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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950103-03-001239.txt : 20030501
<SEC-HEADER>0000950103-03-001239.hdr.sgml : 20030501
<ACCEPTANCE-DATETIME>20030430183905
ACCESSION NUMBER:		0000950103-03-001239
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		27
CONFORMED PERIOD OF REPORT:	20030430
FILED AS OF DATE:		20030501

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:		03674556

	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>apr3003_6k.htm
<TEXT>
<html>
<head>
<title>BCE 6-K</title>
<body leftmargin="50p" marginwidth="50p">
<div align=center> <font size="3" face="Times New Roman, Times, serif"><strong>SECURITIES
  AND EXCHANGE COMMISSION<br>
  WASHINGTON, D.C. 20549<br>
  <br>
  FORM 6-K<br>
  <br>
  REPORT OF FOREIGN PRIVATE ISSUER</strong><br>
<br>
Pursuant to Rule 13a-16 or 15d-16 under<br>
the Securities Exchange Act of 1934</font><br>
<br>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="50%"><font size="3" face="Times New Roman, Times, serif">For
        the month of: <strong>April, 2003</strong></font></td>
      <td width="50%" align="right"><font size="3" face="Times New Roman, Times, serif">Commission
        File Number:<strong> 1-8481</strong></font></td>
    </tr>
    <tr>
      <td width="50%"><font size="3" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td width="50%"><font size="3" face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr align="center" valign="bottom">
      <td colspan="2"><strong><font size="3" face="Times New Roman, Times, serif">BCE
        Inc.</font></strong></td>
    </tr>
    <tr align="center" valign="bottom">
      <td colspan="2"><font size="2" face="Times New Roman, Times, serif"><em>
        (Translation of Registrant&#8217;s name into English)</em></font></td>
    </tr>
    <tr align="center" valign="bottom">
      <td width="50%"><font size="3" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td width="50%"><font size="3" face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr align="center" valign="bottom">
      <td colspan="2"><font size="3" face="Times New Roman, Times, serif">1000,
        rue de La Gaucheti&egrave;re Ouest, Bureau 3700, Montr&eacute;al, Qu&eacute;bec H3B 4Y7, (514)
        397-7000 </font></td>
    </tr>
    <tr align="center" valign="bottom">
      <td colspan="2"><font size="2" face="Times New Roman, Times, serif"><em>(Address
        of principal executive offices)</em></font></td>
    </tr>
    <tr align="center" valign="bottom">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
  </table>
</div>
<p><font size="3" face="Times New Roman, Times, serif">Indicate by check mark whether the
  Registrant files or will file annual reports under cover of Form 20-F or Form
  40-F. </font>
<div align=center>
<table border=0 cellpadding=0 cellspacing=0>
    <tr align="center">
      <td width="200" valign="top">Form 20-F <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u>
      <td width="200" valign="top">Form 40-F <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></tr>
  </table>
</div>

<p><font size="3" face="Times New Roman, Times, serif">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. </font>
<div align=center>
<table border=0 cellpadding=0 cellspacing=0>
    <tr align="center">
      <td width="150" valign="top">Yes <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
      <td width="150" valign="top">No <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></tr>
  </table>
  </div>
<p><font size="3" face="Times New Roman, Times, serif">If &#8220;Yes&#8221; is
  marked, indicate below the file number assigned to the Registrant in connection
  with Rule 12g3-2(b): 82-______ .</font>
<p><font size="3" face="Times New Roman, Times, serif">Only the BCE Inc. Management&#8217;s
  Discussion and Analysis for the quarter ended March 31, 2003 and the BCE Inc.
  unaudited interim consolidated financial statements for the quarter ended March
  31, 2003, included on pages 4 to 25 and 26 to 34 in the BCE Inc. 2003 First
  Quarter Shareholder Report filed with this Form 6-K, and the document entitled
  &#8220;Reconciliation of earnings reported in accordance with Canadian generally
  accepted accounting principles (&#8220;GAAP&#8221;) with United States GAAP&#8221;,
  filed with this Form 6-K, are incorporated by reference in the registration
  statements filed by BCE Inc. with the Securities and Exchange Commission on
  Form F-10 (Registration No. 333-97069), Form F 3 (Registration No. 333-12130),
  Form S-8 (Registration No. 333-12780), Form S-8 (Registration No. 333-12802)
  and Form S-8 (Registration No. 333-12804). Except for the foregoing, no other
  document or portion of document filed with this Form 6-K is incorporated by
  reference in BCE Inc.&#8217;s registration statements. Notwithstanding any reference
  to BCE's Web site on the World Wide Web in the documents attached hereto, the
  information contained in BCE&#8217;s site or any other site on the World Wide
  Web referred to in BCE&#8217;s site is not a part of this Form 6-K and, therefore,
  is not filed with the Securities and Exchange Commission. </font><br>
  <br>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr size=3 color=GRAY noshade>
<br>
<font size="2" face="Times New Roman, Times, serif"> </font>
<P> <font size="2" face="Times New Roman, Times, serif"><IMG src="zbce_pressx1x1.jpg" border=0>
  </font></P>
<div align="right"><font size="4" face="Times New Roman, Times, serif"><strong>News
  Release</strong></font></div>
<hr align="center" width="100%" size="1" noshade>
<font size="2" face="Times New Roman, Times, serif">For immediate release </font>
<P> <font size="2" face="Times New Roman, Times, serif">(All figures are in Cdn$,
  unless otherwise indicated) <br>
  </font></P>
<P align="center"> <strong><font size="2" face="Times New Roman, Times, serif">BCE
  REPORTS ITS FIRST QUARTER 2003 RESULTS<br>
  </font></strong></P>
<UL>
  <ul>
    <ul>
      <li><font size="2" face="Times New Roman, Times, serif"><I>EPS from Continuing
        Operations up 19%</I> </font></li>
      <li><font size="2" face="Times New Roman, Times, serif"><I>Comparable Revenue
        up 4.4%; Comparable EBITDA up 7.4%</I><BR>
        </font></li>
    </ul>
  </ul>
</UL>
<P> <font size="2" face="Times New Roman, Times, serif">Montr&eacute;al (Qu&eacute;bec),
  April 30, 2003 &#151; For the first quarter of 2003, BCE Inc. (TSX, NYSE: BCE)
  reported earnings per share from continuing operations of $0.50 (total earnings
  applicable to common shares of $458 million), up 19% compared to $0.42 per common
  share (total earnings applicable to common shares of $342 million) last year.
  </font></P>
<P> <font size="2" face="Times New Roman, Times, serif">On a comparable basis,
  excluding the impacts of the sale of Bell Canada&#146;s directories business
  on November 29, 2002, and the May 30, 2002 CRTC Price Cap decision, BCE&#146;s
  total revenue growth was 4.4% and total EBITDA<SUP>(1)</SUP> growth </font><font size="2" face="Times New Roman, Times, serif">was
  7.4%. </font><font size="2" face="Times New Roman, Times, serif">Reported total
  </font><font size="2" face="Times New Roman, Times, serif">revenue was </font><font size="2" face="Times New Roman, Times, serif">$4.9
  billion, an increase of 0.8% over last year, and reported EBITDA was $1.8 billion,
  up 0.7% over last year. </font></P>
<P> <font size="2" face="Times New Roman, Times, serif">&#147;Despite challenges
  in our industry, we delivered a reasonably balanced performance for the quarter,&#148;
  said Michael Sabia, President and CEO of Bell Canada Enterprises. &#147;While
  we continue to face pressures in certain areas of our business, we have achieved
  solid growth in others. We now have more than four million subscribers in our
  wireless operation and strong demand for DSL High-speed Internet grew our subscriber
  base by 39%.&#148; </font></P>
<P> <font size="2" face="Times New Roman, Times, serif">&#147;We continue to execute
  on our plans to improve our productivity and tightly manage our capital expenditures,&#148;
  concluded Mr. Sabia. &#147;For the quarter, our operations delivered free cash
  flow (after CAPEX and dividends) of $236 million. With now close to $2 billion
  of consolidated cash, we are well positioned to reduce debt levels and strengthen
  our balance sheet.&#148; </font></P>
<p><font size="2" face="Times New Roman, Times, serif"> <strong>Operational Highlights</strong></font><br>
</p>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=10>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" width="32%"><strong><font size="2" face="Times New Roman, Times, serif">Q1
      2003</font></strong></TD>
    <TD align="center" width="32%"><strong><font size="2" face="Times New Roman, Times, serif">As
      at March 31, 2003</font></strong></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">Cellular and PCS</font></TD>
    <TD align="left" width="32%"><font size="2" face="Times New Roman, Times, serif">70,000
      net additions</font></TD>
    <TD align="left" width="32%"><font size="2" face="Times New Roman, Times, serif">3,989,000
      subscribers</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">High-speed Internet
      (DSL) </font></TD>
    <TD align="left" width="32%"><font size="2" face="Times New Roman, Times, serif">96,000
      net additions</font></TD>
    <TD width="32%" align="left"><font size="2" face="Times New Roman, Times, serif">1,206,000
      subscribers</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">Bell ExpressVu (DTH)</font></TD>
    <TD align="left" width="32%"><font size="2" face="Times New Roman, Times, serif">13,000
      net additions</font></TD>
    <TD align="left" width="32%"><font size="2" face="Times New Roman, Times, serif">1,317,000
      subscribers</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">Bell Globemedia revenue</font></TD>
    <TD align="left" width="32%"><font size="2" face="Times New Roman, Times, serif">Up
      7% to $335 million</font></TD>
    <TD align="center" width="32%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">Data revenue</font></TD>
    <TD align="left" width="32%"><font size="2" face="Times New Roman, Times, serif">Up
      3% to $933 million</font></TD>
    <TD align="center" width="32%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">Productivity initiatives</font></TD>
    <TD align="left" width="32%"><font size="2" face="Times New Roman, Times, serif">$138
      million</font></TD>
    <TD align="center" width="32%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
  </TR>
</TABLE>
<UL>
  <LI><font size="2" face="Times New Roman, Times, serif">Excluding the impacts
    of the sale of Bell Canada&#146;s directories business and the Price Cap decision,
    EBITDA as a percentage of revenues was at 37.1% in the first quarter of 2003
    compared to 36.5% for the same period last year.<BR>
    </font></LI>
  <LI><font size="2" face="Times New Roman, Times, serif">Excluding the impacts
    of the sale of Bell Canada&#146;s directories business and the Price Cap decision,
    operating income (operating revenues less operating expenses, amortization
    expense and net benefits plan expense) increased by $75 million or 8.1% as
    a result of increased EBITDA partially offset by higher net benefit (pension)
    plans expense. Reported operating income decreased by $40 million to $1.0
    billion.<BR>
    </font></LI>
  <LI><font size="2" face="Times New Roman, Times, serif">Earnings per share from
    continuing operations increased by 19% as a result of growth in operations
    and higher foreign exchange gains due to a strengthened Canadian dollar. Additionally,
    earnings per share for the first quarter of 2003 reflected the benefit of
    regaining 100% of Bell Canada&#146;s earnings as well as shareholders&#146;
    dilution due to the issuance of new debt and equity in 2002 to partially finance
    BCE&#146;s return to full ownership of Bell Canada.<BR>
    </font></LI>
  <LI><font size="2" face="Times New Roman, Times, serif">Free cash flow (after
    CAPEX and dividends) of $236 million for the first quarter of 2003 improved
    significantly from the negative $654 million from the same period last year.
    This resulted from reduced capital expenditures, increased cash from operations,
    and the impact of cash tax refunds of $237 million relating to utilized capital
    losses compared to taxes paid of $288 million mainly on capital gains last
    year.<BR>
    </font></LI>
</UL>
<P> <font size="2" face="Times New Roman, Times, serif"><strong>Outlook</strong>
  </font></P>
<P> <font size="2" face="Times New Roman, Times, serif">BCE confirmed its annual
  financial guidance of $19.3 billion to $20.0 billion for revenue, $7.4 billion
  to $7.8 billion for EBITDA, and $1.85 to $1.95 for net earnings per share (before
  non-recurring items) <SUP>(2)</SUP>. </font></P>
<font size="2" face="Times New Roman, Times, serif"> </font>
<P> <font size="2" face="Times New Roman, Times, serif">BCE now expects Bell ExpressVu
  total year end subscribers of 1.425 million to 1.475 million (previously 1.45
  million to 1.55 million). BCE expects Bell ExpressVu&#146;s revenue growth to
  be at the low end of its 2003 guidance of 20% to 25% and confirms previously
  stated guidance of approximately 50% EBITDA growth. </font></P>
<font size="2" face="Times New Roman, Times, serif"> </font><font face="Times New Roman, Times, serif">
<p align=center>&nbsp;</p>
</font>
<P> <font size="2" face="Times New Roman, Times, serif"><strong>RESULTS BY BUSINESS
  GROUP (unaudited) </strong></font></P>
<P> <font size="2" face="Times New Roman, Times, serif">BCE operated under four
  segments as at March 31, 2003: Bell Canada, Bell Globemedia, BCE Emergis and
  BCE Ventures (which consists of BCE&#146;s other investments). </font></P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="5"><hr align="left" width="100%" size="2" noshade></TD>
  </TR>
  <TR>
    <TD width="76%">&nbsp;</TD>
    <TD colspan=4 rowspan="3" align="center"><font size="2" face="Times New Roman, Times, serif">(Cdn$
      millions, except<br>
      </font><font size="2" face="Times New Roman, Times, serif">per share amounts)</font>
      <HR noshade size=1></TD>
  </TR>
  <TR>
    <TD width="76%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%">&nbsp;</TD>
    <TD align="center" colspan=4><strong><font size="2" face="Times New Roman, Times, serif">First
      quarter</font></strong></TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Times New Roman, Times, serif">For the
      period ended March 31</font></TD>
    <TD width="9%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">2003</font></strong></TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">2002</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="5"><hr align="left" width="100%" size="2" noshade></TD>
  </TR>
  <TR>
    <TD width="76%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Times New Roman, Times, serif"><strong>Revenue</strong></font></TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Times New Roman, Times, serif">Bell Canada</font></TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">4,259</font></strong></TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">4,303</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Times New Roman, Times, serif">Bell Globemedia</font></TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">335</font></strong></TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">312</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Times New Roman, Times, serif">BCE Emergis</font></TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">124</font></strong></TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">132</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Times New Roman, Times, serif">BCE Ventures</font></TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">308</font></strong></TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">263</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Times New Roman, Times, serif">Corporate
      and Other, including Inter-segment</font></TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">(124</font></strong></TD>
    <TD width="3%" align="left"><strong><font size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">(148</font></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Times New Roman, Times, serif">eliminations</font></TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%"><strong><font size="2" face="Times New Roman, Times, serif">Total
      revenue</font></strong></TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">4,902</font></strong></TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">4,862</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="5"><hr align="left" width="100%" size="2" noshade></TD>
  </TR>
  <TR>
    <TD width="76%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Times New Roman, Times, serif"><strong>EBITDA</strong></font></TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Times New Roman, Times, serif">Bell Canada</font></TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">1,724</font></strong></TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">1,755</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Times New Roman, Times, serif">Bell Globemedia</font></TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">37</font></strong></TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">33</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Times New Roman, Times, serif">BCE Emergis</font></TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">15</font></strong></TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">(20</font></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Times New Roman, Times, serif">BCE Ventures</font></TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">84</font></strong></TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">77</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Times New Roman, Times, serif">Corporate
      and Other, including Inter-segment</font></TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">(40</font></strong></TD>
    <TD width="3%" align="left"><strong><font size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">(37</font></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Times New Roman, Times, serif">eliminations</font></TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%"><strong><font size="2" face="Times New Roman, Times, serif">Total
      EBITDA</font></strong></TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">1,820</font></strong></TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">1,808</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="5"><hr align="left" width="100%" size="2" noshade></TD>
  </TR>
  <TR>
    <TD width="76%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%"><strong><font size="2" face="Times New Roman, Times, serif">Net
      earnings (loss)</font></strong></TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Times New Roman, Times, serif">Bell Canada</font></TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">427</font></strong></TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">314</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Times New Roman, Times, serif">Bell Globemedia</font></TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">(2</font></strong></TD>
    <TD width="3%" align="left"><strong><font size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">1</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Times New Roman, Times, serif">BCE Emergis</font></TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">6</font></strong></TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">(15</font></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Times New Roman, Times, serif">BCE Ventures</font></TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">39</font></strong></TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">24</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Times New Roman, Times, serif">Corporate
      and Other, including Inter-segment eliminations</font></TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">3</font></strong></TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">31</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="5"><hr align="left" width="100%" size="2" noshade></TD>
  </TR>
  <TR>
    <TD width="76%"><strong><font size="2" face="Times New Roman, Times, serif">Earnings
      from continuing operations</font></strong></TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">473</font></strong></TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">355</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="5"><hr align="left" width="100%" size="2" noshade></TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Times New Roman, Times, serif">Discontinued
      operations</font></TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">-</font></strong></TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">(45</font></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Times New Roman, Times, serif">Dividends
      on preferred shares</font></TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">(15</font></strong></TD>
    <TD width="3%" align="left"><strong><font size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">(13</font></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR>
    <TD colspan="5"><hr align="left" width="100%" size="2" noshade></TD>
  </TR>
  <TR>
    <TD width="76%"><strong><font size="2" face="Times New Roman, Times, serif">Net
      earnings applicable to common shares</font></strong></TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">458</font></strong></TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">297</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="5"><hr align="left" width="100%" size="2" noshade></TD>
  </TR>
  <TR>
    <TD width="76%"><strong><font size="2" face="Times New Roman, Times, serif">Net
      earnings per common share</font></strong></TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">0.50</font></strong></TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">0.37</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="5"><hr align="left" width="100%" size="2" noshade></TD>
  </TR>
  <TR>
    <TD width="76%"><strong><font size="2" face="Times New Roman, Times, serif">Effect
      on earnings per common share</font></strong></TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%"><strong><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&#150;
      discontinued operations</font></strong></TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">&#150;</font></strong></TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">0.05</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="5"><hr align="left" width="100%" size="2" noshade></TD>
  </TR>
  <TR>
    <TD width="76%"><strong><font size="2" face="Times New Roman, Times, serif">Earnings
      from continuing operations</font></strong></TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">0.50</font></strong></TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">0.42</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="5"><hr align="left" width="100%" size="2" noshade></TD>
  </TR>
</TABLE>
<P> <font size="2" face="Times New Roman, Times, serif">Note: Refer to Note 1
  of the attached BCE Q1 2003 Financial Statements for information on changes
  to accounting policies. </font></P>
<br>
<P> <font size="2" face="Times New Roman, Times, serif"><strong>FIRST QUARTER
  REVIEW &nbsp;</strong>(Q1 2003 vs. Q1 2002, unless otherwise indicated) </font></P>
<P> <strong><font size="2" face="Times New Roman, Times, serif">BELL CANADA </font></strong></P>
<P> <font size="2" face="Times New Roman, Times, serif">The Bell Canada segment
  includes Bell Canada, Aliant, Bell ExpressVu (at 100%) and Bell Canada's interests
  in other Canadian telcos. </font></P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="5"><hr align="left" width="100%" size="2" noshade></TD>
  </TR>
  <TR>
    <TD width="68%">&nbsp;</TD>
    <TD colspan=4 align="center"> <font size="2" face="Times New Roman, Times, serif">(Cdn$
      millions)</font></TD>
  </TR>
  <TR>
    <TD width="68%">&nbsp;</TD>
    <TD colspan=4><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD width="68%">&nbsp;</TD>
    <TD align="center" colspan=4><strong><font size="2" face="Times New Roman, Times, serif">First
      quarter</font></strong></TD>
  </TR>
  <TR>
    <TD width="68%"><font size="2" face="Times New Roman, Times, serif">For the
      period ended March 31</font></TD>
    <TD width="12%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">2003</font></strong></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">2002</font></TD>
    <TD width="8%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="5"><hr align="left" width="100%" size="2" noshade></TD>
  </TR>
  <TR>
    <TD width="68%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="68%"><strong><font size="2" face="Times New Roman, Times, serif">Bell
      Canada Revenue</font></strong></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="68%"><font size="2" face="Times New Roman, Times, serif">Local
      and access</font></TD>
    <TD align="right" width="12%"><strong><font size="2" face="Times New Roman, Times, serif">1,500</font></strong></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">1,519</font></TD>
    <TD width="8%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="68%"><font size="2" face="Times New Roman, Times, serif">Long distance</font></TD>
    <TD align="right" width="12%"><strong><font size="2" face="Times New Roman, Times, serif">646</font></strong></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">648</font></TD>
    <TD width="8%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="68%"><font size="2" face="Times New Roman, Times, serif">Wireless</font></TD>
    <TD align="right" width="12%"><strong><font size="2" face="Times New Roman, Times, serif">570</font></strong></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">504</font></TD>
    <TD width="8%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="68%"><font size="2" face="Times New Roman, Times, serif">Data</font></TD>
    <TD align="right" width="12%"><strong><font size="2" face="Times New Roman, Times, serif">933</font></strong></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">905</font></TD>
    <TD width="8%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="68%"><font size="2" face="Times New Roman, Times, serif">DTH Satellite
      Services</font></TD>
    <TD align="right" width="12%"><strong><font size="2" face="Times New Roman, Times, serif">177</font></strong></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">151</font></TD>
    <TD width="8%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="68%"><font size="2" face="Times New Roman, Times, serif">Terminal
      sales &amp; other</font></TD>
    <TD align="right" width="12%"><strong><font size="2" face="Times New Roman, Times, serif">433</font></strong></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">444</font></TD>
    <TD width="8%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="68%"><font size="2" face="Times New Roman, Times, serif">Directory
      advertising</font></TD>
    <TD align="right" width="12%"><strong><font size="2" face="Times New Roman, Times, serif">-</font></strong></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">132</font></TD>
    <TD width="8%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="5"><hr align="left" width="100%" size="2" noshade></TD>
  </TR>
  <TR>
    <TD width="68%"><strong><font size="2" face="Times New Roman, Times, serif">Total
      Bell Canada revenue</font></strong></TD>
    <TD align="right" width="12%"><strong><font size="2" face="Times New Roman, Times, serif">4,259</font></strong></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">4,303</font></TD>
    <TD width="8%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="5"><hr align="left" width="100%" size="2" noshade></TD>
  </TR>
</TABLE>
<UL>
  <LI><font size="2" face="Times New Roman, Times, serif">Excluding the impact
    of the sale of the directories business and the Price Cap decision, revenues
    for the quarter increased by $122 million or 2.9%.<BR>
    </font></LI>
</UL>
<P> <font size="2" face="Times New Roman, Times, serif"><I>Wireline</I> </font></P>
<UL>
  <LI><font size="2" face="Times New Roman, Times, serif">Local and access revenues
    decreased by 1.3%, due mainly to the effects of the Price Cap decision and
    a 0.8% decrease in residential and business local access lines.<BR>
    </font></LI>
  <LI><font size="2" face="Times New Roman, Times, serif">Long distance revenues
    were relatively stable, as competitive pricing pressures continued to offset
    the effects of a 5% increase in quarterly conversation minutes and higher
    network access and other fees.<BR>
    </font></LI>
</UL>
<P> <font size="2" face="Times New Roman, Times, serif"><I>Wireless</I> </font></P>
<UL>
  <LI><font size="2" face="Times New Roman, Times, serif">Wireless revenues were
    up 13% due to continued strong growth in cellular and PCS subscribers.<BR>
    </font></LI>
  <LI><font size="2" face="Times New Roman, Times, serif">Wireless postpaid net
    additions were at 52,000. Total postpaid wireless churn was at a historically
    low level of 1.3% and reflected our priority on customer service.<BR>
    </font></LI>
  <LI><font size="2" face="Times New Roman, Times, serif">Wireless EBITDA increased
    by 23% to reach $219 million, due to the increase in revenues and productivity
    initiatives.<BR>
    </font></LI>
</UL>
<P> <font size="2" face="Times New Roman, Times, serif"><I>Data</I> </font></P>
<UL>
  <LI><font size="2" face="Times New Roman, Times, serif">Data revenues increased
    by 3%. Higher Sympatico ISP, I/P Broadband and Managed Network Services revenues
    more than offset continued softness in demand from the Business and Wholesale
    markets as well as the effects of the Price Cap decision.<BR>
    </font></LI>
  <LI><font size="2" face="Times New Roman, Times, serif">Total Internet (High-speed
    and dial-up) subscribers reached 2,146,000 as </font><font size="2" face="Times New Roman, Times, serif">at
    March </font><font size="2" face="Times New Roman, Times, serif">31. Total
    </font><font size="2" face="Times New Roman, Times, serif">High-speed Internet
    </font><font size="2" face="Times New Roman, Times, serif">subscribers </font><font size="2" face="Times New Roman, Times, serif">grew
    by 39%. <br>
    </font></LI>
</UL>
<P> <font size="2" face="Times New Roman, Times, serif"><I>DTH (Direct to Home)
  Satellite Services</I> </font></P>
<font size="2" face="Times New Roman, Times, serif"> </font>
<UL>
  <LI><font size="2" face="Times New Roman, Times, serif">Increases in Bell ExpressVu&#146;s
    subscriber base and pricing for some packages contributed to its 17% improvement
    in revenues. There were 15% more subscribers compared to the first quarter
    of 2002.<BR>
    </font></LI>
</UL>
<P> <font size="2" face="Times New Roman, Times, serif"><I>EBITDA and CAPEX</I>
  </font></P>
<UL>
  <LI><font size="2" face="Times New Roman, Times, serif">Excluding the impact
    of the sale of the directories business and the Price Cap decision, Bell Canada&#146;s
    EBITDA increased by $84 million or 5% in the first quarter due to continued
    cost management and productivity gains of $131 million.<BR>
    </font></LI>
  <LI><font size="2" face="Times New Roman, Times, serif">Bell&#146;s quarter-end
    CAPEX intensity (capital expenditures as a percentage of revenue) was 13%,
    down from 18% in the first quarter of 2002, due to the focus on capital efficiency
    and the weighting of certain capital projects towards subsequent quarters.<BR>
    </font></LI>
</UL>
<P> <strong><font size="2" face="Times New Roman, Times, serif">BELL GLOBEMEDIA
  </font></strong><br>
  <font size="1" face="Times New Roman, Times, serif">Bell Globemedia includes
  CTV and The Globe and Mail. </font></P>
<UL>
  <LI><font size="2" face="Times New Roman, Times, serif">Total revenue was $335
    million in the quarter compared with revenue of $312 million for the same
    period last year.<BR>
    </font></LI>
  <LI><font size="2" face="Times New Roman, Times, serif">Television advertising
    revenues increased by 13% compared to the first quarter of 2002 due to stronger
    programming and the strengthening of the overall television advertising market.<BR>
    </font></LI>
  <LI><font size="2" face="Times New Roman, Times, serif">EBITDA improved by 12%
    to $37 million, reflecting the increase in revenues and management&#146;s
    cost control efforts.<BR>
    </font></LI>
</UL>
<p><font size="2" face="Times New Roman, Times, serif"><strong>BCE EMERGIS</strong></font></p>
<ul>
  <li><font size="2" face="Times New Roman, Times, serif">Revenue was $124 million
    in the first quarter, compared with $132 million for the same period in 2002
    and $131 million in the fourth quarter of 2002.<br>
    </font></li>
  <li><font size="2" face="Times New Roman, Times, serif">Year-over-year quarterly
    EBITDA increased by $35 million to reach $15 million, reflecting management&#146;s
    success in containing costs through restructuring and productivity improvements
    and the exit from non-core businesses. EBITDA decreased by $5 million compared
    to fourth quarter 2002 EBITDA.</font> </li>
</ul>
<p></p>
<P> <strong><font size="2" face="Times New Roman, Times, serif">BCE VENTURES </font></strong><br>
  <font size="1" face="Times New Roman, Times, serif">BCE Ventures includes the
  activities of CGI, Telesat and other investments. </font></P>
<UL>
  <LI><font size="2" face="Times New Roman, Times, serif">BCE Ventures&#146; revenue
    was $308 million in the quarter, an increase of 17% when compared with the
    same period of 2002, due mainly to CGI&#146;s January 2003 acquisition of
    Cognicase Inc.<BR>
    </font></LI>
  <LI><font size="2" face="Times New Roman, Times, serif">EBITDA was $84 million
    in the quarter compared with $77 million in the first quarter of 2002, due
    mainly to CGI&#146;s acquisition of Cognicase.<BR>
    </font></LI>
</UL>
<P> <strong><font size="2" face="Times New Roman, Times, serif">BELL CANADA STATUTORY
  RESULTS </font></strong><br>
  <font size="1" face="Times New Roman, Times, serif">Bell Canada &#147;statutory&#148;
  includes Bell Canada, and Bell Canada's interests in Aliant, Bell ExpressVu
  (at 52%), and other Canadian telcos. </font></P>
<P> <font size="2" face="Times New Roman, Times, serif">Bell Canada&#146;s reported
  revenue was $4.3 billion in the first quarter of 2003, up 20% due to the consolidation
  of Aliant and Bell ExpressVu effective December 31, 2002. Net earnings applicable
  to common </font><font size="2" face="Times New Roman, Times, serif">shares
  were </font><font size="2" face="Times New Roman, Times, serif">$495 </font><font size="2" face="Times New Roman, Times, serif">million
  in </font><font size="2" face="Times New Roman, Times, serif">the first </font><font size="2" face="Times New Roman, Times, serif">quarter
  of </font><font size="2" face="Times New Roman, Times, serif">2003, compared
  </font><font size="2" face="Times New Roman, Times, serif">to </font><font size="2" face="Times New Roman, Times, serif">net
  earnings applicable to common shares of $473 million for the same period last
  year. <br>
  </font> <font size="2" face="Times New Roman, Times, serif"> </font> </P>
<font face="Times New Roman, Times, serif"></font>
<P> <strong><font size="2" face="Times New Roman, Times, serif">ABOUT BCE </font></strong></P>
<P> <font size="2" face="Times New Roman, Times, serif">BCE is </font><font size="2" face="Times New Roman, Times, serif">Canada&#146;s
  largest </font><font size="2" face="Times New Roman, Times, serif">communications
  company. </font><font size="2" face="Times New Roman, Times, serif">It has </font><font size="2" face="Times New Roman, Times, serif">25
  million </font><font size="2" face="Times New Roman, Times, serif">customer
  connections through the wireline, wireless, data/Internet and satellite services
  it provides, largely under the Bell brand. BCE&#146;s media interests are held
  by Bell Globemedia, including CTV and The Globe and Mail. As well, BCE has e-commerce
  capabilities </font><font size="2" face="Times New Roman, Times, serif">provided
  under </font><font size="2" face="Times New Roman, Times, serif">the BCE </font><font size="2" face="Times New Roman, Times, serif">Emergis
  brand. </font><font size="2" face="Times New Roman, Times, serif">BCE shares
  </font><font size="2" face="Times New Roman, Times, serif">are listed </font><font size="2" face="Times New Roman, Times, serif">in
  </font><font size="2" face="Times New Roman, Times, serif">Canada, the United
  States and Europe. </font></P>
<P align="center"> <font size="2" face="Times New Roman, Times, serif">&#151;
  30 &#151; </font></P>
<P> <strong><font size="2" face="Times New Roman, Times, serif"><U>Supplementary
  BCE Financial Information:</U> </font></strong></P>
<P> <font size="2" face="Times New Roman, Times, serif">Bell Canada Enterprises&#146;
  2003 First Quarter Shareholder Report and other relevant financial materials
  are available at </font><font size="2" face="Times New Roman, Times, serif"><u>www.bce.ca/en/investors</u>,
  under &#147;Investor Briefcase&#148;. <br>
  </font></P>
<P> <strong><font size="2" face="Times New Roman, Times, serif"><U>Call with Financial
  Analysts:</U> </font></strong></P>
<P> <font size="2" face="Times New Roman, Times, serif">BCE will hold a teleconference
  / Webcast (audio only) for financial analysts to discuss its first quarter results
  on <U>Wednesday, April 30,&nbsp;</U></font><font size="2" face="Times New Roman, Times, serif"><U>2003
  at 8:00 AM (Eastern). </U><I>The media is welcome to participate on a listen
  only basis. </I>Michael Sabia, President and Chief Executive Officer, and Siim
  Vanaselja, Chief Financial Officer, will be present for the teleconference.
  </font></P>
<P> <font size="2" face="Times New Roman, Times, serif">Interested participants
  are asked to dial (416) 405-9328 between 7:50 AM and 7:58 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 &#147;0&#148;. This teleconference will
  also be Webcast live (audio only) on our Web site at <U><FONT color="#0000ff">www.bce.ca</FONT></U>.
  </font></P>
<P> <font size="2" face="Times New Roman, Times, serif">A replay facility will
  be available between 12:00 PM on Wednesday, April 30, 2003 and 12:00 PM on Wednesday,
  May 7, 2003. To access the replay facility, please dial (416) 695-5800 and enter
  access code 1406519. The Webcast will also be archived on our Web site. </font></P>
<P> <strong><font size="2" face="Times New Roman, Times, serif"><U>Call with the
  Media:</U> </font></strong></P>
<P> <font size="2" face="Times New Roman, Times, serif">BCE will hold a teleconference
  / Webcast (audio only) for media to discuss its first quarter results on <U>Wednesday,
  April 30, 2003 at 1:00 PM (Eastern).</U> Michael Sabia will be present for this
  teleconference. </font></P>
<P> <font size="2" face="Times New Roman, Times, serif">Interested participants
  are asked to dial (416) 406-6419 or 888 575-8232 between 12:50 PM and 12:58
  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
  &#147;0&#148;. This teleconference will also be Webcast live (audio only) on
  our Web site at <U><FONT color="#0000ff">www.bce.ca</FONT></U>. </font></P>
<br>
<P> <strong><font size="1" face="Times New Roman, Times, serif">CAUTION CONCERNING
  FORWARD-LOOKING STATEMENTS </font></strong></P>
<P> <font size="1" face="Times New Roman, Times, serif">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 non-recurring items or of any dispositions, monetizations,
  mergers, acquisitions, other business combinations or other transactions that
  may be announced or that may occur after the date hereof. </font></P>
<P> <font size="1" face="Times New Roman, Times, serif">Other factors that could
  cause results or events to differ materially from current expectations include,
  among other things: general economic conditions, the level of consumer confidence
  and spending and the state of capital markets; the impact of adverse changes
  in laws or regulations or of adverse regulatory initiatives or proceedings;
  the level of demand, including in particular by the enterprise sector, and prices,
  for products and services in the telecom (e.g., data, IP broadband and voice
  services), media and e-business markets; BCE Inc.'s and its subsidiaries' ability
  to manage costs, generate productivity improvements and decrease capital intensity
  while maintaining quality of service; the intensity of competitive activity,
  from both traditional and new competitors, and its resulting impact on the ability
  to retain existing, and attract new, customers, and the consequent impact on
  pricing strategies, revenues and net income; the risk of low returns on pension
  plan assets continuing resulting in the erosion of our pension fund surpluses
  which could require us to commence making pension fund contributions and/or
  recognize pension expenses; the financial condition and credit risk of customers
  and uncertainties regarding collectibility of receivables; the availability
  and cost of capital required to implement BCE Inc.'s and its subsidiaries' financing
  plans and fund capital and other expenditures; the ability to deploy new technologies
  and offer new products and services rapidly and achieve market acceptance thereof;
  the ability to package and cross sell various services offered by the BCE group
  of companies; the ability of the BCE group companies' strategies to produce
  the expected benefits and growth prospects; stock market volatility; the availability
  of, and ability to retain, key personnel; and the final outcome of pending or
  future litigation. </font></P>
<P> <font size="1" face="Times New Roman, Times, serif">For additional information
  with respect to certain of these and other factors, refer to BCE Inc.'s Annual
  Information Form for the year ended December 31, 2002 filed by BCE Inc. with
  the U.S. Securities and Exchange Commission, under Form 40-F, and with the Canadian
  securities commissions, and when filed, to BCE Inc.&#146;s First Quarter 2003
  Management&#146;s Discussion and Analysis filed 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 the
  expectations of BCE Inc. and its subsidiaries as of April 30, 2003 and, accordingly,
  are subject to change after such date. However, BCE Inc. and its subsidiaries
  disclaim any obligation to update or revise any forward-looking statements,
  whether as a result of new information, future events or otherwise. </font></P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">For further information:</font></TD>
    <TD width="43%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">Nick Kaminaris</font></TD>
    <TD width="43%"><font size="2" face="Times New Roman, Times, serif">Isabelle
      Morin</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">Communications</font></TD>
    <TD width="43%"><font size="2" face="Times New Roman, Times, serif">Investor
      Relations</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">(514) 786-3908</font></TD>
    <TD width="43%"><font size="2" face="Times New Roman, Times, serif">(514)
      786-3845</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">Web Site: <u><font color="#0000ff">www.bce.ca</font></u>
      </font></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P> <font size="2" face="Times New Roman, Times, serif"><SUP><br>
  </SUP></font></P>
<hr align="left" width="15%" size="1" noshade>
<font size="1" face="Times New Roman, Times, serif"><SUP> (1)</SUP> The term EBITDA
(earnings before interest, taxes, depreciation and amortization) does not have
any standardized meaning prescribed by Canadian GAAP and is therefore unlikely
to be comparable to similar measures presented by other issuers. We define it
as operating revenues less operating expenses, which means it represents operating
income before amortization expense, net benefit plans (credit) expense and restructuring
and other charges. EBITDA is presented on a basis that is consistent from period
to period. We believe EBITDA to be an important measure as it allows us to assess
the operating performance of our ongoing businesses without the effects of amortization
expense, net benefit plans (credit) expense and restructuring and other charges.
We exclude amortization expense and net benefit plans (credit) expense because
they substantially depend on the accounting methods and assumptions a company
uses, as well as non-operating factors such as the historical cost of capital
assets and the fund performance of a company&#146;s pension plans. We exclude
restructuring and other charges because they are transitional in nature. EBITDA
allows us to compare our operating performance on a consistent basis. We also
believe that EBITDA is used by certain investors and analysts to measure a company&#146;s
ability to service debt and to meet other payment obligations or as a valuation
measurement that is commonly used in the telecommunications industry. EBITDA should
not be confused with net cash flows from operating activities. The most comparable
Canadian GAAP earnings measure is operating income. The following is a reconciliation
of EBITDA to operating income on a consolidated and segmented basis: <br>
<br>
</font>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="13"><hr align="left" width="100%" size="2" noshade></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" width="7%">&nbsp;</TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=2 face="Times New Roman, Times, serif">Bell</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="9%">&nbsp;</TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="10%">&nbsp;</TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">Corpo-</FONT></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">BCE</FONT></TD>
    <TD align="right" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=2 face="Times New Roman, Times, serif">Bell</FONT></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=2 face="Times New Roman, Times, serif">Globe-</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Times New Roman, Times, serif">BCE</FONT></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">BCE</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">rate
      and</FONT></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">Consoli-</FONT></TD>
    <TD align="right" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="Times New Roman, Times, serif">in $ millions</FONT></TD>
    <TD align="right" width="7%"><FONT size=2 face="Times New Roman, Times, serif">Canada</FONT></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=2 face="Times New Roman, Times, serif">media</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Times New Roman, Times, serif">Emergis</FONT></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">Ventures</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">other</FONT></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">dated</FONT></TD>
    <TD align="right" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="13"><hr align="left" width="100%" size="2" noshade></TD>
  </TR>
  <TR>
    <TD><strong><font size="2" face="Times New Roman, Times, serif">For the three
      months ended</font></strong></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><strong><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;March
      31, 2003</font></strong></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">EBITDA</FONT></TD>
    <TD align="right" width="7%"><strong><font size="2" face="Times New Roman, Times, serif">1,724</font></strong></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><strong><font size="2" face="Times New Roman, Times, serif">37</font></strong></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">15</font></strong></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><strong><font size="2" face="Times New Roman, Times, serif">84</font></strong></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><strong><font size="2" face="Times New Roman, Times, serif">(40</font></strong></TD>
    <TD width="2%"><strong><font size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD align="right" width="10%"><strong><font size="2" face="Times New Roman, Times, serif">1,820</font></strong></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Amortization expense</FONT></TD>
    <TD align="right" width="7%"><strong><font size="2" face="Times New Roman, Times, serif">735</font></strong></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><strong><font size="2" face="Times New Roman, Times, serif">17</font></strong></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">14</font></strong></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><strong><font size="2" face="Times New Roman, Times, serif">28</font></strong></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><strong><font size="2" face="Times New Roman, Times, serif">(18</font></strong></TD>
    <TD width="2%"><strong><font size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD align="right" width="10%"><strong><font size="2" face="Times New Roman, Times, serif">776</font></strong></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Net benefit plans expense
      (credit)</FONT></TD>
    <TD align="right" width="7%"><strong><font size="2" face="Times New Roman, Times, serif">44</font></strong></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><strong><font size="2" face="Times New Roman, Times, serif">1</font></strong></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">-</font></strong></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><strong><font size="2" face="Times New Roman, Times, serif">-</font></strong></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><strong><font size="2" face="Times New Roman, Times, serif">(3</font></strong></TD>
    <TD width="2%"><strong><font size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD align="right" width="10%"><strong><font size="2" face="Times New Roman, Times, serif">42</font></strong></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="13"><hr align="left" width="100%" size="2" noshade></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Operating income (loss)</FONT></TD>
    <TD align="right" width="7%"><strong><font size="2" face="Times New Roman, Times, serif">945</font></strong></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><strong><font size="2" face="Times New Roman, Times, serif">19</font></strong></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><strong><font size="2" face="Times New Roman, Times, serif">1</font></strong></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><strong><font size="2" face="Times New Roman, Times, serif">56</font></strong></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><strong><font size="2" face="Times New Roman, Times, serif">(19</font></strong></TD>
    <TD width="2%"><strong><font size="2" face="Times New Roman, Times, serif">)</font></strong></TD>
    <TD align="right" width="10%"><strong><font size="2" face="Times New Roman, Times, serif">1,002</font></strong></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="13"><hr align="left" width="100%" size="2" noshade></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><strong><font size="2" face="Times New Roman, Times, serif">For the three
      months ended</font></strong></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><strong><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;March
      31, 2002</font></strong></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">EBITDA</FONT></TD>
    <TD align="right" width="7%"><FONT size=2 face="Times New Roman, Times, serif">1,755</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=2 face="Times New Roman, Times, serif">33</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Times New Roman, Times, serif">(20</FONT></TD>
    <TD width="2%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">77</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(37</FONT></TD>
    <TD width="2%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">1,808</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Amortization expense</FONT></TD>
    <TD align="right" width="7%"><FONT size=2 face="Times New Roman, Times, serif">715</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=2 face="Times New Roman, Times, serif">17</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Times New Roman, Times, serif">23</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">32</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(15</FONT></TD>
    <TD width="2%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">772</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Net benefit plans expense
      (credit)</FONT></TD>
    <TD align="right" width="7%"><FONT size=2 face="Times New Roman, Times, serif">(8</FONT></TD>
    <TD width="2%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
    <TD align="right" width="7%"><FONT size=2 face="Times New Roman, Times, serif">1</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">1</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(6</FONT></TD>
    <TD width="2%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
  </TR>
  <TR>
    <TD colspan="13"><hr align="left" width="100%" size="2" noshade></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Operating income (loss)</FONT></TD>
    <TD align="right" width="7%"><FONT size=2 face="Times New Roman, Times, serif">1,048</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=2 face="Times New Roman, Times, serif">15</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Times New Roman, Times, serif">(43</FONT></TD>
    <TD width="2%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">45</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(23</FONT></TD>
    <TD width="2%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">1,042</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="13"><hr align="left" width="100%" size="2" noshade></TD>
  </TR>
</TABLE>
<P> <font size="1" face="Times New Roman, Times, serif"><SUP>(2)</SUP> The term
  net earnings before non-recurring items does not have any standardized meaning
  prescribed by Canadian GAAP and is therefore unlikely to be comparable to similar
  measures presented by other issuers. We define it as net earnings applicable
  to common shares adjusted for non-recurring items, which include (on an after-tax
  basis) BCE's share of: net gains (losses) on investments, impairment charges,
  the results of discontinued operations and restructuring and other charges.
