<SEC-DOCUMENT>0001193125-16-727623.txt : 20160930
<SEC-HEADER>0001193125-16-727623.hdr.sgml : 20160930
<ACCEPTANCE-DATETIME>20160930162803
ACCESSION NUMBER:		0001193125-16-727623
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20160930
FILED AS OF DATE:		20160930
DATE AS OF CHANGE:		20160930

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BCE INC
		CENTRAL INDEX KEY:			0000718940
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08481
		FILM NUMBER:		161913147

	BUSINESS ADDRESS:	
		STREET 1:		1 CARREFOUR ALEXANDER-GRAHAM-BELL
		CITY:			VERDUN
		STATE:			A8
		ZIP:			H3E 3B3
		BUSINESS PHONE:		514-786-3891

	MAIL ADDRESS:	
		STREET 1:		1 CARREFOUR ALEXANDER-GRAHAM-BELL
		CITY:			VERDUN
		STATE:			A8
		ZIP:			H3E 3B3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BELL CANADA ENTERPRISES INC
		DATE OF NAME CHANGE:	19880111
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d359661d6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML><HEAD>
<TITLE>6-K</TITLE>
</HEAD>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Form 6-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REPORT OF FOREIGN PRIVATE ISSUER </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO RULE 13A-16 OR 15D-16 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of September, 2016 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number: 1-8481 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>BCE Inc.
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Translation of registrant&#146;s name into English) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1, Carrefour Alexander-Graham-Bell, </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Building A, 8th Floor </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Verdun, Qu&eacute;bec </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Canada H3E 3B3 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(514)
870-8777 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form 20-F&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;&nbsp;&#9746;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)
(1):&nbsp;&nbsp;&#9744;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101(b) (7):&nbsp;&nbsp;&#9744;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also
thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9746;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
82-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This report on Form 6-K and the
exhibits hereto shall be deemed to be incorporated by reference as exhibits to the Registration Statement of BCE Inc. and Bell Canada on Form F-10 (File No.&nbsp;333-213603) and to be a part thereof from the date on which this report is furnished,
to the extent not superseded by documents or reports subsequently filed or furnished. Notwithstanding any reference to BCE Inc.&#146;s Web site on the World Wide Web in the documents attached hereto, the information contained in BCE Inc.&#146;s site
or any other site on the World Wide Web referred to in BCE Inc.&#146;s site is not a part of this Form 6-K and, therefore, is not furnished to the Securities and Exchange Commission. </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%"></TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>BCE Inc.</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Date: September&nbsp;30, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">By:</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">/s/ Michel Lalande</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Michel Lalande</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Senior Vice-President &#150; General Counsel and</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Corporate Secretary</P></TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT INDEX </U></B> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="92%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:25.30pt; font-size:8pt; font-family:Times New Roman"><B>Exhibit</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Dealer Agreement</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Tax Opinion and Consent of Sullivan &amp; Cromwell LLP</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Stikeman Elliott LLP</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release, dated September 30, 2016</TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d359661dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXECUTION VERSION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September&nbsp;30, 2016
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BELL CANADA </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1, Carrefour Alexander-Graham-Bell </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Building A, 8th Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Verdun, Quebec H3E 3B3 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Attention of:</B> Mr.&nbsp;Paul Stinis, Senior Vice-President and Treasurer<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>Barclays Capital
Canada Inc., BMO Nesbitt Burns Inc., Casgrain&nbsp;&amp; Company Limited, CIBC World Markets Inc., Citigroup Global Markets Canada Inc., Desjardins Securities Inc., Merrill Lynch Canada Inc., National Bank Financial Inc., RBC Dominion Securities
Inc., Scotia Capital Inc. and TD Securities Inc. (collectively, the &#147;<B>Dealers</B>&#148; and individually, a &#147;<B>Dealer</B>&#148;) understand that Bell Canada (the &#147;<B>Corporation</B>&#148;) proposes to issue and sell, from time to
time, in all Qualifying Jurisdictions (as defined below) and in the United States in the manner contemplated in Schedule C, MTN Debentures (as defined below) unconditionally guaranteed as to payment of principal, interest and other payment
obligations by BCE Inc. (the &#147;<B>Guarantor</B>&#148; and the unconditional guarantee of the MTN Debentures provided by the Guarantor being the &#147;<B>Guarantee</B>&#148;).<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Corporation has filed a short form base shelf prospectus dated September&nbsp;20, 2016 relating to the distribution of the Debt Securities
(as defined below) in accordance with the rules and procedures established pursuant to the securities laws of the Qualifying Jurisdictions and, in particular, pursuant to National Instrument 44-101 Short Form Prospectus Distributions and National
Instrument 44-102 Shelf Distributions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>The Corporation and the Guarantor have also filed with the United States Securities and
Exchange Commission (the &#147;<B>SEC</B>&#148;) a registration statement on Form F-10 (No. 333-213603) providing for the registration of the Debt Securities under the United States Securities Act of 1933, as amended, and the rules and regulations
of the SEC thereunder (the &#147;<B>U.S. Securities Act</B>&#148;).<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>Subject to the terms and conditions herein set forth,
the Corporation hereby appoints the Dealers, jointly and not solidarily, as its agents to solicit, from time to time, offers to purchase MTN Debentures, such solicitations to be made directly and through other investment dealers approved in writing
by the Corporation (together with the Dealers, the &#147;<B>Dealer Firms</B>&#148;) in the Qualifying Jurisdictions, in the United States (subject to the additional provisions set forth in Schedule&nbsp;C hereto), and, with the prior written
approval of the Corporation, in other jurisdictions, and each Dealer hereby individually accepts the appointment. The Corporation may appoint additional agents hereunder by delivering to the then existing Dealers a copy of this Agreement (as such
term is defined below) and the amended prospectus supplement required by law, in each case signed by each such agent, whereupon each such agent shall become one of the &#147;<B>Dealers</B>&#148; hereunder. The agency sales of the MTN Debentures
shall be subject to acceptance by the Corporation of all offers to purchase MTN Debentures and to the requirements of any applicable Canadian Securities Laws, U.S. Securities Laws (as such terms are defined below) or other laws as may be
applicable.<B> </B></P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;2&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The parties hereto acknowledge that sales of non-U.S. dollar denominated MTN Debentures in the
United States shall only be made by the Dealers&#146; United States affiliates and in the manner contemplated by Schedule&nbsp;C hereto and that, provided the Dealers&#146; United States affiliates agree in writing to comply in all respects with the
provisions of this Agreement including Schedule&nbsp;C relating to the distribution of non-U.S. dollar denominated MTN Debentures, such United States affiliates shall not need to be approved by the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">A Dealer, either alone or jointly and not solidarily with one or more of the other Dealers, may, as set forth in Section&nbsp;16, from time to
time, purchase MTN Debentures, as an underwriter or dealer purchasing as principal, at such prices and with such fees or commissions as may be agreed upon by the Corporation and such Dealer or Dealers, for resale to the public in the Qualifying
Jurisdictions or in the United States at prices to be negotiated with purchasers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I></I>The Corporation may also offer the MTN
Debentures, from time to time, in accordance with Canadian Securities Laws, the U.S. Securities Laws or other applicable laws, as applicable, directly to the public in the Qualifying Jurisdictions, in the United States or in any other jurisdiction
at prices and upon terms agreed to by the Corporation and the purchaser of the MTN Debentures, <I>provided</I> that the Corporation may not so offer the MTN Debentures during any period commencing:<I> </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">on a date the Corporation requests the Dealers to solicit offers to purchase MTN Debentures; or
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">on a date on which a Dealer, either alone or jointly and not solidarily with one or more of the other Dealers,
has agreed to purchase MTN Debentures as principal or underwriter for resale; </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>and ending, unless otherwise
agreed with the Dealer or Dealers, on the earlier of the date on which all agreements relating to sales of such MTN Debentures by or through the Dealers are binding on the Dealers or on the public purchasers of MTN Debentures, and the date on which
the Corporation withdraws its request to the Dealers (a &#147;<B>Distribution Period</B>&#148;). No commission shall be payable to the Dealers for sales made directly by the Corporation.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Corporation may accept unsolicited offers to purchase Debt Securities received from an investment dealer other than a Dealer, may appoint
an investment dealer, including an investment dealer other than a Dealer, to solicit offers to purchase such Debt Securities, and may sell such Debt Securities to an investment dealer, including an investment dealer other than a Dealer, as principal
or underwriter for resale to the public, other than pursuant to the terms hereof. In any such circumstances, any required dealer agreement shall be executed and the appropriate prospectus supplement shall be filed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For each MTN Debenture sold under this Agreement by one or more of the Dealers acting as agent or agents of the Corporation, the Corporation
will pay to such Dealer, or to such Dealers collectively, a commission as shall be determined by agreement between the Corporation and the Dealer or Dealers from time to time. The aforesaid commission in respect of any particular MTN Debenture will
be payable in the same currency as the principal of such MTN Debenture. </P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;3&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>TERMS AND CONDITIONS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The agreement resulting from the execution of this letter by the Corporation shall be subject to the terms and conditions as set forth below.
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Definitions</B> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">As used herein and in the Schedules, unless the context otherwise requires: </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>affiliate</B>&#148; of, or Person affiliated with, a specified Person shall mean a Person that directly, or
indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Person specified;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Agreement</B>&#148; or &#147;<B>Dealer Agreement</B>&#148; means this dealer agreement, as it may be amended
from time to time;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Applicable Time</B>&#148; in respect of a particular offering of the MTN
Debentures means the time immediately prior to the time of the first sale by a Dealer of any MTN Debentures with regard to such particular offering of the MTN Debentures, or, if an underwriting agreement exists, the time specified in such
underwriting agreement;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Book-Entry Interest</B>&#148; has the meaning ascribed thereto in
Section&nbsp;B.1 of Schedule&nbsp;A;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Book-Entry Only Debenture</B>&#148; has the meaning ascribed
thereto in Section&nbsp;A.6 of Schedule&nbsp;A;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Business Day</B>&#148; means a day, excluding
Saturday, Sunday and any other day which shall be in the City of Montreal, Province of Quebec or in the City of Toronto, Province of Ontario, a legal holiday or a day on which banking institutions are required by law or local proclamation to
close;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Canadian Pricing Supplement</B>&#148; means a pricing supplement, in either or both of the
English and French languages, incorporated by reference into the Canadian Prospectus for purposes of distribution of the MTN Debentures, as contemplated by the Policy;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Canadian Prospectus</B>&#148; means the short form base shelf prospectus of the Corporation dated
September&nbsp;20, 2016 relating to the distribution of the Debt Securities, in both the English and French languages, including the documents or information incorporated or deemed to be incorporated therein by reference (excluding any prospectus
supplement other than a Canadian Prospectus Supplement);<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Canadian Prospectus Amendment</B>&#148;
means an amendment to the Canadian Prospectus, in both the English and French languages unless the context indicates otherwise, relating to the distribution of MTN Debentures and includes an amendment by way of a material change report, as
contemplated by the Policy;<B> </B></P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;4&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Canadian Prospectus Supplement</B>&#148; means the prospectus
supplement of the Corporation dated September&nbsp;30, 2016 and any other supplements (other than a Canadian Pricing Supplement), in both the English and French languages, incorporated by reference into the Canadian Prospectus, for purposes of
distribution of the MTN Debentures, as contemplated by the Policy;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Canadian Securities
Laws</B>&#148; means the securities acts or similar statutes of the Qualifying Jurisdictions and all regulations, rules, policy statements, notices and blanket orders or rulings thereunder;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>CDS</B>&#148; has the meaning ascribed thereto in Section&nbsp;B.1 of Schedule&nbsp;A;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Certificated Debentures</B>&#148; has the meaning ascribed thereto in Section&nbsp;A.6 of Schedule&nbsp;A;<B>
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Closing Date</B>&#148; has the meaning ascribed thereto in Section&nbsp;8.1;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Comfort Letter</B>&#148; has the meaning ascribed thereto in Section&nbsp;6.1(f);<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Comparables</B>&#148; has the meaning ascribed thereto in NI 44-102;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Corporation</B>&#148; means Bell Canada;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Corporation&#146;s Counsel</B>&#148; means Mr.&nbsp;Michel Lalande, Senior Vice-President, General Counsel and
Corporate Secretary of the Corporation, or such other person who may occupy a similar position during the term of this Agreement, and Stikeman Elliott LLP;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Corporation&#146;s Counsel Opinion</B>&#148; has the meaning ascribed thereto in Section&nbsp;8.1(b);<B>
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Corporation&#146;s U.S. Counsel</B>&#148; means Sullivan&nbsp;&amp; Cromwell LLP;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Dealer</B>&#148; and &#147;<B>Dealers</B>&#148; have the meaning ascribed thereto in the first paragraph of
this agreement;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Dealer Firms</B>&#148; has the meaning ascribed thereto in the fourth paragraph of
this Agreement;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Dealers&#146; Counsel</B>&#148; means McCarthy T&eacute;trault LLP, or such other
legal counsel acceptable to the Dealers and the Corporation;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Dealers&#146; U.S. Counsel</B>&#148;
means Shearman&nbsp;&amp; Sterling LLP, or such other legal counsel acceptable to the Dealers and the Corporation;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Debt Securities</B>&#148; means the debentures, notes and any other unsecured evidences of indebtedness of the
Corporation, including the MTN Debentures, which are authorized to be distributed pursuant to the Canadian Prospectus and the U.S. Prospectus;<B> </B></P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;5&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Disclosure Package</B>&#148; means the U.S. Prospectus, U.S.
Prospectus Supplement, any preliminary or final U.S. Pricing Supplement, together with the Term Sheet, if any, and any other Issuer Free Writing Prospectus, if any, identified on a Schedule&nbsp;to an underwriting agreement or, if no underwriting
agreement exists, any other Issuer Free Writing Prospectus, if any, that has been prepared by or on behalf of the Corporation relating to any particular offering of the MTN Debentures as of the Applicable Time for such particular offering;<B>
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>distribution</B>&#148; or &#147;<B>distribution to the public</B>&#148; have the meanings ascribed
thereto under applicable Canadian Securities Laws;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Distribution Period</B>&#148; has the meaning
ascribed thereto in the seventh paragraph of this Agreement;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Financial Information</B>&#148; has
the meaning ascribed thereto in Section&nbsp;6.1(e)(i);<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Form F-10</B>&#148; means Form F-10 under
the U.S. Securities Act;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Guarantee</B>&#148; has the meaning ascribed thereto in the first
paragraph of this Agreement;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Guarantor</B>&#148; means BCE Inc.;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Guarantor&#146;s Counsel</B>&#148; means Mr.&nbsp;Michel Lalande, Senior Vice-President, General Counsel and
Corporate Secretary of the Guarantor, or such other person who may occupy a similar position during the term of this Agreement, and Stikeman Elliott LLP;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Guarantor&#146;s Counsel Opinion</B>&#148; has the meaning ascribed thereto in Section&nbsp;8.2;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Guarantor&#146;s U.S. Counsel</B>&#148; means Sullivan&nbsp;&amp; Cromwell LLP;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>including</B>&#148; means including without limitation;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Issue Closing Date</B>&#148; means the Settlement Date of that MTN Debenture or those MTN Debentures which is
or are the last in time to be settled from that particular issue of MTN Debentures;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Issuer Free
Writing Prospectus</B>&#148; means any &#147;issuer free writing prospectus,&#148; as defined in Rule 433(h) under the U.S. Securities Act, of the Corporation relating to an offering of the MTN Debentures;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Limited Use Version</B>&#148;<B> </B>has the meaning attributed thereto in NI&nbsp;41-101;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Marketing Materials</B>&#148;<B> </B>has the meaning attributed thereto in NI&nbsp;41-101;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>material change</B>&#148;, &#147;<B>material fact</B>&#148; and &#147;<B>misrepresentation</B>&#148; have the
meanings ascribed thereto under applicable Canadian Securities Laws, <B></B><I>provided</I><B></B> that when used in Schedule&nbsp;C hereof, &#147;material fact&#148; and &#147;misrepresentation&#148; shall have the meanings ascribed thereto under
applicable U.S. Securities Laws;<B> </B></P>

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<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>MTN Debentures</B>&#148; means the debentures of the Corporation
as described in the Canadian Prospectus Supplement dated September&nbsp;30, 2016 and to be issued pursuant to the Trust Indenture;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>NI&nbsp;41-101</B>&#148; means National<B></B> Instrument 41-101<B> </B><I>General Prospectus
Requirements</I><B></B>;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>NI&nbsp;44-102</B>&#148;<B> </B>means National Instrument 44-102<B>
</B><I>Shelf Distributions</I><B></B>;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>NI 51-102</B>&#148; means National Instrument
51-102&nbsp;&#150;&nbsp;<B></B><I>Continuous Disclosure Obligations</I><B></B> of the Canadian Securities Administrators;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>No Trading Period</B>&#148; has the meaning ascribed thereto in Section&nbsp;4.1;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Other Terms and Conditions</B>&#148; has the meaning ascribed thereto in Section&nbsp;A.1 of
Schedule&nbsp;A.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Person</B>&#148; means and includes any individual, corporation, partnership,
limited partnership, limited liability corporation, joint stock corporation or association, joint venture, consortium, corporation, trust, bank, pension plan, commingled trust fund or similar institutional investor, or other entity, government, or
agency, and any political subdivision thereof;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Policy</B>&#148; means National Instrument 44-101,
NI 44-102, Companion Policy 44-101CP and Companion Policy 44-102CP of the Canadian Securities Administrators, as amended, and any replacement national instruments, policies and regulations adopted subsequently to the date hereof;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Qualifying Jurisdictions</B>&#148; means, collectively, all the provinces of Canada;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Registration Statement</B>&#148; means the various parts of the registration statement on Form F-10 (File
No.&nbsp;333-213603), including all exhibits thereto but excluding Form T-1 (if any) and including all documents incorporated by reference in the prospectus included therein and any prospectus supplement relating to the MTN Debentures that is filed
with the SEC pursuant to General Instruction II.L of Form F-10, each as amended at the time such part of such registration statement became effective;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>SEC</B>&#148; has the meaning ascribed thereto in the third paragraph of this Agreement;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Securities Commissions</B>&#148; means the securities commission or other securities regulatory authority in
each of the Qualifying Jurisdictions;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Settlement Date</B>&#148; means, unless the parties thereto
agree to a different date, the third Business Day following the date on which the Corporation accepts one or more offers to purchase MTN Debentures;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Subsidiaries</B>&#148; has the meaning ascribed thereto in the <B></B><I>Canada Business Corporations
Act</I><B></B>, as amended;<B> </B></P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;7&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Template Version</B>&#148; has the meaning ascribed thereto in
NI&nbsp;41-101 and includes a revised Template Version of Marketing Materials as contemplated by NI&nbsp;44-102, and, for greater certainty, the final version of any term sheet prepared for the purpose of the relevant distribution;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Term Sheet</B>&#148; means an Issuer Free Writing Prospectus that is a final term sheet relating to a
particular offering of MTN Debentures;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Trade Day</B>&#148; has the meaning ascribed thereto in
Section&nbsp;A.5 of Schedule&nbsp;A;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Trust Indenture</B>&#148; means the trust indenture dated as
of November&nbsp;28, 1997 between the Corporation and the Trustee providing for the issue of Debt Securities of the Corporation, as amended or supplemented from time to time, including, for greater certainty, a first supplemental trust indenture
between the same parties bearing the formal date of July&nbsp;12, 1999, and a second supplemental trust indenture dated February&nbsp;1, 2007 setting forth and creating the Guarantee;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Trust Indenture Act</B>&#148; has the meaning ascribed thereto in Section&nbsp;7.1(a) of Schedule&nbsp;C;<B>
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>Trustee</B>&#148; means CIBC Mellon Trust Company as trustee under the Trust Indenture, or any
successor trustee thereunder from time to time;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>United States</B>&#148; means the United States of
America, its territories and possessions, any state of the United States, and the District of Columbia;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>U.S. Exchange Act</B>&#148; means the United States Securities Exchange Act of 1934, as amended, and the rules
and regulations of the SEC thereunder;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>U.S. Person</B>&#148; has the meaning ascribed thereto in
Regulation S under the U.S. Securities Act;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>U.S. Pricing Supplement</B>&#148; means any pricing
supplement relating to the MTN Debentures sold in the United States filed with the SEC pursuant to General Instruction II.L of Form F-10 under the U.S. Securities Act;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>U.S. Prospectus</B>&#148; means the base prospectus included in the Registration Statement at the time it
first became effective, including the documents or information incorporated or deemed to be incorporated therein by reference;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>U.S. Prospectus Supplement</B>&#148; means the prospectus supplement of the Corporation dated
September&nbsp;30, 2016 and any other prospectus supplements relating to the MTN Debentures (other than a U.S. Pricing Supplement) filed with the SEC pursuant to General Instruction II.L of Form F-10 under the U.S. Securities Act;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>U.S. Securities Act</B>&#148; has the meaning ascribed thereto in the third paragraph of this Agreement; <B>
</B></P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;8&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>&#147;<B>U.S. Securities Laws</B>&#148; means all of the applicable
federal and state securities laws and regulations of the United States including the U.S. Securities Act and the U.S. Exchange Act; and<B> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">In this Agreement, except as otherwise expressly provided: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">all words and personal pronouns relating thereto shall be read and construed as the number and gender of the
party or parties require and the verb shall be read and construed as agreeing with the required word and pronoun; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">all dollar amounts referred to herein are expressed in Canadian dollars and shall mean Canadian dollars,
except where otherwise indicated. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Terms of the MTN Debentures</B> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The MTN Debentures shall be issued pursuant to the terms of the Trust Indenture and shall, in all material
respects, have the attributes and characteristics described in the Canadian Prospectus and U.S. Prospectus, each as amended or supplemented from time to time. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Each MTN Debenture shall be substantially in the form set out in the Trust Indenture with such additions and
variations as may be appropriate to reflect the terms agreed to with the purchaser thereof. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Subject to Sections 2.1 and 2.2 all terms and conditions of each MTN Debenture issued by the Corporation from
time to time shall be determined by the Corporation in its sole discretion which terms and conditions shall include, without limitation: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">currency; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">issue and delivery date; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">maturity date; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">amount of principal; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">issue price (at par (100% of the principal amount thereof), at a premium or at a discount); and
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">interest rate and interest payment dates. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Distribution of MTN Debentures</B> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Dealers shall, on such dates as the Corporation has notified the Dealers in accordance with the operating
procedures set forth in Schedule&nbsp;A that it requires funds, use their best efforts to solicit offers to purchase the MTN Debentures from, and sell the MTN Debentures to, members of the public in the Qualifying Jurisdictions, the United States
and, with the prior written approval of the Corporation, other jurisdictions, only as permitted by and in compliance with the applicable Canadian Securities Laws, U.S. Securities Laws and other applicable laws,
</P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;9&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">upon the terms and conditions set forth in this Agreement (including Schedule&nbsp;C hereof) and set forth in
the Canadian Prospectus and the U.S. Prospectus, each as amended and supplemented from time to time; provided that the Dealers shall not, without the prior written consent of the Corporation or the Guarantor, take any action that would require the
Corporation or the Guarantor, respectively, to file any prospectus, registration statement or other disclosure document in any jurisdiction other than the Qualifying Jurisdictions and in the United States, nor take any action that would require the
Corporation or the Guarantor, respectively, to file any document other than as contemplated in this Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Unless otherwise advised in writing by the Corporation, for purposes of this Section&nbsp;3, the Dealers shall
be entitled to assume that the MTN Debentures are qualified for distribution in all of the Qualifying Jurisdictions. The Corporation has delivered or shall deliver to the Dealers&#146; Counsel and the Dealers&#146; U.S. Counsel copies of all
receipts, if any, received from time to time from the Securities Commissions for the Canadian Prospectus or any Canadian Prospectus Supplement or Canadian Prospectus Amendment as soon as they are available. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Dealers shall, as soon as practicable and in any event not later than the tenth day following a day on
which the Dealers have distributed MTN Debentures, provide the Corporation with a comprehensive breakdown of the MTN Debentures distributed by the Dealers collectively, both through agency sales and principal sales (separately enumerated), in each
of the Qualifying Jurisdictions where a breakdown is required for the purpose of calculating fees payable by the Corporation to a Securities Commission, in the United States and in any other jurisdiction. In the event any non U.S. dollar denominated
MTN Debentures are distributed in the United States, the Dealers shall, not later than one Business Day prior to the Issue Closing Date, provide the Corporation with a breakdown of the MTN Debentures distributed in the United States by the Dealers
collectively. For the purposes of this Section&nbsp;3.3, MTN Debentures will be considered distributed in the United States if they have been offered and sold to U.S. Persons. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">During the period of distribution of MTN Debentures, the Corporation and any Dealer(s) acting as lead
Dealer(s) in an offering of MTN Debentures may, in consultation, prepare a Template Version of all Marketing Materials to be provided by the Dealers to any potential investor of MTN Debentures resident in Canada. The form, substance and content of
such Marketing Materials shall comply with Part&nbsp;9A of NI&nbsp;44-102 and must be acceptable to the Corporation, the Dealer(s) acting as lead Dealer(s) in an offering of MTN Debentures and their respective counsel, acting reasonably. The
Template Version of such Marketing Materials shall be subject to the approval in writing (approval via e-mail being considered &#147;in writing&#148;) by the Corporation and the lead Dealer(s) in respect of such distribution as contemplated by
Canadian Securities Laws prior to the time such Marketing Materials are provided to potential investors resident in Canada. The Corporation shall file a Template Version of such Marketing Materials with the Securities Commissions on or before the
day such Marketing Materials are first provided to any potential investor of MTN Debentures. Any Comparables and disclosure relating to such Comparables may be removed by the Corporation from the Template Version of such Marketing Materials in
accordance with NI&nbsp;44-102 prior to filing such Template Version with the </P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;10&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Securities Commissions and a complete Template Version of such Marketing Materials containing such Comparables
and disclosure relating to such Comparables shall be delivered to the Securities Commissions by the Corporation. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Dealers, jointly and not solidarily, covenant and agree during the period of distribution of MTN
Debentures that any Marketing Materials approved by the Corporation and the lead Dealer(s) in accordance with Section&nbsp;3.4 shall only be provided to potential investors in the Qualifying Jurisdictions and shall be accompanied by a copy of the
Canadian Prospectus, any Canadian Prospectus Amendment and any applicable Canadian Prospectus Supplement or Canadian Pricing Supplement that has been delivered to the Dealers. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.6</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Corporation covenants and agrees that during the period of distribution of MTN Debentures it shall not
provide any Marketing Materials to potential investors without the prior consent of the Dealers, and consents to the Dealers&#146; use of the Marketing Materials (and any Limited Use Version thereof) contemplated by Sections 3.4 and 3.5 in
connection with the distribution of the MTN Debentures, provided that such use is in compliance with the provisions of this Agreement and Part&nbsp;9A of NI&nbsp;44-102 and other applicable Canadian Securities Laws. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>No Trading Period</B> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">During the period of distribution of the MTN Debentures under the Canadian Prospectus or the U.S. Prospectus,
each as amended or supplemented from time to time, the Corporation shall not, during the time period (the &#147;<B>No Trading Period</B>&#148;) in which the Corporation believes, in its reasonable judgement, that any change or fact described below
(which has not been publicly announced or disclosed in a public filing with a Securities Commission and the SEC and incorporated by reference in the Canadian Prospectus or the U.S. Prospectus, or is the subject of the filing of a confidential
material change report) has occurred or is sufficiently imminent and probable such that a reasonably prudent reporting issuer would not trade in any of its own securities, continue the distribution of the MTN Debentures until the No Trading Period
ends either through a change in circumstances, or a public announcement of such change or fact being made, or such change or fact being disclosed in a filing with a Securities Commission and the SEC and incorporated by reference in the Canadian
Prospectus and the U.S. Prospectus, or otherwise: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any change (actual, anticipated, contemplated or threatened) in the business, affairs, operations, assets,
liabilities (contingent or otherwise), capital or ownership of the Corporation and its Subsidiaries on a consolidated basis and taken as a whole; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any change in any matter covered by a statement contained or incorporated by reference in the Canadian
Prospectus or the U.S. Prospectus, each as amended or supplemented immediately prior to such change; or </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any fact which has arisen which would have been required to have been stated in the Canadian Prospectus or the
U.S. Prospectus had the fact arisen on or prior to the date of the Canadian Prospectus or the U.S. Prospectus or of a </P></TD></TR></TABLE>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;11&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Canadian Prospectus Supplement, Canadian Pricing Supplement, U.S. Prospectus Supplement, or U.S. Pricing
Supplement; </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">which change or fact in any case is, or may be, of such a nature as: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">would render the Canadian Prospectus, as amended or supplemented immediately prior to such change or fact,
misleading or untrue in any material respect; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">would result in the Canadian Prospectus, as amended or supplemented immediately prior to such change or fact,
containing a misrepresentation; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">would result in the Canadian Prospectus, as amended or supplemented immediately prior to such change or fact,
not complying with the laws of any Qualifying Jurisdiction; or </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">would result in the U.S. Prospectus, as amended or supplemented immediately prior to such change or fact,
including an untrue statement of a material fact or omitting to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Corporation shall promptly comply with all applicable filings and other requirements under Canadian
Securities Laws and U.S. Securities Laws arising as a result of such change or fact. In addition, if, during the period of the distribution of the MTN Debentures, there is any change in any applicable Canadian Securities Laws or U.S. Securities
Laws, which results in a requirement to file a Canadian Prospectus Amendment or an amendment to the Registration Statement or the U.S. Prospectus, the Corporation, shall, to the satisfaction of the Dealers&#146; Counsel and the Dealers&#146; U.S.
