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<SEC-DOCUMENT>0000718940-02-000008.txt : 20021024
<SEC-HEADER>0000718940-02-000008.hdr.sgml : 20021024
<ACCEPTANCE-DATETIME>20021024132747
ACCESSION NUMBER:		0000718940-02-000008
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20021023
FILED AS OF DATE:		20021024

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BCE INC
		CENTRAL INDEX KEY:			0000718940
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				99999999
		STATE OF INCORPORATION:			A8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08481
		FILM NUMBER:		02797064

	BUSINESS ADDRESS:	
		STREET 1:		1000 DE LA GAUCHETIERE OUEST
		STREET 2:		BUREAU 4100 MONTREAL
		CITY:			QUEBEC CANADA
		STATE:			A8
		ZIP:			H3B 4Y7
		BUSINESS PHONE:		5143977000

	MAIL ADDRESS:	
		STREET 1:		1000 DE LA GAUCHETIERE OUEST
		STREET 2:		BUREAU 4100 MONTREAL
		CITY:			QUEBEC CANADA
		STATE:			A8
		ZIP:			H3B 4Y7

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BELL CANADA ENTERPRISES INC
		DATE OF NAME CHANGE:	19880111
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6-k.txt
<DESCRIPTION>Q3 EARNINGS RELEASE DATED OCTOBER 23, 2002
<TEXT>
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 6-K

                        REPORT OF FOREIGN PRIVATE ISSUER

                     Pursuant to Rule 13a-16 or 15d-16 under
                       the Securities Exchange Act of 1934


          For the month of October 2002 Commission File Number 1-8481
                                -----------------


                                    BCE Inc.
                 (Translation of Registrant's name into English)


 1000, rue de La Gauchetiere Ouest, Bureau 3700, Montreal, Quebec H3B 4Y7,
                                 (514) 397-7000
                    (Address of principal executive offices)


Indicate by check mark whether the Registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.

           Form 20-F                          Form 40-F     X
                    -----------                         -----------


   Indicate by check mark whether the  Registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

           Yes                                No     X
              -----------                       -----------


   If  "Yes"  is  marked,  indicate  below  the  file  number  assigned  to the
Registrant in connection with Rule 12g3-2(b): 82-           .
                                                 -----------


This  Form 6-K is not incorporated by reference in the registration statement
filed by BCE Inc. with the Securities and Exchange Commission under Form F-3
on June 15, 2000 (Registration No. 333-12130), under Form S-8 on  October 16,
2000  (Registration  No. 333-12780),  under Form S-8 on November 1, 2000
(Registration No. 333-12802) and under Form S-8 on  November 1, 2000
(Registration  No. 333-12804). Notwithstanding any reference  to BCE  Inc.'s
Web site on the World  Wide Web in the documents attached hereto, the
information contained in BCE Inc.'s Web site or any other site on the World
Wide Web  referred  to in BCE Inc.'s site is not a part of this Form 6-K and,
therefore, is not filed with the Securities and Exchange Commission.




                                       1
<PAGE>


 For immediate release

(All figures are in Cdn$, unless otherwise indicated)

                        BCE REPORTS THIRD QUARTER RESULTS

o        Revenues of $4.8 billion; EBITDA up 4%
o        High-speed Internet (DSL) subscribers surpass 1 million

Montreal (Quebec), October 23, 2002 -- For the third quarter of 2002, BCE Inc.
(TSX, NYSE: BCE) reported total revenue of $4.8 billion, EBITDA(1) of $2.0
billion, and net earnings applicable to common shares of $368 million ($0.43
per common share).  Net earnings before non-recurring items (1) were $393
million ($0.45 per common share).

"The communications industry continues to face many challenges, and in this
environment the prudent management of costs and the implementation of
productivity initiatives is essential," said Michael Sabia, President and
Chief Executive Officer of BCE Inc. "Although, we have experienced weakness in
the business wholesale and enterprise retail data markets, our efforts in cost
management have resulted in EBITDA growth of 4% compared to the third quarter
of 2001."

Operational Highlights (Q3 2002 vs. Q3 2001 unless otherwise indicated)

<TABLE>
<CAPTION>

                                             Quarter                       Subscriber                 Total
                                                                           /Revenue Growth

<S>                                      <C>                                    <C>            <C>
High-speed Internet (DSL)                93,000 net additions                   60%            1,002,000 subscribers
Cellular and PCS                         62,000 net additions                   16%            3,707,000 subscribers
Bell ExpressVu                           45,000 net additions                   31%            1,221,000 subscribers
Data revenue                             $926 m                                 5%             n.a.
Bell Globemedia revenue                  $273 million                           11%            n.a.
Productivity initiatives                 $150 million                           n.a.           Year to date: $515 million

</TABLE>



"During the third quarter, we reached a significant milestone at Bell Canada
when we signed up our one millionth High-speed Internet subscriber," Mr. Sabia
said.  "Our wireless and Direct-to-Home (DTH) satellite operations also
experienced sustained growth."

"Bell Globemedia had a strong third quarter with increased revenues primarily
from higher demand for advertising as well as improved EBITDA," Mr. Sabia added.
"We believe BCE Emergis is making progress in achieving disciplined
profitability."

Overview

Total revenue at BCE was $4.8 billion, essentially flat when compared to the
same period last year.  Excluding the impact of regulatory changes, revenue
growth at BCE was at 2%.  Local and access service revenues decreased as a
result of the impact of regulatory decisions while data revenue growth weakened
due to lower business wholesale and enterprise demand.  Additionally, BCE
Emergis reported lower revenues due to a decline in non-recurring and recurring
revenues.  These decreases were offset by the underlying growth in key areas:
a 14.5% increase in wireless revenues, increased DTH (Direct-to-Home) satellite
entertainment services revenues of 33% and an 11% increase in revenues at Bell
Globemedia.  EBITDA increased by $75 million or 4% compared to the same period
last year, mainly due to careful cost management across all areas.

Consolidated net earnings applicable to common shares were $368 million, a
significant improvement from the loss of $144 million reported last year.
During the third quarter, BCE recorded an after-tax charge of $37 million
relating to the pay equity settlement at Bell Canada as well as a $12 million
dilution gain from the issuance of common shares by BCE Emergis to third
parties.  Excluding these items, net earnings applicable to common shares were
$0.45 for the quarter.

Outlook

On October 7, 2002, the Company confirmed the lower end of its financial
guidance for the full year 2002, excluding discontinued operations (Teleglobe
and BCI), at approximately $19.5 billion in revenue, $7.5 billion in EBITDA and
net earnings per share (before non-recurring items) of $1.80.



                                       2
<PAGE>



RESULTS BY BUSINESS GROUP (unaudited)

BCE's core operations as at September 30, 2002, included the Bell Canada
segment, Bell Globemedia, and BCE Emergis.  BCE Ventures consists of BCE's
other investments.


<TABLE>
<CAPTION>
                                                            (Cdn$ millions, except per share amounts)
                                                          ------------------------------------------------------

                                                                     Third quarter                Nine months
<S>                            <C>                               <C>       <C>                <C>      <C>
For the period ended September 30                                2002      2001               2002     2001
- ----------------------------------------------------------- ----------- -- ---------- -- ---------- -- -----------
Revenue
Bell Canada                                                     4,314          4,326        12,957        12,666
Bell Globemedia                                                   273            246           911           849
BCE Emergis                                                       135            173           409           475
BCE Ventures                                                      258            262           782           757
Corporate and Other, including Inter-segment
   eliminations                                                  (158)          (189)         (463)         (520)
                                                            -----------    ----------    ----------    -----------
Total revenue                                                   4,822          4,818        14,596        14,227
- ----------------------------------------------------------- ----------- -- ---------- -- ---------- -- -----------
EBITDA
Bell Canada                                                     1,891          1,818         5,501         5,172
Bell Globemedia                                                    17             (6)          108            65
BCE Emergis                                                        19             35            10            92
BCE Ventures                                                       67             73           217           202
Corporate and Other, including Inter-segment
   eliminations                                                   (42)           (43)         (127)         (116)
                                                            -----------    ----------    ----------    -----------
Total EBITDA                                                    1,952          1,877         5,709         5,415
- ----------------------------------------------------------- ----------- -- ---------- -- ---------- -- -----------
Net earnings (loss)
Bell Canada                                                       336            272         1,016           764
Bell Globemedia                                                   (11)           (52)            1          (125)
BCE Emergis                                                        19            (70)          (58)         (236)
BCE Ventures                                                       16            137            99           229
Corporate and Other, including Inter-segment
   eliminations                                                    24             50             5         3,029
- ----------------------------------------------------------- ----------- -- ---------- -- ---------- -- -----------
Earnings from continuing operations                               384            337         1,063         3,661
- ----------------------------------------------------------- ----------- -- ---------- -- ---------- -- -----------
Discontinued operations                                             -           (465)         (340)       (2,862)
Dividends on preferred shares                                     (16)           (16)          (43)          (50)
- ---------------------------------------------------------- ----------- -- ---------- -- ---------- -- -----------
Net earnings (loss)  applicable to common                         368           (144)          680           749
   shares
- ----------------------------------------------------------- ----------- -- ---------- -- ---------- -- -----------
Net earnings (loss) per common share                             0.43         (0.18)          0.82          0.93
- ----------------------------------------------------------- ----------- -- ---------- -- ---------- -- -----------
Non-recurring items included in net
   earnings (loss) per common share
     Amortization of goodwill                               -                 (0.29)             -         (0.91)
     Other items (2)                                               (0.03)     (0.33)        (0.55)          0.52
- ----------------------------------------------------------- ----------- -- ---------- -- ---------- -- -----------
</TABLE>





                                       3
<PAGE>



THIRD QUARTER REVIEW (Q3 2002 vs. Q3 2001, unless otherwise indicated)

BELL CANADA
The Bell Canada segment includes Bell Canada, Aliant, Bell ExpressVu and Bell
Canada's interests in other Canadian telcos.

o   Total revenue in the third quarter decreased slightly over last year mainly
    as a result of the effects of recent CRTC decisions and slower data revenue
    growth.

o  Excluding the impact of the regulatory changes (see below), revenues for the
   quarter increased by 2%.
o  Reported local and access revenues decreased by 7% to $1.5 billion.
   Excluding the effects of the 2001 CRTC local
   contribution and May 30, 2002 CRTC Price Caps decisions, local and access
   revenues decreased by 1%.
o  Although long distance market share is stable, revenue decreased by $12
   million. Competitive pressures more than offset the effects of a 6% increase
   in conversation minutes.
o  Wireless revenue was up 14.5% to $561 million due to continued growth in
   cellular and PCS subscribers.
o  Data revenue increased 5% to $926 million, due to higher IP/Broadband and
   Sympatico ISP revenues.  Data revenue growth has slowed when compared to the
   growth of 14% in the first quarter and 8% in the second quarter as a result
   of lower demand from business wholesale and enterprise retail data customers.
o  Total Internet(High-speed and dial-up) subscribers reached 1,987,000 as at
   September 30.
o  Bell ExpressVu revenue increased by 33% as a result of the increase in the
   subscriber base.
o  Bell Canada's EBITDA grew by $73 million or 4% in the third quarter to reach
   $1.9 billion due to continued cost management.
o  Productivity gains at Bell Canada were $145 million for the quarter.
o  Year-to-date capex intensity (capital expenditures to revenue) improved from
   28% as of September 30, 2001 to 19% as of September 30, 2002.

BELL GLOBEMEDIA
Bell Globemedia includes CTV, The Globe and Mail and Bell Globemedia
Interactive.

o  Total revenue was $273 million in the quarter compared with revenue of $246
   million for the same period last year.  This increase includes organic
   growth of 7% as well as the impact of the acquisitions of CFCF-TV, CKY-TV
   and ROB TV, which were purchased in the latter part of 2001.
o  Advertising revenue was $180 million in the quarter, an increase of 10%
   compared to the third quarter of 2001.  A stronger economic climate in the
   advertising sector as well as higher interactive revenues contributed to the
   increase.
o  Subscriber revenues increased by 13% to reach $72 million due to higher
   subscription to the new digital specialty channels and an increase in print
   circulation revenues.
o  EBITDA was $17 million in the third quarter compared with a shortfall of $6
   million for the same period last year, reflecting the increase in revenues
   and management's cost control efforts.




                                       4
<PAGE>



BCE EMERGIS

o  BCE Emergis' sequential quarter over quarter revenues decreased by $7 million
   mainly due to lower recurring revenues. Revenue was $135 million in the
   quarter, compared with $173 million for the same period in 2001.
o  Third quarter EBITDA of $19 million compared favorably to the second quarter
   EBITDA of $11 million.  The improvement in sequential quarter over quarter
   EBITDA was mainly related to cost savings resulting from the restructuring
   plan BCE Emergis implemented in the second quarter. Year-over-year quarterly
   EBITDA decreased by 46% to $19 million, reflecting the shortfall in revenues.
o  In the quarter, 43% of BCE Emergis' total revenue was from its U.S.
   operations.

BCE VENTURES
BCE Ventures includes the activities of CGI, Telesat and other investments.

o  BCE Ventures' revenue was $258 million in the quarter, a decrease of 2% when
   compared with the same period of 2001. Revenues at CGI were higher, offset
   by lower revenues at the other Ventures' businesses.
o  EBITDA was $67 million in the quarter compared with $73 million in the third
   quarter of 2001.

BELL CANADA STATUTORY RESULTS
Bell Canada "statutory" includes Bell Canada, Bell Canada's interests in other
Canadian telcos, and Bell Canada's 39% interest in Aliant (equity-accounted).

Bell Canada's reported revenue was $3.6 billion in the third quarter, 2% lower
when compared to the same quarter of 2001.  The net earnings applicable to
common shares were $478 million in the quarter, compared to $410 million for
the same period last year.

ABOUT BCE

BCE is Canada's largest communications company.  It has 24 million customer
connections through the wireline, wireless, data/Internet and satellite
services it provides, largely under the Bell brand.  BCE leverages those
connections with extensive content creation capabilities through Bell
Globemedia which features some of the strongest brands in the industry -- CTV,
Canada's leading private broadcaster, The Globe and Mail, the leading Canadian
daily national newspaper and Sympatico.ca, a leading Canadian Internet portal.
As well, BCE has extensive e-commerce capabilities provided under the BCE
Emergis brand.  BCE shares are listed in Canada, the United States and Europe.

                                    -- 30 --



                                       5
<PAGE>

Supplementary BCE Financial Information:

BCE's Third Quarter, 2002 Investor Briefing and other relevant financial
materials are available in the "Investor Relations" section of BCE's Web site
at www.bce.ca.


Call with Financial Analysts:

BCE Inc. (TSX:BCE, NYSE:BCE) will hold a teleconference / Webcast (audio only)
for financial analysts to discuss its third quarter results on Wednesday,
October 23, 2002 at 8:30 AM (Eastern).  The media is welcome to participate on
a listen only basis.  Michael Sabia, President and Chief Executive Officer,
and Siim Vanaselja, Chief Financial Officer, will be present for the
teleconference / Webcast.  Interested participants are asked to dial
(416) 695-5806 between 8:20 AM and 8:28 AM.  If you are disconnected from the
call, simply redial the number. If you need assistance during the
teleconference, you can reach the operator by pressing "0".  This
teleconference will also be Webcast live (audio only) on our Web site at
www.bce.ca.  A replay facility will be available between 12:00 PM on Wednesday,
October 23, 2002 and 12:00 PM on Wednesday, October 30, 2002.  To access the
replay facility, please dial (416) 695-5800 and enter access code 1253888.
The Webcast will also be archived on our Web site.

Call with the Media:

BCE will hold a teleconference for media on Wednesday, October 23, 2002 at
12:30 PM (Eastern).  Michael Sabia will be present for this teleconference.
Interested participants are asked to dial (800) 273-9672 or (416) 695-5806
between 12:20 PM and 12:28 PM.  If you are disconnected from the call, simply
redial the number.  If you need assistance during the teleconference, you can
reach the operator by pressing "0".  This teleconference will also be Webcast
live (audio only) on our Web site at www.bce.ca.


CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements made in this press release, including, but not limited to,
the statements appearing under the "Outlook" section, and other statements that
are not historical facts, are forward-looking and are subject to important
risks, uncertainties and assumptions. The results or events predicted in these
forward-looking statements may differ materially from actual results or events.
These statements do not reflect the potential impact of any dispositions,
monetizations, mergers, acquisitions, other business combinations or other
transactions that may be announced after the date hereof.

Other factors which could cause results or events to differ materially from
current expectations include, among other things: the timing and extent of
economic expansion in Canada and of improvement in consumer confidence and
spending; the level of demand and prices for data, IP broadband and voice
services; BCE's ability to manage costs and generate productivity improvements;
the financial condition and credit risk of customers and uncertainties regarding
collectibility of receivables; uncertainty as to whether BCE's strategies will
yield the expected benefits, synergies and growth prospects; the intensity of
competitive activity, and its resulting impact on the ability to retain
existing, and attract new, customers, and the consequent impact on pricing
strategies, revenues and network capacity; the level of capital expenditures
necessary to expand operations, increase the number of customers, provide new
services, build and update networks and maintain or improve quality of service;
the availability and cost of capital required to implement BCE's financing plan
and fund capital and other expenditures; the Internet economy growing at a
slower pace than is currently anticipated; the ability to deploy new
technologies and offer new products and services rapidly and achieve market
acceptance thereof; the ability to carry out cross selling of the various
services offered by the BCE group of companies; stock market volatility; the
risk of credit rating downgrades; the availability of, and ability to retain,
key personnel; the impact of adverse changes in laws or regulations or of
adverse regulatory initiatives or proceedings (including the outcome of the
appeal of the CRTC's price cap decision); the possibility of further
deterioration in the state of capital markets and the telecommunications
industry; BCE's ability to implement its financing plan in order to finance
the purchase of SBC Communications Inc.'s remaining minority interest in Bell
Canada (including the risk of not completing the debt offering); the risk that
the closing of the Bell Canada directories sale may be delayed or not occur;
and the final outcome of pending or future litigation.

For additional information with respect to certain of these and other factors,
refer to BCE's 2002 quarterly MD&As filed by BCE with the U.S. Securities and
Exchange Commission under Form 6-K and with the Canadian securities commissions.
The forward-looking statements contained in this press release represent BCE's
expectations as of October 23, 2002 and, accordingly, are subject to change
after such date. However, BCE disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.


For further information:

Nick Kaminaris                                       Isabelle Morin
Communications                                       Investor Relations
(514) 786-3908                                       (514) 786-3845
Web Site: www.bce.ca

- --------
(1)  EBITDA is defined as operating  revenues less operating  expenses and
     therefore  reflects  earnings  before  interest,  taxes, depreciation  and
     amortization,  as well as any  non-recurring  items.  BCE uses EBITDA,
     amongst  other  measures,  to assess the operating  performance  of its
     on-going  businesses.  The term EBITDA does not have a standardized
     meaning  prescribed by Canadian generally  accepted  accounting principles
     and therefore may not be comparable to similarly titled measures presented
     by other publicly traded companies. EBITDA should not be construed as the
     equivalent of net cashflows from operating activities.

(2)  Refer to the discussion under the caption "Overview" for further details.

(3)  Other items for the third quarter of 2001 included discontinued operations
     of $370 million (excluding goodwill amortization), after-tax gains on sale
     of investments and dilution gains of $153 million, and other after-tax
     charges of $48 million.