  Net earnings before non-recurring items are presented on a basis that is consistent
  from period to period. We use net earnings before non-recurring items to assess
  our profitability without regard to net gains (losses) on investments, impairment
  charges, the results of discontinued operations and restructuring and other
  charges. We exclude these items because they are considered to be of a non-operational
  or non-recurring nature and accordingly affect the period- to- period comparability
  of our results. Net earnings before non-recurring items allows us to compare
  our profitability on a consistent basis. The most comparable Canadian GAAP earnings
  measure is net earnings applicable to common shares. </font></P>
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<br>
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    <TD width="20%"><FONT color="#FFFFFF" size=3 face="sans-serif"><strong>CONTENTS</strong></FONT></TD>
    <TD width="5%"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%" bgcolor="#FFFFFF"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="60%" rowspan="28" align="left" valign="top" bgcolor="#FFFFFF"><FONT color="#0000FF" size=2 face="sans-serif">April
      29, 2003</FONT><br> <br> <FONT color="#FFCC00" size=7 face="sans-serif">Bell
      Canada Enterprises<br>
      </FONT><FONT color="#0000FF" size=7 face="sans-serif">2003<br>
      First Quarter Shareholder Report</FONT> </TD>
  </TR>
  <TR>
    <TD width="20%"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="5%"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%" bgcolor="#FFFFFF"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="20%"><FONT color="#FFFFFF" size=2 face="sans-serif">The Quarter
      at a Glance</FONT></TD>
    <TD align="right" width="5%"><FONT color="#FFFFFF" size=2 face="sans-serif">2</FONT></TD>
    <TD width="10%" bgcolor="#FFFFFF"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
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    <TD width="20%"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="5%"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%" bgcolor="#FFFFFF"><font color="#FFFFFF">&nbsp;</font></TD>
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  <TR>
    <TD width="20%"><FONT color="#FFFFFF" size=2 face="sans-serif">MD&amp;A</FONT></TD>
    <TD align="right" width="5%"><FONT color="#FFFFFF" size=2 face="sans-serif">4</FONT></TD>
    <TD width="10%" bgcolor="#FFFFFF"><font color="#FFFFFF">&nbsp;</font></TD>
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  </TR>
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    <TD width="20%"><font color="#FFFFFF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Financial
      Results</FONT></font></TD>
    <TD width="5%"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%" bgcolor="#FFFFFF"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
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    <TD width="20%"><font color="#FFFFFF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Analysis</FONT></font></TD>
    <TD align="right" width="5%"><FONT color="#FFFFFF" size=2 face="sans-serif">5</FONT></TD>
    <TD width="10%" bgcolor="#FFFFFF"><font color="#FFFFFF">&nbsp;</font></TD>
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    <TD width="20%"><font color="#FFFFFF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Financial
      and</FONT></font></TD>
    <TD width="5%"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%" bgcolor="#FFFFFF"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
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    <TD width="20%"><font color="#FFFFFF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Capital
      Management</FONT></font></TD>
    <TD align="right" width="5%"><FONT color="#FFFFFF" size=2 face="sans-serif">11</FONT></TD>
    <TD width="10%" bgcolor="#FFFFFF"><font color="#FFFFFF">&nbsp;</font></TD>
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  </TR>
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    <TD width="20%"><font color="#FFFFFF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Forward-Looking</FONT></font></TD>
    <TD width="5%"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%" bgcolor="#FFFFFF"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="20%"><font color="#FFFFFF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Statements</FONT></font></TD>
    <TD align="right" width="5%"><FONT color="#FFFFFF" size=2 face="sans-serif">16</FONT></TD>
    <TD width="10%" bgcolor="#FFFFFF"><font color="#FFFFFF">&nbsp;</font></TD>
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    <TD width="20%"><font color="#FFFFFF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Risk
      Assessment</FONT></font></TD>
    <TD align="right" width="5%"><FONT color="#FFFFFF" size=2 face="sans-serif">17</FONT></TD>
    <TD width="10%" bgcolor="#FFFFFF"><font color="#FFFFFF">&nbsp;</font></TD>
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    <TD width="20%"><font color="#FFFFFF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Our
      Accounting</FONT></font></TD>
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    <TD width="10%" bgcolor="#FFFFFF"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
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    <TD width="20%"><font color="#FFFFFF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Policies</FONT></font></TD>
    <TD align="right" width="5%"><FONT color="#FFFFFF" size=2 face="sans-serif">23</FONT></TD>
    <TD width="10%" bgcolor="#FFFFFF"><font color="#FFFFFF">&nbsp;</font></TD>
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  </TR>
  <TR>
    <TD width="20%"><FONT color="#FFFFFF" size=2 face="sans-serif">Consolidated
      Financial</FONT></TD>
    <TD width="5%"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%" bgcolor="#FFFFFF"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
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    <TD width="20%"><FONT color="#FFFFFF" size=2 face="sans-serif">Statements</FONT></TD>
    <TD align="right" width="5%"><FONT color="#FFFFFF" size=2 face="sans-serif">26</FONT></TD>
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    <TD width="20%"><FONT color="#FFFFFF" size=2 face="sans-serif">Notes to Consolidated</FONT></TD>
    <TD width="5%"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%" bgcolor="#FFFFFF"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
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    <TD width="20%"><FONT color="#FFFFFF" size=2 face="sans-serif">Financial Statements</FONT></TD>
    <TD align="right" width="5%"><FONT color="#FFFFFF" size=2 face="sans-serif">29</FONT></TD>
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<FONT size=6 face="serif"><br>
<font color="#0000FF">The Quarter at a Glance </font></FONT>
<p></P>
<P> <FONT color="#0000FF" size=4 face="serif">Revenues </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">Our
  operating revenues for the first quarter were $4,902 million, up $40 million
  or 0.8% from the same period last year. The year-over-year increase in revenues
  was negatively impacted by the sale of our directories business in November
  2002 which contributed $132 million of revenues in Q1 2002 and the CRTC Price
  Cap decision of May 2002 which reduced this quarter&#146;s local and access,
  long distance, and data revenues by approximately $34 million.</FONT></font>
</P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">On
  a comparable basis, our revenues increased 4.4%, driven by revenue growth at
  Bell Canada of 13.1% in wireless services, 17.2% in direct-to-home television
  DTH services and 23% in consumer data services, complemented by revenue growth
  of 7.4% at Bell Globemedia and 31% at CGI driven by its acquisition of Cognicase.
  Bell Canada&#146;s business and wholesale data revenues continued to reflect
  the softness in their respective markets, and on a comparable basis grew 1.9%
  over the same period last year. </FONT></font> </P>
<div align=center> <font color="#0000FF"><img src="p01-01.jpg"></font></div>
<P> <FONT color="#0000FF" size=4 face="serif">Customer Connections </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">WIRELESS.
  </FONT></font><FONT color="#0000FF" size=2 face="serif">Our wireless subscriber
  base grew by 70,000 customers this quarter, with 74% of these net additions
  coming from more profitable post-paid rate plans. Blended churn of 1.4% improved
  from both the first and fourth quarters of 2002 and reflects historically low
  post-paid churn of 1.3%. </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">In
  April of this year, we achieved a new milestone by becoming the first Canadian
  company to reach 4,000,000 cellular and PCS customers.</FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">DSL.
  Our DSL high-speed Internet business added 96,000 subscribers this quarter to
  reach 1.2 million. Sympatico High-Speed </FONT></font> <FONT color="#0000FF" size=2 face="serif">Edition
  net additions this quarter exceeded net additions for our Sympatico Basic service.
  </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">SATELLITE
  TV. </FONT></font><FONT color="#0000FF" size=2 face="serif">Our DTH subscriber
  base grew by 13,000 subscribers, down from the 76,000 net additions achieved
  in Q1 2002. A decline in customer gains this quarter reflected a significant
  slowdown in DTH market demand, as well as fewer promotions and less advertising,
  particularly in the early part of the quarter. </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">NETWORK
  ACCESS SERVICES (NAS). </FONT></font><FONT color="#0000FF" size=2 face="serif">Our
  NAS in service declined modestly by 0.8% to 13.1 million this quarter from the
  13.2 million in service at the end of Q1 2002, primarily reflecting losses to
  competition and substitution effects from both wireless and high-speed Internet
  services. </FONT> </P>
<div align=center> <font color="#0000FF"><img src="p01-02.jpg"><br>
  <br>
  <img src="p01-03.jpg"> </font></div>
<P> <FONT color="#0000FF" size=4 face="serif">EBITDA</FONT><FONT color="#0000FF" size=2 face="serif">
  <sup>(1)</sup></FONT><FONT color="#0000FF" size=4 face="serif"> and Productivity </FONT>
</P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">We
  achieved $1,820 million in EBITDA this quarter, up 0.7% from $1,808 million
  in Q1 2002. We generally maintained our</FONT> <FONT color="#0000FF" size=2 face="serif">EBITDA
  margin of 37.1%, despite decreases in Bell Canada&#146;s EBITDA from the CRTC
  Price Cap decision of approximately $34 million and the sale of the directories
  business, which contributed $81 million in EBITDA in Q1 2002.</FONT></P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">
  On a comparable basis, EBITDA increased 7.4% from Q1 2002 reflecting our continued
  focus on productivity improvements </FONT></font><FONT color="#0000FF" size=2 face="serif">which
  generated $138 million in efficiency savings.</FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">We
  continue to make progress in simplifying our business through the roll-out of
  productivity initiatives such as our interactive voice response system &#147;Emily&#148;,
  specialized call center &#147;Move Queues&#148;, automated service confirmation,
  and web order entry tools. These initiatives contribute to our productivity
  gains by helping reduce costs and improve customer service as reflected in Bell
  Canada&#146;s increasing customer value index as well as improving CRTC indicators.</FONT></font></P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">
  Our productivity improvement program includes numerous projects from across
  the company. Key elements of our program include reducing call center and field
  service costs, taking costs out of our supply chain, and improving margins on
  newer services.</FONT></font> </P>
<P>
<hr color=#0000FF width="100%" size="1" noshade>
<FONT color="#0000FF" size=1 face="serif">(1) EBITDA (earnings before interest,
taxes, depreciation and amortization) does not have any standardized meaning under
Canadian GAAP. Please see Non-GAAP measures on page 4 for more details. </FONT>
<p></P>
<div align=center> <font color="#0000FF"><img src="p01-04.jpg"></font></div>
<br>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">2</font></p>
<br>
<br>
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<P> <FONT color="#0000FF" size=4 face="serif">Net Earnings/EPS </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">Consolidated
  net earnings applicable to common shares of $458 million, or $0.50 per common
  share for the first quarter of 2003, were up $161 million or $0.13 per common
  share from Q1 2002. Higher net earnings this quarter resulted from the benefit
  of regaining 100% of Bell Canada&#146;s earnings, lower taxes and foreign currency
  gains. These factors more than offset the negative earnings impact of the sale
  of our directories business, the effects of lower pension returns, and the impact
  of the financing plan put in place to repurchase SBC&#146;s 20% interest in
  Bell Canada Holdings in 2002. In addition, Q1 2002 net earnings were negatively
  impacted by losses of $45 million from Teleglobe discontinued operations.</FONT></font>
</P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">To
  improve reporting transparency and comparability with industry peers, we commenced
  expensing stock options and costs of acquisitions relating to our wireless and
  DTH businesses. These accounting changes are reflected in our 2003 results and
  2002 comparative results, and resulted in no material impact to our EBITDA or
  net earnings. </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">BCE
  achieved a Return on Equity (ROE) (2) of 16.4% for the quarter compared to 14.0%
  for the fourth quarter of 2002 due to the improvement in our net earnings. </FONT></font>
</P>
<div align=center> <font color="#0000FF"><img src="p02-01.jpg"></font></div>
<P> <FONT color="#0000FF" size=4 face="serif">Capital Expenditures </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">We
  continued our tight management of capital expenditures in the first quarter,
  significantly reducing expenditures from $861 million in Q1 2002 to $601 million
  this quarter. The Bell Canada Segment accounts for $540 million of the total,
  of which approximately 60% is associated with growth sectors and productivity
  initiatives, including wireless, IP/broadband, DSL and billing modernization.
  As a percentage of our revenues, capital expenditures declined from 17.7% in
  Q1 2002 to 12.3% this quarter reflecting in part a number of capital programs
  being delayed to the second and third quarters. For the full year, we continue
  to expect capital expenditures to represent 17%-18% of revenues. </FONT></font>
</P>
<div align=center> <font color="#0000FF"><img src="p02-02.jpg"></font></div>
<P> <FONT color="#0000FF" size=4 face="serif">Free Cash Flow<sup>(3)</sup> </FONT>
</P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">Free
  cash flow of $236 million after dividends for the first quarter of 2003 improved
  significantly from the negative $654 million for the same period last year,
  reflecting:</FONT></font> </P>
<TABLE width="100%">
  <TR>
    <TD valign="top" width="3%"><FONT color="#0000FF" size=2 face="serif">&#150;</FONT>
      <font color="#0000FF">&nbsp;&nbsp;</font></TD>
    <TD valign="top"><FONT color="#0000FF" size=2 face="serif">reduced capital
      expenditures and improved cash from operations</FONT></TD>
  </TR>
  <TR>
    <TD valign="top" width="3%"><FONT color="#0000FF" size=2 face="serif">&#150;</FONT>
      <font color="#0000FF">&nbsp;&nbsp;</font></TD>
    <TD valign="top"><FONT color="#0000FF" size=2 face="serif">the receipt of
      $237 million of tax refunds in the first quarter of 2003 generated from
      capital losses</FONT></TD>
  </TR>
  <TR>
    <td valign="top" width="3%"><font color="#0000FF" size=2 face="serif">&#150;</font></td>
    <TD valign="top"><FONT color="#0000FF" size=2 face="serif">the payment of
      $288 million of taxes in the first quarter of 2002 on capital gains.</FONT></TD>
  </tr>
</TABLE>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">Before
  the payment of dividends, our free cash flow of $493 million in Q1 of 2003,
  compares favourably to the negative $411</FONT></font> <FONT color="#0000FF" size=2 face="serif">million
  of free cash flow in the same period last year. </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">Our
  net debt to capitalization ratio decreased to 47.5% at March 31, 2003 from 48.8%
  at December 31, 2002, principally as a result of a net issuance of $153 million
  in preferred shares and the receipt of $237 million of tax refunds. </FONT></font>
</P>
<P> <FONT color="#0000FF" size=1 face="serif"><sup>(2)</sup> ROE (return on common
  shareholders&#146; equity) does not have any standardized meaning under Canadian
  GAAP. Please see Non-GAAP measures on page 4 for more details.<br>
  <br>
  <sup>(3)</sup> Free cash flow is calculated as cash flows from operations after
  capital expenditures and dividends, and before investments and divestitures.
  </FONT> </P>
<div align=center> <font color="#0000FF"><img src="p02-03.jpg"></font></div>
<br>
<p align="center"><font color="#0000FF" size="2" face="Arial, Helvetica, sans-serif">3</font></p>
<br>
<br>
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<hr size=3 color=GRAY noshade>
<FONT color="#0000FF" size=6 face="serif">Management&#146;s Discussion and </FONT><FONT color="#0000FF" size=6 face="serif">Analysis</FONT><FONT color="#0000FF" size=1 face="serif">
</FONT>
<P><font color="#0000FF" size="2"> <FONT face="serif">This Management&#146;s Discussion
  and Analysis of Financial Condition and Results of Operations (MD&amp;A) comments
  on BCE&#146;s operations, performance and financial </FONT> <FONT face="serif">condition
  for the first quarters ended March 31, 2003 and 2002. Please refer to the unaudited
  consolidated financial statements starting on page 26 when reading the MD&amp;A.</FONT>
  </font></P>
<FONT color="#0000FF" size=2 face="serif"><strong>ABOUT FORWARD-LOOKING STATEMENTS</strong></FONT>
<hr color=#0000FF align="center" width="100%" size=1>
<FONT color="#0000FF" size=1 face="serif">This MD&amp;A contains forward-looking
statements about BCE&#146;s objectives, strategies, financial condition, results
of operation and our businesses. 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
that could cause actual results or events to differ materially from current expectations
are discussed on pages 16 to 22 under &#147;Forward-Looking Statements&#148; and
&#147;Risk Assessment&#148;. BCE assumes no obligation to update or revise any
forward-looking statements, whether as a result of new information or otherwise.</FONT>
<P> <FONT color="#0000FF" size=2 face="serif">In this MD&amp;A, we, us, our and
  BCE mean BCE Inc., its subsidiaries, joint ventures and investments in significantly
  influenced companies. Bell Canada, Aliant Inc. (Aliant), Bell ExpressVu Limited
  Partnership (Bell ExpressVu) and their subsidiaries and investments in significantly
  influenced companies are referred to as the Bell Canada Segment. <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unless otherwise mentioned in this MD&amp;A,
  the outlooks provided in BCE Inc.&#146;s 2002 annual MD&amp;A dated February
  26, 2003 remain unchanged. </FONT> </P>
<P> <FONT color="#0000FF" size=6 face="serif">Non-GAAP Measures </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">Certain measures used in this MD&amp;A
  do not have any standardized meaning under Canadian generally accepted accounting
  principles (GAAP). Below you will find a discussion of these non-GAAP measures,
  as well as a reconciliation to the most comparable GAAP measure. </FONT> </P>
<FONT color="#0000FF" size=2 face="serif">EBITDA<br>
<br>
The term EBITDA (earnings before interest, taxes, depreciation and amortization)
does not have any standardized meaning prescribed by Canadian GAAP and may not
be comparable to similar measures presented by other issuers. We define it as
operating revenues less operating expenses, which means it represents operating
income before amortization expense, net benefit plans (credit) expense and restructuring
and other charges. EBITDA is presented on a basis that is consistent from period
to period.</FONT><font color="#0000FF"><br>
<br>
<FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe EBITDA to
be an important measure as it allows us to assess the operating performance of
our ongoing businesses without the effects of amortization expense, net benefit
plans (credit) expense and restructuring and other charges. We exclude amortization
expense and net benefit plans (credit) expense because they substantially depend
on the accounting methods and assumptions a company uses, as well as non-operating
factors such as the historical cost of capital assets and the fund performance
of a company&#146;s pension plans. We exclude restructuring and other charges
because they are transitional in nature. </FONT></font> <FONT color="#0000FF" size=2 face="serif">
&nbsp;&nbsp;<br>
&nbsp;&nbsp;&nbsp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA allows us to compare our operating performance
on a consistent basis. We also believe that EBITDA is used by certain investors
and analysts to measure a company&#146;s ability to service debt and to meet other
payment obligations or as a valuation measurement that is commonly used in the
telecommunications industry.<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;EBITDA should not be confused with net cash flows from
operating activities. The most comparable Canadian GAAP earnings measure is operating
income. The following is a reconciliation of EBITDA to operating income on a consolidated
and on a segmented basis. <br>
<br>
</FONT>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="9%" align="right"><FONT color="#0000FF" size=1 face="serif">Bell</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%" align="right"><FONT color="#0000FF" size=1 face="serif">Bell</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%" align="right"><FONT color="#0000FF" size=1 face="serif">Corpo-</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%" align="right"><FONT color="#0000FF" size=1 face="serif">BCE</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" width="9%"><FONT color="#0000FF" size=1 face="serif">Canada</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">Globe-</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT color="#0000FF" size=1 face="serif">BCE</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">BCE</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">rate
      and</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">Consoli-</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">(in
      $ millions)</FONT></font></TD>
    <TD align="right" width="9%"><FONT color="#0000FF" size=1 face="serif">Segment</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">media</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT color="#0000FF" size=1 face="serif">Emergis</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">Ventures</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">other</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">dated</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size="1" noshade>
<TABLE width="50%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD nowrap><FONT color="#0000FF" size=1 face="serif">For the three months<br>
      &nbsp;&nbsp; ended March 31,<br>
      &nbsp;&nbsp; 2003</FONT></TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">EBITDA</FONT></TD>
    <TD align="right" width="9%"><FONT color="#0000FF" size=1 face="serif">1,724</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">37</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT color="#0000FF" size=1 face="serif">15</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">84</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">(40</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">1,820</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Amortization expense</FONT></TD>
    <TD align="right" width="9%"><FONT color="#0000FF" size=1 face="serif">735</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">17</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT color="#0000FF" size=1 face="serif">14</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">28</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">(18</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">776</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Net benefit plans</FONT></TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">expense
      (credit)</FONT></font></TD>
    <TD align="right" width="9%"><FONT color="#0000FF" size=1 face="serif">44</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">1</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">(3</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">42</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size="1" noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD nowrap><FONT color="#0000FF" size=1 face="serif">Operating income <br>
      &nbsp;&nbsp; (loss)</FONT></TD>
    <TD align="right" width="9%"><FONT color="#0000FF" size=1 face="serif">945</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">19</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT color="#0000FF" size=1 face="serif">1</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">56</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">(19</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">1,002</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size="1" noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">For the three months<br>
      &nbsp;&nbsp;ended&nbsp;&nbsp;March 31, <br>
      &nbsp; 2002 EBITDA</FONT></TD>
    <TD align="right" width="9%"><FONT color="#0000FF" size=1 face="serif">1,755</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">33</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT color="#0000FF" size=1 face="serif">(20</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">77</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">(37</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">1,808</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Amortization expense</FONT></TD>
    <TD align="right" width="9%"><FONT color="#0000FF" size=1 face="serif">715</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">17</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT color="#0000FF" size=1 face="serif">23</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">32</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">(15</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">772</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Net benefit plans</FONT></TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">expense
      (credit)</FONT></font></TD>
    <TD align="right" width="9%"><FONT color="#0000FF" size=1 face="serif">(8</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">1</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">1</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">(6</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size="1" noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Operating income<br>
      &nbsp;&nbsp; (loss)</FONT></TD>
    <TD align="right" width="9%"><FONT color="#0000FF" size=1 face="serif">1,048</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">15</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT color="#0000FF" size=1 face="serif">(43</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">45</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">(23</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">1,042</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size="1" noshade>
<font color="#0000FF"><br>
<FONT size=2 face="serif">NET EARNINGS BEFORE NON-RECURRING ITEMS AND ROE </FONT></font>
<FONT color="#0000FF" size=1 face="serif"><br>
<br>
<font size="2">The term net earnings before non-recurring items does not have
any standardized meaning prescribed by Canadian GAAP and may not be comparable
to similar measures presented by other issuers. We define it as net earnings applicable
to common shares adjusted for non-recurring items, which include (on an after-tax
basis) BCE&#146;s share of: net gains (losses) on investments, impairment charges,
the results of discontinued operations and restructuring and other charges. Net
earnings before non-recurring items are presented on a basis that is consistent
from period to period. </font></FONT> <font color="#0000FF"><br>
<br>
<FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use net earnings before
non-recurring items to assess our profitability without regard to net gains (losses)
on investments, impairment charges, the results of discontinued operations and
restructuring and other charges. We exclude these items because they are considered
to be of a non-operational or non-recurring nature and accordingly affect the
period-to-period comparability of our results. Net earnings before non-recurring
items allow us to compare our profitability on a consistent basis. The most comparable
Canadian GAAP earnings measure is net earnings applicable to common shares. The
following is a reconciliation on a consolidated basis of net earnings before non-recurring
items to net earnings applicable to common shares. </FONT><br>
</font>
<hr color=#0000FF size="1" noshade>
<table width="50%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="80%" align="left" valign="bottom"><font color="#0000FF" size=1 face="serif">(in
      $ millions)</font> </td>
    <td width="8%" align="right" valign="bottom" nowrap><font color="#0000FF" size=1 face="serif">Q1
      2003</font></td>
    <td width="2%" align="right" valign="bottom"><font size="1" face="serif">&nbsp;</font></td>
    <td width="6%" align="right" valign="bottom" nowrap><font color="#0000FF" size=1 face="serif">Q1
      2002</font> </td>
    <td width="3%">&nbsp;</td>
  </tr>
</table>
<hr color=#0000FF size="1" noshade>
<table width="50%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="80%" align="left" valign="bottom"><FONT color="#0000FF" size=1 face="serif">Net
      earnings applicable to common shares as reported</FONT></td>
    <td width="8%" align="right" valign="bottom"><font color="#0000FF" size=1 face="serif">458</font></td>
    <td width="3%" align="right" valign="bottom"><font size="1" face="serif">&nbsp;</font></td>
    <td width="6%" align="right" valign="bottom"><FONT color="#0000FF" size=1 face="serif">297</FONT></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="bottom"><FONT color="#0000FF" size=1 face="serif">Non-recurring
      items:</FONT></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="bottom"><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Discontinued
      operations</FONT></font></td>
    <td align="right" valign="bottom"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><FONT color="#0000FF" size=1 face="serif">(45</FONT></td>
    <td align="left" valign="bottom"><FONT color="#0000FF" size=1 face="serif">)</FONT></td>
  </tr>
</table>
<hr color=#0000FF width="100%" size="1" noshade>
<table width="50%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="80%" align="left" valign="bottom"><FONT color="#0000FF" size=1 face="serif">Net
      earnings before non-recurring items</FONT></td>
    <td width="8%" align="right" valign="bottom"><FONT color="#0000FF" size=1 face="serif">458</FONT></td>
    <td width="3%" align="right" valign="bottom"><font size="1" face="serif">&nbsp;</font></td>
    <td width="6%" align="right" valign="bottom"><FONT color="#0000FF" size=1 face="serif">342</FONT></td>
    <td width="3%">&nbsp;</td>
  </tr>
</table>
<hr color=#0000FF width="100%" size="1" noshade>
<P> <FONT color="#0000FF" size=1 face="serif"> Return on common shareholders&#146;
  equity (ROE) is calculated as annualized net earnings before non-recurring items
  as a percentage of average common shareholders&#146; equity. </FONT> </P>
<br>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">4</font></p>
<br>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr size=3 color=GRAY noshade>
<br>
<br>
<P> <FONT color="#0000FF" size=6 face="serif">Financial Results Analysis<br>
  Operating Revenues </FONT> </P>
<hr color=#0000FF width="100%" size="1" noshade>
<TABLE width="50%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">(in $ millions)</FONT></TD>
    <TD align="center" width="17%"><FONT color="#0000FF" size=1 face="serif">Q1
      2003</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="center" width="12%"><FONT color="#0000FF" size=1 face="serif">Q1
      2002</FONT></TD>
    <TD align="center" width="4%">&nbsp;</TD>
    <TD width="4%" align="center"><font color="#0000FF" size=1 face="serif">%
      change</font></TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size="1" noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Bell Canada Segment</FONT></TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">4,259</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="right" width="12%"><FONT color="#0000FF" size=1 face="serif">4,303</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=1 face="serif">(1.0</FONT></TD>
    <TD width="4%"><FONT color="#0000FF" size=1 face="serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Bell Globemedia</FONT></TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">335</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="right" width="12%"><FONT color="#0000FF" size=1 face="serif">312</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=1 face="serif">7.4</FONT></TD>
    <TD width="4%"><FONT color="#0000FF" size=1 face="serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">BCE Emergis</FONT></TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">124</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="right" width="12%"><FONT color="#0000FF" size=1 face="serif">132</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=1 face="serif">(6.1</FONT></TD>
    <TD width="4%"><FONT color="#0000FF" size=1 face="serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">BCE Ventures</FONT></TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">308</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="right" width="12%"><FONT color="#0000FF" size=1 face="serif">263</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=1 face="serif">17.1</FONT></TD>
    <TD width="4%"><FONT color="#0000FF" size=1 face="serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Corporate and other</FONT></TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">(124</FONT></TD>
    <TD width="4%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="12%"><FONT color="#0000FF" size=1 face="serif">(148</FONT></TD>
    <TD width="4%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=1 face="serif">16.2</FONT></TD>
    <TD width="4%"><FONT color="#0000FF" size=1 face="serif">%</FONT></TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size="1" noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Total operating revenues</FONT></TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">4,902</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="right" width="12%"><FONT color="#0000FF" size=1 face="serif">4,862</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="right" width="5%"><font color="#0000FF" size="1" face="serif">0.8</font></TD>
    <TD width="4%"><FONT color="#0000FF" size=1 face="serif">%</FONT></TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size="1" noshade>
<font color="#0000FF"><br>
</font>
<P> <FONT color="#0000FF" size=4 face="serif">BCE Revenues increase 0.8% despite
  directories sale </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">In
  the first quarter of 2003, our revenues grew 0.8% to $4,902 million, reflecting
  revenue growth at Bell Globemedia and BCE Ventures, partly offset by lower revenues
  at the Bell Canada Segment and BCE Emergis. </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">The
  Bell Canada Segment&#146;s revenues declined 1.0% to $4,259 million, reflecting:
  </FONT> </P>
<p><FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;
  the sale of the directories business in late 2002 which contributed $132 million
  to our revenues in Q1 2002.</FONT><font color="#0000FF"><BR>
  <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150; the second Price
  Cap decision released by the Canadian Radio-television and Telecommunications
  Commission (CRTC) on May 30, 2002 (Price Cap</FONT></font> <FONT color="#0000FF" size=2 face="serif">decision)
  which mandated price reductions on various services leading to a reduction of
  approximately $34 million in our revenues this quarter. </FONT>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">On
  a comparable basis, the Bell Canada Segment&#146;s revenues increased by 2.9%,
  driven primarily by growth in customer connections and revenues from wireless,
  high-speed Internet access, and direct-to-home television (DTH) services. From
  March 31, 2002 to March 31, 2003: <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#150; cellular and PCS subscribers grew by 12.4%
  to reach 4 million. Wireless revenues grew by 13.1% in the first quarter compared
  to the same period last year. </FONT></font> <font color="#0000FF"><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">&nbsp;&#150; high-speed
  Internet subscribers grew by 39.3% to reach 1.2 million. The majority of this
  growth came from residential customers, leading to growth in consumer data revenues
  of 23% this quarter compared to the first quarter of 2002. </FONT></font> <font color="#0000FF"><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">&#150; DTH subscribers
  grew by 15.0% to reach 1.3 million, leading to DTH revenue growth of 17.2%.
  </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">The
  Bell Canada Segment&#146;s revenue growth in these new consumer services made
  up for revenue declines in the traditional service area of local and access,
  as well as relatively flat long-distance and business and wholesale data revenues.
  </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">Bell
  Globemedia&#146;s revenue growth of 7.4% reflected a stronger television schedule
  and an improved television advertising market. </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">The
  6.1% revenue decline at BCE Emergis is due mainly to lower revenue from the
  distribution agreement with Bell Canada for legacy products and other non-core
  and exited products. </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">At
  BCE Ventures, revenue growth of 17.1% was driven by CGI Group Inc.&#146;s (CGI)
  acquisition of Cognicase Inc. (Cognicase) in January of this year.</FONT></font>
</P>
<P> </P>
<P> <FONT color="#0000FF" size=4 face="serif">Bell Canada Segment </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">LOCAL AND ACCESS REVENUES IMPACTED
  BY PRICE CAP DECISION </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">Local
  and access revenues declined to $1,500 million in the first quarter of 2003
  from the $1,519 million in the first quarter of 2002. This decline was primarily
  the result of the Price Cap decision and a reduction in the number of NAS. </FONT></font>
</P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">The
  Price Cap decision mandated rate reductions in certain business services and
  services provided to competitors and led to a reduction of $16 million in revenues
  this quarter. On a comparable basis, local and access revenues would have declined
  by 0.2%. </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">NAS
  in service declined by 103,000 or 0.8% over the first quarter of 2002 as a result
  of continued pressure from growth in high-speed Internet access which reduces
  the need for second telephone lines, losses resulting from competition and business
  failures or downsizings and customers substituting wireline with wireless telephone
  service. </FONT></font> </P>
<div align=center> <font color="#0000FF"><img src="p05-01.jpg"><br>
  <img src="p05-02.jpg"></font></div>
<P> <FONT color="#0000FF" size=2 face="serif">LONG DISTANCE REVENUES REMAIN STABLE
  </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">Long
  distance revenues remained essentially flat year-over-year at $646 million.</FONT>
</P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">We
  continued to experience competitive pressures on business long distance prices.
  Residential pricing improved, however, reflecting increased network charges
  introduced in December 2002 and a minimum block of time charge introduced in
  Q2 2002. Overall, average revenue per minute (ARPM) was stable at $0.124. </FONT></font>
</P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">A
  4.8% increase in the volume of conversation minutes was offset by lower settlement
  payments and a $4 million decline related to the Price Cap decision.</FONT></font>
</P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">At
  the end of Q1 2003, our long distance market share in Ontario and Quebec was
  63.5%, up very modestly from Q1 2002. In Atlantic Canada, our estimated market
  share declined to 87.8% from 88.5% over the same period last year. </FONT></font>
</P>
<div align=center> <font color="#0000FF"><img src="p05-03.jpg"></font></div>
<br>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">5</font></p>
<br>
<br>
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<hr size=3 color=GRAY noshade>
<br>
<br>
<P> <FONT color="#0000FF" size=2 face="serif">WIRELESS GROWTH CONTINUED WITH STRONG
  POST-PAID ADDS </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">Growth </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">Wireless
  service revenues were $570 million for the quarter, up 13.1% from the same period
  last year, driven by a 12.4% increase in the subscriber base and higher average
  revenue per subscriber.</FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">Net
  activations of 70,000 in the first quarter of 2003 brought our total cellular
  and PCS subscriber base to 3,989,000. Including paging subscribers, our total
  wireless customer base totalled 4,595,000 at March 31, 2003.</FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">The
  net activations of 70,000 achieved in the first quarter were lower than the
  94,000 gained in Q1 2002. This slower growth was in line with our 2003 expectations.
  </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">With
  74% of net activations coming from post-paid rate plans, we ended the first
  quarter of this year with 75% of our cellular and PCS subscriber base consisting
  of post-paid customers, up from 72% at the end of Q1 2002. Our digital base
  of subscribers was 70%, up significantly from 55% at the end of the same period
  last year. </FONT></font> </P>
<div align=center> <font color="#0000FF"><img src="p06-01.jpg"><br>
  <img src="p06-02.jpg"> <br>
  </font></div>
<FONT color="#0000FF" size=2 face="serif">Average revenue per unit (ARPU) </FONT>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">Post-paid
  and prepaid ARPU remained relatively flat compared to the same quarter last
  year, while total ARPU of $45 reflected a $2 increase over Q1 </FONT> <FONT color="#0000FF" size=2 face="serif">2002,
  driven by the increase in post-paid subscribers as a percentage of the total
  base. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">Churn </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">Blended
  churn improved to 1.4% in Q1 2003 from 1.5% in the same period last year. Post-paid
  churn declined by 0.2 percentage points to the historically low level of 1.3%.
  </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">Wireless data </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">Mobile
  browser hits reached 123 million in Q1 2003, up 24% from Q4 2002. Mobile data
  users grew 11.7% over the fourth quarter of last year to 1.6 million. </FONT></font>
</P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">During
  the first quarter of 2003 we continued the rollout of our high-speed 1xRTT wireless
  network in several locations including Sydney, Moncton, </FONT> <FONT color="#0000FF" size=2 face="serif">Fredericton,
  Saint John and St. John&#146;s. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">DATA GROWTH REFLECTS CONTINUED SOFTNESS
  IN ENTERPRISE MARKETS </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">Revenue growth </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">Data
  revenues of $933 million in the first quarter of this year grew 3.1% compared
  to the first quarter of 2002. Although business data volumes experienced modest
  growth during the first quarter, revenues reflect the impact of the Price Cap
  decision, price competition and product-mix shifts to more cost-effective non-legacy
  data services. Consumer data revenue growth of 23% reflected strong growth in
  our Sympatico subscriber base and partially offset the slower business data
  revenue growth. </FONT></font> </P>
<div align=center> <font color="#0000FF"><img src="p06-03.jpg"></font></div>
<P> <FONT color="#0000FF" size=2 face="serif">Business and wholesale data </FONT>
</P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">The
  Price Cap decision led to a reduction in the rates charged to competing carriers
  for Competitive Digital Network Access (CDNA) services beginning in June 2002.
  These rate reductions led to a $14 million decrease in data revenues this quarter.
  On a comparable basis, data revenues increased 4.6%.</FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">Similarly,
  the business and wholesale market grew by 1.9% after adjusting for the Price
  Cap decision impact, reflecting ongoing softness as large customers continue
  to minimize investments and use existing capacity. </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">Managed
  Network Services continued to show solid growth of 31% over last year. </FONT>
</P>
<P> <FONT color="#0000FF" size=2 face="serif">Solid performance in DSL high-speed
  Internet</FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">In
  the first quarter of 2003, the number of high-speed Internet subscribers increased
  by 96,000 to reach 1,206,000, reflecting customers&#146; preference for higher
  speed alternatives to dial-up Internet access. Dial-up subscribers declined
  to 940,000 from 1,036,000 in the same period last year.</FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">Consumers
  represent the largest segment of high-speed Internet subscribers and comprise
  992,000 customers, while business and wholesale customers amount to 115,000
  and 99,000, respectively.</FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">The
  monthly charge for new Sympatico Basic customers was increased by $5 on January
  3, 2003 to $29.95 as part of our initiatives to fine tune the balance between
  our various offers. Although the Sympatico Basic service continues to be popular,
  primarily with Sympatico dial-up customers wishing to upgrade to a higher speed
  offering, our Sympatico High-Speed Edition services had more net additions this
  quarter than Sympatico Basic with 30,000 and 26,000 net additions, respectively.
  </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">During
  the quarter, Bell Canada added 13,000 new subscriptions of Sympatico value-added
  services such as Desktop Anti-virus and Desktop Firewall for an end-of-period
  total count of 98,000.</FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">Average
  self-installation rates remained essentially unchanged at 99%. </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">Wholesale
  DSL gained momentum with 18,000 net adds this quarter, a significant increase
  over the 6,000 net adds in the first quarter of 2002.</FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">The
  DSL footprint in Ontario and Quebec remains unchanged, available to 75% of homes
  and business lines. In Atlantic Canada, DSL is available to </FONT> <FONT color="#0000FF" size=2 face="serif">61%
  of homes. </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">Our
  share of the consumer high-speed Internet market in Ontario and Quebec, including
  retail and wholesale, is approximately 45%. </FONT> </P>
<div align=center> <font color="#0000FF"><img src="p06-04.jpg"></font></div>
<br>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">6</font></p>
<br>
<br>
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<br>
<br>
<P> <FONT color="#0000FF" size=2 face="serif">DTH REVENUES GREW BY 17.2% </FONT>
</P>
<P> <FONT color="#0000FF" size=2 face="serif">Revenue and subscriber growth </FONT>
</P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">In
  the first quarter of 2003 our subscriber base grew 15.0% over Q1 2002 to 1,317,000
  which led to DTH revenues of $177 million for the quarter, up 17.2% compared
  to the same period last year.</FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">Net
  additions for the quarter totalled 13,000, down from the 76,000 achieved in
  the first quarter of 2002, reflecting a significant slowdown in DTH market demand,
  as well as fewer promotions and less advertising, particularly in the early
  part of the quarter. </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">Given
  lower than anticipated net additions in the quarter, we now expect slower subscriber
  growth in 2003 than originally anticipated. </FONT> </P>
<div align=center> <font color="#0000FF"><img src="p07-01.jpg"><br>
  <img src="p07-02.jpg"></font></div>
<P> <FONT color="#0000FF" size=2 face="serif">Average revenue per subscriber (ARPS)
  </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">ARPS
  of $44 per month in the first quarter of 2003 was down slightly from $45 per
  month in Q1 2002, but up by $1 per month over Q4 2002.</FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">The
  decline in ARPS over the first quarter of last year reflects the netting of
  programming credits against revenues beginning in June 2002, as well as lower
  pay-per-view revenues. This decline in ARPS was largely offset by pricing initiatives
  such as the second receiver charge introduced in June 2002, as well as the $2-$3
  rate increase on specific programming packages introduced on February 1 of this
  year. These pricing initiatives account for the ARPS increase over the fourth
  quarter of last year. </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">Going
  forward, ARPS will also be stimulated by the introduction of a $2.99 monthly
  system charge for all Bell ExpressVu customers effective April 28, </FONT> <FONT color="#0000FF" size=2 face="serif">2003.
  </FONT> </P>
<FONT color="#0000FF" size=2 face="serif">Expanded service offerings </FONT>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">On
  March 5, 2003, Bell ExpressVu announced that it will be expanding its existing
  300 channel line-up with a total of 76 new channels. This will include new high
  definition TV, interactive TV and local and international program offerings.</FONT></font>
</P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">The
  expanded line-up requires the additional capacity provided by Nimiq 2, a second
  satellite used by Bell ExpressVu and operated by Telesat, which was launched
  at the end of 2002. </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">On
  February 20, 2003, Telesat&#146;s Nimiq 2 satellite experienced a malfunction
  affecting the available power on the satellite. As a result, Telesat is currently
  operating 26 out of 32 transponders on the satellite and expects only typical
  solar array degradation over time. Our current plans to move certain programming
  to Nimiq 2, as well as to provide the expanded programming line-up and specialty
  services such as DirecPC, are not expected to be impacted.</FONT></font> </P>
<P FONT color="#0000FF" size=2 face="serif"><font color="#0000FF">TERMINAL SALES
  AND OTHER</font></P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif"><font color="#0000FF">Terminal
  sales and other revenues of $433 million in the first quarter of 2003 remained
  relatively stable, reflecting a decrease of $11 million when compared to the
  first quarter of 2002.</font></font> </font></p>
<font color="#0000FF">
<P> <FONT color="#0000FF" size=4 face="serif">Bell Globemedia </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">BELL GLOBEMEDIA REVENUES GREW BY
  7.4% </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">Bell
  Globemedia revenues for the first quarter rose to $335 million, 7.4% higher
  than the first quarter of 2002, stemming from a 12.9% increase in television
  advertising revenues. This increase is the result of CTV Inc.&#146;s (CTV) stronger
  television schedule with 8 out of the top 10 primetime shows and the strengthening
  of the overall television advertising market. Revenues this quarter were slightly
  negatively impacted by the conflict in Iraq as regular programming was pre-empted
  and advertisers cancelled or delayed spending. </FONT></font> </P>
<p align=left><font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">Print
  revenues declined by 3.2% year-over-year principally due to a weak newspaper
  advertising market which was amplified by scaled back spending due to the conflict
  in Iraq.</FONT></font>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">On
  March 29, NADbank released its newspaper readership data showing The Globe and
  Mail leading the national market with 950,100 readers each weekday. The Globe
  and Mail&#146;s readership levels measured a 52% lead in the national newspaper
  market. </FONT></font> </P>
<div align=center> <font color="#0000FF"><img src="p07-03.jpg"> </font></div>
<br>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">7</font></p>
<br>
<br>
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<br>
<br>
<P> <FONT color="#0000FF" size=4 face="serif">BCE Emergis </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">BCE EMERGIS REVENUES DECLINE BY
  6.1% </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">In
  Q1 2003, BCE Emergis had revenues of $124 million, a 6.1% decline from its revenues
  of $132 million achieved in Q1 2002 and a 5.3% decline from its Q4 2002 revenues
  of $131 million. In each case, the decline is due mainly to lower revenue from
  the distribution agreement with Bell Canada for legacy products and other non-core
  and exited products. Core revenues (excluding the revenue from the Bell legacy
  contract and other non-core and exited products) for the current period were
  $94.4 million compared with $89.6 million in the first quarter of 2002 and $96.9
  million in the fourth quarter of 2002. </FONT></font> </P>
<div align=center> <font color="#0000FF"><img src="p08-01.jpg"></font></div>
<P> <FONT color="#0000FF" size=4 face="serif">BCE Ventures </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">BCE
  Ventures&#146; revenues increased 17.1% to $308 million from $263 million in
  Q1 2002 driven by growth in CGI&#146;s revenues. </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">CGI&#146;s
  revenues increased 31% to $224 million this quarter, driven by its acquisition
  of Cognicase in January 2003. </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">Revenues
  increased by 2.6% at Telesat, reflecting the placement in service of the Nimiq
  2 satellite in early 2003. </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">Other
  revenues were lower, reflecting the sale of the 1000 de la Gaucheti&egrave;re
  West building in February 2002. </FONT> </P>
<P> <FONT color="#0000FF" size=6 face="serif">EBITDA </FONT> </P>
<font color="#0000FF"></font>
<hr color=#0000FF width="100%" size="1" noshade>
<TABLE width="50%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="44%"><FONT color="#0000FF" size=1 face="serif">(in $ millions)</FONT></TD>
    <TD align="right" width="18%"><FONT color="#0000FF" size=1 face="serif">Q1
      2003</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="center" width="23%"><FONT color="#0000FF" size=1 face="serif">Q1
      2002</FONT></TD>
    <TD width="10%" nowrap><font color="#0000FF" size=1 face="serif"> % change</font></TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size="1" noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Bell Canada Segment</FONT></TD>
    <TD align="right" width="18%"><FONT color="#0000FF" size=1 face="serif">1,724</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT color="#0000FF" size=1 face="serif">1,755</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">(1.8</FONT></TD>
    <TD width="5%"><FONT color="#0000FF" size=1 face="serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Bell Globemedia</FONT></TD>
    <TD align="right" width="18%"><FONT color="#0000FF" size=1 face="serif">37</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT color="#0000FF" size=1 face="serif">33</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">12.1</FONT></TD>
    <TD width="5%"><FONT color="#0000FF" size=1 face="serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">BCE Emergis</FONT></TD>
    <TD align="right" width="18%"><FONT color="#0000FF" size=1 face="serif">15</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT color="#0000FF" size=1 face="serif">(20</FONT></TD>
    <TD width="5%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT color="#0000FF" size=1 face="serif">N.</FONT></TD>
    <TD width="5%"><font color="#0000FF" size=1 face="serif">M.</font></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">BCE Ventures</FONT></TD>
    <TD align="right" width="18%"><FONT color="#0000FF" size=1 face="serif">84</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT color="#0000FF" size=1 face="serif">77</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">9.1</FONT></TD>
    <TD width="5%"><FONT color="#0000FF" size=1 face="serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Corporate and other</FONT></TD>
    <TD align="right" width="18%"><FONT color="#0000FF" size=1 face="serif">(40</FONT></TD>
    <TD width="5%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="13%"><FONT color="#0000FF" size=1 face="serif">(37</FONT></TD>
    <TD width="5%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">(8.1</FONT></TD>
    <TD width="5%"><FONT color="#0000FF" size=1 face="serif">%)</FONT></TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size="1" noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Total EBITDA</FONT></TD>
    <TD align="right" width="18%"><FONT color="#0000FF" size=1 face="serif">1,820</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT color="#0000FF" size=1 face="serif">1,808</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="right" width="10%"><font color="#0000FF" size="1" face="serif">0.7</font></TD>
    <TD width="5%"><FONT color="#0000FF" size=1 face="serif">%</FONT></TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size="1" noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">N.M.:
      not meaningful</FONT></font></TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
</TABLE>
<font color="#0000FF"><br>
</font>
<P> <FONT color="#0000FF" size=4 face="serif">BCE EBITDA increases 0.7% despite
  directories sale </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">BCE&#146;s
  EBITDA increased by 0.7% to $1,820 million from $1,808 million in the first
  quarter of 2002. Our growth was driven by EBITDA gains at BCE </FONT><FONT color="#0000FF" size=2 face="serif">Emergis,
  Bell Globemedia and BCE Ventures which offset EBITDA decreases at the Bell Canada
  Segment related to the sale of the directories business and the Price Cap decision.
