style="font-size: 10pt"><FONT style="font-size: 20pt">&#091;BCE INC. LOGO&#093; News release
</FONT>

<P align="left" style="font-size: 20pt"><FONT style="font-size: 11pt">For Immediate Release</FONT><FONT style="font-size: 20pt">
</FONT>

<P align="center" style="font-size: 20pt"><FONT style="font-size: 14pt"><B>BCE announces 5% common share dividend increase for 2012, $250&nbsp;million share buyback and $750<BR>
million voluntary pension contribution</B></FONT>



<P align="left" style="font-size: 14pt"><FONT style="font-size: 11pt">MONTR&#201;AL, December&nbsp;8, 2011 &#150; BCE Inc. (TSX, NYSE: BCE) today announced a 5% increase in its
annual common share dividend from $2.07 to $2.17 per share for 2012, and plans for the use of its
year-end 2011 surplus cash balance that include a Normal Course Issuer Bid (NCIB)&nbsp;program for up to
$250&nbsp;million and a $750&nbsp;million voluntary prepayment in December&nbsp;2011 to Bell Canada&#146;s defined
benefit pension plan to reduce its future pension obligation.
</FONT>

<P align="left" style="font-size: 11pt">&#147;Supported by our outlook for continued earnings growth and strong free cash flow generation, and
consistent with our dividend growth model, we are increasing BCE&#146;s common share dividend by 5% to
$2.17 per share for 2012,&#148; said George Cope, President and CEO of BCE and Bell Canada. &#147;This
reflects our confidence in delivering on our business plan, based on the Bell team&#146;s strong
execution of our strategic imperatives and reinforced by a healthy balance sheet with ample
liquidity. We have the financial flexibility to reward shareholders, while supporting significant
ongoing capital investment in Bell&#146;s broadband networks and services.&#148;


<P align="left" style="font-size: 11pt">Today&#146;s announcement represents BCE&#146;s seventh increase to the annual common share dividend in the
past three years, continuing its strong track record as a dividend growth company. With this latest
increase, BCE&#146;s annual common share dividend has grown 49% since the fourth quarter of 2008.


<P align="left" style="font-size: 11pt">The BCE annual common share dividend will increase by 10&#162; to $2.17 per share, effective with BCE&#146;s
Q1 2012 dividend payable on April&nbsp;15, 2012 to shareholders of record at the close of business on
March&nbsp;15, 2012. This increase maintains BCE&#146;s payout ratio conservatively within its policy range
of 65% to 75% of adjusted earnings per share (Adjusted EPS).


<P align="left" style="font-size: 11pt"><B>Deployment of surplus cash</B>
<BR>
BCE also announced today that it will return capital to shareholders through an NCIB program for up
to $250&nbsp;million to be executed over a twelve-month period starting December&nbsp;12, 2011. The
repurchase of common shares represents an attractive use of funds to increase shareholder value,
including offsetting share dilution from the exercise of stock options and will be funded from cash
on hand. Since December&nbsp;2008, BCE has repurchased and cancelled approximately 56.2&nbsp;million common
shares at an average purchase price of $26.43 for a total of $1.5&nbsp;billion. Please refer to the
&#147;Normal Course Issuer Bid&#148; details later in this release for more about BCE&#146;s new NCIB program.


<P align="left" style="font-size: 11pt">The $750&nbsp;million contribution to Bell Canada&#146;s defined benefit pension plan will be made from cash
on hand prior to year-end 2011. As this pension contribution is fully tax deductible, we expect
free cash flow to benefit in 2012 from cash tax savings of around $170&nbsp;million. Bell&#146;s below EBITDA
pension expense is also expected to improve in 2012 as a result of the voluntary pension
contribution, resulting in Adjusted EPS accretion, net of financing costs, of approximately $0.03
per share.


<P align="left" style="font-size: 11pt">&#147;The new share buyback program and voluntary pension contribution represent a well-balanced use of
surplus cash,&#148; said Siim Vanaselja, Chief Financial Officer of BCE and Bell Canada. &#147;In a financial
climate of declining interest rates and weak equity returns, accelerating the cash funding of
Bell&#146;s future pension obligation to preserve a strong solvency position in the pension plan is a
prudent action. This pre-funding of the pension plan maintains Bell&#146;s pension deficit at a very
manageable level. It is an economically attractive alternative that improves our cash flow
generation both in the short term through cash tax savings for 2012 and in the longer term through
reduced future pension funding and expense &#151; all of which supports our dividend growth objective as
part of our capital markets model.&#148;


