Mr. Thane Fotopoulos reports

BELL CANADA AND BELL ALIANT COMPLETE EXCHANGE OF BELL ALIANT NOTES FOR BELL CANADA DEBENTURES

BCE Inc.'s Bell Canada and Bell Aliant Regional Communications LP have completed a 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, were issued in exchange for the previously held Bell Aliant notes:

• Bell Canada 5.41-per-cent debentures, Series M-32, due Sept. 26, 2016, issued in exchange for Bell Aliant 5.41-per-cent medium-term notes, Series 2, due Sept. 26, 2016;
• Bell Canada 5.52-per-cent debentures, Series M-33, due Feb. 26, 2019, issued in exchange for Bell Aliant 5.52-per-cent medium-term notes, Series 4, due Feb. 26, 2019;
• Bell Canada 6.17-per-cent debentures, Series M-34, due Feb. 26, 2037, issued in exchange for Bell Aliant 6.17-per-cent medium-term notes, Series 5, due Feb. 26, 2037;
• Bell Canada 4.37-per-cent debentures, Series M-35, due Sept. 13, 2017, issued in exchange for Bell Aliant 4.37-per-cent medium-term notes, Series 7, due Sept. 13, 2017;
• Bell Canada 4.88-per-cent debentures, Series M-36, due April 26, 2018, issued in exchange for Bell Aliant 4.88-per-cent medium-term notes, Series 8, due April 26, 2018;
• Bell Canada 3.54-per-cent debentures, Series M-37, due June 12, 2020, issued in exchange for Bell Aliant 3.54-per-cent 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.

The note exchange transaction is part of Bell's strategy to simplify its capital structure and enhance administrative efficiencies by concentrating public debt into a single issuer. As a result of the note exchange transaction, Bell Aliant and its guarantors have been discharged of their obligations under the Bell Aliant notes and the related trust indenture.