  On a comparable basis, BCE&#146;s EBITDA grew by 7.4%. </FONT> </P>
<P> <FONT color="#0000FF" size=4 face="serif">Bell Canada Segment </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">As
  expected, the sale of our directories business negatively impacted our EBITDA.
  The Price Cap decision also led to lower EBITDA this quarter. As a result of
  these factors, Bell Canada&#146;s EBITDA declined 1.8% to $1,724 million this
  quarter from $1,755 million in the same period last year. In Q1 2002, the directories
  business contributed approximately $81 million to EBITDA. In Q1 2003, the Price
  Cap decision reduced EBITDA by approximately $34 million. On a comparable basis,
  the Bell Canada Segment&#146;s EBITDA increased by 5.0%. </FONT></font> </P>
<p><font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">Despite
  the negative impacts of the directories sale and the Price Cap decision, the
  Bell Canada Segment&#146;s EBITDA margin remained relatively stable at 40.5%
  compared to the 40.8% achieved in the first quarter of 2002. This stability
  reflects: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150; the realization of productivity improvements
  of approximately $131 million. Productivity improvements came from numerous
  projects across the Bell Canada Segment. <br>
  </FONT></font> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;
  lower overall subscriber acquisition costs this quarter reflecting lower levels
  of gross subscriber additions, particularly for DTH services.</FONT></p>
<font color="#0000FF">
<p><font color="#0000FF" size=1 face="Wingdings">n </font>&nbsp;<FONT size=2 face="serif">Our
  productivity improvement program includes numerous projects reflecting both
  cross-enterprise initiatives and initiatives at the local business unit level.
  Our 2003 program targets cost savings in many of the same areas addressed in
  our 2002 program, including call centers, field services, supply chain, and
  customer provisioning and servicing of newer services, such as consumer high-speed
  Internet service and broadband/IP services.</FONT></p>
<p> <font size=1 face="Wingdings">n </font>&nbsp;<FONT size=2 face="serif">Of
  the $131 million of productivity improvements this quarter, about 50% relate
  to reducing customer acquisition costs, while reducing the cost of serving existing
  customers and lowering back-office costs account for 40% and 10% respectively.</FONT></p>
</font> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">In
addition to taking costs out of the business, our various productivity initiatives
are also leading to simplification for our customers and improved customer service.
Initiatives such as: </FONT></font> <FONT color="#0000FF" size=2 face="serif"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150; our interactive voice response system &#147;Emily&#148;
will improve customer service while reducing our call center call volumes.</FONT>
<FONT color="#0000FF" size=2 face="serif"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150; specialized call center &#147;Move Queues&#148;
will reduce the number of phone calls customers who are moving will need to make
to Bell Canada, simplifying their lives while reducing our call center costs.</FONT>
<FONT color="#0000FF" size=2 face="serif"> <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150; automated service confirmation of high-speed
Internet access orders and Smart Touch feature activations will improve customer
service while eliminating the need to handle follow-up calls in our call centers.
</FONT> <FONT color="#0000FF" size=2 face="serif"> <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150; web order entry tools will improve the effic
iency of our call center agents, reducing the length of time customers need to
stay on-line, improving customer service while reducing our call center costs.
</FONT>
<div align=center> <font color="#0000FF"><img src="p08-02.jpg"></font></div>
<br>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">8</font></p>
<br>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr size=3 color=GRAY noshade>
<br>
<br>
<P> <FONT color="#0000FF" size=2 face="serif">WIRELESS EBITDA INCREASES</FONT>
</P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">Wireless
  EBITDA for the first quarter of 2003 was $219 million, up 23% over Q1 2002.
  This led to an improved wireless EBITDA margin of 38.4% this quarter compared
  to 35.3% in the first quarter of 2002. Wireless EBITDA this quarter reflects
  higher revenues from subscriber growth and the benefits of productivity initiatives
  which lowered costs of acquisition. The continued increase in postpaid customers
  as a percentage of our total subscriber base also contributed to the improvement.</FONT></font>
</P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">Cost
  of acquisition (COA) improved by 4.9% to $387 per gross activation in Q1 2003
  from $407 per gross activation in the first quarter of last year, mainly driven
  by lower handset costs, less reliance on handset subsidies for our popular Grab
  n&#146; Go product and channel efficiency gains.</FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">BELL EXPRESSVU EBITDA IMPROVES </FONT>
</P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">Bell
  ExpressVu&#146;s EBITDA losses of $6 million for the first quarter of 2003 declined
  significantly compared to the first quarter of 2002 EBITDA losses of $50 million.
  This improvement was largely driven by lower subscriber acquisition costs related
  to lower gross activations this quarter and continued cost containment efforts
  reflecting reductions in sales and technology expenses.</FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">COA
  per subscriber was $675 this quarter compared to $718 for Q1 2002 reflecting
  the accounting change effective June 1, 2002 of netting of programming credits
  against revenues. Without this change, COA would have risen slightly on a year
  over year basis to $749, primarily from the impact of a higher number of second
  receivers purchased by customers and the free installation offer reintroduced
  in the beginning of March 2003.</FONT></font> </P>
<P> <FONT color="#0000FF" size=4 face="serif">Bell Globemedia EBITDA increases</FONT>
</P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">EBITDA
  for the quarter was $37 million, 12.1% higher than the first quarter of last
  year. The improvement is attributable to increased EBITDA from television operations
  as a result of an increasing revenue base and savings from a restructuring of
  Bell Globemedia&#8217;s interactive operations. </FONT></font> </P>
<div align=center> <font color="#0000FF"><img src="p09-01.jpg"> </font></div>
<P> <FONT color="#0000FF" size=4 face="serif">BCE Emergis EBITDA</FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">BCE
  Emergis contributed EBITDA of $15 million in the first quarter of 2003, a significant
  increase from the negative $20 million of EBITDA in Q1 2002. These results include
  the compensation cost relating to stock options of $3 million in the first quarter
  of 2003 and nil in the first quarter of 2002. BCE Emergis&#146; cost reduction
  program and exiting of non-core products have enabled BCE Emergis to improve
  its EBITDA margins in 2002 and Q1 2003 despite lower revenues. </FONT></font>
</P>
<div align=center> <font color="#0000FF"><img src="p09-02.jpg"> </font></div>
<P> <FONT color="#0000FF" size=4 face="serif">Below EBITDA Income and Expenses
  </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">The table below shows a reconciliation
  of EBITDA to net earnings applicable to common shares for the first quarters
  of 2003 and 2002. </FONT> </P>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="59%"><FONT color="#0000FF" size=1 face="serif">($ millions)</FONT></TD>
    <TD align="right" width="14%"><FONT color="#0000FF" size=1 face="serif">Q1
      2003</FONT></TD>
    <TD width="3%"><font color="#0000FF">&nbsp;&nbsp;&nbsp;</font></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">Q1
      2002</FONT></TD>
    <TD width="14%" align="right"><font color="#0000FF" size=1 face="serif">%
      change</font></TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">EBITDA</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">1,820</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">1,808</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">0.7</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Amortization expense</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">(776</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">(772</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">0.5</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Net benefit plans (expense)
      credit</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">(42</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">6</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">n.m.</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Operating income</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">1,002</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">1,042</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">(3.8</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Other income</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">48</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">2</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">n.m.</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Interest expense</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">(284</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">(261</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">8.8</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Pre-tax earnings from continuing
      operations</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">766</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">783</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">(2.2</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Income taxes</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">(245</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">(292</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">(16.1</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Non-controlling interest</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">(48</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">(136</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">(64.7</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Earnings from continuing operations</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">473</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">355</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">33.2</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Discontinued operations</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">(45</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">(100.0</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Net earnings</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">473</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">310</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">(52.6</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Dividends on preferred shares</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">(15</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">(13</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">15.4</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Net earnings applicable to common
      shares</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">458</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">297</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">54.2</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<font color="#0000FF"><br>
</font>
<P> <FONT color="#0000FF" size=2 face="serif">AMORTIZATION EXPENSE </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">The overall capital asset base in
  the first quarter of 2003 increased slightly when compared to the same period
  last year, leading to a 0.5% increase in amortization expense. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">NET BENEFIT PLANS EXPENSE (CREDIT)
  </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">In the first quarter of 2003, the
  net benefit plans expense of $42 million was $48 million unfavourable compared
  to the same period last year. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> Due to poor capital market conditions,
  our pension plans had weak fund performance in 2002, leading to a rate of return
  that was significantly below our assumption of 8.3% for 2002. This created an
  actuarial loss, which led to approximately two-thirds of the unfavourable variance.
  </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> Also, after a review of market
  trends and our outlook, we reduced our assumption of expected long-term return
  on plan assets from 8.3% in 2002 to 7.5% in 2003, which led to the balance of
  the unfavourable variance. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">OPERATING INCOME </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">In the first quarter of 2003, operating
  income of $1,002 million was 3.8% lower than the same period last year. The
  increase in EBITDA was more than offset by the unfavourable variance in the
  net benefit plans expense. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">OTHER INCOME </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">In the first quarter of 2003, other
  income was $46 million higher than the same period last year, resulting mainly
  from foreign currency gains. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> The Canadian dollar strengthened
  during the first quarter of 2003, resulting in a $33 million foreign currency
  gain. The foreign exchange rate remained relatively stable during the first
  quarter of 2002 and had no impact on our 2002 net earnings. </FONT> </P>
<br>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">9</font></p>
<br>
<br>
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<hr size=3 color=GRAY noshade>
<br>
<br>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
  April 2003, we entered into a forward contract to hedge U.S. $200 million of
  long-term debt at Bell Canada that had not been previously hedged, thereby removing
  the foreign currency exposure risk on that debt. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">INTEREST EXPENSE </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">In the first quarter of 2003, interest
  expense was 8.8% higher than the same period last year, primarily due to increased
  debt levels.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The higher average total debt reflects the impact
  of the additional debt incurred in 2002 to fund: </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">the
  repurchase price of SBC Communications Inc.&#146;s (SBC) 20% indirect interest
  in Bell Canada</FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">
  the negative free cash flows in 2002.</FONT></font></P>
<P><font color="#0000FF"><FONT size=2 face="serif">Some of the additional debt
  was repaid from the proceeds from the sale of the directories business in November
  2002.</FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">INCOME TAXES </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">In the first quarter of 2003, income
  taxes of $245 million represent a 16.1% reduction from the amount in the first
  quarter of 2002, mainly due to the reduction in the statutory income tax rate
  from 37.4% in 2002 to 35.4% in 2003 and the decrease in pre-tax earnings. </FONT>
</P>
<P> <FONT color="#0000FF" size=2 face="serif">NON-CONTROLLING INTEREST </FONT>
</P>
<P> <FONT color="#0000FF" size=2 face="serif">In the first quarter of 2003, the
  $88 million decrease in non-controlling interest when compared to the same period
  last year reflects the impact of BCE Inc.&#146;s repurchase of SBC&#146;s 20%
  indirect interest in Bell Canada. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">DISCONTINUED OPERATIONS </FONT>
</P>
<P> <FONT color="#0000FF" size=2 face="serif">The net loss of $45 million in the
  first quarter of 2002 relates to operating losses of Teleglobe Inc. (Teleglobe).
  The financial results of Teleglobe were reclassified as a discontinued operation
  effective April 24, 2002. </FONT> </P>
<br>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">10</font></p>
<br>
<br>
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<hr size=3 color=GRAY noshade>
<br>
<br>
<P> <FONT color="#0000FF" size=6 face="sans-serif">Financial and Capital Management
  </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">This section tells you how we manage
  our cash and capital resources to carry out our strategy and deliver financial
  results. It provides an analysis of the financial condition and cash flows of
  BCE. </FONT> </P>
<P> <FONT color="#0000FF" size=6 face="serif">Capital Structure </FONT> </P>
<hr color=#0000FF size=1 noshade>
<TABLE width="50%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="63%"><FONT color="#0000FF" size=1 face="serif">($ millions)</FONT></TD>
    <TD align="right" width="16%"><FONT color="#0000FF" size=1 face="serif">Q1
      2003 </FONT></TD>
    <TD width="17%" align="right"><FONT color="#0000FF" size=1 face="serif">Q4
      2002</FONT></TD>
    <TD width="4%" align="right">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Cash</FONT></TD>
    <TD align="right" width="14%"><FONT color="#0000FF" size=1 face="serif">(1,988</FONT></TD>
    <TD width="4%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="14%"><FONT color="#0000FF" size=1 face="serif">(306</FONT></TD>
    <TD width="4%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Debt due within one year</FONT></TD>
    <TD align="right" width="14%"><FONT color="#0000FF" size=1 face="serif">1,612</FONT></TD>
    <TD width="4%"><font color="#0000FF" size="1">&nbsp;</font></TD>
    <TD align="right" width="14%"><FONT color="#0000FF" size=1 face="serif">2,026</FONT></TD>
    <TD width="4%"><font color="#0000FF" size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Long-term debt</FONT></TD>
    <TD align="right" width="14%"><FONT color="#0000FF" size=1 face="serif">15,045</FONT></TD>
    <TD width="4%"><font color="#0000FF" size="1">&nbsp;</font></TD>
    <TD align="right" width="14%"><FONT color="#0000FF" size=1 face="serif">13,395</FONT></TD>
    <TD width="4%"><font color="#0000FF" size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Retractable preferred shares</FONT></TD>
    <TD align="right" width="14%"><FONT color="#0000FF" size=1 face="serif">352</FONT></TD>
    <TD width="4%"><font color="#0000FF" size="1">&nbsp;</font></TD>
    <TD align="right" width="14%"><FONT color="#0000FF" size=1 face="serif">355</FONT></TD>
    <TD width="4%"><font color="#0000FF" size="1">&nbsp;</font></TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Total net debt</FONT></TD>
    <TD align="right" width="14%"><FONT color="#0000FF" size=1 face="serif">15,021</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="right" width="14%"><FONT color="#0000FF" size=1 face="serif">15,470</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Non-controlling interest</FONT></TD>
    <TD align="right" width="14%"><FONT color="#0000FF" size=1 face="serif">3,641</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="right" width="14%"><FONT color="#0000FF" size=1 face="serif">3,584</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Total shareholders&#146; equity</FONT></TD>
    <TD align="right" width="14%"><FONT color="#0000FF" size=1 face="serif">12,994
      </FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="right" width="14%"><FONT color="#0000FF" size=1 face="serif">12,615</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Total capitalization</FONT></TD>
    <TD align="right" width="14%"><FONT color="#0000FF" size=1 face="serif">31,656
      </FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="right" width="14%"><FONT color="#0000FF" size=1 face="serif">31,669</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Net debt to total capitalization
      </FONT></TD>
    <TD align="right" width="14%"><font color="#0000FF" size=1 face="serif">47.5</font></TD>
    <TD width="4%"><font color="#0000FF" size=1 face="serif">% </font></TD>
    <TD align="right" width="14%"><font color="#0000FF" size=1 face="serif">48.8</font></TD>
    <TD width="4%"><font color="#0000FF" size=1 face="serif">%</font></TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1 noshade>
<font color="#0000FF"><br>
<br>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=5>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="95%" align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="95%"><FONT color="#0000FF" size=2 face="serif">Our net debt to
      capitalization ratio decreased to 47.5% at March 31, 2003 from 48.8% at
      December 31, 2002, principally from:</FONT></TD>
  </TR>
  <TR>
    <TD align="center" width="5%"><font color="#0000FF" size=1 face="Wingdings">n
      </font></TD>
    <TD width="95%"><FONT color="#0000FF" size=2 face="serif">a net issuance of
      $153 million in preferred shares, the proceeds of which were effectively
      used to reduce our total net debt</FONT></TD>
  </TR>
  <TR>
    <TD align="center" width="5%"><font color="#0000FF" size=1 face="Wingdings">n
      </font></TD>
    <TD width="95%"><FONT color="#0000FF" size=2 face="serif">$183 million of
      net earnings in the first quarter of 2003 that were in excess of the common
      and preferred share dividends declared</FONT></TD>
  </TR>
  <TR>
    <TD align="center" width="5%"><font color="#0000FF" size=1 face="Wingdings">n
      </font></TD>
    <TD width="95%"><FONT color="#0000FF" size=2 face="serif">$237 million of
      tax refunds received which were used to repay debt.</FONT></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="95%"><FONT color="#0000FF" size=2 face="serif">We maintained investment
      grade credit ratings on our debt and preferred shares.</FONT></TD>
  </TR>
</TABLE>
<font color="#0000FF"></font>
<P> <FONT color="#0000FF" size=6 face="serif">Summary of Cash Flows</FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">The table below provides a summary
  of the flow of cash into and out of BCE for the first quarters of 2003 and 2002.</FONT>
</P>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">($ millions)</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">Q1
      2003</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT color="#0000FF" size=1 face="serif">Q1
      2002</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Cash from operating activities</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">1,186</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">558</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Capital expenditures</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">(601</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">(861</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Other investing activities</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">(37</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">(30</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Preferred dividends and dividends
      paid by subsidiaries</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">to non-controlling
      interest</FONT></font></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">(55</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">(78</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Free cash flow from operations,
      before common dividends</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">493</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">(411</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Common dividends</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">(257</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">(243</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Free cash flow from operations,
      after common dividends</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">236</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">(654</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Investments</FONT></TD>
    <TD align="right"><FONT color="#0000FF" size=1 face="serif">(61</FONT></TD>
    <TD><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right"><FONT color="#0000FF" size=1 face="serif">(94</FONT></TD>
    <TD><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Divestitures</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">5</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">148</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Free cash flow after investments
      and divestitures</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">180</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">(600</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Net issuance of equity instrument
      activities</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">158</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">206</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Net issuance of debt instrument
      activities</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">1,298</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">1,123</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Financing activities of subsidiaries
      with third parties</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">54</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">7</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Cash used by discontinued operations</FONT></TD>
    <TD width="10%" align="right"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">(407</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Other</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">(8</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">(6</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Net increase in cash and cash
      equivalents</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">1,682</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">323</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<font color="#0000FF"></font>
<P> <FONT color="#0000FF" size=2 face="serif">CASH FROM OPERATING ACTIVITIES </FONT>
</P>
<P> <FONT color="#0000FF" size=2 face="serif">We generated a significant amount
  of productivity improvements during the first quarter of 2003 ($138 million
  pre-tax).These cost savings translated into additional cash from our operations.
  Please see <em>Financial results analysis</em> in this MD&amp;A for more details.</FONT>
</P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excluding
  the impact of $237 million of tax refunds generated from capital losses received
  in the first quarter of 2003 and $288 million of taxes paid on capital gains
  in the first quarter of 2002, cash from operating activities was 12.2% higher
  in the first quarter of 2003 when compared to the same period last year. </FONT>
</P>
<P> <FONT color="#0000FF" size=2 face="serif">CAPITAL EXPENDITURES </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">We continue to make investments
  to expand our networks, to meet customer demand and for replacement purposes.
  </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Having
  much of the significant capital expenditures relating to the build-out of our
  growth infrastructures behind us, we were able to reduce our capital expenditures
  by 30% in the first quarter of 2003 compared to the same period last year. A
  portion of the decrease can be explained by our capital spending programs being
  more heavily weighted towards subsequent quarters of 2003. This reduction in
  capital spending lowered our capital intensity ratio to 12.3% in the first quarter
  of 2003 from 17.7% in the same period last year. For the full year, we continue
  to expect capital expenditures to represent 17% - 18% or revenues.</FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  Bell Canada Segment&#146;s capital intensity ratio fell to 12.7% in the first
  quarter of 2003 from 18.0% in the same period last year. The Bell Canada Segment
  accounted for 90% of our total capital expenditures in the first quarter of
  2003. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">INVESTMENTS </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">Investments of $61 million were
  made in the first quarter of 2003, consisting mainly of our proportionate share
  of the cash consideration for CGI&#146;s acquisition of Cognicase. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
  made in the first quarter of 2002 included Bell Globemedia&#146;s purchase of
  a 40% interest in the TQS network and other television stations for $72 million.
  </FONT> </P>
<p><FONT color="#0000FF" size=2 face="serif">DIVIDENDS </FONT> <FONT color="#0000FF" size=2 face="serif"><br>
  <br>
  We declared a common share dividend of $0.30 per share in the first quarter
  of 2003, consistent with the same period in 2002. However, total dividends paid
  on common shares increased to $257 million in the first quarter of 2003 when
  compared to $243 million in the same period last year. This was due to the increase
  in the average number of common shares outstanding, from 809 million to 917
  million mainly resulting from BCE Inc.&#146;s equity offerings in 2002. We also
  realized a cash benefit of approximately $20 million in the first quarter of
  2003 from an increased participation in BCEInc.&#146;s dividend reinvestment
  plan. <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid on preferred shares increased to
  $11 million in the first quarter of 2003 from the $7 million paid in the same
  period last year, due to the net increase in preferred shares. Please see <em>Equity
  instruments</em>, for more information. </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2002, BCE Inc. repurchased
  SBC&#146;s 20% indirect interest in Bell Canada. Since then, Bell Canada Holdings
  Inc. (BCH) no longer pays a dividend to SBC, resulting in a $27 million decrease
  in dividends paid by subsidiaries to third parties in the first quarter of 2003,
  when compared to the same period last year. </FONT></font> </p>
<FONT color="#0000FF" size=2 face="serif">DIVESTITURES </FONT> <FONT color="#0000FF" size=2 face="serif"><br>
<br>
There were no significant divestitures in the first quarter of 2003. </FONT>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Divestitures
  in the first quarter of 2002 consisted mainly of the sale of the 1000 de La
  Gaucheti&egrave;re West building and Bell Globemedia &#146;s sale of its 12%
  interest in the History Channel. </FONT> </P>
<br>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">11</font></p>
<br>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr size=3 color=GRAY noshade>
<br>
<br>
<FONT color="#0000FF" size=2 face="serif">EQUITY INSTRUMENTS </FONT> <FONT color="#0000FF" size=2 face="serif"><br>
<br>
In the first quarter of 2003, we issued 20 million Series AC preferred shares
for $510 million and redeemed 14 million Series U preferred shares for $357 million.
</FONT>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
  the first quarter of 2002, we issued 20 million Series AA preferred shares for
  $510 million and redeemed 12 million Series W preferred shares for $306 million.
  </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
  our stock option and employee savings plans, we raised $5 million from the issuance
  of common shares in the first quarter of 2003 and $2 million in the first quarter
  of 2002. </FONT> </P>
<p><FONT color="#0000FF" size=2 face="serif">DEBT INSTRUMENTS </FONT> <FONT color="#0000FF" size=2 face="serif"><br>
  <br>
  We use a combination of long-term and short-term debt to finance our operations.
  Our short-term debt consists primarily of bank facilities and notes payable
  under commercial paper programs. We usually pay fixed rates of interest on our
  long-term debt and market rates on our short-term debt. </FONT> </p>
<p><FONT color="#0000FF" size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  combined debt of BCE Inc. and Bell Canada make up 92% of our total debt portfolio.
  The average annual interest rate on our total debt was 7.3% in the first quarter
  of 2003 and 7.5% in the first quarter of 2002. </FONT> </p>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  interest rates we pay are based on the quality of our credit ratings. The table
  below lists our credit ratings at April 29, 2003, all of which are investment
  grade. Investment grade ratings usually mean that we qualify for better than
  average interest rates when we borrow money. </FONT> </P>
<p><font color="#0000FF" size="2" face="serif">CREDIT RATINGS</font></p>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="47%" align="center">&nbsp;</TD>
    <TD align="center" width="24%"><FONT color="#0000FF" size=1 face="serif">BCE
      Inc.</FONT></TD>
    <TD width="17%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" width="47%"><FONT color="#0000FF" size=1 face="serif">S&amp;P</FONT></TD>
    <TD align="center" width="24%"><FONT color="#0000FF" size=1 face="serif">DBRS</FONT></TD>
    <TD align="center" width="17%"><FONT color="#0000FF" size=1 face="serif">Moody&#146;s</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Commercial<br>
      &nbsp; paper</FONT></TD>
    <TD align="center" width="47%"><FONT color="#0000FF" size=1 face="serif">A-1
      (mid) / stable</FONT></TD>
    <TD align="center" width="24%"><FONT color="#0000FF" size=1 face="serif">R-1
      (low) / stable</FONT></TD>
    <TD width="17%" align="center"><FONT color="#0000FF" size=1 face="serif">P-2
      / (neg)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Extendable <br>
      &nbsp;&nbsp;commercial<br>
      &nbsp; notes</FONT></TD>
    <TD align="center" width="47%"><FONT color="#0000FF" size=1 face="serif">A-1
      (mid) / stable</FONT></TD>
    <TD align="center" width="24%"><FONT color="#0000FF" size=1 face="serif">R-1
      (low) / stable</FONT></TD>
    <TD align="center" width="17%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Long-term<br>
      &nbsp; debt</FONT></TD>
    <TD align="center" width="47%"><FONT color="#0000FF" size=1 face="serif">A-
      / stable</FONT></TD>
    <TD align="center" width="24%"><FONT color="#0000FF" size=1 face="serif">A
      / (neg)</FONT></TD>
    <TD align="center" width="17%"><FONT color="#0000FF" size=1 face="serif">Baa-1
      / (neg)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Preferred<br>
      &nbsp; shares</FONT></TD>
    <TD align="center" width="47%"><FONT color="#0000FF" size=1 face="serif">P-2
      / stable</FONT></TD>
    <TD align="center" width="24%"><FONT color="#0000FF" size=1 face="serif">Pfd-2
      / (neg)</FONT></TD>
    <TD align="center" width="17%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="47%" align="center">&nbsp;</TD>
    <TD align="center" width="24%"><FONT color="#0000FF" size=1 face="serif">Bell
      Canada</FONT></TD>
    <TD width="17%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" width="47%"><FONT color="#0000FF" size=1 face="serif">S&amp;P</FONT></TD>
    <TD align="center" width="24%"><FONT color="#0000FF" size=1 face="serif">DBRS</FONT></TD>
    <TD align="center" width="17%"><FONT color="#0000FF" size=1 face="serif">Moody&#146;s</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Commercial paper</FONT></TD>
    <TD width="24%" align="center"><FONT color="#0000FF" size=1 face="serif">A-1
      (mid) / stable</FONT></TD>
    <TD width="24%" align="center"><FONT color="#0000FF" size=1 face="serif">R-1
      (mid) / stable</FONT></TD>
    <TD align="center" width="17%"><FONT color="#0000FF" size=1 face="serif">P-2
      / (neg)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Extendable commercial notes</FONT></TD>
    <TD width="24%" align="center"><FONT color="#0000FF" size=1 face="serif">A-1
      (mid) / stable</FONT></TD>
    <TD width="24%" align="center"><FONT color="#0000FF" size=1 face="serif">R-1
      (mid) / stable</FONT></TD>
    <TD align="center" width="17%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Long-term debt</FONT></TD>
    <TD width="24%" align="center"><FONT color="#0000FF" size=1 face="serif">A
      / stable</FONT></TD>
    <TD width="24%" align="center"><FONT color="#0000FF" size=1 face="serif">A
      (high) / stable</FONT></TD>
    <TD align="center" width="17%"><FONT color="#0000FF" size=1 face="serif">A-3
      / (neg)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Preferred shares</FONT></TD>
    <TD width="47%" colspan=2 align="center"><FONT color="#0000FF" size=1 face="serif">P-2
      (high) / stable&nbsp;&nbsp;&nbsp;&nbsp; Pfd-2 (high) /stable</FONT></TD>
    <TD align="center" width="17%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<font color="#0000FF"><br>
</font>
<P> <FONT color="#0000FF" size=6 face="serif">Other Items </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">CONTRACTUAL OBLIGATIONS </FONT>
</P>
<P> <FONT color="#0000FF" size=2 face="serif">The table below provides a summary
  of our contractual obligations at March 31, 2003 and for the full years ended
  thereafter.</FONT> </P>
<font color="#0000FF"></font>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="30%"><FONT color="#0000FF" size=1 face="serif">($ millions)</FONT></TD>
    <TD width="9%" align="right"><FONT color="#0000FF" size=1 face="serif">2003</FONT></TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="9%" align="right"><FONT color="#0000FF" size=1 face="serif">2004</FONT></TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="9%" align="right"><FONT color="#0000FF" size=1 face="serif">2005</FONT></TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="9%" align="right"><FONT color="#0000FF" size=1 face="serif">2006</FONT></TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="9%" align="right"><FONT color="#0000FF" size=1 face="serif">2007</FONT></TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="11%" align="right"><FONT color="#0000FF" size=1 face="serif">Thereafter</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%" align="left"><FONT color="#0000FF" size=1 face="serif">Total</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="30%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="30%"><FONT color="#0000FF" size=1 face="serif">Long-term debt</FONT></TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="30%"><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">(excluding</FONT></font></TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="30%"><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">capital
      leases)</FONT></font></TD>
    <TD width="8%" align="right"><FONT color="#0000FF" size=1 face="serif">1,302</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right"><FONT color="#0000FF" size=1 face="serif">2,195</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right"><FONT color="#0000FF" size=1 face="serif">1,347</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right"><FONT color="#0000FF" size=1 face="serif">1,136</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right"><FONT color="#0000FF" size=1 face="serif">1,865</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right"><FONT color="#0000FF" size=1 face="serif">8,142</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right"><FONT color="#0000FF" size=1 face="serif">15,987</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="30%"><FONT color="#0000FF" size=1 face="serif">Capital leases (a)</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">94</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">111</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">64</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">50</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">38</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">97</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">454</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="30%"><FONT color="#0000FF" size=1 face="serif">Notes payable</FONT></TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="30%"><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">and
      bank</FONT></font></TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="30%"><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">advances</FONT></font></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">216</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">216</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="30%"><FONT color="#0000FF" size=1 face="serif">Operating leases</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">361</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">390</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">356</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">306</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">285</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">1,694</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">3,392</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="30%"><FONT color="#0000FF" size=1 face="serif">Purchase obligations</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">472</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">318</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">209</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">200</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">135</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">346</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">1,680</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="30%"><FONT color="#0000FF" size=1 face="serif">Other contractual</FONT></TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="30%"><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">obligations</FONT></font></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">313</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">186</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">109</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">36</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">5</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">11</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">660</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="30%"><FONT color="#0000FF" size=1 face="serif">Total</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">2,758</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">3,200</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">2,085</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">1,728</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">2,328</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">10,290</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">22,389</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<P> <FONT color="#0000FF" size=1 face="serif">(a) The imputed interest to be paid
  in connection with the capital leases amounts to $108 million.</FONT> </P>
<TABLE width="50%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Commercial
      Commitments</FONT></font></TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT color="#0000FF" size=1 face="serif">($ millions)</FONT></TD>
    <TD width="11%" align="center"><FONT color="#0000FF" size=1 face="serif">Committed</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%" align="center"><FONT color="#0000FF" size=1 face="serif">Non-Committed</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%" align="center"><FONT color="#0000FF" size=1 face="serif">Total</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">BCE Inc. bridge facility</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">834</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">834</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Commercial paper credit lines</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">1,451</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="16%"><FONT color="#0000FF" size=1 face="serif">2,000</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">3,451</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Other credit facilities including
      letters of credit</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">1,711</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="16%"><FONT color="#0000FF" size=1 face="serif">455</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">2,166</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Total</FONT></TD>
    <TD align="right" width="11%"><font color="#0000FF" size="1" face="serif">3,996</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="16%"><FONT color="#0000FF" size=1 face="serif">2,455</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">6,451</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Drawn</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">2,137</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="16%"><FONT color="#0000FF" size=1 face="serif">98</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">2,235</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Undrawn</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">1,859</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="16%"><FONT color="#0000FF" size=1 face="serif">2,357</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">4,216</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<font color="#0000FF"><br>
</font>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
  addition, BCE Inc. and Bell Canada can issue Class E Notes which may be extended
  in certain circumstances and are not supported by committed lines of credit.
  The maximum principal amount of Class E Notes that BCE Inc. may issue is $360
  million and that Bell Canada may issue is $400 million. At March 31, 2003, Bell
  Canada had $30 million Class E Notes outstanding and BCE Inc. had no Class E
  Notes outstanding. Included in the drawn portion of our commercial commitments
  are issued letters of credit of $192 million under our committed facilities
  and $80 million under our non-committed facilities. <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At March 31, 2003, BCE Inc. and Bell Canada had
  no amounts outstanding under their commercial paper programs. </FONT> </P>
<FONT color="#0000FF" size=2 face="serif">CRTC Price Cap decision </FONT> <FONT color="#0000FF" size=2 face="serif"><br>
<br>
The Price Cap decision made a number of changes to the rules governing local service
in Canada&#146;s telecommunications industry for the next four years. One of the
changes is a new mechanism, called the deferral account, which will be used to
fund initiatives such as service improvement or reduced rates and/or rebates.
We estimate our commitment relating to this decision to be $83 million at March
31, 2003. </FONT>
<P> <FONT color="#0000FF" size=2 face="serif">ACCESS TO CAPITAL <br>
  <br>
  For the remainder of 2003, we will primarily require cash to fund capital expenditures,
  dividend payments and the repayment of debt. </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></font> <FONT color="#0000FF" size=2 face="serif">Our
  plan is built on the assumption that we will be able to generate enough cash
  from our operating activities to pay for capital expenditures and dividends.
  Also, the remaining debt maturing in 2003 is expected to be repaid from cash
  on hand and cash generated from our operations. </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></font> <FONT color="#0000FF" size=2 face="serif">Although
  our plan does not reflect any cash shortfall in the short term, our lines of
  credit, bank facilities and commercial paper programs are available for contingency
  purposes. </FONT> </P>
<br>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">12</font></p>
<br>
<br>
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<br>
<br>
<P> <FONT color="#0000FF" size=2 face="serif">GUARANTEES </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">In the normal course of our operations, we execute
  agreements that provide for indemnification and guarantees to counterparties
  in transactions such as business dispositions, the sale of assets, the sale
  of services, securitization agreements and operating leases. </FONT></font>
  <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></font> <FONT color="#0000FF" size=2 face="serif">These
  indemnification undertakings and guarantees may require us to compensate the
  counterparties for costs and losses incurred as a result of various events including
  breaches of representations and warranties, intellectual property right infringement,
  loss of or damages to property, environmental liabilities, changes in or in
  the interpretation of laws and regulations (including tax legislation), valuation
  differences, claims that may arise while providing services, or as a result
  of litigation that may be suffered by the counterparties. Also, in the context
  of the sale of all or a part of a business, we may from time to time agree to
  compensate the purchaser for certain costs that may result from certain future
  events such as the failure of the disposed business to reach certain operational
  thresholds (earn-out guarantees), the resolution of contingent liabilities of
  the disposed businesses or the reassessment of prior tax filings of the corporations
  carrying on the business. </FONT></P>
<P> <FONT color="#0000FF" size=2 face="serif"> Certain indemnification undertakings
  can extend for an unlimited period and generally do not provide for any limit
  on the maximum potential amount, although certain agreements do contain a specified
  maximum potential exposure representing a cumulative amount of approximately
  $4.3 billion. The nature of substantially all of the indemnification undertakings
  prevents us from making a reasonable estimate of the maximum potential amount
  we could be required to pay counterparties as the agreements do not specify
  a maximum amount and the amounts are dependent upon the outcome of future contingent
  events, the nature and likelihood of which cannot be determined at this time.
  Historically, we have not made any significant payments under such indemnifications.
  As at March 31, 2003, an aggregate amount of $42 million has been accrued in
  the consolidated balance sheet with respect to these indemnification undertakings,
  relating mainly to environmental liabilities. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">USE OF FINANCIAL INSTRUMENTS </FONT>
  <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">We periodically use derivative instruments to manage
  our exposure to interest rate, foreign currency and share price movements. We
  do not use derivative instruments to speculate. </FONT></font> <font color="#0000FF"><FONT size=2 face="serif">Because
  we do not actively trade in derivative instruments, we are not exposed to any
  significant liquidity risks relating to such investments. <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following derivative instruments were outstanding
  at March 31, 2003: </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">interest
  rate swaps that, in effect, convert the fixed-rate dividends on some of our
  preferred shares to floating-rate dividends. We pay less when the floating rates
  are below the fixed rates, which has been the case for the past several years
  </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">cross-currency
  swaps and forward contracts used to hedge foreign currency risk on our long-term
  debt </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">forward
  contracts on BCE Inc. common shares to hedge the fair value exposure related
  to stock compensation payments. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
  April 2003 we entered into a forward contract to hedge U.S. $200 million of
  long-term debt at Bell Canada that had not been previously hedged, thereby removing
  the foreign currency exposure risk on that debt. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
  March 31, 2003, the carrying value of these derivative instruments was a net
  liability of $72 million. Their fair value amounted to a net asset of $1 million.
  </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
  see Note 1 to the consolidated financial statements for the year ended December
  31, 2002 for a description of the significant accounting policies relating to
  financial instruments. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">USE OF OFF-BALANCE SHEET ARRANGEMENTS
  </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">This section describes outstanding arrangements at
  March 31, 2003 and how they could affect our results of operations and financial
  condition. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">Sale of accounts receivable </FONT>
  <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">Bell Canada sold accounts receivable to a securitization
  trust for a total of $900 million in cash, under an agreement that came into
  effect on December 12, 2001 and expires on December 12, 2006. Bell Canada carried
  a retained interest in the transferred accounts receivable of $124 million at
  March 31, 2003, which equalled the amount of overcollateralization in the receivables
  transferred.</FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aliant
  sold accounts receivable to a securitization trust for a total of $135 million
  in cash, under an agreement that came into effect on December 13, 2001 and expires
  on December 13, 2006. Aliant carried a retained interest in the transferred
  accounts receivable of $30 million at March 31, 2003.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell Canada and Aliant continue to service the
  accounts receivable. The buyers&#146; interest in collections of these accounts
  receivable ranks ahead of the interest of Bell Canada and Aliant. Bell Canada
  and Aliant remain exposed to certain risks of default on the amount of receivables
  under securitization and have provided various credit enhancements in the form
  of overcollateralization and subordination of their retained interests.</FONT>
</P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  buyers will reinvest the amounts collected by buying additional interests in
  the Bell Canada and Aliant accounts receivable until the agreements expire.
  The buyers and their investors have no claim on Bell Canada&#146;s and Aliant&#146;s
  other assets if customers fail to pay amounts owed on time. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">Shared services agreement </FONT>
  <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">Effective June 22, 2001, Bell Canada entered into
  a 10-year service contract with a special purpose entity. This contract will
  allow Bell Canada to reduce systems and administrative costs over time by streamlining
  and enhancing its systems and processes. Bell Canada is committed to paying
  approximately $150 million in service fees over the first three years of the
  agreement. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
  2004, Bell Canada may: </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">
  exercise an option to buy the special purpose entity at fair market value, or</FONT></font></P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">
  maintain the service contract for the remaining seven years and commit to paying
  at least $420 million more in service fees to the special purpose entity.</FONT></font></P>
<br>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">13</font></p>
<br>
<br>
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<br>
<P><font color="#0000FF"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
  at March 31, 2003, the special purpose entity had $113 million of total assets,
  of which $92 million are capital assets, and $127 million of total liabilities,
  of which $121 million is long-term debt. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">Sale leaseback transactions </FONT>
  <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">In our long-term debt balance at March 31, 2003, we
  had capital leases of $72 million net of loans receivable of $316 million. These
  obligations were from agreements that Bell Canada entered into in 1999 and 2001
  to sell and lease back telecommunication equipment for total proceeds of $399
  million. Some of the proceeds were invested in interest-bearing loans receivable.
  </FONT></font> </P>
<P><FONT color="#0000FF" size=2 face="serif">CONTINGENCIES </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">Agreement with Manitoba Telecom
  Services Inc. (MTS) </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">The agreement between Bell Canada
  and MTS to create Bell West Inc. (Bell West) includes put and call options relating
  to MTS&#146; 40% ownership of Bell West.</FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
  the terms of the put option, MTS can require Bell Canada to buy its interest
  in Bell West: </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">in
  February 2004 at a guaranteed floor value of $458 million plus ongoing incremental
  funding invested by MTS. The put price includes an 8% return on the incremental
  funding. The floor value was $574 million at March 31, 2003 </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">in
  January 2007 at fair market value less 12.5% </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">at
  fair market value less 12.5%, under certain circumstances. </FONT> </P>
<FONT color="#0000FF" size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If MTS
does not exercise its put option, Bell Canada can exercise its call option. Under
the terms of the call option, Bell Canada has the option to buy MTS&#146; interest:
</FONT>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">in
  March 2004 at the greater of the floor value described above and fair market
  value </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">in
  February 2007 at fair market value </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">at
  fair market value if control of MTS goes to a party other than Bell Canada or
  its affiliates. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell
  Canada has not received any formal notice from MTS that it plans to exercise
  the put option.</FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">Agreement with CGI </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">We entered into an agreement on July 1, 1998 with
  CGI&#146;s three majority individual shareholders. The agreement includes put
  and call options, and rights of first refusal, on the CGI shares held by these
  shareholders. </FONT></font> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></font> <FONT color="#0000FF" size=2 face="serif">The
  put options initially gave these CGI shareholders the right to gradually sell
  a portion of their shares to us until January 4, 2004. The call option initially
  gave us the one-time right to buy all of their CGI shares that we would not
  have already bought, during the period from January 5, 2004 to January 4, 2006.
  <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The exercise price per share of any put or call
  option is 115% of the 20-day average market price of CGI shares before the exercise
  date, payable in BCE Inc. common shares. If the options are fully exercised,
  our equity ownership interest in CGI will increase to approximately 40%. </FONT>
  <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></font> <FONT color="#0000FF" size=2 face="serif">In
  December 2002, we informed CGI that our prior publicly stated intention to dispose
  of the control block in CGI following the exercise of the put and call rights
  in 2003 and 2004 is no longer our preferred course of action. </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></font> <FONT color="#0000FF" size=2 face="serif">We
  began discussions with CGI about the future of our investment in CGI. No final
  decisions have been made, but we have started discussions to develop a plan
  to: </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">realize
  the maximum value of our investment in CGI</FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">enhance
  the value of CGI by taking steps to retain CGI&#146;s management and to ensure
  that the company continues to deliver high-quality services to its customers.
  </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
  December 2002, in order to allow enough time for these discussions, CGI&#146;s
  three majority individual shareholders had agreed to defer the exercise date
  of the put options until April 15, 2003. </FONT> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">On April 15, 2003,
  BCE Inc. and CGI confirmed that their discussions are continuing and while no
  final decisions have been made, they are committed to reaching a final agreement
  by August 1, 2003. However, there can be no assurance as to the outcome of these
  discussions. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
  allow enough time to conclude these discussions: </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">CGI&#146;s
  three majority individual shareholders have agreed to defer the exercise date
  of the put options until after August 1, 2003 </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">BCE
  Inc. has agreed that its disposition rights will not be exercisable until after
  August 1, 2003 </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">both
  parties have agreed to extend the termination date of the put options from January
  4, 2004 to August 1, 2004, defer the commencement of BCE </FONT> <FONT color="#0000FF" size=2 face="serif">Inc.&#146;s
  two-year call option period from January 6, 2004 to August 2, 2004, and defer
  the final termination date of the agreement from January 5, 2006 to August 1,
  2006. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">Litigation </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif"><em>Teleglobe lending syndicate
  lawsuit </em></FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">On July 12, 2002, some members of the Teleglobe and
  Teleglobe Holdings (U.S.) Corporation lending syndicate (the plaintiffs) filed
  a lawsuit against BCE Inc. in the Ontario Superior Court of Justice. </FONT></font>
  <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">The claim makes several
  allegations, including that BCE Inc. and its management, in effect, made a legal
  commitment to repay the advances the plaintiffs made as members of the lending
  syndicate, and that the court should disregard Teleglobe as a corporate entity
  and hold BCE Inc. responsible to repay the advances as Teleglobe&#146;s alter
  ego. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">The plaintiffs claim
  damages of US$1.19 billion, plus interest and costs, which they allege is equal
  to the amount they advanced. This represents approximately 95.2% of the total
  US$1.25 billion that the lending syndicate advanced.</FONT></font> </P>
<P><FONT color="#0000FF" size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
  we cannot predict the outcome of any legal proceeding, based on information
  currently available, BCE Inc. believes that it has strong defences, and it intends
  to vigorously defend its position. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
  see <em>Risk Assessment</em> in this MD&amp;A for more details. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif"><em>Kroll Restructuring lawsuit</em>
  </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">In February 2003, a lawsuit was filed in the Ontario
  Superior Court of Justice by Kroll Restructuring Ltd., in its capacity as interim
  receiver of Teleglobe, against five former directors of Teleglobe. This lawsuit
  was filed in connection with Teleglobe&#146;s redemption of its third series
  preferred shares in April 2001 and the retraction of its fifth series preferred
  shares in March 2001. </FONT></font> </P>
<P><font color="#0000FF"><br>
  </font></P>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">14</font></p>
<br>
<br>
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<br>
<P><font color="#0000FF"><br>
  <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></font>
  <FONT color="#0000FF" size=2 face="serif">The plaintiff is seeking a declaration
  that such redemption and retraction were prohibited under the Canada Business
  Corporations Act and that the five former directors should be held jointly and
  severally liable to restore to Teleglobe all amounts paid or distributed on
  such redemption and retraction, being an aggregate of approximately $661 million,
  plus interest. </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></font>
  <FONT color="#0000FF" size=2 face="serif">While BCE Inc. is not a defendant
  in this lawsuit, Teleglobe was at the relevant time a subsidiary of BCE Inc.
  Pursuant to standard policies and subject to applicable law, the five former
  Teleglobe directors are entitled to seek indemnification from BCE Inc. in connection
  with this lawsuit. </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></font>
  <FONT color="#0000FF" size=2 face="serif">While we cannot predict the outcome
  of any legal proceeding, based on information currently available, BCE Inc.
  believes that the defendants have strong defences and that the claims of the
  plaintiffs will be vigorously defended against. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif"><em>Other litigation</em> </FONT>
  <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">We become involved in various other claims and litigation
  as a regular part of our business. While no one can predict the final outcome
  of claims and litigation that were pending at March 31, 2003, management believes
  that the resolution of these claims and litigation will not have a material
  and negative effect on our consolidated financial position or results of operations.
