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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000718940-03-000026.txt : 20030731
<SEC-HEADER>0000718940-03-000026.hdr.sgml : 20030731
<ACCEPTANCE-DATETIME>20030730182945
ACCESSION NUMBER:		0000718940-03-000026
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		25
CONFORMED PERIOD OF REPORT:	20030730
FILED AS OF DATE:		20030731

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:		03812675

	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>form6k.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>BCE Inc. Form 6-K</TITLE>
</HEAD>
<BODY>
<!-- MARKER FORMAT-SHEET="Center Head Bold" -->
<p>&nbsp;</p>
<div align="center"><A NAME="A001"></A> <FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="3"><B>SECURITIES
  AND EXCHANGE COMMISSION</B></FONT></FONT> </div>
<div align="center"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>WASHINGTON,
  D.C. 20549</B></FONT></FONT>
  <!-- MARKER FORMAT-SHEET="Center Head Bold" -->
  <A NAME="A003"></A> </div>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="3"><B>FORM
  6-K</B></FONT></FONT></P>
<div align="center"><A NAME="A004"></A> <FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>REPORT
  OF FOREIGN PRIVATE ISSUER</B></FONT></FONT>
  <!-- MARKER FORMAT-SHEET="Center Head Bold" -->
  <A NAME="A005"></A> </div>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Pursuant
  to Rule 13a-16 or 15d-16 under<br>
  </FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">the
  Securities Exchange Act of 1934</FONT></FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="40%"> <blockquote>
        <p>For the month of: <strong>July, 2003</strong></p>
      </blockquote></td>
    <td width="40%" align="right"> <blockquote>
        <p>Commission File Number: <strong>1-8481</strong></p>
      </blockquote></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Center Head Bold" -->
<p align="center"><A NAME="A007"></A> <FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B><font size="4">BCE
  Inc.</font><br>
  </B></FONT></FONT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><I>(Translation
  of Registrant&#146;s name into English)</I></FONT></FONT>
  <!-- MARKER FORMAT-SHEET="Para Flush In 2" -->
</p>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="TOP">
    <TD align="center"> <P ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>1000,
        rue de La Gaucheti&egrave;re Ouest<br>
        Bureau 3700<br>
        Montr&eacute;al, Qu&eacute;bec H3B 4Y7<br>
        (514) 397-7000<br>
        </B> <I>(Address of principal executive offices)</I></FONT></FONT> </P></TD>
  </TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Para Flush" -->
<blockquote>
  <p align="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Indicate
    by check mark whether the Registrant files or will file annual reports under
    cover of Form 20-F or Form 40-F.</FONT></FONT> </p>
</blockquote>
<table width="80%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="10%" align="right">&nbsp;</td>
    <td width="32%" align="right">Form 20-F</td>
    <td width="8%"><br> <hr align="left" width=100% size=1 noshade color=BLACK>
    </td>
    <td width="32%" align="right">Form 40-F</td>
    <td width="8%" valign="bottom"><div align="center">X </div>
      <HR align="left" WIDTH=100% SIZE=1 NOSHADE COLOR=BLACK></td>
    <td width="10%" valign="bottom">
      <div align="center"></div></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush" -->
<blockquote>
  <p align="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">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></FONT>
  </p>
</blockquote>
<table width="85%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="20%" align="right">&nbsp;</td>
    <td width="18%" align="right">Yes</td>
    <td width="8%"><br> <hr width=100% size=1 color=BLACK noshade> </td>
    <td width="27%" align="right">No</td>
    <td width="9%">
<div align="center">X </div>
      <HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></td>
    <td width="14%">
      <div align="center"></div>

    </td>
  </tr>
</table>
<br>
<table width="85%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="75%"> <blockquote>
        <p><font size="2">If "Yes" is marked, indicate below the file number assigned
          to the Registrant in connection with Rule 12g3-2(b): 82-</font></p>
      </blockquote></td>
    <td width="10%">
<hr width=100% size=1 color=BLACK noshade></td>
    <td width="10%"> <br>
    </td>
  </tr>
</table>
<p>
  <!-- MARKER FORMAT-SHEET="Para Flush" -->
</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="98%"> <blockquote>
        <p align="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Only
          the BCE Inc. Management&#146;s Discussion and Analysis for the quarter
          ended June 30, 2003 and the BCE Inc. unaudited interim consolidated
          financial statements for the quarter ended June 30, 2003, included on
          pages 5 to 27 and 28 to 37, respectively, of the BCE Inc. 2003 Second
          Quarter Shareholder Report filed with this Form 6-K, and the document
          entitled &#147;Reconciliation of earnings reported in accordance with
          Canadian generally accepted accounting principles (&#147;GAAP&#148;)
          with United States GAAP&#148; 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&nbsp;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.&#145;s above mentioned registration statements. Notwithstanding
          any reference to BCE Inc.&#146;s Web site on the World Wide Web in the
          documents attached hereto, the information contained in BCE Inc.&#146;s
          site or any other site on the World Wide Web referred to in BCE&#146;s
          site is not a part of this Form&nbsp;6-K and, therefore, is not filed
          with the Securities and Exchange Commission.</FONT></FONT> </p>
      </blockquote></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
</table>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<table width="95%" border="0" cellspacing="0" cellpadding="0">
  <td width="50%" align="left"> <div align="left"><img src="bcelogopr.jpg" width="243" height="89"></div></td>
  <td width="50%" align="right" valign="bottom"> <div align="right"><font size="6" face="sans-serif">News
      Release</font></div></td>
  </tr>
  <tr>
    <td colspan="2" align="left"><HR NOSHADE COLOR="Black" SIZE="1"></td>
  </tr>
</table>
<blockquote>
  <p><font size="2" face="sans-serif"><br>
    <B>For immediate release</B></font></p>
  <p><font size="2" face="sans-serif">(All figures are in Cdn$, unless otherwise
    indicated) </font></p>
  <p align="CENTER"><FONT size="2" FACE="sans-serif"><B>BELL CANADA ENTERPRISES
    REPORTS ITS SECOND QUARTER 2003 RESULTS</B></FONT></p>
</blockquote>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="TOP">
    <TD ALIGN="RIGHT" WIDTH="6%"><FONT size="2" FACE="sans-serif">&#8226;</FONT></TD>
    <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
    <TD WIDTH="91%"><P ALIGN="LEFT"><FONT size="2" FACE="sans-serif"> <I>Cellular
        and PCS: 131,000 net additions in the quarter </I></FONT></P></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="RIGHT"><FONT size="2" FACE="sans-serif">&#8226;</FONT></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD><FONT size="2" FACE="sans-serif"><I>High speed internet: 81,000 net additions
      in the quarter</I></FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="RIGHT"><FONT size="2" FACE="sans-serif">&#8226;</FONT> </TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD><FONT size="2" FACE="sans-serif"><I>Revenue of $4.9 billion; EBITDA of
      $1.9 billion; EPS at $0.50</I></FONT> </TD>
  </TR>
</TABLE>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="TOP">
    <TD ALIGN="RIGHT" WIDTH="6%"><FONT size="2" FACE="sans-serif">&#8226;</FONT></TD>
    <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
    <TD WIDTH="91%"><P ALIGN="LEFT"><FONT size="2" FACE="sans-serif"> <I>Solid
        growth from consumer business, soft demand from business and wholesale
        </I></FONT></P></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="RIGHT"><FONT size="2" FACE="sans-serif">&#8226;</FONT></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD><FONT size="2" FACE="sans-serif"><I>Free cash flow of $332 million in
      the quarter</I></FONT> </TD>
  </TR>
</TABLE>
<blockquote>
  <p><FONT size="2" FACE="sans-serif">Montr&eacute;al (Qu&eacute;bec), July 30,
    2003 &#151; For the second quarter of 2003, BCE Inc. (TSX,&nbsp;NYSE:&nbsp;BCE)
    reported earnings per share of $0.50 (total earnings applicable to common
    shares of $461 million), compared to $0.01 per common share (total earnings
    applicable to common shares of $6 million) last year. Second quarter 2002
    earnings per share included net charges of $0.48.</FONT> </p>
  <p align="LEFT"><FONT size="2" FACE="sans-serif">Total revenue was $4.9&nbsp;billion
    and EBITDA<SUP>(1</SUP><SUP>)</SUP> was $1.9&nbsp;billion, essentially flat
    over last year. 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 for the quarter was 2.8% and total EBITDA
    growth for the quarter was 6.5%. Similarly, for the first half of the year,
    revenue and EBITDA were up 3.7% and 7.0% respectively.</FONT> </p>
  <p align="LEFT"><FONT size="2" FACE="sans-serif">&#147;During the quarter, we
    implemented a new business structure that simplifies Bell Canada and sharpens
    our customer focus,&#148; said Michael Sabia, President and CEO of Bell Canada
    Enterprises. &#147;This represented a significant initiative for the company,
    one that was completed quickly while maintaining the highest levels of customer
    service.&#148;</FONT> </p>
  <p align="LEFT"><FONT size="2" FACE="sans-serif">&#147;Our consumer business
    continues to provide strong growth for the company. We expanded our Cellular
    and PCS subscriber base by 13%, increased our DSL High-Speed Internet subscriber
    base to 1.3 million, and grew Bell ExpressVu revenues by 23%. </FONT></p>
  <p align="LEFT"><FONT size="2" FACE="sans-serif">&#147;On the business side,
    however, our results reflect the impact of an uncertain economic environment
    and soft demand from our business customers, particularly our wholesale customers.&#148;</FONT>
  </p>
  <p align="LEFT"><FONT size="2" FACE="sans-serif">&#147;Challenges on the regulatory
    and economic fronts aside, our productivity improvement initiatives continue
    to drive solid growth in EBITDA. At the same time, the tightening of our capital
    expenditures helped achieve a $400 million turnaround in our cash flow position.