<P align="left" style="font-size: 11pt"><B>Updated 2011 outlook</B>
<BR>
As a result of the $750&nbsp;million special pension contribution, BCE updates its financial guidance
for 2011 as follows:

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>2011 Guidance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>May 12, 2011</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>November 3, 2011</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>December 8, 2011</B></TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Guidance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Guidance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Guidance</B></TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Bell </B>(i)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

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<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Revenue Growth
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9% to 11%
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No change
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No change</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">EBITDA Growth
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8% to 10%
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No change
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No change</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Capital Intensity
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">~16%
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No change
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No change</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 3px double #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 3px double #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 3px double #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BCE</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Adjusted EPS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$2.95 &#151; $3.05
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$3.10 &#151; $3.15
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No change</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Adjusted EPS Growth
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6% &#151; 9%
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11% &#151; 13%
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No change</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Free Cash Flow
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">~$2,200M &#151; $2,300M
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No change
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">~$1,450M &#151; $1,550M</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 3px double #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 3px double #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 3px double #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Bell&#146;s 2011 financial guidance for revenue, EBITDA and capital intensity is exclusive of
Bell Aliant.</TD>
    <TD width="2%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt">BCE will provide its 2012 financial outlook on February&nbsp;9, 2012.


<P align="left" style="font-size: 11pt"><B>Normal Course Issuer Bid</B>
<BR>
BCE has received approval from the Toronto Stock Exchange (TSX)&nbsp;in respect of its notice of
intention to make an NCIB for its common shares through the facilities of the TSX. Under the NCIB,
BCE may purchase for cancellation up to 6,500,000 common shares (subject to a maximum aggregate
purchase price of $250&nbsp;million) over the twelve-month period starting December&nbsp;12, 2011 and ending
on December&nbsp;11, 2012, representing approximately 0.8% of its 778,943,093 issued and outstanding
common shares as at December&nbsp;2, 2011.


<P align="left" style="font-size: 11pt">Purchases under the BCE NCIB program announced today will be effected through the facilities of the
TSX, the New York Stock Exchange (NYSE)&nbsp;and/or alternative trading systems, if eligible, or by such
other means as may be permitted by the TSX and/or the NYSE, and under applicable laws, including
pre-arranged crosses, exempt offers, private agreements under an issuer bid exemption order issued
by a securities regulatory authority and/or block purchases in accordance with the applicable
regulations of the TSX. In the event that BCE purchases common shares by private agreements under
an issuer bid exemption order issued by a securities regulatory authority, the purchase price of
the common shares will be at a discount to the market price of the common shares at the time of the
acquisition.


<P align="left" style="font-size: 11pt">The average daily trading volume (ADTV)&nbsp;for BCE&#146;s common shares during the six-month period
preceding December&nbsp;1, 2011 was 1,553,809 common shares. Consequently, under the regulations of the
TSX, BCE will have the right to repurchase, during any one trading day, a maximum of 25% of the
ADTV representing 388,452 common shares. In addition, BCE may make, once per week, a block purchase
(as such term is defined in the TSX Company Manual) of common shares not directly or indirectly
owned by insiders of BCE, in accordance with the regulations of the TSX. The common shares
purchased pursuant to the NCIB will be cancelled. BCE did not repurchase any of its common shares
during the last twelve months in accordance with a normal course issuer bid.


<P align="left" style="font-size: 11pt">The Board of Directors of BCE has concluded that the repurchase of common shares represents an
attractive use of funds to increase shareholder value, including offsetting share dilution from the
exercise of stock options.


<P align="left" style="font-size: 11pt"><B>Caution Concerning Forward-Looking Statements</B>
<BR>
Certain statements made in this news release, including, but not limited to, statements relating to
our 2011 financial guidance (including revenues, EBITDA, capital intensity, Adjusted EPS, and free
cash flow), BCE Inc.&#146;s dividend policy, plans relating to the return of capital to shareholders,
including potential purchases of common shares for cancellation under a NCIB, the projected sources
of funds which may be used for such purpose, and other statements that are not historical facts,
are forward-looking. Forward-looking statements, by their very nature, are subject to inherent
risks and uncertainties and are based on several assumptions 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. As a result, we cannot guarantee that any forward-looking
statement will materialize and you are cautioned not to place undue reliance on these
forward-looking statements. The forward-looking statements contained in this news release describe
our expectations as of the date of this news 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. Except as otherwise indicated
by BCE, forward-looking statements do not reflect the potential impact of any non-recurring or
other special items or of any dispositions, monetizations, mergers, acquisitions, other business
combinations or other transactions that may be announced or that may occur after the date hereof.
The financial impact of these transactions and non-recurring and other special items can be complex
and depends on the facts particular to each of them. We therefore cannot describe the expected
impact in a meaningful way or in the same way we present known risks affecting our business.
Forward-looking statements are provided for the purpose of providing information about management&#146;s
current expectations and plans and allowing investors and others to get a better understanding of
our operating environment. Readers are cautioned that such information may not be appropriate for
other purposes.