  </FONT></font> </P>
<br>
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<br>
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<P> <FONT color="#0000FF" size=6 face="serif">Forward-Looking Statements </FONT>
  <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">A statement we make is forward looking when it uses
  what we know today to make a statement about the future. </FONT></font> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></font>
  <FONT color="#0000FF" size=2 face="serif">Forward-looking statements may include
  words such as <em>anticipate, believe, could, expect, goal, intend, may, objective,
  outlook, seek, strive, target </em>and <em>will</em>. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
  MD&amp;A contains forward-looking statements about BCE&#146;s objectives, strategies,
  financial condition, results of operations and businesses. </FONT> <font color="#0000FF"><br>
  <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></font><FONT color="#0000FF" size=2 face="serif">These
  statements are &#147;forward-looking&#148; because they are based on our current
  expectations about the markets we operate in and on various estimates and assumptions.
  </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
  is important to know that: </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">forward-looking
  statements describe our expectations on the day they are made. For this MD&amp;A,
  it is April 29, 2003</FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">our
  actual results could be materially different from what we expect if known or
  unknown risks affect our business, or if our estimates or assumptions turn out
  to be inaccurate. As a result, we cannot guarantee that any forward-looking
  statement will materialize </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">forward-looking
  statements do not take into account the effect that transactions or non-recurring
  items announced or occurring after the statements are made may have on our business.
  For example, they do not include the effect of sales of assets, monetizations,
  mergers, acquisitions or other business combinations or transactions, nor do
  they include the effect of asset write-downs </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">we
  assume no obligation to update any forward-looking statement even if new information
  becomes available, as a result of future events or for any other reason. </FONT></font>
</P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
  will find a more detailed assessment of the risks that could cause our actual
  results to materially differ from our current expectations in the Risk Assessment
  section starting on the next page. </FONT> </P>
<P> <FONT color="#0000FF" size=6 face="serif">Risk Assessment </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">The following section describes general risks that
  could affect the BCE group of companies and specific risks that could affect
  BCE Inc. and each of our segments. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">A risk is the possibility
  that an event might happen in the future that could have a negative effect on
  the financial condition, results of operations or business of one or more BCE
  companies. Part of managing our business is to understand what these potential
  risks could be and working to minimize them where we can. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">Because no one can
  predict whether any risk will happen or its consequences, the actual effect
  of any risk on our business could be materially different from what we currently
  anticipate. In addition, this description of risks does not include all possible
  risks, and there may be other risks that we are currently unaware of. </FONT></font>
</P>
<P><FONT color="#0000FF" size=4 face="serif">BCE GROUP OF COMPANIES </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">OUR DEPENDENCE ON THE BELL CANADA
  SEGMENT </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">The Bell Canada Segment is our largest segment, which
  means our financial performance depends in large part on how well the Bell Canada
  Segment performs financially. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">For the three months
  ended March 31, 2003, the Bell Canada Segment accounted for 86% of our operating
  revenues, 95% of our EBITDA and 93% of net earnings applicable to common shares
  on a consolidated basis. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">ECONOMIC AND MARKET CONDITIONS </FONT>
  <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">Our business is affected by general economic conditions,
  consumer confidence and spending, and the demand for, and the prices of, our
  products and services. When there is a decline in economic growth, and retail
  and commercial activity, there tends to be a lower demand for our products and
  services. <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The slowdown and uncertainty in the global economy
  have reduced demand for our products and services, which recently negatively
  affected our financial performance and may negatively affect it in the future.
  In particular, weak economic conditions have led to: </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">lower
  than expected growth in data revenue for the Bell Canada Segment, because of
  softer demand from enterprises and wholesale customers </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">some
  reductions in the number of network access lines due to business failures, business
  contractions or competition</FONT></font></P>
<font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<font color="#0000FF"><font color="#0000FF"><FONT size=2 face="serif">lower
spending on IT services, resulting in lower non-recurring revenue from BCE Emergis.</FONT></font></font></font>
<P><FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color="#0000FF">Weak
  economic conditions may also negatively affect the financial condition and credit
  risk of our customers. This could increase uncertainty about our ability to
  collect receivables. </font></FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">IMPROVING PRODUCTIVITY AND REDUCING
  CAPITAL INTENSITY </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">We recently implemented several cost reduction initiatives
  and we continue to implement productivity initiatives and further reduce our
  capital intensity. <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There could be a material and negative effect
  on our profitability if we do not continue to successfully implement productivity
  initiatives and reduce capital intensity while maintaining the quality of our
  service. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">INCREASING COMPETITION </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">We face intense competition from traditional competitors,
  as well as from new entrants to the markets we operate in. We compete not only
  with other telecommunications, media, satellite television and e-commerce companies
  but also with other businesses and industries, such as cable, software and Internet
  companies, and a variety of companies that offer network services, such as providers
  of business information systems and system integrators, as well as other companies
  that deal with, or have access to, customers through various communications
  networks. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">Cable companies and
  independent Internet service providers have increased competition in the Internet
  access services business. Competition has led to Internet access pricing in
  Canada that is amongst the lowest in the world. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">The Canadian wireless
  telecommunications industry is also highly competitive. We compete directly
  with other wireless service providers with aggressive product and service introductions,
  pricing and marketing. We expect competition to intensify through the development
  of new technologies, products and services, and through consolidations in the
  industry. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">Many of our competitors
  have substantial financial, marketing, personnel and technological resources.
  We already have several domestic and foreign competitors, but the number of
  foreign competitors with a presence in Canada and large resources could increase
  in the future. New competitors may also appear as new technologies, products
  and services are developed, and for other reasons. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">Competition could affect
  our pricing strategies, and lower our revenues and net income. It could also
  affect our ability to retain existing customers and attract new ones. Competition
  puts us under constant pressure to improve customer service and be price-competitive.
  It forces us to keep reducing costs, managing expenses and increasing productivity.
  This means that we need to be able to anticipate and respond quickly to the
  constant changes in our businesses and markets. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">ANTICIPATING TECHNOLOGICAL CHANGE
  </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">We operate in markets that are experiencing constant
  technological change, evolving industry standards, changing client needs, frequent
  new product and service introductions, and short product life cycles. </FONT></font>
  <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">Our success will depend
  in large part on how well we can anticipate and respond to changes in industry
  standards, introduce new and upgrade existing technologies, products and services.
  </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">We may face additional
  financial risks as we develop new products, services and technologies and update
  our networks to stay competitive. Newer technologies, for example, may quickly
  become obsolete or may need more capital than expected. Development could be
  delayed for reasons beyond our control. Substantial investments usually need
  to be made before new technologies prove to be commercially viable. </FONT></font>
</P>
<P><FONT color="#0000FF" size=2 face="serif">There is no assurance that we will
  be successful in developing, implementing and marketing new technologies, products,
  services or enhancements within a reasonable time, or that they will have a
  market. New products or services that use new or evolving technologies could
  make our existing ones unmarketable or cause their prices to fall. </FONT> </P>
<br>
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<P> <FONT color="#0000FF" size=2 face="serif">STRATEGIES AND PLANS </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">We plan to reach our business objectives by implementing
  different plans and strategies, the most significant of which are described
  in BCE Inc.&#146;s 2002 annual MD&amp;A dated February 26, 2003. If our plans
  and strategies are unsuccessful, this could have a material and negative effect
  on our growth prospects and results of operations. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">FINANCING OUR OPERATIONS </FONT>
  <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">We require substantial amounts of capital to finance
  capital expenditures to provide our services and to refinance our outstanding
  debts. We finance our capital needs in three ways: </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">from
  cash generated by our operations </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">by
  borrowing from commercial banks </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">through
  debt and equity offerings in the capital markets</FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity
  financings would dilute the holdings of existing equity investors. Increased
  debt financings could increase our borrowing costs, lower our credit ratings
  and give us less flexibility to take advantage of business opportunities.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our ability to finance operations and the cost
  of funding depends on our ability to access the capital markets and syndicated
  commercial loan market, and on market conditions. In addition, participants
  in the syndicated commercial loan market have internal policies limiting their
  ability to extend credit to any single borrower or group of borrowers or to
  a particular industry. Less capital has been available in the capital markets
  in general and to the telecommunications industry in particular for several
  reasons including: </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">worldwide
  political instability </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font> <FONT color="#0000FF" size=2 face="serif">accounting
  scandals relating to major North American companies </FONT> </P>
<P><font color="#0000FF" size=1 face="Wingdings">n </font> <font color="#0000FF" size=2 face="serif">bandwidth
  overcapacity</font></P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">a
  loss of investor confidence in the capital markets in general and in the telecommunications
  industry in particular.</FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">If we cannot raise the capital we
  need, we may have to: </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">limit
  our ongoing capital expenditures </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">limit
  our investment in new businesses </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">try
  to raise additional capital by selling assets or through monetizing transactions.
  </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
  of these possibilities could have a material and negative effect on our growth
  prospects for the long term.</FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">LITIGATION, REGULATORY PROCEEDINGS
  AND CHANGES IN LAWS</FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">Pending or future litigation, regulatory initiatives
  or regulatory proceedings could have a material and negative effect on our business.
  Changes in laws or regulations or in their interpretation, or the adoption of
  new laws or regulations, could also have a material and negative effect on our
  businesses, operating results and financial condition. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">In November 2002, Industry
  Canada initiated a review by the House of Commons Standing Committee on Industry,
  Science and Technology of the current foreign investment restrictions included
  in the <em>Telecommunications Act</em> (Act). A similar process has been initiated
  by the Standing Committee on Canadian Heritage as it relates to the <em>Broadcasting
  Act</em>. On April 28, 2003, the Standing Committee on Industry, Science and
  Technology tabled its report in the House of Commons recommending:</FONT></font>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">
  that the Act be amended to allow for a mandatory 5-year parliamentary review
  of the Act</FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">
  the removal of the existing minimum Canadian ownership and control requirements
  and that this change also apply to broadcasting distribution undertakings </FONT>
</P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">
  that a special parliamentary committee conduct a comprehensive review of the
  governance structure of the telecommunications and broadcasting sectors in Canada
  in light of technological convergence. </FONT></P>
<P><FONT color="#0000FF" size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
  the Government&#146;s response to the above-mentioned report has not yet been
  issued and the review by the Heritage Committee has not yet been completed,
  we are not currently in a position to assess the impact, if any, the above-mentioned
  developments may have on us.</font></P>
<p><font color="#0000FF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">BCE
  Inc.&#146;s Annual Information Form for the year ended December 31, 2002 contains
  a detailed description of:</FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">the
  principal legal proceedings against us </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">certain
  regulatory initiatives and proceedings affecting the Bell Canada Segment. </FONT>
</P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  following provides a description of recent material developments in the legal
  proceedings described in BCE Inc.&#146;s Annual Information Form for the year
  ended December 31, 2002:</FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">Teleglobe lending syndicate lawsuit
  </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">As indicated in BCE Inc.&#146;s Annual Information
  Form for the year ended December 31, 2002, on November 28 and 29, 2002, the
  Ontario Superior Court of Justice heard the motions previously filed by BCE
  Inc. (i) to stay or dismiss the action on the basis that it does not have jurisdiction
  and that Qu&eacute;bec is the convenient forum for the adjudication of the plaintiffs&#146;
  claims, and (ii) for a declaration that the plaintiffs&#146; legal counsel is
  in a position of conflict of interest acting as counsel to the plaintiffs and
  for an order removing the plaintiffs&#146; legal counsel as the solicitors of
  record for the plaintiffs in this lawsuit. The second motion was decided in
  favour of BCE Inc. on March 20, 2003 and the Court ordered the removal of the
  plaintiffs&#146; legal counsel as the solicitors of record for the plaintiffs.
  The Plaintiffs filed a Notice of Motion for Leave to Appeal this decision on
  March 28, 2003, which is scheduled to be heard on May 8, 2003. A decision in
  respect of the first motion has not yet been rendered by the Ontario Superior
  Court of Justice.</FONT></font> </P>
<P><FONT color="#0000FF" size=2 face="serif">PENSION FUND CONTRIBUTIONS </FONT>
  <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">As of our most recent actuarial valuation, most of
  our pension plans had pension fund surpluses. As a result, we have not had to
  make regular contributions to the pension funds in the past years. It also means
  that we have reported pension credits, which have had a positive effect on our
  net earnings. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">The recent decline
  in the capital markets, combined with historically low interest rates, however,
  has significantly reduced the pension fund surpluses and the pension credits.
  This has negatively affected our net earnings. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">If these conditions
  continue, the surpluses will be eroded, resulting in the requirement to commence
  making contributions to the pension funds. This could also result in a material
  and negative effect on our net earnings. </FONT></font> </P>
<br>
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<P> <FONT color="#0000FF" size=2 face="serif">FUNDING SUBSIDIARIES </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">BCE Inc. is currently funding and may continue to
  fund the operating losses of certain of its subsidiaries in the future, but
  is not obligated to do so. If BCE Inc. decides to stop funding any of its subsidiaries
  and a subsidiary does not have other sources of funding, this would have a material
  and negative effect on the subsidiary&#146;s results of operations and financial
  condition.</FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">If BCE Inc. stopped
  funding a subsidiary, stakeholders or creditors of the subsidiary might decide
  to take legal action against BCE Inc. While we believe that this type of claim
  would have no legal foundation, it could negatively affect the market price
  of BCE Inc.&#146;s securities. BCE Inc. would have to devote considerable management
  time and resources in responding to any claim. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">ATTRACTING AND RETAINING SKILLED
  PEOPLE </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">Our success depends in large part on our ability to
  attract and retain highly skilled people. The loss of key people could materially
  hurt our businesses and operating results. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">PROTECTING OUR NETWORKS </FONT>
  <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">Network failures could materially hurt our business,
  including our customer relationships and operating results. Our operations depend
  on how well we protect our networks, our equipment and the information stored
  in our data centres against damage from fire, natural disaster, power loss,
  hacking, computer viruses, disabling devices, acts of war or terrorism, and
  other events. Any of these events could cause our operations to be shut down
  indefinitely. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">RENEGOTIATING LABOUR AGREEMENTS
  </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">Many of our employees are represented by unions and
  are covered by collective bargaining agreements. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">Several of our collective
  bargaining agreements expire in 2003 or have already expired. These agreements,
  which cover approximately 15,480 employees, are the following: </FONT></font>
</P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">the
  collective agreements between Bell Canada and the Communications, Energy and
  Paperworkers union of Canada representing approximately 400 operator services
  employees and approximately 7,000 craft and services employees which expire
  at the end of November 2003 </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">the
  collective agreements between Bell Canada and the Canadian Telecommunications
  Employees&#146; Association representing approximately 1,100 communications
  sales employees which expire on December 31, 2003 </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">several
  collective agreements between certain other companies of the Bell Canada Segment
  (including Aliant, Expertech Network Installation Inc. and </FONT> <FONT color="#0000FF" size=2 face="serif">Connexim
  L.P.) and their respective employees, representing approximately 6,400 employees.
  </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">several
  collective agreements between certain companies of the Bell Globemedia segment
  including CTV, and their respective employees, representing approximately 580
  employees. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renegotiating
  collective agreements could result in higher labour costs or work disruptions.
  Difficulties in renegotiations or other la bour unrest could hurt our businesses,
  operating results and financial condition. </FONT> </P>
<P> <FONT color="#0000FF" size=4 face="serif">BCE Inc. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">HOLDING COMPANY STRUCTURE </FONT>
  <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">BCE Inc. is a holding company. That means it does
  not carry on any significant operations and has no major sources of income or
  assets of its own, other than the interests it has in its subsidiaries, joint
  ventures and significantly influenced companies. BCE Inc.&#146;s cash flow and
  its ability to service its debts and to pay dividends on its shares all depend
  on dividends or other distributions it receives from its subsidiaries, joint
  ventures and significantly influenced companies and, in particular, from Bell
  Canada. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">BCE Inc.&#146;s subsidiaries,
  joint ventures and significantly influenced companies are separate legal entities.
  They do not have to pay dividends or make any other distributions to BCE Inc.
  If any of these subsidiaries, joint ventures or significantly influenced companies
  are liquidated or reorganized, the rights of their creditors will rank ahead
  of any rights BCE Inc. has to receive assets. </FONT></font> </P>
<P><FONT color="#0000FF" size=2 face="serif">STOCK MARKET VOLATILITY </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">In the past, the common shares of BCE Inc. have generally
  experienced price volatility when certain announcements concerning BCE have
  been made. Differences between BCE&#146;s actual or anticipated financial results
  and the published expectations of financial analysts may also contribute to
  this volatility. All of these factors, as well as general economic and political
  conditions, could have a material and negative effect on the market price of
  BCE Inc.&#146;s common shares. </FONT></font> </P>
<P> <FONT color="#0000FF" size=4 face="serif">Bell Canada Segment </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">CHANGING WIRELINE REGULATION </FONT>
  <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">The Bell Canada Segment&#146;s business is affected
  by changes in policies resulting from decisions made by various regulatory agencies,
  including the CRTC. Many of these decisions balance requests from competitors
  for access to facilities, such as the telecommunications networks, switching
  and transmission facilities, and other network infrastructure of incumbent telephone
  companies, with the rights of the incumbent telephone companies to compete reasonably
  freely. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">CRTC Price Cap decision </FONT>
  <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">The CRTC recently introduced new Price Cap rules that
  reduce some rates that incumbent telephone companies charge competitors for
  services provided to them. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">The new rules create
  certain risks for the Bell Canada Segment. For example, the CRTC has established
  a deferral account but has not yet determined how the account will be used.
  There is a risk that the account could be used in a way that could have a negative
  financial effect on the Bell Canada Segment. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">CRTC decision on incumbent affiliates
  </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">On December 12, 2002, the CRTC released its decision
  on incumbent affiliates, which makes several important changes to the regulatory
  regime for the Bell Canada Segment. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">The decision provided
  that contracts offered by Bell Canada or its carrier affiliates that bundle
  tariffed and non-tariffed products and services must receive CRTC approval.
  This means that: </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">all
  contracts that currently bundle products and services must be filed with the
  CRTC for regulatory approval</FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">all
  new contracts must receive CRTC approval before implementation </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">carrier
  affiliates must now meet the same requirements as Bell Canada for tariff approval
  on products and services they offer in Bell Canada&#146;s operating territory.
  </FONT></font> </P>
<br>
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<br>
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<br>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
  the decision increases the regulatory burden for the Bell Canada Segment at
  both the wholesale and retail levels in highly competitive markets, it is not
  currently possible to determine the financial effect of the decision or to separate
  it from the normal risk of loss of revenues resulting from competition. </FONT>
</P>
<P> <FONT color="#0000FF" size=2 face="serif">LICENSES AND CHANGING WIRELESS REGULATION
  </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">Companies must have a spectrum license to operate
  cellular, PCS and other radio-telecommunications systems in Canada. The Minister
  of Industry issues spectrum licenses at his or her discretion under the Radiocommunication
  Act. Bell Mobility&#146;s cellular and PCS licenses will expire on March 31,
  2006. The PCS licenses that were awarded in an auction in 2001 will expire on
  November 29, 2011. Although we expect that licenses will be renewed when they
  expire, there is no assurance that this will happen. In addition, Industry Canada
  can revoke a company&#146;s license at any time if the company does not comply
  with its terms. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">In December 2002, Industry
  Canada initiated a cellular and PCS licensing and fees consultation. Industry
  Canada has proposed a new cellular and PCS fee structure that, while implemented
  over several years, could significantly increase the Bell Canada Segment&#146;s
  license fees if it is implemented as proposed. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">In October 2001, the
  Minister of Industry announced his intention to initiate a national review of
  Industry Canada&#146;s procedures surrounding the approval and placement of
  wireless and radio towers throughout Canada. The review will include the role
  of municipal authorities in the approval process. There is a risk that if municipal
  involvement increases in the process for approval of new towers, it could significantly
  slow the expansion of wireless networks in Canada. This could have a material
  and negative effect on the operations of all of Canada&#146;s wireless carriers,
  including the Bell Canada Segment. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">BANKRUPTCY PROCEEDINGS AT TELEGLOBE
  </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">On September 19, 2002, Teleglobe, which had previously
  started bankruptcy proceedings to get protection from its creditors in Canada
  and in other jurisdictions, announced an agreement to sell its core telecommunications
  business. </FONT></font> </P>
<P><FONT color="#0000FF" size=2 face="serif">Under court orders, contracts between
  Teleglobe and Bell Canada and some of its subsidiaries will be assigned on substantially
  the same terms to the buyers on the day the sale closes. If the sale is not
  completed, Teleglobe&#146;s business could be shut down and its remaining assets
  liquidated. If this happens, Bell Canada will have to transfer its traffic to
  other carriers. While Bell Canada will do its best to protect its customers,
  they could experience temporary service disruptions or a lower quality of service
  if there are delays in completing the transfer. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">INCREASED ACCIDENTS FROM USING CELL
  PHONES </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">Media reports have suggested that using handheld cell
  phones while driving may result in more accidents. It is possible that this
  could lead to new regulations or legislation banning the use of handheld cell
  phones while driving, as it has in Newfoundland and Labrador and several U.S.
  states. As a result, cell phone use in vehicles could decline, which would negatively
  affect the Bell Canada Segment and other wireless service providers. </FONT></font>
</P>
<P> <FONT color="#0000FF" size=2 face="serif">HEALTH CONCERNS ABOUT RADIO FREQUENCY
  EMISSIONS </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">Media reports have suggested that some radio frequency
  emissions from cell phones may be linked to medical conditions, such as cancer.
  In addition, some interest groups have requested investigations into claims
  that digital transmissions from handsets used with digital wireless technologies
  pose health concerns and cause interference with hearing aids and other medical
  devices. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> The findings of these kinds of
  studies could lead to government regulation, which could have a material and
  negative effect on the Bell Canada Segment&#146;s business. Actual or perceived
  health risks of wireless communications devices could result in fewer new network
  subscribers, lower network usage per subscriber, higher churn rates, product
  liability lawsuits or less outside financing being available to the wireless
  communications industry. Any of these would have a negative effect on the Bell
  Canada Segment and other wireless service providers. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">BELL EXPRESSVU </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">Bell ExpressVu continues to face competition from
  unregulated U.S. DTH services that are illegally sold in Canada. In response,
  it has initiated or is participating in several legal actions that are challenging
  the sale of U.S. DTH equipment in Canada. While Bell ExpressVu has been successful
  in increasing its share of the satellite television market despite this competition,
  there is no assurance that it will continue to do so. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">Bell ExpressVu currently
  uses two satellites for its DTH services, Nimiq 1 and Nimiq 2, which are operated
  by Telesat. Please see Risk Assessment &#150; BCE Ventures &#150; Telesat for
  a description of certain risks affecting satellites and, in particular, Nimiq
  2. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">Satellites are subject
  to significant risks. Any loss, manufacturing defects, damage or destruction
  of the satellites used by Bell ExpressVu could have a material and negative
  effect on Bell ExpressVu&#146;s results of operations and financial condition.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></font><FONT color="#0000FF" size=2 face="serif">Bell
  ExpressVu is subject to programming and carriage requirements under its CRTC
  license. Changes to the regulations that govern broadcasting or to its license
  could negatively affect Bell ExpressVu&#146;s competitive position or its costs
  of providing services. Bell ExpressVu&#146;s existing DTH Distribution Undertaking
  license is scheduled for renewal in August 2003. Although we expect that this
  license will be renewed when it expires, there is no assurance that this will
  happen or that the terms of such renewal will remain identical. <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finally, Bell ExpressVu faces a loss of revenue
  resulting from the theft of its services. Bell ExpressVu may reduce these losses
  by taking numerous actions including legal action, investigations, implementing
  electronic countermeasures targeted at illegal devices, leading information
  campaigns and developing new technology. Implementing these measures, however,
  could increase its capital and operating expenses. </FONT> </P>
<br>
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<br>
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<br>
<P> <FONT color="#0000FF" size=4 face="serif">Bell Globemedia </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">DEPENDENCE ON ADVERTISING </FONT>
  <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">Bell Globemedia&#146;s revenue from its television
  and print businesses depends in large part on advertising revenues. Bell Globemedia&#146;s
  advertising revenues are affected by competitive pressures. In addition, the
  amount companies spend on advertising is directly related to economic growth.
  An economic downturn therefore tends to make it more difficult for Bell Globemedia
  to maintain or increase revenues. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">INCREASING FRAGMENTATION IN TELEVISION
  MARKETS </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">Television advertising revenue depends on the number
  of viewers and the attractiveness of programming in a given market. The viewing
  market has become increasingly fragmented over the past decade because of the
  introduction of additional television services, the extended reach of existing
  signals and the launch of new digital broadcasting services in the fall of 2001.
  </FONT></font> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></font> <FONT color="#0000FF" size=2 face="serif">We
  expect fragmentation to continue as new web-based and other services increase
  the choices available to consumers. As a result, there is no assurance that
  Bell Globemedia will be able to maintain or increase its advertising revenues
  or its ability to reach viewers with attractive programming. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">REVENUES FROM DISTRIBUTING TELEVISION
  SERVICES </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">A significant portion of revenues generated by CTV&#146;s
  specialty television operations comes from contractual arrangements with distributors,
  primarily cable and DTH operators. Many of these contracts have expired. There
  is no assurance that the contracts will be renewed on equally favourable terms.
  </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">NEW PRINT COMPETITORS </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">The launch of a competing national newspaper and several
  commuter papers in the Toronto area in the past few years has increased competition
  in the print sector. While some of the commuter papers have recently stopped
  operating, the increased competition has resulted in higher circulation and
  other costs, more competition in advertising rates and lower profit margins
  at The Globe and Mail. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">BROADCAST LICENSES </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">Each of CTV&#146;s conventional and specialty services
  operates under licenses issued by the CRTC for a fixed term of up to seven years.
  These licenses are subject to the requirements of the Broadcasting Act, the
  policies and decisions of the CRTC and the conditions of each licensing or renewal
  decision, all of which may change. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">There is no assurance
  that any of CTV&#146;s licenses will be renewed. Any renewals, changes or amendments
  may have a material and negative effect on Bell Globemedia. </FONT></font> </P>
<P> <FONT color="#0000FF" size=4 face="serif">BCE Emergis </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">ADOPTION OF eBUSINESS </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">The success of BCE Emergis depends on widespread use
  of the Internet as well as other electronic networks as a way to conduct business.
  Because eBusiness and its related business activities, such as online transactions,
  are relatively new and evolving, it is difficult to predict the size of this
  market and its sustainable rate of growth. Businesses and customers have not
  adopted eBusiness and its inherent applications as quickly as originally expected.
  </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> BCE Emergis must increase the number
  of transactions it processes to build recurring revenue. This increase will
  depend on the rate at which its solutions are adopted by its customers and its
  distributors&#146; customers. It will also depend on BCE Emergis&#146; ability
  to build an effective sales force as well as stimulate its distributors&#146;
  sales and influence their marketing plans for its solutions. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">OPERATING RESULTS </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">BCE Emergis has announced plans to focus on key growth
  areas, drive core recurring revenue growth, streamline its service offerings
  and operating costs and expand its core product offerings and channels. </FONT></font>
  <FONT color="#0000FF" size=2 face="serif"> BCE Emergis will also pursue a review
  of its various product lines and businesses to ensure they continue to meet
  its goals. If it fails to successfully carry out these plans, there could be
  a material and adverse effect on BCE Emergis&#146; results of operations.</FONT><font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">BCE Emergis has incurred
  losses in the past. Its revenue depends substantially on the amount of services
  that its customers purchase throughout the year. In addition, it has a number
  of major customers representing a significant portion of its revenue. If BCE
  Emergis loses a contract with a major client and cannot replace it or there
  is a significant decrease in the number of transactions BCEEmergis processes,
  it could have a material and adverse effect on it. Most of BCE Emergis&#146;
  contracts are for a term of three to five years, except those with its e-health
  U.S. operations which are renewable on an annual basis as is customary in that
  industry. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">The operating results
  of BCE Emergis have fluctuated in the past, mainly because of variability in
  non-recurring revenue and the effect of acquisitions and exited activities.
  BCE Emergis expects fluctuations to continue in the future. BCE Emergis&#146;
  operating results would also be affected by fluctuations in currency exchange
  rates between the Canadian and U.S. dollars. The strengthening of the Canadian
  dollar would have an unfavourable impact on BCE Emergis&#146; revenue and net
  earnings. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">SUCCESS OF U.S.-BASED OPERATIONS
  </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">To be successful in the United States involves significant
  management and financial resources. If BCE Emergis is unsuccessful, this could
  have a material and adverse effect on its business and operating results. </FONT></font>
</P>
<P> <FONT color="#0000FF" size=2 face="serif">CONTROL BY BCE INC. </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">BCE Inc., which owns approximately 65% of the outstanding
  common shares of BCE Emergis, can, subject to applicable law, exercise significant
  control and influence over the affairs of BCE Emergis, including virtually all
  matters submitted to a shareholder vote. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">BCE Inc. has no obligation
  to remain the majority shareholder of, or to maintain its current level of ownership
  in, BCE Emergis. The announcement of a decision by BCE Inc. to change the treatment
  of its investment in BCE Emergis, to sell all or a portion of its common shares
  of BCE Emergis, or any other decision to the same effect could materially and
  negatively affect BCE Emergis, its prospects and the market price of its common
  shares. </FONT></font> </P>
<br>
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<br>
<P> <FONT color="#0000FF" size=2 face="serif">ACQUISITIONS </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">BCE Emergis&#146; growth strategy includes making
  strategic internally funded acquisitions. There is no assurance that it will
  find suitable companies to acquire or that it will have enough resources to
  complete any acquisition. There could be difficulties with integrating the operations
  of recently acquired companies with its existing operations. In addition, the
  current state of capital markets has created a more challenging environment
  in which to realize acquisitions. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">STRATEGIC RELATIONSHIPS </FONT>
  <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">BCE Emergis relies on strategic relationships to increase
  its customer base, including its relationships with Bell Canada, Visa and Freddie
  Mac. If these relationships fail, there could be a material and adverse effect
  on its business and operating results. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">DEPENDENCE ON CONTRACTING MEDICAL
  SERVICE PROVIDERS </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">The growth of BCE Emergis&#146; eHealth Solutions
  Group, North America, business unit depends on its ability to: </FONT></font>
</P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">retain
  contracts with existing providers </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">attract
  new providers </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">retain
  or improve the discounts given by providers. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
  addition, the results of BCE Emergis could be materially and adversely affected
  if:</FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">it
  loses a significant number of contracts with providers that have a large number
  of customers, and is unable to replace them with contracts with other providers
  </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">contracts
  with its providers are renegotiated with reduced discounts.</FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">EXPOSURE TO PROFESSIONAL LIABILITY
  </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">BCE Emergis uses medical treatment guidelines in its
  utilization review and case management services. That means it could be subject
  to claims relating to: </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">adverse
  medical consequences because services were denied </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">the
  cost of services that were denied </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">errors
  or omissions of health care professionals. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
  claims could have a material adverse effect on the business and operating results
  of BCE Emergis. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">DEFECTS IN SOFTWARE AND FAILURES
  IN THE PROCESSING OF TRANSACTIONS </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">Defects in BCE Emergis&#146; owned or licensed software
  products, delays in delivery, as well as failures or mistakes in its processing
  of electronic transactions, could materially harm its business, including its
  customer relationships and operating results. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">SECURITY AND PRIVACY BREACHES </FONT>
  <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">If BCE Emergis is unable to protect the physical and
  electronic security and privacy of applications, databases and transactions,
  its business, including customer relationships, could be materially and adversely
  affected. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">PROTECTION OF INTELLECTUAL PROPERTY
  </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">BCE Emergis depends on its ability to develop and
  maintain the proprietary aspects of its technology. It may not be able to enforce
  its rights or prevent other parties from developing similar technology, duplicating
  its intellectual property or designing around its intellectual property and
  this could materially harm its business. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">INTEGRITY OF CRYPTOGRAPHY TECHNOLOGY
  </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">BCE Emergis&#146; security solutions depend on key
  public cryptography technology. Any major advance in ways to attack cryptographic
  systems could make some or all of its security solutions obsolete or unmarketable.
  This could reduce revenues from its security solutions and could materially
  harm its business and operating results. </FONT></font> </P>
<P> <FONT color="#0000FF" size=4 face="serif">BCE Ventures </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">TELESAT </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">On February 20, 2003, Telesat&#146;s Nimiq 2 satellite
  experienced a malfunction affecting the available power on the satellite. An
  investigation by Lockheed Martin, the Nimiq 2 satellite manufacturer, has determined
  that the malfunction cannot be corrected. Nimiq 2 has been configured such that
  26 of the 32 transponders on the satellite are being operated at this time.
  Operating under this configuration, Telesat expects the number of operational
  transponders to decrease over time to approximately 20 by the end of the satellite&#146;s
  life which will occur in approximately 12 and a half years. Telesat has insurance
  in place to cover the loss on Nimiq 2 and will file a claim for the loss in
  due course. Although Telesat believes that such a claim will be approved, there
  is no assurance that it will be. If the claim is approved, there is no assurance
  of how much Telesat will receive in the settlement or when it will receive it.
  </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">In August 2001, Boeing
  Satellite Systems, the manufacturer of the Anik F1 satellite, advised Telesat
  of a gradual decline in available power on the satellite. It recently indicated
  that power levels on the Anik F1 satellite will continue to degrade at the rates
  observed to date. Telesat believes that this will result in some core services
  on the satellite being affected in mid-2005. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">Telesat has a satellite
  under construction, Anik F1R, which will replace Anik F1 in a timeframe that
  will ensure continuity of service for its customers. Telesat has insurance in
  place to cover the power loss on Anik F1, and in December 2002 it filed a claim
  with its insurers. Although Telesat believes that the claim will be approved,
  there is no assurance that it will be. If the claim is approved, there is no
  assurance of how much Telesat will receive in the settlement or when it will
  receive it. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">Telesat also has another
  satellite under construction, Anik F2. There is a risk that this, the Anik F1R
  or other satellites built in the future may not be launched successfully. Telesat
  already has part of the insurance coverage for Anik F2, but there is no assurance
  that it will be able to get launch coverage for the full value of the Anik F2
  satellite, or of any other satellite proposed to be launched, at a favourable
  rate. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">Once Telesat&#146;s
  satellites are in orbit, there is a risk that a failure could prevent them from
  completing their commercial mission. Telesat has put a number of measures in
  place to protect itself against this risk. These include engineering satellites
  with on-board redundancies by including spare equipment on the satellite and
  buying in-orbit insurance. There is no assurance that Telesat will be able to
  renew its in-orbit insurance coverage in sufficient amount at favourable terms.
  </FONT></font> </P>
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<P> <FONT color="#0000FF" size=6 face="serif">Our Accounting Policies </FONT>
</P>
<P> <FONT color="#0000FF" size=2 face="serif">We have prepared our consolidated
  financial statements according to Canadian GAAP. </FONT> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">This section discusses
  key estimates and assumptions that management has made under these principles
  and how they affect the amounts reported in the financial statements and notes.
  </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">It also describes changes
  to accounting standards that affect how we account for and report certain items
  in our financial statements. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">Please see Note 1 to
  the consolidated financial statements for the year ended December 31, 2002 and
  Note 1 to the consolidated financial statements for the first quarter of 2003
  for more information about the accounting principles we use to prepare our financial
  statements. </FONT></font> </P>
<P> <FONT color="#0000FF" size=4 face="serif">Key Estimates and Assumptions </FONT>
  <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">Under Canadian GAAP, we are required to make estimates
  and assumptions when we account for and report assets, liabilities, revenue
  and expenses and disclose contingent assets and liabilities in our financial
  statements. We are also required to constantly evaluate the estimates and assumptions
  we use. <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We base our estimates and assumptions on past
  experience and other factors that we believe are reasonable under the circumstances.
  Because this involves varying degrees of judgment and uncertainty, the amounts
  currently reported in the financial statements could, in the future, prove to
  be inaccurate. <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We consider the estimates and assumptions described
  in this section to be an important part of understanding our financial statements
  because they rely heavily on management&#146;s judgment and are based on factors
  that are inherently uncertain.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></font><font color="#0000FF" size="2" face="serif">Our
  senior management has discussed the development and selection of these key estimates
  and assumptions with the Audit Committee of the Board of Directors. The Audit
  Committee has reviewed the disclosures described in this section. </font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">EMPLOYEE BENEFIT PLANS </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">We maintain defined benefit plans that provide pension,
  other retirement and post-employment benefits for most of our employees. </FONT></font>
  <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">The amounts reported
  in the financial statements relating to pension, other retirement and post-employment
  benefits are determined using actuarial calculations that are based on several
  assumptions. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">We perform a valuation
  at least every three years to determine the actuarial present value of the accrued
  pension and other retirement benefits. The valuation uses management&#146;s
  assumptions for the discount rate, expected long-term rate of return on plan
  assets, rate of compensation increase, healthcare cost trend and expected average
  remaining years of service of employees. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">While we believe that
  these assumptions are appropriate, differences in actual results or changes
  in assumptions could affect employee benefit obligations and future credit or
  expense. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">We account for differences
  between actual and assumed results by recognizing differences in benefit obligations
  and plan performance over the working lives of the employees who benefit from
  the plans. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">The two most significant
  assumptions used to calculate the net employee benefit plans credit or expense
  are: </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">the
  discount rate </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">the
  expected long-term rate of return on plan assets.</FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">Discount rate </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">The discount rate is the interest rate used to determine
  the present value of the future cash flows that we expect will be needed to
  settle employee benefit obligations. It is usually based on the yield on long-term
  high-quality corporate fixed income investments. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">We determine the appropriate
  discount rate at the end of every year. Our discount rate was 6.5% at December
  31, 2002, unchanged from 2001. </FONT></font> <font color="#0000FF"><FONT size=2 face="serif">Changes
  in the discount rate do not have a significant effect on our earnings. They
  do, however, have a significant effect on the projected benefit obligation.
  A lower discount rate results in a higher obligation, which could at some level
  require us to make contributions to the plan. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">Expected long-term rate of return
  </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">In 2002, we assumed an expected long-term rate of
  return on plan assets of 8.3%. The actual rate of return has been substantially
  more than 8.3% on average over the long term. In the past two years, however,
  it has been substantially less than 8.3%. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">We have lowered our
  assumption to a rate of return of 7.5% for 2003, because we expect lower long-term
  rates of return in the financial markets. We expect this change to reduce pre-tax
  earnings by about $80 million in 2003. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">ALLOWANCES FOR DOUBTFUL ACCOUNTS
  </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">We maintain allowances for losses that we expect will
  result from customers who do not make their required payments. </FONT></font>
  <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">We estimate the allowances
  based on the likelihood of recovering our accounts receivable. This is based
  on past experience, taking into account current and expected collection trends.
  </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">If economic conditions
  or specific industry trends become worse than we have anticipated, we will increase
  our allowances for doubtful accounts by recording an additional expense. </FONT></font>
</P>
<P> <FONT color="#0000FF" size=2 face="serif">USEFUL LIFE OF LONG-LIVED ASSETS
  </FONT> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">The estimated useful
  life of long-lived assets is used to determine amortization expense. </FONT></font>
  <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">We estimate an asset&#146;s
  useful life when we acquire the asset. We base our estimate on past experience
  with similar assets, taking into account expected technological or other changes.
  </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">If technological changes
  happen more quickly or in a different way than we have anticipated, we might
  have to shorten the asset&#146;s estimated useful life. This could result in:
  </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">a
  higher amortization expense in future periods </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">an
  impairment charge to reflect the write-down in value of the asset.</FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">IMPAIRMENT </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">We assess the impairment of long-lived assets when
  events or changes in circumstances indicate that we may not be able to recover
  their carrying value. <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We assess the impairment of goodwill and intangible
  assets with indefinite lives each year and when events or changes in circumstances
  indicate that goodwill might be impaired. We usually measure impairment using
  a projected discounted cash flow method. If the asset&#146;s carrying value
  is more than its fair value, we record the difference as an impairment charge.
  </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">We believe that our
  estimates of future cash flows and fair value are reasonable. The assumptions
  we have used are consistent with our internal planning and reflect our best
  estimates, but they have inherent uncertainties that management may not be able
  to control. As a result, the amounts reported for these items could be different
  if we used different assumptions or if conditions change in the future. </FONT></font>
  <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">We cannot predict whether
  an event that triggers an impairment will occur, when it will occur or how it
  will affect the asset values we have reported. </FONT></font> </P>
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<P> <FONT color="#0000FF" size=2 face="serif">LEGAL CONTINGENCIES </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">We become involved in various litigation and regulatory
  matters as a regular part of our business. Pending litigation, regulatory initiatives
  or regulatory proceedings represent potential financial loss to our business.
  </FONT></font> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will accrue a potential
  loss if we believe the loss is probable and it can be reasonably estimated.
  We base our decision on then available information. <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We estimate the amount of the loss by consulting
  with the outside legal counsel who is handling our defence. This involves analyzing
  potential outcomes and assuming various litigation and settlement strategies.
  </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">If the final resolution
  of a legal or regulatory matter results in a judgment against BCE or the payment
  of a large settlement by BCE, it could have a significant and adverse effect
  on our results of operations, cash flows and financial position in the period
  that the judgment or settlement occurs in. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">RESTRUCTURING AND OTHER CHARGES
  </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">We are required to develop formal plans for exiting
  businesses and activities as part of the restructuring initiatives we have been
  carrying out for the past several years. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">These plans require
  significant estimates of the salvage value of assets that are made redundant
  or obsolete. We are also required to report estimated expenses for severance
  and other employee costs, lease cancellation and other exit costs. </FONT></font>
  <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">Because exiting a business
  or activity is a complex process that can take several months to complete, it
  involves periodically reassessing estimates that were made when the original
  decision to exit the business or activity was made. In addition, we constantly
  evaluate whether the estimates of the remaining liabilities under our restructuring
  program are adequate. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">As a result, we may
  have to change previously reported estimates when the payments are made or the
  activities are completed. There may also be additional charges for new restructuring
  initiatives. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">ALTERNATIVE ACCEPTABLE ACCOUNTING
  POLICIES </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">Generally accepted accounting principles permit, in
  certain circumstances, alternative acceptable accounting policies. Two areas
  where we have made a choice are (1) the accounting for customer acquisition
  costs in our wireless and satellite television businesses and (2) the accounting
  for stock-based compensation cost. Please see Changes to accounting standards,
  for more information. </FONT></font> </P>
<P> <FONT color="#0000FF" size=4 face="serif">Changes to Accounting Standards
  </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">This section tells you about changes
  to the accounting standards and how they affect our financial statements. </FONT>
</P>
<P> <FONT color="#0000FF" size=2 face="serif">STOCK-BASED COMPENSATION AND OTHER
  STOCK-BASED PAYMENTS </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">Effective January 1, 2002, we adopted the new recommendations
  in section 3870 of the CICA Handbook, Stock-based compensation and other stock-based
  payments, on a prospective basis as permitted by the standard. This section
  sets standards for recognizing, measuring and disclosing stock-based compensation
  and other stock-based payments made in exchange for goods and services.</FONT></font>
</P>
<P> <FONT color="#0000FF" size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  standards require us to use a fair value-based method for: </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">all
  stock-based awards to non-employees </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">direct
  awards of stock and stock appreciation rights to employees</FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">awards
  to employees that are settled in cash or other assets. </FONT> </P>
<P><font color="#0000FF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">
  The standards also encourage companies to use a fair value-based method for
  all other awards granted to employees. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Awards that are settled
  in stock are recorded as equity. Awards that are required to be, or are usually,
  settled in cash are recorded as liabilities. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">In 2002, upon adoption
  of the standard, we accounted for employee stock options by measuring the compensation
  cost of the options. This is the amount that the quoted market price of BCE
  Inc.&#146;s common shares on the date of the grant exceeds the exercise price
  an employee must pay to buy the common shares. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">Effective January 1,
  2003, we account for employee stock options by measuring the compensation cost
  for options granted on or after January 1, 2002 under the fair value-based method
  of accounting using a Black-Scholes option pricing model. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">As a result of applying
  this change in accounting policy, we restated the comparative figures for 2002,
  and recorded a compensation expense of $2 million for the three months ended
  March 31, 2002. The effect as at January 1, 2003 was to increase the deficit
  by $27 million, decrease non-controlling interest by $3 million and increase
  contributed surplus by $30 million. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">SUBSCRIBER ACQUISITION COSTS </FONT>
  <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">Prior to 2003, we accounted for the costs of acquiring
  subscribers as follows: </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">we
  deferred and amortized the costs of acquiring Direct-to-Home (DTH) satellite
  service subscribers into earnings over three years </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">we
  deferred and amortized the costs of acquiring wireless subscribers into earnings
  over the terms of the contracts. The terms are normally up to 24 months </FONT></font>
</P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">we
  expensed all other subscriber acquisition costs as they were incurred.</FONT>
</P>
<P><font color="#0000FF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">
  The costs we deferred and amortized consisted mainly of hardware subsidies,
  net of revenues from the sale of wireless handsets. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">Effective January 1, 2003,
  we elected to change our accounting method as permitted by Canadian GAAP, and
  began expensing all subscriber acquisition costs as they are incurred and began
  presenting the revenues generated from the sale of wireless handsets.</FONT></font></P>
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<br>
<font color="#0000FF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">As
a result of applying this change in accounting policy, we restated the comparative
figures for 2003. <br>
<br>
For the three months ended March 31, 2003, we: <br>
</FONT></font> </font> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">increased
operating revenues by $46 million<br>
</FONT> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">increased
operating expenses by $34 million</FONT><br>
<font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">increased
income taxes by $5 million<br>
</FONT> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">decreased
non-controlling interest by $1 million.</FONT><font color="#0000FF">
<P><font color="#0000FF"><FONT size=2 face="serif">For the three months ended
  March 31, 2002, we:<br>
  </FONT></font><font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">increased
  operating revenues by $28 million</FONT><br>
  <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">increased
  operating expenses by $30 million</FONT> <br>
  <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">decreased
  income taxes by $1 million</FONT><br>
  <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">increased
  non-controlling interest by $1 million.</FONT> </P>
</font><font color="#0000FF"> </font><font color="#0000FF"> <FONT color="#0000FF" size=2 face="serif">The
effect as at December 31, 2002 was to:<br>
</FONT> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">decrease
other current assets by $133 million</FONT><br>
<font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">decrease
other long-term assets by $339 million<br>
</FONT> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">increase
goodwill by $15 million<br>
</FONT> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">decrease
future income tax liability by $189 million</FONT><br>
<font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">decrease
non-controlling interest by $9 million </FONT> <br>
<font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;</font><FONT color="#0000FF" size=2 face="serif">increase
the deficit by $259 million. <br>
</FONT>
<P> <FONT color="#0000FF" size=2 face="serif">IMPAIRMENT OF LONG-LIVED ASSETS
  </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">The CICA recently issued a new section in the CICA
  Handbook, section 3063, <em>Impairment of long-lived assets</em>. It provides
  guidance on recognizing, measuring and disclosing the impairment of long-lived
  assets. It replaces the write-down provisions in section 3061 of the CICA Handbook,
  <em>Property, plant and equipment</em>. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">The new section requires
  us to recognize an impairment loss for a long-lived asset to be held and used
  when its carrying value exceeds the total undiscounted cash flows expected from
  its use and eventual disposition. The impairment loss is the amount by which
  the carrying value of the asset exceeds its fair value. </FONT></font> <br>
  <font color="#0000FF"><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">This section comes
  into effect in 2004. We do not expect that adopting this standard in 2004 will
  affect our consolidated financial statements. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">DISPOSAL OF LONG-LIVED ASSETS AND
  DISCONTINUED OPERATIONS </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">The CICA recently issued a new section in the CICA
  Handbook, section 3475, <em>Disposal of long-lived assets and discontinued operations</em>.
