Ms. Eleanor Marshall reports

BELL ANNOUNCES CLOSING OF AMENDMENTS TO ITS SECURITIZATION PROGRAM TO ADD SUSTAINABILITY-LINKED PRICING

BCE Inc.'s Bell Canada has amended its existing $2.3-billion securitization program to add sustainability-linked pricing. These amendments underscore Bell's continued focus on environmental, social and governance (ESG) priorities and its purpose to advance how Canadians connect with each other and the world. These amendments 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, the conversion of Bell's $3.5-billion committed credit facilities to a sustainability-linked loan in November, 2022, and execution of its first sustainability-linked derivatives in May, 2023.

"We are pleased to announce the closing of amendments to our securitization program to add sustainability-linked pricing. These amendments align with our ESG strategy and objective to make a positive impact and contribute to a better future through our Bell for Better initiatives, while working to create a thriving and more prosperous world," said Eleanor Marshall, senior vice-president and treasurer, BCE and Bell.

The amendments introduce an annual pricing adjustment that reduces or increases the financing cost based on Bell's performance of two key annual sustainability performance targets (SPTs) related to the following Bell science-based greenhouse gas (GHG) targets:

• Reducing absolute scope 1 and 2 GHG emissions 58 per cent by 2030 from a 2020 base year;
• Reaching 64 per cent of Bell's suppliers by spend, covering purchased goods and services, having science-based targets by 2026.

Bell selected these two targets as they collectively cover the vast majority of Bell's total carbon footprint. The annual SPTs are aligned with its science-based targets for GHG emissions reduction and supplier engagement, and link the company's cost of financing with performance.

Bell's environmental strategy includes seeking to reduce environmental impacts with initiatives throughout its value chain. Bell's focus on energy management and the reduction of its carbon footprint is in line with its strategic imperative to engage and invest in its people and create a sustainable future.

Bell's ESG strategy complements its financial performance by working at the intersection of environmental, economic and social systems, with the objective to create long-term value for the company and for society.

TD Securities and Scotiabank are committed lenders in the sustainability-linked securitization program.

Environmental, social and governance objectives

Bell's ESG objectives seek 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 strategy, seeking to create a workplace focused on diversity, equality and inclusion, and employee well-being, lead in mental health through Bell Let's Talk, and demonstrate best-in-class governance.

In 2023, Bell has been recognized by Canada's Top 100 Employers as one of Canada's Greenest Employers for the seventh consecutive year. Canada's Greenest Employers is an editorial competition organized by Mediacorp Canada Inc., a publisher of employment periodicals. The designation recognizes the employers that lead the nation in creating a culture of environmental awareness in their organizations.

Bell has also received an A-minus score in the 2022 CDP annual ranking, demonstrating the company's leadership in climate transparency and action. Bell's 2022 score places it in the leadership band for the seventh consecutive year, ranking significantly higher than the North American and global average scores (C) and tied for the highest spot among Canadian telecommunication companies.

Information about Bell's environmental initiatives and the benefits it strives to deliver to its customers, team and communities, including its Bell for Better investments in mental health, energy efficiency and an inclusive workplace, are available in Bell's integrated annual report.

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

About Bell

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

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