Counsel, acting reasonably, make any such filing as soon as possible. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Filing of Prospectus Documents</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Corporation shall as soon as possible fulfil, and shall continue to fulfil during the term of this Agreement, to the
satisfaction of Dealers&#146; Counsel and Dealers&#146; U.S. Counsel, acting reasonably, all legal requirements to be fulfilled by the Corporation (including, from time to time, any filings, proceedings and legal requirements set forth in the Policy
or the U.S. Securities Laws) to enable the MTN Debentures to be offered for sale and sold to the public in accordance with the terms of this Agreement in each of the Qualifying Jurisdictions under the Policy in compliance with applicable Canadian
Securities Laws and in the United States in accordance with the terms of this Agreement (including the additional provisions set forth in Schedule&nbsp;C hereto) in compliance with the U.S. Securities Laws by or through the Dealers and the Dealer
Firms. </P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;12&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Delivery of Prospectus and Related Documents</B> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Corporation shall deliver or cause to be delivered to the Dealers and the Dealers&#146; Counsel and the
Dealers&#146; U.S. Counsel the documents set out below at the respective times indicated: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">on the date of this Agreement, (i)&nbsp;the Canadian Prospectus, in the English and French languages, signed
as required by the Canadian Securities Laws and as filed with the Securities Commissions and (ii)&nbsp;the U.S. Prospectus, each in form and substance acceptable to the Dealers&#146; Counsel and the Dealers&#146; U.S. Counsel, acting reasonably;
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">on the date of this Agreement, all documents, in the English and French languages (to the extent applicable),
incorporated or containing information incorporated by reference into the Canadian Prospectus or the U.S. Prospectus and not previously delivered to the Dealers; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">on the date of this Agreement, confirmations in writing from DBRS Limited, Moody&#146;s Investors Service,
Inc., and Standard&nbsp;&amp; Poor&#146;s Financial Services LLC, a subsidiary of The McGraw Hill Companies, Inc., confirming the ratings on the MTN Debentures and, subsequently, unless the Corporation shall have determined that a No Trading Period
exists as a result of a change in the credit ratings of the MTN Debentures, as soon as practicable after receipt of notification from such agencies of any change to such ratings; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">as soon as they are available or as soon as contemplated by Schedule&nbsp;A or Schedule&nbsp;C, copies of any
Canadian Prospectus Amendment, any Canadian Prospectus Supplement and any Canadian Pricing Supplement as contemplated by the Policy, signed if and as required by the Canadian Securities Laws, and any amended U.S. Prospectus, any U.S. Prospectus
Supplement and any U.S. Pricing Supplement, each in form and substance acceptable to the Dealers&#146; Counsel and the Dealers&#146; U.S. Counsel, acting reasonably, including copies of any documents incorporated or containing information
incorporated by reference therein and not previously delivered to the Dealers and, where applicable, receipts from the applicable Securities Commissions in respect of the filing thereof; <I>provided</I> that each Canadian Pricing Supplement or U.S.
Pricing Supplement that does not contain a &#147;<B>Recent Developments</B>&#148; section&nbsp;need be delivered only to the Dealer or Dealers involved in the particular offering of MTN Debentures to which such document relates;
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">at the time of the delivery (or as soon as practicable thereafter) to the Dealers pursuant to this
Section&nbsp;6.1 of the French language version of the Canadian Prospectus, any Canadian Prospectus Amendment, any Canadian Prospectus Supplement or any Canadian Pricing Supplement: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">one or more opinions of the Corporation&#146;s Counsel, or such other counsel to the Corporation acceptable to
the Dealers, acting reasonably, dated the date of the document in question and acceptable </P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;13&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">in form and substance to the Dealers&#146; Counsel, to the effect that, except for the following documents or
information: (a)&nbsp;the Guarantor&#146;s annual comparative audited consolidated financial statements and the auditors&#146; report thereon; (b)&nbsp;the Guarantor&#146;s interim unaudited comparative consolidated financial statements;
(c)&nbsp;the Guarantor&#146;s annual and quarterly management&#146;s discussion and analysis; (d)&nbsp;the Guarantor&#146;s annual information form; (e)&nbsp;the Corporation&#146;s consolidating summary financial information required by
section&nbsp;13.4 of NI 51-102; and (f)&nbsp;the information under the headings &#147;Consolidated Capitalization&#148; and &#147;Earnings Coverage Ratios&#148; in the Canadian Prospectus (collectively, the &#147;<B>Financial Information</B>&#148;),
contained in or incorporated by reference in the Canadian Prospectus, any Canadian Prospectus Amendment, any Canadian Prospectus Supplement and/or any Canadian Pricing Supplement (as the case may be) in the French language and each of the documents
in the French language incorporated by reference therein is in all material respects a complete and proper translation of the English version thereof; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an opinion of the Guarantor&#146;s auditors dated the date of the document and acceptable in form and
substance to the Dealers&#146; Counsel and the Dealers&#146; U.S. Counsel, acting reasonably, to the effect that the Financial Information contained or incorporated by reference in the document in the French language conforms, in all material
respects, to the English version thereof; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">on the date of this Agreement and, if requested in writing by the Dealer(s), (i)&nbsp;at the time of the
delivery to any Dealer(s), pursuant to this Section&nbsp;6.1 of the Canadian Prospectus, any Canadian Prospectus Amendment, any Canadian Prospectus Supplement, the U.S. Prospectus, any amended U.S. Prospectus or any U.S. Prospectus Supplement,
(ii)&nbsp;by the tenth Business Day following the filing of the Guarantor&#146;s interim and annual financial statements, and (iii)&nbsp;at such other time or times as the Corporation and the Dealer(s) may agree in connection with a particular
distribution of MTN Debentures, a comfort letter from the Guarantor&#146;s auditors, dated the date of this Agreement, the date of the Canadian Prospectus, the Canadian Prospectus Amendment, the Canadian Prospectus Supplement, the U.S. Prospectus,
any amended U.S. Prospectus or the U.S. Prospectus Supplement, or the date of filing of the financial statements, or such other date, as the case may be, and acceptable in form and substance to such Dealer(s), acting reasonably, with respect to
certain financial and accounting information and/or interest coverage ratios relating to the Guarantor and the Corporation contained in such Canadian Prospectus, Canadian Prospectus Amendment, Canadian Prospectus Supplement, U.S. Prospectus, amended
U.S. Prospectus or U.S. Prospectus Supplement and financial statements, as the case may be; provided that such comfort letter need not be provided at that time if the Corporation does not reasonably expect to effect any distribution of MTN
Debentures prior to the time another comfort letter could be requested by the Dealer(s) pursuant to this Section&nbsp;6.1(f). It is agreed that any comfort letter delivered on the date of this
</P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;14&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Agreement, in connection with the delivery of the U.S. Prospectus, amended U.S. Prospectus or U.S. Prospectus
Supplement or otherwise in connection with sales into the United States shall be prepared in accordance with the Statement of Auditing Standards No.&nbsp;72 (or any successor bulletin). It is understood that, in the event the Corporation cannot rely
on the &#147;credit supporter&#148; exemption set forth in section&nbsp;13.4 of NI 51-102 or an equivalent exemption, then the references to the Guarantor and its documents and auditors in this Section&nbsp;6.1(f) shall be replaced with references
to the Corporation, its documents and auditors. In any such event, the comfort letter shall be based on a review by the auditors having a cut-off date not more than two Business Days prior to the date of the comfort letter (the &#147;<B>Comfort
Letter</B>&#148;); and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">as soon as they are available and in any event within five Business Days from the date of the document in the
case of the Canadian Prospectus, a Canadian Prospectus Amendment or a Canadian Prospectus Supplement and one Business Day from the date of the document in the case of a Canadian Pricing Supplement, that number of commercial copies of the Canadian
Prospectus, any Canadian Prospectus Amendment, any Canadian Prospectus Supplement and any Canadian Pricing Supplement, including copies of any documents incorporated, or containing information incorporated, by reference therein, as the Dealers may
reasonably require, without charge, in those cities located in the Qualifying Jurisdictions that the Dealers may reasonably request. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Corporation&#146;s delivery to the Dealers of the documents referred to in Section&nbsp;6.1 or the written
determination of the terms and conditions of MTN Debentures issued by the Corporation in accordance with Section&nbsp;2 (in the absence of notification to cease distribution of the MTN Debentures by the Corporation as contemplated by Section&nbsp;4)
shall constitute the Corporation&#146;s consent to the use by the Dealer Firms of such documents in connection with the distribution of the MTN Debentures in compliance with the provisions of this Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Representations, Warranties, Covenants and Agreements</B> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Corporation&#146;s delivery to the Dealers of the Canadian Prospectus, the U.S. Prospectus, a Canadian
Pricing Supplement, a U.S. Pricing Supplement or the Disclosure Package shall constitute a representation and warranty by the Corporation to the Dealers that: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each MTN Debenture to which the Canadian Pricing Supplement, the U.S. Pricing Supplement or the Disclosure
Package relates will at its date of issue be duly and validly issued pursuant to the Trust Indenture and will constitute a legal, valid and binding obligation of the Corporation enforceable in accordance with its terms and the terms of the Trust
Indenture, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors&#146; rights and to general equity principles; </P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;15&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Trust Indenture is a legal, valid and binding obligation of the Corporation, enforceable in accordance
with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors&#146; rights and to general equity principles, and complies with all
applicable legal requirements; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Canadian Prospectus, as amended or supplemented (excepting any information contained therein provided by
or relating solely to the Dealers), as at the date of such delivery, constitutes full, true and plain disclosure of all material facts relating to the Guarantor and its Subsidiaries on a consolidated basis and taken as a whole and to the MTN
Debentures; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Canadian Prospectus, as amended or supplemented, does not, as at the date of such delivery, contain a
misrepresentation; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">as at the date of such delivery, no default exists under any trust instrument or agreement securing or
otherwise relating to the indebtedness of the Guarantor or any of its Subsidiaries which is material to the Corporation and its Subsidiaries on a consolidated basis and taken as a whole or to the Guarantor and its Subsidiaries on a consolidated
basis and taken as a whole; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the French language version of the Canadian Prospectus, any Canadian Prospectus Amendment, Canadian Prospectus
Supplement or Canadian Pricing Supplement, and the documents or information incorporated or deemed to be incorporated by reference therein, are in all material respects a complete and proper translation of the English version thereof; and
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">as of their respective filing dates, each of the Canadian Prospectus and the Canadian Prospectus Supplement,
and any Canadian Pricing Supplement (as of the date thereof), complied as to form in all material respects with applicable Canadian Securities Laws and, at the time of its delivery to the Dealers on the date of this Agreement in accordance with
Section&nbsp;6.1, the Canadian Prospectus, as supplemented by the Canadian Prospectus Supplement, (i)&nbsp;complied as to form in all material respects with applicable Canadian Securities Laws and (ii)&nbsp;the documents incorporated by reference in
the Canadian Prospectus, as supplemented by the Canadian Prospectus Supplement, and in the U.S. Prospectus, as supplemented by the U.S. Prospectus Supplement, when such documents were filed with the Securities Commissions, complied as to form in all
material respects with applicable Canadian Securities Laws. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Guarantor hereby represents and warrants to the Dealers that the Guarantee of the MTN Debentures
constitutes a legal, valid and binding obligation of the Guarantor enforceable in accordance with its terms and the terms of the Trust Indenture, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of
general applicability relating to or affecting creditors&#146; rights and to general equity principles. </P></TD></TR></TABLE>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;16&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Each of the Dealers separately hereby represents, warrants, covenants and agrees to and with the Corporation
and the Guarantor that: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">it will not disclose or permit disclosure of any confidential information or fact relating to the Corporation,
the Guarantor or any of their Subsidiaries which has not been disclosed in compliance with Canadian Securities Laws and U.S. Securities Laws except with the Corporation&#146;s consent or to its own directors, officers, employees and agents having
need to know such information or fact in the accomplishment of their functions until such time as such information or fact is publicly disclosed by the Corporation, the Guarantor or any of their Subsidiaries or in the reasonably held opinion of
counsel to any Dealer or Dealers, is required to be disclosed by law or a court or regulatory body of competent jurisdiction; <I>provided</I>, <I>however</I>, that any Dealer so asked to disclose such confidential information shall, to the extent
practicable, advise in advance the Corporation and the Guarantor in writing of the request for disclosure as soon as practicable after receipt of such request; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">provided the Corporation delivers the Canadian Prospectus, a Canadian Prospectus Amendment, a Canadian
Prospectus Supplement, a Term Sheet or a Canadian Pricing Supplement to such Dealer as contemplated in Sections 6.1(a) and 6.1(d) hereof, it will deliver such documents to the purchasers as soon as possible after receipt thereof and, to the extent
practicable, by the close of business on the Business Day such documents are delivered by the Corporation to such Dealer; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">it holds and will ensure that its affiliates and each Dealer Firm, as applicable, will hold, all necessary
registrations, permits and licenses to offer for sale, to solicit offers to purchase, to sell, distribute or to carry out any act that is necessary to be carried out in connection with the sale of MTN Debentures in each of the Qualifying
Jurisdictions, in compliance with applicable Canadian Securities Laws, regulations or policies; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">it will not, and will ensure that its affiliates and any Dealer Firm, as applicable, do not, when offering for
sale, soliciting offers to purchase, selling or carrying out any act in connection with the sale of, MTN Debentures, breach any Canadian Securities Laws, regulations or policies. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Closing</B> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Corporation will deliver, or cause to be delivered, to the Dealers and the Dealers&#146; Counsel and the
Dealers&#146; U.S. Counsel, on a date to be mutually agreed upon by the Corporation and the Dealers with respect to the establishment of the program for the sale of MTN Debentures contemplated by this Agreement (the &#147;<B>Closing Date</B>&#148;),
the following documents: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">A certificate dated the Closing Date signed on the Corporation&#146;s behalf by any one of the Chief Executive
Officer, the Chief Financial Officer or the Treasurer of the Corporation or such other officer of the Corporation as may be acceptable to the Dealers, addressed to the Dealers to the effect that to the
</P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;17&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">best of the knowledge and belief of the person so signing, without personal liability, after having made due
inquiry: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">since the date of the Canadian Prospectus, any Canadian Prospectus Amendment or Canadian Prospectus
Supplement, or since the time the Registration Statement became effective, or the date of the U.S. Prospectus or the U.S. Prospectus Supplement, to the date of the certificate, and except as reflected in such Canadian Prospectus, Canadian Prospectus
Amendment, Canadian Prospectus Supplement, the U.S. Prospectus (as it may be amended from time to time), the U.S. Prospectus Supplement or contemplated thereby or in the documents filed with the Securities Commissions or the SEC as of the date of
the Canadian Prospectus or the U.S. Prospectus each as amended or supplemented, and specifically incorporated or deemed to be incorporated by reference in the Canadian Prospectus or U.S. Prospectus, each as amended or supplemented as of the date of
the certificate: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(x)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">there has not been any material adverse change, financial or otherwise, in the condition of the Corporation
and its Subsidiaries on a consolidated basis and taken as a whole or of the Guarantor and its Subsidiaries on a consolidated basis and taken as a whole; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(y)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">there have been no transactions entered into by the Guarantor or any of its Subsidiaries out of the ordinary
course of business which are material to the Corporation and its Subsidiaries on a consolidated basis and taken as a whole or to the Guarantor and its Subsidiaries on a consolidated basis and taken as a whole; and </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(z)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to the knowledge of the Corporation, there are no actions, suits or proceedings pending or threatened against
or affecting the Guarantor or any of its Subsidiaries at law or before or by any federal, provincial, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, which may in any way
materially and adversely affect the Corporation and its Subsidiaries on a consolidated basis and taken as a whole or the Guarantor and its Subsidiaries on a consolidated basis and taken as a whole; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Guarantor and its Subsidiaries have no contingent liabilities other than in the ordinary course of
business which are material to the Corporation and its Subsidiaries on a consolidated basis and taken as a whole or to the Guarantor and its Subsidiaries on a consolidated basis and taken as a whole and which are not disclosed in the Canadian
Prospectus, U.S. Prospectus, any Canadian Prospectus Amendment, any amendment to the U.S. Prospectus, Canadian </P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;18&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Prospectus Supplement or the U.S. Prospectus Supplement or in the documents supplied to or filed with the
Securities Commissions and the SEC as of the date of the Canadian Prospectus or the U.S. Prospectus, each as amended or supplemented, and specifically incorporated or deemed to be incorporated by reference in the Canadian Prospectus or the U.S.
Prospectus, each as amended or supplemented; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">no default exists under any trust instrument or agreement securing or otherwise relating to the indebtedness
of the Guarantor and any of its Subsidiaries which is material to the Corporation and its Subsidiaries on a consolidated basis and taken as a whole or to the Guarantor and its Subsidiaries on a consolidated basis and taken as a whole; and
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the representations and warranties of the Corporation which are to be made hereunder at the time of delivery
of a Canadian Pricing Supplement and a U.S. Pricing Supplement to a Dealer are, to the extent applicable, true and correct as of the Closing Date. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">One or more opinions of the Corporation&#146;s Counsel in a form acceptable to the Dealers&#146; Counsel and
the Dealers&#146; U.S. Counsel, acting reasonably, with respect to all legal matters relating to the incorporation and existence of the Corporation and to the authorization, creation, issue and sale of the MTN Debentures and the fulfilment of and
compliance with the terms and conditions of this Agreement, including with respect to the legality, validity and binding effect of the MTN Debentures and their enforceability in accordance with their terms and the terms of the Trust Indenture
substantially in the form set forth on Schedule&nbsp;D-1 hereto (the &#147;<B>Corporation&#146;s Counsel Opinion</B>&#148;). </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Corporation will deliver, or cause to be delivered, to the Dealers and the Dealers&#146; Counsel and the
Dealers&#146; U.S. Counsel, on the Closing Date, an opinion of the Guarantor&#146;s Counsel in a form acceptable to the Dealers&#146; Counsel and the Dealers&#146; U.S. Counsel, acting reasonably, with respect to all legal matters relating to the
incorporation and existence of the Guarantor and to the authorization, creation and issue of the Guarantee of the MTN Debentures and the fulfilment of and compliance with the terms and conditions of this Agreement, including with respect to the
legality, validity and binding effect of the Guarantee and its enforceability in accordance with its terms and the terms of the Trust Indenture substantially in the form set forth on Schedule&nbsp;D-1 hereto (the &#147;<B>Guarantor&#146;s Counsel
Opinion</B>&#148;). </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">It is understood that the Dealers shall receive on the Closing Date an opinion of the Dealers&#146; Counsel in
a form acceptable to the Dealers, acting reasonably. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For the purposes of the opinions referred to in Sections 8.1(b) and 8.3, it is understood that the
Corporation&#146;s Counsel and the Dealers&#146; Counsel may deliver opinions of local counsel acceptable to them as to the qualification of the distribution of the MTN Debentures for sale to the public in those Qualified Jurisdictions where they do
not carry on the practice of law and as to other matters governed by the laws </P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;19&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">of such Qualified Jurisdictions. It is further understood that (i)&nbsp;the Corporation&#146;s Counsel and the
Guarantor&#146;s Counsel may rely as to certain matters of fact on certificates of the Corporation&#146;s or the Guarantor&#146;s officers, respectively, and certificates issued by Securities Commissions and other governmental agencies, and that
such opinion will be subject to the usual qualifications and assumptions, and (ii)&nbsp;the Dealers&#146; Counsel may, when the Dealers&#146; Counsel considers it appropriate to do so, rely on the opinion of the Corporation&#146;s Counsel and the
Guarantor&#146;s Counsel as to matters which relate specifically to the Corporation, the Guarantor, or any of their respective Subsidiaries. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Dealers shall receive on the Closing Date, a letter from the Corporation&#146;s U.S. Counsel and the
Guarantor&#146;s U.S. Counsel substantially in the form set forth on Schedule&nbsp;D-2 hereto and a letter from the Dealers&#146; U.S. Counsel that shall state that no facts have come to such counsel&#146;s attention which lead such counsel to
believe that (i)&nbsp;the Registration Statement or any amendment thereto, at the time such Registration Statement or any such amendment became effective contained an untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary to make the statements therein not misleading, and (ii)&nbsp;the U.S. Prospectus, as amended or supplemented as of the Closing Date, contained an untrue statement of a material fact or omitted to state a material
fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Indemnification and Termination</B> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Corporation shall indemnify and save each Dealer, and each Dealer&#146;s directors, officers, employees,
agents and controlling persons (each an &#147;<B>Indemnified Person</B>&#148;), harmless against and from all liabilities, claims, demands, losses (other than losses of profit), costs, damages (other than consequential damages) and expenses to which
the Indemnified Person may be subject or which the Indemnified Person may suffer or incur, whether under the provisions of any statute or otherwise, in any way caused by, or arising directly or indirectly from or in consequence of:
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any misrepresentation or alleged misrepresentation (except a misrepresentation which is based upon information
relating solely to the Dealers and furnished to the Corporation by the Dealers, the Dealers&#146; Counsel or the Dealers&#146; U.S. Counsel expressly for inclusion in the Prospectus) contained in the Canadian Prospectus, any Canadian Prospectus
Amendment, any Canadian Prospectus Supplement or any Canadian Pricing Supplement, including the documents incorporated therein by reference; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any order made or any inquiry, investigation or other proceeding commenced or threatened by any one or more
securities commissions (not based upon the activities or the alleged activities of the Dealers or their banking or selling group members, if any) based upon any misrepresentation or alleged misrepresentation (except a misrepresentation which is
based upon information relating solely to the Dealers and furnished to the Corporation by the Dealers, the Dealers&#146; Counsel or the Dealers&#146; U.S. Counsel expressly for inclusion in the Canadian Prospectus) contained in the Canadian
Prospectus, </P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;20&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any Canadian Prospectus Amendments, any Canadian Prospectus Supplement, any Canadian Pricing Supplement,
including the documents incorporated therein by reference, preventing or restricting the trading or distribution of the MTN Debentures in the Qualifying Jurisdictions; or </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Corporation not complying with any requirement under the Canadian Securities Laws in connection with the
distribution of the MTN Debentures in the Qualifying Jurisdictions. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The rights of indemnity contained
in this Section&nbsp;9.1 shall not apply to a Dealer and its directors, officers, employees, controlling persons and agents if the Corporation has complied with the provisions of Section&nbsp;6.1 and the Dealer has not provided to the person
asserting any claim contemplated by this Section&nbsp;9.1 a copy of the Canadian Prospectus, any Canadian Prospectus Amendment, any Canadian Prospectus Supplement, any Canadian Pricing Supplement, which corrects any misrepresentation or alleged
misrepresentation, or alleged non-compliance with Canadian Securities Laws which is the basis of such claim and which is required, under applicable Canadian Securities Laws, to be delivered to such person. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Each Dealer shall be entitled, as trustee, to enforce the obligations contained herein on behalf of any other
parties entitled to indemnity hereunder. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">If any claim contemplated by Section&nbsp;9 shall be asserted against any Indemnified Person such Indemnified
Person shall notify the Corporation as soon as possible of the nature of such claim and the Corporation shall be entitled (but not required) to assume the defence of any suit brought to enforce such claim, provided however, that the defence shall be
through legal counsel selected by the Corporation and acceptable to the Indemnified Person acting reasonably and that no settlement may be made by the Corporation or the Indemnified Person without the prior written consent of the other, such consent
not to be unreasonably withheld. The Indemnified Person shall have the right to retain its own counsel in any proceeding relating to a claim contemplated by Section&nbsp;9 if: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Indemnified Person has been advised in writing by counsel that there may be a conflict of interest in
having the Indemnified Person represented by the same counsel as the Corporation or that there may be a reasonable legal defence available to the Indemnified Person which is different from or additional to a defence available to the Corporation (in
which case the Corporation shall not have the right to assume the defence of such proceedings on the Indemnified Person&#146;s behalf); </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Corporation shall not have taken the defence of such proceedings and employed counsel within ten Business
Days after notice of commencement of such proceedings; or </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the employment of such counsel has been authorized in writing by the Corporation in connection with the
defence of such proceeding; </P></TD></TR></TABLE>

<p Style='page-break-before:always'>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;21&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">and, in any such event, the reasonable fees and expenses of such Indemnified
Person&#146;s counsel (on a solicitor and his client basis) shall be paid by the Corporation, provided that the Corporation shall not, in connection with any one such action or separate but substantially similar or related actions in the same
jurisdiction arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate law firm (in addition to any local counsel) for all such Indemnified Persons. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Each Dealer shall indemnify and save each of the Corporation and its directors, officers, employees, agents
and controlling persons harmless against and from all liabilities, claims, demands, losses (other than losses of profit), costs, damages (other than consequential damages) and expenses which it may suffer whether under the provisions of any statute
or otherwise in each case howsoever resulting from such Dealer&#146;s offering for sale, soliciting offers to purchase, selling or carrying out any act in connection with the sale in any Qualifying Jurisdiction of MTN Debentures in breach of any
Canadian Securities Laws or any other applicable laws, regulations or policies and for greater clarity, no Dealer shall be liable for any such breach made by any other Dealer. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">If the indemnification provided for in Section&nbsp;9.1 is for any reason unavailable to or insufficient to
hold harmless an Indemnified Person in respect of any liabilities, claims, demands, losses, costs, damages or expenses referred to therein, then the Corporation shall contribute to the aggregate amount of such liabilities, claims, demands, losses,
costs, damages or expenses incurred by such Indemnified Person, (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by the Corporation on the one hand and the Indemnified Persons on the other hand from the
offering of the particular series of MTN Debentures giving rise to such claim pursuant to this Agreement, or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;is not permitted by applicable law, in such proportion as is appropriate to reflect
not only the relative benefits referred to in clause (i)&nbsp;above but also the relative fault of the Corporation on the one hand and of the Indemnified Persons on the other hand in connection with the statements or omissions which resulted in such
losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The relative benefits received by the Corporation on the one hand and the Indemnified Persons on the other
hand in connection with the offering of a particular series of MTN Debentures pursuant to this Agreement shall be deemed to be in the same respective proportions as the total net proceeds from such offering of the MTN Debentures pursuant to this
Agreement (before deducting expenses, but net of the total fees received by the Indemnified Persons) received by the Corporation and the total fees received by the Indemnified Persons. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The relative fault of the Corporation on the one hand and the Indemnified Persons on the other hand shall be
determined by reference to, among other things, whether the statement, misrepresentation, omission, order, inquiry, investigation, proceeding or other matter or thing referred to in Section&nbsp;9.1 relates to information supplied by the Corporation
or by the Indemnified </P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;22&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Persons and the parties&#146; relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Corporation and the Dealers agree that it would not be just and equitable if contribution pursuant to this
Section&nbsp;9.5 were determined by pro rata allocation (even if the Dealers were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this
Section. The aggregate amount of liabilities, claims, demands, losses, costs, damages or expenses incurred by an Indemnified Person and referred to above in this Section&nbsp;shall be deemed to include any legal or other expenses reasonably incurred
by such Indemnified Person in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged
untrue statement or omission or alleged omission. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Each of the Dealers shall not, in any event, be liable pursuant to this Section&nbsp;9 to contribute, in the
aggregate, any amount in excess of the aggregate fee actually received by such Dealer pursuant to this Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Notwithstanding any other provision of this Section&nbsp;9, no Person determined, by a court of competent
jurisdiction in a final judgment from which no appeal can be made, to have made a fraudulent misrepresentation shall be entitled to contribution from any Person who has not been so determined to have made such fraudulent misrepresentation.