  It provides guidance on recognizing, measuring, presenting and disclosing long-lived
  assets to be disposed of. It replaces the disposal provisions in section 3061,
  Property, plant and equipment, and section 3475, <em>Discontinued operations</em>.
  </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">The new section provides
  criteria for classifying assets as held for sale. It requires an asset classified
  as held for sale to be measured at fair value less disposal costs. </FONT></font>
  <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">It also provides criteria
  for classifying a disposal as a discontinued operation and specifies the presentation
  of and disclosures for discontinued operations and other disposals of long-lived
  assets. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">This section comes
  into effect for disposal activities started on or after May 1, 2003. We do not
  expect that adopting this standard on or after May 1, 2003 will affect our consolidated
  financial statements. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">DISCLOSURE OF GUARANTEES </FONT>
  <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">Effective January 1, 2003, we adopted Accounting Guideline
  14 (AcG-14), <em>Disclosure of guarantees</em>. This guideline provides assistance
  regarding the identification of guarantees and requires a guarantor to disclose
  the significant details of guarantees that have been given regardless of whether
  it will have to make payments under the guarantees. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">Although the disclosure
  requirements of this guideline have been mostly harmonized with similar guidance
  in the United States, unlike the U.S. standard, this guideline does not require
  the fair value recognition of guarantees on the balance sheet and does not extend
  to product warranties. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">CONSOLIDATION OF VARIABLE INTEREST
  ENTITIES </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">In April 2003, the CICA approved a draft accounting
  guideline on the consolidation of special purpose entities. The guideline provides
  clarification on the consolidation of those entities defined as &#147;Variable
  Interest Entities,&#148; when equity investors are not considered to have a
  controlling financial interest or they have not invested enough equity to allow
  the entity to finance its activities without additional subordinated financial
  support from other parties. Variable interest entities are commonly referred
  to as special purpose entities. The guideline is consistent, in all material
  respects, with the recently issued U.S. standard. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">The guideline comes
  into effect in 2004. We currently conduct certain transactions through special
  purpose entities, which are discussed in the Use of off-balance sheet arrangements
  section of this MD&amp;A, and are assessing the structure of these transactions
  against the criteria set out in the guideline. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">ASSET RETIREMENT OBLIGATIONS </FONT>
  <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">The CICA recently issued a new section in the CICA
  Handbook, section 3110, Asset retirement obligations. This standard focuses
  on the recognition and measurement of liabilities related to legal obligations
  associated with the retirement of property, plant and equipment. </FONT></font>
  <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">Under this standard,
  these obligations are initially measured at fair value and subsequently adjusted
  for the accretion of discount and any changes in the underlying cash flows.
  The asset retirement cost is to be capitalized to the related asset and amortized
  into earnings over time. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">This section comes
  into effect in 2004. We are currently evaluating the impact of this standard
  on our financial statements.</FONT></font> </P>
<br>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">25</font></p>
<br>
<br>
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<br>
<br>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan=2 width="76%"><FONT color="#0000FF" size=4 face="serif">Consolidated
      Statements of Operations</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
  </TR>
  <TR>
    <TD align="left" colspan=2 width="76%"><FONT color="#0000FF" size=1 face="serif">For
      the three months ended March 31 ($ millions, except share amounts) (unaudited)</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">2003</FONT></TD>
    <TD align="center" width="3%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">2002<sup>(1)</sup></FONT></TD>
    <TD align="center" width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Operating revenues</FONT></TD>
    <TD width="29%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">4,902</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">4,862</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
  </TR>
  <TR>
    <TD colspan=2 width="76%"><FONT color="#0000FF" size=2 face="serif">Operating
      expenses</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">3,082</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">3,054</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="76%"><FONT color="#0000FF" size=2 face="serif">Amortization
      expense</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">776</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">772</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="76%"><FONT color="#0000FF" size=2 face="serif">Net benefit
      plans expense (credit)</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">42</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT color="#0000FF" size=2 face="serif">(6</FONT></TD>
    <TD width="3%" align="left"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Total operating expenses</FONT></TD>
    <TD width="29%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">3,900</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">3,820</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Operating income</FONT></TD>
    <TD width="29%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">1,002</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">1,042</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Other income (Note 4)</FONT></TD>
    <TD width="29%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">(48</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT color="#0000FF" size=2 face="serif">(2</FONT></TD>
    <TD width="3%" align="left"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Interest expense (Note 5)</FONT></TD>
    <TD width="29%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">284</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">261</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
  </TR>
  <TR>
    <TD colspan=2 width="76%"><FONT color="#0000FF" size=2 face="serif">Earnings
      from continuing operations before income taxes and non-controlling interest</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">766</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">783</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="76%"><FONT color="#0000FF" size=2 face="serif">Income
      taxes</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">245</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">292</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Non-controlling interest</FONT></TD>
    <TD width="29%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">48</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">136</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
  </TR>
  <TR>
    <TD colspan=2 width="76%"><FONT color="#0000FF" size=2 face="serif">Earnings
      from continuing operations</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">473</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">355</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="76%"><FONT color="#0000FF" size=2 face="serif">Discontinued
      operations (Note 6)</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">&#150;</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT color="#0000FF" size=2 face="serif">(45</FONT></TD>
    <TD width="3%" align="left"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Net earnings</FONT></TD>
    <TD width="29%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">473</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">310</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Dividends on preferred shares</FONT></TD>
    <TD width="29%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">(15</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT color="#0000FF" size=2 face="serif">(13</FONT></TD>
    <TD width="3%" align="left"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
  </TR>
  <TR>
    <TD colspan=2 width="76%"><FONT color="#0000FF" size=2 face="serif">Net earnings
      applicable to common shares</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">458</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">297</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
  </TR>
  <TR>
    <TD colspan=2 width="76%"><FONT color="#0000FF" size=2 face="serif">Net earnings
      per common share &#150; basic (Note 7)</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="76%"><FONT color="#0000FF" size=2 face="serif">&nbsp;&nbsp;&nbsp;Continuing
      operations</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">0</FONT></TD>
    <TD width="3%" align="left"><FONT color="#0000FF" size=2 face="serif">.50</FONT></TD>
    <TD width="10%" align="right"><font color="#0000FF" size="2" face="serif">0</font></TD>
    <TD width="3%" align="left"><font color="#0000FF" size="2" face="serif">.42</font></TD>
  </TR>
  <TR>
    <TD colspan=2 width="76%"><FONT color="#0000FF" size=2 face="serif">&nbsp;&nbsp;&nbsp;Net
      earnings</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">0</FONT></TD>
    <TD width="3%" align="left"><FONT color="#0000FF" size=2 face="serif">.50</FONT></TD>
    <TD width="10%" align="right"><font color="#0000FF" size="2" face="serif">0</font></TD>
    <TD width="3%" align="left"><font color="#0000FF" size="2" face="serif">.37</font></TD>
  </TR>
  <TR>
    <TD colspan=2 width="76%"><FONT color="#0000FF" size=2 face="serif">&nbsp;&nbsp;&nbsp;Net
      earnings per common share &#150; diluted (Note 7)</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD width="10%" align="right"><font color="#0000FF" size="2" face="serif">&nbsp;</font></TD>
    <TD width="3%" align="left"><font color="#0000FF" size="2" face="serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan=2 width="76%"><FONT color="#0000FF" size=2 face="serif">&nbsp;&nbsp;&nbsp;Continuing
      operations</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">0</FONT></TD>
    <TD width="3%" align="left"><FONT color="#0000FF" size=2 face="serif">.50</FONT></TD>
    <TD width="10%" align="right"><font color="#0000FF" size="2" face="serif">0</font></TD>
    <TD width="3%" align="left"><font color="#0000FF" size="2" face="serif">.42</font></TD>
  </TR>
  <TR>
    <TD colspan=2 width="76%"><FONT color="#0000FF" size=2 face="serif">&nbsp;&nbsp;&nbsp;Net
      earnings</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">0</FONT></TD>
    <TD width="3%" align="left"><FONT color="#0000FF" size=2 face="serif">.50</FONT></TD>
    <TD width="10%" align="right"><font color="#0000FF" size="2" face="serif">0</font></TD>
    <TD width="3%" align="left"><font color="#0000FF" size="2" face="serif">.36</font></TD>
  </TR>
  <TR>
    <TD colspan=2 width="76%"><FONT color="#0000FF" size=2 face="serif">Dividends
      per common share</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">0</FONT></TD>
    <TD width="3%" align="left"><FONT color="#0000FF" size=2 face="serif">.30</FONT></TD>
    <TD width="10%" align="right"><font color="#0000FF" size="2" face="serif">0</font></TD>
    <TD width="3%" align="left"><font color="#0000FF" size="2" face="serif">.30</font></TD>
  </TR>
  <TR>
    <TD colspan=2 width="76%"><FONT color="#0000FF" size=2 face="serif">Average
      number of common shares outstanding (millions)</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">917</FONT></TD>
    <TD width="3%" align="left"><FONT color="#0000FF" size=2 face="serif">.1</FONT></TD>
    <TD width="10%" align="right"><font color="#0000FF" size="2" face="serif">808</font></TD>
    <TD width="3%" align="left"><font color="#0000FF" size="2" face="serif">.6</font></TD>
  </TR>
  <TR>
    <TD colspan=2><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="76%"><FONT color="#0000FF" size=4 face="serif">Consolidated
      Statements of Deficit</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
  </TR>
  <TR>
    <TD colspan=2 width="76%"><FONT color="#0000FF" size=1 face="serif">For the
      three months ended March 31 ($ millions) (unaudited)</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">2003</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">2002<sup>(1)</sup></FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
  </TR>
  <TR>
    <TD colspan=2 width="76%"><FONT color="#0000FF" size=2 face="serif">Balance
      at beginning of period, as previously reported</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">(6,149</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">(7,468</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2 width="76%"><FONT color="#0000FF" size=2 face="serif">Adjustment
      for change in accounting policy (Note 1)</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">(286</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">(218</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
  </TR>
  <TR>
    <TD colspan=2 width="76%"><FONT color="#0000FF" size=2 face="serif">Balance
      at beginning of period, as restated</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">(6,435</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">(7,686</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net
      earnings</FONT></font></TD>
    <TD width="29%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">473</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">310</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Dividends
      &nbsp;&#150; Preferred shares</FONT></font></TD>
    <TD width="29%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">(15</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT color="#0000FF" size=2 face="serif">(13</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font color="#0000FF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#150;
      Common shares</FONT></font></TD>
    <TD width="29%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">(275</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">(243</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">(290</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">(256</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2 width="76%"><FONT color="#0000FF" size=2 face="serif">Premium
      on redemption of preferred shares (Note 10)</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">(7</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><font color="#0000FF" size="2" face="serif">(6</font></TD>
    <TD width="3%" align="left"><font color="#0000FF" size="2" face="serif">)</font></TD>
  </TR>
  <TR>
    <TD colspan=2 width="76%"><FONT color="#0000FF" size=2 face="serif">Other</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">1</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%" align="right"><font color="#0000FF" size="2" face="serif">(3</font></TD>
    <TD width="3%" align="left"><font color="#0000FF" size="2" face="serif">)</font></TD>
  </TR>
  <TR>
    <TD colspan=2><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Balance at end of period</FONT></TD>
    <TD width="29%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">(6,258</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=2 face="serif">(7,641</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF size=1></TD>
  </TR>
</TABLE>
<P> <FONT color="#0000FF" size=1 face="serif">(1) Refer to Note 1, Significant
  accounting policies, for changes in accounting policies. </FONT> </P>
<P> <FONT color="#0000FF" size=1 face="serif">Please read the notes starting on
  page 29. They are an important part of these consolidated financial statements.</FONT>
</P>
<br>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">26</font></p>
<br>
<br>
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<!-- MARKER PAGE="sheet: 1; page: 1" -->
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<br>
<br>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD><FONT color="#0000FF" size=4 face="serif">Consolidated Balance Sheets
      </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="4"><hr color=#0000FF width="100%" size="1" noshade></TD>
    <TD><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD align="right"><FONT color="#0000FF" size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
    </TD>
    <TD align="right" nowrap><font color="#0000FF" size=1 face="serif">March 31
      </font></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right" nowrap><font color="#0000FF" size=1 face="serif">&nbsp;December
      31</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">($ millions) (unaudited)</FONT></TD>
    <TD align="right"><FONT color="#0000FF" size=1 face="serif">2003</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT color="#0000FF" size=1 face="serif">2002<sup>(1)</sup></FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="4"><hr color=#0000FF width="100%" size="1" noshade></TD>
    <TD><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">ASSETS</FONT> </TD>
    <TD align="right">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Current assets</FONT></TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Cash
      and cash equivalents</FONT></font></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">1,988</FONT></TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">306</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Accounts
      receivable (net of allowance for doubtful accounts of</FONT></font></TD>
    <TD align="right" width="5%">&nbsp;</TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font color="#0000FF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">$210
      million and $207 million for 2003 and 2002, respectively)</FONT></font></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">2,228</FONT></TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">2,343</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Other
      current assets</FONT></font></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">1,015</FONT></TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">783</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD align="left"> <hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Total current assets</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">5,231</FONT></TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">3,432</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Capital assets</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">20,513</FONT></TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">20,640</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Other long-term assets</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">3,980</FONT></TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">4,016</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Indefinite-life intangible assets
      (Note 8)</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">906</FONT></TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">900</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Goodwill (Note 9)</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">10,189</FONT></TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">10,118</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD align="left"> <hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD align="left"><FONT color="#0000FF" size=2 face="serif">Total assets</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">40,819</FONT></TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">39,106</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD align="left"> <hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">LIABILITIES</FONT></TD>
    <TD align="right" width="5%">&nbsp;</TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Current liabilities</FONT></TD>
    <TD align="right" width="5%">&nbsp;</TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Accounts
      payable and accrued liabilities</FONT></font></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">3,534</FONT></TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">3,834</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Debt
      due within one year</FONT></font></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">1,612</FONT></TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">2,026</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD align="left"> <hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Total current liabilities</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">5,146</FONT></TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">5,860</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Long-term debt</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">15,045</FONT></TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">13,395</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Other long-term liabilities</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">3,993</FONT></TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">3,652</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD align="left"> <hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD align="left"><FONT color="#0000FF" size=2 face="serif">Total liabilities</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">24,184</FONT></TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">22,907</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"> <hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD align="left"> <hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD align="left"><FONT color="#0000FF" size=2 face="serif">Non-controlling
      interest</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">3,641</FONT></TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">3,584</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD align="left"> <hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Commitments and contingencies
      (Note 12)</FONT></TD>
    <TD align="right" width="5%">&nbsp;</TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">SHAREHOLDERS&#146; EQUITY</FONT></TD>
    <TD align="right" width="5%">&nbsp;</TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Preferred shares (Note 10)</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">1,670</FONT></TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">1,510</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"> <hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD align="left"> <hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Common shareholders&#146; equity</FONT></TD>
    <TD align="right" width="5%">&nbsp;</TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Common
      shares (Note 10)</FONT></font></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">16,581</FONT></TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">16,520</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Contributed
      surplus</FONT></font></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">1,019</FONT></TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">1,010</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Deficit</FONT></font></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">(6,258</FONT></TD>
    <TD align="left" width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">(6,435</FONT></TD>
    <TD align="left" width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="left"><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Currency
      translation adjustment</FONT></font></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">(18</FONT></TD>
    <TD align="left" width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">10</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"> <hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD align="left"> <hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT color="#0000FF" size=2 face="serif">Total common shareholders&#146;
      equity</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">11,324</FONT></TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">11,105</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"> <hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD align="left"> <hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD align="left"><FONT color="#0000FF" size=2 face="serif">Total shareholders&#146;
      equity</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">12,994</FONT></TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">12,615</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"> <hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD align="left"> <hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD align="left"><FONT color="#0000FF" size=2 face="serif">Total liabilities
      and shareholders&#146; equity</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">40,819</FONT></TD>
    <TD align="left" width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">39,106</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD align="left"> <hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">(1)
      Refer to Note 1, Significant accounting policies, for changes in accounting
      policies.</FONT></font></TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Please
      read the notes starting on page 29. They are an important part of these
      consolidated financial statements.</FONT></font></TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<br>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">27</font></p>
<br>
<br>
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<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=4 face="serif">Consolidated
      Statements of Cash Flows</FONT></font></TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD align="left"> <hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">For the three months ended March
      31 ($ millions) (unaudited)</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=1 face="serif">2003</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=1 face="serif">2002
      <sup>(1)</sup></FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD align="left"> <hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Cash flows from operating activities</FONT></TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Earnings from continuing operations</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">473</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">355</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Adjustments to reconcile earnings
      from continuing operations to</FONT></TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">cash
      flows from operating activities:</FONT></font></TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font color="#0000FF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Amortization
      expense</FONT></font></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">776</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">772</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font color="#0000FF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net
      benefit plans expense (credit)</FONT></font></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">42</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right"><FONT color="#0000FF" size=2 face="serif">(6</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font color="#0000FF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Future
      income taxes</FONT></font></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">(2</FONT></TD>
    <TD width="2%" align="left"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD width="5%" align="right"><FONT color="#0000FF" size=2 face="serif">(5</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font color="#0000FF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Non-controlling
      interest</FONT></font></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">48</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">136</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font color="#0000FF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Other
      items</FONT></font></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">6</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right"><FONT color="#0000FF" size=2 face="serif">(37</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font color="#0000FF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Changes
      in non-cash working capital</FONT></font></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">(157</FONT></TD>
    <TD width="2%" align="left"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">(657</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD align="left"> <hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">1,186</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">558</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD align="left"><hr color=#0000FF size=1></TD>
    <TD align="right"><hr color=#0000FF size=1></TD>
    <TD><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Cash flows from financing activities</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Capital expenditures</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">(601</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">(861</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Investments</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">(61</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD width="5%" align="right"><FONT color="#0000FF" size=2 face="serif">(94</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Divestitures</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">5</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">148</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Other items</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">(37</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD width="5%" align="right"><FONT color="#0000FF" size=2 face="serif">(30</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD width="5%"> <hr color=#0000FF size=1></TD>
    <TD width="2%"><hr color=#0000FF size=1></TD>
    <TD width="5%"> <hr color=#0000FF size=1></TD>
    <TD width="2%"><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">(694</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">(837</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD width="5%"> <hr color=#0000FF size=1></TD>
    <TD width="2%"><hr color=#0000FF size=1></TD>
    <TD width="5%"> <hr color=#0000FF size=1></TD>
    <TD width="2%"><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Cash flows from financing activities</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Decrease in notes payable and
      bank advances</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">(113</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD width="5%" align="right"><FONT color="#0000FF" size=2 face="serif">(29</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Issue of long-term debt</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">1,792</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">1,252</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Repayment of long-term debt</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">(381</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">(100</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Issue of common shares</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">5</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%" align="right"><font color="#0000FF" size="2" face="serif">2</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Issue of preferred shares</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">510</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">510</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Redemption of preferred shares</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">(357</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">(306</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Issue of equity securities and
      convertible debentures</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">by subsidiaries
      to non-controlling interest</FONT></font></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">73</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%" align="right"><FONT color="#0000FF" size=2 face="serif">7</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Redemption of preferred shares
      by subsidiaries</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">(19</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD width="5%" align="right"><FONT color="#0000FF" size=2 face="serif">&#150;</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Dividends paid on common and
      preferred shares</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">(268</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">(250</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Dividends paid by subsidiaries
      to non-controlling interest</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">(44</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD width="5%" align="right"><FONT color="#0000FF" size=2 face="serif">(71</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Other items</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">(5</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD width="5%" align="right"><FONT color="#0000FF" size=2 face="serif">(6</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD width="5%"> <hr color=#0000FF size=1></TD>
    <TD width="2%"><hr color=#0000FF size=1></TD>
    <TD width="5%"> <hr color=#0000FF size=1></TD>
    <TD width="2%"><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">1,193</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">1,009</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD width="5%"> <hr color=#0000FF size=1></TD>
    <TD width="2%"><hr color=#0000FF size=1></TD>
    <TD width="5%"> <hr color=#0000FF size=1></TD>
    <TD width="2%"><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD><font color="#0000FF"><FONT size=2 face="serif">Effect of exchange rate
      changes on cash and cash equivalents</FONT></font></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">(3</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
    <TD width="5%" align="right"><FONT color="#0000FF" size=2 face="serif">&#150;</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD width="5%"> <hr color=#0000FF size=1></TD>
    <TD width="2%"><hr color=#0000FF size=1></TD>
    <TD width="5%"> <hr color=#0000FF size=1></TD>
    <TD width="2%"><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Cash provided by continuing
      operations</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">1,682</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">730</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Cash used in discontinued operations</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">&#150;</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">(407</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD width="5%"> <hr color=#0000FF size=1></TD>
    <TD width="2%"><hr color=#0000FF size=1></TD>
    <TD width="5%"> <hr color=#0000FF size=1></TD>
    <TD width="2%"><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Net increase in cash and cash
      equivalents</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">1,682</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">323</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Cash and cash equivalents at
      beginning of period</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">306</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">569</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD width="5%"> <hr color=#0000FF size=1></TD>
    <TD width="2%"><hr color=#0000FF size=1></TD>
    <TD width="5%"> <hr color=#0000FF size=1></TD>
    <TD width="2%"><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">Cash and cash equivalents at
      end of period</FONT></TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">1,988</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT color="#0000FF" size=2 face="serif">892</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr color=#0000FF size=1></TD>
    <TD width="5%"> <hr color=#0000FF size=1></TD>
    <TD width="2%"><hr color=#0000FF size=1></TD>
    <TD width="5%"><hr color=#0000FF size=1></TD>
    <TD width="2%"><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
</TABLE>
<P> <FONT color="#0000FF" size=1 face="serif">(1) Refer to Note 1, Significant
  accounting policies, for changes in accounting policies. </FONT> </P>
<P> <FONT color="#0000FF" size=1 face="serif">Please read the notes starting on
  page 29. They are an important part of these consolidated financial statements.
  </FONT> </P>
<br>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">28</font></p>
<br>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr size=3 color=GRAY noshade>
<br>
<br>
<P> <FONT color="#0000FF" size=4 face="serif">Notes to Consolidated Financial
  Statements &#150; BCE Inc.</FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">The interim consolidated financial
  statements should be read in conjunction with the annual consolidated financial
  statements for the year ended December 31, 2002, as set out on pages 54 to 81
  of BCE Inc.&#8217;s 2002 Annual Report. Figures in these notes are unaudited.
  </FONT> </P>
<P><font color="#0000FF" size="2"> <FONT face="serif">1. SIGNIFICANT ACCOUNTING
  POLICIES </FONT> <br>
  <br>
  <FONT face="serif">We have prepared the consolidated financial statements in
  accordance with Canadian generally accepted accounting principles (GAAP) using
  the same accounting policies as outlined in Note 1 to the annual consolidated
  financial statements for the year ended December 31, 2002, except as noted below.
  </FONT> <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="serif">We have reclassified some
  of the figures for previous periods in the consolidated financial statements
  to make them consistent with the presentation in the current period. </FONT>
  <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="serif">We have restated financial
  information for 2002 to reflect: </FONT></font></P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">
  the accounting treatment of BCE Inc.&#146;s investment in Teleglobe Inc. (Teleglobe)
  as a discontinued operation </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">
  the adoption of the fair value-based method of accounting for employee stock
  options </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">
  the change in the method of accounting for subscriber acquisition costs from
  a deferral and amortization method to an expense as incurred method.</FONT></font>
</P>
<P> <FONT color="#0000FF" size=2 face="serif">Stock-based compensation and other
  stock-based payments </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">Effective January 1, 2002, we adopted the new recommendations
  in section 3870 of the CICA Handbook, <em>Stock-based compensation and other
  stock-based payments</em>, on a prospective basis as permitted by the standard.
  This section sets standards for recognizing, measuring and disclosing stock-based
  compensation and other stock-based payments made in exchange for goods and services.
  The standards require us to use a fair value-based method for: </FONT></font></P>
<P><font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">
  all stock-based awards to non-employees </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">direct
  awards of stock and stock appreciation rights to employees </FONT></font></P>
<P><font color="#0000FF" size=1 face="Wingdings">n </font><FONT color="#0000FF" size=2 face="serif">awards
  to employees that are settled in cash or other assets. </FONT> </P>
<P><font color="#0000FF" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
  The standards also encourage companies to use a fair value-based method for
  all other awards granted to employees. </FONT> <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="serif">Awards that are settled in
  stock are recorded as equity. Awards that are required to be, or are usually,
  settled in cash are recorded as liabilities. </FONT> <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="serif">In 2002, upon adoption of
  the standard, we accounted for employee stock options by measuring the compensation
  cost of the options. This is the amount that the quoted market price of BCE
  Inc.&#146;s common shares on the date of the grant exceeds the exercise price
  an employee must pay to buy the common shares. </FONT> <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="serif">Effective January 1, 2003,
  we account for employee stock options by measuring the compensation cost for
  options granted on or after January 1, 2002 under the fair value-based method
  of accounting using a Black-Scholes option pricing model. </FONT> <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="serif">As a result of applying this
  change in accounting policy, we restated the comparative figures for 2002, and
  recorded a compensation expense of $2 million for the three months ended March
  31, 2002. The effect as at January 1, 2003 was to increase the deficit by $27
  million, decrease non-controlling interest by $3 million and increase contributed
  surplus by $30 million. Please see Note 11, <em>Stock-based compensation plans</em>,
  for the assumptions used under the fair value method. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">Subscriber acquisition costs </FONT>
  <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">Prior to 2003, we accounted for the costs of acquiring
  subscribers as follows: </FONT></font> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><FONT color="#0000FF" size=2 face="serif">we
  deferred and amortized the costs of acquiring Direct-to-Home (DTH) satellite
  service subscribers into earnings over three years </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><FONT color="#0000FF" size=2 face="serif">we
  deferred and amortized the costs of acquiring wireless subscribers into earnings
  over the terms of the contracts. The terms are normally up to 24 months </FONT></P>
<P><font color="#0000FF" size=1 face="Wingdings">n </font><FONT color="#0000FF" size=2 face="serif">we
  expensed all other subscriber acquisition costs as they were incurred. </FONT>
</P>
<P><font color="#0000FF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">
  The costs we deferred and amortized consisted mainly of hardware subsidies,
  net of revenues from the sale of wireless handsets. </FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">Effective January 1,
  2003, we changed our accounting method as permitted by Canadian GAAP, and began
  expensing all subscriber acquisition costs as they are incurred and began presenting
  the revenues generated from the sale of wireless handsets.</FONT></font> <font color="#0000FF"><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">As a result of applying
  this change in accounting policy, we restated the comparative figures for 2002.
  </FONT></font></P>
<P><font color="#0000FF"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
  the three months ended March 31, 2003, we:<br>
  <br>
  </FONT></font><font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">increased
  operating revenues by $46 million </FONT></font></P>
<P><font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2
face="serif">increased operating expenses by $34 million </FONT></font></P>
<P><font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">increased
  income taxes by $5 million </FONT></font> </P>
<P><font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">decreased
  non-controlling interest by $1 million. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">For the three months ended March
  31, 2002, we:</FONT></P>
<P><font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">increased
  operating revenues by $28 million</FONT></font></P>
<P><font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">increased
  operating expenses by $30 million </FONT></font></P>
<P><font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">decreased
  income taxes by $1 million </FONT></font> </P>
<P><font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">increased
  non-controlling interest by $1 million. </FONT></font> </P>
<P> <FONT color="#0000FF" size=2 face="serif">The effect as at December 31, 2002
  was to: </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">decrease
  other current assets by $133 million </FONT></font></P>
<P><font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">decrease
  other long-term assets by $339 million</FONT></font></P>
<P><font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">increase
  goodwill by $15 million </FONT></font></P>
<P><font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">decrease
  future income tax liability by $189 million</FONT></font></P>
<P><font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">decrease
  non-controlling interest by $9 million </FONT></font></P>
<P><font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<font size=2 face="serif">&nbsp;increase
  the deficit by $259 million. </font></font> </P>
<P><font color="#0000FF" size="2"> <FONT face="serif">Impairment of long-lived
  assets </FONT> <br>
  <br>
  <FONT face="serif">The CICA recently issued a new section in the CICA Handbook,
  section 3063,<em> Impairment of long-lived assets</em>. It provides guidance
  on recognizing, measuring and disclosing the impairment of long-lived assets.
  It replaces the write-down provisions in section 3061 of the CICA Handbook,
  <em>Property, plant and equipment</em>. </FONT> <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="serif">The new section requires us
  to recognize an impairment loss for a long-lived asset to be held and used when
  its carrying value exceeds the total undiscounted cash flows expected from its
  use and eventual disposition. The impairment loss is the amount by which the
  carrying value of the asset exceeds its fair value. </FONT> <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="serif">This section comes into effect
  in 2004. We do not expect that adopting this standard in 2004 will affect our
  consolidated financial statements. </FONT></font></P>
<P><font color="#0000FF" size="2"> <FONT face="serif">Disposal of long-lived assets
  and discontinued operations </FONT> <br>
  <br>
  <FONT face="serif">The CICA recently issued a new section in the CICA Handbook,
  section 3475, <em>Disposal of long-lived assets and discontinued operations</em>.
  It provides guidance on recognizing, measuring, presenting and disclosing long-lived
  assets to be disposed of. It replaces the disposal provisions in section 3061,
  <em>Property, plant and equipment</em>, and section 3475, <em>Discontinued operations</em>.
  </FONT> <br>
  <br>
  <FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The new section provides
  criteria for classifying assets as held for sale. It requires an asset classified
  as held for sale to be measured at fair value less disposal costs.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It also provides criteria for classifying a disposal
  as a discontinued operation and specifies the presentation of and disclosures
  for discontinued operations and other disposals of long-lived assets. </FONT></font></P>
<br>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">29</font></p>
<br>
<br>
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<hr size=3 color=GRAY noshade>
<br>
<br>
<P> <FONT color="#0000FF" size=2 face="serif">1. SIGNIFICANT ACCOUNTING POLICIES
  (continued) </FONT> </P>
<P><font color="#0000FF" size="2"> <FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
  section comes into effect for disposal activities started on or after May 1,
  2003. We do not expect that adopting this standard on or after May 1, 2003 will
  affect our</FONT> <FONT face="serif">consolidated financial statements.</FONT>
  </font></P>
<P><font color="#0000FF" size="2"> <FONT face="serif">Disclosure of guarantees
  </FONT> <br>
  <br>
  <FONT face="serif">Effective January 1, 2003, we adopted Accounting Guideline
  14 (AcG-14), <em>Disclosure of guarantees</em>. This guideline provides assistance
  regarding the identification of guarantees and requires a guarantor to disclose
  the significant details of guarantees that have been given regardless of whether
  it ill have to make payments under the guarantees. Please see Note 12, <em>Contractual
  obligations, commercial commitments and contingencies</em>, for more information.
  </FONT> <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="serif">Although the disclosure requirements
  of this guideline have been mostly harmonized with similar guidance in the United
  States, unlike the U.S. standard, this guideline does not require the fair value
  recognition of guarantees on the balance sheet and does not extend to product
  warranties. </FONT></font></P>
<P><font color="#0000FF" size="2"> <FONT face="serif">Consolidation of variable
  interest entities </FONT> <br>
  <br>
  <FONT face="serif">In April 2003, the CICA approved a draft accounting guideline
  on the consolidation of special purpose entities. The guideline provides clarification
  on the consolidation of those entities defined as &#147;Variable Interest Entities,&#148;
  when equity investors are not considered to have a controlling financial interest
  or they have not invested enough equity to allow the entity to finance its activities
  without additional subordinated financial support from other parties. Variable
  interest entities are commonly referred to as special purpose entities. The
  guideline is consistent, in all material respects, with the recently issued
  U.S. standard. </FONT> <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="serif">The guideline comes into effect
  in 2004. We currently conduct certain transactions through special purpose entities
  and are assessing the structure of these transactions against the criteria set
  out in the guideline. </FONT></font></P>
<P><font color="#0000FF" size="2" face="serif"> Asset retirement obligations <br>
  <br>
  The CICA recently issued a new section in the CICA Handbook, section 3110, <em>Asset
  retirement obligations</em>. This standard focuses on the recognition and measurement
  of liabilities related to legal obligations associated with the retirement of
  property, plant and equipment. <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Under this standard, these obligations are initially
  measured at fair value and subsequently adjusted for the accretion of discount
  and any changes in the underlying cash flows. The asset retirement cost is to
  be capitalized to the related asset and amortized into earnings over time.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This section comes into effect in 2004. We are
  currently evaluating the impact of this standard on our financial statements.
