<SEC-DOCUMENT>0001193125-18-197002.txt : 20180619
<SEC-HEADER>0001193125-18-197002.hdr.sgml : 20180619
<ACCEPTANCE-DATETIME>20180619171607
ACCESSION NUMBER:		0001193125-18-197002
CONFORMED SUBMISSION TYPE:	SUPPL
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180619
DATE AS OF CHANGE:		20180619
EFFECTIVENESS DATE:		20180619

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BELL CANADA
		CENTRAL INDEX KEY:			0000225090
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				980032398
		STATE OF INCORPORATION:			A8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SUPPL
		SEC ACT:		
		SEC FILE NUMBER:	333-223660
		FILM NUMBER:		18907929

	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

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:		SUPPL
		SEC ACT:		
		SEC FILE NUMBER:	333-223660-01
		FILM NUMBER:		18907930

	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>SUPPL
<SEQUENCE>1
<FILENAME>d206941dsuppl.htm
<DESCRIPTION>SUPPL
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<TITLE>SUPPL</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Filed pursuant to General Instruction II.L. of Form F-10 <BR> File No. 333-223660 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>This prospectus supplement, together with the short form base shelf prospectus dated March&nbsp;20, 2018 to which it relates, as amended or supplemented,
and each document incorporated by reference into this prospectus supplement and the short form base shelf prospectus dated March&nbsp;20, 2018 to which it relates, constitutes a public offering of these securities only in those jurisdictions where
such securities may be lawfully offered for sale and therein only by persons permitted to sell such securities. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Prospectus
Supplement to Short Form Base Shelf Prospectus Dated March&nbsp;20, 2018 </B></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">


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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U><I>New Issue</I></U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">June<I> </I>19, 2018</TD></TR>
</TABLE> <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="g206941g60y87.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Bell Canada </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$3,000,000,000 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MTN&nbsp;Debentures </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Unsecured)
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Unconditionally guaranteed as to payment of principal, </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>interest and other payment obligations by BCE Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unsecured debentures (the &#147;<B>MTN</B><B></B><B>&nbsp;Debentures</B>&#148;) of Bell&nbsp;Canada (the &#147;<B>Corporation</B>&#148; or &#147;<B>Bell
Canada</B>&#148;) may be offered under this prospectus supplement (the &#147;<B>Prospectus Supplement</B>&#148;) from time to time in one or more series in an aggregate amount of up to $3,000,000,000 (or the equivalent thereof in other currencies
based on the applicable exchange rate at the time of the offering) calculated on the basis of the principal amount of the MTN&nbsp;Debentures issued by Bell&nbsp;Canada, in the case of interest bearing MTN&nbsp;Debentures, or on the basis of gross
proceeds received by Bell&nbsp;Canada, in the case of <FONT STYLE="white-space:nowrap">non-interest</FONT> bearing MTN&nbsp;Debentures, during the <FONT STYLE="white-space:nowrap">25-month</FONT> period that the short form base shelf prospectus of
Bell&nbsp;Canada dated March&nbsp;20, 2018<I> </I>(the &#147;<B>Prospectus</B>&#148;), including any amendments thereto, remains valid. Such aggregate principal amount is subject to reduction as a result of the sale by Bell&nbsp;Canada of other debt
securities consisting of debentures, notes and/or other unsecured evidences of indebtedness or other instruments (collectively, the &#147;<B>Debt Securities</B>&#148; and each, individually, a &#147;<B>Debt Security</B>&#148;) pursuant to another
prospectus supplement to the Prospectus into which this Prospectus Supplement is incorporated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The offering of the MTN&nbsp;Debentures will be made
pursuant to the medium-term debenture program of Bell&nbsp;Canada. The MTN&nbsp;Debentures will have maturities of more than one year and will be either interest bearing MTN&nbsp;Debentures or <FONT STYLE="white-space:nowrap">non-interest</FONT>
bearing MTN&nbsp;Debentures and will be issued at par (100% of the principal amount thereof), at a discount or at a premium. The MTN&nbsp;Debentures will be unsecured, will rank <I>pari passu</I> with all other unsecured and unsubordinated
indebtedness of Bell&nbsp;Canada and will be issued under a trust indenture. See &#147;<B>Details of the MTN</B><B></B><B>&nbsp;Debentures</B>&#148;. Payment of principal, interest and other payment obligations will be fully and unconditionally
guaranteed on an unsecured, unsubordinated basis by BCE&nbsp;Inc. (the&nbsp;<B></B>&#147;<B>Guarantor</B>&#148; or &#147;<B>BCE</B>&#148;). See &#147;<B>Details of the MTN Debentures &#150; Guarantee</B>&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The MTN&nbsp;Debentures may be offered in an amount and on such terms as may be determined from time to time depending on market conditions and other factors.
The specific variable terms of any offering of MTN&nbsp;Debentures (including, where applicable and without limitation, the specific designation, the aggregate principal amount being offered, the currency, the issue and delivery date, the maturity
date, the issue price (or the manner of determination thereof if offered on a <FONT STYLE="white-space:nowrap">non-fixed</FONT> price basis), the interest rate (either fixed or floating, and, if floating, the manner of calculation thereof), the
interest payment date(s), the redemption, repayment, exchange or conversion provisions (if any), the repayment terms, the name and compensation of the agents, underwriters or dealers, the method of distribution, the form (either global or
definitive) and the actual net proceeds to Bell&nbsp;Canada) will be set forth in one or more pricing supplements (each a &#147;<B>Pricing Supplement</B>&#148;) which will accompany this Prospectus Supplement. Bell&nbsp;Canada also reserves the
right to include in a Pricing Supplement specific variable terms pertaining to the MTN&nbsp;Debentures which are not within the options and parameters set forth in this Prospectus Supplement. </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Rates on Application </B></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The MTN&nbsp;Debentures will be offered by one or
more of 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. pursuant to the Dealer Agreement referred to under the heading &#147;<B>Plan of Distribution</B>&#148;, or by such other investment dealers as may be selected from time to time
by Bell&nbsp;Canada (collectively, the &#147;<B>Dealers</B>&#148; and each, individually, a &#147;<B>Dealer</B>&#148;). The Dealers shall act as Bell&nbsp;Canada&#146;s agents or as principals, as the case may be, subject to confirmation by
Bell&nbsp;Canada pursuant to the Dealer Agreement. The rate of compensation payable in connection with the sale of the MTN&nbsp;Debentures by the Dealers will be as determined by agreement between Bell&nbsp;Canada and the Dealers.
MTN&nbsp;Debentures may be purchased from time to time by any of the Dealers, as an underwriter or dealer purchasing as principal, at such prices and at such rates of compensation as may be agreed upon by Bell&nbsp;Canada and any such Dealers, for
resale to the public at prices to be negotiated with purchasers. Such resale prices may vary during the distribution period and as between purchasers. In connection with this offering, the Dealers may, subject to applicable law, over-allot or effect
transactions intended to fix or stabilize the market price of the MTN Debentures at a level above that which might otherwise prevail in the open market. Such transactions, if commenced, may be discontinued at any time. See &#147;<B>Plan of
Distribution</B>&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each Dealer&#146;s compensation will be increased or decreased by the amount by which the aggregate price paid for the
MTN&nbsp;Debentures by the purchasers exceeds or is less than the gross proceeds paid by the Dealers, acting as principal, to Bell&nbsp;Canada. Bell&nbsp;Canada may also offer MTN&nbsp;Debentures to one or more purchasers, directly, at such prices
and terms as may be negotiated with any such purchasers. Sales of MTN Debentures in the United&nbsp;States will only be made to institutional investors that satisfy exemptions from applicable state securities registration requirements or in other
transactions not subject to state securities registration requirements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The MTN&nbsp;Debentures will not be listed on any securities exchange.
