Mr. Curtis Millen reports

BELL ANNOUNCES FIRST SUSTAINABILITY-LINKED DERIVATIVES

BCE Inc.'s Bell Canada has entered into its first sustainability-linked derivatives (SLDs). The SLDs leverage Bell's ambitious key performance indicators (KPIs) designed to measure performance on environmental, social and governance (ESG) targets, and underscores Bell's continued objective to achieve the highest ESG standards, and its purpose to advance how Canadians connect with each other and the world.

"We're proud to announce our inaugural sustainability-linked derivatives. This new initiative, combined with the publication of our first integrated annual report earlier in March, demonstrates our focus on integrating sustainability within our financial performance and aligns with our ESG objectives to make a positive difference with our investments, supporting a more sustainable and prosperous future," said Curtis Millen, senior vice-president, corporate strategy and treasurer, BCE and Bell.

The SLDs introduce a pricing adjustment that increases the derivatives' cost based on Bell's performance toward its science-based target to reduce its operational GHG (greenhouse gas) emissions (Scope 1 and 2) of 58 per cent by 2030, from a 2020 base year, with the science-based targets initiative (SBTi). Bell selected this sustainability performance target (SPT) to support its objective to meet its science-based targets for GHG emissions reduction by tying performance with financial costs. The SPT will be measured as of 2030 and a limited assurance review of Bell's targets will be performed by an independent third party.

The SLDs follow the announcement of BCE's sustainable financing framework in April, 2021, Bell's inaugural $500-million sustainability bond offering in May, 2021, with proceeds allocated to eligible green and social investments, and the conversion of its $3.5-billion committed credit facilities to a sustainability-linked loan (SLL) in November, 2022.

Scotiabank and TD Securities acted as lead sustainability structuring advisers and swap arrangers for this transaction. BMO Capital Markets acted as sustainability adviser. CIBC Capital Markets, Desjardins Securities, National Bank Financial Markets, RBC Capital Markets and Wells Fargo were sustainability swap providers in this transaction.

Environmental, social and governance performance

Bell's ESG objectives aim to create social and environmental benefits by helping to build a better world, better communities and a better workplace. Bell's approach focuses on enhancing its environmental sustainability programs to have a positive impact, creating a workplace focused on diversity, equality, inclusion and employee well-being, and leading in mental health through its Bell Let's Talk initiative.

In 2022, Bell maintained ISO 50001 certification of its energy management system for a third consecutive year, after becoming the first communications company in North America to achieve that designation for an energy management system and was named the inaugural greenhouse gas (GHG) reductions champion by Clean502, a national sustainability organization. Bell announced its goal to have carbon-neutral operations starting in 2025 and have been recognized as one of Canada's greenest employers for the seventh consecutive year.

Information about Bell's environmental initiatives and the benefits it delivers to its customers, team and communities, including the Bell for Better investments in mental health, environmental and workplace best practices, is in BCE's 2022 integrated annual report available at the company's website.

A copy of BCE's sustainable financing framework and further information on its sustainability strategy can be found at the company's website.

About Bell Canada

Bell is Canada's largest communications company, providing advanced Bell broadband wireless, Internet, TV, media and business communications services. Founded in Montreal in 1880, Bell is wholly owned by BCE Inc.

Through Bell for Better, the company is investing to create a better today and a better tomorrow by supporting the social and economic prosperity of its communities. This includes the Bell Let's Talk initiative, which promotes Canadian mental health with national awareness and anti-stigma campaigns like Bell Let's Talk Day and significant Bell financing of community care and access, research and workplace initiatives throughout the country.

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