  </font></P>
<P><font color="#0000FF" size="2"> <FONT face="serif">2. SEGMENTED INFORMATION
  </FONT> <br>
  <br>
  <FONT face="serif">We operate under four segments, the Bell Canada Segment,
  Bell Globemedia, BCE Emergis and BCE Ventures. Our segments are organized by
  products and services, and reflect how we classify our operations for planning
  and measuring performance. </FONT> <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="serif">Effective January 1, 2003,
  the results of Bell Canada Holdings Inc., Bell Canada&#146;s holding company,
  are now classified under Corporate and other, whereas previously they were classified
  under the Bell Canada Segment. </FONT></font></P>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width="80%"><FONT color="#0000FF" size=1 face="serif">For the three months
      ended March 31 ($ millions)</FONT></TD>
    <TD width="8%" align="right"><FONT color="#0000FF" size=1 face="serif">2003</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="8%" align="right"><FONT color="#0000FF" size=1 face="serif">2002
      </FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=1 face="serif"><sup>(1)</sup></font></TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="60%"><FONT color="#0000FF" size=1 face="serif">Operating revenues</FONT></TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="60%"><FONT color="#0000FF" size=1 face="serif">Bell Canada Segment</FONT></TD>
    <TD align="right" width="20%"><FONT color="#0000FF" size=1 face="serif">External</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">4,229</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">4,261</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="60%">&nbsp;</TD>
    <TD align="right" width="20%"><FONT color="#0000FF" size=1 face="serif">Inter-segment</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">30</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">42</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="60%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">4,259</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">4,303</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="60%"><FONT color="#0000FF" size=1 face="serif">Bell Globemedia</FONT></TD>
    <TD align="right" width="20%"><FONT color="#0000FF" size=1 face="serif">External</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">326</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">302</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="60%">&nbsp;</TD>
    <TD align="right" width="20%"><FONT color="#0000FF" size=1 face="serif">Inter-segment</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">9</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">10</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="60%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">335</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">312</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="60%"><FONT color="#0000FF" size=1 face="serif">BCE Emergis</FONT></TD>
    <TD align="right" width="20%"><FONT color="#0000FF" size=1 face="serif">External</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">100</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">93</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="60%">&nbsp;</TD>
    <TD align="right" width="20%"><FONT color="#0000FF" size=1 face="serif">Inter-segment</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">24</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">39</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="60%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">124</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">132</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="60%"><FONT color="#0000FF" size=1 face="serif">BCE Ventures</FONT></TD>
    <TD align="right" width="20%"><FONT color="#0000FF" size=1 face="serif">External</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">246</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">204</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="60%">&nbsp;</TD>
    <TD align="right" width="20%"><FONT color="#0000FF" size=1 face="serif">Inter-segment</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">62</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">59</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="60%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">308</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">263</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="60%"><FONT color="#0000FF" size=1 face="serif">Corporate and other</FONT></TD>
    <TD align="right" width="20%"><FONT color="#0000FF" size=1 face="serif">External</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">1</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">2</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="60%">&nbsp;</TD>
    <TD align="right" width="20%"><FONT color="#0000FF" size=1 face="serif">Inter-segment</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">4</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">4</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="60%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">5</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">6</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="60%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="60%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="60%"><FONT color="#0000FF" size=1 face="serif">Less: Inter-segment
      eliminations</FONT></TD>
    <TD width="20%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">(129</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">(154</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="60%"><FONT color="#0000FF" size=1 face="serif">Total operating
      revenues</FONT></TD>
    <TD width="20%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">4,902</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">4,862</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="80%"><FONT color="#0000FF" size=1 face="serif">Net earnings applicable
      to common shares</FONT></TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="80%"><FONT color="#0000FF" size=1 face="serif">Bell Canada Segment</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">427</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">314</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="80%"><FONT color="#0000FF" size=1 face="serif">Bell Globemedia</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">(2</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">1</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="80%"><FONT color="#0000FF" size=1 face="serif">BCE Emergis</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">6</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">(15</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD width="80%"><FONT color="#0000FF" size=1 face="serif">BCE Ventures</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">39</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">24</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="80%"><FONT color="#0000FF" size=1 face="serif">Corporate and other,
      including inter-segment eliminations</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">3</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">31</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD colspan=2 width="74%"><FONT color="#0000FF" size=1 face="serif">Total
      earnings from continuing operations</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">473</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">355</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="74%"><FONT color="#0000FF" size=1 face="serif">Discontinued
      operations</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">(45</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD width="60%"><FONT color="#0000FF" size=1 face="serif">Dividends on preferred
      shares</FONT></TD>
    <TD width="20%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">(15</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">(13</FONT></TD>
    <TD width="2%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD colspan=2 width="80%"><FONT color="#0000FF" size=1 face="serif">Total
      net earnings applicable to common shares</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">458</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">297</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<FONT color="#0000FF" size=1 face="serif">(1) Refer to Note 1, Significant accounting
policies, for the basis of presentation.</FONT>
<P> <FONT color="#0000FF" size=2 face="serif">3. BUSINESS ACQUISITIONS AND DISPOSITIONS
  </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">CGI Group Inc. (CGI)&#146;s acquisition
  of Cognicase Inc. (Cognicase) </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">During the first quarter of 2003, CGI acquired 100%
  of the outstanding common shares of Cognicase for $347 million, representing
  a total cash consideration of $206 million and a total share consideration of
  $141 million. As a result of the acquisition, BCE Inc.&#146;s equity ownership
  interest in CGI was reduced from 31.5% to 29.9%, and a dilution gain of $5 million
  was recognized. Our proportionate share of the preliminary purchase price allocation
  was to tangible assets ($59 million), liabilities ($95 million) and goodwill
  and other intangible assets ($140 million). </FONT></font> </P>
<TABLE width="50%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">4. OTHER INCOME</FONT></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD align="center"><FONT color="#0000FF" size=1 face="serif">For the three
      months ended March 31 ($ millions)</FONT></TD>
    <TD align="center" width="7%"><FONT color="#0000FF" size=1 face="serif">2003</FONT></TD>
    <TD align="center" width="3%">&nbsp;</TD>
    <TD align="center" width="7%"><FONT color="#0000FF" size=1 face="serif">2002</FONT></TD>
    <TD align="center" width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Foreign currency (gains) losses</FONT></TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">(33</FONT></TD>
    <TD align="left" width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD align="left" width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Other</FONT></TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">(15</FONT></TD>
    <TD align="left" width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">(2</FONT></TD>
    <TD align="left" width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD align="left"><FONT color="#0000FF" size=1 face="serif">Other income</FONT></TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">(48</FONT></TD>
    <TD align="left" width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">(2</FONT></TD>
    <TD align="left" width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">5. INTEREST EXPENSE</FONT></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">For the three months ended March
      31 ($ millions)</FONT></TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">2003</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">2002</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><font color="#0000FF"><FONT size=1 face="serif">Interest expense on long-term
      debt</FONT></font></TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">272</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">245</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Interest expense on other debt</FONT></TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">12</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">16</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Total interest expense</FONT></TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">284</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">261</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<br>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">30</font></p>
<br>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr size=3 color=GRAY noshade>
<br>
<br>
<P> <FONT color="#0000FF" size=1 face="serif">&nbsp;<FONT size=2>6. DISCONTINUED
  OPERATIONS</FONT><br>
  <br>
  <font size="2">The net loss of $45 million in the first quarter of 2002 relates
  to operating losses of Teleglobe. The financial results of Teleglobe were reclassified
  as a discontinued operation effective April 24, 2002. </font></FONT> </P>
<P><font color="#0000FF" size="2" face="serif"> The table below provides a summarized
  statement of operations for the discontinued operations. </font> </P>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">For the three months ended March
      31 ($ millions)</FONT></TD>
    <TD align="center" width="6%"><FONT color="#0000FF" size=1 face="serif">2003</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="6%"><FONT color="#0000FF" size=1 face="serif">2002</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Revenue</FONT></TD>
    <TD align="right" width="6%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT color="#0000FF" size=1 face="serif">411</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Operating loss from discontinued
      operations, before tax</FONT></TD>
    <TD align="right" width="6%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT color="#0000FF" size=1 face="serif">(76</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Income tax recovery on operating
      loss</FONT></TD>
    <TD align="right" width="6%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT color="#0000FF" size=1 face="serif">20</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Non-controlling interest</FONT></TD>
    <TD align="right" width="6%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT color="#0000FF" size=1 face="serif">11</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Net loss from discontinued operations</FONT></TD>
    <TD width="6%" align="right"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT color="#0000FF" size=1 face="serif">(45</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<p><FONT color="#0000FF" size=2 face="serif">As at March 31, 2003 and December
  31, 2002, included in our balance sheet is an investment in Bell Canada International
  Inc. (BCI) of $50 million. The financial results of BCI were reclassified as
  a discontinued operation effective January 1, 2002. </FONT> </p>
<FONT color="#0000FF" size=2 face="serif">7. EARNINGS PER SHARE DISCLOSURES </FONT>
<font color="#0000FF"><br>
<br>
<FONT size=2 face="serif">The following is a reconciliation of the numerators
and the denominators of the basic and diluted earnings per common share computations
for earnings from continuing operations: </FONT></font>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">For the three months ended March
      31</FONT></TD>
    <TD align="center" width="7%"><FONT color="#0000FF" size=1 face="serif">2003</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="11%"><FONT color="#0000FF" size=1 face="serif">2002
      (1)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Earnings from continuing operations
      (numerator) ($ millions)</FONT></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Earnings from continuing operations</FONT></TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">473</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">355</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Dividends on preferred shares</FONT></TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">(15</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">(13</FONT></TD>
    <TD width="3%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><font color="#0000FF"><FONT size=1 face="serif">Earnings from continuing
      operations &#150; basic</FONT></font></TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">458</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">342</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Assumed exercise of put options
      by CGI shareholders</FONT></TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">4</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">3</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Earnings from continuing operations
      &#150; diluted</FONT></TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">462</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">345</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Weighted average number of common
      shares outstanding</FONT></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">(denominator)
      (millions)</FONT></font></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Weighted average number of common
      shares outstanding &#150; basic</FONT></TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">917.1</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">808.6</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Assumed exercise of stock options</FONT></TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">1.9</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">2.6</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Assumed exercise of put options
      by CGI shareholders</FONT></TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">9.1</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">13.0</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Weighted average number of common
      shares outstanding &#150; diluted</FONT></TD>
    <TD align="right" width="7%"><FONT color="#0000FF" size=1 face="serif">928.1</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">824.2</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<P> <FONT color="#0000FF" size=1 face="serif"><sup>(1)</sup> Refer to Note 1,
  <em>Significant accounting policies</em>, for the basis of presentation.</FONT>
  <font color="#0000FF"><br>
  </font></P>
<TABLE width="50%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="97%"><FONT color="#0000FF" size=2 face="serif">8. INDEFINITE-LIFE
      INTANGIBLE ASSETS</FONT></TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="97%" align="left"><FONT color="#0000FF" size=1 face="serif">($
      millions)</FONT></TD>
    <TD align="center" width="13%"><FONT color="#0000FF" size=1 face="serif">2003</FONT></TD>
    <TD align="center" width="4%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="97%"><FONT color="#0000FF" size=1 face="serif">Intangible assets,
      January 1</FONT></TD>
    <TD align="center" width="13%"><FONT color="#0000FF" size=1 face="serif">900</FONT></TD>
    <TD align="center" width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Capitalized interest on spectrum
      licences</FONT></TD>
    <TD align="center" width="13%"><FONT color="#0000FF" size=1 face="serif">6</FONT></TD>
    <TD align="center" width="4%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="97%" align="left"><FONT color="#0000FF" size=1 face="serif">Intangible
      assets, March 31</FONT></TD>
    <TD align="center" width="13%"><FONT color="#0000FF" size=1 face="serif">906</FONT></TD>
    <TD align="center" width="4%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="97%"><FONT color="#0000FF" size=1 face="serif">Consisting of:</FONT></TD>
    <TD align="center" width="13%">&nbsp;</TD>
    <TD align="center" width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Spectrum
      licences</FONT></font></TD>
    <TD align="center" width="13%"><FONT color="#0000FF" size=1 face="serif">760</FONT></TD>
    <TD align="center" width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Television
      licences</FONT></font></TD>
    <TD align="center" width="13%"><FONT color="#0000FF" size=1 face="serif">128</FONT></TD>
    <TD align="center" width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Cable
      licences</FONT></font></TD>
    <TD align="center" width="13%"><FONT color="#0000FF" size=1 face="serif">18</FONT></TD>
    <TD align="center" width="4%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="97%" align="left"><FONT color="#0000FF" size=1 face="serif">Total</FONT></TD>
    <TD align="center" width="13%"><FONT color="#0000FF" size=1 face="serif">906</FONT></TD>
    <TD align="center" width="4%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" colspan=2 width="97%"><FONT color="#0000FF" size=1 face="serif">Capitalized
      interest on spectrum licences for the three-month period ended March, 31,
      2002 was $4 million.</FONT></TD>
    <TD align="center" width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">9. GOODWILL</FONT></TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif"> ($ millions)</FONT></TD>
    <TD align="right" width="13%"><FONT color="#0000FF" size=1 face="serif">2003</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Goodwill, January 1</FONT></TD>
    <TD align="right" width="13%"><FONT color="#0000FF" size=1 face="serif">10,118</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Goodwill acquired during the
      period</FONT></TD>
    <TD align="right" width="13%"><FONT color="#0000FF" size=1 face="serif">83</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Other</FONT></TD>
    <TD align="right" width="13%"><FONT color="#0000FF" size=1 face="serif">(12</FONT></TD>
    <TD width="4%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Goodwill,
      March 31</FONT></font></TD>
    <TD align="right" width="13%"><FONT color="#0000FF" size=1 face="serif">10,189</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=2 face="serif">10. SHARE CAPITAL</FONT></TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(i)
      Preferred shares</FONT></font></TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
</TABLE>
<P> <FONT color="#0000FF" size=2 face="serif">On February 28, 2003, BCE Inc. issued
  20 million Series AC preferred shares for total proceeds of $510 million. 6
  million of the 20 million Series AC preferred shares were issued under a public
  offering for a subscription price of $153 million. The remaining 14 million
  Series AC preferred shares were issued to the holders of BCE Inc.&#146;s 14
  million Series U preferred shares. BCE Inc. elected to exercise its option to
  buy all of the Series U preferred shares for $357 million (including a $7 million
  premium on redemption). The holders of the Series U preferred shares then used
  the proceeds from the sale of their shares to buy the 14 million Series AC preferred
  shares for the subscription price of $357 million. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">(ii) Common shares and Class B shares
  </FONT> </P>
<P> <FONT color="#0000FF" size=1 face="serif">The table below provides details
  about the outstanding common shares of BCE Inc. No Class B Shares were outstanding
  at March 31, 2003. </FONT> </P>
<TABLE width="50%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="67%">&nbsp;</TD>
    <TD align="center" width="17%">&nbsp;</TD>
    <TD align="center" width="5%">&nbsp;</TD>
    <TD align="center" width="10%"><FONT color="#0000FF" size=1 face="serif">Stated</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="67%">&nbsp;</TD>
    <TD align="center" width="17%"><FONT color="#0000FF" size=1 face="serif">Number</FONT></TD>
    <TD align="center" width="5%">&nbsp;</TD>
    <TD align="center" width="10%"><FONT color="#0000FF" size=1 face="serif">capital</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="67%">&nbsp;</TD>
    <TD align="center" width="17%"><FONT color="#0000FF" size=1 face="serif">of
      shares</FONT></TD>
    <TD align="center" width="5%">&nbsp;</TD>
    <TD width="10%" align="center" nowrap><FONT color="#0000FF" size=1 face="serif">($
      millions)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="67%"><FONT color="#0000FF" size=1 face="serif">Outstanding, January
      1, 2003</FONT></TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">915,867,928</FONT></TD>
    <TD align="right" width="5%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">16,520</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="67%"><FONT color="#0000FF" size=1 face="serif">Shares issued (under
      employee stock option,</FONT></TD>
    <TD align="right" width="17%">&nbsp;</TD>
    <TD align="right" width="5%">&nbsp;</TD>
    <TD align="right" width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="67%" align="center"><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">employee
      savings and dividend reinvestment plans)</FONT></font></TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">2,186,302</FONT></TD>
    <TD align="right" width="5%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">61</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="67%" align="center"><FONT color="#0000FF" size=1 face="serif">Outstanding,
      March 31, 2003</FONT></TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">918,054,230</FONT></TD>
    <TD align="right" width="5%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">16,581</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="67%"><FONT color="#0000FF" size=2 face="serif">11. STOCK-BASED
      COMPENSATION PLANS</FONT></TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="67%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="67%"><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">BCE
      Inc. stock options</FONT></font></TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5 width="98%"><FONT color="#0000FF" size=1 face="serif">The table
      below provides a summary of the status of BCE Inc.&#146;s stock option programs.</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="67%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">Weighted</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="67%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">average</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="67%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">Number</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">exercise</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="67%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">of
      shares</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">price</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="67%"><FONT color="#0000FF" size=1 face="serif">Outstanding, January
      1, 2003</FONT></TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">20,470,700</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="center" width="2%"><FONT color="#0000FF" size=1 face="serif">$</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">33</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="67%"><FONT color="#0000FF" size=1 face="serif">Granted</FONT></TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">5,351,051</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="center" width="2%"><FONT color="#0000FF" size=1 face="serif">$</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">28</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="67%"><FONT color="#0000FF" size=1 face="serif">Exercised</FONT></TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">(73,198</FONT></TD>
    <TD width="5%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="center" width="2%"><FONT color="#0000FF" size=1 face="serif">$</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">14</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="67%"><FONT color="#0000FF" size=1 face="serif">Expired/forfeited</FONT></TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">(447,610</FONT></TD>
    <TD width="5%"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="center" width="2%"><FONT color="#0000FF" size=1 face="serif">$</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">35</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="67%"><FONT color="#0000FF" size=1 face="serif">Outstanding, March
      31, 2003</FONT></TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">25,300,943</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="center" width="2%"><FONT color="#0000FF" size=1 face="serif">$</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">32</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="67%"><FONT color="#0000FF" size=1 face="serif">Exercisable, March
      31, 2003</FONT></TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">9,385,310</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="center" width="2%"><FONT color="#0000FF" size=1 face="serif">$</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">34</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
</TABLE>
<P> <FONT color="#0000FF" size=2 face="serif">Teleglobe stock options </FONT>
  <font color="#0000FF"><br>
  <FONT size=1 face="serif">Since we acquired a controlling interest in Teleglobe
  in November 2000, holders of Teleglobe stock options have been allowed to exercise
  their options under their original terms, except that when they exercise their
  options, they will receive 0.91 of one BCE Inc. common share for every Teleglobe
  stock option they hold. </FONT></font> <font color="#0000FF"><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1 face="serif">The table below provides
  a summary of the status of Teleglobe&#146;s stock option programs, which are
  incremental to BCE Inc.&#146;s stock option programs. </FONT></font> </P>
<br>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">31</font></p>
<br>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr size=3 color=GRAY noshade>
<br>
<br>
<P> <FONT color="#0000FF" size=2 face="serif">11. STOCK-BASED COMPENSATION PLANS
  (continued) </FONT> </P>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="67%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">Weighted</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="67%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">Number</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">average</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="67%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">of
      BCE Inc.</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">exercise</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="67%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">shares</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT color="#0000FF" size=1 face="serif">price</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="67%"><FONT color="#0000FF" size=1 face="serif">Outstanding, January
      1, 2003</FONT></TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">4,266,723</FONT></TD>
    <TD width="5%" align="left">&nbsp;</TD>
    <TD align="center" width="2%"><FONT color="#0000FF" size=1 face="serif">$</FONT></TD>
    <TD align="center" width="8%"><FONT color="#0000FF" size=1 face="serif">37</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="67%"><FONT color="#0000FF" size=1 face="serif">Exercised</FONT></TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">(64,847</FONT></TD>
    <TD width="5%" align="left"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="center" width="2%"><FONT color="#0000FF" size=1 face="serif">$</FONT></TD>
    <TD align="center" width="8%"><FONT color="#0000FF" size=1 face="serif">22</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="67%"><FONT color="#0000FF" size=1 face="serif">Expired/forfeited</FONT></TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">(338,336</FONT></TD>
    <TD width="5%" align="left"><FONT color="#0000FF" size=1 face="serif">)</FONT></TD>
    <TD align="center" width="2%"><FONT color="#0000FF" size=1 face="serif">$</FONT></TD>
    <TD align="center" width="8%"><FONT color="#0000FF" size=1 face="serif">40</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="67%"><FONT color="#0000FF" size=1 face="serif">Outstanding, March
      31, 2003</FONT></TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">3,863,540</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="center" width="2%"><FONT color="#0000FF" size=1 face="serif">$</FONT></TD>
    <TD align="center" width="8%"><FONT color="#0000FF" size=1 face="serif">35</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="67%"><FONT color="#0000FF" size=1 face="serif">Exercisable, March
      31, 2003</FONT></TD>
    <TD align="right" width="17%"><FONT color="#0000FF" size=1 face="serif">3,863,540</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="center" width="2%"><FONT color="#0000FF" size=1 face="serif">$</FONT></TD>
    <TD align="center" width="8%"><FONT color="#0000FF" size=1 face="serif">35</FONT></TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
</TABLE>
<P> <FONT color="#0000FF" size=2 face="serif">Assumptions used in stock option
  pricing model </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">The table below shows the assumptions
  used in determining stock-based compensation expense under the Black-Scholes
  option pricing model.</FONT> </P>
<hr color=#0000FF width="100%" size="1" noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="55%">&nbsp;</TD>
    <TD width="5%" align="center">&nbsp;</TD>
    <TD width="15%" align="center">&nbsp;</TD>
    <TD width="5%" align="center">&nbsp;</TD>
    <TD width="15%" align="center">&nbsp;</TD>
    <TD width="5%" align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="55%"><font color="#0000FF" size=1 face="serif">For the three months
      ended March 31</font></TD>
    <TD width="5%" align="center">&nbsp;</TD>
    <TD width="15%" align="right"><font color="#0000FF" size=1 face="serif">2003</font></TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="15%" align="right"><font color="#0000FF" size=1 face="serif">2002</font></TD>
    <TD width="5%" align="center">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size="1" noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="55%"><FONT color="#0000FF" size=1 face="serif">Compensation cost
      ($ millions)</FONT></TD>
    <TD align="center" width="5%">&nbsp;</TD>
    <TD align="right" width="15%"><FONT color="#0000FF" size=1 face="serif">8</FONT></TD>
    <TD align="left" width="5%">&nbsp;</TD>
    <TD align="right" width="15%"><font color="#0000FF" size=1 face="serif">2</font></TD>
    <TD align="left" width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="55%">&nbsp;</TD>
    <TD width="5%" align="center">&nbsp;</TD>
    <TD width="15%" align="right">&nbsp;</TD>
    <TD width="5%" align="left">&nbsp;</TD>
    <TD width="15%" align="right">&nbsp;</TD>
    <TD width="5%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="55%"><FONT color="#0000FF" size=1 face="serif">Dividend yield</FONT></TD>
    <TD align="center" width="5%">&nbsp;</TD>
    <TD align="right" width="15%"><FONT color="#0000FF" size=1 face="serif">3.6</FONT></TD>
    <TD align="left" width="5%"><FONT color="#0000FF" size=1 face="serif">%</FONT></TD>
    <TD align="right" width="15%"><font color="#0000FF" size=1 face="serif">3.2</font></TD>
    <TD align="left" width="5%"><font color="#0000FF" size=1 face="serif">%</font></TD>
  </TR>
  <TR>
    <TD width="55%"><FONT color="#0000FF" size=1 face="serif">Expected volatility</FONT></TD>
    <TD align="center" width="5%">&nbsp;</TD>
    <TD align="right" width="15%"><FONT color="#0000FF" size=1 face="serif">30</FONT></TD>
    <TD align="left" width="5%"><FONT color="#0000FF" size=1 face="serif">%</FONT></TD>
    <TD align="right" width="15%"><font color="#0000FF" size=1 face="serif">30</font></TD>
    <TD align="left" width="5%"><font color="#0000FF" size=1 face="serif">%</font></TD>
  </TR>
  <TR>
    <TD width="55%"><FONT color="#0000FF" size=1 face="serif">Risk-free interest
      rate</FONT></TD>
    <TD align="center" width="5%">&nbsp;</TD>
    <TD align="right" width="15%"><FONT color="#0000FF" size=1 face="serif">4.1</FONT></TD>
    <TD align="left" width="5%"><FONT color="#0000FF" size=1 face="serif">%</FONT></TD>
    <TD align="right" width="15%"><font color="#0000FF" size=1 face="serif">4.7</font></TD>
    <TD align="left" width="5%"><font color="#0000FF" size=1 face="serif">%</font></TD>
  </TR>
  <TR>
    <TD width="55%"><FONT color="#0000FF" size=1 face="serif">Expected life (years)</FONT></TD>
    <TD align="center" width="5%">&nbsp;</TD>
    <TD align="right" width="15%"><FONT color="#0000FF" size=1 face="serif">4.5</FONT></TD>
    <TD align="left" width="5%">&nbsp;</TD>
    <TD align="right" width="15%"><font color="#0000FF" size=1 face="serif">4.5</font></TD>
    <TD align="left" width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="55%"><FONT color="#0000FF" size=1 face="serif">Number of options
      granted</FONT></TD>
    <TD align="center" width="5%">&nbsp;</TD>
    <TD align="right" width="15%"><FONT color="#0000FF" size=1 face="serif">5,351,051</FONT></TD>
    <TD align="left" width="5%">&nbsp;</TD>
    <TD align="right" width="15%"><font color="#0000FF" size=1 face="serif">6,716,134</font></TD>
    <TD align="left" width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="55%"><FONT color="#0000FF" size=1 face="serif">Weighted average
      fair value of options granted ($)</FONT></TD>
    <TD align="center" width="5%">&nbsp;</TD>
    <TD align="right" width="15%"><font color="#0000FF" size=1 face="serif">6</font></TD>
    <TD align="left" width="5%">&nbsp;</TD>
    <TD align="right" width="15%"><font color="#0000FF" size=1 face="serif">8</font></TD>
    <TD align="left" width="5%">&nbsp;</TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size="1" noshade>
<font color="#0000FF"><br>
<P FONT size=2 face="serif"><font size="2" face="serif">12. CONTRACTUAL OBLIGATIONS,
  COMMERCIAL COMMITMENTS AND CONTINGENCIES</font></P>
</FONT> <FONT size=2 face="serif"> <font color="#0000FF">Contractual obligations<br>
</font></FONT> <FONT color="#0000FF" size=2 face="serif">The table below provides
a summary of our contractual obligations at March 31, 2003 and for the full years
ended thereafter.</FONT><br>
<br>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="13"><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD width="34%"><FONT color="#0000FF" size=1 face="serif">($ millions)</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">2003</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">2004</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">2005</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">2006</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="8%"><FONT color="#0000FF" size=1 face="serif">2007</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">Thereafter</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">Total</FONT></TD>
  </TR>
  <TR>
    <TD colspan="13"><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD width="34%"><FONT color="#0000FF" size=1 face="serif">Long-term debt</FONT></TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="34%"><font color="#0000FF">&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">(excluding
      capital leases)</FONT></font></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">1,302</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">2,195</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">1,347</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">1,136</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">1,865</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">8,142</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">15,987</FONT></TD>
  </TR>
  <TR>
    <TD width="34%"><FONT color="#0000FF" size=1 face="serif">Capital leases (a)</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">94</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">111</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">64</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">50</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">38</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">97</FONT></TD>
    <TD width="8%" align="right"><font color="#0000FF" size="1" face="serif">454</font></TD>
  </TR>
  <TR>
    <TD width="34%"><FONT color="#0000FF" size=1 face="serif">Notes payable and
      bank advances</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">216</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">&#150;</FONT></TD>
    <TD width="8%" align="right"><font color="#0000FF" size="1" face="serif">216</font></TD>
  </TR>
  <TR>
    <TD width="34%"><FONT color="#0000FF" size=1 face="serif">Operating leases</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">361</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">390</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">356</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">306</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">285</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">1,694</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">3,392</FONT></TD>
  </TR>
  <TR>
    <TD width="34%"><FONT color="#0000FF" size=1 face="serif">Purchase obligations</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">472</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">318</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">209</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">200</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">135</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">346</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">1,680</FONT></TD>
  </TR>
  <TR>
    <TD width="34%"><FONT color="#0000FF" size=1 face="serif">Other contractual
      obligations</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">313</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">186</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">109</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">36</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">5</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">11</FONT></TD>
    <TD width="8%" align="right"><font color="#0000FF" size="1" face="serif">660</font></TD>
  </TR>
  <TR>
    <TD colspan="13"><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
  <TR>
    <TD width="34%"><FONT color="#0000FF" size=1 face="serif">Total</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">2,758</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">3,200</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">2,085</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">1,728</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">2,328</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">10,290</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">22,389</FONT></TD>
  </TR>
  <TR>
    <TD colspan="13"><hr color=#0000FF width="100%" size="1" noshade></TD>
  </TR>
</TABLE>
<font color="#0000FF"><br>
<FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The imputed interest
to be paid in connection with the capital leases amounts to $108 million.</FONT><br>
<br>
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Commercial Commitments</FONT><br>
<br>
</font>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">($ millions)</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">Committed</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">Non-Committed</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT color="#0000FF" size=1 face="serif">Total</FONT></TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">BCE Inc. bridge facility</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">834</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT color="#0000FF" size=1 face="serif">834</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Commercial paper credit lines</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">1,451</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">2,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT color="#0000FF" size=1 face="serif">3,451</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Other credit facilities including
      letters of credit</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">1,711</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">455</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT color="#0000FF" size=1 face="serif">2,166</FONT></TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Total</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">3,996</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">2,455</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT color="#0000FF" size=1 face="serif">6,451</FONT></TD>
  </TR>
</TABLE>
<hr color=#0000FF width="100%" size=1 noshade>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Drawn</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">2,137</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">98</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT color="#0000FF" size=1 face="serif">2,235</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#0000FF" size=1 face="serif">Undrawn</FONT></TD>
    <TD align="right" width="8%"><FONT color="#0000FF" size=1 face="serif">1,859</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT color="#0000FF" size=1 face="serif">2,357</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT color="#0000FF" size=1 face="serif">4,216</FONT></TD>
  </TR>
</TABLE>
<hr color=#0000FF size=1>
<font color="#0000FF"><br>
</font>
<P> <FONT color="#0000FF" size=2 face="serif"> In addition, BCE Inc. and Bell
  Canada can issue Class E Notes which may be extended in certain circumstances
  and are not supported by committed lines of credit. The maximum principal amount
  of Class E Notes that BCE Inc. may issue is $360 million and that Bell Canada
  may issue is $400 million. At March 31, 2003, Bell Canada had $30 million Class
  E Notes outstanding and BCE Inc. had no Class E Notes outstanding. Included
  in the drawn portion of our commercial commitments are issued letters of credit
  of $192 million under our committed facilities and $80 million under our non-committed
  facilities. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif"> At March 31, 2003, BCE Inc. and
  Bell Canada had no amounts outstanding under their commercial paper programs.
  </FONT> </P>
<P><font color="#0000FF" size="2"> <FONT face="serif">Canadian Radio-television
  and Telecommunications Commission<br>
  CRTC Price Cap decision</FONT> <br>
  <br>
  <FONT face="serif">The Price Cap decision of May 2002 made a number of changes
  to the rules governing local service in Canada&#146;s telecommunications industry
  for the next four years. One of the changes is a new mechanism, called the deferral
  account, which will be used to fund initiatives such as service improvement
  or reduced rates and/or rebates. We estimate our commitment relating to this
  decision to be $83 million at March 31, 2003. </FONT></font></P>
<P><font color="#0000FF" size="2"> <FONT face="serif">Guarantees </FONT> <br>
  <br>
  <FONT face="serif">In the normal course of our operations, we execute agreements
  that provide for indemnification and guarantees to counterparties in transactions
  such as business dispositions, the sale of assets, the sale of services, securitization
  agreements and operating leases. </FONT> <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="serif">These indemnification undertakings
  and guarantees may require us to compensate the counterparties for costs and
  losses incurred as a result of various events including breaches of representations
  and warranties, intellectual property right infringement, loss of or damages
  to property, environmental liabilities, changes in or in the interpretation
  of laws and regulations (including tax legislation), valuation differences,
  claims that may arise while providing services, or as a result of litigation
  that may be suffered by the counterparties. Also, in the context of the sale
  of all or a part of a business, we may from time to time agree to compensate
  the purchaser for certain costs that may result from certain future events such
  as the failure of the disposed business to reach certain operational thresholds
  (earn-out guarantees), the resolution of contingent liabilities of the disposed
  businesses or the reassessment of prior tax filings of the corporations carrying
  on the business. </FONT> <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="serif">Certain indemnification undertakings
  can extend for an unlimited period and generally do not provide for any limit
  on the maximum potential amount, although certain agreements do contain a specified
  maximum potential exposure representing a cumulative amount of approximately
  $4.3 billion. The nature of substantially all of the indemnification undertakings
  prevents us from making a reasonable estimate of the maximum potential amount
  we could be required to pay counterparties as the agreements do not specify
  a maximum amount and the amounts are dependent upon the outcome of future contingent
  events, the nature and likelihood of which cannot be determined at this time.
  Historically, we have not made any significant payments under such indemnifications.
  As at March 31, 2003, an aggregate amount of $42 million has been accrued in
  the consolidated balance sheet with respect to these indemnification undertakings,
  relating mainly to environmental liabilities. </FONT></font></P>
<br>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">32</font></p>
<br>
<br>
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<br>
<br>
<P> <FONT color="#0000FF" size=2 face="serif">12. CONTRACTUAL OBLIGATIONS, COMMERCIAL
  COMMITMENTS AND CONTINGENCIES (continued) </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">Off-balance sheet arrangements </FONT>
</P>
<P><font color="#0000FF" size="2"> <FONT face="serif">SALE OF ACCOUNTS RECEIVABLE
  </FONT> <br>
  <br>
  <FONT face="serif">Bell Canada sold accounts receivable to a securitization
  trust for a total of $900 million in cash, under an agreement that came into
  effect on December 12, 2001 and expires on December 12, 2006. Bell Canada carried
  a retained interest in the transferred accounts receivable of $124 million at
  March 31, 2003, which equalled the amount of overcollateralization in the receivables
  transferred. </FONT> <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="serif">Aliant Inc. (Aliant) sold
  accounts receivable to a securitization trust for a total of $135 million in
  cash, under an agreement that came into effect on December 13, 2001 and expires
  on December 13, 2006. Aliant carried a retained interest in the transferred
  accounts receivable of $30 million at March 31, 2003. </FONT> <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="serif">Bell Canada and Aliant continue
  to service the accounts receivable. The buyers&#146; interest in collections
  of these accounts receivable ranks ahead of the interest of Bell Canada and
  Aliant. Bell Canada and Aliant remain exposed to certain risks of default on
  the amount of receivables under securitization and have provided various credit
  enhancements in the form of overcollateralization and subordination of its retained
  interests. </FONT> <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="serif">The buyers will reinvest the
  amounts collected by buying additional interests in the Bell Canada and Aliant
  accounts receivable until the agreements expire. The buyers and their investors
  have no claim on Bell Canada&#146;s and Aliant&#146;s other assets if customers
  fail to pay amounts owed on time. </FONT></font></P>
<P><font color="#0000FF" size="2"> <FONT face="serif">SHARED SERVICES AGREEMENT
  </FONT> <br>
  <br>
  <FONT face="serif">Effective June 22, 2001, Bell Canada entered into a 10-year
  service contract with a special purpose entity. This contract will allow Bell
  Canada to reduce systems and administrative costs over time by streamlining
  and enhancing its systems and processes. Bell Canada is committed to paying
  approximately $150 million in service fees over the first three years of the
  agreement. </FONT></font></P>
<P> <FONT color="#0000FF" size=2 face="serif"> In 2004, Bell Canada may: </FONT>
</P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><FONT color="#0000FF" size=2 face="serif">exercise
  an option to buy the special purpose entity at fair market value, or </FONT>
</P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><FONT color="#0000FF" size=2 face="serif">maintain
  the service contract for the remaining seven years and commit to paying at least
  $420 million more in service fees to the special purpose entity. </FONT> </P>
<P> <FONT color="#0000FF" size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
  at March 31, 2003, the special purpose entity had $113 million of total assets,
  of which $92 million are capital assets, and $127 million of total liabilities,
  of which $121 million is long-term debt. </FONT> </P>
<P><font color="#0000FF" size="2"> <FONT face="serif">SALE LEASEBACK TRANSACTIONS
  </FONT> <br>
  <br>
  <FONT face="serif">In our long-term debt balance at March 31, 2003, we had capital
  leases of $72 million net of loans receivable of $316 million. These obligations
  were from agreements that Bell Canada entered into in 1999 and 2001 to sell
  and lease back telecommunication equipment for total proceeds of $399 million.
  Some of the proceeds were invested in interest-bearing loans receivable. </FONT></font></P>
<P> <FONT color="#0000FF" size=2 face="serif">Contingencies </FONT> </P>
<P><font color="#0000FF" size="2"> <FONT face="serif">AGREEMENT WITH MANITOBA
  TELECOM SERVICES INC. (MTS) </FONT> <br>
  <br>
  <FONT face="serif">The agreement between Bell Canada and MTS to create Bell
  West Inc. (Bell West) includes put and call options relating to MTS&#146; 40%
  ownership of Bell West.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></font><FONT color="#0000FF" size=2 face="serif">Under
  the terms of the put option, MTS can require Bell Canada to buy its interest
  in Bell West: </FONT></P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><FONT color="#0000FF" size=2 face="serif">in
  February 2004 at a guaranteed floor value of $458 million plus ongoing incremental
  funding invested by MTS. The put price includes an 8% return on the incremental
  funding. The floor value was $574 million at March 31, 2003 </FONT></P>
<P><font color="#0000FF" size=1 face="Wingdings">n </font><FONT color="#0000FF" size=2 face="serif">in
  January 2007 at fair market value less 12.5% </FONT> </P>
<P> <font color="#0000FF" size=1 face="Wingdings">n </font><FONT color="#0000FF" size=2 face="serif">at
  fair market value less 12.5%, under certain circumstances. </FONT> </P>
<P><font color="#0000FF" size="2" face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
  MTS does not exercise its put option, Bell Canada can exercise its call option.
  Under the terms of the call option, Bell Canada has the option to buy MTS&#146;
  interest: </font></P>
<p><font color="#0000FF" size=1 face="Wingdings">n </font><FONT color="#0000FF" size=2 face="serif">in
  March 2004 at the greater of the floor value described above and fair market
  value</FONT></p>
<p><font color="#0000FF" size=1 face="Wingdings">n </font><FONT color="#0000FF" size=2 face="serif">in
  February 2007 at fair market value</FONT></p>
<p><font color="#0000FF" size=1 face="Wingdings">n </font><FONT color="#0000FF" size=2 face="serif">at
  fair market value if control of MTS goes to a party other than Bell Canada or
  its affiliates.</FONT></p>
<p><FONT color="#0000FF" size=2 face="serif">Bell Canada has not received any
  formal notice from MTS that it plans to exercise the put option.</FONT></p>
<p><font color="#0000FF"><br>
  <FONT size=2 face="serif">AGREEMENT WITH CGI</FONT><br>
  <br>
  <FONT size=2 face="serif">We entered into an agreement on July 1, 1998 with
  CGI&#146;s three majority individual shareholders. The agreement includes put
  and call options, and rights of first refusal, on the CGI shares held by these
  shareholders.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The put options initially gave these CGI shareholders
  the right to gradually sell a portion of their shares to us until January 4,
  2004. The call option initially gave us the one-time right to buy all of their
  CGI shares that we would not have already bought, during the period from January
  5, 2004 to January 4, 2006.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price per share of any put or call
  option is 115% of the 20-day average market price of CGI shares before the exercise
  date, payable in BCE Inc. common shares. If the options are fully exercised,
  our equity ownership interest in CGI will increase to approximately 40%.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December 2002, we informed CGI that our prior
  publicly stated intention to dispose of the control block in CGI following the
  exercise of the put and call rights in 2003 and 2004 is no longer our preferred
  course of action.<br>
  <br>
  </FONT></font><FONT color="#0000FF" size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT color="#0000FF" size=2 face="serif">We
  began discussions with CGI about the future of our investment in CGI. No final
  decisions have been made, but we have started discussions to develop a plan
  to:</FONT> </p>
<p><font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">
  realize the maximum value of our investment in CGI</FONT></font> </p>
<p><font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">
  enhance the value of CGI by taking steps to retain CGI&#146;s management and
  to ensure that the company continues to deliver high-quality services to its
  customers. </FONT></font> <FONT color="#0000FF" size=1 face="serif"> <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;<font size="2">&nbsp;In December 2002, in order to allow
  enough time for these discussions, CGI&#146;s three majority individual shareholders
  had agreed to defer the exercise date of the put options until April 15, 2003.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></FONT><FONT color="#0000FF" size=2 face="serif">On
  April 15, 2003, BCE Inc. and CGI confirmed that their discussions are continuing
  and while no final decisions have been made, they are committed to reaching
  a final agreement by August 1, 2003. However, there can be no assurance as to
  the outcome of these discussions.</FONT> </p>
<br>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">33</font></p>
<br>
<br>
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<br>
<br>
<P> <FONT color="#0000FF" size=2 face="serif">12. CONTRACTUAL OBLIGATIONS, COMMERCIAL
  COMMITMENTS AND CONTINGENCIES (continued)</FONT> <font color="#0000FF"><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">To allow enough time
  to conclude these discussions: </FONT></font> </P>
<p><font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">
  CGI&#146;s three majority individual shareholders have agreed to defer the exercise
  date of the put options until after August 1, 2003 </FONT></font> </p>
<p><font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">
  BCE Inc. has agreed that its disposition rights will not be exercisable until
  after August 1, 2003 </FONT></font> </p>
<p><font color="#0000FF" size=1 face="Wingdings">n </font><font color="#0000FF">&nbsp;<FONT size=2 face="serif">
  both parties have agreed to extend the termination date of the put options from
  January 4, 2004 to August 1, 2004, defer the commencement of BCE Inc.&#146;s
  two-year call option period from January 6, 2004 to August 2, 2004, and defer
  the final termination date of the agreement from January 5, 2006 to August 1,
  2006. </FONT></font> <FONT color="#0000FF" size=2 face="serif"><br>
  <br>
  LITIGATION </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif"><em>Teleglobe lending syndicate lawsuit</em> </FONT></font>
  <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">On July 12, 2002, some members of the Teleglobe and
  Teleglobe Holdings (U.S.) Corporation lending syndicate (the plaintiffs) filed
  a lawsuit against BCE Inc. in the Ontario Superior Court of Justice. </FONT></font><font color="#0000FF" size="2" face="serif">
  <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The claim makes several allegations, including
  that BCE Inc. and its management, in effect, made a legal commitment to repay
  the advances the plaintiffs made as members of the lending syndicate, and that
  the court should disregard Teleglobe as a corporate entity and hold BCE Inc.
  responsible to repay the advances as Teleglobe&#146;s alter ego.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT color="#0000FF" size=2 face="serif">The
  plaintiffs claim damages of US$1.19 billion, plus interest and costs, which
  they allege is equal to the amount they advanced. This represents approximately
  95.2% of the total US$1.25 billion that the lending syndicate advanced.<br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;While we cannot predict the outcome of any legal proceeding,
  based on information currently available, BCE Inc. believes that it has strong
  defences, and it intends to vigorously defend its position. </FONT> </p>
<P> <FONT color="#0000FF" size=2 face="serif"><em>Kroll Restructuring lawsuit</em>
  </FONT> <font color="#0000FF"><br>
  <br>
  <FONT size=2 face="serif">In February 2003, a lawsuit was filed in the Ontario
  Superior Court of Justice by Kroll Restructuring Ltd., in its capacity as interim
  receiver of Teleglobe, against five former directors of Teleglobe. This lawsuit
  was filed in connection with Teleglobe&#146;s redemption of its third series
  preferred shares in April 2001 and the retraction of its fifth series preferred
  shares in March 2001. </FONT></font> </P>
<P><font color="#0000FF" size="2"> <FONT face="serif"> The plaintiff is seeking
  a declaration that such redemption and retraction were prohibited under the
  Canada Business Corporations Act and that the five former directors should be
  held jointly and severally liable to restore to Teleglobe all amounts paid or
  distributed on such redemption and retraction, being an aggregate of approximately
  $661 million, plus interest. </FONT> <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="serif">While BCE Inc. is not a defendant
  in this lawsuit, Teleglobe was at the relevant time a subsidiary of BCE Inc.
  Pursuant to standard policies and subject to applicable law, the five former
  Teleglobe directors are entitled to seek indemnification from BCE Inc. in connection
  with this lawsuit. </FONT> <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="serif">While we cannot predict the
  outcome of any legal proceeding, based on information currently available, BCE
  Inc. believes that the defendants have strong defences and that the claims of
  the plaintiffs will be vigorously defended against. </FONT></font> </P>
<p><FONT color="#0000FF" size=2 face="serif"><em>Other litigation </em></FONT><font color="#0000FF" size="2"><br>
  <br>
  <FONT face="serif">We become involved in various other claims and litigation
  as a regular part of our business. While no one can predict the final outcome
  of claims and litigation that were pending at March 31, 2003, management believes
  that the resolution of these claims and litigation will not have a material
  and negative effect on our consolidated financial position or results of operations.
  </FONT></font> <br>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">34</font></p>
<br>
<br>
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<hr size=3 color=GRAY noshade>
<br>
<br>
<div align="left">
  <table width="100%" border="0" cellspacing="0" cellpadding="5">
    <tr align="left" valign="top">
      <td colspan="4"><hr color=#0000FF size=1 noshade></td>
    </tr>
    <tr align="left" valign="top">
      <td width="25%"><img src="bce_logo.jpg" width="209" height="136"></td>
      <td width="25%"><FONT color="#0000FF" size=1 face="serif"><strong>BCE Inc.