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.6</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">In addition to any other remedies which may be available to the Dealers, a Dealer shall be entitled, at its
option, to terminate and cancel its obligations to purchase MTN Debentures as principal, without any liability on its part, immediately upon written notice to the Corporation at any time prior to the Settlement Date of such purchase, if after such
Dealer has agreed to purchase MTN Debentures as principal: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">there should develop, occur or come into effect: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any catastrophe of national or international consequence; or </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any accident, law or governmental regulation or other occurrence of any nature whatsoever which seriously
adversely affects, or will seriously adversely affect, the financial markets or the business of the Corporation and its Subsidiaries on a consolidated basis and taken as a whole; or </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a state of the financial markets; </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">which, in the reasonably formed opinion of the Dealer, would make impracticable the successful distribution of the MTN
Debentures by the Dealer; or </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;23&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the ratings assigned by any nationally recognized rating agency to the senior unsecured debt securities of the
Corporation (which includes the MTN Debentures) as of the Trade Day (as such term is defined in Schedule&nbsp;A) shall have been lowered since that date or if any such rating agency shall have publicly announced since that date that it has under
surveillance or review, with possible negative implications, its rating of such senior unsecured debt securities of the Corporation. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.7</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">In the case where one or more Dealers have agreed to purchase MTN Debentures as principals, the Corporation
shall be entitled to terminate and cancel its obligations to sell such MTN Debentures upon giving written notice thereof to any such Dealer or Dealers, as the case may be, within the time period provided in Section&nbsp;9.6 above, in the event:
(i)&nbsp;of improvement in general or market conditions, which in its opinion, would make undesirable such sale of the MTN Debentures; or (ii)&nbsp;the ratings assigned by any nationally recognized rating agency to the senior unsecured debt
securities of the Corporation (which includes the MTN Debentures) as of the Trade Day (as such term is defined in Schedule&nbsp;A) shall have been increased since that date. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.8</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">In the event of a termination by a Dealer pursuant to Section&nbsp;9.6 or the Corporation pursuant to
Section&nbsp;9.7, there shall be no further liability on the part of such Dealer to the Corporation or of the Corporation to such Dealer in respect of that proposed distribution of the MTN Debentures, except in respect of the obligations of the
Corporation under Sections 9.1 and 14 and the Dealer under Section&nbsp;9.4. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Operating Procedures, Due Diligence and Termination</B> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Corporation and the Dealers shall follow the operating procedures set forth in Schedule&nbsp;A (as it may
be amended from time to time by the parties hereto) in respect of settlement matters and the timing of payment of commissions in connection with the sale of MTN Debentures through the Dealers or to the Dealers acting as principals.
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Corporation shall allow the Dealers, the Dealers&#146; Counsel and the Dealers&#146; U.S. Counsel to carry
out the due diligence contemplated by Schedule&nbsp;B. The Corporation shall promptly give the Dealers, the Dealers&#146; Counsel and the Dealers&#146; U.S. Counsel: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">copies of all documents referred to in Schedule&nbsp;B when specified therein, and </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reasonable notice of the meetings contemplated by Schedule&nbsp;B. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Corporation or any Dealer, as the case may be, shall be entitled to terminate its rights and obligations
under this Agreement if the Corporation or any Dealer determines in its sole discretion that it does not wish to continue the agency arrangement specified herein (in the case of the Corporation, in respect of one or more of the Dealers) upon
delivery of two days&#146; prior express written notice to that effect, in which event there shall be no liability on the part of that Dealer to the Corporation, except in respect of liability, if any, which may arise on the part of that Dealer to
the Corporation under the provisions of Section&nbsp;9.4, or of the Corporation </P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;24&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to that Dealer, except in respect of liability, if any, which may arise on the part of the Corporation under
the provisions of Sections 9.1 and 14. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Expiration</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Unless terminated earlier pursuant to the provisions of this Agreement, the term of the Dealers&#146; appointment as agents
under this Agreement shall expire on the earlier of: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the date upon which the Corporation files a new short form shelf prospectus or prospectus supplement to
replace or supersede the Canadian Prospectus and the U.S. Prospectus for the purposes of continuing the Corporation&#146;s medium term debenture program; and </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the date upon which the aggregate principal amount of MTN Debentures qualified under the Canadian Prospectus
and the Registration Statement has been sold. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">12.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>[Reserved]</B> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">13.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Nature of Dealers&#146; Obligations</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Corporation, the Guarantor and each of the Dealers agree that the obligations of the Dealers hereunder are joint but not
solidary. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Fees and Expenses</B> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Subject to Section&nbsp;14.2 and Section&nbsp;14.3, whether or not the offering and issue contemplated herein
is completed, all costs and expenses of or incidental to the offering and issue of the MTN Debentures including, without limitation, the reasonable fees and expenses of the Dealers&#146; Counsel and the Dealers&#146; U.S. Counsel, all local counsel
retained by the Corporation, and the Corporation&#146;s and the Guarantor&#146;s auditors, the costs of printing and delivering the definitive MTN Debentures in fully registered form, the costs of printing, delivering and translating the Canadian
Prospectus, any Canadian Prospectus Amendment, any Canadian Prospectus Supplement, any Canadian Pricing Supplement, the Registration Statement, the U.S. Prospectus, the U.S. Prospectus Supplement, any U.S. Pricing Supplement, any Term Sheet and any
Issuer Free Writing Prospectus, the expenses of qualifying the issue and distributing the MTN Debentures under applicable Canadian Securities Laws, all costs of any marketing or information meetings conducted by the Corporation, including fees and
disbursements of Dealers&#146; Counsel and the Dealers&#146; U.S. Counsel in connection with any &#147;<B>blue sky</B>&#148; survey or legal investment surveys, and all filing fees incurred in connection with the review and qualification of the
offering of the MTN Debentures by the Financial Industry Regulatory Authority, and all other costs and expenses incident to the performance of the Corporation&#146;s obligations hereunder which are not otherwise specially provided for herein, shall
be paid by the Corporation. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">All out-of-pocket expenses of the Dealers in connection with or incidental to the offering for sale and issue
of the MTN Debentures including, without limitation, </P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;25&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">travel and hotel expenses, but excluding the reasonable fees and expenses of the Dealers&#146; Counsel and the
Dealers&#146; U.S. Counsel, shall be paid by the Dealers. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Notwithstanding the foregoing, in the event that any MTN Debentures are to be bought on an underwritten basis
by one or more of the Dealers or their affiliates, or in the case of an underwritten offering of MTN Debentures primarily directed to investors in the United States, the costs and expenses of Dealers&#146; Counsel and the Dealers&#146; U.S. Counsel,
the costs of advertising by the Dealers during the period of distribution to the public of such MTN Debentures, and the out-of-pocket expenses of the Dealers, in each case in respect of such underwritten distribution to the public, will be paid by
the Dealers. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">15.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Notices</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">15.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Any notice or other communication to be given hereunder shall, in the case of notice to the Corporation or the
Guarantor, be addressed to Bell Canada, 1, Carrefour Alexander-Graham-Bell, Building A, 8th Floor, Verdun, Quebec, H3E 3B3, Attention: Senior Vice-President and Treasurer (facsimile: (514)&nbsp;786-3963) and, in the case of notice to the Dealers or
a Dealer, as the case may be, be addressed as follows: </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Barclays Capital Canada Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Investment Banking </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Bay Adelaide Centre </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">333 Bay Street, Suite 4910 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Toronto, Ontario </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">M5H 2R2 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Attention: Alan Mayne </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Facsimile: (917)&nbsp;265-0657 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">- and - </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">BMO Nesbitt Burns Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">100 King Street West </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">3rd Floor Podium </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Toronto, Ontario </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">M5X 1H3 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Attention: Steve Aub&eacute; </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Facsimile: (416)&nbsp;359-4404 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">- and - </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Casgrain&nbsp;&amp; Company Limited </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">1200 McGill College, 21st floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Montreal, Quebec </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">H3B 4G7 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Attention: Roger Casgrain </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Facsimile: (514)&nbsp;871-1943 </P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;26&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">- and - </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">CIBC World Markets Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">161 Bay Street, 5th Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Brookfield Place </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Toronto, Ontario </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">M5J 2S8 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Attention: Susan Rimmer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Facsimile: (416)&nbsp;594-7760 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">- and - </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Citigroup Global Markets Canada Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">123 Front Street West, 19th Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Toronto, Ontario </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">M5J 2M3 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Attention: Azita Taravati </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Facsimile: (416)&nbsp;915-6289 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">- and - </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Desjardins Securities Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">1170 Peel Street, Suite 300 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Montreal, Quebec </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">H3B 0A9 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Attention: Martin Labrecque </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Facsimile: (514)&nbsp;982-2445 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">- and - </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Merrill Lynch Canada Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">181 Bay Street, Suite 400 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Toronto, ON </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">M5J 2V8 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Attention: Debt Capital Markets </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Facsimile: (416)&nbsp;369-7790 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">- and - </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">National Bank Financial Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">1155 Metcalfe, Ground Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Montreal, Quebec </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">H3B 4S9 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Attention: Maxime Brunet, Managing Director, Debt Capital Markets </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Facsimile: (514)&nbsp;390-7357 </P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;27&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">- and - </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">RBC Dominion Securities Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">PO Box 50, 200 Bay Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2nd Floor, North Tower </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Toronto, ON M5J 2W7 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Attention: Debt Capital Markets </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Facsimile: (416)&nbsp;842-7777 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">- and - </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Scotia Capital Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">40 King Street West, 68th Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Toronto, ON </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">M5H 1H1 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Attention: Greg Greer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Facsimile: (416)&nbsp;863-7527 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">- and - </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">TD Securities Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">TD Tower, 9th Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">66 Wellington Street West </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Toronto, Ontario </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">M5K 1A2 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Attention: Patrick Scace </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Facsimile: (416)&nbsp;308-3715 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:10%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">With a copy to Dealers&#146; Counsel and the Dealers&#146; U.S. Counsel: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">McCarthy T&eacute;trault LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Suite 5300, TD Bank Tower </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Box 48, 66 Wellington Street West </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Toronto (Ontario) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">M5K 1E6 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Attention: Robert Hansen </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Facsimile: (416)&nbsp;601-8259 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">- and - </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Shearman&nbsp;&amp; Sterling LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">599 Lexington Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">New York, NY 10022-6069 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Attention: Richard Alsop </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Facsimile: (646)&nbsp;848-7333 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Any notice or other communication shall be in writing and, unless delivered personally to a responsible officer of the
addressee, shall be transmitted by facsimile, </P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;28&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:10%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">and shall be deemed to be given at the time transmitted or delivered, if
transmitted by facsimile or delivered to the recipient on a Business Day (in Montreal) and before 5:00 p.m. (Montreal time) on such Business Day, and otherwise shall be deemed to be given at 9:00 a.m. (Montreal time) on the next following Business
Day (in Montreal). Any party may change its address for notice by notice to the other parties hereto given in the manner herein provided. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">16.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Purchases as Principal and Underwritings</B> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">16.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Corporation and the Dealers hereby acknowledge that to the extent the provisions of this Agreement and its
schedules do not provide for the terms and conditions applicable to any purchase by a Dealer of the MTN Debentures, as principal, the Corporation and any such Dealer shall agree on the terms and conditions applicable in such circumstances, including
without limiting the generality of the foregoing, the fee or commission, payable by the Corporation to any such Dealer, the Settlement Date and liability applicable to purchases by more than one Dealer of MTN Debentures of the same series of MTN
Debentures being purchased. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">16.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Corporation and the Dealers hereby acknowledge that the terms and conditions of this Agreement do not deal
with MTN Debentures being underwritten by one or more Dealers. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">16.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The parties hereto acknowledge and agree that in the event any MTN Debentures are to be bought on an
underwritten basis for distribution in Canada by one or more of the Dealers, as underwriters, or any other underwriters selected by the Corporation in its sole discretion, the Corporation and the underwriters selected by the Corporation shall
execute in connection therewith an underwriting agreement containing usual and customary terms and conditions for offerings in Canada, reasonably satisfactory to the Corporation and the underwriters. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">16.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The parties hereto acknowledge and agree that in the event any MTN Debentures are to be bought on an
underwritten basis for distribution in the United States by Dealers, as underwriters, or any other underwriters selected by the Corporation in its sole discretion, the Corporation and the underwriters selected by the Corporation shall execute in
connection therewith an underwriting agreement containing usual and customary terms and conditions for offerings in the United States, reasonably satisfactory to the Corporation and the underwriters. The parties hereto acknowledge that no offers or
sales of U.S. dollar denominated MTN Debentures shall be made in the United States pursuant to this Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">17.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Miscellaneous</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">17.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The representations, warranties, covenants, indemnities and agreements of the Corporation, the Guarantor and
the Dealers contained herein or delivered pursuant hereto shall survive the sale by the Dealers of the MTN Debentures and the Dealers shall be entitled to rely upon the respective representations and warranties of the Corporation and the Guarantor,
and the Corporation shall be entitled to rely upon the representations and warranties of the Dealers, contained herein or delivered pursuant hereto notwithstanding any investigation which the Dealers, the Corporation or the
</P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;29&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Guarantor may undertake or which may be taken on the Dealers&#146; or the Corporation&#146;s behalf.