<B>Consequently, there is no market through which the MTN Debentures may be sold and purchasers may not be able to resell the MTN Debentures purchased under this Prospectus Supplement. This may affect the pricing of the MTN Debentures in the
secondary market, the transparency and availability of trading prices, the liquidity of the MTN Debentures and the extent of issuer regulation. See &#147;Risk Factors&#148; in the Prospectus.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain legal matters relating to the offering of MTN Debentures will be passed upon by Mr.&nbsp;Michel Lalande, Senior Vice-President &#150; General Counsel
and Corporate Secretary of Bell Canada, Stikeman Elliott LLP and Sullivan&nbsp;&amp; Cromwell LLP on behalf of the Corporation and on behalf of the Dealers by McCarthy T&eacute;trault LLP and Shearman&nbsp;&amp; Sterling LLP. Subscriptions will be
received subject to rejection or allotment in whole or in part and the right is reserved to close the subscription books at any time without notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>All of the Dealers, except Casgrain&nbsp;&amp; Company Limited, are subsidiaries or affiliates of lenders that have made credit facilities available to
Bell Canada and its related issuers. Accordingly, Bell Canada may be considered to be a connected issuer of such Dealers for purposes of applicable Canadian securities laws. See &#147;Plan of Distribution&#148;. </B></P>
 <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">S-2 </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>In this Prospectus Supplement, unless otherwise specified or the context otherwise requires, all dollar
amounts are expressed in Canadian dollars. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bell Canada and BCE are permitted, under a multijurisdictional disclosure system adopted by the
United&nbsp;States, to prepare this Prospectus Supplement in accordance with Canadian disclosure requirements, which are different from those of the United States. BCE prepares its financial statements in accordance with International Financial
Reporting Standards (&#147;IFRS&#148;), as issued by the International Accounting Standards Board (the &#147;IASB&#148;), and they are subject to Canadian auditing and auditor independence standards. They may not be comparable to financial
statements of U.S. companies. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Owning the MTN Debentures may subject you to tax consequences both in the United States and Canada. This Prospectus
Supplement or any applicable Pricing Supplement may not describe these tax consequences fully. You should read the tax discussion in this Prospectus Supplement and in any applicable Pricing Supplement. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Your ability to enforce civil liabilities under the U.S. federal securities laws may be affected adversely because Bell Canada and BCE are incorporated in
Canada, some of their officers and directors and some of the experts named in this Prospectus Supplement are Canadian residents, and a substantial portion of Bell Canada&#146;s and BCE&#146;s assets is located in Canada. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Neither the U.S. Securities and Exchange Commission nor any state securities regulator has approved or disapproved the MTN Debentures, or determined if
this Prospectus Supplement is truthful or complete. Any representation to the contrary is a criminal offense. </B></P>
 <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">S-3 </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></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>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><A HREF="#supp206941_1"><U>D<SMALL>OCUMENTS</SMALL> I<SMALL>NCORPORATED</SMALL> <SMALL>BY</SMALL> R<SMALL>EFERENCE
</SMALL></U><SMALL></SMALL></A><SMALL></SMALL></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>S-4</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><A HREF="#supp206941_2"><U>U<SMALL>SE</SMALL> <SMALL>OF</SMALL> P<SMALL>ROCEEDS</SMALL></U><SMALL>
</SMALL></A><SMALL></SMALL></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>S-5</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><A HREF="#supp206941_3"><U>P<SMALL>LAN</SMALL> <SMALL>OF</SMALL> D<SMALL>ISTRIBUTION</SMALL></U><SMALL>
</SMALL></A><SMALL></SMALL></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>S-5</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><A HREF="#supp206941_4"><U>D<SMALL>ETAILS</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> MTN D<SMALL>EBENTURES
</SMALL></U><SMALL></SMALL></A><SMALL></SMALL></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>S-7</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><A HREF="#supp206941_5"><U>E<SMALL>LIGIBILITY</SMALL> <SMALL>FOR</SMALL> I<SMALL>NVESTMENT</SMALL>
</U><SMALL></SMALL></A><SMALL></SMALL></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>S-13</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><A HREF="#supp206941_6"><U>M<SMALL>ATERIAL</SMALL> C<SMALL>ANADIAN</SMALL> <SMALL>TAX</SMALL> C<SMALL>ONSIDERATIONS
</SMALL></U><SMALL></SMALL></A><SMALL></SMALL></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>S-14</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><A HREF="#supp206941_7"><U>M<SMALL>ATERIAL</SMALL> U<SMALL>NITED</SMALL> S<SMALL>TATES</SMALL> T<SMALL>AX
</SMALL> C<SMALL>ONSIDERATIONS</SMALL></U><SMALL></SMALL></A><SMALL></SMALL></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>S-17</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><A HREF="#supp206941_8"><U>L<SMALL>EGAL</SMALL>
M<SMALL>ATTERS</SMALL></U><SMALL></SMALL></A><SMALL></SMALL></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>S-21</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><A HREF="#supp206941_9"><U>I<SMALL>NTEREST</SMALL> <SMALL>OF</SMALL> E<SMALL>XPERTS</SMALL></U><SMALL>
</SMALL></A><SMALL></SMALL></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>S-21</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="supp206941_1"></A>DOCUMENTS INCORPORATED BY REFERENCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Prospectus Supplement is deemed, as of the date hereof, to be incorporated by reference into the Prospectus only for the purposes of the
offering of the MTN&nbsp;Debentures. Other documents are also incorporated or deemed to be incorporated by reference into the Prospectus and reference should be made to the Prospectus for full details. The following documents, which are not
specifically listed in the Prospectus, and which have been filed by Bell Canada or BCE, as the case may be, with the provincial securities regulatory authorities in Canada, are specifically incorporated by reference in and form an integral part of
the Prospectus: </P> <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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">BCE&#146;s Management Proxy Circular dated March&nbsp;8, 2018 in connection with the annual general meeting of the shareholders of BCE held on May&nbsp;3, 2018; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">Bell Canada&#146;s unaudited Selected Summary Financial Information for the three-month periods ended March&nbsp;31, 2018 and 2017, filed on SEDAR under the document type &#147;Other&#148;; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">BCE&#146;s unaudited interim Consolidated Financial Statements for the three-month periods ended March&nbsp;31, 2018 and 2017; and </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">BCE&#146;s Management&#146;s Discussion and Analysis for the three-month periods ended March&nbsp;31, 2018 and 2017 (the &#147;<B>BCE 2018 First Quarter MD&amp;A</B>&#148;). </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">One or more Pricing Supplements containing the specific terms of an offering of MTN&nbsp;Debentures will be delivered to purchasers of such
MTN&nbsp;Debentures together with this Prospectus Supplement and the Prospectus and will be deemed to be incorporated by reference into this Prospectus Supplement and the Prospectus as of the date of such Pricing Supplement only for the purposes of
the offering of the MTN&nbsp;Debentures covered by such Pricing Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Any statement contained in the Prospectus, in this
Prospectus Supplement or in a document incorporated or deemed to be incorporated by reference into the Prospectus for purposes of the offering of the MTN&nbsp;Debentures will be deemed to be modified or superseded for purposes of the Prospectus, to
the extent that a statement contained herein or in any other subsequently filed document which also is, or is deemed to be, incorporated by reference into the Prospectus for the purposes of the offering of the MTN&nbsp;Debentures modifies or
supersedes that statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes. The making of a
modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact
that is required to be stated or that is necessary to prevent a statement that is made from being false or misleading in the circumstances in which it was made. Any statement so modified or superseded shall not be deemed, except as so modified or
superseded, to constitute part of the Prospectus. </B></P>
 <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">S-4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the exemption provided under Section&nbsp;13.4 of National Instrument <FONT
STYLE="white-space:nowrap">51-102</FONT> &#151; <I>Continuous Disclosure Obligations</I>, Bell Canada does not file with the securities commissions and similar securities regulatory authorities in Canada separate continuous disclosure information
regarding Bell Canada except for: (a)&nbsp;the selected summary financial information referred to in the Prospectus; and (b)&nbsp;a material change report for a material change in respect of the affairs of Bell Canada that is not also a material
change in the affairs of BCE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Updated earnings coverage ratios will be filed quarterly with the applicable securities regulatory
authorities, either as prospectus supplements or as exhibits to BCE&#146;s interim unaudited and annual audited consolidated financial statements, and will be deemed to be incorporated by reference into this Prospectus Supplement and the Prospectus
for the purposes of the offering of MTN Debentures. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="supp206941_2"></A>USE OF PROCEEDS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The net proceeds from the issue of the MTN&nbsp;Debentures will be the issue price less any compensation of the Dealers and expenses of issue
paid in connection therewith. Such net proceeds cannot be estimated, as the amount will depend on the extent to which MTN&nbsp;Debentures are issued and the prices and terms of issuance. The maximum aggregate amount of MTN&nbsp;Debentures will not
exceed $3,000,000,000 (or the equivalent thereof in other currencies based on the applicable exchange rate at the time of the offering) calculated on the basis of the principal amount of the MTN&nbsp;Debentures issued by Bell&nbsp;Canada, in the
case of interest bearing MTN&nbsp;Debentures, or on the basis of the gross proceeds received by Bell&nbsp;Canada, in the case of <FONT STYLE="white-space:nowrap">non-interest</FONT> bearing MTN&nbsp;Debentures. Such amount is subject to reduction as
a result of the sale by Bell&nbsp;Canada of other Debt Securities pursuant to another prospectus supplement to the Prospectus. The MTN&nbsp;Debentures may be issued by Bell&nbsp;Canada from time to time during the
<FONT STYLE="white-space:nowrap">25-month</FONT> period that the Prospectus, including any amendments thereto, remains valid. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless
otherwise specified herein or in a Pricing Supplement, the net proceeds resulting from the issue of the MTN Debentures may be used for repayment of indebtedness, to fund capital expenditures or acquisitions or for other general corporate purposes.