    Given our strengthening financial position, we paid down $1.5 billion in debt
    during the second quarter,&#148; concluded Mr. Sabia.</FONT> </p>
  <p align="LEFT">&nbsp;</p>
  <hr width="100%" size=4 color=GRAY noshade>
  <div align="center"><font size="2" face="sans-serif"> - 2 -</font></div>
  <div align="left"></div>
  <p></blockquote>
<p>
<blockquote>
  <p><b><font size="2" face="sans-serif">O</font></b><font size="2" face="sans-serif"><B>perational
    Highlights</B></font></p>
  <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="95%">
    <TR VALIGN="BOTTOM">
      <TH COLSPAN="3"></TH>
      <TH COLSPAN="2"></TH>
      <TH COLSPAN="3"></TH>
      <TH COLSPAN="2"></TH>
    </TR>
    <TR>
      <TD COLSPAN="10"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2">&nbsp;</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="center" valign="top"><font size="2" face="sans-serif"><strong>2nd
        Quarter</strong></font></TD>
      <TD colspan="4" ALIGN="center"><font size="2" face="sans-serif"><strong>Subscriber/
        <br>
        Revenue Growth</strong><br>
        (Q2 03 vs. Q2 02)</font></TD>
      <TD ALIGN="center" valign="top"><font size="2" face="sans-serif"><strong>Total</strong></font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD WIDTH="35%" ALIGN="LEFT"><font size="2" face="sans-serif">Cellular and
        PCS</font></TD>
      <TD WIDTH="0%" ALIGN="LEFT">&nbsp;</TD>
      <TD WIDTH="0%" ALIGN="LEFT">&nbsp;</TD>
      <TD WIDTH="25%" ALIGN="center"><font size="2" face="sans-serif">131,000
        net additions</font></TD>
      <TD colspan="4" ALIGN="center"><font size="2" face="sans-serif">13%</font></TD>
      <TD WIDTH="22%" ALIGN="center"><font size="2" face="sans-serif">4,120,000
        subscribers</font></TD>
      <TD WIDTH="0%" ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR>
      <TD COLSPAN="10"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="sans-serif">High-speed Internet (DSL)</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="center"><font size="2" face="sans-serif">81,000 net additions</font></TD>
      <TD colspan="4" ALIGN="center"><font size="2" face="sans-serif">42%</font></TD>
      <TD ALIGN="center"><font size="2" face="sans-serif">1,287,000 subscribers</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR>
      <TD COLSPAN="10"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="sans-serif">Bell ExpressVu</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="center"><font size="2" face="sans-serif">18,000 net additions</font></TD>
      <TD colspan="4" ALIGN="center"><font size="2" face="sans-serif">14%</font></TD>
      <TD ALIGN="center"><font size="2" face="sans-serif">1,335,000 subscribers</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR>
      <TD COLSPAN="10"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="sans-serif">Data revenue</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="center"><font size="2" face="sans-serif">$955 million</font></TD>
      <TD colspan="4" ALIGN="center"><font size="2" face="sans-serif">2.4%</font></TD>
      <TD ALIGN="center"><font size="2" face="sans-serif">n.a.</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR>
      <TD COLSPAN="10"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="sans-serif">Bell Globemedia revenue</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
      <TD ALIGN="center"><font size="2" face="sans-serif">$357 million</font></TD>
      <TD colspan="4" ALIGN="center"><font size="2" face="sans-serif">9.5%</font></TD>
      <TD ALIGN="center"><font size="2" face="sans-serif">n.a.</font></TD>
      <TD ALIGN="LEFT">&nbsp;</TD>
    </TR>
    <TR>
      <TD COLSPAN="10"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    </TR>
  </TABLE>
  <p>&nbsp;</p>
  <table width="95%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="3%" align="left" valign="top"><font size="2">&#8226;</font></td>
      <td width="92%"><FONT size="2" FACE="sans-serif">Excluding the impacts of
        the sale of Bell Canada&#146;s directories business and the Price Cap
        decision, BCE&#146;s total revenue grew by 2.8% due to higher Wireless,
        DSL High-Speed Internet, and Satellite TV services revenues at Bell Canada,
        strong television advertising revenues at Bell Globemedia, and increased
        revenues from CGI, due mainly to its acquisition of Cognicase Inc.</FONT>
      </td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top"><font size="2">&#8226;</font></td>
      <td><FONT size="2" FACE="sans-serif">Excluding the impacts of the sale of
        Bell Canada&#146;s directories business and the Price Cap decision, total
        EBITDA grew by 6.5% as a result of higher revenues and cost control initiatives.
        As a percentage of revenues, EBITDA margin was at 39.7% in the second
        quarter of 2003 compared to 38.3% for the same period last year.</FONT>
      </td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top"><font size="2">&#8226;</font></td>
      <td><FONT size="2" FACE="sans-serif">Operating income (operating revenues
        less operating expenses, amortization expense, net benefits plan expense
        and restructuring and other charges) increased by $380&nbsp;million to
        $1.1 billion. Excluding the impacts of the sale of Bell Canada&#146;s
        directories business and the Price Cap decision, operating income increased
        by $490&nbsp;million. This was due to increased EBITDA earned in the second
        quarter of 2003 without the restructuring and other charges incurred in
        the prior year, partially offset by an increase in the net pension expense.</FONT></td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top"><font size="2">&#8226;</font></td>
      <td><FONT size="2" FACE="sans-serif">Earnings per share were $0.50 compared
        to $0.01 last year. Second quarter 2002 earnings per share included net
        losses of $393 million consisting of losses from discontinued operations
        and restructuring and other charges, partially offset by net gains on
        investments. Excluding these items, net earnings per share for the second
        quarter of 2002 were at $0.49. The increase of $0.01 per share reflected
        the net growth in operations.</FONT> </td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="3%" align="left" valign="top"><font size="2">&#8226;</font></td>
      <td width="92%"><FONT size="2" FACE="sans-serif">Free cash flow of $332
        million for the second quarter of 2003 improved significantly from the
        negative $76 million for the same period last year. This resulted mainly
        from increased cash from operations and reduced capital expenditures.</FONT>
      </td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
  </table>
  <table width="95%" border="0" cellpadding="0" cellspacing="0">
    <tr>
      <td width="3%" align="left" valign="top"><font size="2">&#8226;</font></td>
      <td width="92%"><FONT size="2" FACE="sans-serif">BCE&#146;s net debt to
        capitalization ratio decreased from 48.8% at December 31, 2002 to 46.7%
        at June 30, 2003, reflecting free cash flow generation applied towards
        debt repayments.</FONT> </td>
    </tr>
  </table>
  <p><font size="2"><br>
    <br>
    </font></p>
  <hr width="100%" size=4 color=GRAY noshade>
  <font size="2">
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
  <div align="center"><br>
    - 3 -<br>
  </div>
  </font>
  <p><font size="2" face="sans-serif"><B>Outlook<br>
    <br>
    </B>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
    $1.95 for net earnings per share.</font> <font size="2"><br>
    <br>
    <font face="sans-serif"><B>RESULTS BY BUSINESS GROUP (unaudited)<br>
    <br>
    </B></font></font><FONT size="2" FACE="sans-serif">BCE operated under four
    segments as at June 30, 2003: Bell Canada, Bell Globemedia, BCE Emergis and
    BCE Ventures (which consists of BCE&#146;s other investments).</FONT> <font size="2"><br>
    </font></p>
  <table cellpadding="0" cellspacing="0" border="0" width="95%">
    <tr valign="BOTTOM">
      <th width="50%"></th>
      <th width="7%"></th>
      <th width="7%"></th>
      <th width="7%"></th>
      <th width="7%"></th>
      <th width="7%"></th>
      <th width="7%"></th>
      <th width="7%"></th>
      <th width="9%"></th>
      <th width="5%"></th>
      <th width="8%"></th>
    </tr>
    <tr valign="BOTTOM">
      <td colspan="8" align="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT">&nbsp;</td>
      <td colspan="7" align="center"><font size="2" face="sans-serif">(Cdn$ millions,
        except per share amounts)</font></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT">&nbsp;</td>
      <td colspan="3" align="center"><font size="2"><strong><font face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second
        Quarter </font></strong></font></td>
      <td colspan="4" align="center"><font size="2"><strong><font face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six
        months </font></strong></font></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2" face="sans-serif">For the period ended June
        30 </font></td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">2003</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">2002</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">2003</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">2002</font></td>
    </tr>
    <tr valign="BOTTOM">
      <td colspan="8" align="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2"><strong><font face="sans-serif">Revenue</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2" face="sans-serif">Bell Canada</font></td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">4,296&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">4,402&nbsp;</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">8,543&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">8,685&nbsp;</font></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2" face="sans-serif">Bell Globemedia</font></td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">357&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">326&nbsp;</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">692&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">638&nbsp;</font></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2" face="sans-serif">BCE Emergis</font></td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">124&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">142&nbsp;</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">248&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">274&nbsp;</font></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2" face="sans-serif">BCE Ventures</font></td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">309&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">261&nbsp;</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">617&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">524&nbsp;</font></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2" face="sans-serif">Corporate and other, including
        inter-segment</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;eliminations</font></td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">(140)</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">(157)</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">(264)</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">(305)</font></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2"><strong><font face="sans-serif">Total revenue</font></strong></font></td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">4,946&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">4,974&nbsp;</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">9,836&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">9,816&nbsp;</font></td>
    </tr>
    <tr valign="BOTTOM">
      <td colspan="8" align="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2"><strong><font face="sans-serif">EBITDA</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2" face="sans-serif">Bell Canada</font></td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">1,792&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">1,839&nbsp;</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">3,518&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">3,594&nbsp;</font></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2" face="sans-serif">Bell Globemedia</font></td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">77&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">58&nbsp;</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">114&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">91&nbsp;</font></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2" face="sans-serif">BCE Emergis</font></td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">20&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">11&nbsp;</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">35&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">(9)</font></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2" face="sans-serif">BCE Ventures</font></td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">88&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">73&nbsp;</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">172&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">150&nbsp;</font></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2" face="sans-serif">Corporate and other, including
        inter-segment</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;eliminations</font></td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">(30)</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">(45)</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">(70)</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">(82)</font></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2"><strong><font face="sans-serif">Total EBITDA</font></strong></font></td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">1,947&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">1,936&nbsp;</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">3,769&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">3,744&nbsp;</font></td>
    </tr>
    <tr valign="BOTTOM">
      <td colspan="8" align="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2" face="sans-serif"><strong>Net earnings (loss)</strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2" face="sans-serif">Bell Canada</font></td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">419&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">361&nbsp;</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">848&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">676&nbsp;</font></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2" face="sans-serif">Bell Globemedia</font></td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">15&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">11&nbsp;</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">13&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">12&nbsp;</font></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2" face="sans-serif">BCE Emergis</font></td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">6&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">(62)</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">12&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">(77)</font></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2" face="sans-serif">BCE Ventures</font></td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">38&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">59&nbsp;</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">77&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">83&nbsp;</font></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2" face="sans-serif">Corporate and other, including
