The decision follows a June 16, 2026, notice that allowed holders of both series to exchange their positions. While 1,875 Series AI shares were moved into Series AJ, investors opted to migrate 1,976,448 Series AJ shares into the Series AI category. Because the volume of remaining Series AJ stock dropped below the 2,000,000-share threshold, the company triggered the automatic conversion provision stipulated in the share terms.

Starting August 4, 2026, the Series AI Preferred Shares will shift to a fixed dividend structure. The board has set an annual rate of 5.10%, payable on a quarterly basis for the next five years. These shares remain listed on the Toronto Stock Exchange under the ticker BCE.PR.I. TSX Trust Company is managing the return of certificates for shareholders who participated in the initial exchange process.