                                       6
<PAGE>


                                    SIGNATURE


   Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.



                                                BCE Inc.



                                      (Signed Michael T. Boychuk)
                          -----------------------------------------------------

                                           Michael T. Boychuk
                             Senior Vice-President and Corporate Treasurer





                                         Date: October 23, 2002


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>q3financial_statements.txt
<DESCRIPTION>Q3 FINANCIAL STATEMENTS
<TEXT>
CONSOLIDATED FINANCIAL STATEMENTS   -   BCE INC.

CONSOLIDATED STATEMENTS OF OPERATIONS


<TABLE>
<CAPTION>

- --------------------------------------------------------------------------------------------------------------------------------
For the period ended September 30                                                      Three months            Nine months
                                                                                   ---------------------------------------------
<C>                                                                                      <C>     <C>            <C>      <C>
($ millions, except share amounts) (unaudited)                                           2002    2001(1)        2002     2001(1)
- --------------------------------------------------------------------------------------------------------------------------------
Operating revenues                                                                      4,822      4,818      14,596      14,227
                                                                                   ---------------------------------------------
Operating expenses                                                                      2,870      2,941       8,887       8,812
Amortization expense                                                                      771        963       2,352       2,878
Net benefit plans credit                                                                  (7)       (26)        (25)        (90)
Restructuring and other charges (Note 4)                                                   79                    492         239
                                                                                                       -
                                                                                   ---------------------------------------------
Total operating expenses                                                                3,713      3,878      11,706      11,839
                                                                                   ---------------------------------------------
Operating income                                                                        1,109        940       2,890       2,388
Other income (expense)  (Note 5)                                                          (4)         69         226       4,026
                                                                                   ---------------------------------------------
Earnings from continuing operations before the under-noted items                        1,105      1,009       3,116       6,414
                                                                                   ---------------------------------------------
Interest expense     - long-term debt                                                     269        235         763         709
                     - other debt                                                          19         20          49          92
                                                                                   ---------------------------------------------
Total interest expense                                                                    288        255         812         801
                                                                                   ---------------------------------------------
Earnings from continuing operations before
  income taxes and non-controlling interest                                               817        754       2,304       5,613
Income taxes                                                                              303        368         840       1,728
Non-controlling interest                                                                  130         49         401         224
                                                                                   ---------------------------------------------
Earnings from continuing operations                                                       384        337       1,063       3,661
Discontinued operations (Note 6)                                                                   (465)       (340)     (2,862)
                                                                                            -
                                                                                   ---------------------------------------------
Net earnings (loss)                                                                       384      (128)         723         799
Dividends on preferred shares                                                            (16)       (16)        (43)        (50)
                                                                                   ---------------------------------------------
Net earnings (loss) applicable to common shares                                           368      (144)         680         749
- --------------------------------------------------------------------------------------------------------------------------------
Net earnings (loss) per common share - basic (Note 7)
    Continuing operations                                                                0.43       0.40        1.23        4.47
    Net earnings (loss)                                                                  0.43     (0.18)        0.82        0.93
Net earnings (loss) per common share - diluted (Note 7)
    Continuing operations                                                                0.42       0.39        1.22        4.43
    Net earnings (loss)                                                                  0.42     (0.18)        0.82        0.92
Dividends per common share                                                               0.30       0.30        0.90        0.90
Average number of common shares outstanding (millions)                                  864.1      807.9       827.3       807.8
- --------------------------------------------------------------------------------------------------------------------------------
The following is a reconciliation of net earnings to reflect the comparative
impact of the non-amortization of goodwill and indefinite-life intangible
assets effective January 1, 2002 (Refer to Note 1):

Adjusted net earnings (loss)
Net earnings (loss), as reported                                                          384      (128)         723         799
Amortization expense on goodwill and indefinite-life intangible assets                               237                     737
                                                                                            -                      -
                                                                                   ---------------------------------------------
Net earnings, adjusted                                                                    384        109         723       1,536
- --------------------------------------------------------------------------------------------------------------------------------
Adjusted net earnings per common share
    Basic                                                                                0.43       0.12        0.82        1.84
    Diluted                                                                              0.42       0.11        0.82        1.82
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>

(1) Refer to Note 1 "Significant accounting policies" for basis of
presentation.



                                                                 1
<PAGE>


CONSOLIDATED FINANCIAL STATEMENTS   -   BCE INC.

CONSOLIDATED STATEMENTS OF RETAINED EARNINGS (DEFICIT)
<TABLE>
<CAPTION>

- -------------------------------------------------------------------------------------------------------------------------
For the period ended September 30                                               Three months           Nine months
                                                                           ----------------------------------------------
<C>                                                                                <C>        <C>      <C>          <C>
($ millions) (unaudited)                                                           2002       2001     2002         2001
- -------------------------------------------------------------------------------------------------------------------------

Balance at beginning of period, as previously reported                          (7,649)      1,627      712        1,339
                                                                                                    (8,180)
Adjustment for change in accounting policy (Note 1)                        -           -                   -
                                                                           ----------------------------------------------
Balance at beginning of period, as restated                                     (7,649)      1,627  (7,468)        1,339
    Net earnings                                                                    384      (128)      723          799
    Dividends                       - Preferred shares                             (16)       (16)     (43)         (50)
                                    - Common shares                               (272)      (243)    (757)        (727)
                                                                           ----------------------------------------------
                                                                                  (288)      (259)    (800)        (777)
     osts relating to the issuance of common shares                                (62)                (62)
    C                                                                                  -                   -
     remium on redemption of common and preferred shares
    P                                                                      -           -                (6)        (108)
    Other                                                                            10        (2)        8         (15)
                                                                           ----------------------------------------------
Balance at end of period                                                        (7,605)      1,238  (7,605)        1,238
- -------------------------------------------------------------------------------------------------------------------------

</TABLE>




                                                                 2
<PAGE>



CONSOLIDATED FINANCIAL STATEMENTS   -   BCE INC.

CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>

- -------------------------------------------------------------------------------------------------------------------------------
                                                                                                  September 30     December 31
<C>                                                                                                    <C>                <C>
($ millions) (unaudited)                                                                               2002(1)            2001
- -------------------------------------------------------------------------------------------------------------------------------

ASSETS
Current assets
   Cash and cash equivalents(2)                                                                          2,870             569
   Accounts receivable                                                                                   2,547           4,118
   Other current assets                                                                                    871           1,213
                                                                                               --------------------------------
Total current assets                                                                                     6,288           5,900
Investments                                                                                                987           1,106
Capital assets                                                                                          20,158          25,861
Future income taxes                                                                                        728           1,031
Other long-term assets                                                                                   3,266           3,363
Indefinite-life intangible assets                                                                          879             866
Goodwill                                                                                                 6,677          15,947
                                                                                               --------------------------------
Total assets                                                                                            38,983          54,074
- -------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Current liabilities
   Accounts payable and accrued liabilities                                                              3,722           5,792
   Income and other taxes payable                                                                           33             681
   Debt due within one year                                                                              2,780           5,263
                                                                                               --------------------------------
Total current liabilities                                                                                6,535          11,736
Long-term debt                                                                                          12,470          14,861
Future income taxes                                                                                        922             924
Other long-term liabilities                                                                              2,998           4,129
                                                                                               --------------------------------
Total liabilities                                                                                       22,925          31,650
                                                                                               --------------------------------
Non-controlling interest                                                                                 4,937           5,625
                                                                                               --------------------------------
SHAREHOLDERS' EQUITY
Preferred shares                                                                                         1,510           1,300
                                                                                               --------------------------------
Common shareholders' equity
   Common shares(3)                                                                                     16,217          13,827
   Contributed surplus                                                                                     980             980
   Retained earnings (deficit)                                                                         (7,605)             712
   Currency translation adjustment                                                                          19            (20)
                                                                                               --------------------------------
Total common shareholders' equity                                                                        9,611          15,499
                                                                                               --------------------------------
Total shareholders' equity                                                                              11,121          16,799
                                                                                               --------------------------------
Total liabilities and shareholders' equity                                                              38,983          54,074
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>

(1) Refer to Note 1 "Significant accounting policies" for basis of
presentation.

(2) At December 31, 2001, cash and cash equivalents include $233 million of
restricted cash (nil at September 30, 2002). This amount represented  BCE's
share of Telecom Americas Ltd.'s cash used by it to collaterallize short-term
bank loans of certain of its subsidiaries.

(3) At September 30, 2002, 905,025,009 (808,514,211 at December 31, 2001)
BCE Inc. common shares and 22,027,936 (18,527,376 at December 31, 2001)
BCE Inc. stock options were outstanding. 94 million common shares were issued
during the third quarter of 2002 in connection with the repurchase by BCE Inc.
of SBC Communications Inc.'s indirect minority interest in Bell Canada (refer
to Note 3 "Business acquisitions and dispositions"). The stock options were
issued under BCE's Long-Term Incentive Stock Option Programs and are
exercisable on a one-for-one basis for common shares of BCE Inc. Additionally,
Teleglobe stock option holders will receive, upon exercise of their stock
options, 0.91 of a BCE Inc. common share for each Teleglobe stock option held.
At September 30, 2002, the Teleglobe stock options outstanding were exercisable
into 6,073,878 BCE Inc. common shares (10,204,966 at December 31, 2001).




                                                                 3
<PAGE>


CONSOLIDATED FINANCIAL STATEMENTS   -   BCE INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>

- ------------------------------------------------------------------------------------------------------------------------------
For the period ended September 30                                                    Three months           Nine months
                                                                                ----------------------------------------------
<C>                                                                                     <C>     <C>           <C>     <C>
($ millions) (unaudited)                                                                2002    2001(1)       2002    2001(1)
- ------------------------------------------------------------------------------------------------------------------------------

Cash flows from operating activities
Earnings from continuing operations                                                      384        337      1,063      3,661
Adjustments to reconcile earnings from continuing operations to
   cash flows from operating activities:
   Amortization expense                                                                  771        963      2,352      2,878
   Restructuring and other charges                                                        67       (19)        472        184
   Net gains on investments                                                             (11)      (147)      (175)    (4,038)
   Future income taxes                                                                   109        160       (10)        503
   Other items                                                                            14        280        134      (103)
   Changes in non-cash working capital components                                        152      (327)      (496)      (111)
                                                                                ----------------------------------------------
                                                                                       1,486      1,247      3,340      2,974
                                                                                ----------------------------------------------
Cash flows from investing activities
Capital expenditures                                                                   (904)    (1,034)    (2,697)    (3,803)
Investments                                                                          (1,399)      (253)    (1,507)      (383)
Divestitures                                                                              14         14        469      4,608
Other items                                                                               18         38          5       (49)
                                                                                ----------------------------------------------
                                                                                     (2,271)    (1,235)    (3,730)        373
                                                                                ----------------------------------------------
Cash flows from financing activities
Increase (decrease) in notes payable and bank advances                                  (60)      (238)        426    (2,527)
Issue of long-term debt                                                                1,105        780      2,400      2,056
Repayment of long-term debt                                                            (299)      (235)      (802)      (963)
Issue of common shares                                                                 2,381         10      2,390         66
                                                                                        (78)                  (78)
Costs relating to the issuance of common shares                                             -                     -

Purchase of common shares for cancellation                                      -           -          -                (191)
                                                                                                               510
Issue of preferred shares                                                       -           -                     -
                                                                                                             (306)
Redemption of preferred shares                                                  -           -                     -
Dividends paid on common and preferred shares                                          (255)      (259)      (758)      (777)
Issue of common shares, preferred shares, convertible debentures
   and equity-settled notes by subsidiaries to non-controlling interest                   44          3        201      1,370

Redemption of preferred shares by subsidiaries                                  -           -          -                (346)
Dividends paid by subsidiaries to non-controlling interest                             (134)      (117)      (321)      (268)
Other items                                                                             (40)       (17)       (36)         17
                                                                                ----------------------------------------------
                                                                                       2,664       (73)      3,626    (1,563)
                                                                                ----------------------------------------------
Effect of exchange rate changes on cash and cash equivalents                               1        (1)          1        (1)
                                                                                ----------------------------------------------
Cash provided by (used in) continuing operations                                       1,880       (62)      3,237      1,783

Cash used in discontinued operations                                            -                 (643)      (936)      (955)
                                                                                ----------------------------------------------
Net increase (decrease) in cash and cash equivalents                                   1,880      (705)      2,301        828
Cash and cash equivalents at beginning of period                                         990      1,793        569        260
                                                                                ----------------------------------------------
Cash and cash equivalents at end of period                                             2,870      1,088      2,870      1,088
- ------------------------------------------------------------------------------------------------------------------------------

</TABLE>

(1) Refer to Note 1 "Significant accounting policies" for basis of
presentation.




                                                                 4
<PAGE>



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS   -   BCE INC.

The interim consolidated financial statements should be read in conjunction
with the annual consolidated financial statements as at December 31, 2001 and
2000 and for each of the years in the three-year period ended December 31,
2001, dated July 23, 2002.

1. SIGNIFICANT ACCOUNTING POLICIES

The interim consolidated financial statements have been prepared in accordance
with Canadian generally accepted accounting principles ("Canadian GAAP"), using
the same accounting policies as outlined in Note 1 of the annual consolidated
financial statements as at December 31, 2001 and 2000 and for each of the years
in the three-year period ended December 31, 2001, dated July 23, 2002 except as
noted below. Certain comparative figures in the consolidated financial
statements have been reclassified to conform to the current period
presentation.

Basis of presentation
All financial information for periods prior to the second quarter of 2002 were
restated to reflect the accounting treatment of BCE's investments in Teleglobe
Inc. ("Teleglobe") and Bell Canada International Inc. ("BCI") as discontinued
operations (refer to Note 6 "Discontinued operations"), and the adoption of the
Canadian Institute of Chartered Accountants ("CICA") Handbook Section 1650
regarding the accounting treatment of foreign currency translation (refer to
"Recent pronouncements") effective in the first quarter of 2002. In addition,
effective in the second quarter of 2002, BCE ceased to consolidate the
financial results of Teleglobe and BCI, and now holds these investments at
cost. (refer to Note 6 "Discontinued operations").

Recent pronouncements
Business Combinations, Goodwill and Other Intangible Assets
The CICA issued new Handbook Sections 1581, Business Combinations, and 3062,
Goodwill and Other Intangible Assets. Effective July 1, 2001, the standards
require that all business combinations be accounted for using the purchase
method. Additionally, effective January 1, 2002, goodwill and intangible assets
with an indefinite life are no longer being amortized to earnings and will be
assessed for impairment on an annual basis in accordance with the new
standards, including a transitional impairment test whereby any resulting
impairment was charged to opening retained earnings. BCE's management allocated
its existing goodwill and intangible assets with an indefinite life to its
reporting units and completed the assessment of the quantitative impact of the
transitional impairment test on its financial statements. In 2002, an
impairment of $8,180 million was charged to opening retained earnings as of
January 1, 2002, as required by the transitional provisions of the new CICA
Handbook section 3062, relating to impaired goodwill of reporting units within
Teleglobe ($7,516 million), Bell Globemedia ($545 million) and BCE Emergis
($119 million).

The following represents a reconciliation of the stated goodwill as at
September 30, 2002:

<TABLE>
<CAPTION>

- ----------------------------------------------------------------------------
($ millions)
- ----------------------------------------------------------------------------

<S>               <C>                                                 <C>
Goodwill, January 1, 2002                                             15,947

Transitional goodwill impairment charge                               (8,652)
Goodwill acquired during the year (1)                                  1,065
Deconsolidation of Teleglobe and BCI                                  (1,754)
Other                                                                     71

                                                             ----------------
Goodwill, September 30, 2002                                           6,677
- ----------------------------------------------------------------------------
</TABLE>

(1) The  goodwill  acquired  during 2002  relates  primarily to the repurchase
by Bell Canada  Holdings  Inc. ("BCH") for cancellation of a portion  of its
outstanding shares from SBC Communications Inc.("SBC") for a purchase price of
$1.3 billion, resulting in an increase in BCE Inc.'s ownership in BCH to 83.5%.


                                                                 5
<PAGE>


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS   -   BCE INC.

1. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Foreign Currency Translation
Effective January 1, 2002, BCE also adopted the revised recommendations of CICA
Handbook Section 1650, Foreign Currency Translation. The standards require that
all unrealized translation gains and losses on assets and liabilities
denominated in foreign currencies be included in earnings for the year,
including gains and losses on long-term monetary assets and liabilities, such
as long-term debt, which were previously deferred and amortized on a
straight-line basis over the remaining lives of the related items. These
amendments were applied retroactively with restatement of prior periods. The
cumulative effect as at January 1, 2002 was to decrease other long-term assets
by $288 million, increase future income taxes by $27 million, decrease
non-controlling interest by $70 million and decrease retained earnings by
$191 million.

Stock-Based Compensation and Other Stock-Based Payments
BCE also adopted the new recommendations of CICA Handbook Section 3870,
Stock-based compensation and other stock-based payments, effective January 1,
2002. This Section establishes standards for the recognition, measurement and
disclosure of stock-based compensation and other stock-based payments made in
exchange for goods and services. The standard requires that all stock-based
awards made to non-employees be measured and recognized using a fair value
based method. The standard encourages the use of a fair value based method for
all awards granted to employees, but only requires the use of a fair value
based method for direct awards of stock, stock appreciation rights, and awards
that call for settlement in cash or other assets. Awards that a company has the
ability to settle in stock are recorded as equity, whereas awards that the
entity is required to or has a practice of settling in cash are recorded
as liabilities. For BCE, this Section applies to all awards granted on or after
January 1, 2002. BCE has elected to account for employee stock options by
measuring compensation cost for options as the excess, if any, of the quoted
market price of BCE Inc.'s common shares at the date of grant over the amount
an employee must pay to acquire the common shares. The following outlines the
impact and assumptions used if the compensation cost for BCE's stock options
was determined under the fair value based method of accounting for awards
granted on or after January 1, 2002.

<TABLE>
<CAPTION>
For the period ended September 30, 2002                        Three Months    Nine Months
- ---------------------------------------------------------------------------------------------

<S>                       <C>                                             <C>            <C>
Net earnings, as reported ($ millions)                                    384            723
Pro forma impact ($ millions)                                            (15)           (21)
                                                              -------------------------------
Pro forma net earnings ($ millions)                                       369            702
Pro forma net earnings per common share (basic) ($)                      0.41           0.80
Pro forma net earnings per common share (diluted) ($)                    0.41           0.79
Assumptions used in Black Scholes option princing model:
Dividend yield                                                           3.6%           3.3%
Expected volatility                                                       30%            30%
Risk-free interest rate                                                  3.9%           4.6%
Expected life (years)                                                     4.2            4.5
Number of options granted                                           1,119,845      7,946,979
Weighted average fair value of options granted ($)                         $5             $7
- ---------------------------------------------------------------------------------------------
</TABLE>


                                                                 6
<PAGE>


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS   -   BCE INC.

2. SEGMENTED INFORMATION

Effective April 24, 2002, BCE centers its activities around three core
operating segments, based on products and services, reflecting the way that
management classifies its operations for purposes of planning and performance
management. The three core operating segments are the Bell Canada segment,
Bell Globemedia and BCE Emergis. All other businesses are combined, for
management purposes, in the BCE Ventures segment.