The expenses of offerings and commissions under this Prospectus Supplement will be paid out of Bell Canada&#146;s general funds. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="supp206941_3">
</A>PLAN OF DISTRIBUTION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to a dealer agreement dated June&nbsp;19, 2018 (the &#147;<B>Dealer Agreement</B>&#148;) between
Bell&nbsp;Canada and the Dealers, the Dealers are authorized, as agents of Bell&nbsp;Canada, for such purpose only, to solicit offers from time to time to purchase MTN&nbsp;Debentures (i)&nbsp;in each of the provinces of Canada, directly and through
other investment dealers approved by Bell&nbsp;Canada, (ii)&nbsp;in the United States, through registered broker-dealer affiliates of the Dealers, and (iii)&nbsp;in other jurisdictions with the prior written approval of Bell Canada. The rate of
compensation payable in connection with sales by the Dealers of MTN&nbsp;Debentures will be as determined by agreement between Bell&nbsp;Canada and the Dealers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Dealer Agreement also provides that MTN Debentures may be purchased from time to time by any of the Dealers as an underwriter or dealer
purchasing as principal, at such prices and at such rates of compensation as may be agreed upon between Bell Canada and such Dealers, for resale to the public in Canada at prices to be negotiated with each purchaser. Such resale prices may vary
during the distribution period and as between purchasers. Each Dealer&#146;s compensation will be increased or decreased by the amount by which the aggregate price paid for the MTN Debentures by the purchasers exceeds or is less than the gross
proceeds paid by the Dealers, acting as principals, to Bell Canada. If any of the Dealers act as an underwriter in purchasing MTN Debentures as principal for resale to the public, the obligations of the underwriter(s) to purchase such MTN Debentures
and the obligations of Bell Canada to sell such MTN Debentures will be subject to certain conditions precedent, and the underwriter(s) will be obligated to purchase all such MTN Debentures offered if any of such MTN Debentures are purchased. </P>
 <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">S-5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Bell&nbsp;Canada may also from time to time (i)&nbsp;select one or more additional
investment dealers to offer MTN&nbsp;Debentures pursuant to the Dealer Agreement, (ii)&nbsp;enter into separate agreements with investment dealers, including investment dealers other than the Dealers mentioned herein, to solicit offers to purchase
MTN&nbsp;Debentures and (iii)&nbsp;offer the MTN&nbsp;Debentures to one or more purchasers directly, in each of the Provinces of Canada, the United States, and any other jurisdiction, at such prices and terms as may be negotiated by Bell&nbsp;Canada
with any such purchasers, subject to certain restrictions as to timing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Bell Canada and the Dealers have agreed to indemnify each other
against certain liabilities, including liabilities under Canadian provincial securities legislation and the U.S. Securities Act of 1933, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All of the Dealers, except Casgrain&nbsp;&amp; Company Limited, are subsidiaries or affiliates of lenders (the &#147;<B>Lenders</B>&#148;)
that have made credit facilities (the &#147;<B>Credit Facilities</B>&#148;) available to Bell Canada and its related issuers. As at March&nbsp;31, 2018, approximately $352&nbsp;million of indebtedness was outstanding and approximately
$1.27&nbsp;billion of letters of credit was issued under the Credit Facilities. Accordingly, Bell Canada may be considered to be a connected issuer to the Dealers, other than Casgrain&nbsp;&amp; Company Limited, for purposes of securities laws in
certain Canadian provinces. Bell Canada and its related issuers are not and have not been in default of their respective obligations to the Lenders under the Credit Facilities. The proceeds to be received by Bell Canada from the offering of MTN
Debentures under this Prospectus Supplement may, from time to time, be used to reduce indebtedness under the Credit Facilities. The decision to distribute MTN Debentures will be made by Bell Canada and the terms and conditions of distribution will
be determined through negotiations between Bell Canada and the Dealers. The Lenders will not have any involvement in such decision and will not have any involvement in such determination. None of the Dealers will receive any benefit from the
offering of MTN Debentures other than its portion of the remuneration payable by Bell Canada on the principal amount of the MTN Debentures sold through or to such Dealers. Certain of the Dealers or their affiliates have in the past engaged, and may
in the future engage, in transactions with, and perform services, including commercial banking, financial advisory and investment banking services, for Bell Canada and its related issuers in the ordinary course of business for which they have
received or may receive customary compensation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with rules and policy statements of certain Canadian securities regulators,
the Dealers may not, throughout the period of distribution of a series of MTN Debentures, bid for or purchase such series of MTN Debentures. The foregoing restriction is subject to exceptions, on the condition that the bid or purchase is not engaged
in for the purpose of creating actual or apparent active trading in, or raising prices of, such series of MTN Debentures. These exceptions include a bid or purchase permitted under the Universal Market Integrity Rules of the Investment Industry
Regulatory Organization of Canada relating to market stabilization and passive market-making activities and a bid or purchase made for and on behalf of a customer where the order was not solicited during the period of distribution. Subject to the
foregoing and applicable laws, in connection with the offering, and subject to the first exception mentioned above, the Dealers may engage in over-allotment and stabilizing transactions and purchases to cover short positions created by the Dealers
in connection with the offering. Stabilizing transactions consist of certain bids or purchases for the purpose of preventing or retarding a decline in the market price of a particular series of MTN Debentures and short positions created by the
Dealers involving the sale by the Dealers of a greater number of MTN Debentures of such series than may be offered by Bell Canada in the offering. These activities may stabilize, maintain or otherwise affect the market price of the MTN Debentures,
which may be higher than the price that might otherwise prevail in the open market; these activities, if commenced, may be discontinued at any time. These transactions may be effected in the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Bell&nbsp;Canada and, if applicable, the Dealers reserve
the right to reject any offer to purchase MTN&nbsp;Debentures in whole or in part. Bell&nbsp;Canada also reserves the right to withdraw, cancel or modify the offering of MTN&nbsp;Debentures under this Prospectus Supplement without notice. </P>
 <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">S-6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="supp206941_4"></A>DETAILS OF THE MTN DEBENTURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following description of the MTN&nbsp;Debentures is a summary of certain of their material attributes and characteristics, which does not
purport to be complete in every detail and is qualified in its entirety by reference to the MTN Indenture (as defined below). The terms and conditions set forth in this &#147;<B>Details of the MTN</B><B></B><B>&nbsp;Debentures</B>&#148; section will
apply to each MTN&nbsp;Debenture unless otherwise specified in the applicable Pricing Supplement. The following summary uses words and terms which have been defined in the Prospectus and the MTN Indenture. For full particulars of the terms of the
MTN&nbsp;Debentures, reference is made to the Prospectus and the MTN&nbsp;Indenture. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The MTN&nbsp;Debentures will have maturities of more than one year and will either be interest bearing MTN&nbsp;Debentures or <FONT
STYLE="white-space:nowrap">non-interest</FONT> bearing MTN&nbsp;Debentures and will be issued at par (100% of the principal amount thereof), at a discount or at a premium. The MTN&nbsp;Debentures will be issued in minimum denominations of $1,000 and
integral multiples thereof in Canadian currency, or such other currencies or denominations as may be determined at the time of issue and as specified in the applicable Pricing Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The specific variable terms of any offering of MTN&nbsp;Debentures (including, where applicable and without limitation, the specific
designation, the aggregate principal amount of MTN&nbsp;Debentures being offered, the currency, the issue and delivery date, the maturity date, the issue price (or the manner of determination thereof if offered on a
<FONT STYLE="white-space:nowrap">non-fixed</FONT> price basis), the interest rate (either fixed or floating and, if floating, the manner of calculation thereof), the interest payment date(s), the redemption, repayment, exchange or conversion
provisions (if any), the repayment terms, the name and compensation of the Dealers, the method of distribution, the form (either global or definitive), and the actual net proceeds to Bell&nbsp;Canada) will be set forth in a Pricing Supplement.
Bell&nbsp;Canada also reserves the right to include in a Pricing Supplement specific variable terms pertaining to the MTN&nbsp;Debentures which are not within the options and parameters set forth in this Prospectus Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The MTN&nbsp;Debentures will be unsecured and unsubordinated obligations of Bell Canada, will rank <I>pari&nbsp;passu</I> with all other
unsecured and unsubordinated indebtedness of Bell&nbsp;Canada and will be issued under a trust indenture dated as of November&nbsp;28, 1997 executed by Bell&nbsp;Canada in favour of CIBC Mellon Trust Company (the &#147;<B>Trustee</B>&#148;), as
trustee and under a first supplemental trust indenture between the same parties bearing formal date of July&nbsp;12, 1999 (the &#147;<B>First Supplemental Trust Indenture</B>&#148;) and under a second supplemental trust indenture dated
February&nbsp;1, 2007 among Bell Canada, the Trustee and BCE, as Guarantor (the &#147;<B>Second Supplemental Trust Indenture</B>&#148;), as subsequently amended and supplemented from time to time (the trust indenture dated as of November&nbsp;28,
1997, the First Supplemental Trust Indenture and the Second Supplemental Trust Indenture, as subsequently amended and supplemented from time to time, being hereinafter collectively referred to as the
&#147;<B>MTN</B><B></B><B>&nbsp;Indenture</B>&#148;). The MTN&nbsp;Debentures will be issued at rates of interest, if any, and at prices determined by Bell&nbsp;Canada from time to time based on a number of factors, including market conditions and
advice from the Dealers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the MTN&nbsp;Indenture, Bell&nbsp;Canada has the right, without the consent of the holders of MTN
Debentures, to issue MTN&nbsp;Debentures with terms different from MTN&nbsp;Debentures previously issued or to reopen a previously issued series of MTN&nbsp;Debentures and issue additional MTN&nbsp;Debentures of the same series having terms
identical to the previously issued MTN&nbsp;Debentures of the same series. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The MTN&nbsp;Indenture also provides that all
MTN&nbsp;Debentures issued on or after July&nbsp;12, 1999 shall, unless otherwise specified in the Corporation Order (as defined in the MTN&nbsp;Indenture) creating each specific series of MTN&nbsp;Debentures, be redeemable, at
Bell&nbsp;Canada&#146;s option, in whole at any time or in part from time to time, by giving prior notice of not less than 30 days and not more than 60 days to the holders thereof, at the greater of the &#147;<B>Canada Yield Price</B>&#148; (as
defined below) and the principal amount of the MTN&nbsp;Debentures, together in each case with all unpaid interest accrued up to but excluding the date fixed for redemption. </P>
 <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">S-7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Guarantee </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Guarantor has irrevocably and unconditionally guaranteed the full and timely payment when due, whether at stated maturity, by required
payment, acceleration, declaration, demand or otherwise, of all of the payment obligations of Bell Canada under the MTN Indenture existing at the time the Guarantor entered into such guarantee and, unless otherwise provided in a supplemental trust
indenture, incurred thereafter (the &#147;<B>Guarantee</B>&#148;). Such Guarantee therefore includes all of the payment obligations of Bell Canada under the MTN&nbsp;Debentures in accordance with the terms of such MTN Debentures and as provided in
the Guarantee pursuant to the MTN&nbsp;Indenture. The Guarantor has agreed that its obligations under the Guarantee shall be irrevocable and unconditional, irrespective of, shall not be affected or limited by, and shall not be subject to any
defense, <FONT STYLE="white-space:nowrap">set-off,</FONT> counterclaim or termination by reason of: (i)&nbsp;the legality, genuineness, validity, regularity or enforceability of the Guarantee or the liabilities of Bell Canada guaranteed thereby;
(ii)&nbsp;any provision of applicable law or regulation prohibiting the payment by Bell Canada of the MTN&nbsp;Debentures; or (iii)&nbsp;any other fact or circumstance which might otherwise constitute a defense to a guarantee. The Guarantor has no
right of subrogation, reimbursement or indemnity whatsoever against Bell Canada, nor any right of recourse to security for its obligations under the Guarantee, unless and until all MTN&nbsp;Debentures have been finally and irrevocably paid in full.