<P align="left" style="font-size: 11pt"><B>Material Assumptions</B>


<P align="left" style="font-size: 11pt"><B><I>Economic and Market Assumptions</I></B>
<BR>
A number of Canadian economic and market assumptions were made by BCE in preparing its
forward-looking statements for 2011 contained in this news release, including, but not limited to:
(i)&nbsp;growth in the Canadian economy of approximately 2.1% in 2011 based on the Bank of Canada&#146;s most
recent estimate, (ii)&nbsp;continued cost rationalization and cautious spending by business customers
given employment levels and the modest pace of economic recovery, (iii)&nbsp;current levels of
residential wireline competition to continue especially from cable companies and providers of Voice
over Internet Protocol (VoIP) services, (iv)&nbsp;higher wireline substitution, due primarily to the
presence of new wireless entrants and the accelerating adoption of mobile Internet and mobile
television, and (v)&nbsp;wireless industry penetration gain of 4 to 5 basis points in 2011 stimulated,
in particular, by new entrant competition, the accelerating adoption of smartphones and the use of
data applications, as well as by the emergence of new types of wireless devices such as tablets.


<P align="left" style="font-size: 11pt"><B><I>Operational Assumptions</I></B>
<BR>
Our forward-looking statements for 2011 are also based on certain internal operational assumptions
concerning Bell (excluding Bell Aliant), including, but not limited to: (i)&nbsp;further reduction in
local line losses as we leverage our broadband fibre investments in both TV and Internet to drive
three-product household penetration, increase our multiple-dwelling unit (MDU)&nbsp;market share and
generate higher pull-through attach rates for our other residential services, (ii)&nbsp;targeted
retention and service bundle offers, customer winbacks and better service execution to reduce
residential NAS line losses year over year, (iii)&nbsp;subscriber acquisition and higher average revenue
per unit (ARPU)&nbsp;at Bell TV to be driven by Bell&#146;s ability to leverage its market leadership
position in high definition programming, seek greater penetration within the MDU market, capitalize
on its extensive retail distribution network, which includes The Source, and the progressive
rollout of Bell Canada&#146;s IPTV service in Toronto and Montr&#233;al, (iv)&nbsp;substantial ongoing investments
in our fibre optic networks to further expand our wireline broadband footprint to strengthen our
competitive position versus cable companies and allow for the introduction of leading edge Internet
Protocol (IP)&nbsp;products not available through cable technologies, (v)&nbsp;levels of business customer
spending, new business formation and demand for connectivity and ICT services, dependent on a
strengthening economy and improving employment rates, resulting in a gradual improvement in the
performance of our Business Markets unit including business NAS line losses, (vi)&nbsp;expense savings
and operating efficiency gains to be achieved from renegotiated contracts with our vendors and
outsource suppliers, lower corporate support costs, further streamlining of our labour force, field
services productivity improvements, consolidating management roles and organizational structures to
achieve further operational efficiencies, reducing traffic that is not on our own network, and
managing content costs, (vii)&nbsp;continued customer migration to IP-based systems and ongoing pricing
pressures in our business and wholesale markets, (viii)&nbsp;Bell to benefit from the flow-through of
significant investments made in 2010 in customer acquisition and retention along with continued
acceleration in smartphone activations and data usage, (ix)&nbsp;new wireless entrant competition to
intensify in 2011 as additional service providers come to market and existing providers continue to
open new markets and improve their distribution reach, (x)&nbsp;wireless revenue growth to be driven by
ARPU from new services, careful price management and continued disciplined expansion of our
subscriber base, (xi)&nbsp;Bell to benefit from ongoing technological improvements by manufacturers in
our handset and device lineup and from faster data speeds that are allowing our clients to optimize
the use of our services, (xii)&nbsp;continued diligent expense management to moderate the impact of
aggressive discount brand and new entrant pricing, higher retention spending and increased
subscriber acquisition costs driven by increased smartphone customer penetration, (xiii)&nbsp;Bell to
maintain its market share of the incumbent wireless postpaid market, (xiv)&nbsp;Bell&#146;s ability to
leverage its HSPA&#043; network investments to drive a higher mix of smartphone and other high-value
customers, resulting in higher data and roaming revenues, (xv)&nbsp;Bell Media to maintain the top 20
ratings position in conventional TV to support growth in advertising, (xvi)&nbsp;continue to
successfully sign agreements with distribution undertakings for Bell Media&#146;s sports specialty
services at market rates, (xvii)&nbsp;Bell Media to continue to successfully acquire high-rated
programming and differentiated content to execute on Bell&#146;s multi-screen content strategy, and
(xviii)&nbsp;continued investment in high definition for Bell Media&#146;s specialty channels.