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">17.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">It shall be a condition of the issue and sale of MTN Debentures hereunder that the terms and conditions of the
Trust Indenture shall be complied with at the time of each issue and sale of MTN Debentures. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">17.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">This Agreement shall be governed by and construed in accordance with the laws of the Province of Quebec and
Canada applicable therein and each of the parties hereto hereby irrevocably submits to the non-exclusive jurisdiction of the courts of the Province of Quebec with respect to all matters arising out of or in connection with this Agreement and any of
the transactions contemplated herein. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">17.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">This Agreement shall not be varied or amended in its terms otherwise than by an express instrument in writing
dated subsequent to the date hereof, executed by duly authorized representatives of the parties. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">17.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Except as otherwise provided for herein, this Agreement or any portion hereof shall not be assigned by any
party hereto without the express prior written consent of the other parties. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">17.6</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective
successors and assigns. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">17.7</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The division of this Agreement into recitals, sections and schedules, and the provision of headings for all or
any thereof, is for convenience of reference only and shall not affect the meaning of this Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">17.8</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Schedules are by this reference incorporated into and are part of this Agreement as fully as though
contained in this Agreement; provided that, wherever any provision of any of the Schedules conflicts with any provision in the body of this Agreement, the provisions of the body of this Agreement shall prevail, except in the case of Schedule&nbsp;C
in which case the provisions of Schedule&nbsp;C shall be read together with the body of this Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">17.9</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Any references to legislation or a statute in this Agreement includes, unless otherwise indicated, rules and
regulations passed or in force pursuant thereto and any amendments thereto or to such rules or regulations from time to time, and any legislation or regulations substantially replacing the same. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">17.10</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">This Agreement may be executed in several counterparts, each of which when so executed shall be deemed to be
an original and all counterparts together shall constitute one and the same agreement. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>(<I>signature pages
follow</I>)<I> </I></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If the foregoing is in accordance with your understanding of the terms of the transaction we are
to enter into and if such terms are agreed to by you, please signify your acceptance by signing this Agreement (in 11 counterparts) in the place indicated below, in which event this Agreement shall constitute a binding agreement between the
Corporation, the Guarantor and the Dealers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yours truly, </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">Barclays Capital Canada Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Alan S. Mayne</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Alan S. Mayne</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Managing Director</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">BMO Nesbitt Burns Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Steve Aub&#233;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Steve Aub&#233;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Managing Director</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">Casgrain &amp; Company Limited</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Stephen McHarg</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Stephen McHarg</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Vice-President &amp; Director</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">CIBC World Markets Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Susan Rimmer</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Susan Rimmer</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Managing Director, Global Head DCM</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">Citigroup Global Markets Canada Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Grant Kernaghan</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Grant Kernaghan</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Managing Director</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">Desjardins Securities Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Martin Labrecque</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Martin Labrecque</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Managing Director</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">Merrill Lynch Canada Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Jamie W. Hancock</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Jamie W. Hancock</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Managing Director</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">National Bank Financial Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Maxime Brunet</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Maxime Brunet</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Managing Director</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">RBC Dominion Securities Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Patrick MacDonald</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Patrick MacDonald</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Managing Director</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">Scotia Capital Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Murray Neal</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Murray Neal</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Managing Director</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">TD Securities Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Patrick Scace</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Patrick Scace</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Managing Director</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The foregoing accurately reflects the terms of the transaction we are to enter into and such
terms are hereby agreed to by the Corporation as evidenced by the signature of its duly authorized officer as of September&nbsp;30, 2016. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B>BELL CANADA</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Paul Stinis</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Paul Stinis</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Senior Vice-President and Treasurer</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>INTERVENTION </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Guarantor hereby (a)&nbsp;makes the representations and warranties in Section&nbsp;7.2 of this Agreement, (b)&nbsp;acknowledges and
accepts the representations, warranties, covenants and agreements of the Dealers in Section&nbsp;7.3 of this Agreement, (c)&nbsp;agrees to and undertakes the agreements and covenants in Section&nbsp;7.2 of Schedule&nbsp;C, and (d)&nbsp;agrees to be
bound by the terms of the Sections of this Agreement referred to in the immediately preceding clauses (a)&nbsp;through (c), as evidenced by the signature of its duly authorized officer as of September&nbsp;30, 2016. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B>BCE INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Paul Stinis</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Paul Stinis</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Senior Vice-President and Treasurer</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE&nbsp;A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">to a Dealer Agreement dated September&nbsp;30, 2016 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">between the Dealers and Bell Canada </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OPERATING PROCEDURES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The
following outlines the procedures by which the Corporation intends from time to time to sell the MTN Debentures through the Dealers acting as agents of the Corporation pursuant to the Agreement. In the event of the purchase of MTN Debentures by
Dealers acting as principals, the applicable operating procedures shall also be those set forth below unless otherwise agreed to by the Corporation and the Dealer(s) purchasing as principal. All operating procedures will be carried out in accordance
with the Policy and U.S. Securities Laws. Capitalized terms used herein have the same meanings ascribed thereto in the Agreement, unless otherwise defined herein. These operating procedures shall not apply when the Corporation elects, pursuant to
the Agreement, to issue MTN Debentures directly to purchasers. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>A.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><U>General</U> </B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">On any morning at the commencement of business, the Corporation may establish, in consultation with the
Dealers or any of them for the current Business Day, an appropriate rate and pricing structure for the MTN Debentures to be sold by the Dealers pursuant to the Agreement and the Corporation&#146;s requirement for funds (including the term or terms
required and other variable terms and conditions (collectively, the &#147;<B>Other Terms and Conditions</B>&#148;) of the MTN Debentures as permitted by the Canadian Prospectus and the U.S. Prospectus, each as amended and supplemented) to be raised
by the sale of the MTN Debentures. At the Corporation&#146;s sole discretion, the rate and pricing structure and requirement for funds so established will be based upon market conditions and the Corporation&#146;s current and prospective fund
requirements. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The rate and pricing structure, the Other Terms and Conditions and requirement for funds so established will
prevail for each Dealer for and during the Business Day and will not be adjusted unless the Corporation, in its sole and absolute discretion, determines that an adjustment is desirable and notifies each Dealer of the adjustment. The Corporation may
consult with the Dealers or any of them concerning the desirability of an adjustment in the rate and pricing structure, the Other Terms and Conditions or in the requirement for funds. Also, a Dealer will advise the Corporation at any time during any
Business Day if the Dealer believes an immediate adjustment in the Corporation&#146;s rate and pricing structure, the Other Terms and Conditions or requirement for funds is desirable. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Whenever a Dealer obtains a firm offer to purchase a MTN Debenture at the prevailing rate and pricing
structure, at the prevailing Other Terms and Conditions and within the confines of the Corporation&#146;s prevailing requirement for funds, the Dealer will telephone or otherwise contact the Corporation to determine whether the Corporation in fact
still requires funds and, if it does, the Corporation will confirm by telephone or otherwise that the Dealer may accept such offer as agent on behalf of the Corporation (with commissions mutually agreed upon by the Dealer and the Corporation) or may
acquire the MTN Debenture as principal on terms (including price and commissions) then mutually agreed upon by the Dealer and the Corporation for resale by the Dealer. </P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;A2&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Whenever a Dealer obtains a firm offer to purchase a MTN Debenture at other than the prevailing rate and
pricing structure and/or not within the confines of the Other Terms and Conditions, and/or not within the confines of the Corporation&#146;s prevailing requirement for funds, the Dealer will inform the Corporation of that offer and will discuss with
the Corporation the advisability of accepting that offer prior to accepting that offer. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Unless otherwise agreed to by the Dealer and the Corporation, all orders accepted by the Corporation on a
particular day (the &#147;<B>Trade Day</B>&#148;) will be settled on the third Business Day following the Trade Day (the &#147;<B>Settlement Date</B>&#148;). </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Any MTN Debenture (a &#147;<B>Book-Entry Only Debenture</B>&#148;) is to be issued in accordance with Part B
of these Operating Procedures entitled &#147;Book-Entry Only Debentures&#148;, unless the issuance of MTN Debentures in definitive form (&#147;<B>Certificated Debentures</B>&#148;) is, subject to the provisions of the Trust Indenture, agreed to in
advance by the Corporation and the Dealers and so indicated in the applicable Pricing Supplement. Settlement procedures with respect to Book-Entry Only Debentures will be as set forth in such Part B. Settlement procedures with respect to
Certificated Debentures will be as set forth in Part C of these operating procedures entitled &#147;Certificated Debentures.&#148; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Corporation will make all necessary filings of any Canadian Pricing Supplements, any U.S. Pricing
Supplements, any Issuer Free Writing Prospectus and other documents required to be filed with the relevant securities regulatory authorities pursuant to the Policy, applicable Canadian Securities Laws and U.S. Securities Laws in connection with the
offer and sale of the MTN Debentures and will remit all fees payable to such regulatory authorities. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>B.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><U>Book-Entry Only Debentures</U> </B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Each Book-Entry Only Debenture will be registered in the name of CDS&nbsp;&amp; Co., as nominee for CDS
Clearing and Depository Services Inc. (&#147;<B>CDS</B>&#148;), on the debt securities register maintained under the Trust Indenture. The beneficial owner of an interest in the Book-Entry Only Debenture (each, a &#147;<B>Book-Entry
Interest</B>&#148;) will designate one or more participants in CDS to act as agent or agents for such owner in connection with the book-entry system maintained by CDS, and CDS will record in book-entry form, in accordance with instructions provided
by such participants, a credit balance with respect to such Book-Entry Interest in the account of such participant. The Book-Entry Interest will be recorded through the records of such participants or through the separate records of such
participants and one or more indirect participants in CDS, which may include participants and indirect participants in other clearing systems that are participants in CDS, including The Depository Trust Company, Euroclear Bank S.A./N.V., as operator
of the Euroclear System and Clearstream Banking, <I>soci&eacute;t&eacute; anonyme</I>. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The receipt of immediately available funds by the Corporation in payment for Book-Entry Interests and the
authentication and issuance of the Book-Entry Only Debenture representing such Book-Entry Interests will constitute &#147;Settlement.&#148; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Settlement procedures with regard to each Book-Entry Only Debenture sold by a Dealer will be as set forth
below: </P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;A3&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Dealer will verbally advise the Corporation of so much of the following information as is available
immediately following the acceptance of any offer by the Dealer acting as agent on behalf of the Corporation or acting as principal, and all of the following information (the &#147;<B>Settlement Information</B>&#148;) will be confirmed in writing
pursuant to the timetable for Settlement set forth below: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">principal amount and currency of the Book-Entry Interest; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">in the case of a MTN Debenture with a fixed interest rate, the interest rate and interest payment dates, or in
the case of a MTN Debenture with a variable interest rate, the initial interest rate, the interest reset dates, the interest payment dates, the interest rate base, index maturity and spread or spread multiplier, if any, and, if applicable, the
minimum interest rate and maximum interest rate; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Settlement Date; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">maturity date; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">price; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">gross proceeds; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">spread versus comparable benchmark; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Trade Day; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ix)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">FINS Number(s) (the CDS Participant Number(s) of the participant(s) through which the beneficial owner will
hold the Book-Entry Interest); </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(x)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Dealers&#146; commission; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(xi)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">jurisdiction of sale; and </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(xii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">other provisions, if any. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">After receiving the Settlement Information from the Dealer, the Corporation will complete and deliver to the
Dealer a Canadian Pricing Supplement relating to the Book-Entry Only Debenture to be sold in accordance with such Settlement Information. The Dealer will deliver the Canadian Prospectus, any amendment and Canadian Prospectus Supplement (including
the Canadian Pricing Supplement) to the purchaser of each Book-Entry Interest as soon as possible after receipt of the Canadian Pricing Supplement and, to the extent practicable, by the close of business on the Business Day the Canadian Pricing
Supplement is delivered by the Corporation and, in any event, at the latest by the end of the first Business Day following the Trade Day, <I>provided</I> that the Corporation has delivered the applicable Pricing Supplement to the Dealer, and
<I>provided</I>, however, that deliveries of documents to U.S. Persons shall be as set out in the applicable sections of Schedule&nbsp;C. </P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;A4&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Corporation will assign an ISIN number and, if requested, a Common Code to the Book-Entry Only Debenture
representing such Book-Entry Interests and will forward copies of the Canadian Pricing Supplement(s) to CDS via facsimile or other form of electronic transmission and request activation of the ISIN number and Common Code. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">After receiving all of the Settlement Information from the Dealer(s) participating in the sale of the
Book-Entry Only Debenture, the Corporation will communicate via facsimile or other form of electronic transmission, to CDS and to CIBC Mellon Trust Company or any other trustee duly appointed under the Trust Indenture (the
&#147;<B>Trustee</B>&#148;), all of the Settlement Information. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Corporation will prepare and execute a Book-Entry Only Debenture in the form that has been agreed upon by
the Corporation and the Trustee. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Trustee will confirm and authenticate the Book-Entry Only Debenture for delivery to CDS on the Settlement
Date. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Trustee will deliver each Book-Entry Only Debenture to CDS on behalf of the Corporation. The Trustee will
provide the Corporation with written confirmation that such delivery has been made. Each Book-Entry Only Debenture delivered to CDS shall be held by CDS in escrow on behalf of the Corporation and the Trustee until such time as CDS receives written
confirmation from the Corporation that the purchase price for all MTN Debentures represented by such Book-Entry Only Debenture has been paid in full to the Corporation, which confirmation may be in facsimile form or by electronic mail. Should the
purchase price for the MTN Debentures represented by a Book-Entry Only Debenture held in escrow by CDS not be paid in full to the Corporation by 10:00 a.m. on the Settlement Date, the Corporation may request the return of such Book-Entry Only
Debenture to the Trustee for cancellation and issue a Book-Entry Only Debenture in replacement thereof representing such number of MTN Debentures for which the purchase price has been received. The replacement Book-Entry Only Debenture shall then be
delivered to CDS by the Trustee on behalf of the Corporation, together with written confirmation by the Corporation of payment in full of the purchase price of such MTN Debentures. CDS will not credit a participant&#146;s account with respect to any
MTN Debentures until confirmation of payment of the purchase price to the Corporation for such MTN Debentures has been received by CDS. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Each Dealer will deliver, by electronic funds transfer or, if permitted by law, bank draft, the amount in
respect of such Book-Entry Interest to the designated account of the Corporation for funds available for immediate use, and provide the Corporation with a reference or tracing number in the case of electronic funds transfer. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Corporation will deliver to the Dealer&#146;s bank account, by electronic funds transfer, the appropriate
commissions. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(j)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Dealer will confirm the purchase of each Book-Entry Interest to the purchaser thereof by mailing a written
confirmation to such purchaser. </P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;A5&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For offers accepted by the Corporation (or as provided above, by a Dealer on
behalf of the Corporation), Settlement Procedures (a)&nbsp;through (i)&nbsp;above will occur no later than the respective times (Montreal time) listed below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="90%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="72%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><U>Settlement Procedure</U></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><U>Time</U></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">(a)</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">9:00 a.m. on the first Business
Day following the Trade Day;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">(b)-(c)</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">4:00 p.m. on the first Business
Day following the Trade Day;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">(d)-(e)-(f)</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">1:00 p.m. on the second Business
Day following the Trade Day;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">(g)-(h)-(i)</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">10:00 a.m. on the Settlement
Date.</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">However, in the event that the Corporation and any Dealer(s) agree that the Settlement Date
with respect to the sale of any MTN Debentures shall be later than the third Business Day following the Trade Day, then the time and date for carrying out any of the Settlement Procedures referred to above shall be as agreed to between the
Corporation and such Dealer(s). </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">If Settlement of a Book-Entry Only Debenture is rescheduled or cancelled, the Corporation will deliver to CDS
and the Trustee a cancellation message to such effect by no later than 9:30 a.m. (Montreal time) on the Business Day immediately preceding the scheduled Settlement Date. If a Book-Entry Only Debenture is cancelled, the Trustee will mark such
Book-Entry Only Debenture &#147;void and cancelled,&#148; and make appropriate entries in its records. The ISIN number assigned to such Book-Entry Only Debenture will, in accordance with ISIN Service Bureau procedures, be cancelled and not
reassigned. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>C.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><U>Certificated Debentures</U> </B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The receipt of immediately available funds by the Corporation in payment for Certificated Debentures and the
certification and issuance of the Certificated Debentures will constitute &#147;Settlement.&#148; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Settlement procedures with regard to each Certificated Debenture sold by a Dealer will be as follows:
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Dealer will verbally advise the Corporation of so much of the following additional information as is
available immediately following the acceptance of any offer by the Dealer acting as agent on behalf of the Corporation or acting as principal and all of the following information (the &#147;<B>Settlement Information</B>&#148;) will be confirmed in
writing by 1:00 p.m. (Montreal time) on the Business Day following the Trade Day: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">principal amount and currency of the Certificated Debenture; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">exact name in which the Certificated Debenture is to be registered; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">exact address of the registered owner and address for payment of principal and interest;
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">splits; </P></TD></TR></TABLE>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;A6&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">delivery location; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">taxpayer identification number of the registered owner; and </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the information specified in 3(a)(ii), (iii), (iv), (v), (vi), (vii), (viii), (x)&nbsp;and (xi)&nbsp;of Part B
above. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The information specified above in 2(a)(i), (ii), (iii), (iv), (v), (vi)&nbsp;and (vii)&nbsp;of Part C above
will be deemed to be collectively the &#147;Settlement Information&#148; for all purposes in regard to the Certificated Debentures. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">After receiving the Settlement Information from the Dealer, the Corporation will complete and deliver to the
Dealer a Canadian Pricing Supplement relating to the Certificated Debentures to be sold in accordance with such Settlement Information. The Dealer will deliver the Canadian Prospectus, as amended and supplemented (including the Canadian Pricing
Supplement) to the purchaser as soon as possible after receipt of the Canadian Pricing Supplement and, to the extent practicable, by the close of business on the Business Day the Canadian Pricing Supplement is delivered by the Corporation and, in
any event, at the latest by the end of the first Business Day following the Trade Day, provided that the Corporation has delivered the applicable Canadian Pricing Supplement to the Dealer, and <I>provided</I>, <I>however</I>, that deliveries of
documents to U.S. Persons shall be as set out in the applicable sections of Schedule&nbsp;C. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Corporation will communicate the Settlement Information to the Trustee by 1:00 p.m. (Montreal time) on the
second Business Day following the Trade Day. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Trustee will complete and distribute a Certificated Debenture and three photocopies thereof as follows:
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the original Certificated Debenture (which in the case of registered Certificated Debentures will be
registered in the name of the registered owner) to the Dealer; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">copy 1 to the Trustee; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">copy 2 to the Dealer; and </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">copy 3 to the Corporation. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">No later than 10:00 a.m. (Montreal time) on the Settlement Date or such time on such other date as may be
agreed to by the Corporation and the Dealer to be the Settlement Date for the purpose of a specific issuance of a Certificated Debenture, the Trustee will make the Certificated Debenture available at its principal office in any of the cities of
Montreal or Toronto against payment by electronic funds transfer, or, if permitted by law, certified cheque or bank draft. The Dealer will arrange to settle the transaction prior to 11:00 a.m. (Montreal time) on the Settlement Date. If the Dealer
does not settle the transaction prior to 1:00 p.m. (Montreal time) on the Settlement Date, the transaction will not settle until the next Business Day and the Corporation will be compensated by the Dealer for its cost of funds incurred as a result
of the </P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;A7&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">delay in Settlement, as such amount is determined by the Corporation acting reasonably, for the period from
but not including the Settlement Date to and including the date the transaction settles. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For each Certificated Debenture, the Dealer will provide the exact address of the registered owner and address
for payment of interest. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">These operating procedures will be in effect until such time as the Corporation and the
Dealers agree that revisions to the procedures are desirable. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE&nbsp;B </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">to a Dealer Agreement dated September&nbsp;30, 2016 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">between the Dealers and Bell Canada </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>DUE DILIGENCE </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>REVIEW PROCESS FOR THE MTN DEBENTURE PROGRAM </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Quarterly Review with Senior Management </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">After the filing of each of the Guarantor&#146;s quarterly unaudited financial statements, representatives of each of the Dealers,
Dealers&#146; Counsel and Dealers&#146; U.S. Counsel may, at the option of the Dealers, meet with one or more members of the senior management of the Corporation and its counsel to conduct an updated due diligence session with respect to the affairs
of the Corporation. This meeting may take the form of a conference call. Prior to the foregoing quarterly due diligence session, Dealers&#146; Counsel and Dealers&#146; U.S. Counsel will be entitled to review the minutes of the meetings of the
directors, shareholders, audit and other committees of the board of directors, for each such quarter and such other information as Dealers&#146; Counsel and Dealers&#146; U.S. Counsel may reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Annual Review of Annual Information Form and Annual Financial Statements </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">After the filing of the Guarantor&#146;s annual information form, representatives of each of the Dealers, the Dealers&#146; Counsel and the
Dealers&#146; U.S. Counsel may, at their option, meet with members of the senior management of the Corporation and its counsel to conduct an annual due diligence review in conjunction with the filing of the Guarantor&#146;s annual information form.
The Dealers, the Dealers&#146; Counsel and the Dealers&#146; U.S. Counsel may, at their option, also meet with the auditors of the Guarantor or the Corporation to conduct a due diligence review with respect to the Guarantor&#146;s annual financial
information. The auditors of the Guarantor may be asked to provide a comfort letter in form and content acceptable to the Dealers, Dealers&#146; Counsel and Dealers&#146; U.S. Counsel, acting reasonably, in the circumstances contemplated by
Section&nbsp;6(f) of the Agreement. Prior to the foregoing annual due diligence session, Dealers&#146; Counsel and the Dealers&#146; U.S. Counsel will be entitled to review the minutes of the meetings of the directors, shareholders, audit and other
committees of the board of directors, for such period and such other information as Dealers&#146; Counsel and the Dealers&#146; U.S. Counsel may reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Review of Material Change Reports </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">At the option of the Dealers, as soon as possible after the issuance of a news release relating to a material change and the filing of the
related material change report, excluding confidential material change reports, the Corporation will meet with representatives of the Dealers, Dealers&#146; Counsel and Dealers&#146; U.S. Counsel (which meeting may be held by means of a conference
call) to discuss the subject matter of the material change report so that the Dealers can be satisfied that the material change report which has been incorporated by reference into the Canadian Prospectus and the U.S. Prospectus adequately discloses
all material facts relating to the material change. </P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;B2&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Other </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">At a time as the Corporation and the Dealer(s) may agree in connection with a particular distribution of MTN Debentures, or upon any
reasonable request of the Dealers, the Dealers, Dealers&#146; Counsel and Dealers&#146; U.S. Counsel may have a telephone conference call or meeting with one or more members of the senior management of the Corporation and its counsel to conduct an
updated due diligence session with respect to the affairs of the Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Corporation will permit the Dealers&#146; Counsel and
the Dealers&#146; U.S. Counsel to review all material change reports (excluding confidential material change reports) and to conduct such other due diligence review as may be reasonably requested by the Dealers, Dealers&#146; Counsel or and the
Dealers&#146; U.S. Counsel or any of such parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Corporation agrees to notify promptly the Dealers if it becomes aware of a change
or a proposed change in the credit ratings of the MTN Debentures or Debt Securities unless the Corporation shall have determined that a No Trading Period exists as a result of a change or proposed change in the credit ratings of the MTN Debentures
or Debt Securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In the event the Corporation cannot rely on the &#147;credit supporter&#148; exemption set forth in section&nbsp;13.4
of NI 51-102 or an equivalent exemption, then the references to the Guarantor and its documents and auditors in this Schedule&nbsp;B shall be replaced with references to the Corporation, its documents and auditors. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE&nbsp;C </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">to a Dealer Agreement dated September&nbsp;30, 2016 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">between the Dealers and Bell Canada </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In connection with the offer and sale of any non-U.S. dollar denominated MTN Debentures in the United States and delivery of
any U.S. Prospectus, U.S. Prospectus Supplement, U.S. Pricing Supplement or other documentation related thereto, the provisions set forth in this Schedule&nbsp;C shall apply in addition to the other provisions contained in the Dealer Agreement and
shall be deemed to be part of the Dealer Agreement to the same extent as if such provisions had been set forth in full in the referenced sections therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Unless otherwise defined herein, all terms used herein have the meanings given to them in the Dealer Agreement. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>3.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Distribution of MTN Debentures </B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Unless otherwise advised in writing by the Corporation, for purposes of Section&nbsp;3 of the Dealer
Agreement, the Dealers shall be entitled to assume that no stop order suspending the effectiveness of the Registration Statement has been issued and no proceeding for that purpose has been initiated or threatened by the SEC. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>6.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Delivery of Prospectus and Related Documents </B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Corporation shall deliver or cause to be delivered to the Dealers, the Dealers&#146; Counsel and the
Dealers&#146; U.S. Counsel the documents set out below at the respective times indicated: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">as soon as they are available, the Corporation agrees to furnish the Dealers, without charge, as many copies
of the U.S. Prospectus, any U.S. Prospectus Supplement and any U.S. Pricing Supplement and any other document constituting part of the Disclosure Package, including copies of any documents incorporated, or containing information incorporated, by
reference therein, as the Dealers may reasonably require, without charge, in the City of New York, New York. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>7.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Representations, Warranties, Covenants and Agreements </B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">In addition to the representations in Section&nbsp;7 of the Dealer Agreement that are applicable to MTN
Debentures sold in the United States, the Corporation&#146;s delivery to the Dealers of the U.S. Prospectus, the U.S. Prospectus Supplement, any U.S. Pricing Supplement or the Disclosure Package and the Corporation&#146;s sale through the Dealers of
any MTN Debentures in the United States shall constitute a representation and warranty by the Corporation to the Dealers that: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Trust Indenture has been duly qualified under the United States Trust Indenture Act of 1939 (the
&#147;<B>Trust Indenture Act</B>&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">neither the Corporation nor any of its Subsidiaries nor, to the knowledge of the Corporation, any director,
officer, agent, employee or affiliate of the </P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;C2&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Corporation or any of its Subsidiaries is aware of or has taken any action, directly or indirectly, that would
result in a violation by such persons of the FCPA, including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the
payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any &#147;<B>foreign official</B>&#148; (as such term is defined in the FCPA) or any foreign political party or official thereof
or any candidate for foreign political office, in contravention of the FCPA and the Corporation, its Subsidiaries and, to the knowledge of the Corporation, its affiliates have conducted their businesses in compliance with the FCPA and have
instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. &#147;<B>FCPA</B>&#148; means Foreign Corrupt Practices Act of 1977, as amended, and the
rules and regulations thereunder; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the operations of the Corporation and its Subsidiaries are and have been conducted at all times in compliance
with any applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder
and any related rules or regulations issued, administered or enforced by any governmental agency (collectively, the &#147;<B>Money Laundering Laws</B>&#148;) and no action, suit or proceeding by or before any court or governmental agency, authority
or body or any arbitrator involving the Corporation or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Corporation, threatened; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">neither the Corporation nor any of its Subsidiaries nor, to the knowledge of the Corporation, any director,
officer, agent, employee or affiliate of the Corporation or any of its Subsidiaries is currently the target of any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (&#147;<B>OFAC</B>&#148;); and the
Corporation will not use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person
currently the target of any U.S. sanctions administered by OFAC; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Corporation meets the requirements for use of Form F-10; the Registration Statement has been declared
effective by the SEC and no stop order suspending the effectiveness of the Registration Statement has been issued and no proceeding for that purpose has been initiated or threatened by the SEC; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each part of the Registration Statement, and each of the U.S. Prospectus and the U.S. Prospectus Supplement,
as amended or supplemented (excepting any information contained therein provided by or relating solely to the Dealers), as at the date of such delivery, the Closing Date, the Applicable Time and the Issue Closing Date for such MTN Debentures will
comply in all material </P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;C3&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">respects with the provisions of the U.S. Securities Laws and the Trust Indenture Act and the rules and
regulations of the SEC thereunder; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the U.S. Prospectus conformed as of the date of effectiveness of the Registration Statement to the Canadian
Prospectus, the U.S. Prospectus Supplement conformed as of its date to the Canadian Prospectus Supplement, and any U.S. Pricing Supplement will conform to the equivalent Canadian Pricing Supplement, if any, as of the Applicable Time and the Issue
Closing Date for such MTN Debentures, except in each case for such deletions therefrom and additions thereto as are permitted or required by Form F-10 and the applicable rules and regulations of the SEC; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">(i) each part of the Registration Statement, when such part became effective, did not contain and, with
respect to each issue of MTN Debentures in the United States, each such part, as amended or supplemented as of the date of any applicable U.S. Pricing Supplement, will not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein not misleading; (ii)&nbsp;the U.S. Prospectus does not contain and, as amended or supplemented, as of the date of such amendment or supplement, the Closing Date and, with
respect to each issue of MTN Debentures in the United States, the date of any applicable U.S. Pricing Supplement and the Issue Closing Date for such MTN Debentures, will not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; (iii)&nbsp;with respect to each issue of MTN Debentures in the United States, the Disclosure Package, as of the Applicable
Time, will not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading; and (iv)&nbsp;with
respect to each such issue of MTN Debentures, any Issuer Free Writing Prospectus relating to such MTN Debentures, will not conflict (except to the extent that such conflict is a modification of or supersedes previous information) with the
information contained in the Registration Statement, including any document incorporated therein and any prospectus supplement deemed to be a part thereof that has not been superseded or modified and taken together with the Disclosure Package as of
the Applicable Time, will not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading;
<I>provided</I>, <I>however</I>, that the foregoing representations and warranties shall not apply to statements or omissions from any such document in reliance upon and in conformity with information furnished in writing to the Corporation by a
Dealer expressly for use therein; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each document filed or to be filed with the SEC and incorporated by reference in the U.S. Prospectus or the
Disclosure Package, complied or will comply when so filed in all material respects with the requirements of the U.S. Securities Act and the U.S. Exchange Act and the applicable rules and regulations of the SEC thereunder, and when read together and
with the other </P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;C4&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">information in the Registration Statement, the U.S. Prospectus, the U.S. Prospectus Supplement and the
Disclosure Package, (i)&nbsp;at the time the Registration Statement became effective, (ii)&nbsp;as of the Closing Date (iii)&nbsp;at the Applicable Time for any issue of such MTN Debentures and (iii)&nbsp;as of the Issue Closing Date of such MTN
Debentures did not and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were or are
made, not misleading; <I>provided</I>, <I>however</I>, that the foregoing representations and warranties shall not apply to statements or omissions from any such document in reliance upon and in conformity with information furnished in writing to
the Corporation by a Dealer expressly for use therein; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(j)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Corporation is not an &#147;<B>ineligible issuer</B>&#148; in connection with the offering of MTN
Debentures pursuant to Rule 164 under the U.S. Securities Act; and each Issuer Free Writing Prospectus that the Corporation has filed or is required to file pursuant to Rule 433(d) under the U.S. Securities Act complies or will comply, in all
material respects, with the requirements of the U.S. Securities Act and the applicable rules and regulations of the SEC thereunder. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Corporation and the Guarantor hereby covenant and agree with each Dealer: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">(i) to make no amendment or supplement (other than an amendment or supplement as a result of the
Corporation&#146;s or the Guarantor&#146;s filing of a report under the U.S. Exchange Act) to the Registration Statement, the U.S. Prospectus or the Disclosure Package after the date on which any Dealer has agreed to purchase or solicit offers to
purchase MTN Debentures in the United States and prior to the Issue Closing Date relating to such MTN Debentures without the consent of the Dealers, such consent not to be unreasonably withheld; (ii)&nbsp;to prepare, with respect to a particular
offering of MTN Debentures to be sold by the Corporation through or to such Dealers pursuant to this Agreement, a U.S. Prospectus Supplement, U.S. Pricing Supplement or a Term Sheet with respect to such MTN Debentures in a form previously approved
by such Dealers and to file such U.S. Prospectus Supplement, U.S. Pricing Supplement or Term Sheet pursuant to General Instruction II.L of Form F-10 or Rule 433(d) under the U.S. Securities Act within the time required by such rule; (iii)&nbsp;to
make no amendment or supplement to the Registration Statement or the U.S. Prospectus (other than an amendment or supplement as a result of filings by the Corporation or the Guarantor under the U.S. Exchange Act and other than the filing of
prospectuses, preliminary prospectuses, preliminary prospectus supplements, free-writing prospectuses and other documents pursuant to General Instruction II.L of Form F-10 or Rule 433 under the U.S. Securities Act relating to securities other than
the MTN Debentures purchased through or by such Dealers), at any other time prior to having afforded each Dealer a reasonable opportunity to review it; and (iv)&nbsp;to file promptly all other material required to be filed by the Corporation with
the Securities Commissions or with the SEC pursuant to Rule 433(d) under the U.S. Securities Act; to file </P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;C5&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">promptly all reports or information statements required to be filed by the Corporation or the Guarantor with
the SEC pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the U.S. Exchange Act for so long as the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the U.S. Securities Act) is required in connection with
the offering or sale of the MTN Debentures, and during such same period to advise such Dealers, promptly after it receives notice thereof, of the time when any amendment to the Registration Statement has been filed or becomes effective or any
supplement to the U.S. Prospectus has been filed, or transmitted for filing to, the Securities Commissions or the SEC, of the issuance by the Securities Commissions or the SEC of any stop order or of any order preventing or suspending the use of any
prospectus relating to the MTN Debentures, of the suspension of the qualification of the MTN Debentures for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding for any such purpose, or of any request by the SEC
for the amending or supplementing of the Registration Statement or the U.S. Prospectus or for additional information; and, in the event of the issuance of any such stop order or of any such order preventing or suspending the use of any such
prospectus or suspending any such qualification, to use promptly its commercially reasonable efforts to obtain its withdrawal; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if, at any time when a prospectus relating to the MTN Debentures (or in lieu thereof, the notice referred to
in Rule 173(a) under the U.S. Securities Act) is required to be delivered under the U.S. Securities Act, any event occurs as a result of which the U.S. Prospectus, the U.S. Prospectus Supplement or the Disclosure Package, each as then supplemented,
would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein in the light of the circumstances under which they were made not misleading, or if it shall be necessary to amend the
Registration Statement or supplement the U.S. Prospectus, the U.S. Prospectus Supplement or the Disclosure Package to comply with the U.S. Securities Laws, the Corporation and the Guarantor promptly will (i)&nbsp;notify the Dealers of such event,
(ii)&nbsp;prepare and file with the SEC, subject to Section&nbsp;7.2(a), an amendment or supplement which will correct such statement or omission or effect such compliance and (iii)&nbsp;supply any supplement to the U.S. Prospectus, the U.S.
