Notes to Consolidated Financial Statements Note  21 : Share Capital Voting Rights Entitlement to Dividends Redemption Features Conversion Features Preferred Shares Common Shares and Class B Shares BCE Inc.’s articles of amalgamation provide for an unlimited number of voting common shares and non- voting Class B shares. The common shares and the Class B shares rank equally in the payment of divi- dends and in the distribution of assets if BCE Inc. is liquidated, dissolved or wound up, after payments due to the holders of preferred shares. All of the issued and outstanding preferred shares at December 31, 2004 are convertible at the holder’s 108 Bell Canada Enterprises  2004 Annual Report BCE Inc. may redeem Series S and Y shares at any time at $25.50 per share (being a 2% premium to the issue price). If Series Q, AB and AD shares are issued, BCE Inc. may redeem them at any time. If Series T shares are issued, BCE Inc. may redeem them on the redemption date and every five years after that date. BCE Inc. may redeem Series R, Z, AA and AC shares on the redemption date and every five years after that date. Holders of Series R, Z, AA and AC shares are entitled to fixed cumulative quarterly dividends. The dividend rate on these shares is reset every five years, as set out in BCE Inc.’s articles of amalgamation. Holders of Series S and Y shares are entitled to floating adjustable cumulative monthly dividends.  If Series Q, AB and AD shares are issued, their hold- ers will be entitled to floating adjustable cumulative monthly dividends. If Series T shares are issued, their holders will be entitled to fixed cumulative quarterly dividends.  All of the issued and outstanding preferred shares at December 31, 2004 were non-voting, except under special circumstances when the holders are entitled to one vote per share. option into another associated series of preferred shares on a one-for-one basis as per the terms set out in BCE Inc.’s articles of amalgamation. BCE Inc.’s articles of amalgamation provide for an unlimited number of First Preferred Shares and Second Preferred Shares. The terms set out in the articles authorize BCE Inc.’s directors to issue the shares in one or more series and to set the number of shares and conditions for each series. The table below is a summary of the principal terms of BCE Inc.’s First Preferred Shares. There were no Second Preferred Shares issued and outstanding at December 31, 2004. BCE Inc.’s articles of amalgama- tion describe the terms and conditions of these shares in detail. STATED  NUMBER OF SHARES CAPITAL AT ANNUAL REDEMP- ISSUED  DECEMBER 31 DIVIDEND CONVERT- CONVERSION REDEMPTION TION AND OUT- SERIES RATE IBLE INTO DATE DATE PRICE AUTHORIZED STANDING 2004 2003 Q floating Series R December 1, 2010 At any time $25.50 8,000,000 – – – R $1.5435 Series Q December 1, 2005 December 1, 2005 $25.00 8,000,000 8,000,000 200 200 S floating Series T November 1, 2006 At any time $25.50 8,000,000 8,000,000 200 200 T fixed Series S November 1, 2011 November 1, 2011 $25.00 8,000,000 – – –  Y floating Series Z December 1, 2007 At any time $25.50 10,000,000 1,147,380 29 29 Z $1.3298 Series Y December 1, 2007 December 1, 2007 $25.00 10,000,000 8,852,620 221 221 AA $1.3625 Series AB September 1, 2007 September 1, 2007 $25.00 20,000,000 20,000,000 510 510 AB floating Series AA September 1, 2012 At any time $25.50 20,000,000 – – –  AC $1.3850 Series AD March 1, 2008 March 1, 2008 $25.00 20,000,000 20,000,000 510 510  AD floating Series AC March 1, 2013 At any time $25.50 20,000,000 – – – 1,670 1,670