An anonymous director reports

BCE FORMALLY LAUNCHES OFFERS TO PURCHASE ALL OUTSTANDING BELL ALIANT COMMON SHARES AND TO EXCHANGE ALL OUTSTANDING BELL ALIANT PREFERRED SHARES

BCE Inc. has formally commenced its offer to purchase all of the issued and outstanding common shares of Bell Aliant Inc. other than common shares held by BCE.

Under the terms of the common share offer announced on July 23, 2014, each Bell Aliant shareholder can elect to receive consideration per common share of either (a) $31 in cash, subject to proration; (b) 0.6371 of a BCE common share, subject to proration; or (c) $7.75 in cash and 0.4778 of a BCE common share.

Concurrent with the commencement of the common share offer, BCE also initiated its offer to exchange all of the issued and outstanding preferred shares of Bell Aliant Preferred Equity Inc. (Prefco) for newly issued preferred shares of BCE, with the same financial terms as the existing Prefco preferred shares.

The offers will be open for acceptance until 5 p.m. Eastern Time on Sept. 19, 2014, unless extended or withdrawn by BCE.

On Aug. 5, 2014, BCE obtained Competition Act clearance for the Bell Aliant privatization. Accordingly, subject to listing requirements of the Toronto Stock Exchange and the New York Stock Exchange, all regulatory conditions have been met to complete the offers.

In connection with the offers, BCE will file today with the applicable Canadian securities regulatory authorities the offers and circulars, and other related documents required to be mailed to holders of common shares and preferred shares under applicable Canadian securities laws. Full details of the offers are contained in these documents and in the directors circulars mailed today to holders of common shares and preferred shares. Copies of the offer documents, the directors circulars and other relevant documents will be available on SEDAR and on BCE's website. BCE will also today (i) register the BCE common shares to be issued to U.S. holders in connection with the common share offer on a registration statement on Form F-8 to be filed with the U.S. Securities and Exchange Commission (SEC) and (ii) submit a Form CB to the SEC in connection with the preferred share exchange offer. Copies of the registration statement and the Form CB will be available on the SEC's website.

CST Trust Company is the depositary for the offers and CST Phoenix Advisors is the information agent. Any questions or requests for assistance concerning the offers or further information about tendering to the offers should be directed to the depositary at 1-866-271-6893 (toll-free in North America) or 1-416-682-3860, or by e-mail; or to the information agent at 1-866-822-1244 (toll-free in North America) or 1-201-806-7301, or by e-mail.

Copies of the offer documents, directors circulars and any other documents relating to the offers as referred to above may be obtained free of charge upon request to the depositary or the information agent. Holders whose common shares or preferred shares are registered in the name of a broker, investment dealer, bank, trust company or other nominee should contact such nominee for assistance in depositing their common shares or preferred shares to the offers.

We seek Safe Harbor.