Bell Completes Public Offering

On March 16, 2011, Bell Canada closed a public offering of $1 billion of 4.40 per cent medium term note debentures, series M-22, maturing on March 16, 2018. The offering was made pursuant to a pricing supplement dated March 9, 2011 to Bell Canada's September 3, 2009 base shelf prospectus and September 4, 2009 prospectus supplement.

The offering was led by Merrill Lynch Canada Inc., RBC Dominion Securities Inc. and Scotia Capital Inc., with a syndicate composed of BMO Nesbitt Burns Inc., CIBC World Markets Inc., Desjardins Securities Inc., National Bank Financial Inc., TD Securities Inc. and Casgrain & Company Limited.

Bell Canada was represented in-house by Ildo Ricciuto, Assistant General Counsel, Financings & Compliance and by Jean Marc Huot, Benoît Dubord and Lydia Pham (securities) of Stikeman Elliott LLP.

Francis Legault, Solomon Sananes and Marie-Claude Mailloux (securities) of Ogilvy Renault LLP acted for the dealers.