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
For the period ended September 30                                                    Three months            Nine months
                                                                                ----------------------------------------------
<C>                                                                                    <C>        <C>         <C>         <C>
($ millions)                                                                           2002       2001        2002        2001
- ------------------------------------------------------------------------------------------------------------------------------
Operating revenues
Bell Canada                External                                                   4,260      4,289      12,819      12,570
                           Inter-segment (1)                                             54         37         138          96
                                                                                ----------------------------------------------
                                                                                      4,314      4,326      12,957      12,666
Bell Globemedia            External                                                     263        240         880         831
                           Inter-segment                                                 10          6          31          18
                                                                                ----------------------------------------------
                                                                                        273        246         911         849
BCE Emergis                External                                                     102        126         299         346
                           Inter-segment                                                 33         47         110         129
                                                                                ----------------------------------------------
                                                                                        135        173         409         475
BCE Ventures               External                                                     197        162         594         474
                           Inter-segment                                                 61        100         188         283
                                                                                ----------------------------------------------
                                                                                        258        262         782         757
Corporate and other        External                                                                  1           4           6
                                                                                          -
                           Inter-segment                                                 39         10         121          55
                                                                                ----------------------------------------------
                                                                                         39         11         125          61
                                                                                ----------------------------------------------
Less: Inter-segment eliminations (1)                                                  (197)      (200)       (588)       (581)
                                                                                ----------------------------------------------
Total operating revenues                                                              4,822      4,818      14,596      14,227
- ------------------------------------------------------------------------------------------------------------------------------
EBITDA (2)
Bell Canada                                                                           1,891      1,818       5,501       5,172
Bell Globemedia                                                                          17        (6)         108          65
BCE Emergis                                                                              19         35          10          92
BCE Ventures                                                                             67         73         217         202
Corporate and other, including inter-segment eliminations                              (42)       (43)       (127)       (116)
                                                                                ----------------------------------------------
Total EBITDA                                                                          1,952      1,877       5,709       5,415
- ------------------------------------------------------------------------------------------------------------------------------
Net earnings (loss) applicable to common shares
Bell Canada                                                                             336        272       1,016         764
Bell Globemedia                                                                        (11)       (52)           1       (125)
BCE Emergis                                                                              19       (70)        (58)       (236)
BCE Ventures                                                                             16        137          99         229
Corporate and other, including inter-segment eliminations                                24         50           5       3,029
                                                                                ----------------------------------------------
Total earnings from continuing operations                                               384        337       1,063       3,661
Discontinued operations                                                                          (465)       (340)     (2,862)
                                                                                          -
Dividends on preferred shares                                                          (16)       (16)        (43)        (50)
                                                                                ----------------------------------------------
Total net earnings (loss) applicable to common shares                                   368      (144)         680         749
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>


(1)    Certain comparative figures have been reclassified to conform to the
       current period presentation.

(2)    "EBITDA" is defined as operating revenues less operating expenses and
       therefore reflects earnings before interest, taxes, depreciation and
       amortization, as well as any non-recurring items. BCE uses "EBITDA",
       amongst other measures, to assess the operating performance of its
       on-going businesses. The term "EBITDA" does not have a standardized
       meaning prescribed by Canadian GAAP and therefore may not be comparable
       to similarly titled measures presented by other publicly traded
       companies. EBITDA should not be construed as the equivalent of net cash
       flows from operating activities.


                                                                 7
<PAGE>


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS   -   BCE INC.

3. BUSINESS ACQUISITIONS AND DISPOSITIONS

BCE Acquisition of SBC's 20% interest in BCH
On June 28, 2002, BCE Inc., BCH and entities controlled by SBC entered into
agreements that will lead to the repurchase by BCE Inc. of SBC's 20% indirect
interest in BCH, the holding company of Bell Canada, for $6.3 billion.

Pursuant to these agreements, on June 28, 2002, BCH purchased for cancellation
a portion of its outstanding shares from SBC for a purchase price of $1.3
billion, resulting in an increase in BCE Inc.'s ownership in BCH to 83.5%. In
addition, BCE Inc. has the option ("BCE option") to repurchase and SBC has the
option ("SBC option") to sell the remaining 16.5% interest in BCH, in each case
at an aggregate price of $4.99 billion. The BCE option can only be exercised
between October 15, 2002 and November 15, 2002, whereas the SBC option can only
be exercised between January 3, 2003 and February 3, 2003. BCE Inc. will
exercise the BCE option within the prescribed period, and the transaction is
expected to close on or before January 3, 2003, at BCE Inc.'s discretion.

BCE Inc. has completed or intends to complete the following steps towards
raising the necessary funds to finance the $6.3 billion repurchase price of
SBC's indirect interest in Bell Canada:
o  $1.1 billion drawn on July 15, 2002 under a $3.3 billion two-year
   non-revolving credit agreement;
o  proceeds from the issuance on July 15, 2002 of nine million BCE Inc. common
   shares for $250 million ($27.63 per share), by way of a private placement to
   SBC;
o  net proceeds from the public issuance on August 12, 2002 of 85 million
   common shares of BCE Inc. for $2 billion ($24.45 per share);
o  net proceeds expected to be received from the proposed public issuance by
   BCE Inc. of $1.5 to $2 billion of long-term notes, expected to close by the
   end of October 2002;
o  $1 to $1.5 billion expected to be accessed from Bell Canada, representing a
   portion of the net after-tax proceeds expected to flow to BCE Inc. from the
   sale of Bell Canada's and certain affiliates' directories business (see
   "Sale of Directories Business"); and
o  a second private placement to SBC of up to $250 million, planned on the
   second closing expected on or before January 3, 2003.

In the event BCE Inc. does not secure financing for all of the remaining
balance of the $6.3 billion repurchase price on or before January 3, 2003,
BCE Inc.'s current intention is to draw down on the remaining available balance
of the two-year non-revolving credit agreement. Although BCE Inc. does not
currently intend to do so, should amounts drawn under the two-year non-
revolving credit agreement together with the proceeds resulting from the
sources of financing referred to above be insufficient, BCE Inc. could pay the
remaining balance of the $6.3 billion repurchase price by issuing notes to SBC.

As part of the agreements, BCE Inc. will also purchase, at face value, on or
before December 31, 2004, $314 million of BCH Convertible Series B Preferred
Securities held by SBC.

In connection with the arrangements described above, on June 28, 2002, BCH
granted to SBC an option ("BCH option") to purchase 20% of the then outstanding
common shares of BCH at an exercise price of approximately $39.48 per share,
representing an approximate 25% premium to the June 28, 2002 negotiated
repurchase price of the BCH shares, exercisable no later than April 24, 2003.

Sale of Directories Business
On September 13, 2002, BCE Inc. announced the sale by Bell Canada and certain
affiliates of their directories business for $3 billion cash (subject to
certain post-closing adjustments) to an entity ultimately controlled by
Kohlberg Kravis Roberts & Co. L.P. and the Ontario Teachers' Merchant Bank,
the private equity arm of the Ontario Teachers' Pension Plan Board
(collectively, the "Purchasers"). The sale includes 209 print White Pages and
Yellow Pages directories in Ontario and Quebec, the electronic yellowpages.ca,
canadatollfree.ca and Canada411.ca directories and Bell ActiMedia's 12.86%
interest in the Aliant ActiMedia General Partnership. $1 to $1.5 billion of the
net proceeds from the sale are expected to flow to BCE Inc. to finance part of
the repurchase of SBC's remaining indirect interest in Bell Canada, with the
remaining proceeds being used by Bell Canada for its ongoing financing needs.



                                                                 8
<PAGE>


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS   -   BCE INC.

3. BUSINESS ACQUISITIONS AND DISPOSITIONS (Continued)

The Purchasers will own an approximate 90% equity interest of an acquisition
vehicle that will hold the directories business. Bell Canada or one of its
affiliates will acquire an approximate 10% equity interest in the acquisition
vehicle for approximately $80 million, which will give it the right to appoint
one member of such vehicle's Board of Directors. Bell Canada has entered into a
long-term, strategic working relationship with the entity operating the
directories business pursuant to operating agreements. The closing of the sale
of the directories business is expected to take place no later than
November 30, 2002. The Purchasers' obligation to complete the transaction is
subject to conditions precedent,including the obtaining of all requisite
regulatory approvals and the Purchasers obtaining the appropriate financing
required for the purposes of the transaction.

Creation of Bell West Inc. ("Bell West")
In April 2002, Bell Canada and Manitoba Telecom Services Inc. ("MTS"), a
related party, combined their interests of the wireline assets of BCE Nexxia
Inc. in  Alberta and British Columbia with Bell Intrigna Inc. to create Bell
West, a company providing telecommunications services in those two provinces.
Bell West operates under the Bell brand and is owned 60% by Bell Canada and
40% by MTS. The terms of the agreement between Bell Canada and MTS also
include certain put and call options with respect to MTS 40% ownership of
Bell West.

The put options for MTS are as follows:
o    In February 2004, MTS can sell its interest in Bell West to Bell Canada at
     a guaranteed floor value of $458 million plus incremental funding
     (including an 8% return on that incremental funding) invested by MTS going
     forward (floor value). In January 2007, MTS can sell its interest in Bell
     West to Bell Canada at fair market value less 12.5%.  MTS can also sell
     its interest in Bell West to Bell Canada at fair market value less 12.5%
     upon the occurrence of certain change events affecting Bell West.

The call options for Bell Canada should MTS not exercise its put options are as
follows:
o    In March 2004, Bell Canada has the option to purchase MTS interest at the
     greater of the floor value and fair market value. In February 2007, Bell
     Canada has the option to purchase MTS interest at fair market value.  Bell
     Canada can also purchase MTS interest at fair market value upon a change
     of control of MTS to a party other than Bell Canada or its affiliates.

Creation of the Bell Nordiq Income Fund
In April 2002, Bell Canada announced the completion of an initial public
offering of units of a newly created income fund (the "Bell Nordiq Income
Fund"). The Fund acquired from Bell Canada a 36% interest in each of Telebec
Limited Partnership and Northern Telephone Limited Partnership. Bell Canada
retains management control over both partnerships and holds a 64% interest in
the partnerships. Bell Canada received gross proceeds of $324 million and
recorded a gain on sale of $222 million.

4. RESTRUCTURING AND OTHER CHARGES

Settlement of Pay Equity Complaints
On September 27, 2002, the Canadian Telecommunications Employees' Association
("CTEA") ratified a settlement reached with Bell Canada with respect to the
1994 pay equity complaints filed by members of the CTEA before the Canadian
Human Rights Tribunal. The settlement includes a cash payout of $128 million
and related pension benefits of approximately $50 million. As a result of the
settlement, Bell Canada recorded a one-time charge of $79 million (BCE's share
is $37 million on an after-tax basis) in the third quarter of 2002, which
corresponds to the $128 million cash payout, net of a previously recorded
provision. The pension benefits will be deferred and amortized into earnings
over the estimated average remaining service life of active employees and
average remaining life of retired employees.




                                                                 9
<PAGE>



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS   -   BCE INC.

4. RESTRUCTURING AND OTHER CHARGES (Continued)

Write-down of Bell Canada's accounts receivable
Coincident with the development of a new billing platform, Bell Canada has
adopted a new and more precise methodology to analyze the amount of receivables
by customer as well as by service line and which permits a more accurate
determination of the validity of customer balances to Bell Canada. This
analysis indicated that as at June 30, 2002, a write-down of accounts
receivable amounting to $272 million (BCE's share is $142 million on an
after-tax basis) is appropriate. As these amounts arose from legacy billing
systems and processes, Bell Canada has carried out a detailed review of
billings and adjustments for the period from 1997 to 2002. This review
determined that these amounts arose as the cumulative result of a series of
individually immaterial events and transactions pertaining to its legacy
accounts receivable systems dating back to the early 1990's.

BCE Emergis restructuring plan
BCE Emergis recorded a pre-tax charge of $119 million (BCE's share is $63
million on an after-tax basis) in the second quarter of 2002, representing
restructuring and other charges of $100 million and $19 million, respectively,
related to the write-off of certain assets, employee severance and other
employee costs, contract settlements and costs of leased properties no longer
in use, which resulted primarily from the streamlining of BCE Emergis' service
offerings and reduction in its operating cost structure. The restructuring
program is expected to be substantially complete in 2002, and as at
September 30, 2002, the remaining unpaid balance of this restructuring
provision was $37 million.

<TABLE>
<CAPTION>

5. OTHER INCOME (EXPENSE)

- ------------------------------------------------------------------------------------------------------
For the period ended September 30                       Three months           Nine months
                                                   ---------------------------------------------------
<C>                                                       <C>        <C>        <C>         <C>
($ millions)                                              2002       2001       2002        2001
- ------------------------------------------------------------------------------------------------------

Gains (losses) on investments (a)                           12        147        181       4,037
Foreign currency gains (losses)                           (18)       (61)         37        (75)
Other                                                        2       (17)          8          64
- ------------------------------------------------------------------------------------------------------
Other income (expense)                                     (4)         69        226       4,026
- ------------------------------------------------------------------------------------------------------
</TABLE>

(a) During the first nine months of 2002, other income included: (i) net gains
on investments of $256 million, primarily from the creation of the Bell Nordiq
Income Fund (refer to Note 3); (ii) a $103 million loss, primarily on the
write-down of BCE's remaining portfolio investment in Nortel Networks
Corporation; and (iii) a gain of $28 million resulting from the
reorganization of BCE's investment in TMI Communications and Company Limited
Partnership.

6. DISCONTINUED OPERATIONS

<TABLE>
<CAPTION>

- ------------------------------------------------------------------------------------------------
For the period ended September 30                  Three months           Nine months
                                              --------------------------------------------------
<C>                                                      <C>    <C>       <C>          <C>
($ millions)                                             2002   2001      2002         2001
- ------------------------------------------------------------------------------------------------


Teleglobe (a)                                 -                (205)     (149)      (2,636)

BCI (b)                                       -                (260)     (191)        (226)
- ------------------------------------------------------------------------------------------------

Net loss from discontinued operations         -                (465)     (340)      (2,862)
- ------------------------------------------------------------------------------------------------
</TABLE>

(a) Teleglobe provides a range of international voice and data
telecommunications services. Until the second quarter of 2002, Teleglobe also
provided, through its investment in the Excel Communications group ("Excel"),
retail telecommunications services such as long distance, paging and Internet
services to residential and business customers in North America and the U.K.
The results of operations of Teleglobe include an impairment charge of $2,049
million recorded in the first quarter of 2001 after completion of an assessment
of the carrying value of Teleglobe's investment in Excel.



                                       10
<PAGE>



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS   -   BCE INC.

6. DISCONTINUED OPERATIONS (Continued)

On April 24, 2002, BCE Inc. announced that it would cease further long-term
funding to Teleglobe. BCE Inc.'s decision was based on a number of factors,
including a revised business plan and outlook of the principal operating
segment of Teleglobe with associated funding requirements, a revised assessment
of its prospects, and a comprehensive analysis of the state of its industry.
In light of that decision, Teleglobe announced that it would pursue a range of
financial restructuring alternatives, potential partnerships and business
combinations. Also on April 24, 2002, all BCE Inc.-affiliated board members of
Teleglobe tendered their resignation from the Teleglobe board. The effective
result of these events was the exit by BCE of the Teleglobe business and the
eventual material reduction in BCE's approximate 96% economic and voting
interest in Teleglobe as a result of the ongoing restructuring of Teleglobe.
Accordingly, effective April 24, 2002, BCE reclassified the financial results
of Teleglobe as a discontinued operation. BCE's management completed its
assessment of the net realizable value of BCE's interest in the net assets of
Teleglobe and determined it to be nil, resulting in a loss from discontinued
operations of $73 million, which is in addition to the transitional impairment
charge of $7,516 million to opening retained earnings as at January 1, 2002,
as required by the transitional provisions of the new CICA Handbook section
3062 (refer to Note 1). A valuation allowance has been provided against the
entire amount of the tax benefit associated with the loss on this investment.

On May 15, 2002 and thereafter, Teleglobe and certain of its subsidiaries filed
for court protection under insolvency statutes in Canada, the United States,
the United Kingdom and elsewhere. Operating under court protection and with the
assistance of a Monitor, appointed in the Canadian insolvency proceedings,
Teleglobe has sought and received court approval of its decision to discontinue
its hosting and certain other businesses, to proceed with the orderly shut-down
of its Globesystem network and to proceed with a process for the sale of its
remaining core telecommunications business. Such sale process is being
conducted by the Monitor under court supervision. On September 19, 2002,
Teleglobe announced the execution of an agreement for the sale to affiliates of
TenX Capital Partners and Cerberus Capital Management (the "Purchasers") of its
core telecommunications business for U.S. $155 million, subject to certain
adjustments. The parties also indicated that they intend to enter into an
agreement for the management by the Purchasers of the core telecommunications
business upon satisfaction of certain conditions, including the consent of
Bell Canada to the assignment of its contracts with Teleglobe to the
Purchasers. Subject to the foregoing and the granting of all regulatory
approvals, closing is expected to occur in early 2003. The foregoing
transaction being subject to a number of conditions, there can be no assurance
that it will be completed on the agreed terms or at all, so that service can
continue to be provided to the customers of BCE on an uninterrupted basis. The
failure of the sale process may result in a decision to proceed with a
shutdown of Teleglobe's business and a liquidation of its remaining assets.
An affiliate of BCE Inc. has provided Teleglobe with a borrowing facility of
approximately U.S. $94 million on a debtor-in-possession basis (the "DIP
Facility") as well as a U.S. $25 million facility to allow Teleglobe to meet
its obligations under an Employee Severance and Retention Plan (the "Employee
acility"). On September 20, 2002, following the closing of the sale by
Teleglobe of its equity interest in Intelsat, Ltd. for U.S. $65 million, all
outstanding borrowings under the DIP Facility (U.S. $55 million) were repaid
and the availability thereunder was reduced from U.S. $93.6 million to U.S.
$50 million. The revised DIP Facility provides that Teleglobe will not be
allowed to borrow thereunder until such time as all the remaining proceeds of
the Intelsat, Ltd. sale will have been used to fund Teleglobe's operations.
Effective September 30, 2002, the availability under the DIP Facility was
further reduced to U.S. $30 million and its maturity extended to the earlier of
the date of execution of the management agreement referred to above and
November 30, 2002. As of October 23, 2002, no amount is outstanding under the
DIP Facility and the Employee Facility (an aggregate of U.S. $7.4 million
previously advanced under the Employee Facility has been repaid by way of
set-off). There can be no assurance that Teleglobe will be able to repay
amounts advanced by BCE under the DIP Facility and the Employee Facility or
that realization of any security will be sufficient to repay BCE. BCE does not
expect to realize any material amount from its investment in Teleglobe.

Since (i) BCE's management does not expect any future economic benefits from
its approximate 96% economic and voting interest in Teleglobe, (ii) BCE has not
guaranteed any of Teleglobe's obligations, and (iii) BCE has ceased further
long-term funding to Teleglobe, BCE deconsolidated Teleglobe's financial
results effective May 15, 2002, and now accounts for the investment at cost.
Therefore, all future financial results of Teleglobe will not affect BCE's
future financial results. The following are amounts relating to BCE's interest
in the net assets of Teleglobe on May 15, 2002: current assets of $1.4 billion,
non-current assets of $4.3 billion, current liabilities of $3.6 billion, and
non-current liabilities of $2.1 billion. Refer to Note 8 "Contingencies" for a
description of the lending syndicate lawsuit filed against BCE Inc.


