On November 20, 2014, Bell Canada and Bell Aliant Regional Communications, Limited Partnership announced the completion of previously announced transaction to exchange all Bell Aliant Medium Term and Floating Rate Medium Term Notes for Bell Canada Debentures having the same financial terms. Those terms include coupon, maturity and redemption price.

Specifically, the following Bell Canada Debentures, which are fully and unconditionally guaranteed by BCE Inc., were issued in exchange for the previously held Bell Aliant Notes

• Bell Canada 5.41% Debentures, Series M-32, due September 26, 2016 issued in exchange for Bell Aliant 5.41% Medium Term Notes, Series 2, due September 26, 2016
• Bell Canada 5.52% Debentures, Series M-33, due February 26, 2019 issued in exchange for Bell Aliant 5.52% Medium Term Notes, Series 4, due February 26, 2019
• Bell Canada 6.17% Debentures, Series M-34, due February 26, 2037 issued in exchange for Bell Aliant 6.17% Medium Term Notes, Series 5, due February 26, 2037
• Bell Canada 4.37% Debentures, Series M-35, due September 13, 2017 issued in exchange for Bell Aliant 4.37% Medium Term Notes, Series 7, due September 13, 2017
• Bell Canada 4.88% Debentures, Series M-36, due April 26, 2018 issued in exchange for Bell Aliant 4.88% Medium Term Notes, Series 8, due April 26, 2018
• Bell Canada 3.54% Debentures, Series M-37, due June 12, 2020 issued in exchange for Bell Aliant 3.54% Medium Term Notes, Series 9, due June 12, 2020
• Bell Canada Floating Rate Debentures, Series M-38, due April 22, 2016 issued in exchange for Bell Aliant Floating Rate Medium Term Notes, Series 10, due April 22, 2016