Ms. Ellen Murphy reports

BELL ANNOUNCES OFFERING OF US$2.25 BILLION AGGREGATE PRINCIPAL AMOUNT OF HYBRID NOTES

BCE Inc.'s Bell Canada has arranged an offering of $2.25-billion (U.S.) aggregate principal amount of fixed-to-fixed-rate junior subordinated notes in two series.

The $1-billion (U.S.) fixed-to-fixed-rate junior subordinated notes, Series A, due 2055, will initially bear interest at an annual rate of 6.875 per cent and reset every five years starting on Sept. 15, 2030, at an annual rate equal to the five-year U.S. treasury rate plus a spread of 2.390 per cent, provided that the interest rate during any five-year interest period will not reset below 6.875 per cent. The $1.25-billion (U.S.) fixed-to-fixed-rate junior subordinated notes, Series B, due 2055, will initially bear interest at an annual rate of 7.000 per cent and reset every five years starting on Sept. 15, 2035, at an annual rate equal to the five-year U.S. treasury rate plus a spread of 2.363 per cent, provided that the interest rate during any five-year interest period will not reset below 7.000 per cent.

The notes are being publicly offered in the United States through a syndicate of underwriters. Closing of the offering is expected to occur on Feb. 18, 2025, subject to customary closing conditions. The notes will be fully and unconditionally guaranteed by BCE.

Bell intends to use the net proceeds from the offering to repurchase, redeem or repay, as applicable, its senior indebtedness and for other general corporate purposes.

The offering is being made in the United States pursuant to a prospectus supplement to Bell's amended and restated short form base shelf prospectus dated Feb. 6, 2025, filed with the U.S. Securities and Exchange Commission as part of an effective shelf registration statement on Form F-10. The notes are not qualified for distribution in Canada under a prospectus pursuant to applicable securities laws, and no offer, sale or solicitation of an offer to buy notes in Canada or to residents of Canada will be made unless an exemption from Canadian prospectus requirements is available.

Copies of the amended and restated short form base shelf prospectus and the prospectus supplement relating to the offering, which have been filed with the U.S. Securities and Exchange Commission, may be obtained from the investor relations department of Bell Canada, at Building A, on the eight floor, 1 Carrefour Alexander-Graham-Bell, Verdun, Que., H3E 3B3 (telephone 1-800-339-6353). Copies of these documents are also available electronically on SEDAR+ and on EDGAR.

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

We seek Safe Harbor.