                                       11
<PAGE>


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS   -   BCE INC.

6. DISCONTINUED OPERATIONS (Continued)

(b) BCI develops and operates advanced communications companies in markets
outside Canada, with a focus on Latin America. Effective January 1, 2002, BCE
adopted a formal plan of disposal of its operations in BCI. Consequently,
the results of BCI have been reported as discontinued operations.

On July 12, 2002, BCI shareholders and holders of BCI's 11% senior unsecured
notes due September 2004 (the "Noteholders") voted to approve a
court-supervised plan of arrangement of BCI pursuant to section 192 of the
Canada Business Corporations Act (the "Plan of Arrangement"). On July 17, 2002,
BCI obtained court approval of the Plan of Arrangement, which includes the sale
by BCI of its interest in Telecom Americas Ltd., through which BCI held the
majority of its investments, to America Movil S.A. de C.V. and, following the
disposition of all assets of BCI and the determination of all claims against
BCI, the liquidation of BCI and the final distribution to BCI's creditors and
shareholders with the approval of the court and ultimately the dissolution of
BCI. BCI completed the sale of its interest in Telecom Americas Ltd. in July
2002, and is currently proceeding, under court supervision, to implement the
remaining elements of the Plan of Arrangement. As a result of these events,
BCE deconsolidated BCI's financial results effective June 30, 2002, and now
accounts for the investment at cost. Therefore, all future financial results of
BCI will not affect BCE's future financial results. BCE recorded a charge of
$191 million in the second quarter of 2002 representing a write-down of its
investment in BCI to its net realizable value, which was reported as a loss
from discontinued operations.

<TABLE>
<CAPTION>

Amounts included in the consolidated balance sheets relating to discontinued
operations are as follows:
- -------------------------------------------------------------------------------------------
                                                            September 30       December 31
<C>                                                                    <C>            <C>
($ millions)                                                           2002           2001
- -------------------------------------------------------------------------------------------


Current assets                                              -                        1,957
Non-current assets                                                      175         16,576

Current liabilities                                         -                      (5,855)

Non-current liabilities                                     -                      (5,250)
- -------------------------------------------------------------------------------------------
Net assets of discontinued operations                                   175          7,428
- -------------------------------------------------------------------------------------------

</TABLE>

<TABLE>
<CAPTION>

The summarized statements of operations for the discontinued operations are as
follows:

- ----------------------------------------------------------------------------------------------------------------
For the period ended September 30                                  Three months           Nine months
                                                              --------------------------------------------------
<C>                                                                  <C>        <C>       <C>          <C>
($ millions)                                                         2002       2001      2002         2001
- ----------------------------------------------------------------------------------------------------------------


Revenue                                                       -          854               681        2,711
                                                              --------------------------------------------------
Operating loss from discontinued operations, before tax                        (375)     (123)      (3,156)
                                                              -

Gain (loss) on discontinued operations, before tax            -                 (86)     (282)          461

Income tax recovery on operating loss                         -                   69        40          134

Income tax recovery (expense) on gain (loss)                  -          -                  18         (45)

Non-controlling interest                                      -                 (73)         7        (256)
- ----------------------------------------------------------------------------------------------------------------

Net loss from discontinued operations                         -                (465)     (340)      (2,862)
- ----------------------------------------------------------------------------------------------------------------
</TABLE>



                                       12
<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS   -   BCE INC.

7. EARNINGS PER SHARE DISCLOSURES

The following is a reconciliation of the numerators and the denominators of the
basic and diluted earnings per common share computations for earnings from
continuing operations:

<TABLE>
<CAPTION>

- -----------------------------------------------------------------------------------------------------------------------
For the period ended September 30                                        Three months           Nine months
                                                                    ---------------------------------------------------
<S>                                                                     <C>           <C>         <C>        <C>
                                                                        2002          2001        2002       2001
- -----------------------------------------------------------------------------------------------------------------------

Earnings from continuing operations (numerator) ($ millions)
Earnings from continuing operations                                      384           337       1,063      3,661
Dividends on preferred shares                                           (16)          (16)        (43)       (50)
                                                                    ---------------------------------------------------
Earnings from continuing operations - basic                              368           321       1,020      3,611
                                                                           3
Exercise of put options by CGI shareholders                                 -                        9        (1)
- -----------------------------------------------------------------------------------------------------------------------
Earnings from continuing operations - diluted                            371           321       1,029      3,610
- -----------------------------------------------------------------------------------------------------------------------

Weighted average number of common shares outstanding
          (denominator) (millions)
Weighted average number of common shares outstanding - basic           864.1         807.9       827.3      807.8
Exercise of stock options                                                1.9           2.2         2.1        2.3
Exercise of put options by CGI shareholders                             13.0           5.6        13.0        5.6
- -----------------------------------------------------------------------------------------------------------------------
Weighted average number of common shares outstanding - diluted         879.0         815.7       842.4      815.7
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>


8. COMMITMENTS AND CONTINGENCIES

Teleglobe Lending Syndicate Lawsuit
Certain members of the Teleglobe lending syndicate (the "Plaintiffs") filed a
lawsuit against BCE Inc. in the Ontario Superior Court of Justice on
July 12, 2002. The Plaintiffs seek damages from BCE Inc. in the aggregate
amount of US$1.19 billion (together with interests and costs), which they
allege is equal to the amount they advanced as members of the Teleglobe Inc.
and Teleglobe Holdings (U.S.) Corporation lending syndicate. The Plaintiffs'
claim is based on several allegations, including that the actions and
representations of BCE Inc. and its management in effect constituted a legal
commitment of BCE Inc. that the advances would be repaid. The Plaintiffs
represent approximately 95.2% of the US$1.25 billion advanced by the members
of such lending syndicate. While the final outcome of any legal proceeding
cannot be predicted with certainty, based upon information currently available,
BCE Inc. is of the view that it has strong defences and it intends to
vigorously defend its position. CRTC Second Price Cap Decision 2002-34
On May 30, 2002, the CRTC released Decision 2002-34, "Second Price Cap
Decision", making a number of changes to the rules governing Canada's
telecommunications industry with respect to local service for the next four
years. One of the changes resulting from this Decision is that there be a
mechanism (referred to in the Decision as the "deferral account") to provide to
the majority of residential customers a combination of certain enhanced
services, reduced rates and/or rebates, and certain other adjustments. Bell
Canada will propose the manner in which it will implement these directives to
the CRTC in March 2003. As at September 30, 2002, Bell Canada's commitment
associated with this Decision is estimated at $40 million.

9. SUBSEQUENT EVENTS

Launch of Public Debt Offering
On October 22, 2002, BCE Inc. announced that it has initiated a Canadian public
offering of debt securities to raise approximately $1.5 billion. A draft
prospectus supplement to the short form base shelf prospectus dated August 1,
2002 was filed on October 21, 2002 with all Canadian provincial securities
regulatory authorities. The proceeds will be used to finance part of the
repurchase of SBC's remaining indirect interest in Bell Canada (refer to
Note 3).

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>investor_briefing.txt
<DESCRIPTION>INVESTOR BRIEFING
<TEXT>
Investor Briefing

October 23, 2002
Third Quarter 2002 (Unaudited)

This supplement to the press release announcing BCE's Quarterly Results is
intended to provide, on a timely basis, information of interest to the
investment community.

BCE's consolidated Financial Statements and MD&A for the third quarter of 2002
are available on BCE's website at www.bce.ca.

This material is presented for information only, and should not be construed as
a solicitation to invest in any securities of BCE Inc.

For further information, please contact:
Isabelle Morin, Director
(514) 786-3845
i.morin@bell.caGeorge Walker, Director
(514) 870-2488
george.walker@bell.ca


BCE Reports Third Quarter Results

Disciplined  execution delivers  substantial  productivity gains,  reduced
capital spending and positive free cash flow in the quarter. EPS was $0.45
before non-recurring charges for settlement of pay equity dispute.

o Operating  revenues for the quarter  totaled $4.8 billion,  essentially  flat
compared to the same period last year,  due primarily to slower than expected
enterprise data revenue growth and the impacts of regulatory  decisions.
Although Bell's data revenue growth has slowed, its wireless and satellite TV
service revenues performed well with growth rates this quarter of 14.5% and
33% respectively.

o BCE's  EBITDA1  of $1.95  billion  increased  4%  compared  to the same
period  last  year  driven in part by  productivity  gains of approximately
$150 million in the quarter.  As a result,  the  consolidated  EBITDA margin
improved to 40.5%,  led by a 1.8 percentage point improvement at Bell.

o During  the  quarter,  Bell  successfully  reached an  agreement  to settle a
long-standing  pay  equity  dispute  with the  Canadian Telecommunications
Employees'  Association  (CTEA).oConsolidated  net earnings  applicable to
common shares were $368 million or $0.43 per common share,  a significant
improvement  from the loss of $144 million,  or $0.18 per share incurred in the
same period last year which  reflected  losses from the  discontinued
operations  of Teleglobe  and BCI.  Earnings for the quarter were  impacted by
the pay equity  settlement at Bell Canada of $37 million,  partially  offset
by a dilution gain at BCE Emergis of $12 million.  Excluding these items,  net
earnings  applicable  to common shares would have been $0.45 for the quarter,
in line with  guidance.oThis  quarter's productivity gains, when combined with
BCE's reduced capex spending,  led to $138 million of free cash flow before
monetizations,  but after capex and dividends.

1        EBITDA is defined as operating  revenues less operating  expenses and
therefore  reflects  earnings  before  interest,  taxes, depreciation and
amortization,  as well as any non-recurring  items. BCE uses EBITDA,  amongst
other measures,  to assess the operating performance  of its on-going
businesses.  The term "EBITDA" does not have a standardized  meaning prescribed
by Canadian GAAP or U.S. GAAP and therefore may not be comparable to similarly
titled measures presented by other publicly traded companies. EBITDA should
not be construed as the equivalent of net cash flows from operating activities.

Certain sections of this document contain  forward-looking  statements with
respect to BCE and its subsidiaries. These forward-looking statements,  by
their nature,  necessarily  involve risks and  uncertainties  that could cause
actual results to differ materially from those  contemplated by the
forward-looking  statements.  Factors which could cause actual results or
events to differ  materially from current expectations are discussed on page
23 under "CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS".



                                       1
<PAGE>

Wireless Growth

BCE Wireless results reflect a continued focus on profitable growth

Growth

o Wireless  service  revenues of $561  million grew $71M or 14.5% compared to
the same  quarter last year,  driven by a 16% increase in cellular and PCS
subscribers, relatively stable ARPU and a continued focus on postpaid
customers.

o With net additions of 62,000, total cellular and PCS subscribers rose to
3,707,000 at the end of the quarter.  Including  paging subscribers, BCE now
serves 4,367,000 wireless customers.

o All of the net additions this quarter were on postpaid rate plans,
reflecting  BCE's focus on higher  value,  more  profitable, customers.
The reduced level of net subscriber  additions this quarter  reflected the
impact of a more  disciplined  growth  strategy. Specifically,  decisions were
taken to tighten credit policies for new customers,  to apply stricter
collection policies and marginally increase handset prices.

o At the end of the quarter, 62% of the total subscriber base were digital and
74% were on postpaid rate plans.

ARPU

o While blended ARPU of $47 and postpaid ARPU of $60 showed slight declines to
the same period last year,  both  increased  relative to the second quarter of
this year reflecting continued efforts to attract high end customers.

Industry leading churn

o Total  churn of 1.7% in the quarter  continues  to lead the  industry.  The
slight  increase in churn was mainly  attributable  to the application of
stricter  collection  policies,  which raised involuntary churn.  Customer
initiated churn remains at a historically low level, demonstrating the strength
of the Bell brand and a commitment to providing superior customer service.

Wireless data

o Mobile  browser hits totaled 87 million this quarter, a 55% increase over the
third quarter of 2001.  Mobile data users grew 10% from the second quarter
to 1.3 million.

o 1xRTT  capability was made available in many more locations this quarter,
with the 1xRTT footprint in Ontario and Quebec on track to cover 80% of the
population by year end.

o Bell Mobility's 1xRTT network build in Edmonton, Calgary, Victoria and
Vancouver has been completed.


                                       2
<PAGE>

Data

Data growth reflects continued softness in the enterprise and wholesale markets

o Bell Canada data revenues for the third  quarter were $926 million,  an
increase of 5% over Q3 2001,  and a  year-to-date  increase of 9%.

o Enterprise data demand continues to be soft as enterprise  customers in the
key segments that Bell serves,  mainly financial services, technology  and
governments,  have not  returned  to the  marketplace,  choosing  instead to
utilise  existing  capacity  rather  than expanding.  In addition, the
wholesale sector is weak given fewer players and largely underutilized
capacity.

o Bell's  market share remains  stable and growth  continues to move at or
above market rates, reflecting that slower data growth is a market phenomenon.

o On October  7th,  2002, as a result of the lower than expected data revenue
growth, Bell Canada revised its data revenue growth guidance for 2002 to 6% -
10% from 12% - 18%.

DSL

High Speed Subscribers hit the 1 million customer mark, Consumer DSL now EBITDA
positive

o The  overall DSL  subscriber  base grew by 93,000 this quarter to reach
1,002,000,  a 10% increase  over Q2 2002,  surpassing  Bell's dial-up customer
base. Consumer DSL net adds were 68,000 while business and wholesale customers
grew by 25,000.

o Adds for  Sympatico  DSL Basic,  the new 128 kbps  service  launched in June,
totaled  45,000.  Approximately  50% of these adds were migrations from
Sympatico dial-up services, reducing dial-up losses to competitor offerings.

o Consumer DSL was EBITDA positive for the second quarter in a row, and is
expected to continue producing positive EBITDA margins.

o During the quarter,  Bell Canada  introduced  several new  value-added
services to its Sympatico  High Speed  product line  including Desktop
Anti-virus,  Desktop Firewall and MusicMatch.ca.  Although most of these
services have only just recently been launched, they already have approximately
55,000 subscriptions.

o Average self-installation rates for the quarter remained at the 98% level
experienced in Q2.

o The DSL footprint in Ontario and Quebec has expanded to reach 73% of homes
and business lines passed.


                                       3
<PAGE>

Satellite Television Growth

Revenue growth of 33% fuelled by subscriber growth of 31%

o Bell ExpressVu's  continued growth in subscribers translated into revenues of
$156 million for the quarter,  33% higher than Q3 2001. EBITDA  losses
continued to decline  compared to last year  demonstrating  economies of scale
and  successful  cost  containment.  The year-over-year  improvement in EBITDA
of $8 million was due to better  management of operating and programming costs,
as well as lower subscriber  acquisition  costs  related  to lower net adds.

o Net additions of 45,000 for the  quarter  were down from the 83,000 net
additions  achieved in the same period last year  reflecting a higher  priced
offer,  premium  pricing to its major  competitor  and a softer  electronics
market.  In  addition,  activations  for Q3 2001 were  positively  impacted by
the new  digital  channel line-up introduced at that time.

o Bell  ExpressVu  increased  its  market  share  to 61%.  At the end of the
third  quarter  Bell  ExpressVu  had  1,221,000  customers representing a 31%
increase compared to last year.

o Cost of acquisition  (COA) per subscriber was $630 this quarter,  down from
$674 in Q3 of 2001,  reflecting a change in the accounting for programming
credits  associated with ExpressVu's  service  offering whereby these are now
required to be netted against  revenues. Without  this  change,  COA would have
risen  slightly on a  year-over-year  basis to $692 due to a lower  number of
activations  this quarter.

Average revenue per subscriber

 o Average  revenue per  subscriber  (ARPS) of $43 was down slightly from the
same period last year,  also  reflecting the change in the accounting for
programming credits.  Without this change, ARPS would have remained unchanged
on a year-over-year basis at $44.

Urban customer growth

o Urban market net additions  represented  71% of total net additions  this
quarter,  slightly  higher than the 70% achieved in the same period last year.
At the end of the quarter, Bell ExpressVu's urban customer base was up slightly
at 59% of total subscribers.

Anti-Piracy Initiatives

o Signal  piracy is a major issue facing all segments of the  Canadian
broadcasting  industry,  and Bell  ExpressVu is taking  numerous actions to
combat the "grey"  and  "black"  markets  for  satellite  services.  These
include  aggressively  pursuing  court  actions, conducting investigations,
implementing electronic counter-measures and leading targeted information
campaigns.

o On October 21st, Bell ExpressVu launched a $100 million lawsuit,  in
partnership with other Canadian  broadcasters,  against satellite dealers in
several cities across Canada.

o Bell  ExpressVu also uses technical counter-measures to detect and shutdown
illegal use of its systems.  The number of electronic counter-measures (ECM)
used is growing each year.  Bell ExpressVu's ECM team works closely with
world-class  security  experts from Echostar and Swiss based Nagra Vision SA.


                                       4
<PAGE>

Bell Globemedia

Solid financial performance

o Bell  Globemedia  revenues for Q3 were $273 million,  an 11% or $27 million
increase over the third quarter of 2001, while EBITDA grew to $17 million, a
$23 million increase over the previous year.

o These  results  reflect the positive  impact of the  acquisitions  of CFCF,
CKY, and RoBTV during the latter part of 2001.  Excluding acquisitions,
revenues  for the  quarter  would have risen $19  million or 7%,  while EBITDA
would have risen $23  million  over the previous year.

o These year-over-year  improvements are due to an increase in television and
print advertising revenues of 10%, increased  subscription revenues across the
print and TV divisions of 13%, as well as productivity gains.

The Globe and Mail retains leadership position

o The latest  NADbank  newspaper  readership data released in September shows
The Globe and Mail  increasing  its  leadership  of the national market with
1,006,000 readers. The Globe and Mail's 6-day cumulative readership levels lead
its closest rival by 19%.

Consolidation

o On  September 13, 2002,  Bell  Globemedia  purchased  Lycos Inc.'s 29 percent
stake in joint  venture  Sympatico-Lycos  and took full control of Canada's
largest Internet portal.

BCE Emergis

EBITDA continues to improve

o BCE Emergis had revenues of $135 million for the quarter,  down $38 million
from the third  quarter of 2001,  reflecting  decreases in both  non-recurring
and recurring  revenue,  as the company implements its revised business plan
announced April 5, 2002, which focused on key growth areas, driving recurring
revenue growth and the streamlining of service offerings and operating costs.

o The sequential revenue decline of $7 million reflects Emergis' sale of its
wire service asset, e-News, as well as previously announced declines in sales
to Bell Nexxia.

o EBITDA of $19 million was $16 million  lower than the third  quarter of 2001
but $8 million  higher than Q2 of this year. EBITDA on a year-to-date basis is
now positive at $10 million. EBITDA improvements have also led to free cash
flow of $10 million this quarter.

o Pursuing  its business  plan in the third  quarter,  BCE Emergis  exited a
number of activities  no longer  considered  core,  such as e-logistics, and
discontinued its participation in Procuron.


                                       5
<PAGE>

Cost Management

Productivity gains drive EBITDA performance

o BCE's  continuing focus on productivity  has led to total improvements this
quarter of  approximately  $150 million and $515 million year-to-date.
These  productivity  gains were an important  contibutor  in  delivering  BCE's
EBITDA growth rates of 4% and 5% for the quarter and year-to-date
respectively and improving overall  year-to-date  EBITDA margins to 39.1% from
the 38.1% experienced over the same time frame in 2001.

o Bell Canada's  productivity  gains of approximately $145 million this quarter
reflect  improvements  across the company in the cost of customer  acquisition
and servicing,  as well as general support.  The overall  productivity program
includes numerous smaller projects reflecting both cross-enterprise initiatives
and initiatives at the local business unit level. Year-to-date gains of $495
million are well on track to achieve Bell Canada's 2002 target of exceeding
$600 million in productivity improvements.

o Bell  Globemedia  also achieved  savings this quarter driven by its workforce
restructuring  and synergies from its  acquisitions  of CFCF, CKY and RoBTV.