The obligations of the Guarantor under the MTN&nbsp;Indenture and the Guarantee shall be continuing obligations. The liability of the Guarantor shall be discharged or satisfied only upon full payment and performance by either Bell Canada or the
Guarantor of all the payment obligations of Bell Canada under the MTN&nbsp;Debentures. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Form of MTN&nbsp;Debentures </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise specified in the applicable Pricing Supplement, the MTN&nbsp;Debentures will be issued in the form of fully registered global
debentures (the &#147;<B>Global Debentures</B>&#148;) held by, or on behalf of, CDS Clearing and Depository Services Inc. or a successor thereof (&#147;<B>CDS</B>&#148;), and will be registered in the name of CDS or its nominee. Direct and indirect
participants of CDS, including The Depositary Trust Company (&#147;<B>DTC</B>&#148;), Euroclear Bank S.A./N.V., as operator of the Euroclear System (&#147;<B>Euroclear</B>&#148;) and Clearstream Banking, soci&eacute;t&eacute; anonyme
(&#147;<B>Clearstream, Luxembourg</B>&#148;) will record beneficial ownership of the MTN&nbsp;Debentures on behalf of their respective accountholders. Purchasers of MTN&nbsp;Debentures represented by Global Debentures will not receive
MTN&nbsp;Debentures in definitive form unless Bell&nbsp;Canada, in its sole discretion, elects to prepare and deliver definitive MTN&nbsp;Debentures (the &#147;<B>Definitive MTN</B><B></B><B>&nbsp;Debentures</B>&#148;) in fully registered form.
Furthermore, upon the occurrence of certain stated events, if CDS notifies Bell&nbsp;Canada that it is unwilling or unable to continue as a depository in connection with a Global Debenture, or if CDS ceases to be a clearing agency or otherwise
ceases to be eligible to be a depository, and Bell&nbsp;Canada is unable to find a qualified successor, or if Bell&nbsp;Canada elects, in its sole discretion, to terminate the book-entry system in respect of a Global Debenture, Bell&nbsp;Canada will
arrange to have issued and delivered to participants of CDS, on behalf of beneficial owners, Definitive MTN&nbsp;Debentures in fully registered form. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Beneficial interests in Global Debentures, constituting ownership of the MTN&nbsp;Debentures, will be represented through book-entry accounts
of institutions (including the Dealers) acting on behalf of beneficial owners, as direct and indirect participants of CDS. Direct and indirect participants of CDS, including DTC, Euroclear and Clearstream, Luxembourg, will record beneficial
ownership of the MTN Debentures on behalf of their respective accountholders. Each purchaser of an MTN&nbsp;Debenture represented by a Global Debenture will receive a customer confirmation of purchase from the Dealer(s) from whom the
MTN&nbsp;Debenture is purchased in accordance with the practices and procedures of the Dealer(s). Such practices may vary between Dealers, but generally, customer confirmations are issued promptly following execution of a customer order. CDS will be
responsible for establishing and maintaining book-entry accounts for its participants having interests in Global Debentures. The rights of beneficial owners of&nbsp;Global Debentures shall be limited to those established by applicable law and any
agreements between CDS and its participants, and between such participants and the beneficial owners of&nbsp;Global&nbsp;Debentures, and must be exercised through a participant in accordance with the rules and procedures of CDS. </P>
 <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">S-8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Transfer of MTN&nbsp;Debentures </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Transfers of beneficial ownership of MTN&nbsp;Debentures represented by Global Debentures will be effected through records maintained by CDS or
its nominee for such Global Debentures (with respect to interests of its direct participants) and through the records of participants (with respect to interests of persons other than its direct participants). Unless Bell&nbsp;Canada prepares and
delivers Definitive MTN&nbsp;Debentures as described above under &#147;<B>Form of MTN Debentures</B>&#148;, beneficial owners who are not participants in CDS&#146; book-entry system, but who desire to purchase, sell or otherwise transfer ownership
of, or other interest in, Global Debentures, may do so only through participants in CDS&#146; book-entry system. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The ability of a
beneficial owner of an interest in a Global Debenture to pledge or otherwise take action with respect to such owner&#146;s interest in a Global Debenture (other than through a participant of CDS) may be limited by reason of not holding a certificate
registered in such owner&#146;s name. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If applicable, registered holders of Definitive MTN&nbsp;Debentures may transfer such Definitive
MTN&nbsp;Debentures upon payment of taxes or other charges incidental thereto, if any, by executing and delivering a form of transfer together with the Definitive MTN&nbsp;Debentures to any of the principal offices of the Trustee in Montr&eacute;al
or Toronto or in any other city which may be designated by Bell&nbsp;Canada, whereupon new Definitive MTN&nbsp;Debentures will be issued in authorized denominations in the same aggregate principal amount as the Definitive MTN&nbsp;Debentures so
transferred and registered in the names of the transferees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Trustee shall not be required to register any transfer of a Definitive
MTN&nbsp;Debenture on any interest payment date or during the ten business&nbsp;days preceding any interest payment date. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DTC, Euroclear and
Clearstream, Luxembourg </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Debentureholders may hold their MTN&nbsp;Debentures through the accounts maintained by DTC, Euroclear or
Clearstream, Luxembourg in CDS only if they are participants of those systems, or indirectly through organizations which are participants of those systems. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">DTC, Euroclear and Clearstream, Luxembourg will hold omnibus book-entry positions on behalf of their participants through customers&#146;
securities accounts in their respective depositaries which in turn will hold such positions in customers&#146; securities accounts in the names of the nominees of the depositaries on the books of CDS. All securities in DTC, Euroclear and
Clearstream, Luxembourg are held on a fungible basis without attribution of specific certificates to specific securities clearance accounts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Transfers of MTN&nbsp;Debentures by persons holding through Euroclear or Clearstream, Luxembourg participants will be effected through CDS, in
accordance with CDS rules, on behalf of the relevant European international clearing system by its depositaries; however, such transactions will require delivery of transfer instructions to the relevant European international clearing system by the
participant in such system in accordance with its rules and procedures and within its established deadlines (European time). The relevant European international clearing system will, if the transfer meets its requirements, deliver instructions to
its depositaries to take action to effect the transfer of the MTN&nbsp;Debentures on its behalf by delivering MTN&nbsp;Debentures through CDS and receiving payment in accordance with its normal procedures for
<FONT STYLE="white-space:nowrap">next-day</FONT> funds settlement. Payments with respect to the MTN&nbsp;Debentures held through Euroclear or Clearstream, Luxembourg will be credited to the cash accounts of Euroclear participants or Clearstream,
Luxembourg participants in accordance with the relevant system&#146;s rules and procedures, to the extent received by its depositaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All information in this Prospectus Supplement on CDS, DTC, Euroclear and Clearstream, Luxembourg, reflects Bell Canada&#146;s understanding of
the policies of such organizations which may change at any time without notice. </P>
 <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">S-9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Redemption </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise specified in the applicable Pricing Supplement, Bell&nbsp;Canada will be entitled, at its option, to redeem the
MTN&nbsp;Debentures of any series, in whole at any time or in part from time to time, by giving prior notice of not less than 30&nbsp;days and not more than 60&nbsp;days to the holders thereof, at the greater of the Canada Yield Price (as defined
below) and the principal amount of the MTN&nbsp;Debentures, together in each case with unpaid interest accrued up to but excluding the date fixed for redemption. Unless otherwise specified in the applicable Pricing Supplement, in the case of partial
redemption, the particular MTN Debentures of a series to be redeemed shall be selected by the Trustee from the outstanding securities of such series not previously called for redemption by such method as it shall deem equitable and which may provide
for the selection for redemption of portions (equal to $1,000 or a multiple thereof) of the principal of securities of a denomination larger than $1,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The MTN&nbsp;Indenture defines the following terms substantially as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Canada Yield Price</B>&#148; means, with respect to an MTN Debenture, a price equal to the price of the MTN&nbsp;Debenture,
calculated on the business&nbsp;day preceding the&nbsp;day on which the redemption is authorized by Bell&nbsp;Canada, to provide a yield from the date fixed for redemption to the maturity date with respect to the principal of such MTN Debenture,
equal to the &#147;<B>Government of Canada Yield</B>&#148;, plus 0.05%, or such other percentage as may be set forth in a Pricing Supplement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Government of Canada Yield</B>&#148; means, with respect to an MTN Debenture, the simple average of the yields, determined by two
registered Canadian investment dealers selected by the Trustee and approved by Bell Canada who are independent of Bell Canada, as being the yield from the date fixed for redemption to the maturity date with respect to the principal of such MTN
Debenture, assuming semi-annual compounding, which an issue of <FONT STYLE="white-space:nowrap">non-callable</FONT> Government of Canada bonds would carry on the remaining term to the maturity date with respect to the principal of such MTN
Debenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The MTN&nbsp;Debentures will not be redeemable at the option of the holder prior to maturity unless otherwise specified in the
applicable Pricing Supplement. A Pricing Supplement may specify that an MTN&nbsp;Debenture will be redeemable at the option of the holder on a date or dates specified prior to maturity at a price or prices as set out in the Pricing Supplement,
together with all unpaid interest accrued up to but excluding the date fixed for redemption. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Payment of Principal and Interest </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payments of principal of and premium, if any, and interest, if any, on each Global Debenture will be made to CDS or its nominee, as the case
may be, as registered holder of the Global Debenture. As long as CDS or its nominee is the registered holder of a Global Debenture, CDS or its nominee, as the case may be, will be considered to be the sole owner of the Global Debenture for the