        inter-segment</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;eliminations</font></td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">(1)</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">(46)</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">2&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">(15)</font></td>
    </tr>
    <tr valign="BOTTOM">
      <td colspan="8" align="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2"><strong><font face="sans-serif">Earnings
        from continuing operations</font></strong></font></td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">477&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">323&nbsp;</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">952&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">679&nbsp;</font></td>
    </tr>
    <tr valign="BOTTOM">
      <td colspan="8" align="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2" face="sans-serif">Discontinued operations</font></td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">1&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">(303)</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">(1)</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">(349)</font></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2" face="sans-serif">Dividends on preferred
        shares</font></td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">(17)</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">(14)</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">(32)</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">(27)</font></td>
    </tr>
    <tr valign="BOTTOM">
      <td colspan="8" align="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2"><strong><font face="sans-serif">Net earnings
        applicable to common</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT">&nbsp;</td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2"><strong><font face="sans-serif">&nbsp;&nbsp;&nbsp;shares</font></strong></font></td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">461&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">6&nbsp;</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">919&nbsp;</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">303&nbsp;</font></td>
    </tr>
    <tr valign="BOTTOM">
      <td colspan="8" align="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></td>
    </tr>
    <tr valign="BOTTOM">
      <td align="LEFT"><font size="2"><strong><font face="sans-serif">Net earnings
        per common share</font></strong></font></td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">0.50</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">0.01</font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2"><strong><font face="sans-serif">1.00</font></strong></font></td>
      <td align="RIGHT">&nbsp;</td>
      <td align="RIGHT"><font size="2" face="sans-serif">0.38</font></td>
    </tr>
    <tr valign="BOTTOM">
      <td colspan="8" align="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></td>
    </tr>
  </table>
  <font size="2" face="sans-serif"><br>
  <br>
  <br>
  </font>
  <hr width="100%" size=4 color=GRAY noshade>
  <p align="center"><font size="2">- 4 -</font></p>
  <p><font size="2"><br>
    <strong><font face="sans-serif">SECOND QUARTER REVIEW</font></strong><font face="sans-serif">
    (Q2 2003 vs. Q2 2002, unless otherwise indicated)</font></font></p>
  <p><font size="2" face="sans-serif"><B>BELL CANADA<br>
    </B>The Bell Canada segment includes Bell Canada, Aliant, Bell ExpressVu (at
    100%) and Bell Canada&#146;s interests in other Canadian telcos.</font> </p>
  <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="95%">
    <TR VALIGN="BOTTOM">
      <td>&nbsp;</td>
      <td colspan="6" align="center"><font size="2" face="sans-serif">(Cdn$ millions)</font></td>
      <TD COLSPAN="7">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <td>&nbsp;</td>
      <td colspan="6" align="center"><HR NOSHADE COLOR="Black" SIZE="1"></td>
      <TD COLSPAN="7">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <td width="52%">&nbsp;</td>
      <td colspan="3" align="center"><font size="2"><strong><font face="sans-serif">Second
        Quarter </font></strong></font></td>
      <td colspan="3" align="center"><font size="2"><strong><font face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Six
        months </font></strong></font></td>
      <TD width="9%" COLSPAN="7">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <td><font size="2" face="sans-serif">For the period ended June 30</font></td>
      <td width="5%" align="right"><font size="2"><strong><font face="sans-serif">2003</font></strong></font></td>
      <td width="10%" align="right">&nbsp;</td>
      <td width="5%" align="right"><font size="2" face="sans-serif">2002</font></td>
      <td width="7%" align="right"><font size="2"><strong><font face="sans-serif">2003</font></strong></font></td>
      <td width="7%" align="right">&nbsp;</td>
      <td width="5%" align="right"><font size="2" face="sans-serif">2002</font></td>
      <TD COLSPAN="7">&nbsp;</TD>
    </TR>
    <TD COLSPAN="9"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>Bell Canada Revenue</strong></font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="sans-serif">Local and access</font></TD>
      <TD ALIGN="RIGHT"><font size="2"><strong><font face="sans-serif">1,512&nbsp;</font></strong></font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="sans-serif">1,527&nbsp;</font></TD>
      <TD ALIGN="RIGHT"><font size="2"><strong><font face="sans-serif">3,012&nbsp;</font></strong></font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="sans-serif">3,046&nbsp;</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="sans-serif">Long distance</font></TD>
      <TD ALIGN="RIGHT"><font size="2"><strong><font face="sans-serif">608&nbsp;</font></strong></font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="sans-serif">645&nbsp;</font></TD>
      <TD ALIGN="RIGHT"><font size="2"><strong><font face="sans-serif">1,254&nbsp;</font></strong></font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="sans-serif">1,293&nbsp;</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="sans-serif">Wireless</font></TD>
      <TD ALIGN="RIGHT"><font size="2"><strong><font face="sans-serif">621&nbsp;</font></strong></font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="sans-serif">548&nbsp;</font></TD>
      <TD ALIGN="RIGHT"><font size="2"><strong><font face="sans-serif">1,191&nbsp;</font></strong></font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="sans-serif">1,052&nbsp;</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="sans-serif">Data</font></TD>
      <TD ALIGN="RIGHT"><font size="2"><strong><font face="sans-serif">955&nbsp;</font></strong></font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="sans-serif">933&nbsp;</font></TD>
      <TD ALIGN="RIGHT"><font size="2"><strong><font face="sans-serif">1,888&nbsp;</font></strong></font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="sans-serif">1,838&nbsp;</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="sans-serif">DTH Satellite T.V. Services</font></TD>
      <TD ALIGN="RIGHT"><font size="2"><strong><font face="sans-serif">191&nbsp;</font></strong></font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="sans-serif">155&nbsp;</font></TD>
      <TD ALIGN="RIGHT"><font size="2"><strong><font face="sans-serif">368&nbsp;</font></strong></font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="sans-serif">306&nbsp;</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="sans-serif">Terminal sales &amp; other</font></TD>
      <TD ALIGN="RIGHT"><font size="2"><strong><font face="sans-serif">409&nbsp;</font></strong></font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="sans-serif">456&nbsp;</font></TD>
      <TD ALIGN="RIGHT"><font size="2"><strong><font face="sans-serif">830&nbsp;</font></strong></font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="sans-serif">880&nbsp;</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><font size="2" face="sans-serif">Directory advertising</font></TD>
      <TD ALIGN="RIGHT"><font size="2"><strong><font face="sans-serif">--</font></strong></font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="sans-serif">138<strong>&nbsp;</strong></font></TD>
      <TD ALIGN="RIGHT"><font size="2"><strong><font face="sans-serif">--</font></strong></font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="sans-serif">270&nbsp;</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD colspan="8" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD ALIGN="LEFT"><p><font size="2" face="sans-serif"><strong>Total Bell
          Canada revenue</strong></font></p></TD>
      <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>4,296</strong></font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="sans-serif">4,402</font></TD>
      <TD ALIGN="RIGHT"><font size="2"><strong><font face="sans-serif">8,543</font></strong></font></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD ALIGN="RIGHT"><font size="2" face="sans-serif">8,685</font></TD>
    </TR>
    <TR VALIGN="BOTTOM">
      <TD colspan="8" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    </TR>
  </TABLE>
  <font size="2"><br>
  <br>
  </font>
  <table width="95%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="3%" height="33" align="left" valign="top"><font size="2">&#8226;</font></td>
      <td width="92%"><FONT size="2" FACE="sans-serif">Total Bell Canada revenues
        declined 2.4%. Excluding the impact of the sale of the directories business
        and the Price Cap decision, revenues for the quarter increased by $59
        million or 1.4%.</FONT> </td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" align="left" valign="top"><font size="2" face="sans-serif"><I>Wireline</I></font></td>
    </tr>
    <tr>
      <td align="left" valign="top"><font size="2">&#8226;</font></td>
      <td><FONT size="2" FACE="sans-serif">Local and access revenues decreased
        by 1.0% and reflected the negative effects of the Price Cap decision and
        a 0.7% reduction in residential and business local access lines.</FONT>
      </td>
    </tr>
    <tr>
      <td align="left" valign="top"><font size="2">&#8226;</font></td>
      <td><FONT size="2" FACE="sans-serif">Long distance revenues decreased by
        5.7% due mainly to competitive pressures as well as the impact of the
        Price Cap decision.</FONT> </td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" align="left" valign="top"><font size="2" face="sans-serif"><I>Wireless</I></font></td>
    </tr>
    <tr>
      <td align="left" valign="top"><font size="2">&#8226;</font></td>
      <td><FONT size="2" FACE="sans-serif">Wireless revenues were up 13% due to
        continued strong growth in cellular and PCS subscribers and higher total
        average revenues per unit (ARPU).</FONT></td>
    </tr>
    <tr>
      <td align="left" valign="top"><font size="2">&#8226;</font></td>
      <td><FONT size="2" FACE="sans-serif">The $2 increase in ARPU to $48 reflected
        higher revenues from post-paid value added services and an increase in
        post-paid subscribers as a percentage of the total base.</FONT> </td>
    </tr>
    <tr>
      <td align="left" valign="top"><font size="2">&#8226;</font></td>
      <td><FONT size="2" FACE="sans-serif">Wireless postpaid net additions were
        at 104,000 or 79% of the total net activations in the quarter, bringing
        the total postpaid customers to 3,096,000 as at June&nbsp;30.</FONT> </td>
    </tr>
    <tr>
      <td align="left" valign="top"><font size="2">&#8226;</font></td>
      <td><FONT size="2" FACE="sans-serif">Total postpaid wireless churn was at
        a historical low of 1.3% and continued to reflect our priority on customer
        service.</FONT></td>
    </tr>
    <tr>
      <td align="left" valign="top"><font size="2">&#8226;</font></td>
      <td><FONT size="2" FACE="sans-serif">Wireless EBITDA increased by 6.3% to
        reach $219 million, due mainly to the increase in revenues.</FONT> </td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" align="left" valign="top"><font size="2" face="sans-serif"><I>Data</I></font></td>
    </tr>
    <tr>
      <td align="left" valign="top"><font size="2">&#8226;</font></td>
      <td><FONT size="2" FACE="sans-serif">Consumer data revenues increased by
        23%. Demand for consumer Sympatico ISP services continued to be strong
        due to successful marketing efforts.</FONT></td>
    </tr>
    <tr>
      <td align="left" valign="top"><font size="2">&#8226;</font></td>
      <td><FONT size="2" FACE="sans-serif">Consumer High-Speed Internet subscribers
        surpassed the one million mark in the second quarter. </FONT> </td>
    </tr>
    <tr>
      <td align="left" valign="top"><font size="2">&#8226;</font></td>
      <td><FONT size="2" FACE="sans-serif">Total Internet (High-speed and dial-up)
        subscribers reached 2,198,000 as at June 30.</FONT> </td>
    </tr>
  </table>
  <table width="95%" border="0" cellpadding="0" cellspacing="0">
    <tr>
      <td width="3%" height="33" align="left" valign="top"><font size="2">&#8226;</font></td>
      <td width="92%"><FONT size="2" FACE="sans-serif">Business data revenue decreased
        by 0.7%, reflecting the continued softness in underlying demand from enterprise
        and wholesale customers as well as the Price Cap decision.</FONT> </td>
    </tr>
  </table>
  <p><font size="2"><br>
    <br>
    </font></p>
  <hr width="100%" size=4 color=GRAY noshade>
  <font size="2">
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
  </font>
  <div align="center">

  <p align="center"><font size="2"><br>
    - 5 -</font></p>
    <table width="95%" border="0" cellspacing="0" cellpadding="0">
      <tr>
        <td width="3%" align="left" valign="top">&nbsp;</td>
        <td width="92%">&nbsp;</td>
      </tr>
      <tr>
        <td colspan="2" align="left" valign="top"><font size="2" face="sans-serif">
          <I>DTH (Direct to Home) Satellite T.V. Services</I></font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2">&#8226;</font></td>
        <td><FONT size="2" FACE="sans-serif">A 14% increase in the subscriber
          base and higher pricing contributed to a 23% improvement in revenues
          at Bell ExpressVu. </FONT> </td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2">&#8226;</font></td>
        <td><FONT size="2" FACE="sans-serif">Net additions totaled 18,000 for
          the quarter and reflected a slower rate of growth in the digital television
          market demand.</FONT> </td>
      </tr>
      <tr>
        <td align="left" valign="top">&nbsp;</td>
        <td>&nbsp;</td>
      </tr>
      <tr>
        <td colspan="2" align="left" valign="top"><font size="2" face="sans-serif"><I>EBITDA
          and CAPEX</I></font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2">&#8226;</font></td>
        <td><FONT size="2" FACE="sans-serif">EBITDA at Bell Canada was $1.8 billion.