<P align="left" style="font-size: 11pt"><B><I>Financial Assumptions</I></B>
<BR>
Our forward-looking statements for 2011 are also based on certain financial assumptions for 2011
concerning Bell (excluding Bell Aliant) which have been updated to reflect the inclusion of Bell
Media results starting in the second quarter of 2011. These include, but are not limited to: (i)
Bell&#146;s total pension expense to be approximately $130&nbsp;million, based on an estimated accounting
discount rate of 5.5% and an expected return on plan assets of 7%, with an estimated above EBITDA
pension current service cost of approximately $190&nbsp;million and an estimated below EBITDA net
pension financing return of approximately $60&nbsp;million, (ii)&nbsp;Bell&#146;s total pension plan cash funding
to be approximately $1,175&nbsp;million, (iii)&nbsp;Bell&#146;s cash taxes to be approximately $175&nbsp;million, (iv)
net interest paid to be approximately $650&nbsp;million, and (v)&nbsp;Bell to repay its 2011 debt maturities.


<P align="left" style="font-size: 11pt">Our forward-looking statements for 2011 are also based on certain financial assumptions for 2011
concerning BCE, including, but not limited to: (i)&nbsp;depreciation and amortization expense
approximately $100&nbsp;million higher compared to 2010, (ii)&nbsp;severance, acquisition and other costs in
the range of $400&nbsp;million to $450&nbsp;million, (iii)&nbsp;a statutory tax rate of approximately 28.2% and an
effective tax rate of approximately 21%, (iv)&nbsp;tax adjustments (per share) of $0.28, and (v)&nbsp;an
annual common share dividend of $2.07 per share.


<P align="left" style="font-size: 11pt">The foregoing assumptions, although considered reasonable by BCE as of the date hereof, may prove
to be inaccurate. Accordingly, our actual results could differ materially from our expectations as
set forth in this news release.


