Mr. Jean Robillard reports

BELL CANADA AND BELL ALIANT ANNOUNCE PROPOSAL TO EXCHANGE BELL ALIANT NOTES FOR BELL CANADA DEBENTURES

BCE Inc.'s Bell Canada and Bell Aliant Inc. have provided an update. Bell Aliant Regional Communications Limited Partnership will mail an information circular and related proxy materials to the holders of medium-term notes and floating-rate medium-term notes of the partnership referenced below in connection with (i) a meeting of the Bell Aliant noteholders, voting as a single class, and (ii) separate meetings of the holders of each series of Bell Aliant notes, each voting separately as a series, to consider and, if deemed appropriate, approve the exchange of Bell Aliant notes for newly issued debentures of Bell Canada. The Bell Canada debentures will have financial terms that are the same as those attached to the applicable series of Bell Aliant notes.

The note exchange transactions are part of Bell's strategy to simplify its capital structure and enhance administrative efficiencies by concentrating public debt into a single issuer.

The class and series meetings are to be held at Le Centre Sheraton Montreal Hotel, 1201 Rene-Levesque Blvd. West, Level A, Salle Jarry/Joyce, Montreal, on Nov. 14, 2014, at the times set out in each notice of meeting accompanying the circular. The record date for entitlement to notice of each of the class meeting or series meetings is Oct. 17, 2014.

The following Bell Aliant notes will be subject to the matters to be considered at the class and series meetings:

• 5.41-per-cent medium-term notes, Series 2, due Sept. 26, 2016;
• 5.52-per-cent medium-term notes, Series 4, due Feb. 26, 2019;
• 6.17-per-cent medium-term notes, Series 5, due Feb. 26, 2037;
• 4.37-per-cent medium-term notes, Series 7, due Sept. 13, 2017;
• 4.88-per-cent medium-term notes, Series 8, due April 26, 2018;
• 3.54-per-cent medium-term notes, Series 9, due June 12, 2020;
• Floating-rate medium-term notes, Series 10, due April 22, 2016.

At the class meeting, Bell Aliant noteholders will have the opportunity to vote as a class on a transaction to exchange all Bell Aliant notes of every series for an equal principal amount of Bell Canada debentures.

In addition, at the series meetings, the Bell Aliant noteholders of each series will have the opportunity to vote on a transaction to exchange all Bell Aliant notes in such series for an equal principal amount of Bell Canada debentures.

If the transaction is not approved at the class meeting, or the partnership cancels the class meeting for any reason, or elects not to proceed with the exchange of all Bell Aliant notes (even if such exchange is approved), the partnership may, at its option, proceed with one or more of the transactions that have been approved at the series meetings in order to accommodate holders of any particular series of Bell Aliant notes that have approved the transaction at the applicable series meeting. However, the partnership may determine not to proceed with one or more of the transactions that have been approved at a series meeting.

In connection with the class meeting and the series meetings, the partnership will file today with the applicable Canadian securities regulatory authorities the circular and other related proxy materials. Full details of the transactions described in this news release are provided in the circular to be mailed to Bell Aliant noteholders. Copies of the circular, along with other relevant documents, will be available on SEDAR.

BMO Capital Markets and RBC Capital Markets are the solicitation agents for the transactions. CST Trust Company is the tabulation agent and depositary for the transactions (PO Box 1036, Adelaide Street Postal Station, Toronto, M5C 2K4). The partnership has retained D.F. King Canada as information agent.

Any questions or requests for assistance concerning the note exchange transactions or further information on how to vote at the meetings may be directed to the depositary at 1-866-271-6893 toll-free in North America, at 1-416-682-3860 outside of North America or by e-mail, or to the information agent at 1-800-294-5107 toll-free in North America, at 1-201-806-7301 outside of North America or by e-mail. Copies of the circular and any other related proxy materials may also be obtained free of charge upon request made to the depositary or the information agent.

We seek Safe Harbor.