          Excluding the impact of the sale of the directories business and the
          Price Cap decision, Bell Canada&#146;s EBITDA increased by $63&nbsp;million
          or 3.6% in the second quarter due mainly to productivity gains.</FONT>
        </td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2">&#8226;</font></td>
        <td><FONT size="2" FACE="sans-serif">Bell&#146;s quarter-end CAPEX intensity
          (capital expenditures as a percentage of revenue) was 15.5%, down from
          18.9% in the second quarter of 2002, due to the focus on capital efficiency
          and the weighting of certain capital projects towards the second half
          of 2003.</FONT> </td>
      </tr>
      <tr>
        <td align="left" valign="top">&nbsp;</td>
        <td>&nbsp;</td>
      </tr>
      <tr>
        <td colspan="2" align="left" valign="top"><font size="2" face="sans-serif"><B>BELL
          GLOBEMEDIA</B></font><font size="2"><br>
          <font face="sans-serif">Bell Globemedia includes CTV and The Globe and
          Mail.</font></font> </td>
      </tr>
      <tr>
        <td align="left" valign="top">&nbsp;</td>
        <td>&nbsp;</td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2">&#8226;</font></td>
        <td><FONT size="2" FACE="sans-serif">Total revenue was $357&nbsp;million
          in the quarter, an increase of 9.5% compared to the same period last
          year.</FONT> </td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2">&#8226;</font></td>
        <td><FONT size="2" FACE="sans-serif">Television advertising revenues significantly
          improved by 21% compared to the second quarter of 2002. Strength in
          the television advertising market and high ratings at CTV, with 17 of
          the top 20 most watched shows at June 30, contributed to the increase.</FONT>
        </td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2">&#8226;</font></td>
        <td><FONT size="2" FACE="sans-serif">Print advertising revenues were 4.3%
          higher than last year. Demand in the print advertising market continues
          to be soft, partially as a result of reduced demand in the tourism and
          travel sectors because of SARS.</FONT> </td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2">&#8226;</font></td>
        <td><FONT size="2" FACE="sans-serif">EBITDA improved by 33% to $77 million,
          reflecting the increase in revenues, savings from a restructuring of
          the interactive operations, and management&#146;s continued cost control
          efforts especially in the print operations.</FONT> </td>
      </tr>
      <tr>
        <td colspan="2" align="left" valign="top">&nbsp;</td>
      </tr>
      <tr>
        <td colspan="2" align="left" valign="top"><font size="2" face="sans-serif"><B>BCE
          EMERGIS</B></font></td>
      </tr>
      <tr>
        <td align="left" valign="top">&nbsp;</td>
        <td>&nbsp;</td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2">&#8226;</font></td>
        <td><FONT size="2" FACE="sans-serif">Revenue was $124 million in the second
          quarter, a decrease of $18 million compared with the same period in
          2002. Revenue was negatively affected by lower inter-company revenues
          from Bell Canada and a weakened U.S. dollar.</FONT> </td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2">&#8226;</font></td>
        <td><FONT size="2" FACE="sans-serif">Revenue was stable compared to the
          first quarter of 2003, despite the negative impact of the weakened U.S.
          dollar. </FONT></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2">&#8226;</font></td>
        <td><FONT size="2" FACE="sans-serif">Year-over-year quarterly EBITDA increased
          by 82% to $20 million, mainly due to management&#146;s continued success
          in containing</FONT> <font size="2" face="sans-serif">costs.</font>
        </td>
      </tr>
    </table>
    <table width="95%" border="0" cellpadding="0" cellspacing="0">
      <tr>
        <td width="3%" align="left" valign="top"><font size="2">&#8226;</font></td>
        <td width="92%"><FONT size="2" FACE="sans-serif">EBITDA was 33% higher
          compared to the first quarter 2003 EBITDA of $15 million and reflected
          lower stock compensation expense.</FONT> </td>
      </tr>
      <tr>
        <td width="3%" align="left" valign="top"><font size="2">&#8226;</font></td>
        <td width="92%"><FONT size="2" FACE="sans-serif">Pressures on revenues
          from the recent weakened U.S. dollar and lower expected revenues from
          its E-Health unit contributed to BCE Emergis&#146; lowered annual revenue
          guidance.</FONT> </td>
      </tr>
    </table>
    <p align="left"><font size="2" face="sans-serif"><br>
      <br>
      </font></p>
    <hr width="100%" size=4 color=GRAY noshade>
  <div align="center"><font size="2"><br>
    - 6 -<br>
    <br>
    </font> </div>
  <table width="95%" border="0" cellpadding="0" cellspacing="0">
      <tr>
        <td colspan="2" align="left" valign="top"><font size="2" face="sans-serif"><B>BCE
          VENTURES</B></font><font size="2"><br>
          <FONT FACE="sans-serif">BCE Ventures includes the activities of CGI,
          Telesat and other investments.</FONT></font> </td>
      </tr>
      <tr>
        <td colspan="2" align="left" valign="top">&nbsp;</td>
      </tr>
      <tr>
        <td width="5%" align="left" valign="top"><font size="2">&#8226;</font></td>
        <td width="95%"><FONT size="2" FACE="sans-serif">BCE Ventures&#146; revenue
          was $309&nbsp;million in the quarter, an increase of 18% when compared
          with the same period of 2002, driven mainly by CGI&#146;s January 2003
          acquisition of Cognicase.</FONT> </td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2">&#8226;</font></td>
        <td><FONT size="2" FACE="sans-serif">EBITDA was $88&nbsp;million in the
          quarter compared with $73&nbsp;million in the second quarter of 2002,
          due mainly to CGI&#146;s acquisition of Cognicase.</FONT> </td>
      </tr>
      <tr>
        <td align="left" valign="top">&nbsp;</td>
        <td>&nbsp;</td>
      </tr>
      <tr>
        <td colspan="2" align="left" valign="top"><font size="2" face="sans-serif"><B>BELL
          CANADA STATUTORY RESULTS</B></font><font size="2"><br>
          <FONT FACE="sans-serif">Bell Canada &#147;statutory&#148; includes Bell
          Canada, and Bell Canada&#146;s interests in Aliant, Bell ExpressVu (at
          52%), and other Canadian telcos.</FONT></font> </td>
      </tr>
      <tr>
        <td align="left" valign="top">&nbsp;</td>
        <td>&nbsp;</td>
      </tr>
      <tr>
        <td colspan="2" align="left" valign="top"><FONT size="2" FACE="sans-serif">Bell
          Canada&#146;s reported statutory revenue was $4.3&nbsp;billion in the
          second quarter of 2003, up 18% due to the consolidation of Aliant and
          Bell ExpressVu effective January 1, 2003. Net earnings applicable to
          common shares were $529 million in the second quarter of 2003, compared
          to a net loss applicable to common shares of $1 billion for the same
          period last year. Bell Canada&#146;s results in 2002 reflected the write-down
          of its $1.5 billion Teleglobe Inc. investment.</FONT></td>
      </tr>
      <tr>
        <td colspan="2" align="left" valign="top">&nbsp;</td>
      </tr>
      <tr>
        <td colspan="2" align="left" valign="top"><font size="2" face="sans-serif"><B>ABOUT
          BCE</B></font></td>
      </tr>
      <tr>
        <td colspan="2" align="left" valign="top">&nbsp;</td>
      </tr>
      <tr>
        <td colspan="2" align="left" valign="top"><FONT size="2" FACE="sans-serif">BCE
          is Canada&#146;s largest communications company. It has 25 million 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 provided under the BCE
          Emergis brand. BCE shares are listed in Canada, the United States and
          Europe.</FONT></td>
      </tr>
    </table>
    <p align="center"><FONT size="2" FACE="sans-serif">&#151; 30 &#151;</FONT>
    </p>
    <p align="left"><font size="2"><u><font face="sans-serif"><B>BCE 2003 Second
      Quarter Financial Information:<br>
      <br>
      </B></font></u><FONT FACE="sans-serif">BCE&#146;s 2003 Second Quarter Shareholder
      Report (which contains BCE&#146;s 2003 second quarter MD&amp;A and unaudited
      consolidated financial statements) and other relevant financial materials
      are available at <U>www.bce.ca/en/investors</U>, under &#147;Investor Briefcase&#148;.
      BCE&#146;s 2003 Second Quarter Shareholder Report is also available on the
      Website maintained by the Canadian securities regulators at www.sedar.com.
      It is also available upon request from BCE&#146;s Investor Relations Department
      (e-mail: investor.relations@bce.ca, tel.: 1-800-339-6353; fax: (514)&nbsp;786-3970).</FONT></font>
      <font size="2"><br>
      <br>
      <FONT FACE="sans-serif">BCE&#146;s 2003 Second Quarter Shareholder Report
      will be sent to BCE&#146;s shareholders who have requested to receive it
      on or about August 4, 2003.</FONT></font> <font size="2" face="sans-serif"><br>
      <br>
      <b><br>
      </b> </font><font size="2"><u><font face="sans-serif"><B>Call with Financial
      Analysts:<br>
      <br>
      </B></font></u><FONT FACE="sans-serif">BCE will hold a teleconference /
      Webcast (audio only) for financial analysts to discuss its second quarter
      results on <U>Wednesday, July&nbsp;30, 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></font> </p>
    <p align="left"><font size="2"><br>
      <br>
      </font></p>
    <hr width="100%" size=4 color=GRAY noshade>
  <div align="center"><font size="2">
    <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 1; page: 1" -->
    <br>
    - 7 -<br>
    </font> </div>
  <p align="left"><FONT size="2" FACE="sans-serif">Interested participants are
      asked to dial (416) 406-6419 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&quot;. This
      teleconference will also be Webcast live (audio only) on our Web site at
      <U>www.bce.ca</U>.</FONT> <font size="2"><br>
      <br>
      <FONT FACE="sans-serif">A replay facility will be available between 12:00
      PM on Wednesday, July&nbsp;30, 2003 and 12:00&nbsp;PM on Wednesday, August
      6, 2003. To access the replay facility, please dial (416) 695-5800 and enter
      access code 1441329. The Webcast will also be archived on our Web site.</FONT></font>
      <font size="2"><br>
      <br>
      <u><font face="sans-serif"><B>Call with the Media:<br>
      <br>
      </B></font></u><FONT FACE="sans-serif">BCE will hold a teleconference /
      Webcast (audio only) for media to discuss its second quarter results on
      <U>Wednesday, July 30, 2003 at 1:00&nbsp;PM (Eastern).</U> Michael Sabia
      will be present for this teleconference.</FONT></font> <font size="2"><br>
      <br>
      <FONT FACE="sans-serif">Interested participants are asked to dial 877&nbsp;793-3795
      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&quot;. This teleconference will
      also be Webcast live (audio only) on our Web site at <U>www.bce.ca</U>.</FONT></font>
      <font size="2"><br>
      <br>
      <b><font face="sans-serif"><br>
      </font></b> <font face="sans-serif"><B>CAUTION CONCERNING FORWARD-LOOKING
      STATEMENTS<br>
      <br>
      </B>Certain statements made in this press release, including, but not limited
      to, the statements appearing under the &#147;Outlook&#148; 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></font>
      <font size="2"><br>
      <br>
      <FONT FACE="sans-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
      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 level of demand, including in particular by the business
      and wholesale sector, and prices, for products and services in the telecom,
      media and e-business markets; 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; BCE Inc.&#145;s and
      its subsidiaries&#146; ability to manage costs, generate productivity improvements
      and decrease capital intensity while maintaining quality of service; the
      availability and cost of capital required to implement BCE Inc.&#145;s and
      its subsidiaries&#146; 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&#146; 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></font> </p>
    <p align="left"><FONT size="2" FACE="sans-serif">For additional information
      with respect to certain of these and other factors, refer to BCE Inc.&#145;s
      Second 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 July 30, 2003 and, accordingly, are subject to change after such date.