purpose of receiving payments of principal of and premium, if any, and interest, if any, on the Global Debenture and for all other purposes under the Global Debenture. Interest payments on Global Debentures will be delivered to CDS or its nominee,
as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Bell&nbsp;Canada understands that CDS or its nominee, upon receipt of any payment of principal and premium, if any,
or interest, if any, in respect of a Global Debenture, will credit its participants&#146; accounts, on the date the principal and premium, if any, or interest, if any, is paid, with payments in amounts proportionate to their respective interests in
the principal amount of such Global Debenture as shown on the records of CDS or its nominee. Bell&nbsp;Canada also understands that payments of principal and premium, if any, or interest, if any, by participants of CDS to the beneficial owners in
such Global Debenture held through such participants will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in &#147;street name&#148;, and
will be the responsibility of such participants. The responsibility and liability of Bell&nbsp;Canada in respect of payments on Global Debentures is limited solely and exclusively, while the MTN&nbsp;Debentures are in Global Debenture form, to
making payment of principal and premium, if any, and interest, if any, due on such Global Debenture to CDS or its nominee. Bell&nbsp;Canada will not have any responsibility or liability for any aspect of the records relating to beneficial ownership
interests in the Global Debenture or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. </P>
 <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">S-10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Definitive MTN&nbsp;Debentures are issued instead of and in the place of Global
Debentures, payments of principal and premium, if any, and interest, if any, will be made by Bell&nbsp;Canada or by the Trustee as paying agent for Bell&nbsp;Canada. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the due date for payment of any principal of and premium, if any, or interest, if any, on any MTN&nbsp;Debenture is not, at the place of
payment, a business&nbsp;day, such payment will be made on the next business&nbsp;day and the holder of such MTN&nbsp;Debentures will not be entitled to any further interest or other payment in respect of such delay. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The MTN&nbsp;Debentures, if interest bearing, will be issued as floating rate MTN&nbsp;Debentures or as fixed rate MTN&nbsp;Debentures. The
following terms of MTN&nbsp;Debentures that bear interest at a fixed rate (&#147;<B>Fixed Rate MTN</B><B></B><B>&nbsp;Debentures</B>&#148;) will apply unless otherwise specified in the applicable Pricing Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Fixed Rate MTN&nbsp;Debenture will bear interest from the later of the date of such MTN&nbsp;Debenture and the last interest payment date
to which interest shall have been paid or made available for payment on such MTN&nbsp;Debenture provided that, in respect of the first interest payment date after the issuance thereof, each Fixed Rate MTN&nbsp;Debenture will bear interest from the
date of such MTN&nbsp;Debenture. The interest rate will be specified in the applicable Pricing Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Interest on each Fixed Rate
MTN&nbsp;Debenture will be payable semi-annually on such dates as are specified in the applicable Pricing Supplement. Interest payments on each interest payment date for Fixed Rate MTN&nbsp;Debentures will include interest accrued to, but excluding,
such interest payment date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For any MTN Debentures denominated in Canadian dollars, although Bell Canada will make all payments of
principal and interest on the MTN Debentures in Canadian dollars, holders of MTN Debentures held through DTC will receive such payments in U.S. dollars. Canadian dollar payments received by CDS will be exchanged into U.S. dollars and paid directly
to DTC in accordance with procedures established from time to time by CDS and DTC. All costs of conversion will be borne by holders of MTN Debentures held through DTC who receive payments in U.S. dollars. Holders of MTN Debentures held through DTC
may elect, through procedures established from time to time by DTC and its participants, to receive Canadian dollar payments, in which case such Canadian dollar amounts will be transferred directly to Canadian dollar accounts designated by such
holders to DTC. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Covenants </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
MTN&nbsp;Indenture contains covenants to the following effect: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Limitation on Liens</I></B><B>.</B> Subject to the
exception set forth in paragraph&nbsp;(2) below, Bell&nbsp;Canada will not issue, assume or guarantee any Debt secured by, and will not after the date of the MTN&nbsp;Indenture secure any Debt by, a Mortgage upon any property of Bell&nbsp;Canada
(whether now owned or hereafter acquired), without in any such case effectively providing concurrently therewith that the MTN&nbsp;Debentures (together with any other Debt of Bell&nbsp;Canada which may then be outstanding and entitled to the benefit
of a covenant similar in effect to this covenant) shall be secured equally and rateably with such Debt; provided, however, that the foregoing restrictions shall not apply to Debt secured by: </P>
<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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">Purchase Money Mortgages; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">Mortgages on property of a corporation existing at the time such corporation is merged into or consolidated with Bell Canada or at the time of a sale, lease or other disposition to Bell Canada of the properties of a
corporation as an entirety or substantially as an entirety; </TD></TR></TABLE>
 <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">S-11 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">Mortgages on current assets of Bell Canada securing Current Debt of Bell Canada; or </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">any extension, renewal or replacement (or successive extensions, renewals or replacements) in whole or in part of any Mortgage referred to in the foregoing clauses (i)&nbsp;or (ii) or any Mortgage existing at the date
of the MTN Indenture, provided, however, that the principal amount of Debt secured thereby shall not exceed the principal amount of Debt so secured at the time of such extension, renewal or replacement, and that such extension, renewal or
replacement shall be limited to all or a part of the property which secured the Mortgage so extended, renewed or replaced (plus improvements on such property). </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Additional Permitted Liens</I></B><B>.</B> In addition to Mortgages permitted by paragraph&nbsp;(1) above, Bell&nbsp;Canada
may issue, assume or guarantee any Debt secured by, or secure after the date of the MTN&nbsp;Indenture any Debt by, a Mortgage upon any property of Bell&nbsp;Canada (whether now owned or hereafter acquired) if, after giving effect thereto, the
aggregate principal amount of Debt secured by Mortgages of Bell&nbsp;Canada permitted only by this paragraph (2)&nbsp;does not at such time exceed 5% of the Net Worth of Bell&nbsp;Canada. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The terms &#147;<B>Current Debt</B>&#148;, &#147;<B>Debt</B>&#148;, &#147;<B>Mortgage</B>&#148;, &#147;<B>Net Worth of
Bell</B><B></B><B>&nbsp;Canada</B>&#148; and &#147;<B>Purchase Money Mortgage</B>&#148; are defined in the MTN&nbsp;Indenture. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consolidation, Merger,
Conveyance or Transfer </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The MTN Indenture provides that Bell Canada will not consolidate with, amalgamate with or merge into any other
person and will not transfer or convey its properties and assets as a whole or substantially as a whole to any person, unless (i)&nbsp;the successor corporation or person that acquires all or substantially all the assets of Bell Canada is a
corporation, partnership or trust organized and existing under the laws of Canada or any province or territory thereof and expressly assumes all of the covenants to be performed by Bell Canada under the Indenture (except where such assumption is
deemed to have occurred by the sole operation of law), and (ii)&nbsp;immediately after giving effect to such transaction, no event of default under the MTN Indenture, and no event which, after notice or lapse of time, or both, would become an event
of default under the MTN Indenture, shall have happened and be continuing. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Events of Default </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The MTN&nbsp;Indenture provides that any of the following constitutes an event of default: (i)&nbsp;default in the payment of the principal of
or premium, if any, on any MTN&nbsp;Debenture when the same becomes due and payable and continuation of such default for a period of five&nbsp;days; (ii)&nbsp;default in the payment of any instalment of interest on any MTN&nbsp;Debenture when the
same becomes due and payable and continuation of such default for a period of 90&nbsp;days; (iii)&nbsp;default in the payment of any purchase or sinking fund instalment on any MTN&nbsp;Debenture when the same shall become due and payable and
continuation of such default for a period of 30&nbsp;days; (iv)&nbsp;default in the performance or observance of any covenant, agreement or condition of the MTN&nbsp;Indenture and continuation of such default for a period of 90&nbsp;days after
written notice has been given by the Trustee to Bell&nbsp;Canada specifying such default and requiring Bell&nbsp;Canada to remedy the same or after written notice by the holders of not less than 25% in principal amount of the MTN&nbsp;Debentures at
the time outstanding; (v)&nbsp;certain events of insolvency or bankruptcy and, in certain cases, continuation of such events for a period of 60&nbsp;days; and (vi)&nbsp;default, as defined in one or more instruments evidencing indebtedness for
borrowed money of Bell&nbsp;Canada, shall happen and be continuing in relation to indebtedness in excess of 5% of the aggregate principal amount of all outstanding indebtedness for borrowed money of Bell&nbsp;Canada, and (a)&nbsp;shall consist of a
failure to make any payment of principal at maturity or (b)&nbsp;shall have resulted in the acceleration of such indebtedness so that the same shall be or become due and payable prior to the date on which the same would otherwise have become due and
payable. </P>
 <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">S-12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an event of default has occurred under the MTN Indenture and is continuing, the Trustee
may in its discretion and shall upon the request in writing of the holders of at least 25% of the principal amount of the MTN Debentures issued and outstanding under the MTN Indenture, subject to any waiver of default under the MTN Indenture, by
notice in writing to Bell Canada declare the principal and interest on all MTN Debentures then outstanding under the MTN Indenture and other money payable thereunder to be due and payable. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Modification </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The rights of the holders
of MTN Debentures under the MTN Indenture may in certain circumstances be modified. For that purpose, among others, the MTN Indenture contains provisions making extraordinary resolutions binding upon all holders of MTN Debentures issued thereunder.