Productivity gains and capex efficiency lead to positive free cash flow for Q3

o BCE  continued  its tight  management  of capex this quarter  resulting  in
expenditures  of $904  million or 19% of  revenues.  Bell Canada's capital
expenditures this quarter were $839 million,  or 19% of Bell's revenues,  and
represent the majority of BCE's capital spending.  Bell Canada expects to spend
approximately 20% of revenues on capital in 2002.

o BCE's reduced capex spending,  combined with the $150 million of productivity
savings across the group this quarter, led to free cash flow of $138 million
before  monetizations  and the  repurchase of a 3.5% minority  interest in Bell
Canada.  This  contributed  to an improvement in BCE's negative $324 million of
free cash flow year-to-date.

Financial Guidance

o The company is reiterating its full year financial guidance as follows:

         Consolidated                       2002
         Revenue                           approx. $19.5 B
         EBITDA                            approx.  $7.5 B
         Earnings per share                approx.  $1.80
         (before non-recurring items)




                                       6
<PAGE>

BCE Consolidated (1)(2)


Consolidated Statements of Operations (unaudited)
<TABLE>
<CAPTION>

Consolidated Statements of Operations (unaudited)

- ------------------------------------------------------------------------------------------------------------------------------
                                                             Three months                     Nine months
                                                              ended September 30               ended September 30
- ------------------------------------------------------------------------------------------------------------------------------
<C>                                                               <C>         <C>                  <C>         <C>
($ millions, except per share amounts)                            2002        2001 % change        2002        2001 % change
- ------------------------------------------------------------------------------------------------------------------------------
Operating revenues                                               4,822       4,818     0.1%      14,596      14,227      2.6%
- ------------------------------------------------------------------------------------------------------------------------------
Operating expenses                                               2,870       2,941    (2.4%)      8,887       8,812      0.9%
- ------------------------------------------------------------------------------------------------------------------------------
EBITDA (3)                                                       1,952       1,877     4.0%       5,709       5,415      5.4%
- ------------------------------------------------------------------------------------------------------------------------------
Amortization expense                                              (771)       (963)   19.9%      (2,352)     (2,878)    18.3%
- ------------------------------------------------------------------------------------------------------------------------------
Net benefit plans credit                                             7          26   (73.1%)         25          90    (72.2%)
- ------------------------------------------------------------------------------------------------------------------------------
Restructuring and other charges                                    (79)          -     N.M.        (492)       (239)     N.M.
- ------------------------------------------------------------------------------------------------------------------------------
Operating income                                                 1,109         940    18.0%       2,890       2,388     21.0%
- ------------------------------------------------------------------------------------------------------------------------------
Other income (expense)                                              (4)         69     N.M.         226       4,026    (94.4%)
- ------------------------------------------------------------------------------------------------------------------------------
Interest expense                                                  (288)       (255)  (12.9%)       (812)       (801)    (1.4%)
- ------------------------------------------------------------------------------------------------------------------------------
Earnings from continuing operations before
- ------------------------------------------------------------------------------------------------------------------------------
     income taxes and non-controlling interest                     817         754     8.4%       2,304       5,613    (59.0%)
- ------------------------------------------------------------------------------------------------------------------------------
Income taxes                                                      (303)       (368)   17.7%        (840)     (1,728)    51.4%
- ------------------------------------------------------------------------------------------------------------------------------
Non-controlling interest                                          (130)        (49)    N.M.        (401)       (224)   (79.0%)
- ------------------------------------------------------------------------------------------------------------------------------
Earnings from continuing operations                                384         337    13.9%       1,063       3,661    (71.0%)
- ------------------------------------------------------------------------------------------------------------------------------
Discontinued operations                                              -        (465)    N.M.        (340)     (2,862)    88.1%
- ------------------------------------------------------------------------------------------------------------------------------
Net earnings                                                       384        (128)    N.M.         723         799     (9.5%)
- ------------------------------------------------------------------------------------------------------------------------------
Dividends on preferred shares                                      (16)        (16)    0.0%         (43)        (50)    14.0%
- ------------------------------------------------------------------------------------------------------------------------------
Net earnings (loss) applicable to common shares                    368        (144)    N.M.         680         749     (9.2%)
- ------------------------------------------------------------------------------------------------------------------------------
Net earnings per common share - basic
- ------------------------------------------------------------------------------------------------------------------------------
     Continuing operations                                      $ 0.43      $ 0.40               $ 1.23      $ 4.47
- ------------------------------------------------------------------------------------------------------------------------------
     Net earnings                                               $ 0.43     $ (0.18)              $ 0.82      $ 0.93
- ------------------------------------------------------------------------------------------------------------------------------
Average number of common shares outstanding (millions)           864.1       807.9                827.3       807.8
- ------------------------------------------------------------------------------------------------------------------------------
The following non-recurring items are included in net earnings:
- ------------------------------------------------------------------------------------------------------------------------------
     Discontinued operations                                         -        (465)                (340)     (2,862)
- ------------------------------------------------------------------------------------------------------------------------------
     Restructuring and other charges                               (37)          -                 (253)       (114)
- ------------------------------------------------------------------------------------------------------------------------------
     Net gains on sale of investments and dilution gains            12         153                  134       3,166
- ------------------------------------------------------------------------------------------------------------------------------
     Goodwill amortization                                           -        (142)                   -        (428)
- ------------------------------------------------------------------------------------------------------------------------------
     Foreign exchange restatement                                    -         (29)                   -         (27)
- ------------------------------------------------------------------------------------------------------------------------------
     Other                                                           -         (19)                   -         (47)
- ------------------------------------------------------------------------------------------------------------------------------
Total                                                              (25)       (502)                (459)       (312)
- ------------------------------------------------------------------------------------------------------------------------------
Impact on net earnings per share                               $ (0.03)    $ (0.62)             $ (0.55)    $ (0.39)
- ------------------------------------------------------------------------------------------------------------------------------
N.M.:  not meaningful
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>


                                       7
<PAGE>


BCE Consolidated (1) (2)
Consolidated Statements of Operations (unaudited) - Historical trend
<TABLE>
<CAPTION>

                                                                                       Total                                  Total
- -----------------------------------------------------------------------------------------------------------------------------------
<S>                                                             <C>     <C>     <C>     <C>     <C>     <C>     <C>    <C>     <C>
 ($ millions, except per share amounts)                      Q3 02   Q2 02   Q1 02    2002   Q4 01   Q3 01   Q2 01  Q1 01    2001
- ----------------------------------------------------------------------------------------------------------------------------------
 Operating revenues                                          4,822   4,940   4,834  14,596   5,113   4,818   4,767  4,642  19,340
- ----------------------------------------------------------------------------------------------------------------------------------
 Operating expenses                                          2,870   2,995   3,022   8,887   3,286   2,941   2,943  2,928  12,098
- ----------------------------------------------------------------------------------------------------------------------------------
 EBITDA (3)                                                  1,952   1,945   1,812   5,709   1,827   1,877   1,824  1,714   7,242
- ----------------------------------------------------------------------------------------------------------------------------------
 Amortization expense                                         (771)   (809)   (772) (2,352)   (948)   (963)   (983)  (932) (3,826)
- ----------------------------------------------------------------------------------------------------------------------------------
 Net benefit plans credit                                        7      12       6      25      31      26      31     33     121
- ----------------------------------------------------------------------------------------------------------------------------------
 Restructuring and other charges                               (79)   (413)      -    (492)   (741)      -       -   (239)   (980)
- ----------------------------------------------------------------------------------------------------------------------------------
 Operating income                                            1,109     735   1,046   2,890     169     940     872    576   2,557
- ----------------------------------------------------------------------------------------------------------------------------------
 Other income (expense)                                         (4)    228       2     226     (11)     69      92  3,865   4,015
- ----------------------------------------------------------------------------------------------------------------------------------
 Interest expense                                             (288)   (263)   (261)   (812)   (255)   (255)   (264)  (282) (1,056)
- ----------------------------------------------------------------------------------------------------------------------------------
 Earnings (loss) from continuing operations before
- ----------------------------------------------------------------------------------------------------------------------------------
     income taxes and non-controlling interest                 817     700     787   2,304     (97)    754     700  4,159   5,516
- ----------------------------------------------------------------------------------------------------------------------------------
 Income taxes                                                 (303)   (244)   (293)   (840)    (31)   (368)   (327)(1,033) (1,759)
- ----------------------------------------------------------------------------------------------------------------------------------
 Non-controlling interest                                     (130)   (136)   (135)   (401)     38     (49)    (98)   (77)   (186)
- ----------------------------------------------------------------------------------------------------------------------------------
 Earnings (loss) from continuing operations                    384     320     359   1,063     (90)    337     275  3,049   3,571
- ----------------------------------------------------------------------------------------------------------------------------------
 Discontinued operations                                         -    (295)    (45)   (340)   (195)   (465)   (253)(2,144) (3,057)
- ----------------------------------------------------------------------------------------------------------------------------------
 Net earnings (loss)                                           384      25     314     723    (285)   (128)     22    905     514
- ----------------------------------------------------------------------------------------------------------------------------------
 Dividends on preferred shares                                 (16)    (14)    (13)    (43)    (14)    (16)    (16)   (18)    (64)
- ----------------------------------------------------------------------------------------------------------------------------------
 Net earnings (loss) applicable to common shares               368      11     301     680    (299)   (144)      6    887     450
- ----------------------------------------------------------------------------------------------------------------------------------
 Net earnings (loss) per common share - basic
- ----------------------------------------------------------------------------------------------------------------------------------
     Continuing operations                                  $ 0.43  $ 0.38  $ 0.43  $ 1.23 $ (0.13) $ 0.40  $ 0.32 $ 3.75  $ 4.34
- ----------------------------------------------------------------------------------------------------------------------------------
     Net earnings (loss)                                    $ 0.43  $ 0.01  $ 0.37  $ 0.82 $ (0.37)$ (0.18) $ 0.01 $ 1.10  $ 0.56
- ----------------------------------------------------------------------------------------------------------------------------------
 Average number of common shares outstanding (millions)      864.1   808.7   808.6   827.3   808.5   807.9   807.4  808.1   807.9
- ----------------------------------------------------------------------------------------------------------------------------------
 The following non-recurring items are included in net earnings:
- ----------------------------------------------------------------------------------------------------------------------------------
     Discontinued operations                                     -    (295)    (45)   (340)   (195)   (465)   (253)(2,144) (3,057)
- ----------------------------------------------------------------------------------------------------------------------------------
     Restructuring charges                                     (37)   (216)      -    (253)   (349)      -       -   (114)   (463)
- ----------------------------------------------------------------------------------------------------------------------------------
     Net gains on sale of investments and dilution gains        12     122       -     134      40     153       6  3,007   3,206
- ----------------------------------------------------------------------------------------------------------------------------------
     Goodwill amortization                                       -       -       -       -    (132)   (142)   (149)  (137)   (560)
- ----------------------------------------------------------------------------------------------------------------------------------
     Foreign exchange restatement                                -       -       -       -      (2)    (29)     37    (35)    (29)
- ----------------------------------------------------------------------------------------------------------------------------------
     Other                                                       -       -       -       -      (6)    (19)     (6)   (22)    (53)
- ----------------------------------------------------------------------------------------------------------------------------------
 Total                                                         (25)   (389)    (45)   (459)   (644)   (502)   (365)   555    (956)
- ----------------------------------------------------------------------------------------------------------------------------------
 Impact on net earnings per share                           $(0.03)$ (0.48)$ (0.06)$ (0.55)$ (0.80)$ (0.62) $ (0.45$ 0.69  $(1.18)
- ----------------------------------------------------------------------------------------------------------------------------------

</TABLE>


                                       8
<PAGE>


BCE Consolidated (1) (2)

Consolidated Balance Sheets (unaudited)
<TABLE>
<CAPTION>


                                                                                        September 30          December 31
<S>                                                                                             <C>                  <C>
(Millions of dollars, except where otherwise indicated)                                         2002                 2001
- --------------------------------------------------------------------------------------------------------------------------
ASSETS
Current assets
    Cash and cash equivalents                                                                  2,870                  569
    Accounts receivable                                                                        2,547                4,118
    Other current assets                                                                         871                1,213
                                                                                        -------------        -------------
Total current assets                                                                           6,288                5,900
Investments                                                                                      987                1,106
Capital assets                                                                                20,158               25,861
Future income taxes                                                                              728                1,031
Other long-term assets                                                                         3,266                3,363
Indefinite-life intangible assets                                                                879                  866
Goodwill                                                                                       6,677               15,947
                                                                                        -------------        -------------
Total assets                                                                                  38,983               54,074
- --------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Current liabilities
    Accounts payable and accrued liabilities                                                   3,722                5,792
    Income and other taxes payable                                                                33                  681
    Debt due within one year                                                                   2,780                5,263
                                                                                        -------------        -------------
Total current liabilities                                                                      6,535               11,736
Long-term debt                                                                                12,470               14,861
Future income taxes                                                                              922                  924
Other long-term liabilities                                                                    2,998                4,129
                                                                                        -------------        -------------
Total liabilities                                                                             22,925               31,650
                                                                                        -------------        -------------
Non-controlling interest                                                                       4,937                5,625
                                                                                        -------------        -------------
SHAREHOLDERS' EQUITY
Preferred shares                                                                               1,510                1,300
                                                                                        -------------        -------------
Common shareholders' equity
    Common shares                                                                             16,217               13,827
    Contributed surplus                                                                          980                  980
    Retained earnings (deficit)                                                               (7,605)                 712
    Currency translation adjustment                                                               19                  (20)
                                                                                        -------------        -------------
Total common shareholders' equity                                                              9,611               15,499
                                                                                        -------------        -------------
Total shareholders' equity                                                                    11,121               16,799
                                                                                        -------------        -------------
Total liabilities and shareholders' equity                                                    38,983               54,074
- --------------------------------------------------------------------------------------------------------------------------

Number of common shares outstanding                                                            905.0                808.5
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>


                                       9
<PAGE>


BCE Consolidated (1) (2)

Consolidated Cash Flow Information
<TABLE>
<CAPTION>

                                                                                         Three months        Nine months
                                                                                      ended September 30      ended September 30
<S>                                                                                       <C>       <C>          <C>         <C>
(Millions of dollars, except where otherwise indicated)                                   2002      2001         2002        2001
- ----------------------------------------------------------------------------------------------------------------------------------
Cash flows from operating activities
- ----------------------------------------------------------------------------------------------------------------------------------
   Earnings from continuing operations                                                     384       337        1,063       3,661
- ----------------------------------------------------------------------------------------------------------------------------------
   Adjustments to reconcile earnings from continuing
- ----------------------------------------------------------------------------------------------------------------------------------
     operations to cash flows from operating activities:
- ----------------------------------------------------------------------------------------------------------------------------------
       Amortization expense                                                                771       963        2,352       2,878
- ----------------------------------------------------------------------------------------------------------------------------------
       Restructuring and other charges                                                      67       (19)         472         184
- ----------------------------------------------------------------------------------------------------------------------------------
       Gains and losses on reduction of ownership in subsidiaries and joint ventures
- ----------------------------------------------------------------------------------------------------------------------------------
         and on disposal of investments                                                    (11)     (147)        (175)     (4,038)
- ----------------------------------------------------------------------------------------------------------------------------------
       Future income taxes                                                                 109       160          (10)        503
- ----------------------------------------------------------------------------------------------------------------------------------
       Other items                                                                          14       280          134        (103)
- ----------------------------------------------------------------------------------------------------------------------------------
       Change in non-cash working capital components (4)                                   152      (327)        (208)       (111)
- ----------------------------------------------------------------------------------------------------------------------------------
                                                                                         1,486     1,247        3,628       2,974
- ----------------------------------------------------------------------------------------------------------------------------------
Cash flows from investing activities
- ----------------------------------------------------------------------------------------------------------------------------------
   Capital expenditures                                                                   (904)   (1,034)      (2,697)     (3,803)
- ----------------------------------------------------------------------------------------------------------------------------------
   Investments                                                                             (73)     (253)        (181)       (383)
- ----------------------------------------------------------------------------------------------------------------------------------
   Other items                                                                              18        38            5         (49)
- ----------------------------------------------------------------------------------------------------------------------------------
                                                                                          (959)   (1,249)      (2,873)     (4,235)
- ----------------------------------------------------------------------------------------------------------------------------------
Dividends
- ----------------------------------------------------------------------------------------------------------------------------------
   Dividends paid on common and preferred shares                                          (255)     (259)        (758)       (777)
- ----------------------------------------------------------------------------------------------------------------------------------
   Dividends paid by subsidiaries to non-controlling interest                             (134)     (117)        (321)       (268)
- ----------------------------------------------------------------------------------------------------------------------------------
Free Cash Flow before monetizations and repurchase
- ----------------------------------------------------------------------------------------------------------------------------------
   of a minority interest in Bell Canada                                                   138      (378)        (324)     (2,306)
- ----------------------------------------------------------------------------------------------------------------------------------
   Monetizations, net of income taxes                                                       14        14          181       4,608
- ----------------------------------------------------------------------------------------------------------------------------------
Free Cash Flow before repurchase of a minority interest in Bell Canada                     152      (364)        (143)      2,302
- ----------------------------------------------------------------------------------------------------------------------------------
   Repurchase of a minority interest in Bell Canada                                     (1,326)        -       (1,326)          -
- ----------------------------------------------------------------------------------------------------------------------------------
Free Cash Flow after monetizations and repurchase
- ----------------------------------------------------------------------------------------------------------------------------------
   of a minority interest in Bell Canada                                                (1,174)     (364)      (1,469)      2,302
- ----------------------------------------------------------------------------------------------------------------------------------
Other financing activities
- ----------------------------------------------------------------------------------------------------------------------------------
   Increase (decrease) in notes payable and bank advances                                  (60)     (238)         426      (2,527)
- ----------------------------------------------------------------------------------------------------------------------------------
   Issue of long-term debt                                                               1,105       780        2,400       2,056
- ----------------------------------------------------------------------------------------------------------------------------------
   Repayment of long-term debt                                                            (299)     (235)        (802)       (963)
- ----------------------------------------------------------------------------------------------------------------------------------
   Issue of preferred shares                                                                 -         -          510           -
- ----------------------------------------------------------------------------------------------------------------------------------
   Redemption of preferred shares                                                            -         -         (306)          -
- ----------------------------------------------------------------------------------------------------------------------------------
   Redemption of preferred shares by subsidiaries                                            -         -            -        (346)
- ----------------------------------------------------------------------------------------------------------------------------------
   Issue of common shares                                                                2,381        10        2,390          66
- ----------------------------------------------------------------------------------------------------------------------------------
   Costs relating to the issuance of common shares                                         (78)        -          (78)          -
- ----------------------------------------------------------------------------------------------------------------------------------
   Purchase of common shares for cancellation                                                -         -            -        (191)
- ----------------------------------------------------------------------------------------------------------------------------------
   Issue of common shares, preferred shares, convertible
- ----------------------------------------------------------------------------------------------------------------------------------
     debentures and equity-settled notes by subsidiaries to non-controlling interest        44         3          201       1,370
- ----------------------------------------------------------------------------------------------------------------------------------
   Other items                                                                             (40)      (17)         (36)         17
- ----------------------------------------------------------------------------------------------------------------------------------
                                                                                         3,053       303        4,705        (518)
- ----------------------------------------------------------------------------------------------------------------------------------
Effect of exchange rate changes on cash and cash equivalents                                 1        (1)           1          (1)
- ----------------------------------------------------------------------------------------------------------------------------------
Cash provided by (used in) continuing operations                                         1,880       (62)       3,237       1,783
- ----------------------------------------------------------------------------------------------------------------------------------
Cash used in discontinued operations                                                         -      (643)        (936)       (955)
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in cash and cash equivalents                                     1,880      (705)       2,301         828
- ----------------------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents at beginning of period                                           990     1,793          569         260
- ----------------------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents at end of period                                               2,870     1,088        2,870       1,088
- ----------------------------------------------------------------------------------------------------------------------------------
Capital expenditures as a percentage of revenues                                         18.7%     21.5%        18.5%       26.7%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>