      However, BCE Inc. and its subsidiaries assume no obligation to update any
      forward-looking statements, whether as a result of new information or otherwise.</FONT>
    </p>
    <p align="left"></p>
    <p align="left"><font size="2"><br>
      <br>
      </font></p>
    <hr width="100%" size=4 color=GRAY noshade>
  <font size="2">
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
  <br>
  </font>
  <div align="center"></div>
  <div align="center">
  <font size="2">- 8 -<br>
    </font></div>
  <font size="2">
<p align="left"><br>
    <br>
    <font face="sans-serif">For further information:<br>
    </font></p>
  </font>
  <table width="95%" border="0" cellspacing="0" cellpadding="0">
      <tr>
        <td width="45%"><font size="2" face="sans-serif">Nick Kaminaris</font></td>
        <td width="45%"><font size="2" face="sans-serif">Sophie Argiriou</font></td>
      </tr>
      <tr>
        <td><font size="2" face="sans-serif">Communications </font></td>
        <td><font size="2" face="sans-serif">Investor Relations</font></td>
      </tr>
      <tr>
        <td><font size="2" face="sans-serif">(514) 786-3908 </font></td>
        <td><font size="2" face="sans-serif">(514) 786-8145</font></td>
      </tr>
      <tr>
        <td><font size="2" face="sans-serif"><U>Web Site: www.bce.ca</U></font></td>
        <td>&nbsp;</td>
      </tr>
    </table>
    <font size="2"><br>
    <br>
    </font>
    <HR align="left" width="35%" SIZE="1" NOSHADE COLOR="Black">
    <div align="left">
      <p><FONT size="2" FACE="sans-serif"><SUP>(1)</SUP> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. 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 on a segmented basis:</FONT></p>
      <div align="center"></div>
      <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="95%">
        <TR VALIGN="BOTTOM">
          <td COLSPAN="14"><HR NOSHADE COLOR="Black" SIZE="1"></td>
        </TR>
        <TR VALIGN="BOTTOM">
          <td COLSPAN="2"><font size="2" face="sans-serif">(in $ millions)</font></td>
          <td align="right"><font size="2" face="sans-serif">Bell<BR>
            Canada<BR>
            Segment</font></td>
          <td>&nbsp;</td>
          <td align="right"><font size="2" face="sans-serif">Bell<BR>
            Globe-<BR>
            media</font></td>
          <td>&nbsp;</td>
          <td align="right"><font size="2" face="sans-serif">BCE<BR>
            Emergis</font></td>
          <td>&nbsp;</td>
          <td align="right"><font size="2" face="sans-serif">BCE<BR>
            Ventures</font></td>
          <td>&nbsp;</td>
          <td align="right"><font size="2" face="sans-serif">Corpo-<BR>
            rate and<BR>
            other</font></td>
          <td>&nbsp;</td>
          <td align="right"><font size="2" face="sans-serif">BCE<BR>
            Consoli-<BR>
            dated</font></td>
          <td>&nbsp;</td>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD colspan="14" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD WIDTH="39%" ALIGN="LEFT"><font size="2" face="sans-serif"><strong>Q2
            2003</strong></font></TD>
          <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
          <TD WIDTH="6%" ALIGN="RIGHT"></TD>
          <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
          <TD WIDTH="6%" ALIGN="RIGHT"></TD>
          <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
          <TD WIDTH="6%" ALIGN="RIGHT"></TD>
          <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
          <TD WIDTH="6%" ALIGN="RIGHT"></TD>
          <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
          <TD WIDTH="6%" ALIGN="RIGHT"></TD>
          <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
          <TD WIDTH="6%" ALIGN="RIGHT"></TD>
          <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT"><font size="2" face="sans-serif">EBITDA</font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>1,792</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>77</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>20</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>88</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(30</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>1,947</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT"><font size="2" face="sans-serif">Amortization expense</font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(757</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(14</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(13</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(31</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>18</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(797</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT"><font size="2" face="sans-serif">Net benefit plans
            credit (expense)</font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(45</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(1</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>--</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>--</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>3</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(43</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD colspan="14" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT"><font size="2" face="sans-serif">Operating income (loss)</font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>990</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>62</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>7</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>57</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(9</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>1,107</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD colspan="14" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>Q2 2002</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT"><font size="2" face="sans-serif">EBITDA</font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>1,839</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>58</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>11</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>73</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(45</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>1,936</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT"><font size="2" face="sans-serif">Amortization expense</font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(756</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(16</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(15</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(32</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>11</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(808</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT"><font size="2" face="sans-serif">Net benefit plans
            credit (expense)</font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>11</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(1</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>--</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>--</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>2</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>12</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT"><font size="2" face="sans-serif">Restructuring and
            other charges</font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(294</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>--</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(119</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>--</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>--</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(413</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD colspan="14" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT"><font size="2" face="sans-serif">Operating income (loss)</font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>800</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>41</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(123</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>41</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(32</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>727</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD colspan="14" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
        </TR>
      </TABLE>
      <font size="2" face="sans-serif"><br>
      </font>
      <TABLE WIDTH="95%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
        <TR VALIGN="BOTTOM">
          <TD colspan="14" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
        </TR>
      </TABLE>
      <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="95%">
        <TR VALIGN="BOTTOM">
          <TH COLSPAN="14"></TH>
        </TR>
        <TR VALIGN="BOTTOM">
          <TH COLSPAN="14"></TH>
        </TR>
        <TR VALIGN="BOTTOM">
          <TH COLSPAN="2"></TH>
          <TH align="right"><font size="2" face="sans-serif">Bell<BR>
            Canada<BR>
            Segment</font></TH>
          <TH>&nbsp;</TH>
          <TH align="right"><font size="2" face="sans-serif">Bell<BR>
            Globe-<BR>
            media</font></TH>
          <TH>&nbsp;</TH>
          <TH align="right"><font size="2" face="sans-serif">BCE<BR>
            Emergis</font></TH>
          <TH>&nbsp;</TH>
          <TH align="right"><font size="2" face="sans-serif">BCE<BR>
            Ventures</font></TH>
          <TH>&nbsp;</TH>
          <TH align="right"><font size="2" face="sans-serif">Corpo-<BR>
            rate and<BR>
            other</font></TH>
          <TH>&nbsp;</TH>
          <TH align="right"><font size="2" face="sans-serif">BCE<BR>
            Consoli-<BR>
            dated</font></TH>
          <TH>&nbsp;</TH>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD colspan="14" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD WIDTH="39%" ALIGN="LEFT"><font size="2" face="sans-serif"><strong>YTD
            2003</strong></font></TD>
          <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
          <TD WIDTH="6%" ALIGN="RIGHT"></TD>
          <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
          <TD WIDTH="6%" ALIGN="RIGHT"></TD>
          <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
          <TD WIDTH="6%" ALIGN="RIGHT"></TD>
          <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
          <TD WIDTH="6%" ALIGN="RIGHT"></TD>
          <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
          <TD WIDTH="6%" ALIGN="RIGHT"></TD>
          <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
          <TD WIDTH="6%" ALIGN="RIGHT"></TD>
          <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT"><font size="2" face="sans-serif">EBITDA</font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>3,518</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>114</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>35</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>172</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(70</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>3,769</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT"><font size="2" face="sans-serif">Amortization expense</font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(1,491</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(31</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(27</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(59</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>36</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(1,572</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT"><font size="2" face="sans-serif">Net benefit plans
            credit (expense)</font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(89</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(2</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>--</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>--</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>6</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(85</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD colspan="14" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT"><font size="2" face="sans-serif">Operating income (loss)</font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>1,938</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>81</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>8</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>113</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(28</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>2,112</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD colspan="14" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>YTD 2002</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT"><font size="2" face="sans-serif">EBITDA</font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>3,594</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>91</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(9</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>150</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(82</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>3,744</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT"><font size="2" face="sans-serif">Amortization expense</font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(1,469</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(33</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(38</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(64</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>26</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(1,578</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT"><font size="2" face="sans-serif">Net benefit plans
            credit (expense)</font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>19</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(2</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>--</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>--</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>1</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>18</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT"><font size="2" face="sans-serif">Restructuring and
            other charges</font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(294</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>--</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(119</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>--</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>--</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(413</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD colspan="14" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT"><font size="2" face="sans-serif">Operating income (loss)</font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>1,850</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>56</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(166</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>86</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>(55</strong></font></TD>
          <TD ALIGN="LEFT"><font size="2" face="sans-serif"><strong>)</strong></font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="sans-serif"><strong>1,771</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD colspan="14" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
        </TR>
      </TABLE>
      <font size="2" face="sans-serif"><br>
      </font>
      <p><font size="2"><br>
        <br>
        </font></p>
      <hr width="100%" size=4 color=GRAY noshade>
      <!-- *************************************************************************** -->