&#147;<B>Extraordinary Resolution</B>&#148; is defined, in effect, as a resolution passed at a meeting of such holders by the affirmative votes of the holders of at least 66 2/3% of the principal amount of MTN Debentures voted on the resolution at a
meeting of holders at which a quorum, as specified in the MTN Indenture, is present or as one or more instruments in writing signed by the holders of at least 66 2/3% in principal amount of all outstanding MTN Debentures. In certain cases,
modifications may require separate extraordinary resolutions of the holders of a specific series of MTN Debentures outstanding under the MTN Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Holders of at least 50% in principal amount of the outstanding MTN Debentures will constitute a quorum for a meeting of holders with respect
to an Extraordinary Resolution. In the absence of a quorum, the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting. Not less than five days&#146; notice shall be given of the time and place of
such adjourned meeting. At the adjourned meeting, the holders of MTN Debentures present in person or by proxy shall form a quorum and may transact the business for which the meeting was originally called. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain changes can be made only with the consent of each holder of an outstanding series of MTN Debentures. In particular, each holder must
consent to changes in the right of a holder of MTN Debentures to receive payment of the principal of and interest on such MTN Debentures, on or after the respective due dates expressed in such MTN Debentures, or to institute suit for the enforcement
of any such payment on or after such respective dates. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="supp206941_5"></A>ELIGIBILITY FOR INVESTMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the opinion of Stikeman Elliott LLP, Canadian counsel to the Corporation, the MTN Debentures offered hereby, if issued on the date of this
Prospectus Supplement, would be qualified investments under the<I> Income Tax Act</I> (Canada) (the&nbsp;&#148;<B>Tax Act</B>&#148;) and the regulations thereunder (the &#147;<B>Regulations</B>&#148;) for trusts governed by a registered retirement
savings plan (&#147;<B>RRSP</B>&#148;), a registered retirement income fund (&#147;<B>RRIF</B>&#148;), a registered disability savings plan (&#147;<B>RDSP</B>&#148;), a registered education savings plan (&#147;<B>RESP</B>&#148;) or 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 <FONT
STYLE="white-space:nowrap">tax-free</FONT> savings accounts (&#147;<B>TFSA</B>&#148;). The MTN Debentures offered hereby, if issued on the date of this Prospectus Supplement, would not be a &#147;prohibited investment&#148; for a TFSA, RRSP, RRIF,
RDSP and RESP provided the holder of such RDSP or TFSA, the subscriber of such RESP or the annuitant of a RRSP or RRIF (as the case may be)&nbsp;(a) deals at arm&#146;s length with Bell Canada for the 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: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">S-13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="supp206941_6"></A>MATERIAL CANADIAN TAX CONSIDERATIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the opinion of Stikeman Elliott LLP, Canadian counsel to the Corporation, the following summary is generally applicable to a holder who
acquires, as beneficial owner, the MTN Debentures, including entitlement to all payments thereunder, pursuant to this Prospectus Supplement (a &#147;<B>Holder</B>&#148;) who, at all relevant times, for the purposes of the<I> </I>Tax Act deals at
arm&#146;s length with, and is not affiliated with, Bell Canada or the Guarantor and holds the MTN Debentures as capital property. Generally, the MTN Debentures will be capital property to a Holder provided the Holder does not hold the MTN
Debentures in the course of carrying on a business of trading or dealing in securities and does not acquire them in one or more transactions considered to be an adventure or concern in the nature of trade. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This summary is not applicable to a Holder: (i)&nbsp;that is a &#147;financial institution&#148; subject to the mark to market rules;
(ii)&nbsp;an interest in which would be a &#147;tax shelter investment&#148;; (iii) who makes or has made a &#147;functional currency&#148; reporting election; or (iv)&nbsp;that enters into a &#147;derivative forward agreement&#148; with respect to
the MTN Debentures (each as defined in the Tax Act). Such Holders should consult their own tax advisors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, this summary does
not address the deductibility of interest by a Holder who has borrowed money to acquire the MTN Debentures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This summary is based on the
current provisions of the Tax Act and the Regulations thereunder, all specific proposals to amend the Tax Act and the Regulations publicly announced by or on behalf of the Minister of Finance of Canada prior to the date hereof (the &#147;<B>Tax
Proposals</B>&#148;) and our understanding of the administrative and assessing practices and policies published in writing by the Canada Revenue Agency prior to the date hereof. Except for the Tax Proposals, this summary does not take into account
or anticipate any other changes in the law, whether by judicial, governmental or legislative decision or action, nor does it take into account other federal or provincial, territorial or foreign income tax considerations, which may vary from the
Canadian federal income tax considerations described herein. There can be no assurance that the Tax Proposals will be enacted in the form proposed or at all. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>THIS SUMMARY IS GENERAL IN NATURE AND IS NOT EXHAUSTIVE OF ALL POSSIBLE CANADIAN TAX CONSEQUENCES. IT IS NOT INTENDED TO BE, NOR SHOULD IT
BE CONSTRUED TO BE LEGAL OR TAX ADVICE TO ANY PARTICULAR HOLDER. ACCORDINGLY, PROSPECTIVE INVESTORS SHOULD CONSULT WITH THEIR OWN TAX ADVISORS FOR ADVICE WITH RESPECT TO THEIR PARTICULAR CIRCUMSTANCES, INCLUDING ANY CONSEQUENCES OF AN INVESTMENT IN
THE OFFERED SECURITIES ARISING UNDER TAX LAWS OF ANY PROVINCE OR TERRITORY OF CANADA OR TAX LAWS OF ANY JURISDICTION OTHER THAN CANADA. </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Canadian Resident Holders </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
portion of the summary applies to a Holder who, for purposes of the Tax Act, at all relevant times, is or is deemed to be a resident of Canada (a &#147;<B>Canadian Holder</B>&#148;). Certain Canadian Holders who might not otherwise be considered to
hold their MTN Debentures as capital property may, in certain circumstances, be entitled to have their MTN Debentures and all other &#147;Canadian securities&#148; (as defined in the Tax Act) owned by such Holder in the taxation year of the election
and in all subsequent taxation years deemed to be capital property by making the irrevocable election permitted by subsection 39(4) of the Tax Act. Holders considering making such an election should consult their own tax advisors regarding their
particular circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Canadian Dollar Reporting</I>. Generally, for purposes of the Tax Act, all amounts relating to the
acquisition, holding or disposition of MTN Debentures, including interest, adjusted cost base and proceeds of disposition, must be expressed in Canadian dollars. Amounts denominated in any foreign currency generally must be converted into Canadian
dollars based on the relevant exchange rate as determined in accordance with the rules in the Tax Act. </P>
 <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">S-14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Interest on MTN Debentures</I>. A Canadian Holder of MTN Debentures that is a
corporation, partnership, unit trust or trust of which a corporation or partnership is a beneficiary will be required to include in computing its income for a taxation year any interest or amount that is considered for purposes of the Tax Act to be
interest on the MTN Debentures that accrued or is deemed to have accrued to it to the end of the year or became receivable or was received by it before the end of the year, to the extent that the interest (or amount considered to be interest) was
not included in computing its income for a preceding taxation year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any other Canadian Holder of MTN Debentures, including individuals
and trusts (other than a trust described in the previous paragraph), will generally be required to include in computing the Canadian Holder&#146;s income for a taxation year any amount received or receivable (depending upon the method regularly
followed by the Holder in computing income) by the Canadian Holder as interest or amount that is considered for purposes of the Tax Act to be interest in the year on the MTN Debentures, to the extent that such amount was not included in computing
the Canadian Holder&#146;s income for a preceding taxation year. As well, such Canadian Holder will be required to include in income for a taxation year, to the extent that such amount was not otherwise included in computing the Canadian
Holder&#146;s income for the year or any preceding taxation year, interest deemed to accrue to the Canadian Holder on each MTN Debenture that is an &#147;investment contract&#148; (as defined under the Tax Act) to the end of any &#147;anniversary
day&#148; of such MTN Debentures that occurs in that taxation year. The &#147;anniversary day&#148; of a MTN Debenture that is an &#147;investment contract&#148; for a Holder means the day that is one year after the day immediately preceding the
date of issue of the MTN Debentures, the day that occurs at every successive one year interval from the aforementioned date and the day on which the Holder disposes of the MTN Debenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Interest will be deemed to accrue to a Canadian Holder in accordance with the rules applicable under the Tax Act and Regulations if a MTN
Debenture is a &#147;prescribed debt obligation&#148; within the meaning of the Regulations. These rules require a Holder to accrue an amount of interest in accordance with detailed rules in the Regulations and having regard to the particular terms
of the relevant MTN Debentures. Such rules are complex. Canadian Holders are urged to consult the particular Pricing Supplement in respect of any MTN Debentures which may be a &#147;prescribed debt obligation&#148; and to consult their own tax
advisors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event the MTN Debentures are issued at a discount from their face value, a Canadian Holder may be required to include an
additional amount in computing income, either in accordance with the deemed interest accrual rules contained in the Tax Act and Regulations or in the taxation year in which the discount is received or receivable by the Canadian Holder. Canadian
Holders should consult their own tax advisors in these circumstances, as the treatment of the discount may vary with the facts and circumstances giving rise to the discount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event that a premium is paid to a Canadian Holder of MTN Debentures upon repayment of the principal of the MTN Debentures (including
upon a redemption or a purchase for cancellation of MTN Debentures (other than in the open market in the manner any such obligation would normally be purchased in the open market by any member of the public)) the fair market value of such premium