                                       10
<PAGE>


BCE Consolidated  (1) (2)
<TABLE>
<CAPTION>

Segmented Information
                                                                        Three months                   Nine months
                                                                        ended September 30             ended September 30
<S>                                                                     <C>       <C>                <C>       <C>
(Millions of dollars, except where otherwise indicated)                 2002      2001 % change      2002      2001   % change
- -------------------------------------------------------------------------------------------------------------------------------
Revenues
- -------------------------------------------------------------------------------------------------------------------------------
Bell Canada                                                            4,314     4,326    (0.3%)   12,957    12,666       2.3%
- -------------------------------------------------------------------------------------------------------------------------------
Bell Globemedia                                                          273       246    11.0%       911       849       7.3%
- -------------------------------------------------------------------------------------------------------------------------------
BCE Emergis                                                              135       173   (22.0%)      409       475     (13.9%)
- -------------------------------------------------------------------------------------------------------------------------------
BCE Ventures                                                             258       262    (1.5%)      782       757       3.3%
- -------------------------------------------------------------------------------------------------------------------------------
Corporate and other (including  inter-segment eliminations)             (158)     (189)   16.4%      (463)     (520)     11.0%
- -------------------------------------------------------------------------------------------------------------------------------
Revenues                                                               4,822     4,818     0.1%    14,596    14,227       2.6%
- -------------------------------------------------------------------------------------------------------------------------------
EBITDA (3)
- -------------------------------------------------------------------------------------------------------------------------------
Bell Canada                                                            1,891     1,818     4.0%     5,501     5,172       6.4%
- -------------------------------------------------------------------------------------------------------------------------------
Bell Globemedia                                                           17        (6)    N.M.       108        65      66.2%
- -------------------------------------------------------------------------------------------------------------------------------
BCE Emergis                                                               19        35   (45.7%)       10        92     (89.1%)
- -------------------------------------------------------------------------------------------------------------------------------
BCE Ventures                                                              67        73    (8.2%)      217       202       7.4%
- -------------------------------------------------------------------------------------------------------------------------------
Corporate and other (including  inter-segment eliminations)              (42)      (43)    2.3%      (127)     (116)     (9.5%)
- -------------------------------------------------------------------------------------------------------------------------------
EBITDA                                                                 1,952     1,877     4.0%     5,709     5,415       5.4%
- -------------------------------------------------------------------------------------------------------------------------------
Net earnings applicable to common shares
- -------------------------------------------------------------------------------------------------------------------------------
Bell Canada
- -------------------------------------------------------------------------------------------------------------------------------
    Bell Canada Holdings (including Aliant)                              367       317    15.8%     1,125       893      26.0%
- -------------------------------------------------------------------------------------------------------------------------------
    Bell ExpressVu                                                       (31)      (45)   31.1%      (109)     (129)     15.5%
- -------------------------------------------------------------------------------------------------------------------------------
Total Bell Canada                                                        336       272    23.5%     1,016       764      33.0%
- -------------------------------------------------------------------------------------------------------------------------------
Bell Globemedia                                                          (11)      (52)   78.8%         1      (125)      N.M.
- -------------------------------------------------------------------------------------------------------------------------------
BCE Emergis                                                               19       (70)    N.M.       (58)     (236)     75.4%
- -------------------------------------------------------------------------------------------------------------------------------
BCE Ventures                                                              16       137   (88.3%)       99       229     (56.8%)
- -------------------------------------------------------------------------------------------------------------------------------
Corporate and other (including  inter-segment eliminations)                8        34   (76.5%)      (38)    2,979       N.M.
- -------------------------------------------------------------------------------------------------------------------------------
Discontinued operations
- -------------------------------------------------------------------------------------------------------------------------------
    BCI                                                                    -      (260)    N.M.      (191)     (226)     15.5%
- -------------------------------------------------------------------------------------------------------------------------------
    Teleglobe                                                              -      (205)    N.M.      (149)   (2,636)     94.3%
- -------------------------------------------------------------------------------------------------------------------------------
Total discontinued operations                                              -      (465)    N.M.      (340)   (2,862)     88.1%
- -------------------------------------------------------------------------------------------------------------------------------
Net earnings applicable to common shares                                 368      (144)    N.M.       680       749      (9.2%)
- -------------------------------------------------------------------------------------------------------------------------------
Proportionate EBITDA, proportionate net debt and preferreds
- -------------------------------------------------------------------------------------------------------------------------------
                                                     Proportionate EBITDA
- -------------------------------------------------------------------------------------------------------------------------------
                      Common shares      BCE                                                       12-Mth           Proportionate
                                                                                                                    net debt
- -------------------------------------------------------------------------------------------------------------------------------
                     owned by BCE (M)         Ownership (%)   Q3 02    Q2 02     Q1 02    Q4 01   Trailing          and preferreds
- -------------------------------------------------------------------------------------------------------------------------------
Bell Canada
- -------------------------------------------------------------------------------------------------------------------------------
    Bell Canada Holdings                      84%             1,420    1,303     1,254    1,205     5,182               14,071
- -------------------------------------------------------------------------------------------------------------------------------
    Aliant (5)                  74.1          47%               107      113       104      121       445                  692
- -------------------------------------------------------------------------------------------------------------------------------
    ExpressVu                                100%               (37)     (29)      (38)     (70)     (174)                 (38)
- -------------------------------------------------------------------------------------------------------------------------------
Total Bell Canada                                             1,490    1,387     1,320    1,256     5,453               14,725
- -------------------------------------------------------------------------------------------------------------------------------
Bell Globemedia                               70%                 5       32        20       25        82                  495
- -------------------------------------------------------------------------------------------------------------------------------
BCE Emergis                     65.9          65%                12        7       (13)      23        29                  (34)
- -------------------------------------------------------------------------------------------------------------------------------
BCE Ventures
- -------------------------------------------------------------------------------------------------------------------------------
    CGI                        120.0          32%                22       28        25       30       105                  (27)
- -------------------------------------------------------------------------------------------------------------------------------
    Telesat                                  100%                44       46        47       52       189                  488
- -------------------------------------------------------------------------------------------------------------------------------
    Other                                    100%                 1       (1)        5        6        11                   99
- -------------------------------------------------------------------------------------------------------------------------------
Total BCE Ventures                                               67       73        77       88       305                  560
- -------------------------------------------------------------------------------------------------------------------------------
Corporate                                    100%               (42)     (47)      (38)     (43)     (170)
- -------------------------------------------------------------------------------------------------------------------------------
    Perpetual Preferred Shares                                                                                           1,510
- -------------------------------------------------------------------------------------------------------------------------------
    Retractable Preferred Shares (6)                                                                                       357
- -------------------------------------------------------------------------------------------------------------------------------
    Debt due within one year                                                                                               112
- -------------------------------------------------------------------------------------------------------------------------------
    Long term debt                                                                                                       1,122
- -------------------------------------------------------------------------------------------------------------------------------
    less:
- -------------------------------------------------------------------------------------------------------------------------------
    Cash and cash equivalents                                                                                           (2,052)
- -------------------------------------------------------------------------------------------------------------------------------
    Nortel common shares at market                                                                                         (11)
- -------------------------------------------------------------------------------------------------------------------------------
    Bell Canada Holdings debt due to BCE                                                                                (3,241)
- -------------------------------------------------------------------------------------------------------------------------------
    Redeemable preferred shares from BCH                                                                                (1,333)
- -------------------------------------------------------------------------------------------------------------------------------
    Total Corporate                                                                                                     (3,536)
- -------------------------------------------------------------------------------------------------------------------------------
Total                                                         1,532    1,452     1,366    1,349     5,699               12,210
- -------------------------------------------------------------------------------------------------------------------------------
N.M.:  not meaningful
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>


                                       11
<PAGE>


BCE Consolidated  (1) (2)

Segmented Information - Historical trend
<TABLE>
<CAPTION>

                                                                              Total                                    Total
<S>                                                  <C>       <C>     <C>     <C>     <C>     <C>     <C>     <C>      <C>
   (Millions of dollars, except where otherwise indiQ3t02)    Q2 02   Q1 02    2002   Q4 01   Q3 01   Q2 01   Q1 01     2001
   --------------------------------------------------------------------------------------------------------------------------

   Revenues
   Bell Canada                                      4,314     4,368   4,275  12,957   4,536   4,326   4,239   4,101   17,202
   Bell Globemedia                                    273       326     312     911     354     246     297     306    1,203
   BCE Emergis                                        135       142     132     409     181     173     159     143      656
   BCE Ventures                                       258       261     263     782     287     262     261     234    1,044
   Corporate and other (including  inter-segment elim(158)ons) (157)   (148)   (463)   (245)   (189)   (189)   (142)    (765)
                                                  ---------------------------------------------------------------------------
   Revenues                                         4,822     4,940   4,834  14,596   5,113   4,818   4,767   4,642   19,340
   --------------------------------------------------------------------------------------------------------------------------

   EBITDA (3)
   Bell Canada                                      1,891     1,850   1,760   5,501   1,704   1,818   1,719   1,635    6,876
   Bell Globemedia                                     17        58      33     108      43      (6)     41      30      108
   BCE Emergis                                         19        11     (20)     10      35      35      31      26      127
   BCE Ventures                                        67        73      77     217      88      73      72      57      290
   Corporate and other (including  inter-segment elimi-42ions)  (47)    (38)   (127)    (43)    (43)    (39)    (34)    (159)
                                                  --------
                                                  ---------------------------------------------------------------------------
   EBITDA                                           1,952     1,945   1,812   5,709   1,827   1,877   1,824   1,714    7,242
   --------------------------------------------------------------------------------------------------------------------------

   Net earnings (loss) applicable to common shares
   Bell Canada
       Bell Canada Holdings (including Aliant)        367       397     361   1,125     (39)    317     370     206      854
       Bell ExpressVu                                 -31       (38)    (40)   (109)    (62)    (45)    (40)    (44)    (191)
                                                  ---------------------------------------------------------------------------
   Total Bell Canada                                  336       359     321   1,016    (101)    272     330     162      663
   Bell Globemedia                                    -11        11       1       1     (25)    (52)    (40)    (33)    (150)
   BCE Emergis                                         19       (62)    (15)    (58)    (45)    (70)    (75)    (91)    (281)
   BCE Ventures                                        16        59      24      99      41     137      24      68      270
   Corporate and other (including  inter-segment elimina8ions)  (61)     15     (38)     26      34      20   2,925    3,005
   Discontinued operations
       BCI                                              -      (191)      -    (191)    (21)   (260)    (81)    115     (247)
       Teleglobe                                        -      (104)    (45)   (149)   (174)   (205)   (172) (2,259)  (2,810)
                                                  ---------------------------------------------------------------------------
   Total discontinued operations                        -      (295)    (45)   (340)   (195)   (465)   (253) (2,144)  (3,057)
                                                  ---------------------------------------------------------------------------
   Net earnings (loss) applicable to common shares    368        11     301     680    (299)   (144)      6     887      450
   --------------------------------------------------------------------------------------------------------------------------

</TABLE>

                                       12
<PAGE>


Bell Canada (1a) (2)
<TABLE>

Consolidated Statements of Operations (unaudited)

                                                                 Three months                     Nine months
                                                                 Ended September 30              ended September 30
<S>                                                                <C>      <C>                    <C>       <C>
    (Millions of dollars, except where otherwise indicated)        2002     2001   % change        2002      2001  % change
- ----------------------------------------------------------------------------------------------------------------------------
    Revenues
- ----------------------------------------------------------------------------------------------------------------------------
    Local and access                                              1,526    1,635      (6.7%)      4,581     4,706     (2.7%)
- ----------------------------------------------------------------------------------------------------------------------------
    Long distance                                                   651      663      (1.8%)      1,944     2,004     (3.0%)
- ----------------------------------------------------------------------------------------------------------------------------
    Wireless                                                        561      490      14.5%       1,597     1,346     18.6%
- ----------------------------------------------------------------------------------------------------------------------------
    Data                                                            926      881       5.1%       2,796     2,569      8.8%
- ----------------------------------------------------------------------------------------------------------------------------
    Other                                                           494      540      (8.5%)      1,577     1,700     (7.2%)
- ----------------------------------------------------------------------------------------------------------------------------
    Total Bell Canada Holdings (including Aliant)                 4,158    4,209      (1.2%)     12,495    12,325      1.4%
- ----------------------------------------------------------------------------------------------------------------------------
    Bell ExpressVu                                                  156      117      33.3%         462       341     35.5%
- ----------------------------------------------------------------------------------------------------------------------------
    Total operating revenues                                      4,314    4,326      (0.3%)     12,957    12,666      2.3%
- ----------------------------------------------------------------------------------------------------------------------------
    Operating expenses
- ----------------------------------------------------------------------------------------------------------------------------
    Bell Canada Holdings (including Aliant)                       2,230    2,346      (4.9%)      6,890     7,031     (2.0%)
- ----------------------------------------------------------------------------------------------------------------------------
    Bell ExpressVu                                                  193      162      19.1%         566       463     22.2%
- ----------------------------------------------------------------------------------------------------------------------------
    Total operating expenses                                      2,423    2,508      (3.4%)      7,456     7,494     (0.5%)
- ----------------------------------------------------------------------------------------------------------------------------
    EBITDA (3)
- ----------------------------------------------------------------------------------------------------------------------------
    Bell Canada Holdings (including Aliant)                       1,928    1,863       3.5%       5,605     5,294      5.9%
- ----------------------------------------------------------------------------------------------------------------------------
    Bell ExpressVu                                                  (37)     (45)     17.8%        (104)     (122)    14.8%
- ----------------------------------------------------------------------------------------------------------------------------
    Total EBITDA                                                  1,891    1,818       4.0%       5,501     5,172      6.4%
- ----------------------------------------------------------------------------------------------------------------------------
    Amortization expense                                           (721)    (737)      2.2%      (2,186)   (2,207)     1.0%
- ----------------------------------------------------------------------------------------------------------------------------
    Restructuring and other charges                                 (79)       -       N.M.        (373)     (239)   (56.1%)
- ----------------------------------------------------------------------------------------------------------------------------
    Net benefit plans credit                                         10       28     (64.3%)         29        97    (70.1%)
- ----------------------------------------------------------------------------------------------------------------------------
    Interest expense to third parties                              (248)    (236)     (5.1%)       (737)     (711)    (3.7%)
- ----------------------------------------------------------------------------------------------------------------------------
    Interest expense to BCE                                         (42)     (42)      0.0%        (107)     (129)    17.1%
- ----------------------------------------------------------------------------------------------------------------------------
    Equity income (loss) and other                                  (33)     (81)     59.3%         186       310    (40.0%)
- ----------------------------------------------------------------------------------------------------------------------------
    Earnings before income taxes
- ----------------------------------------------------------------------------------------------------------------------------
       and non-controlling interest                                 778      750       3.7%       2,313     2,293      0.9%
- ----------------------------------------------------------------------------------------------------------------------------
    Income taxes                                                   (308)    (361)     14.7%        (854)     (852)    (0.2%)
- ----------------------------------------------------------------------------------------------------------------------------
    Non-controlling interest                                        (38)     (14)      N.M.        (119)      (47)     N.M.
- ----------------------------------------------------------------------------------------------------------------------------
    Net earnings                                                    432      375      15.2%       1,340     1,394     (3.9%)
- ----------------------------------------------------------------------------------------------------------------------------
    Dividends on preferred shares                                   (16)     (15)     (6.7%)        (48)      (40)   (20.0%)
- ----------------------------------------------------------------------------------------------------------------------------
    Interest on equity settled notes                                (14)     (15)      6.7%         (44)      (44)     0.0%
- ----------------------------------------------------------------------------------------------------------------------------
    Net earnings applicable to common                               402      345      16.5%       1,248     1,310     (4.7%)
- ----------------------------------------------------------------------------------------------------------------------------
    The following non-recurring items are included in net earnings:
- ----------------------------------------------------------------------------------------------------------------------------
       Restructuring charges                                        (45)       -                   (236)     (143)
- ----------------------------------------------------------------------------------------------------------------------------
       Net gains on sale of investments and dilution gains            -        5                    205       415
- ----------------------------------------------------------------------------------------------------------------------------
       Goodwill amortization                                          -      (21)                     -       (62)
- ----------------------------------------------------------------------------------------------------------------------------
       Foreign exchange restatement                                   -      (38)                     -       (38)
- ----------------------------------------------------------------------------------------------------------------------------
       Other                                                          -        2                    (18)        -
- ----------------------------------------------------------------------------------------------------------------------------
    Total                                                           (45)     (52)                   (49)      172
- ----------------------------------------------------------------------------------------------------------------------------
    Other information
- ----------------------------------------------------------------------------------------------------------------------------
    Net capital expenditures                                        839      896      (6.4%)      2,447     3,533    (30.7%)
- ----------------------------------------------------------------------------------------------------------------------------
    Net debt, preferreds and equity settled notes
- ----------------------------------------------------------------------------------------------------------------------------
                                                                          Bell      BCH                   Bell
- ----------------------------------------------------------------------------------------------------------------------------
    At September 30, 2002                                                Canada   Corporate    Aliant   ExpressVu     Total
- ----------------------------------------------------------------------------------------------------------------------------
    Bank indebtedness / (cash and cash equivalents)                         (453)         -        (211)      (38)     (702)
- ----------------------------------------------------------------------------------------------------------------------------
    Long term debt                                                         9,130          -       1,239         -    10,369
- ----------------------------------------------------------------------------------------------------------------------------
    Debt due within one year                                               2,187          -         283         -     2,470
- ----------------------------------------------------------------------------------------------------------------------------
    Net debt                                                              10,864          -       1,311       (38)   12,137
- ----------------------------------------------------------------------------------------------------------------------------
    Preferred shares                                                       1,100          -         172         -     1,272
- ----------------------------------------------------------------------------------------------------------------------------
    Redeemable preferred shares to BCE                                         -      1,333           -         -     1,333
- ----------------------------------------------------------------------------------------------------------------------------
    Equity settled notes                                                   2,068     (2,068)          -         -         -
- ----------------------------------------------------------------------------------------------------------------------------
    Equity settled notes due to BCE                                            -      1,256           -         -     1,256
- ----------------------------------------------------------------------------------------------------------------------------
    Senior debt due to BCE                                                     -      1,985           -         -     1,985
- ----------------------------------------------------------------------------------------------------------------------------
    Equity settled notes due to SBC                                            -        314           -         -       314
- ----------------------------------------------------------------------------------------------------------------------------
    Net debt, preferreds and equity settled notes                         14,032      2,820       1,483       (38)   18,297
- ----------------------------------------------------------------------------------------------------------------------------
    N.M.:  not meaningful
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       13
<PAGE>