      <!-- MARKER PAGE="sheet: 1; page: 1" -->
      <br>
      <br>
      <div align="center"><br>
        <p><br>
        </p>
        <table width="82%" border="0" cellspacing="0" cellpadding="0">
          <tr>
            <td width="52%"><font color="#FFCC66" face="Franklin Cond. Gothic" style=font-size:192pt>Q</font><font color="#6699FF" face="Franklin Cond. Gothic" style=font-size:192pt>2</font></td>
            <td width="48%"><strong><font color="#0000FF" face="Arial, Helvetica, sans-serif" style=font-size:88pt>BCE</font><font color="#FF6600" face="Arial, Helvetica, sans-serif" style=font-size:88pt><br>
              <font color="#FFCC33">Report</font></font><font face="Franklin Cond. Gothic">&nbsp;</font></strong></td>
          </tr>
        </table>
      </div>
      <p>&nbsp; </p>
      <p>&nbsp;</p>
      <p>&nbsp;</p>
      <p>
        <!-- MARKER FORMAT-SHEET="Indented Head Italic" -->
        <A NAME="A001"></A> </p>
      <table width="100%" border="0" cellspacing="0" cellpadding="0">
        <tr>
          <td width="2%">&nbsp;</td>
          <td width="13%">&nbsp;</td>
          <td width="4%">&nbsp;</td>
          <td width="1%">&nbsp;</td>
          <td width="23%">&nbsp;</td>
          <td width="57%" valign="bottom"> <FONT FACE="Times New Roman, Times, Serif"><FONT color="#0000FF" SIZE="3" face="Arial"><br>
            <br>
            July 29, 2003<br>
            <br>
            </FONT></FONT> </td>
        </tr>
      </table>
      <table width="100%" border="0" cellspacing="0" cellpadding="0">
        <tr>
          <td width="0%" align="right" bgcolor="#0000FF">&nbsp;</td>
          <td colspan="2" valign="top" bgcolor="#0000FF"><br> <br> <font color="#FFFFFF" size="4"><strong>CONTENTS</strong></font><br>
          </td>
          <td width="3%" align="right" valign="top" bgcolor="#0000FF">&nbsp;</td>
          <td width="1%" bgcolor="#0000FF">&nbsp;</td>
          <td width="23%" valign="top"> <h5>&nbsp;</h5>
            <h5>&nbsp;</h5></td>
          <td width="57%" rowspan="13" valign="top"> <p><FONT color="#FFCC33" size="7" FACE="Times New Roman, Times, Serif">B</FONT><FONT FACE="Times New Roman, Times, Serif"><FONT color="#FFCC33" SIZE="7">ell
              Canada<br>
              Enterprises</FONT></FONT> <br>
              <FONT color="#0000FF" FACE="Times New Roman, Times, Serif"><FONT SIZE="7">2003<br>
              Second</FONT></FONT><FONT color="#0000FF" FACE="Times New Roman, Times, Serif"><FONT SIZE="7"><br>
              Quarter<br>
              Shareholder<br>
              Report</FONT></FONT> </p>
            <blockquote> </blockquote></td>
        </tr>
        <tr>
          <td width="0%" align="right" bgcolor="#0000FF">&nbsp;</td>
          <td width="2%" bgcolor="#0000FF">&nbsp;</td>
          <td width="14%" bgcolor="#0000FF">&nbsp;</td>
          <td align="right" bgcolor="#0000FF">&nbsp;</td>
          <td width="1%" bgcolor="#0000FF">&nbsp;</td>
          <td width="23%"> <h5>&nbsp;</h5></td>
        </tr>
        <tr>
          <td width="0%" align="right" bgcolor="#0000FF">&nbsp;</td>
          <td colspan="2" bgcolor="#0000FF"><font color="#FFFFFF">The Quarter
            at a Glance<br>
            <br>
            </font></td>
          <td align="right" valign="top" bgcolor="#0000FF"><font color="#FFFFFF">2</font></td>
          <td width="1%" bgcolor="#0000FF">&nbsp;</td>
          <td width="23%"> <h5>&nbsp;</h5></td>
        </tr>
        <tr>
          <td width="0%" align="right" bgcolor="#0000FF">&nbsp;</td>
          <td colspan="2" bgcolor="#0000FF"><font color="#FFFFFF">MD&A</font></td>
          <td align="right" bgcolor="#0000FF"><font color="#FFFFFF">5</font></td>
          <td width="1%" bgcolor="#0000FF">&nbsp;</td>
          <td width="23%"> <h5>&nbsp;</h5></td>
        </tr>
        <tr>
          <td width="0%" align="right" bgcolor="#0000FF">&nbsp;</td>
          <td width="2%" bgcolor="#0000FF">&nbsp;</td>
          <td width="14%" bgcolor="#0000FF"><font color="#FFFFFF"><br>
            Financial Results<br>
            Analysis </font></td>
          <td align="right" bgcolor="#0000FF"><font color="#FFFFFF"><br>
            <br>
            7</font></td>
          <td width="1%" bgcolor="#0000FF">&nbsp;</td>
          <td width="23%"> <h5>&nbsp;</h5></td>
        </tr>
        <tr>
          <td width="0%" align="right" bgcolor="#0000FF"><br> <br> </td>
          <td width="2%" bgcolor="#0000FF">&nbsp;</td>
          <td width="14%" bgcolor="#0000FF"><font color="#FFFFFF"><br>
            Financial and<br>
            Capital Management </font></td>
          <td align="right" bgcolor="#0000FF"><br> <font color="#FFFFFF"><br>
            15</font><br> </td>
          <td width="1%" bgcolor="#0000FF">&nbsp;</td>
          <td width="23%"> <h5>&nbsp;</h5></td>
        </tr>
        <tr>
          <td width="0%" align="right" bgcolor="#0000FF">&nbsp;</td>
          <td width="2%" bgcolor="#0000FF">&nbsp;</td>
          <td width="14%" bgcolor="#0000FF"><font color="#FFFFFF"> <br>
            Recent Developments<br>
            in Legal Proceedings</font></td>
          <td align="right" bgcolor="#0000FF"><font color="#FFFFFF"> <br>
            <br>
            17</font></td>
          <td width="1%" bgcolor="#0000FF">&nbsp;</td>
          <td width="23%">&nbsp;</td>
        </tr>
        <tr>
          <td align="right" bgcolor="#0000FF">&nbsp;</td>
          <td bgcolor="#0000FF">&nbsp;</td>
          <td bgcolor="#0000FF"><br> <font color="#FFFFFF">Forward-Looking </font><br>
            <font color="#FFFFFF">Statements</font> </td>
          <td align="right" bgcolor="#0000FF"><br> <font color="#FFFFFF">18</font><br>
          </td>
          <td bgcolor="#0000FF">&nbsp;</td>
          <td>&nbsp;</td>
        </tr>
        <tr>
          <td width="0%" align="right" bgcolor="#0000FF">&nbsp;</td>
          <td width="2%" bgcolor="#0000FF">&nbsp;</td>
          <td width="14%" bgcolor="#0000FF"><font color="#FFFFFF"><br>
            Risk Assessment</font></td>
          <td align="right" bgcolor="#0000FF"><font color="#FFFFFF"><br>
            19</font></td>
          <td width="1%" bgcolor="#0000FF">&nbsp;</td>
          <td width="23%"> <h5>&nbsp;</h5></td>
        </tr>
        <tr>
          <td width="0%" align="right" bgcolor="#0000FF"><br> </td>
          <td width="2%" bgcolor="#0000FF">&nbsp;</td>
          <td width="14%" bgcolor="#0000FF"><font color="#FFFFFF"><br>
            Our Accounting<br>
            Policies </font></td>
          <td align="right" bgcolor="#0000FF"><font color="#FFFFFF"><br>
            <br>
            26</font><br> </td>
          <td width="1%" bgcolor="#0000FF">&nbsp;</td>
          <td width="23%"> <h5>&nbsp;</h5></td>
        </tr>
        <tr>
          <td width="0%" align="right" bgcolor="#0000FF">&nbsp;</td>
          <td colspan="2" bgcolor="#0000FF"><font color="#FFFFFF"><br>
            Consolidated Financial<br>
            Statements </font></td>
          <td align="right" bgcolor="#0000FF"><font color="#FFFFFF"><br>
            <br>
            28</font></td>
          <td width="1%" bgcolor="#0000FF">&nbsp;</td>
          <td width="23%"> <h5>&nbsp;</h5></td>
        </tr>
        <tr>
          <td width="0%" align="right" bgcolor="#0000FF">&nbsp;</td>
          <td colspan="2" bgcolor="#0000FF"><font color="#FFFFFF"><br>
            Notes to Consolidated<br>
            Financial Statements </font></td>
          <td align="right" bgcolor="#0000FF"><font color="#FFFFFF"><br>
            <br>
            31</font></td>
          <td width="1%" bgcolor="#0000FF">&nbsp;</td>
          <td width="23%"> <h5>&nbsp;</h5></td>
        </tr>
        <tr>
          <td width="0%" height="199" align="right" bgcolor="#0000FF">&nbsp;</td>
          <td width="2%" bgcolor="#0000FF">&nbsp;</td>
          <td width="14%" bgcolor="#0000FF">&nbsp;</td>
          <td align="right" bgcolor="#0000FF">&nbsp;</td>
          <td width="1%" bgcolor="#0000FF">&nbsp;</td>
          <td width="23%">&nbsp; </td>
        </tr>
      </table>
      <p></p>
      <p>&nbsp; </p>
      <hr width="100%" size=4 color=GRAY noshade>

        <p><font color="#0000FF" face="serif"><strong><font size="6">The Quarter
          at a Glance</font></strong></font></p>
        <p><FONT color="#0000FF" FACE="serif"><FONT SIZE="2"><B><font size="4">Pursuing
          Simplicity</font><br>
          <br>
          </B></FONT><FONT face=Wingdings color=#0000ff size=1>n</FONT><FONT SIZE="2">
          Effective June 1, 2003 we implemented a new business structure that
          will help simplify our company and strengthen our customer relationships.</FONT></FONT>
        </p>
        <p align="justify"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <FONT SIZE="2">Three new customer-facing groups under Bell Canada now
          focus on the distinct needs of our customers: the Consumer, Small and
          Medium Business and Enterprise divisions. In addition, we will align
          our technology, IS/IT and network operations to facilitate the delivery
          of industry-leading service and productivity.</FONT></FONT> </p>
        <p align="justify"><font color="#0000FF" size="2" face="serif"> </font><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <FONT SIZE="2">This new structure will better enable us to provide customers
          with a full range of communication services through a single point of
          contact, making us simpler to deal with. This will also allow us to
          strengthen growth, further streamline our operations and achieve higher
          levels of efficiency.</FONT></FONT> </p>
      </blockquote>
      <blockquote>
        <p> <font color="#0000FF" face="serif"> </font><FONT color="#0000FF" size="4" FACE="serif"><B>Revenues</B></FONT></p>
      </blockquote>
      <font color="#0000FF" face="serif"> </font>
      <blockquote>
        <p align="justify"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=2>n</FONT></FONT>
          <FONT SIZE="2">In November 2002, we sold our directories business, which
          contributed $138 million to our revenues in Q2 2002. In Q2 2003, the
          CRTC Price Cap decision had a negative impact on our revenues by $27
          million. On a comparable basis <SUP>(1)</SUP></FONT></FONT><font color="#0000FF" size="2">,
          our revenues increased by 2.8% to $4,946 million in Q2 2003, driven
          by strong revenue growth in Bell Canada&#146;s Consumer businesses including
          13% in wireless services, 23% in direct-to-home television (DTH) services
          and 23% in consumer data services. This was complemented by revenue
          growth of 9.5% at Bell Globemedia and 24% at CGI driven mainly by its
          acquisition of Cognicase. Bell Canada&#146;s business and wholesale
          revenues continued to reflect market softness, growing only by 0.9%
          on a comparable basis versus the same period last year.</FONT> </p>
        <p align="center"><img src="graf1.jpg"> </p>
        <p>&nbsp;</p>
        <p align="LEFT"><FONT color="#0000FF" FACE="serif"><FONT SIZE="4"><B>Customer
          Connections</B></FONT></FONT></p>
      </blockquote>
      <font color="#0000FF" face="serif"> </font>
      <blockquote>
        <p align="justify"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <FONT SIZE="2"><strong>WIRELESS.</strong> We grew our wireless subscriber
          base by 131,000 customers this quarter, significantly outpacing both
          Q1 2003 and the prior year quarter with 79% of these net additions reflecting
          more profitable post-paid rate plan customers. Blended churn of 1.4%
          for the second quarter remained stable compared to the previous quarter,
          while declining from 1.5% in the same period last year. We also maintained
          our low post-paid churn of 1.3%, down from 1.4% in Q2 2002.</FONT></FONT>
        </p>
      </blockquote>
      <font color="#0000FF" face="serif"> </font>
      <blockquote>
        <p align="LEFT"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <strong><FONT SIZE="2">HIGH-SPEED INTERNET.</FONT></strong><FONT SIZE="2">
          Our DSL high-speed Internet business added 81,000 subscribers this quarter
          bringing our subscriber base to 1,287,000 customers, 42% higher than
          at the end of Q2 2002. Consumer DSL net additions this quarter represented
          69% of the total net additions, while business and wholesale accounted
          for the balance.</FONT></FONT> </p>
      </blockquote>
      <font color="#0000FF" face="serif"> </font>
      <blockquote>
        <p align="justify"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <strong><FONT SIZE="2">SATELLITE TV.</FONT></strong><FONT SIZE="2">
          Our DTH subscriber base increased by 18,000 customers compared to 31,000
          achieved in Q2 2002, reflecting a slower rate of growth in digital television
          demand compared to last year. However, more advertising and an extended
          free installation promotion throughout the quarter stimulated higher
          subscriber growth compared to the 13,000 net additions achieved in the
          first quarter.</FONT></FONT> </p>
      </blockquote>
      <font color="#0000FF" face="serif"> </font>
      <blockquote>
        <p align="LEFT"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <strong><FONT SIZE="2">NETWORK ACCESS SERVICES (NAS).</FONT></strong><FONT SIZE="2">
          Consistent with current trends, NAS in service declined modestly by
          0.7% to 13.1 million this quarter from the 13.2 million in service at
          the end of Q2 2002, primarily reflecting losses to competition and substitution
          effects from both wireless and high-speed Internet services.</FONT></FONT>
        </p>
        <p align="center"><img src="graf2.jpg" width="210" height="142"></p>
        <p align="center"><em><img src="graf3.jpg" width="209" height="225"></em></p>
        <HR width="100%" color=#0000ff noShade SIZE=1>
        <FONT color="#0000FF" FACE="serif"><FONT SIZE="1">(1) Please see Management&#146;s
        Discussion and Analysis on page 5 for more details on the meaning of &#147;comparable
        basis&#148;.</FONT></FONT> </blockquote>
      <blockquote>
        <p align="center"><FONT color="#0000FF"
size=2 face="Arial, Helvetica, sans-serif">2</FONT></p>
        <p align="left"><br>
          <br>
        </p>
        <hr width="100%" size=4 color=GRAY noshade>
        <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 1; page: 1" -->
        <br>
        <p align="left"><FONT color="#0000FF" size="4" FACE="serif"><B>EBITDA</B></FONT><FONT color="#0000FF" FACE="serif"><FONT face=serif color=#0000ff size=2><SUP>(2)</SUP></FONT></FONT></p>
      </blockquote>
      <font color="#0000FF" face="serif"> </font>
      <blockquote>
        <p align="justify"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <strong><FONT SIZE="2"></FONT></strong></FONT><FONT SIZE="2">We achieved
          $1,947 million in EBITDA this quarter, up $11 million or 0.6% from $1,936
          million in Q2 2002. Despite decreases in Bell Canada&#146;s EBITDA from
          the CRTC Price Cap decision of approximately $27 million this quarter
          and the sale of the directories business, which contributed $83 million
          in EBITDA in Q2 2002, EBITDA margins improved to 39.4% from 38.9% in
          the same period last year. On a comparable basis, EBITDA increased 6.5%
          from Q2 2002 and EBITDA margins increased by 1.4 percentage points reflecting
          our continued focus on productivity improvements.</FONT></FONT> </p>
      </blockquote>
      <font color="#0000FF" face="serif"> </font>
      <blockquote>