will generally be deemed to be interest received at that time by such Canadian Holder if such premium is paid by Bell Canada because of the repayment by it to the Canadian Holder of MTN Debentures before their maturity and to the extent that such
premium can reasonably be considered to relate to, and does not exceed the value at that time of, the interest that would have been paid or payable by Bell Canada on the MTN Debentures for its taxation years ending after that time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Dispositions</I>. On a disposition (including a deemed disposition) of MTN Debentures, a Canadian Holder will generally be required to
include in computing its income for the taxation year in which the disposition occurs the amount of interest (including an amount considered to be interest) that has accrued on the MTN Debentures to the date of disposition to the extent that such
amount has not otherwise been included in computing the Canadian Holder&#146;s income for the year in which the disposition occurs or a preceding taxation year. </P>
 <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">S-15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In general, on a disposition (including a deemed disposition) of MTN Debentures, a Canadian
Holder will realize a capital gain (or a capital loss) equal to the amount, if any, by which the proceeds of disposition, net of any amount included in the Canadian Holder&#146;s income as interest and any reasonable costs of disposition, exceed (or
are less than) the adjusted cost base of such MTN Debentures to the Canadian Holder immediately before the disposition or deemed disposition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">One-half</FONT> of any capital gain realized by a Canadian Holder will be included in the Holder&#146;s
income as a &#147;taxable capital gain&#148; and <FONT STYLE="white-space:nowrap">one-half</FONT> of any capital loss (an &#147;allowable capital loss&#148;) realized by a Canadian Holder must be deducted from taxable capital gains in accordance
with the provisions of the Tax Act. Allowable capital losses for a taxation year in excess of taxable capital gains for that year generally may be carried back and deducted in any of the three preceding taxation years or carried forward and deducted
in any subsequent taxation year against net taxable capital gains realized in such years, to the extent and under the circumstances described in the Tax Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Additional Refundable Tax.</I> A Holder that is a &#147;Canadian-controlled private corporation&#148; (as defined in the Tax Act) may be
subject to an additional refundable tax of 10 2/3&nbsp;% on certain &#147;aggregate investment income&#148; (as defined in the Tax Act) for the year, including amounts of interest and taxable capital gains. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Alternative Minimum Tax</I>. Capital gains realized by a Holder that is an individual or a trust, other than certain specified trusts, may
give rise to alternative minimum tax under the Tax Act. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><FONT STYLE="white-space:nowrap">Non-Canadian</FONT> Holders </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This portion of the summary is generally applicable to a Holder who, at all relevant times, for the purposes of the<I> </I>Tax Act and any
applicable income tax treaty or convention (i)&nbsp;is not, and is not deemed to be, resident in Canada, (ii)&nbsp;deals at arm&#146;s length with any transferee resident (or deemed to be resident) in Canada to whom the Holder disposes of the MTN
Debentures, (iii)&nbsp;does not use or hold, and is not deemed to use or hold, the MTN Debentures in a business carried on in Canada, (iv)&nbsp;is not a &#147;specified shareholder&#148; of Bell Canada (as defined in subsection 18(5) of the Tax Act)
or a person who does not deal at arm&#146;s length with such specified shareholder, (v)&nbsp;does not receive any payment of interest (including any amounts deemed to be interest) on the MTN Debentures in respect of a debt or other obligation to pay
an amount to a person with whom Bell Canada does not deal at arm&#146;s length, and (vi)&nbsp;is not an insurer carrying on an insurance business in Canada and elsewhere (a &#147;<B><FONT STYLE="white-space:nowrap">Non-Resident</FONT>
Holder</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Generally, a &#147;specified shareholder&#148; is a person that owns, has a right to acquire or is otherwise deemed to
own, either alone or together with persons with whom such person does not deal at arm&#146;s length for purposes of the Tax Act, shares of the capital stock of Bell Canada that either: (a)&nbsp;give the holders of such shares 25% or more of the
votes that could be cast at an annual meeting of the shareholders; or (b)&nbsp;have a fair market value of 25% or more of the fair market value of all of the issued and outstanding shares of Bell Canada. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Amounts paid or credited, or deemed to be paid or credited, as, on account of or in lieu of payment of, or in satisfaction of, the principal
of the MTN Debentures or premium, discount or interest on the MTN Debentures by Bell Canada to a <FONT STYLE="white-space:nowrap">Non-Resident</FONT> Holder, including in respect of a redemption of the MTN Debentures, will be exempt from Canadian
withholding tax unless all or any portion of such interest is contingent or dependent on the use of or production from property in Canada or is computed by reference to revenue, profit, cash flow, commodity price or any other similar criterion or by
reference to dividends paid or payable to shareholders of any class of shares of the capital stock of a corporation (the &#147;<B>Participating Debt Interest</B>&#148;). The interest on Fixed Rate MTN&nbsp;Debentures which are not exchangeable or
convertible into shares is not Participating Debt Interest and, as such, no Canadian withholding tax will apply on such MTN Debentures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Generally, no other Canadian federal taxes on income (including taxable capital gains) will be payable under the Tax Act by a <FONT
STYLE="white-space:nowrap">Non-Resident</FONT> Holder of the MTN Debentures in respect of the ownership or disposition of the MTN Debentures. </P>
 <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">S-16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Depending upon the terms of any offering of MTN Debentures (for example if the MTN
Debentures are exchangeable or convertible into shares, or if the interest rate of the MTN Debentures is floating) as set forth in an applicable Pricing Supplement, the Canadian federal income tax considerations applicable to a Holder of
MTN&nbsp;Debentures may be different from those described above. Such considerations may be described more particularly when such MTN&nbsp;Debentures are offered (and then only to the extent material) in the Pricing Supplement related thereto. In
the event the Canadian federal income tax considerations are described in such Pricing Supplement, the above description will be superseded by the description in the Pricing Supplement to the extent indicated therein. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="supp206941_7"></A>MATERIAL UNITED STATES TAX CONSIDERATIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the opinion of Sullivan&nbsp;&amp; Cromwell, LLP, U.S. counsel to the Corporation, this section describes the material United States
federal income tax consequences to a United States holder (as defined below)<B> </B>of the purchase, ownership and disposition of MTN&nbsp;Debentures. This section applies to holders of MTN Debentures that acquire such MTN&nbsp;Debentures in an
initial offering at the initial offering price and hold the MTN&nbsp;Debentures as capital assets for tax purposes. This section does not apply to a holder that is a member of a class of holders subject to special rules, such as: </P>
<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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a dealer in securities or currencies, </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a trader in securities that elects to use a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> method of accounting for securities holdings, </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a bank or other financial institution, </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a person subject to the alternative minimum tax, </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a life insurance company, </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a <FONT STYLE="white-space:nowrap">tax-exempt</FONT> organization, </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a person that owns MTN Debentures that are a hedge or that are hedged against interest rate or currency risks, </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a person that purchases or sells the MTN Debentures as part of a wash-sale for U.S. federal income tax purposes, </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a person that owns MTN Debentures as part of a straddle or conversion transaction for tax purposes, or </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a person whose functional currency for tax purposes is not the U.S. dollar. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This section
deals only with MTN Debentures that are denominated in Canadian dollars and that are due to mature 30 years or less from the date on which they are issued. The United States federal income tax consequences of owning MTN Debentures that are due to
mature more than 30 years from their date of issue will be discussed in the applicable Pricing Supplement. This section is based on the Internal Revenue Code of 1986, as amended (the &#147;<B>Internal Revenue Code</B>&#148;), its legislative
history, existing and proposed regulations under the Internal Revenue Code, published rulings and court decisions, all as currently in effect. These laws are subject to change, possibly on a retroactive basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a partnership (including any entity treated as a partnership for United States federal income tax purposes) holds the MTN Debentures, the
United States federal income tax treatment of a partner will generally depend on the status of the partner and the tax treatment of the partnership. A partner in a partnership holding the MTN Debentures should consult its tax advisor with regard to
the United States federal income tax treatment of an investment in the MTN Debentures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A holder is a United States holder<B> </B>if it is
a beneficial owner of an MTN&nbsp;Debenture and is for United States federal income tax purposes: </P> <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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a citizen or resident of the United States, </TD></TR></TABLE>
 <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">S-17 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a domestic corporation, </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">an estate whose income is subject to United States federal income tax regardless of its source, or </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a trust if a United States court can exercise primary supervision over the trust&#146;s administration and one or more United States persons are authorized to control all substantial decisions of the trust.