Prospectus Supplement or the Disclosure Package to the Dealers in such quantities as they may reasonably request; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">that unless it obtains the prior written consent of the Dealers, it will not make any offer relating to the
MTN Debentures that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a &#147;<B>free writing prospectus</B>&#148; as defined in Rule 405 under the U.S. Securities Act required to be filed with the SEC; and
consents to the use by any Dealer of a free writing prospectus that (a)&nbsp;is not an Issuer Free Writing Prospectus, or (b)&nbsp;contains only (i)&nbsp;information describing the preliminary terms of the MTN Debentures or their offering,
(ii)&nbsp;information permitted by Rule 134 under the U.S. Securities Act or (iii)&nbsp;information that describes the final terms of the MTN </P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;C6&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Debentures or their offering and that is included in the Disclosure Package; and </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to timely file such reports pursuant to the U.S. Exchange Act as are necessary in order to make generally
available to its securityholders as soon as practicable an earnings statement for the purposes of, and to provide the benefits contemplated by, the last paragraph of Section&nbsp;11(a) of the U.S. Securities Act. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">(a) Each Dealer represents and warrants to, and agrees with, the Corporation, the Guarantor and each other
Dealer that it has not made, and will not make, any offer relating to the MTN Debentures that would constitute a &#147;free writing prospectus&#148; (as defined in Rule 405 under the U.S. Exchange Act) without the Corporation&#146;s written consent.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) Each Dealer represents and warrants to, and agrees with, the Corporation and the Guarantor that it
will deliver the U.S. Prospectus (as it may be amended from time to time), a U.S. Prospectus Supplement, a Term Sheet or a U.S. Pricing Supplement to the purchasers in accordance with applicable U.S. Securities Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) Each Dealer represents and warrants to, and agrees with, the Corporation and the Guarantor that all sales of MTN
Debentures in the United States shall only be made to institutions that satisfy applicable state securities registration exemptions or in other transactions not subject to state securities registration requirements. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>9.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Indemnification </B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Corporation shall indemnify and save each Dealer, and each Dealer&#146;s directors, officers, employees,
agents, affiliates and controlling persons (each an &#147;<B>Indemnified Person</B>&#148;), harmless against and from all liabilities, claims, demands, losses (other than losses of profit), costs, damages (other than consequential damages) and
expenses to which the Indemnified Person may be subject or which the Indemnified Person may suffer or incur, whether under the provisions of any statute or otherwise, in any way caused by, or arising directly or indirectly from or in consequence of:
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any untrue statement or alleged untrue statement of a material fact (except an untrue statement which is based
upon information relating solely to the Dealers and furnished to the Corporation by the Dealers, the Dealers&#146; Counsel or the Dealers&#146; U.S. Counsel expressly for inclusion in the U.S. Prospectus) contained in the Registration Statement (or
any amendment thereto) or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein not misleading or arising out of any untrue statement or alleged untrue statement of a material fact included
in the U.S. Prospectus, any U.S. Prospectus Supplement, Issuer Free Writing Prospectus, U.S. Pricing Supplement or the Disclosure Package (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; </P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;C7&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any order made or any inquiry, investigation or other proceeding commenced or threatened by any one or more
securities commissions (not based upon the activities or the alleged activities of the Dealers or their banking or selling group members, if any) based upon any misrepresentation or alleged misrepresentation (except a misrepresentation which is
based upon information relating solely to the Dealers and furnished to the Corporation by the Dealers, the Dealers&#146; Counsel or the Dealers&#146; U.S. Counsel expressly for inclusion in the U.S. Prospectus) contained in the Registration
Statement, the U.S. Prospectus, any U.S. Prospectus Supplement, Issuer Free Writing Prospectus, U.S. Pricing Supplement or the Disclosure Package (or any amendment or supplement thereto), including the documents incorporated therein by reference,
preventing or restricting the trading or distribution of the MTN Debentures in the United States; or </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Corporation not complying with any requirement under the U.S. Securities Laws in connection with the
distribution of the MTN Debentures in the United States. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Each Dealer shall be entitled, as trustee, to enforce the obligations contained herein on behalf of any other
parties entitled to indemnity hereunder. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">If any claim contemplated by Section&nbsp;9.1 shall be asserted against any Indemnified Person such
Indemnified Person shall notify the Corporation as soon as possible of the nature of such claim and the Corporation shall be entitled (but not required) to assume the defence of any suit brought to enforce such claim, <I>provided however</I>, that
the defence shall be through legal counsel selected by the Corporation and acceptable to the Indemnified Person acting reasonably and that no settlement may be made by the Corporation or the Indemnified Person without the prior written consent of
the other, such consent not to be unreasonably withheld. The Indemnified Person shall have the right to retain its own counsel in any proceeding relating to a claim contemplated by Section&nbsp;9.1 if: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Indemnified Person has been advised in writing by counsel that there may be a conflict of interest in
having the Indemnified Person represented by the same counsel as the Corporation or that there may be a reasonable legal defence available to the Indemnified Person which is different from or additional to a defence available to the Corporation (in
which case the Corporation shall not have the right to assume the defence of such proceedings on the Indemnified Person&#146;s behalf); </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Corporation shall not have taken the defence of such proceedings and employed counsel within ten Business
Days after notice of commencement of such proceedings; or </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the employment of such counsel has been authorized in writing by the Corporation in connection with the
defence of such proceeding; </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">and, in any such event, the reasonable fees and expenses of such
Indemnified Person&#146;s counsel (on a solicitor and his client basis) shall be paid by the Corporation, </P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;C8&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">provided that the Corporation shall not, in connection with any one such action
or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate law firm (in addition to any local counsel)
for all such Indemnified Persons. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Each Dealer shall indemnify and save each of the Corporation and its directors, officers, employees, agents
and controlling persons harmless against and from all liabilities, claims, demands, losses (other than losses of profit), costs, damages (other than consequential damages) and expenses which it may suffer, but only with reference to written
information furnished to the Corporation by or on behalf of such Dealer specifically for use in the Registration Statement, the U.S. Prospectus, any U.S. Prospectus Supplement, any U.S. Pricing Supplement, any Term Sheet or any Issuer Free Writing
Prospectus. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">If the indemnification provided for in Section&nbsp;9.1 is for any reason unavailable to or insufficient to
hold harmless an Indemnified Person in respect of any liabilities, claims, demands, losses, costs, damages or expenses referred to therein, then each indemnifying person shall contribute to the aggregate amount of such liabilities, claims, demands,
losses, costs, damages or expenses incurred by such Indemnified Person, as incurred, (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by the Corporation on the one hand and the Dealers on the other hand from
the offering of the particular series of MTN Debentures giving rise to such claim pursuant to this Agreement or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause (i)&nbsp;above but also the relative fault of the Corporation on the one hand and of the Dealers on the other hand in connection with the statements or omissions which resulted in such
losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The relative benefits received by the Corporation on the one hand and the Dealers on the other hand in
connection with the offering of a particular series of MTN Debentures pursuant to this Agreement shall be deemed to be in the same respective proportions as the total net proceeds from such offering of the MTN Debentures pursuant to this Agreement
(before deducting expenses, but net of the total underwriting discount and commissions received by the Dealers) received by the Corporation and the total underwriting discount and commissions received by the Dealers, in each case as set forth in the
related U.S. Pricing Supplement or elsewhere in the related Disclosure Package. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The relative fault of the Corporation on the one hand and the Dealers on the other hand shall be determined by
reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Corporation or by the Dealers and the
parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. </P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;C9&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Corporation and the Dealers agree that it would not be just and equitable if contribution pursuant to this
Section&nbsp;9.5 were determined by pro rata allocation (even if the Dealers were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this
Section. The aggregate amount of liabilities, claims, demands, losses, costs, damages or expenses incurred by an Indemnified Person and referred to above in this Section&nbsp;shall be deemed to include any legal or other expenses reasonably incurred
by such Indemnified Person in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged
untrue statement or omission or alleged omission. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Notwithstanding the provisions of this Section&nbsp;9.5, no Dealer shall be required to contribute any amount
in excess of the amount by which (i)&nbsp;the total price at which the MTN Debentures purchased by such Dealer and distributed to the public were offered to the public exceeds (ii)&nbsp;the amount of any damages which such Dealer has otherwise been
required to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the U.S.
Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For purposes of this Section&nbsp;9.5, each person, if any, who controls a Dealer within the meaning of
Section&nbsp;15 of the U.S. Securities Act or Section&nbsp;20 of the U.S. Exchange Act shall have the same rights to contribution as such Dealer, and each director of the Corporation, each officer of the Corporation who signed the Registration
Statement, and each person, if any, who controls the Corporation within the meaning of Section&nbsp;15 of the U.S. Securities Act or Section&nbsp;20 of the U.S. Exchange Act shall have the same rights to contribution as the Corporation. The
Dealers&#146; respective obligations to contribute pursuant to this Section&nbsp;are in proportion to the principal amount of MTN Debentures set forth opposite their respective names in any applicable underwriting agreement jointly and not solidary.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">17.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Miscellaneous</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Corporation hereby acknowledges that the Dealers are acting solely as the Corporation&#146;s agents in connection with the
purchase and sale of the MTN Debentures. The Corporation further acknowledges that the Dealers are acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm&#146;s length basis, and in no event do the
parties intend that the Dealers act or be responsible as a fiduciary to the Corporation in connection with any activity that the Dealers may undertake or have undertaken in furtherance of such purchase and sale of the Corporation&#146;s securities,
either before or after the date hereof. The Dealers hereby expressly disclaim any fiduciary or similar obligations to the Corporation either in connection with the transactions contemplated by this Agreement or any matters leading up to such
transactions, and the Corporation hereby confirms its understanding and agreement to that effect. </P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;C10&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">18.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Additional Closing Condition in Connection with Sales in the United States</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In respect of each sale of MTN Debentures in the United States, the several obligations of the Dealers hereunder are subject
to the following condition: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">delivery to the Dealer(s) at the Issue Closing Date, dated such date, for such MTN Debentures (a)&nbsp;a
Corporation&#146;s Counsel Opinion substantially in the form set forth on Schedule D-3 hereto and (b)&nbsp;a Guarantor&#146;s Counsel Opinion substantially in the form set forth on Schedule D-3 hereto; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">delivery to the Dealer(s) at the Issue Closing Date, dated such date, for such MTN Debentures of a letter from
each of the Corporation&#146;s U.S. Counsel substantially in the form set forth on Schedule&nbsp;D-4 hereto and the Dealers&#146; U.S. Counsel that shall state that no facts have come to such counsel&#146;s attention which lead counsel to believe
that (i)&nbsp;the Registration Statement, as of the date of the U.S. Pricing Supplement, contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the statements
therein not misleading, (ii)&nbsp;the Disclosure Package, as of the Applicable Time, contained any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading, and (iii)&nbsp;the U.S. Prospectus, as supplemented by the U.S. Prospectus Supplement and the U.S. Pricing Supplement, as of the date of the U.S. Pricing Supplement and as of the Issue
Closing Date, contained any untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">delivery to the Dealer(s) of a Comfort Letter at such time or times as the Corporation and the Dealer(s) may
agree in connection with a particular distribution of MTN Debentures; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a certificate dated the Issue Closing Date signed on the Corporation&#146;s behalf by any one of the Chief
Executive Officer, the Chief Financial Officer or the Treasurer of the Corporation or such other officer of the Corporation as may be acceptable to the Dealers, addressed to the Dealers to the effect that to the best of the knowledge and belief of
the person so signing, without personal liability, after having made due inquiry: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">since the date of the Disclosure Package: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(x)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">there has not been any material adverse change, financial or otherwise, in the condition of the Corporation
and its Subsidiaries on a consolidated basis and taken as a whole or of the Guarantor and its Subsidiaries on a consolidated basis and taken as a whole; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(y)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">there have been no transactions entered into by the Guarantor or any of its Subsidiaries out of the ordinary
course of </P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;C11&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="21%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">business which are material to the Corporation and its Subsidiaries on a consolidated basis and taken as a
whole or to the Guarantor and its Subsidiaries on a consolidated basis and taken as a whole; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(z)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to the knowledge of the Corporation, there are no actions, suits or proceedings pending or threatened against
or affecting the Guarantor or any of its Subsidiaries at law or before or by any federal, provincial, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, which may in any way
materially and adversely affect the Corporation and its Subsidiaries on a consolidated basis and taken as a whole or the Guarantor and its Subsidiaries on a consolidated basis and taken as a whole; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Guarantor and its Subsidiaries have no contingent liabilities other than in the ordinary course of
business which are material to the Corporation and its Subsidiaries on a consolidated basis and taken as a whole or to the Guarantor and its Subsidiaries on a consolidated basis and taken as a whole and which are not disclosed in the Disclosure
Package or the U.S. Prospectus Supplement or in the documents supplied to or filed with the Securities Commissions and the SEC deemed to be incorporated by reference in the U.S. Prospectus, each as amended or supplemented; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">no default exists under any trust instrument or agreement securing or otherwise relating to the indebtedness
of the Guarantor and any of its Subsidiaries which is material to the Corporation and its Subsidiaries on a consolidated basis and taken as a whole or to the Guarantor and its Subsidiaries on a consolidated basis and taken as a whole; and
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the representations and warranties of the Corporation as of the date of the Disclosure Package to a Dealer
are, to the extent applicable, true and correct as of the Issue Closing Date. </P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE D </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORMS OF OPINION </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Schedule D-1 </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D2&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Opinion &#150; Mr.&nbsp;Michel Lalande (Closing of MTN Program) </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D3&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">September&nbsp;30, 2016 </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(collectively, the &#147;<B>Dealers</B>&#148;) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Bell Canada &#150; MTN Debenture Program </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sirs/Mesdames: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">I, Michel
Lalande, am Senior Vice-President, General Counsel and Corporate Secretary of BCE Inc. (&#147;<B>BCE</B>&#148;) and Bell Canada and have acted as such in connection with the proposed issue, offer and sale by Bell Canada of up to $4,000,000,000 in
aggregate principal amount of debt securities consisting of debentures, notes and/or other unsecured evidences of indebtedness or other instruments in one or more series or issues (the &#147;<B>Debt Securities</B>&#148;), including the proposed
offer and sale by Bell Canada of a series thereof known and designated as MTN Debentures unconditionally guaranteed as to payment of principal, interest and other payment obligations by BCE (the &#147;<B>MTN Debentures</B>&#148;), from time to time
during the 25-month period the Final Prospectus (as defined below) remains valid (the &#147;<B>Offering</B>&#148;), directly to the public, or to or through the Dealers pursuant to the dealer agreement dated September&nbsp;30, 2016 between Bell
Canada and the Dealers, to which BCE intervened (the &#147;<B>Dealer Agreement</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This opinion is being provided
to you pursuant to Sections 8.1(b) and 8.2 of the Dealer Agreement. Capitalized terms used in this opinion letter, unless otherwise defined herein, shall have the meanings ascribed thereto in the Dealer Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In connection with the opinions expressed below, I have examined the following documents: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the <I>Bell Canada Act</I> of the Parliament of Canada, the Certificate and Articles of Amalgamation of Bell
Canada dated January&nbsp;1, 2007 and the Certificate and Articles of Arrangement of Bell Canada dated January&nbsp;25, 2007, the by-laws and certain administrative resolutions of and certificates relating to Bell Canada; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Certificate and Articles of Amalgamation of BCE dated August&nbsp;1, 2004, the Certificate and Articles of
Arrangement of BCE dated July&nbsp;10, 2006, the Certificate and Articles of Amendment of BCE dated January&nbsp;25, 2007, the Certificate and Articles of Amendment of BCE dated June&nbsp;29, 2011 and the Certificate and Articles of Amendment of BCE
dated September&nbsp;22, 2014 (and November&nbsp;11, 2014 relating to the French translation thereof), the by-laws and certain administrative resolutions and certificates relating to BCE; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a certified copy of a resolution of the Board of Directors of Bell Canada dated October&nbsp;22, 1997
delegating to certain officers of Bell Canada the authority to approve the form and content of, and the execution of, the Original Indenture (as defined below) and amendments thereto, a Determination of Officers dated November&nbsp;28, 1997
approving the form and content of, and the execution of, the Original Indenture in its final form and an Officers&#146; Certificate dated July&nbsp;12, 1999 approving the form and content of, and the execution of, the First Supplemental Indenture
(as defined below); </P></TD></TR></TABLE>

<p Style='page-break-before:always'>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D4&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a certified copy of a resolution adopted by the Board of Directors of Bell Canada on December&nbsp;11, 2006
authorizing and approving, <I>inter alia</I>, (i)&nbsp;the simplification of Bell Canada&#146;s structure, and (ii)&nbsp;all agreements necessary or appropriate to give effect thereto; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a certified copy of a resolution adopted by the Board of Directors of BCE on December&nbsp;11, 2006
authorizing and approving, <I>inter alia</I>, (i)&nbsp;the guarantee of Bell Canada&#146;s public debt obligations, and (ii)&nbsp;any supplemental indentures; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a certified copy of a resolution adopted by the Board of Directors of Bell Canada on August&nbsp;4, 2016 (the
&#147;<B>August 4, 2016 Bell Resolution</B>&#148;), authorizing and approving, <I>inter alia</I>, (i)&nbsp;the creation, issue, offer and sale during a 25-month period of up to $4,000,000,000 of Debt Securities, including the MTN Debentures, subject
to the terms and conditions thereof being determined and approved by a financing committee of the Board of Directors of Bell Canada appointed, and pursuant to powers delegated to it, by the Board of Directors of Bell Canada; (ii)&nbsp;the form of
the preliminary short form base shelf prospectus of Bell Canada subsequently filed on and dated September&nbsp;13, 2016 (the&nbsp;&#147;<B>Preliminary Prospectus</B>&#148;), the form of the final short form base shelf prospectus of Bell Canada
subsequently filed on and dated September&nbsp;20, 2016 (the&nbsp;&#147;<B>Final Prospectus</B>&#148;) and the form of the prospectus supplement of Bell Canada subsequently filed on and dated September&nbsp;30, 2016 to the Final Prospectus
(the&nbsp;&#147;<B>Prospectus Supplement</B>&#148; and, together with the Preliminary Prospectus and the Final Prospectus, the &#147;<B>Prospectus</B>&#148;); (iii)&nbsp;the form of the registration statement on Form F-10 of Bell Canada subsequently
filed on and dated September&nbsp;13, 2016 and amendments to such registration statement including the amended registration statement on Form F-10 of Bell Canada subsequently filed on and dated September&nbsp;20, 2016 (collectively, the
&#147;<B>Registration Statement</B>&#148;); and (iv)&nbsp;Bell Canada to enter into the Dealer Agreement, and certain other matters, and delegating certain powers (x)&nbsp;to certain Authorized Persons (as defined in the August&nbsp;4, 2016 Bell
Resolution) for the purposes of the approval and filing of the final form of the Prospectus and Registration Statement and (y)&nbsp;to certain Designated Persons (as defined in the August&nbsp;4, 2016 Bell Resolution) for the purposes of execution
of the Dealer Agreement; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a certified copy of a resolution adopted by the Board of Directors of BCE on August&nbsp;4, 2016, authorizing
and approving, <I>inter alia</I>, (i)&nbsp;the form of the Prospectus, the form of the Prospectus Supplement and the form of the Registration Statement and (ii)&nbsp;BCE to enter into the Dealer Agreement; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">certificates of Authorized Persons of Bell Canada and BCE dated September&nbsp;13,
2016,&nbsp;September&nbsp;20, 2016 and September&nbsp;30, 2016 approving, respectively, the Preliminary Prospectus and Registration Statement, the Final Prospectus and Amendment No.&nbsp;1 to the Registration Statement and the Prospectus Supplement;
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the trust indenture dated as of November&nbsp;28, 1997 between Bell Canada and CIBC Mellon Trust Company, as
trustee (the &#147;<B>Trustee</B>&#148;), providing for the creation and issue of debt securities (the &#147;<B>Original Indenture</B>&#148;), as supplemented by the first supplemental trust indenture to the Original Indenture dated as of
July&nbsp;12, 1999 between Bell Canada and the Trustee (the &#147;<B>First Supplemental Indenture</B>&#148;) and the second supplemental trust indenture to the Original Indenture dated as of February&nbsp;1, 2007 between Bell Canada, BCE and the
</P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D5&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Trustee (the &#147;<B>Second Supplemental Indenture</B>&#148; and, collectively with the Original Indenture
and the First Supplemental Indenture, the &#147;<B>Indenture</B>&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(j)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Prospectus and the documents incorporated therein by reference, all in the English and French versions,
and the Registration Statement; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(k)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Dealer Agreement. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">I have further examined such corporate records, certificates and other documents and have made such other enquiries as I have
considered necessary or appropriate for the purposes of the opinions hereinafter set forth. In such examinations, I have assumed the genuineness of all signatures, the authenticity of all documents submitted to me as originals and the conformity to
authentic or original documents of all documents submitted to me as certified, conformed or photostatic copies or facsimiles thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">I am qualified to practice law only in the Province of Qu&eacute;bec and the opinions herein expressed are based solely on,
and are limited to, the laws of the Province of Qu&eacute;bec and the federal laws of Canada applicable therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Based
upon and relying on the foregoing and subject to the assumptions, qualifications and limitations set forth herein, I am of the opinion that: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each of Bell Canada and BCE has been incorporated and is existing under the laws of Canada, has not been
dissolved and has the corporate power and capacity to (i)&nbsp;carry on its business as it is now being conducted, (ii)&nbsp;own or lease its material properties and assets, and (iii)&nbsp;execute, deliver and perform its obligations under each of
the Dealer Agreement and the Indenture; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each of Bell Canada and BCE is registered under an <I>Act respecting the Legal Publicity of Enterprises</I>
(Qu&eacute;bec) (the &#147;Publicity Act&#148;) and is not in default under the Publicity Act; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Bell Canada has authorized the creation, issue, offer and sale of the MTN Debentures, subject to the terms and
conditions thereof being determined and approved at a later date by a financing committee of the Board of Directors of Bell Canada appointed for that purpose, and pursuant to powers delegated to it, by the Board of Directors of Bell Canada;
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Prospectus, in both the French and English languages, and the Registration Statement, the execution of the
Preliminary Prospectus, the Final Prospectus and the Registration Statement on behalf of Bell Canada and BCE, and the filing of the Prospectus, in both the French and English languages, with the securities regulatory authorities of all the provinces
of Canada and of the Registration Statement in the United States have been duly approved and authorized by all necessary corporate action on behalf of Bell Canada and BCE, and the Preliminary Prospectus and the Final Prospectus, in both the French
and English languages, and the Registration Statement have been duly executed on behalf of Bell Canada and BCE; </P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D6&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each of the Original Indenture and the First Supplemental Indenture has been duly authorized, executed and
delivered by Bell Canada; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each of the Dealer Agreement and the Second Supplemental Indenture has been duly authorized, executed and
delivered by each of Bell Canada and BCE; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">neither the creation nor the issue of the MTN Debentures, nor the sale thereof in accordance with the Dealer
Agreement, conflict with, result in a breach of, or constitute a default under the terms of (i)&nbsp;the articles or by-laws of each of Bell Canada and BCE, or (ii)&nbsp;any indenture or other agreement or instrument known to the undersigned and to
which either of Bell Canada or BCE is a party, except for covenants contained in certain trust indentures and other agreements to which Bell Canada or BCE is a party that may restrict the creation, issue and/or sale of debt securities (or other
indebtedness) if certain debt incurrence or maintenance tests are not satisfied, or (iii)&nbsp;any order, rule or regulation known to the undersigned and applicable to Bell Canada or BCE of any federal or provincial administrative agency or
governmental body. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This opinion is given as of the date hereof, and I express no opinion in connection
with the foregoing consequent upon the amendment to or coming into force of any law, regulation, decree, order, ruling or administrative practice after the date hereof. I undertake no, and hereby expressly disclaim any, obligation to advise you of
any change with respect to any of the matters set forth herein. </P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D7&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This opinion is intended solely for the use of the persons to whom it is
addressed, and only in connection with the proposed Offering. It is not to be transmitted to any other person nor is it to be relied upon by any other person or for any other purpose, nor quoted from or referred to in any other document, without my
prior written consent. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Yours truly,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Michel Lalande</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Senior Vice-President,
General Counsel</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">and Corporate Secretary</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">BCE Inc. and Bell
Canada</P></TD></TR>
</TABLE></DIV>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D8&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Opinion &#150; Stikeman Elliott LLP (Closing of MTN Program) </B></P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D9&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">September&nbsp;30, 2016 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">B<SMALL>ELL</SMALL> C<SMALL>ANADA</SMALL> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">-and- </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BCE I<SMALL>NC</SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">-and- </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B></B>(collectively, the &#147;<B>Dealers</B>&#148;)<B> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Bell Canada &#150; MTN Debentures Program </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sirs/Mesdames: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>We
have acted as counsel in the provinces of Quebec, Ontario, Alberta and British Columbia (the &#147;<B>Provinces</B>&#148;) to Bell Canada and BCE Inc. (&#147;<B>BCE</B>&#148; or the &#147;<B>Guarantor</B>&#148;) in connection with the proposed
issue, offer and sale by Bell Canada of up to $4,000,000,000 in aggregate principal amount of debt securities in one or more series including the proposed offer and sale by Bell Canada of a series thereof known and designated as MTN Debentures
unconditionally guaranteed as to payment of principal, interest and other payment obligations by BCE (the &#147;<B>MTN Debentures</B>&#148;), from time to time during the 25-month period the Final Prospectus (as defined below) remains valid (the
&#147;<B>Offering</B>&#148;), directly to the public, or to or through the Dealers pursuant to the dealer agreement dated September&nbsp;30, 2016 between Bell Canada and the Dealers, to which the Guarantor intervened (the &#147;<B>Dealer
Agreement</B>&#148;).<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This opinion is being provided to you pursuant to Sections 8.1(b) and 8.2 of the Dealer
Agreement. Capitalized terms used in this opinion letter, unless otherwise defined herein, shall have the meanings ascribed thereto in the Dealer Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In connection with the opinions expressed below, we have participated in the preparation of and/or have examined original
copies, or copies certified or otherwise identified to our satisfaction, of: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Dealer Agreement; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the trust indenture dated as of November&nbsp;28, 1997 between Bell Canada and CIBC Mellon Trust Company, as
trustee (the &#147;<B>Trustee</B>&#148;) providing for the creation and issue of debt securities (the &#147;<B>Original Indenture</B>&#148;), as supplemented by the first supplemental trust indenture to the Original Indenture dated as of
July&nbsp;12, 1999 between Bell Canada and the Trustee (the &#147;<B>First Supplemental Indenture</B>&#148;) and the second supplemental trust indenture to the Original Indenture dated as of February&nbsp;1, 2007 between Bell Canada, BCE and the
Trustee (the &#147;<B>Second Supplemental Indenture</B>&#148; and, collectively with the Original Indenture and the First Supplemental Indenture, the &#147;<B>Indenture</B>&#148;); </P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D10&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a specimen of the &#147;Form of Physical Securities&#148; and of the &#147;Form of Global Certificate&#148;
attached as schedules A and B of the First Supplemental Indenture, including the terms and conditions of the MTN Debentures set forth therein; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the preliminary short form base shelf prospectus of Bell Canada dated September&nbsp;13, 2016 (the
&#147;<B>Preliminary Prospectus</B>&#148;), the final short form base shelf prospectus of Bell Canada dated September&nbsp;20, 2016 (the &#147;<B>Final Prospectus</B>&#148;) and the prospectus supplement of Bell Canada dated September&nbsp;30, 2016
to the Final Prospectus (the &#147;<B>Prospectus Supplement</B>&#148; and, together with the Preliminary Prospectus and the Final Prospectus, the &#147;<B>Prospectus</B>&#148;) which has been filed with the securities commissions and similar
