Depends, I try to leave at least two hours after bolus before exercising, preferably more, as I still find that my BG drops like a stone even then.
If I know I'm going to exercise, I'll drop th ebolus a bit, but that runs the risk of going high temporarily.
Take this morning for example, 20km run, reduced basal from 3.5 to 2, reduced bolus from 3 to 1U. Pre breakfast, 6.4, just befor eth erun (1 hour later ) 14.3. 5km later 5.2. Massive drop, and then I had to eat to stay there.
Afterwards, with a carb snack on finishing, went back up to 9.3 for about 90 mins, then back to 7.0 before lunch.
When I'm away with work, I try and run in the morning, before any basal dose as well.