</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Holders should consult their own tax advisors concerning the consequences of owning these MTN&nbsp;Debentures in their
particular circumstances under the Internal Revenue Code and the laws of any other taxing jurisdiction. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Payments of Interest </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A holder will be taxed on any interest on its MTN Debenture as ordinary income at the time the holder receives the interest or when it accrues,
depending on the holder&#146;s method of accounting for United States federal income tax purposes. Such interest is income from sources outside the United States and will generally be &#147;passive &#147; income for purposes of the rules regarding
the foreign tax credit allowable to a United States holder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The MTN Debentures may be issued with a de minimis amount of original issue
discount (&#147;<B>OID</B>&#148;). While a holder is generally not required to include de minimis OID in income prior to the sale or maturity of the MTN Debentures, under recently enacted legislation, United States holders that maintain certain
types of financial statements and that are subject to the accrual method of tax accounting may be required to include de minimis OID on the MTN Debentures in income no later than the time upon which they include such amounts in income on their
financial statements. United States holders that maintain financial statements should consult their tax advisors regarding the tax consequences to them of this legislation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Cash Basis Taxpayers</U></I></B><B><I>.</I></B> A holder that uses the cash receipts and disbursements method of accounting for tax
purposes must recognize income on the date of receipt of any interest payment equal to the U.S. dollar value of the interest payment, based on the spot rate of exchange in effect on the date of receipt, regardless of whether the holder actually
converts the payment into U.S. dollars. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Accrual Basis Taxpayers</U></I></B><B><I>.</I></B> A holder that uses an accrual method
of accounting for tax purposes may determine the amount of income that the holder recognizes with respect to an interest payment by using one of two methods. Under the first method, the holder would accrue interest income on the MTN Debentures in
Canadian dollars and translate that amount into U.S. dollars at the average spot rate of exchange in effect during the interest accrual period or, with respect to an accrual period that spans two taxable years, that part of the period within the
taxable year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a holder elects the second method, the holder would translate accrued interest income at the spot rate of exchange in
effect on the last day of the accrual period, or, in the case of an accrual period that spans two taxable years, the exchange rate in effect on the last day of the part of the period within the taxable year. Additionally, under this second method,
if the holder receives a payment of interest within five business days of the last day of the holder&#146;s accrual period or taxable year, the holder may instead translate the interest accrued into U.S. dollars at the spot rate of exchange in
effect on the day that the holder actually receives the interest payment. If the holder elects the second method, that method will apply to all debt instruments that the holder holds at the beginning of the first taxable year to which the election
applies and to all debt instruments that the holder subsequently acquires. The holder may not revoke this election without the consent of the Internal Revenue Service (&#147;<B>IRS</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">When a holder actually receives an interest payment, including a payment attributable to accrued but unpaid interest upon the sale or
retirement of the holder&#146;s MTN Debenture for which the holder accrued an amount of income, the holder will generally recognize U.S. source ordinary income or loss measured by the difference, if any, between the exchange rate that the holder
used to accrue interest income and the spot rate of exchange in effect on the date of receipt, regardless of whether the holder actually converts the payment into U.S. dollars. </P>
 <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">S-18 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Original Issue Discount, Market Discount and Other MTN Debentures </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The applicable Pricing Supplement will discuss the special United States federal income tax rules with respect to MTN Debentures that are
subject to the rules governing original issue discount debt securities, market discount debt securities or contingent payment debt securities. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>MTN
Debentures Purchased at a Premium </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A holder that purchases an MTN Debenture for an amount in excess of its principal amount may elect
to treat the excess as an amortizable bond premium. If this election is made, a holder will reduce the amount required to be included in income each year with respect to interest on the MTN Debenture by the amount of amortizable bond premium
allocable to that year, based on the MTN Debenture&#146;s yield to maturity. A holder will compute amortizable bond premium in units of the Canadian dollar and such amortizable bond premium will reduce the holder&#146;s interest income in units of
the Canadian dollar. Gain or loss recognized that is attributable to changes in exchange rates between the time the amortized bond premium offsets interest income and the time of the acquisition of the MTN Debenture is generally taxable as ordinary
income or loss. The election to amortize bond premium will apply to all debt instruments, other than debt instruments the interest on which is excludible from gross income, that a holder holds at the beginning of the first taxable year to which the
election applies or that are thereafter acquired, and the holder may not revoke the election without the consent of the IRS. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Purchase, Sale and
Retirement of the MTN Debentures </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a holder purchases an MTN Debenture with Canadian dollars, the holder&#146;s tax basis in the MTN
Debentures will generally be the U.S. dollar value of the purchase price on the date of purchase. However, if the holder is a cash basis taxpayer, or an accrual basis taxpayer that so elects, and the holder&#146;s MTN Debenture is traded on an
established securities market, as defined in the applicable Treasury regulations, the U.S. dollar cost of the MTN Debenture will be the U.S. dollar value of the purchase price on the settlement date of the purchase. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A holder will generally recognize gain or loss on the sale or retirement of an MTN Debenture equal to the difference between the amount the
holder realizes on the sale or retirement, excluding any amounts attributable to accrued but unpaid interest (which will be treated as interest payments), and the holder&#146;s tax basis in the MTN Debenture. If the MTN Debenture is sold or retired
for an amount in Canadian dollars, the amount a holder realizes will be the U.S. dollar value of such amount on the date the MTN Debenture is disposed of or retired, except that in the case of an MTN Debenture that is traded on an established
securities market, as defined in the applicable Treasury regulations, a cash basis taxpayer, or an accrual basis taxpayer that so elects, will determine the amount realized based on the U.S. dollar value of the Canadian dollar on the settlement date
of the sale. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A holder generally will recognize U.S. source capital gain or loss when the holder sells or retires the MTN Debenture,
except to the extent attributable to changes in exchange rates as described below. Capital gain of a <FONT STYLE="white-space:nowrap">non-corporate</FONT> United States holder is generally taxed at preferential rates where the property is held for
more than one year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A holder generally must treat any portion of the gain or loss that it recognizes on the sale or retirement of an MTN
Debenture as U.S. source ordinary income or loss to the extent attributable to changes in exchange rates. However, the holder takes exchange gain or loss into account only to the extent of the total gain or loss realized on the transaction. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exchange of Amounts in Canadian Dollars </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A holder that receives Canadian dollars as interest on an MTN Debenture or on the sale or retirement of an MTN Debenture will have a tax basis
in the Canadian dollars equal to the U.S. dollar value of the Canadian dollars on the date such interest is received or at the time of the sale or retirement. A purchaser of Canadian dollars generally will have a tax basis equal to the U.S. dollar
value of the Canadian dollars on the date of the purchase. If a holder sells or disposes of Canadian dollars, including using the Canadian dollars to purchase MTN Debentures or exchanging the Canadian dollars for U.S. dollars, any gain or loss
recognized generally will be U.S. source ordinary income or loss. </P>
 <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">S-19 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Medicare Tax </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A United States holder that is an individual or estate, or a trust that does not fall into a special class of trusts that is exempt from such
tax, is subject to a 3.8% tax on the lesser of (1)&nbsp;the United States holder&#146;s &#147;net investment income&#148; (or &#147;undistributed net investment income&#148; in the case of an estate or trust) for the relevant taxable year and
(2)&nbsp;the excess of the United States holder&#146;s modified adjusted gross income for the taxable year over a certain threshold (which in the case of individuals is between U.S.$125,000 and U.S.$250,000, depending on the individual&#146;s
circumstances). A holder&#146;s net investment income generally includes its interest income and its net gains from the disposition of MTN Debentures, unless such interest income or net gains are derived in the ordinary course of the conduct of a
trade or business (other than a trade or business that consists of certain passive or trading activities). A holder that is a United States holder and an individual, estate or trust, is urged to consult its tax advisors regarding the applicability
of the Medicare tax to income and gains in respect of an investment in the MTN Debentures. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Backup Withholding and Information Reporting </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a holder is a <FONT STYLE="white-space:nowrap">non-corporate</FONT> United States holder, information reporting requirements, on IRS Form
1099, generally will apply to payments of principal, any premium and interest on an MTN Debenture within the United&nbsp;States, including payments made by wire transfer from outside the United States to an account maintained in the United States,
and the payment of the proceeds from the sale of an MTN Debenture effected at a United States office of a broker. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, backup
withholding may apply to such payments if the holder fails to comply with applicable certification requirements or (in the case of interest payments) is notified by the IRS that it has failed to report all interest and dividends required to be shown
on its United States federal income tax returns. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payment of the proceeds from the sale of an MTN Debenture effected at a foreign office
of a broker will generally not be subject to information reporting or backup withholding. However, a sale effected at a foreign office of a broker could be subject to information reporting in the same manner as a sale within the United States (and
in certain cases may be subject to backup withholding as well) if (i)&nbsp;the broker has certain connections to the United States, (ii)&nbsp;the proceeds or confirmation are sent to the United States or (iii)&nbsp;the sale has certain other
specified connections with the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A holder may generally obtain a refund of any amounts withheld under the backup withholding
rules that exceed the holder&#146;s income tax liability by filing a refund claim with the IRS. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Treasury Regulations Requiring Disclosure of
Reportable Transactions </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Treasury regulations require United States taxpayers to report certain transactions that give rise to a loss
in excess of certain thresholds (a &#147;<B>Reportable Transaction</B>&#148;). Under these regulations, a United States holder that recognizes a loss with respect to the MTN&nbsp;Debentures that is characterized as an ordinary loss due to changes in
currency exchange rates (under any of the rules discussed above) would be required to report the loss on IRS Form&nbsp;8886 (Reportable Transaction Statement) if the loss exceeds the thresholds set forth in the regulations. For individuals and
trusts, this loss threshold is U.S.$50,000 in any single taxable year. For other types of taxpayers and other types of losses, the thresholds are higher. Holders should consult with their tax advisors regarding any tax filing and reporting
obligations that may apply in connection with acquiring, owning and disposing of MTN Debentures. </P>
 <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">S-20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Information with Respect to Foreign Financial Assets </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Owners of &#147;specified foreign financial assets&#148; with an aggregate value in excess of U.S.$50,000 (and in some circumstances, a higher
threshold) may be required to file an information report with respect to such assets with their tax returns. &#147;Specified foreign financial assets&#148; include any financial accounts maintained by foreign financial institutions, as well as any
of the following, but only if they are held for investment and not held in accounts maintained by financial institutions: (i)&nbsp;stocks and securities issued by <FONT STYLE="white-space:nowrap">non-U.S.</FONT> persons (including the MTN
Debentures), (ii) financial instruments and contracts that have <FONT STYLE="white-space:nowrap">non-U.S.</FONT> issuers or counterparties, and (iii)&nbsp;interests in <FONT STYLE="white-space:nowrap">non-U.S.</FONT> entities. Holders are urged to
consult their tax advisors regarding the application of these rules to their ownership of the MTN&nbsp;
Debentures. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="supp206941_8"></A>LEGAL MATTERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain legal matters relating to the offering of MTN Debentures will be passed upon by Mr.&nbsp;Michel Lalande, Senior Vice-President &#150;
General Counsel and Corporate Secretary of Bell Canada, Stikeman Elliott LLP and Sullivan&nbsp;&amp; Cromwell LLP on behalf of the Corporation and on behalf of the Dealers by McCarthy T&eacute;trault LLP and Shearman&nbsp;&amp; Sterling LLP. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="supp206941_9"></A>INTEREST OF EXPERTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of the date hereof, the partners and associates of Stikeman Elliott LLP, as a group, and the partners and associates of Sullivan&nbsp;&amp;
Cromwell LLP, as a group, each beneficially own, directly or indirectly, less than 1% of the outstanding securities of the Corporation or the Guarantor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Deloitte LLP, the Independent Registered Public Accounting Firm of the Corporation, reported on BCE&#146;s annual audited consolidated
financial statements for the year ended December&nbsp;31, 2017 and on BCE&#146;s internal control over financial reporting as of December&nbsp;31, 2017, which reports are incorporated by reference herein. Deloitte LLP is independent within the
meaning of the Code of Ethics of the Ordre des Comptables Professionnels Agr&eacute;&eacute;s du Qu&eacute;bec. </P>
 <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">S-21 </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