regulatory authorities (the &#147;<B>Securities Commissions</B>&#148;) in each of the provinces of Canada (the &#147;<B>Qualifying Jurisdictions</B>&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the decision documents for the Preliminary Prospectus and the Final Prospectus dated September&nbsp;13, 2016
and September&nbsp;20, 2016, respectively, issued by the <I>Autorit&eacute; des march&eacute;s financiers</I> (the &#147;<B>AMF</B>&#148;), as principal regulator under Multilateral Instrument 11-102 &#150;<I> Passport System</I> (&#147;<B>MI
11-102</B>&#148;) and National Policy 11-202 &#150;<I> Process for Prospectus Reviews in Multiple Jurisdictions</I> (&#147;<B>NP 11-202</B>&#148;), (i)&nbsp;evidencing the receipts of the AMF, as principal regulator under MI 11-102 and NP 11-202,
(ii)&nbsp;evidencing the receipt of the Ontario Securities Commission (the &#147;<B>OSC</B>&#148;) further to the OSC&#146;s indication on the System for Electronic Document Analysis and Retrieval (&#147;<B>SEDAR</B>&#148;) that it is clear to
receive final materials in accordance with NP 11-202, and (iii)&nbsp;representing the deemed receipts of the other Securities Commissions in accordance with MI 11-102, for the Preliminary Prospectus and the Final Prospectus; and
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">correspondence with the Securities Commissions with respect to the filing of the Prospectus and confirmation
of all filings made with the Securities Commissions through SEDAR under SEDAR project number 2533235. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We have made such investigations and examined originals or copies, certified or otherwise identified to our satisfaction, of
such certificates of public officials and of such other certificates, documents and records as we have considered necessary or relevant for the purposes of the opinions hereinafter expressed. As to various questions of fact material to the opinions
rendered herein and which were not independently established by us, we have relied exclusively and without independent verification upon certificates and correspondence of public officials and certificates of representatives of the Guarantor, copies
of which have been delivered to you. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In giving the opinions set forth below, no opinion is expressed as to the accuracy
or completeness of the Prospectus. We have assumed that the Prospectus (i)&nbsp;contains full, true and plain disclosure of all material facts (as such term is defined under the Securities Laws (as defined below)) relating to the Offering,
(ii)&nbsp;does not contain an untrue statement of a material fact, and (iii)&nbsp;does not omit to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it
was made. For the purpose of the opinions expressed herein, we have assumed that there has been no change in a material fact and no material change (as such term is defined under the Securities Laws) in the business, operations or capital of Bell
Canada or BCE and that no change has occurred in the terms and conditions of the Offering as described in the Prospectus requiring the filing of an amendment or supplement, as applicable, to the </P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D11&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Prospectus. We have also assumed that applicable filing fees that are payable after the date
hereof will be paid in accordance with the requirements of Securities Laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We have also assumed that no order, ruling or
decision is in effect that restricts or prohibits any trades in the MTN Debentures or that affects any person or company who engages in such trades and that no proceedings for that purpose have been instituted or are pending or contemplated and no
such order, ruling or decision will be in effect and no such proceedings will have been instituted or be pending or contemplated at the time of any relevant distribution or trade referred to herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We have also assumed that the Dealers, in discharging their duties pursuant to the Dealer Agreement, are duly registered under
the Securities Laws as of the date hereof in categories permitting the trades referred to herein and have completed the Offering in compliance with the relevant provisions of the Securities Laws in each of the Qualifying Jurisdictions and in
compliance with the terms and conditions of their registration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We are qualified to practice law only in the Provinces
and we express no opinion as to any laws, or matters governed by any laws, other than the laws of the Provinces and the federal laws of Canada applicable therein. We have received and examined opinions of even date herewith, copies of which have
been delivered to you, of the following counsels: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:27.55pt; font-size:8pt; font-family:Times New Roman"><B>Counsel</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:40.80pt; font-size:8pt; font-family:Times New Roman"><B>Jurisdiction</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">MacPherson Leslie&nbsp;&amp; Tyerman LLP</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Saskatchewan</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Pitblado LLP</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Manitoba</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">McInnes Cooper</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Nova Scotia, New Brunswick, Newfoundland and Labrador and Prince Edward Island</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We have relied exclusively and without independent verification on such opinions in giving the
opinions expressed below insofar as such opinions relate to the laws of such jurisdictions. In particular, we have relied on the opinions of Nova Scotia, New Brunswick, Newfoundland and Labrador, Prince Edward Island, Manitoba and Saskatchewan
counsel, as applicable, in giving the opinion in paragraph 6 below to the extent that such opinion relate to the Securities Laws of a jurisdiction other than British Columbia, Alberta, Ontario or Quebec. The opinions expressed by us are subject to
and include the assumptions, reliances, qualifications, and limitations noted in each of the aforementioned opinions and such assumptions, reliances, qualifications and limitations are deemed to be incorporated herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I></I>Except as otherwise indicated herein, our opinions do not anticipate or take into account any changes in law whether by
legislative, governmental, regulatory or judicial action after the date hereof. The opinion set out in paragraph 7 below is based upon the provisions of the <I>Income Tax Act</I> (Canada) (the &#147;<I></I><B>Tax Act</B><I></I>&#148;) and the
regulations thereunder in force at the date hereof, all specific proposed amendments thereto publicly announced by or on behalf of the Minister of Finance prior to the date hereof and our understanding of the current published administrative and
assessing practices of the Canada Revenue Agency (&#147;<I></I><B>CRA</B><I></I>&#148;). We do not accept any responsibility to inform the <I> </I></P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D12&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">addressees of any change in law or facts subsequent to the date hereof that does or may affect
the opinions we express. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In giving the opinions set forth below, we have relied, without independent investigation, upon
a list or lists published on the website of the Securities Commissions in each of the Provinces indicating that an issuer is a reporting issuer in that Province and (i)&nbsp;in Quebec, reporting issuers that have failed to provide periodic
disclosure about their business and internal affairs in accordance with the conditions determined by regulation or failed to provide any other disclosure prescribed by regulation and to pay the required fee; (ii)&nbsp;in Ontario, the default status
of reporting issuers shown on the list; (iii)&nbsp;in Alberta, reporting issuers that have been noted in default of certain requirements of securities laws of the Province of Alberta; and (iv)&nbsp;in British Columbia, reporting issuers that are in
default in British Columbia of one or more of their continuous filing requirements under the securities laws of the Province of British Columbia. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In examining all documents and in providing our opinions below, we have assumed that: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">all individuals had the requisite legal capacity; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">all signatures are genuine; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">all documents submitted to us as originals are complete and authentic and all photostatic, certified,
telecopied, notarial or other copies conform to the originals; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">all facts set forth in the official public records, certificates and documents supplied by public officials or
otherwise conveyed to us by public officials are current, complete, true and accurate as of the date hereof; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">all facts set forth in the certificates supplied by the attorneys, officers and directors of Bell Canada or
BCE are current, complete, true and accurate as of the date hereof; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each of the parties or signatories (including Bell Canada, the Guarantor, the Trustee and the Dealers) to any
agreement, instrument, certificate or document (including the Dealer Agreement, the Indenture and the MTN Debenture) was at all relevant times, and is incorporated, formed or continued and validly subsisting, had at all relevant times and has the
necessary power, capacity and authority to execute, deliver and perform its obligations under each such agreement, instrument, certificate or document to which each is a party, had at all relevant times and has taken all necessary actions to
authorize the execution, delivery and performance by it of each such agreement, instrument, certificate or document, and had at all relevant times and has duly executed and delivered such agreement, instrument, certificate or document to which each
is a party and that neither the execution, delivery or performance of such agreement, instrument, certificate or document to which each is a party, nor the consummation of the transactions contemplated thereby, conflicted with or resulted at all
relevant times nor conflicts with or results in a breach of their respective constating documents or by-laws; </P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D13&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Dealer Agreement constitutes a legal, valid, binding and enforceable obligation of each of the Dealers and
is enforceable in accordance with its terms against each of them; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Indenture constitutes a legal, valid, binding and enforceable obligation of the Trustee and is enforceable
in accordance with its terms against it. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>For purposes of this opinion, the term
&#147;<B>Securities Laws</B>&#148; means the applicable securities laws of each of the Qualifying Jurisdictions and the respective regulations thereunder together with applicable regulations, rules, instruments, orders and rulings of or adopted by
the Securities Commissions in each of such Qualifying Jurisdictions. The opinions hereinafter expressed are based on the Securities Laws in effect in the Qualifying Jurisdictions on the date hereof. We understand that the reliances, limitations and
assumptions expressed in this and the preceding paragraphs are satisfactory to you.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Based upon and relying on the
foregoing and subject to the assumptions, qualifications and limitations set forth in this opinion letter, we are of the opinion that: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Dealer Agreement and the Indenture constitute legal, valid and binding obligations of Bell Canada,
enforceable against Bell Canada in accordance with their terms; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the provisions of the Dealer Agreement to which the Guarantor has agreed to be bound by constitute legal,
valid and binding obligations of the Guarantor, enforceable against the Guarantor in accordance with their terms; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Second Supplemental Indenture constitutes legal, valid and binding obligations of the Guarantor,
enforceable against the Guarantor in accordance with its terms; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">insofar as the issue of any MTN Debenture is concerned, upon receipt by the Trustee under the Indenture of an
Officers&#146; Certificate and a Corporation Order (as such terms are defined in the Indenture) properly authorized and executed by Bell Canada, such Corporation Order setting forth the terms of the MTN Debentures, and upon the completion,
execution, certification and delivery for value received of such MTN Debenture in accordance with the provisions of each of the Dealer Agreement and the Indenture and the terms and conditions set forth in the MTN Debenture, substantially in one of
the forms referred to in the Indenture, such MTN Debenture will constitute a legal, valid and binding obligation of Bell Canada enforceable in accordance with its terms; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">MTN Debentures created and issued in the form of &#147;Physical Securities&#148; or in the form of a
&#147;Global Certificate&#148; as contemplated by the forms of certificates attached as Schedules A and B to the First Supplemental Indenture will be in proper legal form and such MTN Debentures, together with the terms and conditions set forth
therein, when executed and countersigned in accordance with the provisions of the Indenture, will conform to the requirements of the Indenture and to the statements made in respect thereof in the Prospectus Supplement; </P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D14&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">all necessary documents have been filed, all requisite proceedings have been taken and all necessary
approvals, permits, consents and authorizations have been obtained under the Securities Laws of each of the Qualifying Jurisdictions to qualify the distribution of the MTN Debentures in each of the Qualifying Jurisdictions: (a)&nbsp;to the public
through registrants registered under the Securities Laws of such Qualifying Jurisdictions who have complied with the relevant provisions of such Securities Laws, and (b)&nbsp;to such registrants purchasing as principals; provided that, in both
cases: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Prospectus and a pricing supplement setting forth the disclosure prescribed by National Instrument 44-102
&#150;<I> Shelf Distributions</I> (&#147;<B>NI 44-102</B>&#148;) are delivered to purchasers in accordance with applicable Securities Laws and the pricing supplement is filed with the securities regulatory authorities of the Qualifying Jurisdictions
within seven days after the end of the month in which such pricing supplement was first sent or delivered to a purchaser or prospective purchaser, and the applicable fees are paid within the prescribed time period; and </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Bell Canada and the Guarantor continue to satisfy the eligibility criteria set forth in the applicable
Securities Laws and in NI 44-102 and otherwise comply with the requirements of such laws including NI 44-102; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">assuming the due completion, execution, certification and delivery for value received of the MTN Debentures,
the MTN Debentures, if issued on the date hereof, would be &#147;qualified investments&#148; as defined in the Tax Act and the regulations thereunder for trusts governed by the following: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a registered retirement savings plan (&#147;<B>RRSP</B>&#148;); </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a registered retirement income fund (&#147;<B>RRIF</B>&#148;); </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a registered disability savings plan; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a registered education savings plan; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a deferred profit sharing plan (other than a trust governed by a deferred profit sharing plan for which any
employer is Bell Canada or is an employer with whom Bell Canada does not deal at arm&#146;s length for the purposes of the Tax Act); and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">tax-free savings accounts (&#147;<B>TFSA</B>&#148;). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In addition, the MTN Debentures if issued on the date hereof would not be a &#147;prohibited investment&#148; for a registered
plan (as defined in the Tax Act to mean a RRSP, RRIF and TFSA savings) provided that the annuitant of a RRSP or RRIF or a holder of a TFSA (as the case may be) (a)&nbsp;deals at arm&#146;s length with Bell Canada for purposes of the Tax Act and
(b)&nbsp;does not have a &#147;significant interest&#148; (within the meaning of the Tax Act) in Bell Canada. </P>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D15&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The opinions expressed above are subject to the following qualifications: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the enforceability of each of the Dealer Agreement, the Indenture or the MTN Debenture may be limited by laws
relating to bankruptcy, winding-up, insolvency, arrangement, fraudulent preference and conveyance, assignment and preference, and other similar laws of general application affecting the enforcement of creditors&#146; rights and to the fact that
specific performance and injunctive relief and other similar remedies are subject to the discretion of a court of competent jurisdiction before which such remedies are sought and to the power of a court to stay proceedings before it, to stay the
execution of judgments and to grant relief against forfeiture; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a court might not allow or may limit the right of a creditor to receive immediate payment of amounts stated to
be payable on demand, might not allow a creditor to exercise rights to accelerate the performance of obligations or otherwise seek enforcement of the Dealer Agreement, the Indenture or the MTN Debenture based upon the occurrence of a default deemed
immaterial or purely technical, may require that discretionary powers afforded to a party be exercised reasonably and in good faith or may decline to accept the factual or legal determinations of a party notwithstanding that a contract or instrument
provides that the determination of that party shall be conclusive; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the enforceability of each of the Dealer Agreement, the Indenture or the MTN Debenture is subject to
principles of good faith and reasonableness, as such principles are construed and applied by the courts of the Province of Quebec. These principles include, without limitation: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the discretion that a court may reserve to itself to decline to hear an action if it is contrary to public
order for it to do so or to decline to order Bell Canada or the Guarantor to perform covenants; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">limitations upon the rights of any creditor to receive immediate payment of amounts stated to be payable on
demand; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">limitations upon the rights of the party to any document to enforce the same on the basis of a purely
technical or immaterial default; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">limitations on provisions expressly or by implication waiving rights or defenses which are of public order;
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">limitations which may be imposed by law on the effectiveness of the terms exculpating a party from a liability
or indemnifying a party in respect of its breach of duty otherwise owed by it to another as well as on the effectiveness of rights of indemnity or of contribution; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">judicial inquiry into the merits of any claim by an aggrieved party in spite of any provision of any document
to the effect that certain calculations, determinations or certificates will be conclusive and </P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D16&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">binding and, in addition, the ineffectiveness of such provisions if such calculations, determinations or
certificates are fraudulent or erroneous on their face; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">general principles whereby a party may not be bound to fulfill obligations which are indeterminate or
indeterminable; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a court may decline to hear an action if it determines, in its discretion, that it is not the proper forum or
if concurrent proceedings are being brought elsewhere; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ix)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a court may exercise discretion in the granting of equitable remedies such as specific performance and
injunction; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">we express no opinion with respect to: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the legality, validity, binding nature or enforceability of any provision of each of the Dealer Agreement, the
Indenture or the MTN Debenture which purports to waive any or all defences which might be available to, or constitute a discharge of the liability of, any party thereto or which provides that such party will not challenge the validity or
enforceability of remedies or which purports to waive the application of provisions which are of public order under applicable laws; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the legality, validity, binding nature or enforceability of any provision of each of the Dealer Agreement, the
Indenture or the MTN Debenture which suggests or provides that modifications, amendments or waivers thereto that are not in writing will not be effective; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">limitations which may be imposed by law on the effectiveness of the terms exculpating a party from a liability
or indemnifying party in respect of their breach of duty otherwise owed by it to another as well as on the effectiveness of rights of indemnity; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the enforceability of any provision of each of the Dealer Agreement, the Indenture or the MTN Debenture
exculpating any party from liability in respect of acts or omissions that may be illegal, fraudulent or involve willful misconduct or gross negligence; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the enforceability of any provision of the Dealer Agreement, the Indenture or the MTN Debenture that is
inconsistent with any provision of any other agreement, except where such inconsistency is addressed by a paramountcy clause; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the provisions for the payment of interest under the Indenture which may not be enforceable if those
provisions provide for the receipt of </P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D17&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">interest at a &#147;criminal rate&#148; within the meaning of Section&nbsp;347 of the <I>Criminal Code</I>
(Canada); </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the irrevocable nature of any power of attorney provided for in the Dealer Agreement, the Indenture or the MTN
Debenture; or </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the validity of any security interest or trust purported to be created under any of the Dealer Agreement, the
Indenture or the MTN Debenture; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">we express no opinion as to the enforceability by or against a person who is not a party to the Dealer
Agreement, the Indenture or the MTN Debenture of any provision in the Dealer Agreement, the Indenture or the MTN Debenture which purport to bind or affect or confer a benefit upon that person; and </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">we express no opinion as to compliance with the <I>Personal Information Protection and Electronic
Documents</I> Act or any other privacy laws. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This opinion is expressed solely for the benefit of the
persons to whom it is addressed in connection with the above-mentioned transaction. It is not to be transmitted to any other person nor is it to be relied upon by any other person or for any other purpose or referred to in any public document or
filed with any government agency or other person without our prior express consent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Yours truly, </P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D18&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Schedule D-2 </B></P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D19&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Opinion &#150; Sullivan&nbsp;&amp; Cromwell LLP (Closing of MTN Program) </B></P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D20&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:56%; font-size:10pt; font-family:Times New Roman" ALIGN="center">September&nbsp;30, 2016 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[ADDRESSEES] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As Dealers </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o [&#9679;] </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: [&#9679;] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This is
with reference to the registration under the Securities Act of 1933 (the &#147;Securities Act&#148;) and offering of up to CDN$4,000,000,000 aggregate amount, or the equivalent thereof in other currencies or currency units, of MTN Debentures (the
&#147;Securities&#148;) of Bell Canada (the &#147;Company&#148;) subject to an unconditional guarantee as to payment of principal, interest and other payment obligations (the &#147;Guarantee&#148;) by BCE Inc. (the &#147;Guarantor&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The five Registration Statements relating to the Securities (File Nos.&nbsp;333-213603, 333-199993, 333-188525, 333-176092 and
333-11228) were filed on different dates in accordance with procedures of the Securities and Exchange Commission (&#147;Commission&#148;) permitting a delayed or continuous offering of securities pursuant to the shelf prospectus offering procedures
of the Company&#146;s principal jurisdiction, the Province of Qu&eacute;bec, and, if appropriate, a post-effective amendment, a document incorporated by reference therein or a prospectus supplement that provides information relating to the terms of
the securities and the manner of their distribution. The Securities have been offered by the Prospectus, dated September&nbsp;20, 2016 (the &#147;Basic Prospectus&#148;), as supplemented by the Prospectus Supplement, dated September&nbsp;30, 2016
(the &#147;Prospectus Supplement&#148;), which update or supplement certain information contained in the Basic Prospectus. Pursuant to Rule&nbsp;429 under the Securities Act, the most recent Registration Statement on Form F-10 (File
No.&nbsp;333-213603) is deemed to act as a <FONT STYLE="white-space:nowrap">post-effective</FONT> amendment of the other Registration Statements, and the Basic Prospectus, which is contained in the most recent Registration Statement, may be used in
connection with the securities covered by each of the Registration Statements. (Accordingly, references in this letter to the other Registration Statements mean such other Registration Statements as they are deemed to be amended by the most recent
Registration Statement.) The Basic Prospectus will be further supplemented by pricing supplements, each of which will be dated approximately as of the date of sale of particular Securities and will furnish information as to the specific terms
thereof. The Basic Prospectus, as supplemented by the Prospectus Supplement, does not necessarily contain a current description of the Company&#146;s business and affairs since, pursuant to <FONT STYLE="white-space:nowrap">Form&nbsp;F-10,</FONT> it
incorporates by reference certain documents filed with the Autorit&eacute; des march&eacute;s financiers (the &#147;AMF&#148;) and filed with, or furnished to, the Commission that contain information as of various dates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">As United States counsel to the Company and the Guarantor, we reviewed the Registration Statements, the Basic Prospectus and
the Prospectus Supplement and participated in discussions with your representatives and those of the Company and the Guarantor, their accountants and their Canadian counsel. In addition, we reviewed certificates of certain officers of the Company
and the Guarantor, a letter addressed to you from the accountants of the Company and the Guarantor, </P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D21&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">and the opinions addressed to you from the Company&#146;s and the Guarantor&#146;s internal and
external Canadian counsel regarding certain portions of the Basic Prospectus and the Prospectus Supplement and certain other matters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">On the basis of the information that we gained in the course of the performance of the services referred to above, considered
in the light of our understanding of the applicable law (including the requirements of <FONT STYLE="white-space:nowrap">Form&nbsp;F-10</FONT> and the character of prospectus contemplated thereby) and the experience we have gained through our
practice under the Securities Act, we confirm to you that, in our opinion, each part of the most recent Registration Statement, when such part became effective, and the Basic Prospectus, as supplemented by the Prospectus Supplement, as of the date
of the Prospectus Supplement, appeared on their face to be appropriately responsive, in all material respects relevant to the offering of the Securities, to the requirements of the Securities Act, the Trust Indenture Act of 1939 and the applicable
rules and regulations of the Commission thereunder, provided, however, that we express no opinion on compliance as to form in respect of the documents incorporated by reference into the Basic Prospectus that, in accordance with the
Multijurisdictional Disclosure System between Canada and the United States, are prepared in conformity with applicable Canadian requirements. Also, we confirm to you that the statements contained in the most recent Registration Statement, the Basic
Prospectus and the Prospectus Supplement under the caption &#147;United States Taxation&#148; insofar as they relate to provisions of United States Federal tax law therein described, under the captions &#147;Description of the Debt Securities&#148;
in the Basic Prospectus and &#147;Details of the MTN Debentures&#148; in the Prospectus Supplement, insofar as they relate to provisions of the Indenture dated as of November&nbsp;28, 1997, by and between the Company and CIBC Mellon Trust Company,
as amended, supplemented or otherwise modified to the date hereof (the &#147;Indenture&#148;) therein described under which the Securities and the Guarantee are issued, and under the caption &#147;Plan of Distribution&#148; in the Prospectus
Supplement insofar as they relate to provisions of the Dealer Agreement dated September&nbsp;30, 2016, by and among the Company, the Dealers and, with respect to certain provisions thereof, the Guarantor (the &#147;Dealer Agreement&#148;), and
insofar as relevant to the offering of the Securities, constitute a fair and accurate summary of such provisions in all material respects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Further, nothing that came to our attention in the course of such review has caused us to believe that, insofar as relevant to
the offering of the Securities, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp; any part of the most recent Registration
Statement, when such part became effective, contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein not misleading, or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp; the Basic Prospectus, as supplemented by the Prospectus Supplement, as of the date
of the Prospectus Supplement, contained any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The limitations inherent in the independent verification of factual matters and the character of determinations involved
in the registration process are such, however, that we do not </P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D22&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">assume any responsibility for the accuracy, completeness or fairness of the statements contained
in the Registration Statements, the Basic Prospectus or the Prospectus Supplement, except to the extent specifically noted in the second sentence of the second preceding paragraph. Also, we do not express any opinion or belief as to the financial
statements or other financial data derived from accounting records contained in the Registration Statements, the Basic Prospectus or the Prospectus Supplement, as to management&#146;s report of its assessment of the effectiveness of the
Guarantor&#146;s internal control over financial reporting or the Report of Independent Registered Public Accounting Firm as to the Guarantor&#146;s internal control over financial reporting, each as included in the Registration Statements, the
Basic Prospectus or the Prospectus Supplement, or as to any statement of the Company or its Canadian counsel with respect to the laws of Canada or Qu&eacute;bec, in each case, in the most recent Registration Statement, in the Basic Prospectus, as
supplemented by the Prospectus Supplement, or in the documents incorporated by reference therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In connection with the
advice set forth in this letter, with your approval, we have assumed that (a)&nbsp;the principal jurisdiction in Canada designated by the Company in connection with the offering of the Securities is the Province of Qu&eacute;bec, (b)&nbsp;the Basic
Prospectus, as supplemented by the Prospectus Supplement, would be the entire disclosure document used to offer the Securities if the offering of the Securities were being made in the Province of Qu&eacute;bec, other than disclosure applicable
solely to Canadian offerees or purchasers that would not be material to offerees or purchasers in the United States, (c)&nbsp;the exhibits to the most recent Registration Statement and the documents incorporated by reference in the Basic Prospectus
are the only reports or information that in accordance with the requirements of Qu&eacute;bec law must be made publicly available in connection with the offering of the Securities, (d)&nbsp;the Basic Prospectus, as supplemented by the Prospectus
Supplement, was prepared in accordance with the disclosure requirements of the Province of Qu&eacute;bec as interpreted and applied in accordance with the applicable securities laws of the Province of Qu&eacute;bec as varied and amended by the AMF,
and (e)&nbsp;the Indenture is subject to the Canada Business Corporations Act. In addition, with your approval, we are not expressing any opinion as to the responsiveness of the documents referred to above to the requirements of the laws of Canada
and Qu&eacute;bec. The foregoing opinion is limited to the Federal laws of the United States and the laws of the State of New York, and we are expressing no opinion as to the effect of the laws of any other jurisdiction. With respect to the laws of
Canada and Qu&eacute;bec, we understand that you are relying upon the opinions, dated the date hereof, of Michel Lalande, Senior Vice President, General Counsel and Corporate Secretary of the Company and the Guarantor, and Stikeman Elliott LLP
delivered to you pursuant to the Dealer Agreement relating to the Securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This letter is furnished by us, as United
States counsel to the Company and the Guarantor, to you, as Dealers, solely for the benefit of the Dealers in their capacity as such, and may not be relied upon by any other person.&nbsp;This letter may not be quoted, referred to or furnished to any
purchaser or prospective purchaser of the Securities and may not be used in furtherance of any offer or sale of the Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:56%; font-size:10pt; font-family:Times New Roman" ALIGN="center">Very truly yours, </P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D23&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Schedule D-3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Opinion &#150; Mr.&nbsp;Michel Lalande (Issue Closing Date) </B></P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D24&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B></B>(collectively, the &#147;<B>Dealers</B>&#148;)<B> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Offering of $</B>&#9679;<B></B><B>&nbsp;&nbsp;</B>&#9679;<B></B><B>% Debentures, Series
M-</B>&#9679;<B></B><B>, Due </B>&#9679;<B></B><B> (the &#147;Offering&#148;) </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sirs/Mesdames: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>I, Michel Lalande, am Senior Vice-President, General Counsel and Corporate Secretary of BCE Inc.