        <p align="justify"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <strong><FONT SIZE="2"></FONT></strong></FONT><FONT SIZE="2">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; which was implemented in Quebec this quarter and specialized
          call center &#147;Move Queues&#148;. These initiatives contribute to
          our productivity improvements by helping reduce costs while improving
          customer service, as reflected in Bell Canada&#146;s increasing customer
          value index and industry leading service levels.</FONT></FONT> </p>
        <p align="center"><img src="graf4.jpg" width="209" height="221"></p>
        <p> <font color="#0000FF" face="serif"> </font></p>
        <p align="LEFT"><FONT color="#0000FF" FACE="serif"><FONT SIZE="4"><B>Net
          Earnings / EPS</B></FONT></FONT></p>
      </blockquote>
      <font color="#0000FF" face="serif"> </font>
      <blockquote>
        <p align="LEFT"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <strong><FONT SIZE="2"></FONT></strong></FONT><FONT SIZE="2">Consolidated
          net earnings applicable to common shares for Q2 2003 were $461 million,
          or $0.50 per common share, significantly up from $6 million or $0.01
          per common share for the same period last year. The consolidated net
          earnings in Q2 2002 included net losses of $393 million consisting of
          losses from discontinued operations and restructuring and other charges,
          partially offset by net gains on investments.</FONT></FONT> </p>
      </blockquote>
      <font color="#0000FF" face="serif"> </font>
      <blockquote>
        <p align="LEFT"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <strong><FONT SIZE="2"></FONT></strong></FONT><FONT SIZE="2">Excluding
          the impact of such net losses, net earnings per share (before non-recurring
          items) of $0.50 increased by $0.01 compared to Q2 2002. This was achieved
          despite the negative earnings impact of the sale of our directories
          business, the Price Cap decision and the effect of lower pension returns.</FONT></FONT>
        </p>
      </blockquote>
      <font color="#0000FF" face="serif"> </font>
      <blockquote>
        <p align="LEFT"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <strong><FONT SIZE="2"></FONT></strong></FONT><FONT SIZE="2">BCE achieved
          a Return on Equity (ROE)<FONT color="#0000FF" FACE="serif"><FONT face=serif color=#0000ff size=2><SUP>(3)</SUP></FONT></FONT>
          of 16.0% for the quarter, comparable to the 16.4% for the first quarter
          of 2003.</FONT></FONT> </p>
        <p align="center"> <font color="#0000FF" face="serif"> <img src="graf5.jpg" width="208" height="221"></font></p>
        <p align="LEFT"><FONT color="#0000FF" FACE="serif"><FONT SIZE="4"><B>Capital
          Expenditures</B></FONT></FONT></p>
      </blockquote>
      <font color="#0000FF" face="serif"> </font>
      <blockquote>
        <p align="LEFT"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <strong><FONT SIZE="2"></FONT></strong></FONT><FONT SIZE="2">Capital
          expenditures for the second quarter amounted to $713 million, 23.5%
          lower than the second quarter of 2002. As a percentage of revenues,
          capital expenditures declined for the quarter to 14.4% from 18.7% in
          the second quarter of last year.</FONT></FONT> </p>
      </blockquote>
      <font color="#0000FF" face="serif"> </font>
      <blockquote>
        <p align="LEFT"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <strong><FONT SIZE="2"></FONT></strong></FONT><FONT SIZE="2">The reduction
          in capital expenditures was due to our continued efforts to rigorously
          manage our capital spending as well as the weighting of certain capital
          projects towards the second half of 2003.</FONT></FONT> </p>
      </blockquote>
      <font color="#0000FF" face="serif"> </font>
      <blockquote>
        <p align="LEFT"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          </FONT><FONT SIZE="2">The Bell Canada Segment accounted for $664 million
          of the total capital expenditures in Q2 2003. Approximately 57% of Bell
          Canada&#146;s capital expenditures are related to growth sectors and
          productivity initiatives, including wireless, IP/broadband, DSL and
          billing modernization.</FONT></FONT> </p>
        <p align="center"><img src="graf6.jpg" width="210" height="224"></p>
      </blockquote>
      <font color="#0000FF" face="serif"> </font>
      <blockquote>
        <HR width="100%" color=#0000ff noShade SIZE=1>
        <p><FONT color="#0000FF" FACE="serif"><FONT SIZE="1"> (2) EBITDA (earnings
          before interest, taxes, depreciation and amortization) does not have
          any standardized meaning under Canadian GAAP. Please see Non-GAAP earnings
          measures on page 5 for more details.<br>
          (3) ROE (return on common shareholders&#146; equity) does not have any
          standardized meaning under Canadian GAAP. Please see Non-GAAP earnings
          measures on page 5 for more details.</FONT></FONT> </p>
        <p align="center"><FONT color="#0000FF"
size=2 face="Arial, Helvetica, sans-serif">3</FONT></p>
        <p align="left"> <br>
        </p>
        <hr width="100%" size=4 color=GRAY noshade>
        <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 1; page: 1" -->
        <p><FONT color="#0000FF" FACE="serif"><FONT SIZE="4"><B>Free Cash Flow</B></FONT><FONT color="#0000FF" FACE="serif"><FONT face=serif color=#0000ff size=2><SUP>(4)</SUP></FONT></FONT></FONT></p>
      </blockquote>
      <font color="#0000FF" face="serif"> </font>
      <blockquote> <FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
        <strong><FONT SIZE="2"></FONT></strong></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2">Free
        cash flow of $332 million for the second quarter of 2003 improved significantly
        from the negative $76 million for the same period last year, reflecting:</FONT></FONT>
        <br>
        <br>
        <TABLE width="84%">
          <TR>
            <TD vAlign=top width="3%"><HR align="left" width="50%" SIZE=1 noShade color=#0000ff>
            </TD>
            <TD vAlign=top><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">reduced
              capital expenditures and improved cash from operations</FONT></FONT></TD>
          </TR>
          <TR>
            <TD vAlign=top width="3%"><FONT color=#0000ff><FONT
color=#0000ff></FONT></FONT> <HR align="left" width="50%" SIZE=1 noShade color=#0000ff>
            </TD>
            <TD vAlign=top><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">
              the receipt of $75 million of tax refunds in the second quarter
              of 2003.</FONT></FONT></TD>
          </TR>
        </TABLE>
        <p align="LEFT"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT>
          <FONT SIZE="2">Before the payment of common dividends, our free cash
          flow of $586 million in Q2 2003 compared favourably to the $166 million
          of free cash flow in the same period last year.</FONT></FONT> </p>
      </blockquote>
      <blockquote><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT>
        <FONT SIZE="2"></FONT></FONT><FONT SIZE="2">Our free cash flow generation
        led to a net debt to capitalization ratio of 46.7% at June 30, 2003 down
        from 47.4% at March 31, 2003.</FONT></FONT> </blockquote>
      <blockquote>
        <p><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT>
          <FONT SIZE="2"></FONT></FONT><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">BCE
          utilized cash resources to repay $1.5 billion of debt in Q2 2003, including
          $500 million of Bell Canada debentures and the entire $834 million balance
          of BCE Inc.&#145;s bank credit facility.</FONT></FONT> </p>
        <p align="center"><img src="graf7.jpg" width="206" height="220"></p>
      </blockquote>
      <blockquote>
        <p>&nbsp;</p>
        <HR width="100%" color=#0000ff noShade SIZE=1>
        <FONT color="#0000FF" FACE="serif"><FONT SIZE="1">(4) Free cash flow is
        calculated as cash flows from operations after capital expenditures and
        dividends, and before investments and divestitures.</FONT></FONT> </blockquote>
      <blockquote>
        <p> <font color="#0000FF" size="1" face="serif"></font></p>
        <p align="center"><font color="#0000FF">4</font></p>
        <p align="center"><br>
          <br>
        </p>
        <hr width="100%" size=4 color=GRAY noshade>
        <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 1; page: 1" -->
        <br>
        <br>
        <p><font color="#0000FF" face="serif">
          <!-- MARKER FORMAT-SHEET="Left Head Bold" -->
          <A NAME="A007"></A> </font></p>
        <p align="LEFT"><FONT color="#0000FF" FACE="serif"><FONT SIZE="6"><B>Management&#146;s
          Discussion and Analysis</B></FONT></FONT></p>
      </blockquote>
      <font color="#0000FF" face="serif"> </font>
      <blockquote>
        <p align="justify"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">In
          this Management&#146;s Discussion and Analysis of Financial Condition
          and Results of Operations (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.</FONT></FONT> </p>
      </blockquote>
      <div align="justify"><font color="#0000FF" face="serif"> </font>
        <blockquote><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">This
          MD&amp;A comments on BCE&#146;s operations, performance and financial
          condition for the three months (QTR or Q2) and six months (year-to-date
          or YTD) ended June 30, 2003 and 2002. Please refer to the unaudited
          consolidated financial statements starting on page 28 when reading the
          MD&amp;A.</FONT></FONT> </blockquote>
      </div>
      <blockquote><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT SIZE="2">Certain
        events that have occurred since January 1, 2002 affect the comparability
        of our results from period to period. Accordingly, when deemed appropriate
        in order to assist the reader in assessing our current period performance
        compared to the corresponding period of the previous year, in addition
        to the normal presentation, results have been presented on a &#147;comparable
        basis&#148;, meaning they have been adjusted to exclude the impact of
        the May 30, 2002 Price Cap decision (Price Cap decision) of the Canadian
        Radio-television and Telecommunications Commission (CRTC), and when applicable,
        the impact of the sale of our directories business in November 2002.</FONT></FONT>
      </blockquote>
      <blockquote><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT SIZE="2">All
        amounts in this MD&amp;A are in millions of Canadian dollars, except where
        otherwise noted.</FONT></FONT> </blockquote>
      <blockquote>
        <p align="justify"><font color="#0000FF" face="serif"><strong><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><font size="2">ABOUT
          FORWARD-LOOKING STATEMENTS </font></strong>
          <!-- MARKER FORMAT-SHEET="Para Flush" -->
          <br>
          </font><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT SIZE="2">This
          MD&amp;A contains forward-looking statements about BCE&#146;s objectives,
          strategies, financial condition, results of operations 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 18 to 25 under &#147;Forward-Looking
          Statements&#148; and &#147;Risk Assessment&#148;. BCE assumes no obligation
          to update any forward-looking statements, whether as a result of new
          information or otherwise.</FONT></FONT> </p>
      </blockquote>
      <font color="#0000FF" face="serif"> </font>
      <blockquote>
        <p align="LEFT"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Unless
          otherwise mentioned in this MD&amp;A or in BCE Inc.&#145;s Q1 2003 MD&amp;A,
          the outlooks provided in BCE Inc.&#145;s 2002 annual MD&amp;A dated
          February 26, 2003 remain unchanged.</FONT></FONT> </p>
        <p> <FONT color="#0000FF" size="6" FACE="serif">Non-GAAP Earnings Measures<font size="2"><br>
          </font></FONT><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">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 earnings measures, as well
          as a reconciliation to the most comparable GAAP earnings measure.</FONT></FONT>
        </p>
      </blockquote>
      <blockquote>
        <div align="justify"><font color="#0000FF" face="serif"> </font><FONT color="#0000FF" FACE="serif"><FONT SIZE="2"><B>EBITDA<br>
          </B></FONT></FONT><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">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. <br>
          </FONT><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT><FONT SIZE="2">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> <br>
          <FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT><FONT SIZE="2">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.</FONT></FONT> <br>
          <FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT> <FONT color="#0000FF" FACE="serif"><FONT SIZE="2">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.</FONT></FONT> </div>
      </blockquote>
      <blockquote>
        <TABLE WIDTH="600" BORDER="0" CELLPADDING="0" CELLSPACING="0">
          <TR VALIGN="BOTTOM">
            <TD colspan="21" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD WIDTH="33%" ALIGN="LEFT"><font color="#0000FF" size="1">(in $
              millions)</font></TD>
            <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"><div align="right"><font color="#0000FF" size="1">Bell
                Canada Segment </font></div></TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"><font color="#0000FF" size="1">Bell<br>
              Globe-<br>
              media </font></TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"><div align="right"><font color="#0000FF" size="1">BCE<br>
                Emergis </font></div></TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"><div align="right"><font color="#0000FF" size="1">BCE<br>
                Ventures<br>
                </font></div></TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"><font color="#0000FF" size="1">Corpo-rate
              and other </font></TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"><font color="#0000FF" size="1">BCE<br>
              Consoli-dated</font></TD>
            <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
          </TR>
        </TABLE>
        <font size="1"> </font>
        <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
          <TR VALIGN="BOTTOM">
            <TH COLSPAN="3"></TH>
            <TH COLSPAN="3"></TH>
            <TH COLSPAN="3"></TH>
            <TH COLSPAN="3"></TH>
            <TH COLSPAN="3"></TH>
            <TH COLSPAN="3"></TH>
            <TH COLSPAN="3"></TH>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="21" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD WIDTH="33%" ALIGN="LEFT"><font color="#0000FF" size="1"><strong>Q2
              2003</strong></font></TD>
            <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"></TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"></TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"></TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"></TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"></TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"></TD>