<TABLE>

Bell Canada (1a) (2)
Consolidated Statements of Operations  (unaudited) - Historical trend
<CAPTION>

                                                                                Total                                     Total
<S>                                                     <C>     <C>     <C>      <C>     <C>      <C>     <C>     <C>      <C>
   (Millions of dollars, except where otherwise indicatQ3)02   Q2 02   Q1 02     2002   Q4 01    Q3 01   Q2 01   Q1 01     2001
   -----------------------------------------------------------------------------------------------------------------------------

   Revenues
   Local and access                                    1,526   1,531   1,524    4,581   1,654    1,635   1,590   1,481    6,360
   Long distance                                         651     645     648    1,944     647      663     645     696    2,651
   Wireless                                              561     542     494    1,597     493      490     447     409    1,839
   Data                                                  926     947     923    2,796     990      881     878     810    3,559
   Other                                                 494     548     535    1,577     619      540     564     596    2,319
                                                   -----------------------------------------------------------------------------
   Total Bell Canada Holdings (including Aliant)       4,158   4,213   4,124   12,495   4,403    4,209   4,124   3,992   16,728
   Bell ExpressVu                                        156     155     151      462     133      117     115     109      474
                                                   -----------------------------------------------------------------------------
   Total operating revenues                            4,314   4,368   4,275   12,957   4,536    4,326   4,239   4,101   17,202
   Operating expenses
   Bell Canada Holdings (including Aliant)             2,230   2,334   2,326    6,890   2,629    2,346   2,371   2,314    9,660
   Bell ExpressVu                                        193     184     189      566     203      162     149     152      666
                                                   -----------------------------------------------------------------------------
   Total operating expenses                            2,423   2,518   2,515    7,456   2,832    2,508   2,520   2,466   10,326
   EBITDA (3)
   Bell Canada Holdings (including Aliant)             1,928   1,879   1,798    5,605   1,774    1,863   1,753   1,678    7,068
   Bell ExpressVu                          .             (37)    (29)    (38)    (104)    (70)     (45)    (34)    (43)    (192)
                                                   -----------------------------------------------------------------------------
   Total EBITDA                                        1,891   1,850   1,760    5,501   1,704    1,818   1,719   1,635    6,876
   Amortization expense                                 (721)   (754)   (711)  (2,186)   (727)    (737)   (753)   (717)  (2,934)
   Restructuring and other charges                       (79)   (294)      -     (373)   (737)       -       -    (239)    (976)
   Net benefit plans credit                               10      11       8       29      31       28      34      35      128
   Interest expense to third parties                    (248)   (252)   (237)    (737)   (236)    (236)   (242)   (233)    (947)
   Interest expense to BCE                               (42)    (24)    (41)    (107)    (42)     (42)    (43)    (44)    (171)
   Equity income (loss) and other                        (33)    227      (8)     186     (57)     (81)     68     323      253
                                                   -----------------------------------------------------------------------------
   Earnings before income taxes and
       non-controlling interest                          778     764     771    2,313     (64)     750     783     760    2,229
   Income taxes                                         (308)   (250)   (296)    (854)    (14)    (361)   (296)   (195)    (866)
   Non-controlling interest                              (38)    (46)    (35)    (119)     (2)     (14)    (32)     (1)     (49)
                                                   -----------------------------------------------------------------------------
   Net earnings                                          432     468     440    1,340     (80)     375     455     564    1,314
   Extraordinary Items                                     -       -       -        -     (70)       -       -       -      (70)
   Dividends on preferred shares                         (16)    (16)    (16)     (48)    (15)     (15)    (13)    (12)     (55)
   Interest on equity settled notes                      (14)    (16)    (14)     (44)    (15)     (15)    (15)    (14)     (59)
                                                   -----------------------------------------------------------------------------
                                                                             ---------
   Net earnings applicable to common                     402     436     410    1,248    (180)     345     427     538    1,130
   -----------------------------------------------------------------------------------------------------------------------------

                                                                                Total                                     Total
                                                       Q3 02   Q2 02   Q1 02     2002   Q4 01    Q3 01   Q2 01   Q1 01     2001
   -----------------------------------------------------------------------------------------------------------------------------
   The following non-recurring items are included in net earnings:
       Restructuring charges                             (45)   (191)      -     (236)   (467)       -       -    (143)    (610)
       Net gains on sale of investments and dilution gains -     205       -      205     (39)       5      10     400      376
       Goodwill amortization                               -       -       -        -     (21)     (21)    (21)    (20)     (83)
       Foreign exchange restatement                        -       -       -        -      (2)     (38)     49     (49)     (40)
       Other                                               -     (18)      -      (18)     24        2      (1)     (1)      24
                                                   -----------------------------------------------------------------------------
   Total                                                 (45)     (4)      -      (49)   (505)     (52)     37     187     (333)
   -----------------------------------------------------------------------------------------------------------------------------


   Other information

   Net capital expenditures                              839     832     776    2,447   1,099      896     941   1,696    4,632
   -----------------------------------------------------------------------------------------------------------------------------

</TABLE>

                                       14
<PAGE>


Bell Canada  (1a) (2)

<TABLE>
<CAPTION>

   Operating Statistics*
                                                               Three months                Nine months
                                                                ended September 30          ended September 30
<S>                                                              <C>     <C>                <C>     <C>
                                                                 2002    2001   % change    2002    2001 % change
   Wireline
- ------------------------------------------------------------------------------------------------------------------
   Local
- ------------------------------------------------------------------------------------------------------------------
   Network access services (k)
- ------------------------------------------------------------------------------------------------------------------
       Residential                                                                         8,580   8,648    (0.8%)
- ------------------------------------------------------------------------------------------------------------------
       Business                                                                            4,607   4,694    (1.9%)
- ------------------------------------------------------------------------------------------------------------------
   Total network access service                                                           13,187  13,342    (1.2%)
- ------------------------------------------------------------------------------------------------------------------
   Estimated Local market share(7) (%) - Bell Canada only
- ------------------------------------------------------------------------------------------------------------------
       Residential                                                                         98.0%   99.4% (1.4 pts.)
- ------------------------------------------------------------------------------------------------------------------
       Business                                                                            87.8%   90.6% (2.8 pts.)
- ------------------------------------------------------------------------------------------------------------------
   Total estimated local market share                                                      94.2%   96.1% (1.9 pts.)
- ------------------------------------------------------------------------------------------------------------------
   SmartTouch feature revenues  ($M)                              230     226    1.8%        692     658     5.2%
- ------------------------------------------------------------------------------------------------------------------
   Long Distance
- ------------------------------------------------------------------------------------------------------------------
   Conversation minutes (M)                                     4,660   4,400    5.9%     14,034  13,396     4.8%
- ------------------------------------------------------------------------------------------------------------------
   Average revenue per minute                                   0.127   0.136   (6.6%)     0.121   0.135   (10.4%)
- ------------------------------------------------------------------------------------------------------------------
   Estimated market share (% based on revenues) - Bell Canada only                         64.6%   64.1% (0.5 pts)
- ------------------------------------------------------------------------------------------------------------------
   Data
- ------------------------------------------------------------------------------------------------------------------
   Data revenues ($M)
- ------------------------------------------------------------------------------------------------------------------
       Legacy (8)                                                 461     546  (15.6%)     1,403   1,620   (13.4%)
- ------------------------------------------------------------------------------------------------------------------
       Non-Legacy (9)                                             465     335   38.8%      1,393     949    46.8%
- ------------------------------------------------------------------------------------------------------------------
                                                                  926     881    5.1%      2,796   2,569     8.8%
- ------------------------------------------------------------------------------------------------------------------
   Equivalent access lines (10) (k) - Bell Canada only
- ------------------------------------------------------------------------------------------------------------------
       Digital equivalent access lines                                                     3,645   3,734    (2.4%)
- ------------------------------------------------------------------------------------------------------------------
       Broadband equivalent access lines                                                  11,265   6,836    64.8%
- ------------------------------------------------------------------------------------------------------------------
   Internet subscribers (11) (k)
- ------------------------------------------------------------------------------------------------------------------
       DSL High Speed Internet subscribers (k)                                             1,002     625    60.3%
- ------------------------------------------------------------------------------------------------------------------
       Dial-up Internet subscribers (k)                                                      985   1,002    (1.7%)
- ------------------------------------------------------------------------------------------------------------------
                                                                                           1,987   1,627    22.1%
- ------------------------------------------------------------------------------------------------------------------
   Wireless
- ------------------------------------------------------------------------------------------------------------------
   Cellular & PCS Net activations (k)
- ------------------------------------------------------------------------------------------------------------------
       Pre-paid                                                    (1)     48    N.M.         (9)    159     N.M.
- ------------------------------------------------------------------------------------------------------------------
       Post-paid                                                   63     103  (38.8%)       256     257    (0.4%)
- ------------------------------------------------------------------------------------------------------------------
                                                                   62     151  (58.9%)       247     416   (40.6%)
- ------------------------------------------------------------------------------------------------------------------
   Cellular & PCS subscribers (k)
- ------------------------------------------------------------------------------------------------------------------
       Pre-paid                                                                              955     876     9.0%
- ------------------------------------------------------------------------------------------------------------------
       Post-paid                                                                           2,752   2,310    19.1%
- ------------------------------------------------------------------------------------------------------------------
                                                                                           3,707   3,186    16.4%
- ------------------------------------------------------------------------------------------------------------------
   Average revenue per unit ($/month)                              47      49   (4.1%)        46      46     0.0%
- ------------------------------------------------------------------------------------------------------------------
       Pre-paid                                                    12      14  (14.3%)        12      13    (7.7%)
- ------------------------------------------------------------------------------------------------------------------
       Post-paid                                                   60      62   (3.2%)        58      58     0.0%
- ------------------------------------------------------------------------------------------------------------------
   Churn (%) (average per month)                                 1.7%    1.5% 0.2 pts       1.6%    1.4%  0.2 pts
- ------------------------------------------------------------------------------------------------------------------
       Pre-paid                                                  2.0%    1.4% 0.6 pts       1.9%    1.4%  0.5 pts
- ------------------------------------------------------------------------------------------------------------------
       Post-paid                                                 1.6%    1.5% 0.1 pts       1.5%    1.4%  0.1 pts
- ------------------------------------------------------------------------------------------------------------------
   Usage per subscriber (min/month)                               206     184   12.0%        199     179    11.2%
- ------------------------------------------------------------------------------------------------------------------
   Cost of acquisition (12)  ($/sub)                              428     395    8.4%        443     387    14.5%
- ------------------------------------------------------------------------------------------------------------------
   Browser hits (M)                                                87      56   55.4%        293     126     N.M.
- ------------------------------------------------------------------------------------------------------------------
   Paging
- ------------------------------------------------------------------------------------------------------------------
   Subscribers (k)                                                                           660     733   (10.0%)
- ------------------------------------------------------------------------------------------------------------------
   Average revenue per unit ($/month)                              10      10    0.0%         10      10     0.0%
- ------------------------------------------------------------------------------------------------------------------
   Bell ExpressVu (Direct-to-Home Television)
- ------------------------------------------------------------------------------------------------------------------
   Total subscribers (k)                                                                   1,221     930    31.3%
- ------------------------------------------------------------------------------------------------------------------
   Net subscriber activations (k)                                  45      83  (45.8%)       152     208   (26.9%)
- ------------------------------------------------------------------------------------------------------------------
   Average revenue per subscriber ($/month)                        43      44   (2.3%)        44      45    (2.2%)
- ------------------------------------------------------------------------------------------------------------------
   Cost of acquisition ($/sub)                                    630     674   (6.5%)       701     642     9.2%
- ------------------------------------------------------------------------------------------------------------------
   Churn (%) (per quarter, year-to-date)                         3.6%    3.1% 0.5 pts       9.1%    8.1%  1.0 pts
- ------------------------------------------------------------------------------------------------------------------
   *Operating statistics are reported on a consolidated basis, except where otherwise noted.
- ------------------------------------------------------------------------------------------------------------------
   N.M.:  not meaningful
- ------------------------------------------------------------------------------------------------------------------
</TABLE>


                                       15
<PAGE>


Bell Canada  (1a) (2)

<TABLE>
<CAPTION>

Operating Statistics* - Historical trend
                                                                                  Total                                  Total
<S>                                                        <C>     <C>     <C>     <C>     <C>     <C>     <C>    <C>     <C>
                                                          Q3 02   Q2 02   Q1 02    2002   Q4 01   Q3 01   Q2 01  Q1 01    2001
   ----------------------------------------------------------------------------------------------------------------------------
   Wireline
   Local
   Network access services (k)
      Residential                                         8,580   8,532   8,613           8,634   8,648   8,578  8,653
      Business                                            4,607   4,630   4,633           4,662   4,694   4,684  4,685
                                                       -----------------------------------------        ---------------
                                                                                                --------
   Total network access service                          13,187  13,162  13,246          13,296  13,342  13,262 13,338

   Estimated Local market share (7) (%) - Bell Canada only
      Residential                                         98.0%   98.3%   98.7%           99.3%   99.4%   99.5%  99.6%
      Business                                            87.8%   88.0%   88.9%           89.8%   90.6%   90.8%  91.9%
                                                       -----------------------------------------        ---------------
                                                                                                --------
   Total estimated local market share                     94.2%   94.4%   95.1%           95.8%   96.1%   96.3%  96.8%

   SmartTouch feature revenues  ($M)                        230     230     232     692     230     226     224    208     888

   Long Distance
   Conversation minutes (M)                               4,660   4,725   4,649  14,034   4,804   4,400   4,498  4,498  18,200
   Average revenue per minute                             0.127   0.120   0.122   0.121   0.124   0.136   0.132  0.135   0.132
   Estimated market share (% based on revenues) - Bell Can64.6%nly62.9%   61.8%           63.6%   64.1%   63.2%  61.5%
   ----------------------------------------------------------------------------------------------------------------------------
   Data

   Data revenues ($M)
      Legacy (8)                                            461     460     482   1,403     556     546     540    534   2,176
      Non-Legacy (9)                                        465     487     441   1,393     434     335     338    276   1,383
                                                       ------------------------------------------------------------------------
                                                            926     947     923   2,796     990     881     878    810   3,559

   Equivalent access lines (10) (k) - Bell Canada only
      Digital equivalent access lines                     3,645   3,833   3,815           3,713   3,734   3,599  3,445
      Broadband equivalent access lines                  11,265  10,176   9,431           9,109   6,836   6,359  5,249

   Internet subscribers (11) (k)
      DSL High Speed Internet subscribers (k)             1,002     909     866             757     625     529    466
      Dial-up Internet subscribers (k)                      985   1,031   1,036           1,019   1,002     968    946
                                                       ----------------------------------------------------------------
                                                          1,987   1,940   1,902           1,776   1,627   1,497  1,412
   --------------------------------------------------------------------------------------------------------------------
   Wireless

   Cellular & PCS Net activations (k)
      Pre-paid                                               (1)    (26)     18      (9)     88      48      53     58     247
      Post-paid                                              63     117      76     256     186     103      98     56     443
                                                       ------------------------------------------------------------------------
                                                             62      91      94     247     274     151     151    114     690
   Cellular & PCS subscribers (k)
      Pre-paid                                              955     956     982             964     876     828    775
      Post-paid                                           2,752   2,689   2,572           2,496   2,310   2,207  2,109
                                                       ----------------------------------------------------------------
                                                          3,707   3,645   3,554           3,460   3,186   3,035  2,884

   Average revenue per unit ($/month)                        47      46      43      46      46      49      46     44      46
      Pre-paid                                               12      13      11      12      12      14      12     13      13
      Post-paid                                              60      59      56      58      59      62      59     55      58

   Churn (%) (average per month)                           1.7%    1.5%    1.5%    1.6%    1.7%    1.5%    1.4%   1.3%    1.5%
      Pre-paid                                             2.0%    1.8%    1.7%    1.9%    1.6%    1.4%    1.4%   1.3%    1.4%
      Post-paid                                            1.6%    1.4%    1.5%    1.5%    1.8%    1.5%    1.4%   1.3%    1.5%


   Usage per subscriber (min/month)                         206     205     181     199     190     184     190    161     182
   Cost of acquisition (12)  ($/sub)                        428     448     454     443     350     395     385    380     374

   Browser hits (M)                                          87      94     112     293     103      56      42     28     229
   ----------------------------------------------------------------------------------------------------------------------------

   Paging
   Subscribers  (k)                                         660     680     694             715     733     755    759
   Average revenue per unit ($/month)                        10      10      10      10      10      10      10     11      10
   ----------------------------------------------------------------------------------------------------------------------------
   Bell ExpressVu (Direct-to-Home Television)
   Total subscribers (k)                                  1,221   1,176   1,145           1,069     930     847    796
   Net subscriber activations (k)                            45      31      76     152     139      83      51     74     347
   Average revenue per subscriber ($/month)                  43      44      45      44      44      44      46     47      45
   Cost of acquisition ($/sub)                              630     769     718     701     710     674     623    612     676
   Churn (%) (per quarter, year-to-date)                   3.6%    3.1%    2.5%    9.1%    2.1%    3.1%    2.6%   2.4%   10.3%
   ----------------------------------------------------------------------------------------------------------------------------
   * Operating statistics are reported on a consolidated basis, except where otherwise noted.