(&#147;<B>BCE</B>&#148;) and Bell Canada and have acted as such in connection with the issue, offer and sale by Bell Canada of $&#9679; in aggregate principal amount of &#9679;% Debentures, Series M-&#9679; Due &#9679; (the &#147;<B>Series
M-</B>&#9679;<B></B><B> Debentures</B>&#148;) through the Dealers pursuant to the dealer agreement dated September&nbsp;30, 2016 between Bell Canada and the Dealers, to which BCE intervened (the &#147;<B>Dealer Agreement</B>&#148;).<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This opinion is being provided to you pursuant to Section&nbsp;18 of Schedule&nbsp;C to the Dealer Agreement. Capitalized
terms used in this opinion letter, unless otherwise defined herein, shall have the meanings ascribed thereto in the Dealer Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In connection with the opinions expressed below, I have examined the following documents: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the <I>Bell Canada Act</I> of the Parliament of Canada, the Certificate and Articles of Amalgamation of Bell
Canada dated January&nbsp;1, 2007 and the Certificate and Articles of Arrangement of Bell Canada dated January&nbsp;25, 2007, the by-laws and certain administrative resolutions of and certificates relating to Bell Canada; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Certificate and Articles of Amalgamation of BCE dated August&nbsp;1, 2004, the Certificate and Articles of
Arrangement of BCE dated July&nbsp;10, 2006, the Certificate and Articles of Amendment of BCE dated January&nbsp;25, 2007, the Certificate and Articles of Amendment of BCE dated June&nbsp;29, 2011 and the Certificate and Articles of Amendment of BCE
dated September&nbsp;22, 2014 (and November&nbsp;11, 2014 relating to the French translation thereof), the by-laws and certain administrative resolutions and certificates relating to BCE; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a certified copy of a resolution of the Board of Directors of Bell Canada (the &#147;<B>Bell Canada
Board</B>&#148;) dated October&nbsp;22, 1997 delegating to certain officers of Bell Canada the authority to approve the form and content of, and the execution of, the Original Indenture (as defined below) and amendments thereto, a Determination of
Officers dated November&nbsp;28, 1997 approving the form and content of, and the execution of, the Original Indenture in its final form and an Officers&#146; Certificate dated July&nbsp;12, 1999 approving the form and content of, and the execution
of, the First Supplemental Indenture (as defined below); </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a certified copy of a resolution adopted by the Bell Canada Board on December&nbsp;11, 2006 authorizing and
approving, <I>inter alia</I>, (i)&nbsp;the simplification of Bell Canada&#146;s structure, and (ii)&nbsp;all agreements necessary or appropriate to give effect thereto; </P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D25&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a certified copy of a resolution adopted by the Board of Directors of BCE (the &#147;<B>BCE Board</B>&#148;)
on December&nbsp;11, 2006 authorizing and approving, <I>inter alia</I>, (i)&nbsp;the guarantee of Bell Canada&#146;s public debt obligations, and (ii)&nbsp;any supplemental indentures; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a certified copy of a resolution adopted by the Bell Canada Board on [&#9679;], 2016 (the &#147;[&#9679;],
2016 Bell Resolution&#148;), authorizing and approving, <I>inter alia</I>, the creation, issue, offer and sale, from time to time, on or prior to [&#9679;], 2017, of up to $[&#9679;] of debt securities consisting of debentures, notes and/or other
unsecured evidences of indebtedness or other instruments in one or more series or issues (the &#147;Debt Securities&#148;), including the MTN Debentures; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a certified copy of a resolution adopted by the Bell Canada Board on August&nbsp;4, 2016 (the &#147;<B>August
4</B>, <B>2016 Bell Resolution</B>&#148;), authorizing and approving, <I>inter alia</I>, the creation, issue, offer and sale during a 25-month period of up to $4,000,000,000 of Debt Securities, including the MTN Debentures, subject to the terms and
conditions thereof being determined and approved by a financing committee of the Bell Canada Board appointed, and pursuant to powers delegated to it, by the Bell Canada Board; (ii)&nbsp;the form of the preliminary short form base shelf prospectus of
Bell Canada subsequently filed on and dated September&nbsp;13, 2016 (the&nbsp;&#147;<B>Preliminary Prospectus</B>&#148;), the form of the final short form base shelf prospectus of Bell Canada subsequently filed on and dated September&nbsp;20, 2016
(the&nbsp;&#147;<B>Final Prospectus</B>&#148;) and the form of the prospectus supplement of Bell Canada subsequently filed on and dated September&nbsp;30, 2016 to the Final Prospectus (the&nbsp;&#147;<B>Prospectus Supplement</B>&#148; and, together
with the Preliminary Prospectus and the Final Prospectus, the&nbsp;&#147;<B>Prospectus</B>&#148;); (iii)&nbsp;the form of the registration statement on Form F-10 of Bell Canada subsequently filed on and dated September&nbsp;13, 2016 and amendments
to such registration statement including the amended registration statement on Form F-10 of Bell Canada subsequently filed on and dated September&nbsp;20, 2016 (collectively, the&nbsp;&#147;<B>Registration Statement</B>&#148;); and (iv)&nbsp;Bell
Canada to enter into the Dealer Agreement, and certain other matters, and delegating certain powers (x)&nbsp;to certain Authorized Persons (as defined in the August&nbsp;4, 2016 Bell Resolution) for the purposes of the approval and filing of the
final form of the Prospectus and Registration Statement and (y)&nbsp;to certain Designated Persons (as defined in the August&nbsp;4, 2016 Bell Resolution) for the purposes of execution of the Dealer Agreement; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a certified copy of a resolution adopted by the BCE Board on August&nbsp;4, 2016 authorizing and approving,
<I>inter alia</I>, (i)&nbsp;the form of the Prospectus, the form of the Prospectus Supplement and the form of the Registration Statement and (ii)&nbsp;BCE to enter into the Dealer Agreement; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a certified copy of a resolution adopted on &#9679; by a financing committee of the Bell Canada Board
appointed, and pursuant to powers delegated to it, by the Bell Canada Board (the &#147;<B>Bell Canada Financing Committee</B>&#148;) pursuant to which (i)&nbsp;Bell Canada was authorized to issue and sell, pursuant to, and in accordance with the
terms and conditions of, the Prospectus, the Pricing Supplement (as defined below) and the Indenture (as defined below) up to $&#9679; of MTN Debentures in one or more series, (ii)&nbsp;the form of the Pricing Supplement No. &#9679; dated &#9679; to
the Final Prospectus and the Prospectus Supplement (the &#147;Pricing Supplement&#148;) was approved and (iii)&nbsp;the President and Chief Executive Officer, the Executive Vice-President and Chief Financial Officer and the Senior Vice-President and
Treasurer of Bell Canada were appointed as Delegated Individuals and any two of them, acting jointly, were authorized to determine and approve the final terms and conditions of the MTN Debentures to be issued,
</P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D26&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">subject to parameters and limitations established by the Bell Canada Financing Committee, and any one of them
was authorized to approve the final form of the Pricing Supplement; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(j)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a certified copy of a resolution adopted on &#9679; by a financing committee of the BCE Board appointed, and
pursuant to powers delegated to it, by the BCE Board approving the form of the Pricing Supplement; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(k)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">certificates of Authorized Persons of Bell Canada and BCE dated September&nbsp;13,
2016,&nbsp;September&nbsp;20, 2016 and September&nbsp;30, 2016, approving, respectively, the Preliminary Prospectus and Registration Statement, the Final Prospectus and Amendment No.&nbsp;1 to the Registration Statement and the Prospectus
Supplement; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(l)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a copy of the Delegated Individuals&#146; determination dated &#9679; approving final terms and conditions of
the Series M&#151;&#9679; Debentures; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(m)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the trust indenture dated as of November&nbsp;28, 1997 between Bell Canada and CIBC Mellon Trust Company, as
trustee (the &#147;<B>Trustee</B>&#148;), providing for the creation and issue of debt securities (the &#147;<B>Original Indenture</B>&#148;), as supplemented by the first supplemental trust indenture to the Original Indenture dated as of
July&nbsp;12, 1999 between Bell Canada and the Trustee (the &#147;<B>First Supplemental Indenture</B>&#148;) and the second supplemental trust indenture to the Original Indenture dated as of February&nbsp;1, 2007 between Bell Canada, BCE and the
Trustee (the &#147;<B>Second Supplemental Indenture</B>&#148; and, collectively with the Original Indenture and the First Supplemental Indenture, the &#147;<B>Indenture</B>&#148;); </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(n)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Prospectus and the documents incorporated therein by reference, all in the English and French versions,
and the Registration Statement; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(o)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Dealer Agreement; and </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(p)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the certificate representing the Series M&#151;&#9679; Debentures (the &#147;<B>Certificate</B>&#148;).
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">I have further examined such corporate records, certificates and other documents and have made such
other enquiries as I have considered necessary or appropriate for the purposes of the opinions hereinafter set forth. In such examinations, I have assumed the genuineness of all signatures, the authenticity of all documents submitted to me as
originals and the conformity to authentic or original documents of all documents submitted to me as certified, conformed or photostatic copies or facsimiles thereof </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">I am qualified to practice law only in the Province of Qu&eacute;bec and the opinions herein expressed are based solely on,
and are limited to, the laws of the Province of Qu&eacute;bec and the federal laws of Canada applicable therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Based
upon and relying on the foregoing and subject to the assumptions, qualifications and limitations set forth herein, I am of the opinion that: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each of Bell Canada and BCE has been incorporated and is existing under the laws of Canada, has not been
dissolved and has the corporate power and capacity to (i)&nbsp;carry on its business as it is now being conducted, (ii)&nbsp;own or lease its material properties </P></TD></TR></TABLE>

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<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">and assets, and (iii)&nbsp;execute, deliver and perform its obligations under each of the Dealer Agreement and
the Indenture; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each of Bell Canada and BCE is registered under an <I>Act respecting the Legal Publicity of Enterprises</I>
(Qu&eacute;bec) (the &#147;<B>Publicity Act</B>&#148;) and is not in default under the Publicity Act; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the creation, issue, offer and sale of the Series M-&#9679; Debentures have been authorized by Bell Canada;
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Prospectus and the Pricing Supplement, in both the French and English languages, and the Registration
Statement, the execution of the Preliminary Prospectus, the Final Prospectus and the Registration Statement on behalf of Bell Canada and BCE, and the filing of the Prospectus and the Pricing Supplement, in both the French and English languages, with
the securities regulatory authorities of all the provinces of Canada and of the Registration Statement in the United States have been approved and authorized by all necessary corporate action on behalf of Bell Canada and BCE, and the Preliminary
Prospectus and the Final Prospectus, in both the French and English languages, and the Registration Statement have been duly executed on behalf of Bell Canada and BCE; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each of the Original Indenture and the First Supplemental Indenture has been authorized, executed and
delivered by Bell Canada; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each of the Dealer Agreement and the Second Supplemental Indenture has been authorized, executed and delivered
by each of Bell Canada and BCE; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">neither the creation nor the issue of the Series M-&#9679; Debentures, nor the sale thereof in accordance with
the Dealer Agreement, conflict with, result in a breach of, or constitute a default under the terms of (i)&nbsp;the articles or by-laws of each of Bell Canada and BCE, or (ii)&nbsp;any indenture or other agreement or instrument known to the
undersigned and to which either of Bell Canada or BCE is a party, except for covenants contained in certain trust indentures and other agreements to which Bell Canada and BCE is a party that may restrict the creation, issue and/or sale of debt
securities (or other indebtedness) if certain debt incurrence or maintenance tests are not satisfied, or (iii)&nbsp;any order, rule or regulation known to the undersigned and applicable to Bell Canada or BCE of any federal or provincial
administrative agency or governmental body. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This opinion is given as of the date hereof, and I express
no opinion in connection with the foregoing consequent upon the amendment to or coming into force of any law, regulation, decree, order, ruling or administrative practice after the date hereof. I undertake no, and hereby expressly disclaim any,
obligation to advise you of any change with respect to any of the matters set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[The remainder of this page is left
intentionally blank] </B></P>

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<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This opinion is intended solely for the use of the persons to whom it is
addressed, and only in connection with the transaction described above. It is not to be transmitted to any other person nor is it to be relied upon by any other person or for any other purpose, nor quoted from or referred to in any other document,
without my prior written consent. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Yours truly,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Michel Lalande</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Senior Vice-President,
General Counsel</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">and Corporate Secretary</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">BCE Inc. and Bell
Canada</P></TD></TR>
</TABLE></DIV>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D29&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Opinion &#150; Stikeman Elliott LLP (Issue Closing Date) </B></P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D30&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">B<SMALL>ELL</SMALL> C<SMALL>ANADA</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">-and- </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BCE I<SMALL>NC</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">-and- </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B></B>(collectively, the &#147;<B>Dealers</B>&#148;)<B>
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Offering of $</B>&#9679;<B></B><B>&nbsp;&nbsp;</B>&#9679;<B></B><B>% Debentures, Series
M-</B>&#9679;<B></B><B>, due </B>&#9679;<B></B><B> (the &#147;Offering&#148;) </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sirs/Mesdames: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>We have acted as counsel in the province of Quebec to Bell Canada and BCE Inc. (&#147;<B>BCE</B>&#148; or the
&#147;<B>Guarantor</B>&#148;) in connection with the issue, offer and sale by Bell Canada of $&#9679; in aggregate principal amount of &#9679;% Debentures, Series M-&#9679;, Due &#9679; (the &#147;<B>Series M-</B>&#9679;<B></B><B>
Debentures</B>&#148;) through the Dealers pursuant to the dealer agreement dated September&nbsp;30, 2016 between Bell Canada and the Dealers, to which the Guarantor intervened (the &#147;<B>Dealer Agreement</B>&#148;).<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This opinion is being provided to you pursuant to Section&nbsp;18 of Schedule&nbsp;C to the Dealer Agreement. Capitalized
terms used in this opinion letter, unless otherwise defined herein, shall have the meanings ascribed thereto in the Dealer Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In connection with the opinions expressed below, we have participated in the preparation of and/or have examined original
copies, or copies certified or otherwise identified to our satisfaction, of: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Dealer Agreement; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the trust indenture dated as of November&nbsp;28, 1997 between Bell Canada and CIBC Mellon Trust Company, as
trustee (the &#147;<B>Trustee</B>&#148;) providing for the creation and issue of debt securities (the &#147;<B>Original Indenture</B>&#148;), as supplemented by the first supplemental trust indenture to the Original Indenture dated as of
July&nbsp;12, 1999 between Bell Canada and the Trustee (the &#147;<B>First Supplemental Indenture</B>&#148;) and the second supplemental trust indenture to the Original Indenture dated as of February&nbsp;1, 2007 between Bell Canada, BCE and the
Trustee (the &#147;<B>Second Supplemental Indenture</B>&#148; and, collectively with the Original Indenture and the First Supplemental Indenture, the &#147;<B>Indenture</B>&#148;); </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the preliminary short form base shelf prospectus of Bell Canada dated September&nbsp;13, 2016 (the
&#147;<B>Preliminary Prospectus</B>&#148;), the final short form base shelf prospectus of Bell Canada dated September&nbsp;20, 2016 (the &#147;<B>Final Prospectus</B>&#148;), the prospectus supplement of Bell Canada dated September&nbsp;30, 2016 to
the Final Prospectus (the &#147;<B>Prospectus Supplement</B>&#148;) and the pricing supplement no.&#9679; dated &#9679; to the Final Prospectus and Prospectus Supplement (the &#147;<B>Pricing Supplement</B>&#148; and, together with the Preliminary
Prospectus, the Final Prospectus and the Prospectus Supplement, the &#147;<B>Prospectus</B>&#148;) which has been filed with the securities commissions and similar regulatory authorities (the &#147;<B>Securities Commissions</B>&#148;) in each of the
provinces of Canada (the &#147;<B>Qualifying Jurisdictions</B>&#148;); </P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D31&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the decision documents for the Preliminary Prospectus and the Final Prospectus dated September&nbsp;13, 2016
and September&nbsp;20, 2016, respectively, issued by the <I>Autorit&eacute; des march&eacute;s financiers</I> (the &#147;<B>AMF</B>&#148;), as principal regulator under Multilateral Instrument 11-102 &#150; Passport System (&#147;<B>MI
11-102</B>&#148;) and National Policy 11-202 &#150; <I>Process for Prospectus Reviews in Multiple Jurisdictions</I> (&#147;<B>NP 11-202</B>&#148;), (i)&nbsp;evidencing the receipts of the AMF, as principal regulator under MI 11-102 and NP 11-202,
(ii)&nbsp;evidencing the receipt of the Ontario Securities Commission (the &#147;<B>OSC</B>&#148;) further to the OSC&#146;s indication on the System for Electronic Document Analysis and Retrieval (&#147;<B>SEDAR</B>&#148;) that it is clear to
receive final materials in accordance with NP 11-202, and (iii)&nbsp;representing the deemed receipts of the other Securities Commissions in accordance with MI 11-102, for the Preliminary Prospectus and the Final Prospectus; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">correspondence with the Securities Commissions with respect to the filing of the Prospectus and confirmation
of all filings made with the Securities Commissions through SEDAR under SEDAR project number 2533235; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Officers&#146; Certificate and the Corporation Order (as such terms are defined in the Indenture) with
respect to the Series M-&#9679; Debentures and the certificate representing the M-&#9679; Debentures. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We have made such investigations and examined originals or copies, certified or otherwise identified to our satisfaction, of
such certificates of public officials and of such other certificates, documents and records as we have considered necessary or relevant for the purposes of the opinions hereinafter expressed. As to various questions of fact material to the opinions
rendered herein and which were not independently established by us, we have relied exclusively and without independent verification upon certificates and correspondence of public officials and certificates of representatives of the Guarantor, copies
of which have been delivered to you. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In giving the opinions set forth below, no opinion is expressed as to the accuracy
or completeness of the Prospectus. We have assumed that the Prospectus (i)&nbsp;contains full, true and plain disclosure of all material facts (as such term is defined under the Securities Laws (as defined below)) relating to the Offering,
(ii)&nbsp;does not contain an untrue statement of material fact, and (iii)&nbsp;does not omit to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it
was made. For the purpose of the opinions expressed herein, we have assumed that there has been no change in a material fact and no material change (as such term is defined under the Securities Laws) in the business, operations or capital of Bell
Canada or BCE and that no change has occurred in the terms and conditions of the Offering as described in the Prospectus requiring the filing of an amendment or supplement, as applicable, to the Prospectus. We have also assumed that applicable
filing fees that are payable after the date hereof will be paid in accordance with the requirements of Securities Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We have also assumed that no order, ruling or decision is in effect that restricts or prohibits any trades in the Series
M-&#9679; Debentures or that affects any person or company who engages in such trades and that no proceedings for that purpose have been instituted or are pending or contemplated and no such order, ruling or decision will be in effect and no such
proceedings will have been instituted or be pending or contemplated at the time of any relevant distribution or trade referred to herein. </P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D32&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We have also assumed that the Dealers, in discharging their duties pursuant to
the Dealer Agreement, are duly registered under the Securities Laws as of the date hereof in categories permitting the trades referred to herein and have completed the Offering in compliance with the relevant provisions of the Securities Laws in
each of the Qualifying Jurisdictions and in compliance with the terms and conditions of their registration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I></I>We
have also assumed that no written communication regarding the Offering was provided to potential investors that would constitute &#147;marketing materials&#148; or a &#147;standard term sheet&#148; as defined in National Instrument 41-101 &#150;<I>
General Prospectus Requirements</I> (&#147;<I></I><B>NI 41-101</B><I></I>&#148;) other than the marketing materials relating to the Offering dated &#9679;, 201&#9679; which have been filed on SEDAR on &#9679;, 201&#9679;
(the&nbsp;&#147;<I></I><B>Marketing Materials</B><I></I>&#148;) and been provided in compliance with the requirements of National Instrument 44-102 &#150;<I> Shelf Distribution</I> (&#147;<I></I><B>NI 44-102</B><I></I>&#148;).<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We are qualified to practice law in the province of Quebec. For the purposes hereof, we express no opinion with respect to the
laws of any jurisdiction other than the laws of the province of Quebec and the laws of Canada applicable therein, as such laws are in effect on the date hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>Except as otherwise indicated herein, our opinions do not anticipate or take into account any changes in law whether by
legislative, governmental, regulatory or judicial action after the date hereof. The opinion set out in paragraph 7 below is based upon the provisions of the Income Tax Act (Canada) (the &#147;<B>Tax Act</B>&#148;) and the regulations thereunder in
force at the date hereof, all specific proposed amendments thereto publicly announced by or on behalf of the Minister of Finance prior to the date hereof and our understanding of the current published administrative and assessing practices of the
Canada Revenue Agency (&#147;<B>CRA</B>&#148;). We do not accept any responsibility to inform the addressees of any change in law or facts subsequent to the date hereof that does or may affect the opinions we express.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In giving the opinions set forth below, we have relied, without independent investigation, upon a list or lists published on
the website of the Securities Commission in the province of Quebec indicating that an issuer is a reporting issuer in that province and reporting issuers that have failed to provide periodic disclosure about their business and internal affairs in
accordance with the conditions determined by regulation or failed to provide any other disclosure prescribed by regulation and to pay the required fee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In examining all documents and in providing our opinions below, we have assumed that: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">all individuals had the requisite legal capacity; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">all signatures are genuine; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">all documents submitted to us as originals are complete and authentic and all photostatic, certified,
telecopied, notarial or other copies conform to the originals; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">all facts set forth in the official public records, certificates and documents supplied by public officials or
otherwise conveyed to us by public officials are current, complete, true and accurate as of the date hereof; </P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D33&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">all facts set forth in the certificates supplied by the attorneys, officers and directors of Bell Canada or
BCE are current, complete, true and accurate as of the date hereof; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each of the parties or signatories (including Bell Canada, the Guarantor, the Trustee and the Dealers) to any
agreement, instrument, certificate or document (including the Dealer Agreement and the Indenture) was at all relevant times, and is incorporated, formed or continued and validly subsisting, had at all relevant times and has the necessary power,
capacity and authority to execute, deliver and perform its obligations under each such agreement, instrument, certificate or document to which each is a party, had at all relevant times and has taken all necessary actions to authorize the execution,
delivery and performance by it of each such agreement, instrument, certificate or document, and had at all relevant times and has duly executed and delivered such agreement, instrument, certificate or document to which each is a party and that
neither the execution, delivery or performance of such agreement, instrument, certificate or document to which each is a party, nor the consummation of the transactions contemplated thereby, conflicted with or resulted at all relevant times nor
conflicts with or results in a breach of their respective constating documents or by-laws; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Dealer Agreement constitutes a legal, valid, binding and enforceable obligation of each of the Dealers and
is enforceable in accordance with its terms against each of them; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Indenture constitutes a legal, valid, binding and enforceable obligation of the Trustee and is enforceable
in accordance with its terms against it. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>For purposes of this opinion, the term
&#147;<B>Securities Laws</B>&#148; means the applicable securities laws of the province of Quebec and the respective regulations thereunder together with applicable regulations, rules, instruments, orders and rulings of or adopted by the Securities
Commission of the province of Quebec. The opinions hereinafter expressed are based on the Securities Laws in effect in the province of Quebec on the date hereof. We understand that the reliances, limitations and assumptions expressed in this and the
preceding paragraphs are satisfactory to you.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Based upon and relying on the foregoing and subject to the
assumptions, qualifications and limitations set forth in this opinion letter, we are of the opinion that: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Dealer Agreement and the Indenture constitute legal, valid and binding obligations of Bell Canada,
enforceable against Bell Canada in accordance with their terms; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the provisions of the Dealer Agreement to which the Guarantor has agreed to be bound by constitute legal,
valid and binding obligations of the Guarantor, enforceable against the Guarantor in accordance with their terms; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Second Supplemental Indenture constitutes legal, valid and binding obligations of the Guarantor,
enforceable against the Guarantor in accordance with its terms; </P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D34&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">insofar as the issue of any Series M-&#9679; Debenture is concerned, upon delivery for value of such Series
M-&#9679; Debenture in accordance with the provisions of each of the Dealer Agreement and the Indenture and the terms and conditions set forth in the Series M-&#9679; Debenture, such Series M-&#9679; Debenture will constitute a legal, valid and
binding obligation of Bell Canada enforceable in accordance with its terms; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Series M-&#9679; Debentures are in proper legal form and the Series M-&#9679; Debentures, together with
the terms and conditions set forth therein, conform to the requirements of the Indenture and to the statements made in respect thereof in the Prospectus Supplement and the Pricing Supplement; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">all necessary documents have been filed, all requisite proceedings have been taken and all necessary
approvals, permits, consents and authorizations have been obtained under the Securities Laws of the province of Qu&eacute;bec to qualify the distribution of the Series M-&#9679; Debentures in the province of Qu&eacute;bec: (a)&nbsp;to the public
through registrants registered under the Securities Laws of the province of Qu&eacute;bec who have complied with the relevant provisions of such Securities Laws, and (b)&nbsp;to such registrants purchasing as principals; provided that, in both
cases: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Prospectus and a pricing supplement setting forth the disclosure prescribed by National Instrument 44-102