<P align="left" style="font-size: 11pt"><B>Material Risks</B>
<BR>
Important risk factors that could cause our assumptions and estimates to be inaccurate and actual
results or events to differ materially from those expressed in or implied by our forward-looking
statements, including our 2011 financial guidance, are listed below. The realization of our
forward-looking statements, including our ability to meet our 2011 financial guidance, essentially
depends on our business performance which, in turn, is subject to many risks. Accordingly, readers
are cautioned that any of the following risks could have a material adverse effect on our
forward-looking statements. These risks include, but are not limited to: (i)&nbsp;the intensity of
competitive activity, including the increase in wireless competitive activity resulting from
Industry Canada&#146;s licensing of advanced wireless services (AWS)&nbsp;spectrum to new wireless entrants
and their ability to launch or expand services, and the resulting impact on our ability to retain
existing customers and attract new ones, as well as on our pricing strategies, ARPU and financial
results; (ii)&nbsp;variability in subscriber acquisition and retention costs based on subscriber
acquisitions, retention volumes, smartphone sales and subsidy levels; (iii)&nbsp;the level of
technological substitution contributing to reduced utilization of traditional wireline voice
services and the increasing number of households that have only wireless telephone services; (iv)
the increased adoption by customers of alternative TV services; (v)&nbsp;general economic and financial
market conditions, the level of consumer confidence and spending, and the demand for, and prices
of, our products and services; (vi)&nbsp;our ability to implement our strategies and plans in order to
produce the expected benefits; (vii)&nbsp;our ability to continue to implement our cost reduction
initiatives and contain capital intensity while seeking to improve customer service; (viii)&nbsp;our
ability to respond to technological changes and rapidly offer new products and services; (ix)
increased contributions to employee benefit plans; (x)&nbsp;events affecting the functionality of, and
our ability to protect, maintain and replace, our networks, information technology (IT)&nbsp;systems and
software; (xi)&nbsp;the complexity and costs of our IT environment; (xii)&nbsp;events affecting the ability
of third-party suppliers to provide to us, and our ability to purchase, essential products and
services such as handsets; (xiii)&nbsp;the quality of our network and customer equipment and the extent
to which they may be subject to manufacturing defects; (xiv)&nbsp;labour disruptions; (xv)&nbsp;the potential
adverse effects on our Internet and wireless networks of the significant increase in broadband
demand and in the volume of wireless data-driven traffic; (xvi)&nbsp;capital and other expenditure
levels, financing and debt requirements and our ability to raise the capital we need to implement
our business plan, including for BCE Inc.&#146;s share buyback program and dividend payments and to fund
capital and other expenditures and generally meet our financial obligations; (xvii)&nbsp;our ability to
discontinue certain traditional services as necessary to improve capital and operating
efficiencies; (xviii)&nbsp;regulatory initiatives or proceedings (including possible changes to foreign
ownership restrictions), litigation, changes in laws or regulations and tax matters; (xix)&nbsp;Bell
Media&#146;s significant dependence on continued demand for advertising, and the potential adverse
effect thereon from economic conditions, cyclical and seasonal variations, technological changes
and competitive pressures, and on securing commercially favourable distribution arrangements with
broadcasting distribution undertakings; (xx)&nbsp;launch and in-orbit risks of satellites used by Bell
ExpressVu Limited Partnership (Bell TV); (xxi)&nbsp;competition from unregulated U.S. direct-to-home
(DTH)&nbsp;satellite television services sold illegally in Canada and the theft of our satellite
television services; (xxii)&nbsp;BCE Inc.&#146;s dependence on the ability of its subsidiaries, joint
ventures and other companies in which it has an interest to pay dividends and make other
distributions; (xxiii)&nbsp;there can be no certainty that dividends will be declared by BCE Inc.&#146;s
board of directors or that BCE Inc.&#146;s dividend policy will be maintained; (xxiv)&nbsp;stock market
volatility; (xxv)&nbsp;our ability to maintain customer service and our networks operational in the
event of the occurrence of environmental disasters or epidemics, pandemics and other health risks;
(xxvi)&nbsp;health concerns about radio frequency emissions from wireless devices; and (xxvii)&nbsp;employee
retention and performance.


<P align="left" style="font-size: 11pt">For additional information with respect to certain of these and other assumptions and risks, please
refer to BCE&#146;s 2010 Annual MD&A dated March&nbsp;10, 2011 (included in the BCE 2010 Annual Report),
BCE&#146;s 2011 First Quarter MD&A dated May&nbsp;11, 2011, BCE&#146;s 2011 Second Quarter MD&A dated August&nbsp;3,
2011 and BCE&#146;s 2011 Third Quarter MD&A dated November&nbsp;2, 2011, all filed by BCE with the Canadian
securities commissions (available at <U>www.sedar.com</U>) and with the U.S. Securities and
Exchange Commission (available at <U>www.sec.gov</U>). These documents are also available on BCE&#146;s
website at BCE.ca.


<P align="left" style="font-size: 11pt"><B>About BCE</B>
<BR>
BCE is Canada&#146;s largest communications company, providing a comprehensive and innovative suite of
broadband communication services to residential and business customers under the Bell and Bell
Aliant brands. Bell Media is Canada&#146;s premier multimedia company with leading assets in television,
radio and digital media, including CTV, Canada&#146;s #1 television network, and the country&#146;s
most-watched specialty channels.


<P align="left" style="font-size: 11pt">The Bell Mental Health Initiative is a multi-year charitable program that promotes mental health
across Canada via the Bell Let&#146;s Talk anti-stigma campaign and support for community care, research
and workplace best practices. To learn more, please visit <U>Bell.ca/LetsTalk</U>.


<P align="left" style="font-size: 11pt">For BCE corporate information, please visit <U>BCE.ca</U>. For Bell product and service
information, please visit <U>Bell.ca</U>. For Bell Media, please visit <U>BellMedia.ca</U>.


<P align="left" style="font-size: 11pt"><B>Media inquiries:</B>
<BR>
Marie-&#200;ve Franc&#156;ur
<BR>
Bell Media Relations
<BR>
(514)&nbsp;391-5263
<BR>
<U>marie-eve.francoeur@bell.ca </U>


<P align="left" style="font-size: 11pt"><B>Investor inquiries:</B>
<BR>
Thane Fotopoulos
<BR>
BCE Investor Relations
<BR>
(514)&nbsp;870-4619
<BR>
<U>thane.fotopoulos@bell.ca</U>



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