</TABLE>

                                       16
<PAGE>


  Bell Globemedia (1b) (2)
<TABLE>
<CAPTION>


    Statements of Operations - Selected data                               Three months                Nine months
                                                                            ended September 30          ended September 30
<S>                                                                     <C>       <C>               <C>       <C>
(Millions of dollars, except otherwise indicated)                       2002      2001 % change     2002      2001 % change
- ----------------------------------------------------------------------------------------------------------------------------
Revenues
- ----------------------------------------------------------------------------------------------------------------------------
   Advertising                                                           180       163   10.4%       629       597     5.4%
- ----------------------------------------------------------------------------------------------------------------------------
   Subscriber                                                             72        64   12.5%       215       192    12.0%
- ----------------------------------------------------------------------------------------------------------------------------
   Production and Sundry                                                  21        19   10.5%        67        60    11.7%
- ----------------------------------------------------------------------------------------------------------------------------
Total Revenues                                                           273       246   11.0%       911       849     7.3%
- ----------------------------------------------------------------------------------------------------------------------------
EBITDA (3)                                                                17        (6)   N.M.       108        65    66.2%
- ----------------------------------------------------------------------------------------------------------------------------
Operating statistics
- ----------------------------------------------------------------------------------------------------------------------------
Bell Globemedia Interactive*
- ----------------------------------------------------------------------------------------------------------------------------
   Unique visitors per month (in millions) **                            9.9       8.5   16.5%
- ----------------------------------------------------------------------------------------------------------------------------
Statements of Operations - Selected data - Historical trend
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>


                                                                               Total                                         Total
<S>                                                   <C>      <C>     <C>      <C>       <C>     <C>       <C>       <C>     <C>
(Millions of dollars, except where otherwise indicateQ3 02    Q2 02   Q1 02     2002     Q4 01   Q3 01     Q2 01     Q1 01    2001
- -----------------------------------------------------------------------------------------------------------------------------------
Revenues
- -----------------------------------------------------------------------------------------------------------------------------------
   Advertising                                         180      230     219      629       263     163       213       221     860
- -----------------------------------------------------------------------------------------------------------------------------------
   Subscriber                                           72       70      73      215        67      64        63        65     259
- -----------------------------------------------------------------------------------------------------------------------------------
   Production and Sundry                                21       26      20       67        24      19        21        20      84
- -----------------------------------------------------------------------------------------------------------------------------------
Total Revenues                                         273      326     312      911       354     246       297       306   1,203
- -----------------------------------------------------------------------------------------------------------------------------------
EBITDA (3)                                              17       58      33      108        43      (6)       41        30     108
- -----------------------------------------------------------------------------------------------------------------------------------
Operating statistics - historical trend
- -----------------------------------------------------------------------------------------------------------------------------------
Bell Globemedia Interactive*
- -----------------------------------------------------------------------------------------------------------------------------------
   Unique visitors per month (in millions) **          9.9      9.7    10.2                9.8     8.5       N/A       N/A
- -----------------------------------------------------------------------------------------------------------------------------------
*As of July 1, 2001,  Bell Globemedia Interactive combines all interactive new media initiatives across the company including
- -----------------------------------------------------------------------------------------------------------------------------------
Sympatico-Lycos, Globe Interactive, CTV Interactive and the new media initiatives of the former Netstar group of properties.
- -----------------------------------------------------------------------------------------------------------------------------------
** Source: Media Metrix
- -----------------------------------------------------------------------------------------------------------------------------------
N/A: not available
- -----------------------------------------------------------------------------------------------------------------------------------
N.M.:  not meaningful
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>


                                       17
<PAGE>


 BCE Emergis  (1c) (2)
<TABLE>
<CAPTION>

   Statements of Operations - Selected data
                                                                              Three months               Nine months
                                                                               ended September 30         ended September 30
<S>                                                                            <C>      <C>               <C>      <C>
   (Millions of dollars, except where otherwise indicated)                     2002     2001  % change    2002     2001 % change
- ---------------------------------------------------------------------------------------------------------------------------------
   Revenues:
- ---------------------------------------------------------------------------------------------------------------------------------
   eHealth Solutions Group                                                       70            (9.1%)77    214      224    (4.5%)
- ---------------------------------------------------------------------------------------------------------------------------------
   BCE Emergis - Canada                                                          57           (25.0%)76    177      214   (17.3%)
- ---------------------------------------------------------------------------------------------------------------------------------
   BCE Emergis - U.S.A.                                                           8           (60.0%)20     18       37   (51.4%)
- ---------------------------------------------------------------------------------------------------------------------------------
   Total Revenues                                                               135      173  (22.0%)      409      475   (13.9%)
- ---------------------------------------------------------------------------------------------------------------------------------
   Operating expenses                                                           116           (15.9%)8     399      383     4.2%
- ---------------------------------------------------------------------------------------------------------------------------------
   EBITDA (3)                                                                    19           (45.7%)       10       92   (89.1%)
- ---------------------------------------------------------------------------------------------------------------------------------
   Revenues by geographic mix
- ---------------------------------------------------------------------------------------------------------------------------------
   Canada                                                                        77       98  (21.4%)      240      275   (12.7%)
- ---------------------------------------------------------------------------------------------------------------------------------
   United States                                                                 58       74  (21.6%)      169      199   (15.1%)
- ---------------------------------------------------------------------------------------------------------------------------------
   Other                                                                          -        1    N.M.         -        1     N.M.
- ---------------------------------------------------------------------------------------------------------------------------------
                                                                                135      173  (22.0%)      409      475   (13.9%)
- ---------------------------------------------------------------------------------------------------------------------------------
   Statements of Operations - Selected data  - Historical trend
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>


                                                                              Total                                        Total
<S>                                                  <C>      <C>      <C>     <C>      <C>     <C>       <C>      <C>      <C>
(Millions of dollars, except otherwise indicated)   Q3 02    Q2 02    Q1 02    2002    Q4 01   Q3 01     Q2 01    Q1 01     2001
- ---------------------------------------------------------------------------------------------------------------------------------
   Revenues:
- ---------------------------------------------------------------------------------------------------------------------------------
   eHealth Solutions Group                             70       77       67     214       83      77        77       70      307
- ---------------------------------------------------------------------------------------------------------------------------------
   BCE Emergis - Canada                                57       60       60     177       82      76        66       72      296
- ---------------------------------------------------------------------------------------------------------------------------------
   BCE Emergis - U.S.A.                                 8        5        5      18       16      20         7       10       53
- ---------------------------------------------------------------------------------------------------------------------------------
   Total Revenues                                     135      142      132     409      181     173       159      143      656
- ---------------------------------------------------------------------------------------------------------------------------------
   Operating expenses                                 116      131      152     399      146     138       117       28      529
- ---------------------------------------------------------------------------------------------------------------------------------
   EBITDA (3)                                          19       11      (20)     10       35      35        31       26      127
- ---------------------------------------------------------------------------------------------------------------------------------
   Revenue by geographic mix
- ---------------------------------------------------------------------------------------------------------------------------------
   Canada                                              77       85       78     240       111      98        89      88      386
- ---------------------------------------------------------------------------------------------------------------------------------
   United States                                       58       57       54     169       70       74        70      55      269
- ---------------------------------------------------------------------------------------------------------------------------------
   Other                                                -        -        -       -        -        1         -        -        1
- ---------------------------------------------------------------------------------------------------------------------------------
   Total                                              135     142      132      409      181     173       159     143       656
- ---------------------------------------------------------------------------------------------------------------------------------
   N.M.: not meaningful
</TABLE>


                                       18
<PAGE>



BCE Ventures (1d) (2)

<TABLE>

   Statements of Operations - Selected data
                                                                            Three months             Nine months
                                                                             ended September 30      ended September 30
<S>                                                                           <C>     <C>             <C>      <C>
   (Millions of dollars, except otherwise indicated)                          2002    2001 % change   2002     2001   %change
- ----------------------------------------------------------------------------------------------------------------------------
   Revenues
- ----------------------------------------------------------------------------------------------------------------------------
   CGI                                                                         177     166    6.6%     524      488    7.4%
- ----------------------------------------------------------------------------------------------------------------------------
   Telesat                                                                      77      80   (3.8%)    232      225    3.1%
- ----------------------------------------------------------------------------------------------------------------------------
   Other                                                                         4      16  (75.0%)     26       44  (40.9%)
- ----------------------------------------------------------------------------------------------------------------------------
   Total Revenues                                                              258     262   (1.5%)    782      757    3.3%
- ----------------------------------------------------------------------------------------------------------------------------
   EBITDA (3)
- ----------------------------------------------------------------------------------------------------------------------------
   CGI                                                                          22      21    4.8%      75       67   11.9%
- ----------------------------------------------------------------------------------------------------------------------------
   Telesat                                                                      44      48   (8.3%)    137      126    8.7%
- ----------------------------------------------------------------------------------------------------------------------------
   Other                                                                         1       4  (75.0%)      5        9  (44.4%)
- ----------------------------------------------------------------------------------------------------------------------------
   Total EBITDA                                                                 67      73   (8.2%)    217      202    7.4%
- ----------------------------------------------------------------------------------------------------------------------------
   Statements of Operations - Selected data - Historical trend
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                                                                                Total                                    Total
<S>                                                       <C>   <C>     <C>      <C>     <C>     <C>     <C>      <C>     <C>
(Millions of dollars, except where otherwise indicated)  Q302  Q2 02   Q1 02     2002   Q4 01   Q3 01   Q2 01    Q1 01    2001
- ----------------------------------------------------------------------------------------------------------------------------
   Revenues
- ----------------------------------------------------------------------------------------------------------------------------
   CGI                                                177     176     171      524     169     166     168      154     657
- ----------------------------------------------------------------------------------------------------------------------------
   Telesat                                             77      78      77      232      96      80      74       71     321
- ----------------------------------------------------------------------------------------------------------------------------
   Other                                                4       7      15       26      22      16      19        9      66
- ----------------------------------------------------------------------------------------------------------------------------
   Total Revenues                                     258     261     263      782     287     262     261      234   1,044
- ----------------------------------------------------------------------------------------------------------------------------
   EBITDA (3)
- ----------------------------------------------------------------------------------------------------------------------------
   CGI                                                 22      28      25       75      30      21      24       22      97
- ----------------------------------------------------------------------------------------------------------------------------
   Telesat                                             44      46      47      137      52      48      41       37     178
- ----------------------------------------------------------------------------------------------------------------------------
   Other                                                1      (1)      5        5       6       4       7       (2)     15
- ----------------------------------------------------------------------------------------------------------------------------
   Total EBITDA                                        67      73      77      217      88      73      72       57     290
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>


                                       19
<PAGE>


Accompanying Notes

BCE Inc. | Investor Briefing - Third Quarter 2002



(1)  BCE is involved in the following operating  businesses through its
     subsidiaries:  Bell Canada; Bell Globemedia;  and BCE Emergis. All other
     businesses are grouped in the BCE Ventures segment.

(a)      Bell Canada segment

o        The Bell Canada  segment  provides  connectivity  to residential
         and business  customers  through wired and wireless  voice and data
         communications, high-speed and wireless Internet access,
         direct-to-home  satellite  entertainment services,  IP-broadband
         services, e-business solutions and local and long distance phone and
         directory services.

o        This segment reflects the consolidation of Bell Canada Holdings (BCH)
         (83.5%), Aliant Inc. (approximately  39% held by Bell Canada and
         approximately 14% held by BCE Inc.) and ExpressVu Limited Partnership
         (100%).

- -        BCH results  reflect the  consolidation  of Bell Canada  (100%) and
         its wholly-owned subsidiaries, mainly, Bell Mobility, BCE Nexxia Inc.,
         Bell ActiMedia Inc., Bell Distribution Inc.,  Northwestel Inc., as
         well as 89.9% of Certen Inc., 63.6% of Northern  Telephone,  63.6% of
         Telebec and 60% of Bell West Inc. In addition, BCH holds an interest
         in  Manitoba Telecom Services Inc. (21.7% on a fully diluted basis)
         which is accounted for using the equity method.

(b)      Bell Globemedia (BGM)

o        BGM is a Canadian  multi-media  company in the fields of broadcasting,
         print and the Internet.  BGM provides integrated  information,
         communications and  entertainment  services to Canadian customers and
         access to distinctive Canadian  content. Through its various portal
         properties,  Bell Globemedia also provides unique destinations for
         Internet users.

o        BCE holds a 70.1% interest in BGM and therefore consolidates its
         results. BGM is comprised of the television operations of CTV Inc.
         (100%), the print operations of The Globe and Mail (100%), and the
         interactive operations of Bell Globemedia Interactive (100%) and other
         media interests.


(c)      BCE Emergis

o        Represents BCE Emergis  Inc. BCE Emergis is a business-to-business
         (B2B) e-commerce infrastructure provider, strategically focusing on
         market leadership in the transaction-intensive eHealth and financial
         services  sectors through its three strategic business units, eHealth
         Solutions Group, BCE Emergis - Canada and BCE Emergis - U.S.A.

o        BCE Emergis Inc. is 64.7% owned by BCE and its financial results are
         consolidated.


                                       20
<PAGE>

(d)      BCE Ventures

o        Reflects BCE's interests in CGI Group Inc. (CGI),  Telesat Canada
         (Telesat) and certain other BCE  investments. CGI provides end-to-end
         information technology services and business solutions to customers
         in North America, Europe, Australia and Asia. Telesat delivers
         satellite business services primarily to North American companies.

o        This segment consolidates BCE's interests in Telesat (100%), TMI
         Communications and Company Limited  Partnership (100%), Bimcor Inc.
         (100%), BCE Capital Inc. (100%), TeleReal Inc. (100%) and CGI (31.5%)
         on a proportionate basis.

(2)      Effective  January 1, 2002,  BCE adopted the revised  recommendations
         of CICA Handbook  Section 1650,  Foreign  Currency  Translation.  The
         standards require that all unrealized  translation  gains and losses
         on assets and  liabilities  denominated in foreign  currencies be
         included in earnings for the year,  including gains and losses on
         long-term monetary assets and liabilities,  such as long-term debt,
         which were previously  deferred and amortized on a straight-line basis
         over the remaining lives of the related items. These amendments were
         applied retroactively with restatement of prior periods.

         The CICA recently issued new Handbook Sections 1581, Business
         Combinations, and 3062,  Goodwill and Other Intangible  Assets.
         Effective July 1, 2001, the standards require that all business
         combinations be accounted for using the purchase method. Additionally,
         effective January 1, 2002, goodwill and intangible  assets  with an
         indefinite life are no longer being amortized  to earnings and will be
         assessed for impairment on an annual basis in accordance with the new
         standards, including a transitional  impairment test whereby any
         resulting impairment was charged to opening retained earnings. BCE's
         management allocated its existing goodwill and intangible assets with
         an indefinite life to its reporting units and completed the assessment
         of the  quantitative  impact of the  transitional  impairment  test on
         its financial statements. In 2002, an impairment of $8,180 million was
         charged to opening retained earnings as of January 1, 2002, as
         required by the transitional  provisions of the new CICA Handbook
         section 3062,  relating to impaired goodwill of reporting units within
         Teleglobe ($7,516 million), Bell Globemedia ($545 million) and BCE
         Emergis ($119 million).

         BCE  consolidated  results have been restated to reflect the results
         of Bell Canada  International  (BCI) and Teleglobe as  discontinued
         operations. In addition, BCE no longer consolidates BCI and Teleglobe.

(3)      Alternative Earnings Measures

         EBITDA is defined as operating  revenues less operating expenses and
         therefore  reflects earnings before interest,  taxes,  depreciation
         and amortization expense, as well as any non-recurring  items. BCE
         uses EBITDA,  amongst other measures,  to assess the operating
         performance of its on-going businesses. The term "EBITDA" does not
         have a standardized  meaning  prescribed  under Canadian  Generally
         Accepted  Accounting  Principles  (GAAP) or U.S. GAAP and therefore
         may not be comparable to similarly  titled  measures  presented by
         other publicly  traded  companies.  EBITDA should not be construed as
         the equivalent of net cash flows from operating activities.

(4)      Excludes taxes paid in 2002 relating to the settlement of short-term
         forward contracts on approximately 47.9 million Nortel Networks common
         shares, as well as the sale of an equivalent number of Nortel Networks
         common shares, which are netted against proceeds from monetizations.


                                       21
<PAGE>

(5)      Represents 83.5% of Bell Canada's 39.0% interest (54.6M shares) and
         100% of BCE's 14% interest (19.5M shares).

(6)      Represents $357 million of Series P Retractable Preferred Shares,
         which are reflected in other long-term liabilities on the financial
         statements.

(7)      Bell Canada's local market shares reflect losses to facilities-based
         competition only.

(8)      Legacy data revenues  include digital  transmission  services such as
         MEGALINK TM, network access for Integrated  Services  Digital Network
         (ISDN) and Data, as well as, competitive network services and the sale
         of inter-networking equipment.

(9)      Non-legacy data revenues include national and regional IP data,
         Internet, e-commerce and wireless data services.

(10)     Digital  equivalent  access lines are derived by converting  low
         capacity data lines (DS-3 and lower) to the  equivalent  number of
         voice grade access lines.  Broadband  equivalent  access lines are
         derived by converting high capacity data lines (higher than DS-3) to
         the equivalent number of voice grade access lines.

                                   Conversion factors
                         DS-0
                                                              1
                         Basic ISDN
                                                              2
                         Primary ISDN
                                                             23
                         DS-1, DEA
                                                             24
                         DS-3                               672
                         OC-3                             2,016
                         OC-12                            8,064
                         OC-48                           32,256
                         OC-192                         129,024
                         10BaseT                            155
                         100 BaseT                        1,554
                         Gigabit E                       15,544

(11)     DSL High Speed Internet subscribers include consumer, business and
         wholesale. Dial-up Internet subscribers include consumer and business.

(12)     Includes allocation of selling costs from Bell Canada and  excludes
         costs of  migrating  from analog to digital. Cost of Acquisition (COA)
         per subscriber for 2002 is reflected on a consolidated basis. COA per
         subscriber for 2001 reflects Bell Mobility only.


                                       22
<PAGE>



BCE Inc. | Investor Briefing - Third Quarter 2002


Certain statements made in this document which describe BCE's or its
subsidiaries'  intentions,  expectations or predictions,  including,  without
limitation, financial guidance concerning revenues,  EBITDA and EPS, expected
levels of productivity  improvements,  Bell Mobility's 1xRTT network rollout
plans, and other statements that are not historical facts, are  forward-looking
statements and are subject to important risks,  uncertainties  and assumptions.
The results or events predicted in these statements could differ materially
from actual results or events.

Factors which could cause results or events to differ materially from current
expectations include, among other things:

- -  the timing and extent of economic expansion in Canada and of improvements in
   customer confidence and spending;
- -  the level of demand and prices for data, IP broadband and voices services;
- -  BCE's ability to manage costs and generate productivity improvements;
- -  the financial condition and credit risk of customers and uncertainties
   regarding collectibility of receivables;
- -  uncertainty as to whether BCE 's strategies will yield the expected
   benefits, synergies and growth prospects;
- -  the intensity of competitive  activity,  and its resulting impact on the
   ability to retain existing, and attract new, customers, and the consequent
   impact on pricing strategies, revenues and network capacity;
- -  the level of capital expenditures necessary to expand operations,
   increase the number of customers,  provide new services,  build and update
   networks and maintain or improve quality of service;
- -  the availability and cost of capital required to implement BCE's financing
   plan and fund capital and other expenditures;
- -  the Internet economy growing at a slower pace than is currently anticipated;
- -  the ability to deploy new technologies and offer new products and services
   rapidly and achieve market acceptance thereof;
- -  BCE's ability to carry out cross selling of various services offered by the
   BCE group of companies;
- -  stock market volatility;
- -  the risk of credit rating downgrades;
- -  the availability of, and ability to retain, key personnel;
- -  the impact of adverse changes in laws or regulations or of adverse
   regulatory initiatives or proceedings (including the outcome of the appeal
   of the CRTC's price cap decision);


                                       23
<PAGE>

- -  the possibility of further deterioration in the state of capital markets and
   the telecommunications industry;
- -  BCE's  ability to implement its financing  plan in order to finance the
   purchase of SBC  Communications  Inc.'s  remaining  minority  interest in
   Bell Canada;
- -  the risk that the closing of the Bell Canada Directories sale may be delayed
   or not occur; and
- -  the final outcome of pending or future litigation.

For additional  information with respect to certain of these and other factors,
refer to BCE's 2002 quarterly MD&As filed by BCE with the U.S.  Securities and
Exchange Commission under Form 6-K and with the Canadian securities
commissions.  The forward-looking  statements  contained in this document
represent BCE's expectations as of October 23, 2002 and,  accordingly,  are
subject to change after such date. However,  BCE disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information,  future events or otherwise.  Furthermore,
forward-looking statements contained in this  document do not reflect the
potential  impact of any  dispositions,  monetizations, mergers, acquisitions,
other  business  combinations  or other transactions that may be announced
after October 23, 2002.


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