&#151;<I>Shelf Distributions</I> (&#147;<B>NI 44-102</B>&#148;) are delivered to purchasers in accordance with applicable Securities Laws and the pricing supplement is filed with the Securities Commission of the province of Quebec within seven days
after the end of the month in which such pricing supplement was first sent or delivered to a purchaser or prospective purchaser, and the applicable fees are paid within the prescribed time period; and </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Bell Canada and the Guarantor continue to satisfy the eligibility criteria set forth in the applicable
Securities Laws and in NI 44-102 and otherwise comply with the requirements of such laws including NI 44-102; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Series M-&#9679; Debentures are &#147;<B>qualified investments</B>&#148; as defined in the Tax Act and the
regulations thereunder for trusts governed by the following: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a registered retirement savings plan (&#147;<B>RRSP</B>&#148;); </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a registered retirement income fund (&#147;<B>RRIF</B>&#148;); </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a registered disability savings plan; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a registered education savings plan; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a deferred profit sharing plan (other than a trust governed by a deferred profit sharing plan for which any
employer is Bell Canada or is an employer with whom Bell Canada does not deal at arm&#146;s length for the purposes of the Tax Act); and </P></TD></TR></TABLE>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D35&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">tax-free savings accounts (&#147;<B>TFSA</B>&#148;). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In addition, the Series M-&#9679; Debentures are not a &#147;prohibited investment&#148; for a registered plan (as defined in
the Tax Act to mean a RRSP, RRIF and TFSA savings) provided that the annuitant of a RRSP or RRIF or a holder of a TFSA (as the case may be) (a)&nbsp;deals at arm&#146;s length with Bell Canada for purposes of the Tax Act and (b)&nbsp;does not have a
&#147;significant interest&#148; (within the meaning of the Tax Act) in Bell Canada. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The opinions expressed above are
subject to the following qualifications: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the enforceability of each of the Dealer Agreement, the Indenture or the Series M-&#9679; Debentures may be
limited by laws relating to bankruptcy, winding-up, insolvency, arrangement, fraudulent preference and conveyance, assignment and preference, and other similar laws of general application affecting the enforcement of creditors&#146; rights and to
the fact that specific performance and injunctive relief and other similar remedies are subject to the discretion of a court of competent jurisdiction before which such remedies are sought and to the power of a court to stay proceedings before it,
to stay the execution of judgments and to grant relief against forfeiture; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a court might not allow or may limit the right of a creditor to receive immediate payment of amounts stated to
be payable on demand, might not allow a creditor to exercise rights to accelerate the performance of obligations or otherwise seek enforcement of the Dealer Agreement, the Indenture or the Series M-&#9679; Debentures based upon the occurrence of a
default deemed immaterial or purely technical, may require that discretionary powers afforded to a party be exercised reasonably and in good faith or may decline to accept the factual or legal determinations of a party notwithstanding that a
contract or instrument provides that the determination of that party shall be conclusive; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the enforceability of each of the Dealer Agreement, the Indenture or the Series M-&#9679; Debentures is
subject to principles of good faith and reasonableness, as such principles are construed and applied by the courts of the province of Quebec. These principles include, without limitation: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the discretion that a court may reserve to itself to decline to hear an action if it is contrary to public
order for it to do so or to decline to order Bell Canada or the Guarantor to perform covenants; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">limitations upon the rights of any creditor to receive immediate payment of amounts stated to be payable on
demand; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">limitations upon the rights of the party to any document to enforce the same on the basis of a purely
technical or immaterial default; </P></TD></TR></TABLE>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D36&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">limitations on provisions expressly or by implication waiving rights or defenses which are of public order;
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">limitations which may be imposed by law on the effectiveness of the terms exculpating a party from a liability
or indemnifying a party in respect of its breach of duty otherwise owed by it to another as well as on the effectiveness of rights of indemnity or of contribution; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">judicial inquiry into the merits of any claim by an aggrieved party in spite of any provision of any document
to the effect that certain calculations, determinations or certificates will be conclusive and binding and, in addition, the ineffectiveness of such provisions if such calculations, determinations or certificates are fraudulent or erroneous on their
face; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">general principles whereby a party may not be bound to fulfill obligations which are indeterminate or
indeterminable; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a court may decline to hear an action if it determines, in its discretion, that it is not the proper forum or
if concurrent proceedings are being brought elsewhere; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ix)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a court may exercise discretion in the granting of equitable remedies such as specified performance and
injunction; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">we express no opinion with respect to: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the legality, validity, binding nature or enforceability of any provision of each of the Dealer Agreement or
the Indenture or the terms and conditions set forth in the Series M-&#9679; Debentures which purports to waive any or all defences which might be available to, or constitute a discharge of the liability of, any party thereto or which provides that
such party will not challenge the validity or enforceability of remedies or which purports to waive the application of provisions which are of public order under applicable laws; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the legality, validity, binding nature or enforceability of any provision of each of the Dealer Agreement or
the Indenture or the terms and conditions set forth in the Series M-&#9679; Debentures which suggests or provides that modifications, amendments or waivers thereto that are not in writing will not be effective; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">limitations which may be imposed by law on the effectiveness of the terms exculpating a party from a liability
or indemnifying a party in respect of their breach of duty otherwise owed by it to another as well as on the effectiveness of rights of indemnity; </P></TD></TR></TABLE>

<p Style='page-break-before:always'>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D37&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the enforceability of any provision of each of the Dealer Agreement or the Indenture or the terms and
conditions set forth in the Series M-&#9679; Debentures exculpating any party from liability in respect of acts or omissions that may be illegal, fraudulent or involve willful misconduct or gross negligence; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the enforceability of any provision of the Dealer Agreement or the Indenture or the terms and conditions set
forth in the Series M-&#9679; Debentures that is inconsistent with any provision of any other agreement, except where such inconsistency is addressed by a paramountcy clause; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the provisions for the payment of interest under the Indenture or the Series M-&#9679; Debentures which may
not be enforceable if those provisions provide for the receipt of interest at a &#147;criminal rate&#148; within the meaning of Section&nbsp;347 of the <I>Criminal Code</I> (Canada); </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the irrevocable nature of any power of attorney provided for in the Dealer Agreement, the Indenture or the
Series M-&#9679; Debentures; or </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the validity of any security interest or trust purported to be created under any of the Dealer Agreement, the
Indenture or the Series M-&#9679; Debentures; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">we express no opinion as to the enforceability by or against a person who is not a party to the Dealer
Agreement, the Indenture or the Series M-&#9679; Debentures of any provision in the Dealer Agreement or the Indenture or the terms and conditions set forth in the Series M-&#9679; Debentures which purport to bind or affect or confer a benefit upon
that person; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">we express no opinion with respect to any &#147;road show&#148; as defined in NI 41-101 or other presentations
undertaken in connection with the Offering; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">we express no opinion as to compliance with the Personal Information Protection and Electronic Documents Act
or any other privacy laws. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This opinion is expressed solely for the benefit of the persons to whom it
is addressed in connection with the above-mentioned transaction. It is not to be transmitted to any other person nor is it to be relied upon by any other person or for any other purpose or referred to in any public document or filed with any
government agency or other person without our prior express consent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:56%; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yours truly, </P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D38&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Schedule D-4 </B></P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D39&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Opinion &#150; Sullivan&nbsp;&amp; Cromwell LLP (Issue Closing Date) </B></P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D40&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:56%; font-size:10pt; font-family:Times New Roman" ALIGN="center">[&#9679;], 20[&#9679;] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[ADDRESSEES] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As Dealers </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o [&#9679;] </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: [&#9679;] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This is
with reference to the registration under the Securities Act of 1933 (the &#147;Securities Act&#148;) and offering of CDN$[&#9679;] aggregate amount of [&#9679;]% MTN Debentures, Series M-[&#9679;], due 20[&#9679;] (the &#147;Securities&#148;) of
Bell Canada (the &#147;Company&#148;) subject to an unconditional guarantee as to payment of principal, interest and other payment obligations (the &#147;Guarantee&#148;) by BCE Inc. (the &#147;Guarantor&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The five Registration Statements relating to the Securities (File Nos. 333-213603, 333-199993, 333-188525, 333-176092 and
333-11228) were filed on different dates in accordance with procedures of the Securities and Exchange Commission (&#147;Commission&#148;) permitting a delayed or continuous offering of securities pursuant to the shelf prospectus offering procedures
of the Company&#146;s principal jurisdiction, the Province of Qu&eacute;bec, and, if appropriate, a post-effective amendment, a document incorporated by reference therein or a prospectus supplement that provides information relating to the terms of
the securities and the manner of their distribution. The Securities will be offered by the Prospectus, dated September&nbsp;20, 2016 (the &#147;Basic Prospectus&#148;), as supplemented by the Prospectus Supplement, dated September&nbsp;30, 2016 (the
&#147;Prospectus Supplement&#148;) and the Pricing Supplement No. [&#9679;], dated [&#9679;], 20[&#9679;] (the &#147;Pricing Supplement&#148;), which updates or supplements certain information contained in the Basic Prospectus. Pursuant to Rule 429
under the Securities Act, the most recent Registration Statement on Form F-10 (File No.&nbsp;333-213603) is deemed to act as a post effective amendment of the other Registration Statements, and the Basic Prospectus, which is contained in the most
recent Registration Statement, may be used in connection with the securities covered by each of the Registration Statements. (Accordingly, references in this letter to the other Registration Statements mean such other Registration Statements as they
are deemed to be amended by the most recent Registration Statement.) The Basic Prospectus, as supplemented by the Prospectus Supplement and the Pricing Supplement, does not necessarily contain a current description of the Company&#146;s business and
affairs since, pursuant to Form F-10, it incorporates by reference certain documents filed with the Autorit&eacute; des march&eacute;s financiers (the &#147;AMF&#148;) and filed with, or furnished to, the Commission that contain information as of
various dates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">As United States counsel to the Company and the Guarantor, we reviewed the Registration Statements, the
Basic Prospectus, the Prospectus Supplement, the Pricing Supplement and the documents listed in Schedule A (those documents listed in Schedule A, taken together with the Basic Prospectus and the Prospectus Supplement, being referred to herein as the
&#147;Pricing Disclosure Package&#148;), and participated in discussions with your representatives and those of the Company and the Guarantor, their accountants and their Canadian counsel. Between the date of the Pricing Supplement and the time of
delivery of this letter, we participated in further discussions with your representatives and those of the Company and the Guarantor, their accountants and their Canadian counsel concerning certain matters related to the Company and reviewed
certificates of </P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D41&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">certain officers of the Company and the Guarantor, a letter addressed to you from the accountants
of the Company and the Guarantor, and the opinions addressed to you from the Company&#146;s and the Guarantor&#146;s internal and external Canadian counsel regarding certain portions of the Basic Prospectus and the Prospectus Supplement and certain
other matters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">On the basis of the information that we gained in the course of the performance of the services referred
to above, considered in the light of our understanding of the applicable law (including the requirements of Form F-10 and the character of prospectus contemplated thereby) and the experience we have gained through our practice under the Securities
Act, we confirm to you that, in our opinion, each part of the most recent Registration Statement, when such part became effective, and the Basic Prospectus, as supplemented by the Prospectus Supplement and the Pricing Supplement, as of the date of
the Pricing Supplement, appeared on their face to be appropriately responsive, in all material respects relevant to the offering of the Securities, to the requirements of the Securities Act, the Trust Indenture Act of 1939 and the applicable rules
and regulations of the Commission thereunder, provided, however, that we express no opinion on compliance as to form in respect of the documents incorporated by reference into the Basic Prospectus that, in accordance with the Multijurisdictional
Disclosure System between Canada and the United States, are prepared in conformity with applicable Canadian requirements. Also, we confirm to you that the statements contained in the most recent Registration Statement, the Basic Prospectus and the
Prospectus Supplement under the caption &#147;United States Taxation&#148; insofar as they relate to provisions of United States Federal tax law therein described, under the captions &#147;Description of the Debt Securities&#148; in the Basic
Prospectus and &#147;Details of the MTN Debentures&#148; in the Prospectus Supplement insofar as they relate to provisions of the Indenture dated as of November&nbsp;28, 1997, by and between the Company and CIBC Mellon Trust Company, as amended,
supplemented or otherwise modified to the date hereof (the &#147;Indenture&#148;) therein described under which the Securities and the Guarantee are issued, and under the caption &#147;Plan of Distribution&#148; in the Prospectus Supplement insofar
as they relate to provisions of the Dealer Agreement dated September&nbsp;30, 2016, by and among the Company, the Dealers and, with respect to certain provisions thereof, the Guarantor (the &#147;Dealer Agreement&#148;), and insofar as relevant to
the offering of the Securities, constitute a fair and accurate summary of such provisions in all material respects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Further, nothing that came to our attention in the course of such review has caused us to believe that, insofar as relevant to
the offering of the Securities, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp; any part of the most recent Registration
Statement, when such part became effective, contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein not misleading, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp; the Pricing Disclosure Package, as of [&#9679;] (New York City time) on [&#9679;],
20[&#9679;] when considered together with the fees and commissions for the Securities set forth on the cover of the Pricing Supplement and statements made under the caption &#147;Description of the Debt Securities&#148; in the Basic Prospectus and
&#147;Details of the MTN Debentures&#148; in the Prospectus Supplement, contained any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading, or </P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D42&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp; the Basic Prospectus, as supplemented
by the Prospectus Supplement and the Pricing Supplement, as of the date of the Pricing Supplement, contained any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We also advise you that nothing that came to our
attention in the course of the procedures described in the second sentence of the third preceding paragraph has caused us to believe that the Basic Prospectus, as supplemented by the Prospectus Supplement and the Pricing Supplement, at the time of
delivery of this letter, contained any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The limitations inherent in the independent verification of factual matters and the character of determinations involved in
the registration process are such, however, that we do not assume any responsibility for the accuracy, completeness or fairness of the statements contained in the Registration Statements, the Basic Prospectus, the Prospectus Supplement, the Pricing
Supplement or the Pricing Disclosure Package, except to the extent specifically noted in the second sentence of the third preceding paragraph. Also, we do not express any opinion or belief as to the financial statements or other financial data
derived from accounting records contained in the Registration Statements, the Basic Prospectus, the Prospectus Supplement, the Pricing Supplement or the Pricing Disclosure Package, as to management&#146;s report of its assessment of the
effectiveness of the Guarantor&#146;s internal control over financial reporting or the Report of Independent Registered Public Accounting Firm as to the Guarantor&#146;s internal control over financial reporting, each as included in the Registration
Statements, the Basic Prospectus, the Prospectus Supplement, the Pricing Supplement or the Pricing Disclosure Package, or as to any statement of the Company or its Canadian counsel with respect to the laws of Canada or Qu&eacute;bec, in each case,
in the most recent Registration Statement, in the Basic Prospectus, as supplemented by the Prospectus Supplement and the Pricing Supplement, or in the documents incorporated by reference therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In connection with the advice set forth in this letter, with your approval, we have assumed that (a)&nbsp;the principal
jurisdiction in Canada designated by the Company in connection with the offering of the Securities is the Province of Qu&eacute;bec, (b)&nbsp;the Basic Prospectus, as supplemented by the Prospectus Supplement and the Pricing Supplement, would be the
entire disclosure document used to offer the Securities if the offering of the Securities were being made in the Province of Qu&eacute;bec, other than disclosure applicable solely to Canadian offerees or purchasers that would not be material to
offerees or purchasers in the United States, (c)&nbsp;the exhibits to the most recent Registration Statement and the documents incorporated by reference in the Basic Prospectus are the only reports or information that in accordance with the
requirements of Qu&eacute;bec law must be made publicly available in connection with the offering of the Securities, (d)&nbsp;the Basic Prospectus, as supplemented by the Prospectus Supplement and the Pricing Supplement, was prepared in accordance
with the disclosure requirements of the Province of Qu&eacute;bec as interpreted and applied in accordance with the applicable securities laws of the Province of Qu&eacute;bec as varied and amended by the AMF, and (e)&nbsp;the Indenture is subject
to the Canada Business Corporations Act. In addition, with your approval, we are not expressing any opinion as to the responsiveness of the documents referred to above to the requirements of the laws of Canada and Qu&eacute;bec. The foregoing
opinion is limited to the Federal laws of the United States and the laws of the State of New York, and we are expressing no opinion as to the effect of the laws of any other jurisdiction. With respect to the laws of Canada and Qu&eacute;bec,
</P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D43&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">we understand that you are relying upon the opinions, dated the date hereof, of Michel Lalande,
Senior Vice President, General Counsel and Corporate Secretary of the Company and the Guarantor, and Stikeman Elliott LLP delivered to you pursuant to the Dealer Agreement relating to the Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This letter is furnished by us, as United States counsel to the Company and the Guarantor, to you, as Dealers, solely for the
benefit of the Dealers in their capacity as such, and may not be relied upon by any other person. This letter may not be quoted, referred to or furnished to any purchaser or prospective purchaser of the Securities and may not be used in furtherance
of any offer or sale of the Securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:56%; font-size:10pt; font-family:Times New Roman" ALIGN="center">Very truly yours, </P>

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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;D44&nbsp;- </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Schedule&nbsp;A </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">[Free Writing Prospectus, dated
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 201<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>.] </P></TD></TR></TABLE>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>d359661dex992.htm
<DESCRIPTION>EX-99.2
<TEXT>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Letterhead of Sullivan&nbsp;&amp; Cromwell LLP] </P> <P STYLE="font-size:72pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">September&nbsp;30, 2016</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Bell Canada, and </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">BCE Inc., </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;1, Carrefour Alexander-Graham-Bell, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building A, 7th Floor, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verdun, Qu&eacute;bec, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada H3E 3B3. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have acted as United
States counsel to Bell Canada and BCE Inc. (collectively, the &#147;Co-Registrants&#148;) in connection with the registration, under the Securities Act of 1933 (the &#147;Act&#148;), of MTN Debentures of Bell Canada, guaranteed by BCE Inc., as
described in the Prospectus Supplement, dated September&nbsp;30, 2016 (the &#147;Prospectus Supplement&#148;), to the Short Form Base Shelf Prospectus, dated September&nbsp;20, 2016, contained in Amendment No.&nbsp;1 to the Co-Registrants&#146;
Registration Statement on Form F-10, File No.&nbsp;333-213603. We hereby confirm that our opinion is as set forth under the heading &#147;Material United States Tax Considerations&#148; contained in the Prospectus Supplement, subject to the
limitations and qualifications set forth therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hereby consent to the filing with the Securities and Exchange Commission of this
letter as an exhibit to a Form 6-K of BCE Inc. and to any reference to us under the heading &#147;Material United States Tax Considerations&#148; in the Prospectus Supplement. In giving such consent, we do not thereby admit that we are within the
category of persons whose consent is required under Section&nbsp;7 of the Act. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Very truly yours,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">/s/ SULLIVAN&nbsp;&amp; CROMWELL LLP</P></TD></TR>
</TABLE></DIV>
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<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>d359661dex993.htm
<DESCRIPTION>EX-99.3
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.3 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g359661g83u95.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">Stikeman Elliott LLP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barristers &amp; Solicitors </P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">1155 Ren&#233; L&#233;vesque Blvd. West, 40th Floor, Montreal, Quebec, Canada H3B 3V2 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">Tel:(514) 397-3000 Fax: (514) 397-3222 www.stikeman.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONSENT OF STIKEMAN ELLIOTT LLP </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We hereby consent to being named in the prospectus supplement, dated September&nbsp;30, 2016, to the short form base shelf prospectus, dated
September&nbsp;20, 2016, contained in Amendment No.&nbsp;1 to the registration statement on Form F-10 filed by Bell Canada and BCE Inc., as such may thereafter be amended or supplemented, on the cover page and under the headings &#147;Legal
Matters&#148; and &#147;Interest of Experts&#148; and in connection with our legal opinions set out under the headings &#147;Eligibility for Investment&#148; and &#147;Material Canadian Tax Considerations&#148;, which opinions are provided as of the
date of the prospectus supplement. In giving such consent we do not hereby admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the United States Securities Act of 1933, as amended. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DATED: September&nbsp;30, 2016 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Yours truly,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
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<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">/s/ Stikeman Elliott LLP</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:120pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="right">MONTREAL </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="right">TORONTO
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="right">OTTAWA </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="right">CALGARY </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="right">VANCOUVER </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="right">NEW YORK </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="right">LONDON </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="right">HONG KONG </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="right">SYDNEY </P>
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<HTML><HEAD>
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 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.4 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For Immediate Release </P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Bell Canada renews Medium Term Notes (MTN) program </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MONTR&Eacute;AL, September&nbsp;30, 2016 &#150; Bell Canada (Bell) today announced the filing of a prospectus supplement to a short form base shelf prospectus
dated September&nbsp;20, 2016 with the various securities regulatory authorities in all provinces of Canada and with the Securities and Exchange Commission (SEC) in the United States to renew Bell&#146;s Medium Term Notes (MTN) program. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The MTN program will enable Bell to offer up to Cdn $4 billion of MTN Debentures from time to time until October&nbsp;20, 2018. The MTN Debentures will be
fully and unconditionally guaranteed by BCE Inc. (TSX, NYSE: BCE). Consistent with past practice, the MTN program was renewed to continue to provide Bell with financial flexibility and efficient access to the Canadian and U.S. capital markets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bell also entered into a dealer agreement under which certain dealers have agreed to act as agents with respect to future offerings of the MTN Debentures.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offer of securities covered by the prospectus supplement will be made by a
pricing supplement containing specific information about the terms of any such offering. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Bell </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Canada&#146;s largest communications company, Bell provides consumer, business and government customers with a comprehensive and innovative suite of broadband
wireless, TV, Internet and business communication services from Bell Canada and Bell Aliant. Bell Media is Canada&#146;s premier multimedia company with leading assets in television, radio, out of home and digital media. Founded in Montr&eacute;al
in 1880, Bell is wholly owned by BCE Inc. To learn more, please visit BCE.ca or Bell.ca. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Bell Let&#146;s Talk initiative promotes Canadian mental
health with national awareness and anti-stigma campaigns like Bell Let&#146;s Talk Day and significant Bell funding of community care and access, research, and workplace initiatives. To learn more, please visit Bell.ca/LetsTalk. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Media inquiries: </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jean Charles Robillard </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(514) 870-4739 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">jean_charles.robillard@bell.ca </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investor inquiries: </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thane Fotopoulos </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(514) 870-4619 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">thane.fotopoulos@bell.ca </P>
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