        </strong><br>
        1000, rue de La Gaucheti&egrave;re Ouest<br>
        Bureau 3700<br>
        Montr&eacute;al (Qu&eacute;bec)<br>
        H3B 4Y7 <br>
        www.bce.ca<br>
        <br>
        <strong>Communications</strong><br>
        e-mail: bcecomms@bce.ca <br>
        tel: 1 888 932-6666 <br>
        fax: (514) 870 4385 </FONT></td>
      <td width="25%"><FONT color="#0000FF" size=1 face="serif">This document
        has been filed by BCE Inc. with Canadian securities commissions and the
        U.S. Securities and Exchange Commission. It can also be found on BCE Inc.&#146;s
        Web site at http://www.bce.ca/ or is available upon request from:<br>
        <br>
        <strong>Investor Relations</strong><br>
        e-mail: investor.relations@bce.ca<br>
        tel: 1 800 339-6353 <br>
        fax: (514) 786-3970 </FONT></td>
      <td width="25%"><FONT color="#0000FF" size=1 face="serif">For further information
        concerning the Dividend Reinvestment and Stock Purchase Plan (DRP), direct
        deposit of dividend payments, the elimination of multiple mailings or
        the receipt of quarterly reports, please contact:<br>
        <br>
        <strong>Computershare Trust<br>
        Company of Canada</strong><br>
        100 University Avenue, 9th Floor, <br>
        Toronto, Ontario M5J 2Y1<br>
        tel: (514) 982-7555<br>
        or 1 800 561-0934<br>
        fax: (416) 263-9394 <br>
        or 1 888 453-0330 <br>
        e-mail: bce@computershare.com </FONT></td>
    </tr>
  </table>
  <FONT size=1 face="serif"><br>
  </FONT> </div>
<P> <FONT color="#0000FF" size=1 face="serif"><br>
  <br>
  PRINTED IN CANADA </FONT> </P>
<hr color=#0000FF align="center" width="100%" size=2>
</font><br>
<br>
<hr width="100%" size=4 color=GRAY noshade>
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<br>
<br>
<A name="page_1"></A>
<P align="center"> <IMG src="suppl_finax1x1.jpg" border=0> </P>
<P> <B><I><FONT size=5 face="sans-serif"><br>
  <br>
  </FONT></I></B></P>
<div align="center">
  <table width="60%" border="0" cellpadding="20" cellspacing="0" bgcolor="#0000FF">
    <tr>
      <td align="center"> <p><b><i><font color="#FFFFFF" size=4 face="sans-serif">First
          Quarter 2003</font></i></b> </p>
        <p> <font color="#FFFFFF" size="4"><b><i><font face="sans-serif">Supplementary
          Financial Information</font></i></b></font></p></td>
    </tr>
  </table>
</div>
<P><br>
  <br>
  <br>
  <B><I><FONT size=5 face="sans-serif"><br>
  </FONT></I></B> </P>
<P> <FONT size=2 face="sans-serif">For further information, <br>
  please contact:</FONT> </P>
<P> <B><FONT size=2 face="sans-serif">BCE Investor Relations</FONT></B> </P>
<P> <FONT size=2 face="sans-serif">Sophie Argiriou <br>
  (514) 786-8145 </FONT><U><FONT color="#0000ff" size=2 face="sans-serif"><br>
  sophie.argiriou@bell.ca</FONT></U> </P>
<P> <FONT size=2 face="sans-serif">George Walker <br>
  (514) 870-2488 </FONT><U><FONT color="#0000ff" size=2 face="sans-serif"><br>
  george.walker@bell.ca</FONT></U> <br>
  <br>
  <br>
</P>
<P align="right"> <FONT size=1 face="sans-serif">BCE Inc. Supplementary Financial
  Information - First Quarter 2003 Page 1</FONT> </P>
<hr width="100%" size=4 color=GRAY noshade>
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<br>
<br>
<P> <IMG src="suppl_finax3x1.jpg" border=0> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" colspan=2 width="7%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" colspan=2 width="7%">&nbsp;</TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" colspan=4 width="18%"><B><FONT size=2 face="sans-serif">BCE
      Consolidated</FONT></B></TD>
    <TD align="center" width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" colspan=2 width="7%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" colspan=7 width="26%"><B><FONT size=2 face="sans-serif">Consolidated
      Operational Data</FONT></B></TD>
    <TD align="center" width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" colspan=2>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" colspan=2>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" colspan=2>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">Q1</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">Q1</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><I><FONT size=1 face="sans-serif">($ millions, except per share amounts)</FONT></I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">2003</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">2002</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">$ change</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">% change</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Operating revenues</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">4,902</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">4,862</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">40</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">0.8</FONT></TD>
    <TD width="4%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Operating expenses</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(3,082</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(3,054</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">(28</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">(0.9</FONT></TD>
    <TD width="4%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">EBITDA </FONT></B><B><SUP><FONT size=1 face="sans-serif">(a)</FONT></SUP></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">1,820</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,808</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">12</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">0.7</FONT></TD>
    <TD width="4%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Amortization expense</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(776</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(772</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">(4</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">(0.5</FONT></TD>
    <TD width="4%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Net benefit plans (expense) credit</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(42</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">6</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">(48</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">n.m.</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Operating income</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">1,002</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,042</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">(40</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">(3.8</FONT></TD>
    <TD width="4%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Other income</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">48</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">2</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">46</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">n.m.</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Interest expense</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(284</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(261</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">(23</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">(8.8</FONT></TD>
    <TD width="4%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Earnings from continuing operations
      before</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=1 face="sans-serif">income taxes and non-controlling
      interest</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">766</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">783</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">(17</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">(2.2</FONT></TD>
    <TD width="4%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Income taxes</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(245</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(292</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">47</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">16.1</FONT></TD>
    <TD width="4%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Non-controlling interest</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(48</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(136</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">88</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">64.7</FONT></TD>
    <TD width="4%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Earnings from continuing operations</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">473</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">355</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">118</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">33.2</FONT></TD>
    <TD width="4%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Discontinued operations</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(45</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">45</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">100.0</FONT></TD>
    <TD width="4%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Net earnings</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">473</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">310</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">163</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">52.6</FONT></TD>
    <TD width="4%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Dividends on preferred shares</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(15</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(13</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">(2</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">(15.4</FONT></TD>
    <TD width="4%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Net earnings applicable to common shares</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">458</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">297</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">161</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">54.2</FONT></TD>
    <TD width="4%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Net earnings per common share - basic</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Continuing operations</FONT></TD>
    <TD align="center" width="1%"><B><FONT size=1 face="sans-serif">$</FONT></B></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">0.50</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.42</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">0.08</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">19.0</FONT></TD>
    <TD width="4%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Net earnings</FONT></TD>
    <TD align="center" width="1%"><B><FONT size=1 face="sans-serif">$</FONT></B></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">0.50</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.37</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">0.13</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">35.1</FONT></TD>
    <TD width="4%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Net earnings per common share - diluted</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Continuing operations</FONT></TD>
    <TD align="center" width="1%"><B><FONT size=1 face="sans-serif">$</FONT></B></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">0.50</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.42</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">0.08</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">19.0</FONT></TD>
    <TD width="4%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Net earnings</FONT></TD>
    <TD align="center" width="1%"><B><FONT size=1 face="sans-serif">$</FONT></B></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">0.50</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.36</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">0.14</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">38.9</FONT></TD>
    <TD width="4%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Dividends per common share</FONT></B></TD>
    <TD align="center" width="1%"><B><FONT size=1 face="sans-serif">$</FONT></B></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">0.30</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.30</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%">-</TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Average number of common shares outstanding
      (millions)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">917.1</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">808.6</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">The following non-recurring items are
      included in net earnings:</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Discontinued operations</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(45</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">45</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">100.0</FONT></TD>
    <TD width="4%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Total</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(45</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">45</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">100.0</FONT></TD>
    <TD width="4%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Impact on net earnings per share</FONT></B></TD>
    <TD align="center" width="1%"><B><FONT size=1 face="sans-serif">$</FONT></B></TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(0.06</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">0.06</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD bgcolor="#CCCCCC"><B><I><FONT size=1 face="sans-serif">Net earnings per
      share before non-recurring items </FONT></I></B><B><I><SUP><FONT size=1 face="sans-serif">(a)</FONT></SUP></I></B></TD>
    <TD width="1%" align="center" bgcolor="#CCCCCC"><B><FONT size=1 face="sans-serif">$</FONT></B></TD>
    <TD width="6%" align="right" bgcolor="#CCCCCC"><B><FONT size=1 face="sans-serif">0.50</FONT></B></TD>
    <TD width="2%" bgcolor="#CCCCCC">&nbsp;</TD>
    <TD width="1%" align="center" bgcolor="#CCCCCC"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD width="6%" align="right" bgcolor="#CCCCCC"><FONT size=1 face="sans-serif">0.42</FONT></TD>
    <TD width="2%" bgcolor="#CCCCCC">&nbsp;</TD>
    <TD width="1%" align="center" bgcolor="#CCCCCC"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD width="8%" align="right" bgcolor="#CCCCCC"><FONT size=1 face="sans-serif">0.08</FONT></TD>
    <TD width="2%" bgcolor="#CCCCCC">&nbsp;</TD>
    <TD width="8%" align="right" bgcolor="#CCCCCC"><FONT size=1 face="sans-serif">19.0</FONT></TD>
    <TD width="4%" bgcolor="#CCCCCC"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD bgcolor="#CCCCCC"><B><I><FONT size=1 face="sans-serif">Return on equity
      (ROE) before non-recurring items - Annualized </FONT></I></B><B><I><SUP><FONT size=1 face="sans-serif">(a)</FONT></SUP></I></B></TD>
    <TD width="1%" bgcolor="#CCCCCC">&nbsp;</TD>
    <TD width="6%" align="right" bgcolor="#CCCCCC"><B><FONT size=1 face="sans-serif">16.4</FONT></B></TD>
    <TD width="2%" bgcolor="#CCCCCC"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD width="1%" bgcolor="#CCCCCC">&nbsp;</TD>
    <TD width="6%" align="right" bgcolor="#CCCCCC"><FONT size=1 face="sans-serif">8.8</FONT></TD>
    <TD width="2%" bgcolor="#CCCCCC"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%" bgcolor="#CCCCCC">&nbsp;</TD>
    <TD width="8%" align="right" bgcolor="#CCCCCC"><FONT size=1 face="sans-serif">n.m.</FONT></TD>
    <TD width="2%" bgcolor="#CCCCCC">&nbsp;</TD>
    <TD width="8%" align="right" bgcolor="#CCCCCC"><FONT size=1 face="sans-serif">7.6</FONT></TD>
    <TD width="4%" bgcolor="#CCCCCC"><FONT size=1 face="sans-serif"> pts</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">n.m. : not meaningful</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
</TABLE>
<P> <FONT size=1 face="sans-serif">(a) EBITDA (earnings before interest, taxes,
  depreciation and amortization) and net earnings before non-recurring items do
  not have any standardized meaning under Canadian GAAP. Please see Non-GAAP measures
  on page 4 of the MD&amp;A for more details. </FONT> </P>
<P align="right"> <FONT size=1 face="sans-serif"><br>
  <br>
  BCE Inc. Supplementary Financial Information - First Quarter 2003 Page 2</FONT>
</P>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P> <IMG src="suppl_finax3x1.jpg" border=0> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" colspan=2 width="6%"><div align="right"></div></TD>
    <TD align="center" width="2%"><div align="right"></div></TD>
    <TD align="center" colspan=2 width="7%"><div align="right"></div></TD>
    <TD align="center" width="2%"><div align="right"></div></TD>
    <TD align="center" colspan=2 width="6%"><div align="right"></div></TD>
    <TD align="center" width="2%"><div align="right"></div></TD>
    <TD align="center" colspan=8 width="21%"><div align="right"><B><FONT size=2 face="sans-serif">BCE
        Consolidated</FONT></B></div></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" colspan=17 width="45%"><div align="right"><B><FONT size=2 face="sans-serif">Consolidated
        Operational Data - Historical Trend</FONT></B></div></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" colspan=2>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" colspan=2>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" colspan=2>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" colspan=2>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" colspan=2>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" colspan=2>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="center" width="7%"><FONT size=1 face="sans-serif">Total</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><I><FONT size=1 face="sans-serif">($ millions, except per share amounts)</FONT></I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="center" width="6%"><B><FONT size=1 face="sans-serif">Q1 03</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="center" width="7%"><FONT size=1 face="sans-serif">2002</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="center" width="6%"><FONT size=1 face="sans-serif">Q4 02</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="center" width="6%"><FONT size=1 face="sans-serif">Q3 02</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="center" width="6%"><FONT size=1 face="sans-serif">Q2 02</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="center" width="6%"><FONT size=1 face="sans-serif">Q1 02</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Operating revenues</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">4,902</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">19,963</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">5,237</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">4,873</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">4,991</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">4,862</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Operating expenses</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(3,082</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(12,451</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(3,394</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(2,948</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(3,055</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(3,054</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">EBITDA</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">1,820</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">7,512</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,843</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,925</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,936</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,808</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Amortization expense</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(776</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(3,146</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(794</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(771</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(809</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(772</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Net benefit plans (expense) credit</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(42</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">33</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">8</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">7</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">12</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">6</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Restructuring and other charges</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(887</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(395</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(79</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(413</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Operating income</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">1,002</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">3,512</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">662</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,082</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">726</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,042</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Other income (expense)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">48</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2,468</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">2,242</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(4</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">228</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">2</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Impairment charge</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(770</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(770</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Interest expense</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(284</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(1,161</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(349</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(288</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(263</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(261</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Earnings from continuing operations
      before</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=1 face="sans-serif">income taxes and non-controlling
      interest</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">766</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">4,049</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,785</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">790</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">691</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">783</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Income taxes</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(245</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(1,561</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(727</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(300</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(242</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(292</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Non-controlling interest</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(48</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(658</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(263</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(125</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(134</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(136</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Earnings from continuing operations</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">473</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,830</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">795</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">365</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">315</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">355</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Discontinued operations</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">577</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">917</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(295</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(45</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Net earnings</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">473</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2,407</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,712</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">365</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">20</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">310</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Dividends on preferred shares</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(15</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(59</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(16</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(16</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(14</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(13</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Net earnings applicable to common shares</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">458</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2,348</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,696</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">349</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">6</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">297</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Net earnings per common share - basic</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Continuing operations</FONT></TD>
    <TD align="center" width="1%"><B><FONT size=1 face="sans-serif">$</FONT></B></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">0.50</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2.07</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.88</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.40</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.37</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.42</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Net earnings</FONT></TD>
    <TD align="center" width="1%"><B><FONT size=1 face="sans-serif">$</FONT></B></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">0.50</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2.66</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1.88</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.40</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.01</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.37</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Net earnings per common share - diluted</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Continuing operations</FONT></TD>
    <TD align="center" width="1%"><B><FONT size=1 face="sans-serif">$</FONT></B></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">0.50</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2.06</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.87</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.40</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.37</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.42</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Net earnings</FONT></TD>
    <TD align="center" width="1%"><B><FONT size=1 face="sans-serif">$</FONT></B></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">0.50</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2.62</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1.85</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.40</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.01</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.36</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Dividends per common share</FONT></B></TD>
    <TD align="center" width="1%"><B><FONT size=1 face="sans-serif">$</FONT></B></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">0.30</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1.20</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.30</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.30</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.30</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.30</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Average number of common shares outstanding
      (millions)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">917.1</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">847.9</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">909.1</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">864.1</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">808.7</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">808.6</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">The following non-recurring items are
      included in net</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=1 face="sans-serif">earnings:</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Discontinued operations</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">577</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">917</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(295</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(45</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Restructuring and other
      charges</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(504</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(251</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(37</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(216</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Net gains on sale of
      investments and dilution gains</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,364</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,230</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">12</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">122</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Impairment charge</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(530</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(530</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Other</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(25</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(25</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Total</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">882</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,341</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(25</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(389</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(45</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Impact on net earnings per share</FONT></B></TD>
    <TD align="center" width="1%"><B><FONT size=1 face="sans-serif">$</FONT></B></TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">0.93</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1.48</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(0.03</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(0.48</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="center" width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(0.06</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR bgcolor="#CCCCCC">
    <TD><B><I><FONT size=1 face="sans-serif">Net earnings per share before non-recurring
      items</FONT></I></B></TD>
    <TD width="1%" align="center"><B><FONT size=1 face="sans-serif">$</FONT></B></TD>
    <TD width="6%" align="right"><B><FONT size=1 face="sans-serif">0.50</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%" align="center"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD width="7%" align="right"><FONT size=1 face="sans-serif">1.73</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%" align="center"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="sans-serif">0.39</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%" align="center"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="sans-serif">0.43</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%" align="center"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="sans-serif">0.49</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%" align="center"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="sans-serif">0.42</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR bgcolor="#CCCCCC">
    <TD><B><I><FONT size=1 face="sans-serif">Return on equity (ROE) before non-recurring
      items - Annualized</FONT></I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%" align="right"><B><FONT size=1 face="sans-serif">16.4</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%" align="right"><FONT size=1 face="sans-serif">13.1</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%" align="right"><FONT size=1 face="sans-serif">14.0</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%" align="right"><FONT size=1 face="sans-serif">18.4</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%" align="right"><FONT size=1 face="sans-serif">14.2</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%" align="right"><FONT size=1 face="sans-serif">8.8</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
</TABLE>
<br>
<br>
<P align="right"> <FONT size=1 face="sans-serif">BCE Inc. Supplementary Financial
  Information - First Quarter 2003 Page 3</FONT> </P>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P> <IMG src="suppl_finax3x1.jpg" border=0> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" width="16%">&nbsp;</TD>
    <TD align="center" width="25%">&nbsp;</TD>
    <TD align="center" width="3%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" width="1%">&nbsp;</TD>
    <TD align="center" width="15%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" width="10%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" width="9%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" colspan=3 width="14%"><B><FONT size=2 face="sans-serif">BCE
      Consolidated</FONT></B></TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" width="16%">&nbsp;</TD>
    <TD align="center" width="25%">&nbsp;</TD>
    <TD align="center" width="3%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" width="1%">&nbsp;</TD>
    <TD align="center" width="15%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" width="10%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" width="9%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" colspan=3 width="14%"><B><FONT size=2 face="sans-serif">Segmented
      Data</FONT></B></TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">Q1</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">Q1</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3 width="43%"><I><FONT size=1 face="sans-serif">($ millions, except
      where otherwise indicated)</FONT></I></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">2003</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">2002</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="6%"><FONT size=1 face="sans-serif">$ change</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">% change</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><B><FONT size=1 face="sans-serif">Revenues</FONT></B></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">Bell Canada</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">4,259</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">4,303</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(44</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(1.0</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">Bell Globemedia</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">335</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">312</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">23</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">7.4</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%"><FONT size=1 face="sans-serif">Advertising</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">235</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">219</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">16</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">7.3</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%"><FONT size=1 face="sans-serif">Subscriber</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">74</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">73</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1.4</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%"><FONT size=1 face="sans-serif">Production and Sundry</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">26</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">20</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">6</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">30.0</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">BCE Emergis</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">124</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">132</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(8</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(6.1</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%"><FONT size=1 face="sans-serif">eFinance Solutions</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">62</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">65</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(3</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(4.6</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%"><FONT size=1 face="sans-serif">eHealth Solutions</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">62</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">67</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(5</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(7.5</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">BCE Ventures</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">308</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">263</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">45</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">17.1</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%"><FONT size=1 face="sans-serif">CGI</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">224</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">171</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">53</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">31.0</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%"><FONT size=1 face="sans-serif">Telesat</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">79</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">77</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">2</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">2.6</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%"><FONT size=1 face="sans-serif">Other</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">5</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">15</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(10</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(66.7</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">Corporate and other
      (including inter-segment eliminations)</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">(124</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">(148</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">24</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">16.2</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><B><FONT size=1 face="sans-serif">Total revenues</FONT></B></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">4,902</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">4,862</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">40</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.8</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><B><FONT size=1 face="sans-serif">EBITDA</FONT></B></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">Bell Canada</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">1,724</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">1,755</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(31</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(1.8</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=2 width="41%"><FONT size=1 face="sans-serif">Bell Canada (including
      Aliant)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">1,730</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">1,805</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(75</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(4.2</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=2 width="41%"><FONT size=1 face="sans-serif">Bell ExpressVu</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">(6</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">(50</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">44</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">88.0</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=2><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">Bell Globemedia</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">37</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">33</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">4</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">12.1</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">BCE Emergis</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">15</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">(20</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">35</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">n.m.</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">BCE Ventures</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="1%"><B><FONT size=1 face="sans-serif">`</FONT></B></TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">84</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">77</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">7</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">9.1</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%"><FONT size=1 face="sans-serif">CGI</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">32</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">25</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">7</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">28.0</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%"><FONT size=1 face="sans-serif">Telesat</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">50</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">47</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">3</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">6.4</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%"><FONT size=1 face="sans-serif">Other</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">2</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">5</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(3</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(60.0</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">Corporate and other
      (including inter-segment eliminations)</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">(40</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">(37</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(3</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(8.1</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><B><FONT size=1 face="sans-serif">Total EBITDA</FONT></B></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">1,820</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">1,808</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">12</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.7</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">EBITDA margin (%)</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><I><FONT size=1 face="sans-serif">37.1</FONT></I></B></TD>
    <TD width="2%"><B><I><FONT size=1 face="sans-serif">%</FONT></I></B></TD>
    <TD align="right" width="9%"><I><FONT size=1 face="sans-serif">37.2</FONT></I></TD>
    <TD width="2%"><I><FONT size=1 face="sans-serif">%</FONT></I></TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">EBITDA : Interest
      expense</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">6.41</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">6.93</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3 width="43%"><B><FONT size=1 face="sans-serif">Net earnings applicable
      to common shares</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">Bell Canada</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">427</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">314</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">113</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">36.0</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=2 width="41%"><FONT size=1 face="sans-serif">Bell Canada (including
      Aliant)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">454</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">361</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">93</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">25.8</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=2 width="41%"><FONT size=1 face="sans-serif">Bell ExpressVu</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">(27</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">(47</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">20</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">42.6</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=2><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">Bell Globemedia</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">(2</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">1</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(3</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">n.m.</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">BCE Emergis</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">6</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">(15</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">21</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">n.m.</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">BCE Ventures</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">39</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">24</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">15</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">62.5</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%"><FONT size=1 face="sans-serif">CGI</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">18</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">11</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">7</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">63.6</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%"><FONT size=1 face="sans-serif">Telesat</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">20</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">13</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">7</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">53.8</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%"><FONT size=1 face="sans-serif">Other</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">1</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">n.m.</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">Corporate and other
      (including inter-segment eliminations)</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">(12</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">18</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(30</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">n.m.</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">Discontinued operations</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">(45</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">45</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">100.0</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3 width="43%"><B><FONT size=1 face="sans-serif">Total net earnings
      applicable to common shares</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">458</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">297</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">161</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">54.2</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3 width="43%"><B><FONT size=1 face="sans-serif">Proportionate
      EBITDA, proportionate debt and preferreds</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><I><FONT size=1 face="sans-serif">As at March 31,
      2003</FONT></I></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD align="right" colspan=2 width="27%"><B><FONT size=1 face="sans-serif">BCE</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="15%"><B><FONT size=1 face="sans-serif">EBITDA</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">Proportionate</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><B><FONT size=1 face="sans-serif">Net debt and</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" colspan=3 width="14%"><B><FONT size=1 face="sans-serif">Proportionate
      net</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD align="right" colspan=2 width="27%"><B><FONT size=1 face="sans-serif">Ownership
      (%)</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="15%"><B><FONT size=1 face="sans-serif">(Trailing
      12-month)</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="sans-serif">EBITDA</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><B><FONT size=1 face="sans-serif">preferreds</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" colspan=3 width="14%"><B><FONT size=1 face="sans-serif">debt
      and preferreds</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=2><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD colspan=3><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">Bell Canada</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=2 width="41%"><FONT size=1 face="sans-serif">Bell Canada (excl.
      Aliant &amp; ExpressVu)</FONT></TD>
    <TD align="right" width="3%"><FONT size=1 face="sans-serif">100</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="15%"><FONT size=1 face="sans-serif">6,352</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=1 face="sans-serif">6,352</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">11,310</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">11,310</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%"><B><SUP><FONT size=1 face="sans-serif">(a)</FONT></SUP></B></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%"><FONT size=1 face="sans-serif">Aliant</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD align="right" width="3%"><FONT size=1 face="sans-serif">53</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="15%"><FONT size=1 face="sans-serif">932</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=1 face="sans-serif">494</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">1,286</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">682</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%"><FONT size=1 face="sans-serif">ExpressVu</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD align="right" width="3%"><FONT size=1 face="sans-serif">100</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="15%"><FONT size=1 face="sans-serif">(132</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="sans-serif">(132</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">(15</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(15</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="3%"><B><SUP><FONT size=1 face="sans-serif">(b)</FONT></SUP></B></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">Total Bell Canada</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="15%"><FONT size=1 face="sans-serif">7,152</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=1 face="sans-serif">6,714</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">12,581</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">11,977</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">Bell Globemedia</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD align="right" width="3%"><FONT size=1 face="sans-serif">69</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="15%"><FONT size=1 face="sans-serif">149</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=1 face="sans-serif">102</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">662</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">453</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">BCE Emergis</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD align="right" width="3%"><FONT size=1 face="sans-serif">65</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="15%"><FONT size=1 face="sans-serif">58</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=1 face="sans-serif">38</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">(50</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(32</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">BCE Ventures</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%"><FONT size=1 face="sans-serif">CGI</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD align="right" width="3%"><FONT size=1 face="sans-serif">30</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="15%"><FONT size=1 face="sans-serif">106</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=1 face="sans-serif">106</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">85</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">85</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%"><FONT size=1 face="sans-serif">Telesat</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD align="right" width="3%"><FONT size=1 face="sans-serif">100</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="15%"><FONT size=1 face="sans-serif">187</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=1 face="sans-serif">187</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">483</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">483</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%"><FONT size=1 face="sans-serif">Other</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD align="right" width="3%"><FONT size=1 face="sans-serif">100</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="15%"><FONT size=1 face="sans-serif">1</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=1 face="sans-serif">1</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">98</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">98</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">Total BCE Ventures</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="15%"><FONT size=1 face="sans-serif">294</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=1 face="sans-serif">294</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">666</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">666</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">Corporate</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD align="right" width="3%"><FONT size=1 face="sans-serif">100</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="15%"><FONT size=1 face="sans-serif">(164</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="sans-serif">(164</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=2 width="41%"><FONT size=1 face="sans-serif">Perpetual Preferred
      Shares</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">1,670</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,670</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=2 width="41%"><FONT size=1 face="sans-serif">Retractable Preferred
      Shares</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">352</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">352</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=2 width="41%"><FONT size=1 face="sans-serif">Debt due within one
      year</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=2 width="41%"><FONT size=1 face="sans-serif">Long term debt</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">3,148</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">3,148</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=2 width="41%"><FONT size=1 face="sans-serif">less:</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=2 width="41%"><FONT size=1 face="sans-serif">Cash and cash equivalents</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">(917</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(917</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=2 width="41%"><FONT size=1 face="sans-serif">Nortel common shares
      at market</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">(43</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(43</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=2>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><FONT size=1 face="sans-serif">Total Corporate</FONT></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">4,210</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">4,210</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="18%"><B><FONT size=1 face="sans-serif">Total</FONT></B></TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><B><FONT size=1 face="sans-serif">18,069</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">17,274</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<font size="1" face="sans-serif">&nbsp;<b><sup>(a)&nbsp;</sup></b>&nbsp;Net of
$1.8 billion of intersegment debt.<b><sup><br>
</sup></b></font> <B><FONT size=1 face="sans-serif">&nbsp;<sup>(b)</sup></FONT></B>
<FONT size=1 face="sans-serif">Net of $452 million of intersegment debt.</FONT>
<P>&nbsp; </P>
<P> <FONT size=1 face="sans-serif">n.m. : not meaningful</FONT> </P>
<P align="right"> <FONT size=1 face="sans-serif">BCE Inc. Supplementary Financial
  Information - First Quarter 2003 Page 4</FONT> </P>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P align="right">&nbsp;</P>
<P> <IMG src="suppl_finax3x1.jpg" border=0> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" width="6%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" width="7%">&nbsp;</TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="6%">&nbsp;</TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" colspan=5 width="19%"><B><FONT size=2 face="sans-serif">BCE
      Consolidated</FONT></B></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" width="6%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" colspan=9 width="33%"><B><FONT size=2 face="sans-serif">Segmented
      Data - Historical Trend</FONT></B></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">Total</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><I><FONT size=1 face="sans-serif">($ millions, except where otherwise
      indicated)</FONT></I></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">Q1 03</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2002</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">Q4 02</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">Q3 02</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">Q2 02</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">Q1 02</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="sans-serif">Revenues</FONT></B></TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Bell Canada</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">4,259</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">17,685</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">4,597</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">4,366</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">4,419</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">4,303</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Bell Globemedia</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">335</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,290</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">379</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">273</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">326</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">312</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Advertising</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">235</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">913</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">284</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">180</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">230</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">219</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Subscriber</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">74</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">287</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">72</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">72</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">70</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">73</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Production and Sundry</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">26</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">90</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">23</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">21</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">26</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">20</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">BCE Emergis</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">124</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">540</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">131</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">135</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">142</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">132</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">eFinance Solutions</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">62</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">264</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">68</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">65</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">66</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">65</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">eHealth Solutions</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">62</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">276</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">63</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">70</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">76</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">67</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">BCE Ventures</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">308</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,064</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">282</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">258</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">261</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">263</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">CGI</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">224</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">709</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">185</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">177</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">176</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">171</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Telesat</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">79</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">327</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">95</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">77</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">78</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">77</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Other</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">5</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">28</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">2</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">4</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">7</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">15</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Corporate and other (including inter-segment
      eliminations)</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(124</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(616</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(152</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(159</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(157</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(148</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Total revenues</FONT></B></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">4,902</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">19,963</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">5,237</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">4,873</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">4,991</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">4,862</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="sans-serif">EBITDA</FONT></B></TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Bell Canada</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">1,724</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">7,183</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,715</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,874</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,839</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,755</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Bell Canada (including
      Aliant)</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">1,730</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">7,359</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,777</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,913</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,864</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,805</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Bell ExpressVu</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(6</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(176</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(62</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(39</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(25</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(50</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Bell Globemedia</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">37</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">180</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">72</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">17</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">58</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">33</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">BCE Emergis</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">15</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">23</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">20</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">12</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">11</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(20</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">BCE Ventures</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">84</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">287</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">71</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">66</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">73</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">77</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">CGI</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">32</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">99</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">25</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">21</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">28</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">25</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Telesat</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">50</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">184</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">47</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">44</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">46</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">47</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Other</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">2</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">4</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(1</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(1</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">5</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Corporate and other (including inter-segment
      eliminations)</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(40</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(161</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(35</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(44</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(45</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(37</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Total EBITDA</FONT></B></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">1,820</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">7,512</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,843</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,925</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,936</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,808</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">EBITDA margin (%)</FONT></B></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">37.1</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">37.6</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">35.2</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">39.5</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">38.8</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">37.2</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">EBITDA : Interest expense</FONT></B></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">6.41</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">6.47</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">5.28</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">6.68</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">7.36</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">6.93</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="sans-serif">Net earnings applicable to common shares</FONT></B></TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Bell Canada</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">427</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2,348</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,357</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">324</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">353</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">314</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Bell Canada (including
      Aliant)</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">454</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2,535</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,430</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">356</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">388</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">361</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Bell ExpressVu</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(27</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(187</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(73</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(32</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(35</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(47</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Bell Globemedia</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(2</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(492</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(493</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(11</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">11</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">BCE Emergis</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">6</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(55</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">7</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">15</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(62</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(15</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">BCE Ventures</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">39</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">129</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">31</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">15</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">59</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">24</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">CGI</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">18</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">43</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">14</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">7</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">11</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">11</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Telesat</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">20</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">56</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">19</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">8</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">16</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">13</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Other</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">1</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">30</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(2</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">32</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Corporate and other (including inter-segment
      eliminations)</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(12</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(159</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(123</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">6</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(60</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">18</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Discontinued operations</FONT></TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">577</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">917</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(295</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(45</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Total net earnings applicable to common
      shares</FONT></B></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">458</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2,348</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,696</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">349</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">6</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">297</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<br>
<P align="right"> <FONT size=1 face="sans-serif">BCE Inc. Supplementary Financial
  Information - First Quarter 2003 Page 5</FONT> </P>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <IMG src="suppl_finax3x1.jpg" border=0> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="65%">&nbsp;</TD>
    <TD align="center" colspan=3 width="31%"><div align="right"><B><FONT size=2 face="sans-serif">BCE
        Consolidated</FONT></B></div></TD>
    <TD align="center" width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;</TD>
    <TD width="32%" colspan=3 align="center"> <div align="right"><B><FONT size=2 face="sans-serif">Consolidated
        Balance Sheet Data</FONT></B></div></TD>
    <TD align="center" width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;</TD>
    <TD width="12%" align="center">&nbsp;</TD>
    <TD width="3%" align="center">&nbsp;</TD>
    <TD width="17%" align="center">&nbsp;</TD>
    <TD width="3%" align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;</TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">March 31</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">December 31</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><I><FONT size=1 face="sans-serif">($ millions, except where
      otherwise indicated)</FONT></I></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">2003</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">2002</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"> <HR noshade size=1></TD>
    <TD width="12%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><B><I><FONT size=1 face="sans-serif">ASSETS</FONT></I></B></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><B><FONT size=1 face="sans-serif">Current assets</FONT></B></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Cash and
      cash equivalents</FONT></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">1,988</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">306</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Accounts
      receivable</FONT></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">2,228</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">2,343</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Other current
      assets</FONT></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">1,015</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">783</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;</TD>
    <TD width="12%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><B><FONT size=1 face="sans-serif">Total current assets</FONT></B></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">5,231</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">3,432</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><B><FONT size=1 face="sans-serif">Capital assets</FONT></B></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">20,513</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">20,640</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><B><FONT size=1 face="sans-serif">Other long-term assets</FONT></B></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">3,980</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">4,016</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><B><FONT size=1 face="sans-serif">Indefinite-life intangible
      assets</FONT></B></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">906</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">900</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><B><FONT size=1 face="sans-serif">Goodwill</FONT></B></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">10,189</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">10,118</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;</TD>
    <TD width="12%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><B><FONT size=1 face="sans-serif">Total assets</FONT></B></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">40,819</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">39,106</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"> <HR noshade size=1></TD>
    <TD width="12%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><B><I><FONT size=1 face="sans-serif">LIABILITIES</FONT></I></B></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><B><FONT size=1 face="sans-serif">Current liabilities</FONT></B></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Accounts
      payable and accrued liabilities</FONT></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">3,534</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">3,834</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Debt due
      within one year</FONT></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">1,612</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">2,026</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;</TD>
    <TD width="12%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><B><FONT size=1 face="sans-serif">Total current liabilities</FONT></B></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">5,146</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">5,860</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><B><FONT size=1 face="sans-serif">Long-term debt</FONT></B></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">15,045</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">13,395</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><B><FONT size=1 face="sans-serif">Other long-term liabilities</FONT></B></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">3,993</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">3,652</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;</TD>
    <TD width="12%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><B><FONT size=1 face="sans-serif">Total liabilities</FONT></B></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">24,184</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">22,907</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;</TD>
    <TD width="12%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><B><FONT size=1 face="sans-serif">Non-controlling interest</FONT></B></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">3,641</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">3,584</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;</TD>
    <TD width="12%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><B><I><FONT size=1 face="sans-serif">SHAREHOLDERS' EQUITY</FONT></I></B></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><B><FONT size=1 face="sans-serif">Preferred shares</FONT></B></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">1,670</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">1,510</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;</TD>
    <TD width="12%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><B><FONT size=1 face="sans-serif">Common shareholders' equity</FONT></B></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Common shares</FONT></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">16,581</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">16,520</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Contributed
      surplus</FONT></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">1,019</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">1,010</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Deficit</FONT></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">(6,258</FONT></B></TD>
    <TD width="3%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">(6,435</FONT></TD>
    <TD width="3%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Currency
      translation adjustment</FONT></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">(18</FONT></B></TD>
    <TD width="3%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">10</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;</TD>
    <TD width="12%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><B><FONT size=1 face="sans-serif">Total common shareholders'
      equity</FONT></B></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">11,324</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">11,105</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;</TD>
    <TD width="12%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><B><FONT size=1 face="sans-serif">Total shareholders' equity</FONT></B></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">12,994</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">12,615</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;</TD>
    <TD width="12%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><B><FONT size=1 face="sans-serif">Total liabilities and shareholders'
      equity</FONT></B></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">40,819</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">39,106</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"> <HR noshade size=1></TD>
    <TD width="12%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><B><FONT size=1 face="sans-serif">Number of common shares
      outstanding</FONT></B></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">918.1</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">915.9</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"> <HR noshade size=1></TD>
    <TD width="12%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><B><FONT size=1 face="sans-serif">Capital Structure</FONT></B></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"><B><FONT size=1 face="sans-serif">Net debt : Total Capitalization</FONT></B></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">47.5</FONT></B></TD>
    <TD width="3%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">48.8</FONT></TD>
    <TD width="3%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD width="65%"><B><FONT size=1 face="sans-serif">Net debt : Trailing 12 month
      EBITDA</FONT></B></TD>
    <TD align="right" width="12%"><B><FONT size=1 face="sans-serif">2.00</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="17%"><FONT size=1 face="sans-serif">2.06</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%"> <HR noshade size=1></TD>
    <TD width="12%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<P align="right"> <FONT size=1 face="sans-serif">BCE Inc. Supplementary Financial
  Information - First Quarter 2003 Page 6</FONT> </P>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<p><br>
</p>
<P> <IMG src="suppl_finax3x1.jpg" border=0> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" colspan=2 width="7%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" colspan=5 width="19%"><B><FONT face="sans-serif">BCE Consolidated</FONT></B></TD>
    <TD align="center" width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" colspan=8 width="28%"><B><FONT face="sans-serif">Consolidated
      Cash Flow Data</FONT></B></TD>
    <TD align="center" width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" colspan=2>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" colspan=2>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" colspan=2>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">Q1</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">Q1</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><I><FONT size=1 face="sans-serif">($ millions, except where otherwise
      indicated)</FONT></I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">2003</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">2002</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">$ change</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD width="8%"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Cash flows from operating activities</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Earnings from continuing
      operations</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">473</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">355</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">118</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Adjustments to reconcile
      earnings from continuing</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">operations
      to cash flows from operating activities:</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Amortization
      expense</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">776</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">772</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">4</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Net
      benefit plans expense (credit)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">42</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(6</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">48</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Future
      income taxes</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(2</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(5</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">3</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Non-controlling
      interest</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">48</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">136</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">(88</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Other
      items</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">6</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(37</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">43</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Change
      in non-cash working capital</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(157</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(657</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">500</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">1,186</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">558</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">628</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Capital expenditures</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(601</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(861</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">260</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Other items</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(37</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(30</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">(7</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Preferred dividends and
      dividends paid by subsidiaries</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">to
      non-controlling interest</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(55</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(78</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">23</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Free Cash Flow from operations, before
      common dividends</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">493</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(411</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">904</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Common dividends</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(257</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(243</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">(14</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Free Cash Flow from operations, after
      common dividends</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">236</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(654</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">890</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Investments</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(61</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(94</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">33</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Divestitures</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">5</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">148</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">(143</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Free Cash Flow after investments and
      divestitures</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">180</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(600</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">780</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Other financing activities</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Decrease in notes payable
      and bank advances</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(113</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(29</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">(84</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Issue of long-term debt</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">1,792</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,252</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">540</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Repayment of long-term
      debt</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(381</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(100</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">(281</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Issue of common shares</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">5</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">2</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">3</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Issue of preferred shares</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">510</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">510</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%">-</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Redemption of preferred
      shares</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(357</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(306</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">(51</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Issue of equity securities
      and convertible debentures by</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">subsidiaries
      to non-controlling interest</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">73</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">7</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">66</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Redemption of preferred
      shares by subsidiaries</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(19</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">(19</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Other items</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(5</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(6</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">1</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">1,505</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,330</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">175</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Effect of exchange rate changes on cash
      and cash equivalents</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(3</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">(3</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Cash provided by continuing operations</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">1,682</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">730</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">952</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Cash used in discontinued operations</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(407</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">407</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Net increase in cash and cash equivalents</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">1,682</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">323</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">1,359</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Cash and cash equivalents at beginning
      of period</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">306</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">569</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">(263</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Cash and cash equivalents at end of
      period</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">1,988</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">892</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">1,096</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="sans-serif">Other information</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Capital expenditures as a percentage of
      revenues</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">12.3</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">17.7</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">5.4</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif"> pts</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Cash flow per share </FONT><SUP><FONT size=1 face="sans-serif">(1)</FONT></SUP></TD>
    <TD width="1%"><B><FONT size=1 face="sans-serif">$</FONT></B></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">0.64</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(0.37</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">1.01</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Annualized cash flow yield <SUP>(2)</SUP></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">8.0</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(7.3</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">15.3</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif"> pts</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Common dividend payout</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">56.1</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">81.8</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=1 face="sans-serif">25.7</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif"> pts</FONT></TD>
  </TR>
</TABLE>
<br>
<br>
<P align="right"><FONT size=1 face="sans-serif">BCE Inc. Supplementary Financial
  Information - First Quarter 2003 Page 7</FONT> </P>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<img src="suppl_finax3x1.jpg" border=0> <br>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" colspan=2 width="6%">&nbsp;</TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" colspan=2 width="7%">&nbsp;</TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" colspan=2 width="7%">&nbsp;</TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" colspan=8 width="21%"><B><FONT size=2 face="sans-serif">BCE
      Consolidated</FONT></B></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" colspan=17 width="43%"><B><FONT size=2 face="sans-serif">Consolidated
      Cash Flow Data - Historical Trend</FONT></B></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" colspan=2>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" colspan=2>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" colspan=2>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" colspan=2>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" colspan=2>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" colspan=2>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="1%" align="right">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">Total</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="1%" align="right">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="1%" align="right">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="1%" align="right">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="1%" align="right">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><I><FONT size=1 face="sans-serif">($ millions, except where otherwise
      indicated)</FONT></I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">Q1 03</FONT></B></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="1%" align="right">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">2002</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="1%" align="right">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">Q4 02</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="1%" align="right">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">Q3 02</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="1%" align="right">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">Q2 02</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="1%" align="right">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">Q1 02</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Cash flows from operating activities</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Earnings from continuing
      operations</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">473</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,830</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">795</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">365</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">315</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">355</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Adjustments to reconcile
      earnings from continuing</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">operations
      to cash flows from operating activities:</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Amortization
      expense</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">776</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">3,146</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">794</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">771</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">809</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">772</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Net
      benefit plans expense (credit)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">42</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(33</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(8</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(7</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(12</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(6</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Restructuring
      and other charges</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">805</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">333</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">67</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">405</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%">-</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Impairment
      charge</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">770</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">770</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%">-</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Net
      gains on investments</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(2,435</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(2,260</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(11</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(164</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%">-</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Future
      income taxes</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">(2</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">570</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">586</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">106</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(117</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(5</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Non-controlling
      interest</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">48</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">658</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">263</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">125</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">134</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">136</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Other
      items</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">6</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(188</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">14</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(82</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(83</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(37</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Change
      in non-cash working capital</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">(157</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(592</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(96</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">152</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">9</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(657</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">1,186</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">4,531</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,191</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,486</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">1,296</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">558</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Capital expenditures</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">(601</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(3,771</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(1,074</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(904</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(932</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(861</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Other items</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">(37</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">10</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">5</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">18</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">17</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(30</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Preferred dividends and
      dividends paid by subsidiaries</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">to
      non-controlling interest</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">(55</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(511</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(160</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(146</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(127</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(78</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Free Cash Flow from operations, before
      common dividends</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">493</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">259</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(38</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">454</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">254</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(411</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Common dividends</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">(257</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(999</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(271</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(243</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(242</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(243</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Free Cash Flow from operations, after
      common dividends</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">236</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(740</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(309</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">211</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">12</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(654</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Investments</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">(61</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(6,604</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(5,097</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(1,399</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(14</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(94</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Divestitures</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">5</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">3,230</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">2,761</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">14</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">307</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">148</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Free Cash Flow after investments and
      divestitures</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">180</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(4,114</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(2,645</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(1,174</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">305</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(600</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Other financing activities</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Increase (decrease) in
      notes payable and bank advances</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">(113</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(210</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(636</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(60</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">515</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(29</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Issue of long-term debt</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">1,792</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">4,908</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">2,508</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,105</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">43</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">1,252</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Repayment of long-term
      debt</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">(381</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(2,893</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(2,091</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(299</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(403</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(100</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Issue of common shares</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">5</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">2,693</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">303</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">2,381</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">7</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">2</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Purchase of common shares
      for cancellation</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%">-</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Issue of preferred shares</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">510</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">510</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">510</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Redemption of preferred
      shares</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">(357</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(306</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(306</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Costs relating to the
      issance of common and preferred shares</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(78</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(78</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%">-</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Issue of equity securities
      and convertible debentures by</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">subsidiaries
      to non-controlling interest</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">73</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">206</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">5</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">44</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">150</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">7</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Redemption of preferred
      shares by subsidiaries</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">(19</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%">-</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Other items</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">(5</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(46</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(10</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(40</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">10</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(6</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">1,505</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">4,784</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">79</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">3,053</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">322</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">1,330</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Effect of exchange rate changes on cash
      and cash equivalents</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">(3</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">3</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">2</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%">-</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Cash provided by (used in) continuing operations</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">1,682</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">673</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(2,564</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,880</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">627</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">730</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Cash used in discontinued operations</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(936</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(529</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(407</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Net increase (decrease) in cash and cash
      equivalents</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">1,682</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(263</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(2,564</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,880</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">98</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">323</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Cash and cash equivalents at beginning
      of period</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">306</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">569</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">2,870</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">990</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">892</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">569</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Cash and cash equivalents at end of
      period</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">1,988</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">306</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">306</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">2,870</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">990</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">892</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="sans-serif">Other information</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Capital expenditures as a percentage of
      revenues</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">12.3</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">18.9</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">20.5</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">18.6</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">18.7</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">17.7</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Cash flow per share <SUP>(1)</SUP></FONT></TD>
    <TD width="1%"><B><FONT size=1 face="sans-serif">$</FONT></B></TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">0.64</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.90</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.13</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">0.67</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">0.45</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%"><FONT size=1 face="sans-serif">$</FONT></TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(0.37</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Annualized cash flow yield <SUP>(2)</SUP></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">8.0</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1.0</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(0.6</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">7.1</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">4.8</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">(7.3</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Common dividend payout</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=1 face="sans-serif">56.1</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">42.5</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">16.0</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">69.6</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%" align="right"><FONT size=1 face="sans-serif">n.m.</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right" width="5%"><FONT size=1 face="sans-serif">81.8</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">n.m. : not meaningful</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
</TABLE>
<P>&nbsp; </P>
<P align="right"> <FONT size=1 face="sans-serif">BCE Inc. Supplementary Financial
  Information - First Quarter 2003 Page 8</FONT> </P>
<hr width="100%" size=4 color=GRAY noshade>
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<br>
<br>
<P> <IMG src="suppl_finax3x1.jpg" border=0> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" width="7%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" width="7%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" colspan=3 width="21%"><B><FONT size=2 face="sans-serif">Bell
      Canada segment</FONT></B></TD>
    <TD align="center" width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" width="7%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" width="7%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" colspan=3 width="21%"><B><FONT size=2 face="sans-serif">Operational
      Data</FONT></B></TD>
    <TD align="center" width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">Q1</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">Q1</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><I><FONT size=1 face="sans-serif">($ millions, except where otherwise
      indicated)</FONT></I></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">2003</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2002</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=1 face="sans-serif">$ change</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="center" width="11%"><FONT size=1 face="sans-serif">% change</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Revenues</FONT></B></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Local and access</FONT></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">1,500</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,519</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">(19</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(1.3</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Long distance</FONT></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">646</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">648</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">(2</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(0.3</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Wireless</FONT></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">570</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">504</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">66</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">13.1</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Data</FONT></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">933</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">905</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">28</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">3.1</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Bell ExpressVu</FONT></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">177</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">151</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">26</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">17.2</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Terminal sales and other</FONT></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">433</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">444</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">(11</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(2.5</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Directory advertising</FONT></TD>
    <TD align="right" width="7%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">132</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">(132</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(100.0</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">4,259</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">4,303</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">(44</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(1.0</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Cash operating expenses</FONT></B></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">(2,535</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(2,548</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">13</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">0.5</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">EBITDA</FONT></B></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">1,724</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,755</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">(31</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(1.8</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Bell Canada (including
      Aliant)</FONT></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">1,730</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,805</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">(75</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(4.2</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Bell ExpressVu</FONT></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">(6</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(50</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">44</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">88.0</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">EBITDA margin (%)</FONT></B></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">40.5</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">40.8</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="9%" align="right"><FONT size=1 face="sans-serif">n.m.</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(0.3</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">) pts</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Amortization expense</FONT></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">(735</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(715</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">(20</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(2.8</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Net benefit plans (expense) credit</FONT></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">(44</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">8</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">(52</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">n.m.</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Operating income</FONT></B></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">945</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,048</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">(103</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(9.8</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Interest expense</FONT></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">(249</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(278</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">29</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">10.4</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Other income (expense)</FONT></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">42</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(8</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">50</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">n.m.</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Earnings before income taxes and</FONT></B></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=1 face="sans-serif">non-controlling interest</FONT></B></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">738</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">762</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">(24</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(3.1</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Income taxes</FONT></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">(252</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(293</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">41</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">14.0</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Non-controlling interest</FONT></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">(28</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(35</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">7</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">20.0</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Net earnings</FONT></B></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">458</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">434</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">24</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">5.5</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Dividends on preferred shares</FONT></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">(16</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(16</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="9%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">0.0</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Interest on equity settled notes</FONT></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">(15</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(14</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">(1</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(7.1</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Net earnings applicable to common shares</FONT></B></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">427</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">404</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">23</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">5.7</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="sans-serif">Other information</FONT></B></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Capital expenditures</FONT></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">540</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">776</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=1 face="sans-serif">236</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">30.4</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Capital expenditures as a percentage of
      revenues (%)</FONT></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">12.7</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">18.0</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">5.3</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">&nbsp;pts</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">n.m. : not meaningful</FONT></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
</TABLE>
<P>&nbsp; </P>
<P align="right"> <FONT size=1 face="sans-serif">BCE Inc. Supplementary Financial
  Information - First Quarter 2003 Page 9 </FONT></P>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P align="right">&nbsp;</P>
<P> <IMG src="suppl_finax3x1.jpg" border=0> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" width="6%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" width="7%">&nbsp;</TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" colspan=7 width="27%"><B><FONT size=2 face="sans-serif">Bell
      Canada segment</FONT></B></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" width="6%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" colspan=9 width="35%"><B><FONT size=2 face="sans-serif">Operational
      Data - Historical Trend</FONT></B></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">Total</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><I><FONT size=1 face="sans-serif">($ millions, except where otherwise
      indicated)</FONT></I></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">Q1 03</FONT></B></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2002</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">Q4 02</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">Q3 02</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">Q2 02</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">Q1 02</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Revenues</FONT></B></TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Local and access</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">1,500</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">6,129</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,564</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,519</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,527</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,519</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Long distance</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">646</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2,579</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">635</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">651</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">645</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">648</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Wireless</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">570</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2,203</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">581</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">570</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">548</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">504</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Data</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">933</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">3,770</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,024</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">908</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">933</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">905</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Bell ExpressVu</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">177</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">638</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">176</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">156</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">155</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">151</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Terminal sales and other</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">433</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,865</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">526</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">422</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">473</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">444</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Directory advertising</FONT></TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">501</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">91</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">140</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">138</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">132</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">4,259</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">17,685</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">4,597</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">4,366</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">4,419</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">4,303</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Cash operating expenses</FONT></B></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(2,535</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(10,502</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(2,882</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(2,492</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(2,580</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(2,548</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">EBITDA</FONT></B></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">1,724</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">7,183</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,715</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,874</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,839</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,755</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Bell Canada (including
      Aliant)</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">1,730</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">7,359</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,777</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,913</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,864</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,805</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Bell ExpressVu</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(6</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(176</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(62</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(39</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(25</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(50</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">EBITDA margin (%)</FONT></B></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">40.5</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">40.6</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">37.3</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">42.9</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">41.6</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">40.8</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Amortization expense</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(735</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(2,950</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(753</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(725</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(757</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(715</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Net benefit plans (expense) credit</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(44</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">38</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">9</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">10</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">11</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">8</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Restructuring and other charges</FONT></TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(675</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(302</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(79</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(294</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Operating income</FONT></B></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">945</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">3,596</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">669</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,080</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">799</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,048</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Interest expense</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(249</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(1,145</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(301</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(290</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(276</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(278</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Other income (expense)</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">42</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2,469</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">2,282</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(33</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">228</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(8</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Impairment charge</FONT></TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(55</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(55</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Earnings before income taxes and</FONT></B></TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=1 face="sans-serif">non-controlling interest</FONT></B></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">738</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">4,865</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">2,595</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">757</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">751</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">762</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Income taxes</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(252</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(1,600</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(760</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(302</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(245</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(293</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Non-controlling interest</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(28</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(137</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(20</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(37</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(45</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(35</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Net earnings</FONT></B></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">458</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">3,128</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,815</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">418</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">461</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">434</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Dividends on preferred shares</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(16</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(63</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(15</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(16</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(16</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(16</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Interest on equity settled notes</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">(15</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(59</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(15</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(14</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(16</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(14</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Net earnings applicable to common shares</FONT></B></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">427</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">3,006</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,785</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">388</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">429</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">404</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">The following non-recurring items are
      included in net earnings:</FONT></B></TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Restructuring and other
      charges</FONT></TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(426</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(190</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(45</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(191</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Net gains on sale of
      investments and dilution gains</FONT></TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,860</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,655</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">205</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Impairment charge</FONT></TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(29</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(29</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Other</FONT></TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(22</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(4</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(18</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Total</FONT></B></TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,383</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">1,432</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(45</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">(4</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%">-</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="sans-serif">Other information</FONT></B></TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Capital expenditures</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">540</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">3,428</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">981</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">839</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">832</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">776</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Capital expenditures as a percentage of
      revenues (%)</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=1 face="sans-serif">12.7</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">19.4</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">21.3</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">19.2</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">18.8</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="sans-serif">18.0</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P>&nbsp; </P>
<P align="right"> <FONT size=1 face="sans-serif">BCE Inc. Supplementary Financial
  Information - First Quarter 2003 Page 10</FONT> </P>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P align="right">&nbsp; </P>
<P> <IMG src="suppl_finax3x1.jpg" border=0> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" width="4%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" width="9%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" width="5%">&nbsp;</TD>
    <TD align="center" width="26%">&nbsp;</TD>
    <TD align="center" width="7%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" colspan=3 width="20%"><B><FONT size=2 face="sans-serif">Bell
      Canada segment</FONT></B></TD>
    <TD align="center" width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" width="4%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" width="9%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" width="5%">&nbsp;</TD>
    <TD align="center" width="26%">&nbsp;</TD>
    <TD align="center" width="7%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" colspan=3 width="20%"><B><FONT size=2 face="sans-serif">Statistical
      Data</FONT></B></TD>
    <TD align="center" width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">Q1</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">Q1</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">2003</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2002</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">% change</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Wireline</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Local</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=4 width="37%"><FONT size=1 face="sans-serif">Network access services
      (k)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Residential</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">8,566</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">8,613</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(0.5</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Business</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">4,577</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">4,633</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(1.2</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=4 width="37%"><FONT size=1 face="sans-serif">Total network access
      services</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">13,143</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">13,246</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(0.8</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD colspan=7 width="68%"><FONT size=1 face="sans-serif">Estimated Local market
      share (%) - Bell Canada only</FONT></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Residential </FONT><SUP><FONT size=1 face="sans-serif">(3)</FONT></SUP></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">97.9</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">98.7</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(0.8)pts</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Business</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">91.0</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">91.8</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(0.8)pts</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6 width="43%"><FONT size=1 face="sans-serif">Total estimated local
      market share</FONT></TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">95.4</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">96.2</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(0.8)pts</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=4 width="37%"><FONT size=1 face="sans-serif">SmartTouch feature
      revenues&nbsp;($M)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">231</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">232</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(0.4</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Long Distance</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=4 width="37%"><FONT size=1 face="sans-serif">Conversation minutes
      (M)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">4,872</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">4,649</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">4.8</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD colspan=6 width="43%"><FONT size=1 face="sans-serif">Average revenue per
      minute ($)</FONT></TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">0.124</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">0.124</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">0.0</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD colspan=7 width="68%"><FONT size=1 face="sans-serif">Estimated market
      share (% based on revenues) - Bell Canada only</FONT></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">63.5</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">63.2</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">0.3</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif"> pts</FONT></TD>
  </TR>
  <TR>
    <TD colspan=7><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Data</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Data revenues ($M)&nbsp;<sup>(4)</sup></FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Legacy</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">427</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">474</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(9.9</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Non-Legacy</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">506</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">431</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">17.4</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">933</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">905</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">3.1</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="28%"><FONT size=1 face="sans-serif">Equivalent access
      lines</font><font size=1 face="sans-serif">&nbsp;<sup>(5)</sup><FONT size=1 face="sans-serif">
      (k) - Bell Canada only</FONT></font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="9%"><SUP></SUP></TD>
    <TD width="2%"><SUP></SUP></TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6 width="43%"><FONT size=1 face="sans-serif">Digital equivalent
      access lines</FONT></TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">3,704</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">3,815</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(2.9</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD colspan=7 width="68%"><FONT size=1 face="sans-serif">Broadband equivalent
      access lines</FONT></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">13,808</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">9,431</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">46.4</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Internet subscribers<FONT size=1 face="sans-serif"><SUP>(6)</SUP></FONT><FONT size=1 face="sans-serif">(k)</FONT></font></TD>
    <TD align="right" width="4%"><SUP></SUP></TD>
    <TD width="2%"><SUP></SUP></TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=7 width="68%"><FONT size=1 face="sans-serif">DSL High Speed Internet
      subscribers (k)</FONT></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">1,206</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">866</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">39.3</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD colspan=6 width="43%"><FONT size=1 face="sans-serif">Dial-up Internet
      subscribers (k)</FONT></TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">940</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,036</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(9.3</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD colspan=6>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">2,146</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,902</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">12.8</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Wireless</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6 width="43%"><FONT size=1 face="sans-serif">Cellular &amp; PCS
      Net activations (k)</FONT></TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Pre-paid</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">18</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">18</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">0.0</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Post-paid</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">52</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">76</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(31.6</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">70</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">94</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(25.5</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD colspan=4 width="37%"><FONT size=1 face="sans-serif">Cellular &amp; PCS
      subscribers (k)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Pre-paid</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">997</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">984</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">1.3</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Post-paid</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">2,992</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2,564</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">16.7</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">3,989</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">3,548</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">12.4</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6 width="43%"><FONT size=1 face="sans-serif">Average revenue per
      unit ($/month)</FONT></TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">45</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">43</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">4.7</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Pre-paid</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">11</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">11</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">0.0</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Post-paid</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">56</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">56</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">0.0</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=4 width="37%"><FONT size=1 face="sans-serif">Churn (%) (average
      per month)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">1.4</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1.5</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">0.1</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">&nbsp;pts</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Pre-paid</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">1.9</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1.7</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(0.2</FONT></TD>
    <TD width="5%"><font size=1 face="sans-serif">) pts</font></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Post-paid</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">1.3</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1.5</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">0.2</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">&nbsp;pts</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6 width="43%"><FONT size=1 face="sans-serif">Usage per subscriber
      (min/month)</FONT></TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">201</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">181</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">11.0</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Cost of acquisition&nbsp;<sup>(7)</sup>&nbsp;($/sub)</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">387</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">407</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">4.9</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Wireless EBITDA</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">219</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">178</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">23.0</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2 width="28%"><FONT size=1 face="sans-serif">Wireless EBITDA margin</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">38.4</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">35.3</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">3.1</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif"> pts</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Browser hits (M)</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">123</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">112</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">9.8</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Paging subscribers&nbsp;(k)</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">606</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">694</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(12.7</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD colspan=6 width="43%"><FONT size=1 face="sans-serif">Paging average revenue
      per unit ($/month)</FONT></TD>
    <TD align="center" width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">10</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">10</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">0.0</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=7 width="68%"><B><FONT size=1 face="sans-serif">Bell ExpressVu
      (Direct-to-Home Satellite Service)</FONT></B></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Total subscribers (k)</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">1,317</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,145</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">15.0</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD colspan=4 width="37%"><FONT size=1 face="sans-serif">Net subscriber activations
      (k)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">13</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">76</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(82.9</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD colspan=6 width="43%"><FONT size=1 face="sans-serif">Average revenue per
      subscriber ($/month)</FONT></TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">44</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">45</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(2.2</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Cost of acquisition ($/sub)</FONT></TD>
    <TD colspan=3 width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">675</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">718</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">6.0</FONT></TD>
    <TD width="5%"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD colspan=4 width="37%"><FONT size=1 face="sans-serif">Churn (%) (average
      per month)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">1.0</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">0.8</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="11%"><FONT size=1 face="sans-serif">(0.2</FONT></TD>
    <TD width="5%"><font size=1 face="sans-serif">)&nbsp;pts</font></TD>
  </TR>
  <TR>
    <TD colspan=4><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=7 width="68%"><FONT size=1 face="sans-serif">* Operating statistics
      are reported on a consolidated basis, except where otherwise noted.</FONT></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
</TABLE>
<P align="right"> <FONT size=1 face="sans-serif">BCE Inc. Supplementary Financial
  Information - First Quarter 2003 Page 11</FONT><br>
  <br>
</P>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<P> <IMG src="suppl_finax3x1.jpg" border=0> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" width="4%">&nbsp;</TD>
    <TD align="center" width="4%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" width="4%">&nbsp;</TD>
    <TD align="center" width="5%">&nbsp;</TD>
    <TD align="center" width="10%">&nbsp;</TD>
    <TD align="center" width="7%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" width="7%">&nbsp;</TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" colspan=7 width="34%"><B><FONT size=2 face="sans-serif">Bell
      Canada segment</FONT></B></TD>
    <TD align="left" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" width="4%">&nbsp;</TD>
    <TD align="center" width="4%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" width="4%">&nbsp;</TD>
    <TD align="center" width="5%">&nbsp;</TD>
    <TD align="center" width="10%">&nbsp;</TD>
    <TD align="center" width="7%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" colspan=9 width="43%"><B><FONT size=2 face="sans-serif">Statistical
      Data - Historical Trend</FONT></B></TD>
    <TD align="left" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="7%" align="right">&nbsp;</TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">Total</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="7%" align="right">&nbsp;</TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="7%" align="right">&nbsp;</TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="7%" align="right">&nbsp;</TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="7%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">Q1 03</FONT></B></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2002</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">Q4 02</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">Q3 02</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">Q2 02</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">Q1 02</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Wireline</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Local</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5 width="34%"><FONT size=1 face="sans-serif">Network access services
      (k)</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Residential</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">8,566</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">8,573</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">8,580</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">8,532</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">8,613</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Business</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">4,577</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">4,581</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">4,607</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">4,630</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">4,633</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5 width="34%"><FONT size=1 face="sans-serif">Total network access
      services</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">13,143</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">13,154</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">13,187</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">13,162</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">13,246</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=7 width="48%"><FONT size=1 face="sans-serif">Estimated Local market
      share (%) - Bell Canada only</FONT></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Residential </FONT><SUP><FONT size=1 face="sans-serif">(3)</FONT></SUP></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">97.9</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">97.9</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">98.0</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">98.3</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">98.7</FONT></TD>
    <TD width="2%" align="left"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Business</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">91.0</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">91.3</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">91.5</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">91.6</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">91.8</FONT></TD>
    <TD width="2%" align="left"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6 width="38%"><FONT size=1 face="sans-serif">Total estimated local
      market share</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">95.4</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">95.5</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">95.7</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">95.9</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">96.2</FONT></TD>
    <TD width="2%" align="left"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5 width="34%"><FONT size=1 face="sans-serif">SmartTouch feature
      revenues&nbsp;($M)</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">231</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">923</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">231</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">230</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">230</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">232</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Long Distance</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5 width="34%"><FONT size=1 face="sans-serif">Conversation minutes
      (M)</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">4,872</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">19,034</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">5,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">4,660</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">4,725</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">4,649</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6 width="38%"><FONT size=1 face="sans-serif">Average revenue per
      minute ($)</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">0.124</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">0.122</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">0.116</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">0.126</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">0.122</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">0.124</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=7 width="48%"><FONT size=1 face="sans-serif">Estimated market
      share (% based on revenues) - Bell Canada only</FONT></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">63.5</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">63.3</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">63.9</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">63.0</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">63.2</FONT></TD>
    <TD width="2%" align="left"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD colspan=7><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Data</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="26%"><FONT size=1 face="sans-serif">Data revenues ($M)&nbsp;<SUP><FONT size=1 face="sans-serif">(4)</FONT></SUP></FONT></TD>
    <TD align="right" width="4%"></TD>
    <TD width="2%"><SUP><FONT size=1 face="sans-serif"></FONT></SUP></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Legacy</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">427</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,864</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">486</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">451</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">453</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">474</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Non-Legacy</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">506</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,906</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">538</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">457</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">480</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">431</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">933</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">3,770</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,024</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">908</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">933</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">905</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3 width="29%"><FONT size=1 face="sans-serif">Equivalent access
      lines <SUP><FONT size=1 face="sans-serif">(5) </FONT></SUP><FONT size=1 face="sans-serif">(k)
      - Bell Canada only</FONT></FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD colspan=3 width="18%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6 width="38%"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;Digital
      equivalent access lines</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">3,704</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">3,683</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">3,645</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">3,833</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">3,815</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=7 width="48%"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;Broadband
      equivalent access lines</FONT></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">13,808</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">12,568</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">11,265</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">10,176</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">9,431</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="26%"><FONT size=1 face="sans-serif">Internet subscribers
      <SUP><FONT size=1 face="sans-serif">(6)</FONT></SUP> (k)</FONT></TD>
    <TD align="right" width="4%">&nbsp;</TD>
    <TD width="2%"><SUP></SUP></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=7 width="48%"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;DSL
      High Speed Internet subscribers (k)</FONT></TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">1,206</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,110</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,002</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">909</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">866</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6 width="38%"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;Dial-up
      Internet subscribers (k)</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">940</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">957</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">985</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,031</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,036</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">2,146</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2,067</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,987</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,940</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,902</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="sans-serif">Wireless</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6 width="38%"><FONT size=1 face="sans-serif">Cellular &amp; PCS
      Net activations (k)</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Pre-paid</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">18</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">13</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">22</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(1</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">(26</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">)</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">18</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Post-paid</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">52</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">452</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">196</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">63</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">117</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">76</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">70</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">465</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">218</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">62</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">91</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">94</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5 width="34%"><FONT size=1 face="sans-serif">Cellular &amp; PCS
      subscribers (k)</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Pre-paid</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">997</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">979</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">957</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">958</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">984</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Post-paid</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">2,992</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2,940</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2,744</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2,681</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2,564</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">3,989</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">3,919</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">3,701</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">3,639</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">3,548</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6 width="38%"><FONT size=1 face="sans-serif">Average revenue per
      unit ($/month)</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">45</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">46</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">47</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">47</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">46</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">43</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Pre-paid</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">11</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">12</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">10</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">12</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">13</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">11</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Post-paid</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">56</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">59</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">60</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">60</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">59</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">56</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5 width="34%"><FONT size=1 face="sans-serif">Churn (%) (average
      per month)</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">1.4</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1.6</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1.7</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1.7</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1.5</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1.5</FONT></TD>
    <TD width="2%" align="left"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Pre-paid</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">1.9</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2.0</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2.6</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">2.0</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1.8</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1.7</FONT></TD>
    <TD width="2%" align="left"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Post-paid</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">1.3</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1.5</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1.4</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1.6</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1.4</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1.5</FONT></TD>
    <TD width="2%" align="left"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6 width="38%"><FONT size=1 face="sans-serif">Usage per subscriber
      (min/month)</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">201</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">203</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">212</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">206</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">205</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">181</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Cost of acquisition <sup>(7)</sup> ($/sub)</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD colspan=3 width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">387</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">429</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">409</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">441</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">471</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">407</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Wireless EBITDA</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">219</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">754</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">151</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">219</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">206</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">178</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5 width="34%"><FONT size=1 face="sans-serif">Wireless EBITDA margins</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">38.4</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">34.2</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">26.0</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">38.4</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">37.6</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">35.3</FONT></TD>
    <TD width="2%" align="left"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">Browser hits (M)</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">123</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">392</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">99</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">87</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">94</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">112</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="26%"><FONT size=1 face="sans-serif">Paging subscribers
      (k) </FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">606</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">639</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">660</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">680</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">694</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6 width="38%"><FONT size=1 face="sans-serif">Paging average revenue
      per unit ($/month)</FONT></TD>
    <TD align="center" width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">10</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">10</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">10</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">10</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">10</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">10</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=7 width="48%"><B><FONT size=1 face="sans-serif">Bell ExpressVu
      (Direct-to-Home Satellite Service)</FONT></B></TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="26%"><FONT size=1 face="sans-serif">Total subscribers
      (k)</FONT></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">1,317</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,304</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,221</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,176</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1,145</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5 width="34%"><FONT size=1 face="sans-serif">Net subscriber activations
      (k)</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">13</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">235</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">83</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">45</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">31</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">76</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6 width="38%"><FONT size=1 face="sans-serif">Average revenue per
      subscriber ($/month)</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">44</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">44</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">43</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">43</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">44</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">45</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2 width="26%"><FONT size=1 face="sans-serif">Cost of acquisition
      ($/sub)</FONT></TD>
    <TD align="right" colspan=3 width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">675</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">690</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">667</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">630</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">769</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">718</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5 width="34%"><FONT size=1 face="sans-serif">Churn (%) (average
      per month)</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD align="right" width="7%"><B><FONT size=1 face="sans-serif">1.0</FONT></B></TD>
    <TD width="2%"><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1.0</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">0.9</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1.2</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">1.0</FONT></TD>
    <TD width="2%"><FONT size=1 face="sans-serif">%</FONT></TD>
    <TD align="right" width="7%"><FONT size=1 face="sans-serif">0.8</FONT></TD>
    <TD width="2%" align="left"><FONT size=1 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD colspan=5><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=7 width="48%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
</TABLE>
<FONT size=1 face="sans-serif">* Operating statistics are reported on a consolidated
basis, except where otherwise noted.</FONT>
<P align="right"> <FONT size=1 face="sans-serif">BCE Inc. Supplementary Financial
  Information - First Quarter 2003 Page 12</FONT></P>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<IMG src="suppl_finax3x1.jpg" border=0>
<p align="right"> <B><FONT face="sans-serif"> Accompanying notes</FONT></B> </p>
<TABLE width="100%">
  <TR>
    <TD valign="top" width="5%"><FONT size=1 face="sans-serif">(1)</FONT><BR>
      &nbsp;&nbsp;</TD>
    <td width="95%" valign="top"><FONT size=1 face="sans-serif">Cash flow per
      share is calculated as follows:<br>
      <br>
      </FONT><FONT size=1 face="sans-serif"><u>Cash flow from operations less
      capital expenditures</u></FONT><br> <FONT size=1 face="sans-serif">Average
      number of common shares outstanding during the period</FONT><BR> </td>
  </tr>
  <tr>
    <td valign="top" width="5%"><FONT size=1 face="sans-serif">(2)</FONT><BR>
      &nbsp;&nbsp;</td>
    <td width="95%" valign="top"><FONT size=1 face="sans-serif">Annualized cash
      flow yield is calculated as follows:</FONT><br> <BR> <FONT size=1 face="sans-serif"><u>Free
      cash flow before common dividends, investments and divestitures</u></FONT><BR>
      <FONT size=1 face="sans-serif">Number of common shares outstanding at end
      of period multiplied by share price at end of period<br>
      </FONT></td>
  </tr>
  <tr>
    <td valign="top" width="5%"><FONT size=1 face="sans-serif">(3)</FONT><BR>
      &nbsp;&nbsp;</td>
    <td width="95%" valign="top"><FONT size=1 face="sans-serif">Bell Canada&#146;s
      local market shares reflect losses to facilities-based competition only.</FONT><BR></td>
  </tr>
  <tr>
    <td valign="top" width="5%"><FONT size=1 face="sans-serif">(4)</FONT><BR>
      &nbsp;&nbsp;</td>
    <td width="95%" valign="top"><FONT size=1 face="sans-serif">Legacy data revenues
      include digital transmission services such as MEGALINK </FONT><SUP><FONT size=1 face="sans-serif">TM</FONT></SUP><FONT size=1 face="sans-serif">,
      network access and Integrated Services Digital Network (ISDN) and Data,
      as well as, competitive network services and the sale of inter-networking
      equipment.</FONT><BR> <br> &nbsp;<FONT size=1 face="sans-serif">Non-legacy
      data revenues include national and regional IP data, Internet and e-commerce.</FONT><br>
    </td>
  </tr>
  <tr>
    <td valign="top" width="5%"><FONT size=1 face="sans-serif">(5)</FONT><BR>
      &nbsp;&nbsp;</td>
    <td width="95%" valign="top"><FONT size=1 face="sans-serif">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.</FONT><BR></td>
  </tr>
</TABLE>
<div align="center">
  <TABLE width="25%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD><div align="center">&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Conversion
          factors</FONT></div></TD>
      <TD width="27%">&nbsp;</TD>
      <TD width="7%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><FONT size=1 face="sans-serif">DS-0</FONT></TD>
      <TD align="right" width="27%"><FONT size=1 face="sans-serif">1</FONT></TD>
      <TD width="7%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><FONT size=1 face="sans-serif">Basic ISDN</FONT></TD>
      <TD align="right" width="27%"><FONT size=1 face="sans-serif">2</FONT></TD>
      <TD width="7%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><FONT size=1 face="sans-serif">Primary ISDN</FONT></TD>
      <TD align="right" width="27%"><FONT size=1 face="sans-serif">23</FONT></TD>
      <TD width="7%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><FONT size=1 face="sans-serif">DS-1, DEA</FONT></TD>
      <TD align="right" width="27%"><FONT size=1 face="sans-serif">24</FONT></TD>
      <TD width="7%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><FONT size=1 face="sans-serif">DS-3</FONT></TD>
      <TD align="right" width="27%"><FONT size=1 face="sans-serif">672</FONT></TD>
      <TD width="7%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><FONT size=1 face="sans-serif">OC-3</FONT></TD>
      <TD align="right" width="27%"><FONT size=1 face="sans-serif">2,016</FONT></TD>
      <TD width="7%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><FONT size=1 face="sans-serif">OC-12</FONT></TD>
      <TD align="right" width="27%"><FONT size=1 face="sans-serif">8,064</FONT></TD>
      <TD width="7%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><FONT size=1 face="sans-serif">OC-48</FONT></TD>
      <TD align="right" width="27%"><FONT size=1 face="sans-serif">32,256</FONT></TD>
      <TD width="7%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><FONT size=1 face="sans-serif">OC-192</FONT></TD>
      <TD align="right" width="27%"><FONT size=1 face="sans-serif">129,024</FONT></TD>
      <TD width="7%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><FONT size=1 face="sans-serif">10 Base T</FONT></TD>
      <TD align="right" width="27%"><FONT size=1 face="sans-serif">155</FONT></TD>
      <TD width="7%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><FONT size=1 face="sans-serif">100 Base T</FONT></TD>
      <TD align="right" width="27%"><FONT size=1 face="sans-serif">1,554</FONT></TD>
      <TD width="7%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><FONT size=1 face="sans-serif">Gigabit E</FONT></TD>
      <TD align="right" width="27%"><FONT size=1 face="sans-serif">15,554</FONT></TD>
      <TD width="7%">&nbsp;</TD>
    </TR>
  </TABLE>
  <br>
</div>
<TABLE width="100%">
  <TR>
    <TD valign="top" width="5%"><FONT size=1 face="sans-serif">(6)</FONT><BR>
      &nbsp;&nbsp;</TD>
    <td width="95%" valign="top"><FONT size=1 face="sans-serif">DSL High Speed
      Internet subscribers include consumer, business and wholesale. Dial-up Internet
      subscribers include consumer and business.</FONT><BR></td>
  </tr>
  <tr>
    <td valign="top" width="5%"><FONT size=1 face="sans-serif">(7)</FONT><BR>
      &nbsp;&nbsp;</td>
    <TD width="95%" valign="top"><FONT size=1 face="sans-serif">Includes allocation
      of selling costs from Bell Canada and excludes costs of migrating from analog
      to digital. Cost of Acquisition </FONT><font size=1 face="sans-serif">(COA)</font><font size=1 face="sans-serif">
      per subscriber is reflected on a consolidated basis.</font><BR></TD>
  </TR>
</TABLE>
<P align="right"> <FONT size=1 face="sans-serif">BCE Inc. Supplementary Financial
  Information - First Quarter 2003 Page 13</FONT> </P>
<HR noshade align="center" width="100%" size=2>
<br>
<br>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<A name="page_1"></A>
<P> <B><FONT face="sans-serif">Appendix A &#150; Reconciliation of Canadian Generally
  Accepted Accounting Principles (GAAP) to United States GAAP </FONT></B><FONT face="sans-serif">
  </FONT> </P>
<P> <FONT size=2 face="sans-serif">We have prepared the interim consolidated financial
  statements according to Canadian GAAP. The tables that follow are a reconciliation
  of significant differences relating to the statement of operations and total
  shareholders&#146; equity reported according to Canadian GAAP and United States
  GAAP.</FONT> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD><B><FONT size=2 face="sans-serif">STATEMENTS OF OPERATIONS</FONT></B></TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" width="8%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" width="10%"><B><FONT size=2 face="sans-serif">2003</FONT></B></TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" width="5%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" width="8%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" width="10%"><FONT size=2 face="sans-serif">2002 </FONT><SUP><FONT size=2 face="sans-serif">(1)</FONT></SUP></TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" width="6%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">For
      the three months ended March 31</FONT></B></TD>
    <TD align="center" width="8%"><B><FONT size=2 face="sans-serif">Canadian</FONT></B></TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" width="10%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">U.S.</FONT></B></TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" width="8%"><B><FONT size=2 face="sans-serif">Canadian</FONT></B></TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="center" width="10%">&nbsp;</TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">U.S.</FONT></B></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">($ millions, except share
      amounts) (unaudited)</FONT></TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">GAAP</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">Adjustments</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">GAAP</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">GAAP</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">Adjustments</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">GAAP</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">Operating revenues</FONT></B></TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">4,902</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">4,902</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">4,862</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">4,862</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Operating expenses (a)
      (b) (c) (k)</FONT></TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">3,082</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">23</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">3,105</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">3,054</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">47</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">3,101</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Amortization expense</FONT></TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">776</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">776</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">772</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">772</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Net benefit plans expense
      (credit) (d)</FONT></TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">42</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">56</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">98</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">(6</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">10</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">4</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Total operating expenses</FONT></TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">3,900</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">79</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">3,979</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">3,820</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">57</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">3,877</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">Operating income</FONT></B></TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">1,002</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">(79</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">923</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">1,042</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">(57</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">985</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Other (income) expense
      (c) (e) (l)</FONT></TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">(48</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">25</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">(23</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">(2</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">35</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">33</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Interest expense (f)</FONT></TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">284</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">(2</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">282</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">261</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">261</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">Earnings from continuing
      operations before</FONT></B></TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">income
      taxes and non-controlling interest</FONT></B></TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">766</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">(102</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">664</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">783</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">(92</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">691</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Income taxes (c) (g)</FONT></TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">245</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">(59</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">186</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">292</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">(65</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">227</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Non-controlling interest
      (h)</FONT></TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">48</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">(2</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">46</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">136</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">(3</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">133</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">Earnings from continuing
      operations</FONT></B></TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">473</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">(41</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">432</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">355</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">(24</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">331</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Discontinued operations
      (i)</FONT></TD>
    <TD align="right" width="8%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">(45</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">198</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">153</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">Net earnings before
      cumulative effect of</FONT></B></TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">change
      in accounting policy</FONT></B></TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">473</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">(41</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">432</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">310</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">174</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">484</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Cumulative effect of
      change</FONT></TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">in
      accounting policy (m)</FONT></TD>
    <TD align="right" width="8%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">(7,268</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">(7,268</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">Net earnings (loss)</FONT></B></TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">473</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">(41</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">432</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">310</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">(7,094</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">(6,784</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Dividends on preferred
      shares</FONT></TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">(15</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="10%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">(15</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">(13</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="10%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">(13</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">Net earnings (loss)
      applicable to common shares</FONT></B></TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">458</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">(41</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">417</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><B><FONT size=2 face="sans-serif">297</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="sans-serif">(7,094</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">(6,797</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
  </TR>
  <TR>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Other comprehensive earnings
      (loss) items</FONT></TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Change
      in currency translation adjustment</FONT></TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">(28</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">(15</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Change
      in unrealized gain or loss on investments (j)</FONT></TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">3</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">(52</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">Comprehensive earnings
      (loss)</FONT></B></TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">392</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">(6,864</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
  </TR>
  <TR>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">Net earnings (loss)
      per common share - basic</FONT></B></TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Continuing
      operations</FONT></TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">0.45</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">0.39</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Net
      earnings (loss)</FONT></TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">0.45</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">(8.41</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">Net earnings (loss)
      per common share - diluted</FONT></B></TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Continuing
      operations</FONT></TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">0.45</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">0.39</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Net
      earnings (loss)</FONT></TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">0.45</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">(8.41</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">Dividends per common
      share</FONT></B></TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">0.30</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">0.30</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Average number of common
      shares</FONT></TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">outstanding
      (millions)</FONT></TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">917.1</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="6%"><B><FONT size=2 face="sans-serif">808.6</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR align="left" width="100%" size=1 noshade></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P> <FONT size=2 face="sans-serif"> <sup>(1)</sup> Certain comparative figures
  have been reclassified to conform to the current year presentation <u>(see Note
  a)</u>.</FONT> </P>
<br>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <B><FONT face="sans-serif">Appendix A &#150; Reconciliation of Canadian Generally
  Accepted Accounting Principles (GAAP) to United States GAAP </FONT></B><FONT face="sans-serif">
  </FONT> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD><B><FONT size=2 face="sans-serif">STATEMENTS OF ACCUMULATED OTHER COMPREHENSIVE
      EARNINGS (LOSS)</FONT></B></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=2 face="sans-serif">March 31</FONT></B></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="sans-serif">December 31</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="sans-serif">($ millions) (unaudited)</FONT></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="sans-serif">2003</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="sans-serif">2002</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="sans-serif">Currency translation adjustment</FONT></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="sans-serif">(18</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="13%"><FONT size=2 face="sans-serif">10</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="sans-serif">Unrealized gain (loss) on investments (j)</FONT></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="sans-serif">2</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="sans-serif">(1</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="sans-serif">Additional minimum pension liability (d)</FONT></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="sans-serif">(81</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="13%"><FONT size=2 face="sans-serif">(81</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="sans-serif">Accumulated Other Comprehensive loss</FONT></B></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="sans-serif">(97</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="13%"><FONT size=2 face="sans-serif">(72</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="sans-serif">RECONCILIATION OF TOTAL SHAREHOLDERS&#146;
      EQUITY</FONT></B></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="sans-serif">($ millions) (unaudited)</FONT></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="sans-serif">March 31</FONT></B></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="13%" align="right"><FONT size=2 face="sans-serif">December 31</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=2 face="sans-serif">2003</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="sans-serif">2002</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="sans-serif">Canadian GAAP</FONT></B></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="sans-serif">12,994</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="sans-serif">12,615</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="sans-serif">Adjustments</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Pre-operating
      expenses and subscriber acquisition costs (a) (b)</FONT></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="sans-serif">(71</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="13%"><FONT size=2 face="sans-serif">(78</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Employee
      future benefits (d)</FONT></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="sans-serif">(39</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="13%"><FONT size=2 face="sans-serif">17</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Gain
      on disposal of investments and on reduction</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">of
      ownership in subsidiary companies (e)</FONT></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="sans-serif">163</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="sans-serif">163</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Other</FONT></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="sans-serif">31</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="sans-serif">56</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Tax
      effect of the above adjustments (g)</FONT></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="sans-serif">(68</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="13%"><FONT size=2 face="sans-serif">(99</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Non-controlling
      interest effect of the above adjustments (h)</FONT></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="sans-serif">82</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="sans-serif">80</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Unrealized
      gain (loss) on investments (j)</FONT></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="sans-serif">2</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="sans-serif">(1</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="sans-serif">United States GAAP</FONT></B></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="sans-serif">13,094</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="sans-serif">12,753</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P> <B><FONT size=2 face="sans-serif">(a) Subscriber acquisition costs </FONT></B>
</P>
<P> <FONT size=2 face="sans-serif">As disclosed in Note 1 of our interim financial
  statements, we elected to change our accounting method as permitted by Canadian
  GAAP, and began expensing all subscriber acquisition costs as they are incurred.
  </FONT> </P>
<P> <FONT size=2 face="sans-serif">As a result of this change in Canadian GAAP,
  the United States GAAP differences historically reported have been eliminated.
  </FONT> </P>
<P> <B><FONT size=2 face="sans-serif">(b) Pre-operating expenses</FONT></B> </P>
<P> <FONT size=2 face="sans-serif">Under Canadian GAAP, pre-operating expenses
  can be deferred and amortized if they meet certain criteria. Under United States
  GAAP, these costs are expensed as incurred. </FONT> </P>
<P> <B><FONT size=2 face="sans-serif">(c) Investment tax credits </FONT></B> </P>
<P> <FONT size=2 face="sans-serif">Under Canadian GAAP, investment tax credits
  are recorded as a reduction of the related expenditure. Under United States
  GAAP, they are recorded as a reduction of the income tax provision. </FONT>
</P>
<P> <B><FONT size=2 face="sans-serif">(d) Future benefits for employees </FONT></B>
</P>
<P> <FONT size=2 face="sans-serif">The accounting for future benefits for employees
  under Canadian GAAP and United States GAAP is essentially the same, except for
  the recognition of certain unrealized gains and losses.</FONT> </P>
<P> <FONT size=2 face="sans-serif">Additionally, Canadian GAAP requires recognition
  of a pension valuation allowance for any excess of the accrued benefit asset
  over the expected future benefit. Changes in the pension valuation allowance
  are recognized in the consolidated statement of operations. United States GAAP
  does not specifically address pension valuation allowances. Recently the United
  States regulators have interpreted this to be a difference between Canadian
  and United States GAAP.</FONT> </P>
<P> <FONT size=2 face="sans-serif">Under United States GAAP, an additional minimum
  liability is recorded for the excess of the unfunded accumulated benefit obligation
  over the recorded pension benefits liability. An offsetting intangible asset
  is recorded equal to the unrecognized prior service costs, with any difference
  recorded as a reduction in accumulated other comprehensive income. </FONT> </P>
<br>
<br>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <B><FONT face="sans-serif">Appendix A &#150; Reconciliation of Canadian Generally
  Accepted Accounting Principles (GAAP) to United States GAAP </FONT></B><FONT face="sans-serif">
  </FONT> </P>
<P> <B><FONT size=2 face="sans-serif">(e) Gains on investments </FONT></B> </P>
<P> <FONT size=2 face="sans-serif">Under Canadian GAAP and United States GAAP,
  gains on investments are calculated in a similar manner. Differences in Canadian
  GAAP and United States GAAP, however, will cause the underlying carrying value
  of the investment to be different. This will cause the resulting gain to be
  different. </FONT> </P>
<P> <B><FONT size=2 face="sans-serif">(f) Interest expense </FONT></B> </P>
<P> <FONT size=2 face="sans-serif">Under Canadian GAAP, convertible debentures
  are split in two components, debt and equity. Over time, the debt component
  is increased to reach its original face value at maturity by recognizing an
  accretion expense as part of interest expense. Under United States GAAP, convertible
  debentures are recorded as long-term debt and no accretion expense is recognized.
  </FONT> </P>
<P> <B><FONT size=2 face="sans-serif">(g) Income taxes </FONT></B> </P>
<P> <FONT size=2 face="sans-serif">In addition, the income tax adjustment also
  reflects the impact on income taxes of the United States GAAP adjustments that
  we describe above. The accounting for income taxes under Canadian GAAP and United
  States GAAP is essentially the same, except that: </FONT> </P>
<UL>
  <LI><FONT size=2 face="sans-serif">income tax rates of enacted or substantively
    enacted tax law must be used to calculate future income tax assets and liabilities
    under Canadian GAAP</FONT><BR>
  </LI>
  <LI><FONT size=2 face="sans-serif">only income tax rates of enacted tax law
    can be used under United States GAAP.</FONT><BR>
  </LI>
</UL>
<P> <B><FONT size=2 face="sans-serif">(h) Non-controlling interest </FONT></B>
</P>
<P> <FONT size=2 face="sans-serif">The non-controlling interest adjustment represents
  the impact on non-controlling interest of the United States GAAP adjustments
  that we describe above. </FONT> </P>
<P> <B><FONT size=2 face="sans-serif">(i) Discontinued operations </FONT></B>
</P>
<P> <FONT size=2 face="sans-serif">Differences between Canadian GAAP and United
  States GAAP will cause the historical carrying values of the net assets of discontinued
  operations to be different. </FONT> </P>
<P> <B><FONT size=2 face="sans-serif">(j) Change in unrealized gain (loss) on
  investments </FONT></B> </P>
<FONT size=2 face="sans-serif">Our portfolio investments would be classified as
&#147;available-for-sale&#148; under United States<br>
</FONT> <FONT size=2 face="sans-serif">GAAP and carried at fair value with any
unrealized gains or losses included in other comprehensive earnings, net of tax.
</FONT>
<P> <B><FONT size=2 face="sans-serif">(k) Accounting for stock-based compensation
  </FONT></B> </P>
<P> <FONT size=2 face="sans-serif">In December 2002, the FASB issued Statement
  of Financial Accounting Standards (SFAS) No. 148, </FONT><I><FONT size=2 face="sans-serif">Accounting
  for Stock-Based Compensation &#150; Transition and Disclosure</FONT></I><FONT size=2 face="sans-serif">,
  which applies to fiscal years ending after December 15, 2002. It amends the
  transitional provisions of SFAS 123 for companies that choose to recognize stock-based
  compensation under the fair value-based method of SFAS 123, instead of choosing
  to continue following the intrinsic value method of APB 25.</FONT> </P>
<P> <FONT size=2 face="sans-serif">In accordance with this standard, we adopted
  the fair value-based method of accounting on a prospective basis, effective
  January 1, 2002 and accordingly recorded operating expenses of $2 million in
  the first quarter of 2002, consistent with Canadian GAAP. </FONT> </P>
<P> <FONT size=2 face="sans-serif">Under SFAS No. 123, however, we are required
  to make pro forma disclosures of net earnings and basic and diluted earnings
  per share, assuming that the fair value-based method of accounting had been
  applied from the original date of adoption of SFAS 123. In the table below,
  the fair value of each option grant is estimated on the date of the grant using
  the Black-Scholes pricing model. </FONT> </P>
<br>
<br>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <B><FONT face="sans-serif">Appendix A &#150; Reconciliation of Canadian Generally
  Accepted Accounting Principles (GAAP) to United States GAAP </FONT></B><FONT face="sans-serif">
  </FONT> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD><FONT size=2 face="sans-serif">For the three months ended March 31 (unaudited)</FONT></TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">2003</FONT></B></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=2 face="sans-serif">2002</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="sans-serif">Net earnings (loss), as reported</FONT></TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">432</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=2 face="sans-serif">(6,774</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="sans-serif">Compensation cost included in net earnings</FONT></TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">8</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=2 face="sans-serif">2</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="sans-serif">Total compensation cost</FONT></TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">(14</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">)</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=2 face="sans-serif">(12</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="sans-serif">Pro forma net earnings (loss)</FONT></TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">426</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=2 face="sans-serif">(6,784</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="sans-serif">Pro forma net earnings (loss) per common
      share - basic</FONT></TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">0.45</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=2 face="sans-serif">(8.41</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="sans-serif">Pro forma net earnings (loss) per common
      share - diluted</FONT></TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">0.45</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=2 face="sans-serif">(8.41</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="sans-serif">Assumptions used in Black-Scholes option
      pricing model for BCE options granted:</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Dividend yield</FONT></TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">3.6</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">%</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=2 face="sans-serif">3.2</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Expected volatility</FONT></TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">30</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">%</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=2 face="sans-serif">30</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Risk-free interest rate</FONT></TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">4.1</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="sans-serif">%</FONT></B></TD>
    <TD align="right" width="7%"><FONT size=2 face="sans-serif">4.7</FONT></TD>
    <TD width="2%"><FONT size=2 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Expected life (years)</FONT></TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">4.5</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=2 face="sans-serif">4.5</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Weighted average fair
      value of options granted ($)</FONT></TD>
    <TD align="right" width="5%"><B><FONT size=2 face="sans-serif">6</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="7%"><FONT size=2 face="sans-serif">8</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
  </TR>
</TABLE>
<P> <B><FONT size=2 face="sans-serif">(l) Accounting for derivative instruments
  and hedging activities (SFAS 133) </FONT></B> </P>
<P> <FONT size=2 face="sans-serif">In accordance with SFAS 133, </FONT><I><FONT size=2 face="sans-serif">Accounting
  for Derivatives Instruments and Hedging Activities</FONT></I><FONT size=2 face="sans-serif">,
  all derivatives must be recorded on the balance sheet at fair value under United
  States GAAP. Additionally, certain economic hedging strategies such as the use
  of interest rate swaps to hedge preferred share dividends and the SCP hedging
  strategy no longer qualified for hedge accounting under United States GAAP.</FONT>
</P>
<P> <FONT size=2 face="sans-serif">The change in the fair value of derivative
  contracts no longer qualifying for hedge accounting under United States GAAP
  is reported in net earnings. This resulted in a pre-tax loss of $25 million
  in the first quarter of 2003 ($31 million in the first quarter of 2002). </FONT>
</P>
<P> <B><FONT size=2 face="sans-serif">(m) Impact of adopting new accounting standards
  </FONT></B> </P>
<P> <I><FONT size=2 face="sans-serif">Goodwill and other intangible assets</FONT></I>
</P>
<P> <FONT size=2 face="sans-serif">As of June 30, 2002, in accordance with Financial
  Accounting Standard Board (FASB) Standard No. 142. </FONT><I><FONT size=2 face="sans-serif">Goodwill
  and Other Intangible Assets,</FONT></I><FONT size=2
face="sans-serif"> we had allocated our existing goodwill and indefinite-life
  intangible assets to our reporting units and completed the assessment of the
  quantitative impact of the transitional impairment test measured as at January
  1, 2002 on our financial statements. </FONT> </P>
<P> <FONT size=2 face="sans-serif">In performing the transitional impairment test,
  we: </FONT> </P>
<UL>
  <LI><FONT size=2 face="sans-serif">estimated the fair value of our reporting
    units based on discounted future cash flows</FONT><BR>
  </LI>
  <LI><FONT size=2 face="sans-serif">compared the fair values to those implied
    by public company trading multiples.</FONT><BR>
  </LI>
</UL>
<P> <FONT size=2 face="sans-serif">We determined a transitional impairment loss
  of $7,268 million in the second quarter of 2002. We recorded it as a cumulative
  effect of a change in accounting policy as of January 1, 2002, as required by
  the transitional provisions of Standard No. 142. Under Canadian GAAP, the transitional
  impairment loss is recorded as an adjustment to opening retained earnings. The
  impairment loss related to impaired goodwill of reporting units in Teleglobe
  ($6,604 million), Bell Globemedia ($545 million) and BCE Emergis ($119 million).
  </FONT> </P>
<P> <B><FONT size=2 face="sans-serif">(n) Recent changes to accounting standards
  </FONT></B> </P>
<P> <I><FONT size=2 face="sans-serif">Costs Associated with Exit or Disposal</FONT></I><FONT size=2 face="sans-serif">
  </FONT><I><FONT size=2 face="sans-serif">Activities</FONT></I> </P>
<P> <FONT size=2 face="sans-serif">The FASB recently issued new Standard No. 146,
  </FONT><I><FONT size=2 face="sans-serif">Accounting for Costs Associated with
  Exit or Disposal</FONT></I><FONT size=2 face="sans-serif"> </FONT> <I><FONT size=2 face="sans-serif">Activities</FONT></I><FONT size=2 face="sans-serif">.
  Effective January 1, 2003, the standard requires costs relating to exits or
  disposal activities started after December 31, 2002 to be recorded at their
  fair values when a liability has been incurred. Under the previous guidance
  of Emerging Issues Task Force Issue 94-3, </FONT><I><FONT size=2 face="sans-serif">Liability
  Recognition for Certain Employee Termination</FONT></I><FONT size=2
face="sans-serif"> </FONT><I><FONT size=2 face="sans-serif">Benefits and Other
  Costs to Exit and Activity (including Certain Costs Incurred in a Restructuring)</FONT></I><FONT size=2 face="sans-serif">,
  certain exit costs were recorded when management committed to an exit plan.
  We do not expect that Standard No. 146 will have a significant effect on our
  financial position or results of operations. </FONT> </P>
<br>
<br>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<br>
<P> <B><FONT face="sans-serif">Appendix A &#150; Reconciliation of Canadian Generally
  Accepted Accounting Principles (GAAP) to United States GAAP </FONT></B><FONT face="sans-serif">
  </FONT> </P>
<P> <I><FONT size=2 face="sans-serif">Accounting for asset retirement obligations
  </FONT></I> </P>
<P> <FONT size=2 face="sans-serif">In August 2001, the FASB issued SFAS No. 143,
  </FONT><I><FONT size=2 face="sans-serif">Accounting for Asset Retirement Obligations</FONT></I><FONT size=2 face="sans-serif">,
  which applies to financial statements for fiscal years beginning after June
  15, 2002. It covers how to recognize and remeasure obligations associated with
  the retirement of tangible long-lived assets. We applied SFAS 143 effective
  January 1, 2003 and determined that there was no impact on our results of operations
  and financial position.</FONT><B><FONT size=2 face="sans-serif"> </FONT></B>
</P>
<P> <I><FONT size=2 face="sans-serif">Guarantees </FONT></I> </P>
<P> <FONT size=2 face="sans-serif">In November 2002, the FASB issued Interpretation
  (FIN) No. 45, </FONT><I><FONT size=2 face="sans-serif">Guarantor&#146;s Accounting
  and Disclosure Requirements for Guarantees, Including Indirect Guarantees of
  Indebtedness of Others</FONT></I><FONT size=2 face="sans-serif">, which requires
  companies that act as guarantors to disclose more information in their financial
  statements about their obligations under certain guarantees. It defines a guarantee
  and also requires guarantors to recognize a liability for the fair value of
  their obligation when they enter into these guarantees. </FONT> </P>
<P> <FONT size=2 face="sans-serif">The disclosure requirements of FIN No. 45 apply
  to financial statements issued after December 15, 2002. We have applied them
  to the presentation of our consolidated financial statements. The recognition
  requirements of FIN No. 45 apply to guarantees made or changed after December
  31, 2002. The application of the standard did not have an effect on our results
  of operations and financial position in the first quarter of 2003. </FONT> </P>
<P> <I><FONT size=2 face="sans-serif">Consolidation of variable interest entities
  </FONT></I> </P>
<P> <FONT size=2 face="sans-serif">In January 2003, the FASB issued FIN No. 46,
  </FONT><I><FONT size=2 face="sans-serif">Consolidation of Variable Interest
  Entities</FONT></I><FONT size=2 face="sans-serif">. This interpretation clarifies
  how to apply Accounting Research Bulletin No. 51, </FONT><I><FONT size=2 face="sans-serif">Consolidated
  Financial Statements to those entities</FONT></I><FONT size=2 face="sans-serif">
  </FONT><I><FONT size=2 face="sans-serif">defined as</FONT></I><FONT size=2
face="sans-serif"> </FONT><I><FONT size=2 face="sans-serif">&#147;Variable Interest
  Entities,&#148;</FONT></I><FONT size=2 face="sans-serif"> when equity investors
  are not considered to have a controlling financial interest or they have not
  invested enough equity to allow the entity to finance its activities without
  additional subordinated financial support from other parties. Variable interest
  entities are commonly referred to as special purpose entities. </FONT> </P>
<P> <FONT size=2 face="sans-serif">FIN No. 46 applies immediately to all special
  purpose entities created after January 31, 2003, and by the beginning of the
  first interim or annual reporting period beginning after June 15, 2003 for special
  purpose entities created before February 1, 2003. </FONT> </P>
<P> <FONT size=2 face="sans-serif">We currently conduct certain transactions through
  special purpose entities and are assessing the structure of these transactions
  against the criteria set out in FIN No. 46.</FONT> </P>
<HR noshade align="center" width="100%" size=2>
<br>
<br>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<br>
<p align="center"><font size="3" face="Times New Roman, Times, serif"><strong>SIGNATURE</strong></font>
<p><font size="3" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
  to the requirements of the Securitiecs Exchange Act of 1934, the Registrant
  has duly caused this report to be signed on its behalf by the undersigned, thereunto
  duly authorized.</font>
<br>
<div align=right>
  <table width="50%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td><strong><font size="3" face="Times New Roman, Times, serif">BCE Inc.</font></strong></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td><u><font size="3" face="Times New Roman, Times, serif">(signed) Michael
        T. Boychuk </font></u></td>
    </tr>
    <tr>
      <td><font size="3" face="Times New Roman, Times, serif">Michael T. Boychuk</font></td>
    </tr>
    <tr>
      <td><font size="3" face="Times New Roman, Times, serif">Senior Vice-President
        and Corporate Treasurer</font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td><font size="3" face="Times New Roman, Times, serif">Date: April 30,
        2003 </font></td>
    </tr>
  </table>
</div>
</body>
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`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