            <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">EBITDA</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">1,792</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">77</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">20</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">88</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(30</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">1,947</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Amortization expense</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(757</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(14</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(13</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(31</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">18</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(797</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Net benefit plans
              credit</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><FONT color="#0000FF" size="1" FACE="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font color="#0000FF" size="1">(expense)</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(45</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(1</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">--</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">--</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">3</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(43</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="21" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Operating income (loss)</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">990</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">62</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">7</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">57</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(9</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">1,107</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="21" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="3" ALIGN="LEFT"><p><font color="#0000FF" size="1"><strong>Q2
                2002</strong></font><font size="1">&nbsp;</font></p></TD>
            &nbsp;<font size="1"></font>&nbsp;<font size="1"></font>&nbsp;<font size="1"></font>&nbsp;<font size="1"></font>&nbsp;<font size="1"></font>&nbsp;<font size="1"></font>&nbsp;<font size="1"></font>&nbsp;<font size="1"></font>&nbsp;<font size="1"></font>&nbsp;<font size="1"></font>&nbsp;<font size="1"></font>&nbsp;<font size="1"></font>&nbsp;<font size="1"></font>&nbsp;<font size="1"></font>&nbsp;<font size="1"></font>&nbsp;<font size="1"></font>&nbsp;<font size="1"></font><font size="1"></font></TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">EBITDA</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">1,839</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">58</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">11</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">73</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(45</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">1,936</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Amortization expense</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(756</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(16</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(15</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(32</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">11</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(808</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Net benefit plans
              credit</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><FONT color="#0000FF" size="1" FACE="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font color="#0000FF" size="1">(expense)</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">11</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(1</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">--</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">--</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">2</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">12</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Restructuring and</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><FONT color="#0000FF" size="1" FACE="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font color="#0000FF" size="1">other
              charges</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(294</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">--</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(119</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">--</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">--</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(413</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="21" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Operating income (loss)</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">800</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">41</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(123</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">41</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(32</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">727</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="21" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
        </TABLE>
      </blockquote>
      <font color="#0000FF" face="serif"> </font>
      <blockquote>
        <p align="LEFT">&nbsp;</p>
        <TABLE WIDTH="600" BORDER="0" CELLPADDING="0" CELLSPACING="0">
          <TR VALIGN="BOTTOM">
            <TD colspan="21" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD WIDTH="33%" ALIGN="LEFT"><font color="#0000FF" size="1">(in $
              millions)</font></TD>
            <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"><div align="right"><font color="#0000FF" size="1">Bell
                Canada Segment </font></div></TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"><font color="#0000FF" size="1">Bell<br>
              Globe-<br>
              media </font></TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"><div align="right"><font color="#0000FF" size="1">BCE<br>
                Emergis </font></div></TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"><div align="right"><font color="#0000FF" size="1">BCE<br>
                Ventures<br>
                </font></div></TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"><font color="#0000FF" size="1">Corpo-rate
              and other </font></TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"><font color="#0000FF" size="1">BCE<br>
              Consoli-dated </font></TD>
            <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="21" ALIGN="LEFT"> <HR width="100%" color=#0000ff noShade SIZE=1>
            </TD>
          </TR>
        </TABLE>
        <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
          <TR VALIGN="BOTTOM">
            <TD width="33%" ALIGN="LEFT"><font color="#0000FF" size="1"><strong>YTD
              2003</strong></font> <font color="#0000FF" size="1"><br>
              EBITDA</font></TD>
            <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD width="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD width="6%" ALIGN="RIGHT"><strong><font color="#0000FF" size="1">3,518</font></strong></TD>
            <TD width="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD width="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD width="6%" ALIGN="RIGHT"><strong><font color="#0000FF" size="1">114</font></strong></TD>
            <TD width="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD width="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD width="6%" ALIGN="RIGHT"><strong><font color="#0000FF" size="1">35</font></strong></TD>
            <TD width="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD width="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD width="6%" ALIGN="RIGHT"><strong><font color="#0000FF" size="1">172</font></strong></TD>
            <TD width="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD width="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD width="6%" ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(70</font></strong></TD>
            <TD width="4%" ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD width="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD width="6%" ALIGN="RIGHT"><strong><font color="#0000FF" size="1">3,769</font></strong></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Amortization expense</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(1,491</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(31</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(27</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(59</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">36</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(1,572</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Net benefit plans
              credit</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><p><FONT color="#0000FF" size="1" FACE="serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font color="#0000FF" size="1">(expense)</font></p></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(89</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(2</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">--</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">--</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">6</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(85</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="21" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Operating income (loss)</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">1,938</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">81</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">8</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">113</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(28</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">2,112</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="21" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1"><strong>YTD 2002</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">EBITDA</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">3,594</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">91</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(9</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">150&nbsp;</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(82</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">3,744</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Amortization expense</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(1,469</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(33</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(38</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(64</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">26</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(1,578</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Net benefit plans
              credit</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><FONT color="#0000FF" size="1" FACE="serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font color="#0000FF" size="1">(expense)</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">19</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(2</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">--</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">--</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">1</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">18</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Restructuring and</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><FONT color="#0000FF" size="1" FACE="serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font color="#0000FF" size="1">other
              charges</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(294</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">--</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(119</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">--</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">--</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(413</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="21" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Operating income (loss)</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">1,850</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">56</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(166</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">86</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(55</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">1,771</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="21" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
        </TABLE>
        <p align="justify"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2"><strong>NET
          EARNINGS BEFORE NON-RECURRING ITEMS AND ROE</strong><br>
          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-operational or 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> </p>
      </blockquote>
      <p align="center"><font color="#0000FF" size="2">5</font></p>
      <p align="center">&nbsp; </p>
      <hr width="100%" size=4 color=GRAY noshade>
      <!-- *************************************************************************** -->
      <!-- MARKER PAGE="sheet: 1; page: 1" -->
      <br>
      <blockquote>
        <p align="justify"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></FONT><FONT SIZE="2">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></FONT> </p>
        <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="620">
          <TR VALIGN="BOTTOM">
            <td COLSPAN="3"><HR width="100%" color=#0000ff noShade SIZE=1></td>
            <td COLSPAN="12"><HR width="100%" color=#0000ff noShade SIZE=1></td>
          </TR>
          <TR VALIGN="BOTTOM">
            <td COLSPAN="3"><font color="#0000FF" size="1">(in $ millions)</font></td>
            <td COLSPAN="3"><div align="left"><font color="#0000FF" size="1"><strong>Q2
                2003</strong></font></div></td>
            <td COLSPAN="3"><div align="left"><font color="#0000FF" size="1">Q2
                2002</font></div></td>
            <td COLSPAN="3"><div align="left"><font color="#0000FF" size="1"><strong>YTD
                2003</strong></font></div></td>
            <td COLSPAN="3"><div align="left"><font color="#0000FF" size="1">YTD
                2002</font></div></td>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="15" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD WIDTH="60%" ALIGN="LEFT"><font color="#0000FF" size="1">Net earnings
              before non-recurring items</font></TD>
            <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="4%" ALIGN="RIGHT"><strong><font color="#0000FF" size="1">460</font></strong></TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="4%" ALIGN="RIGHT"><font color="#0000FF" size="1">399</font></TD>
            <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="4%" ALIGN="RIGHT"><strong><font color="#0000FF" size="1">920</font></strong></TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="4%" ALIGN="RIGHT"><font color="#0000FF" size="1">742</font></TD>
            <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Non-operational and
              non-recurring items:</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></FONT></FONT><font color="#0000FF" size="1">Discontinued
              operations</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">1</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(303</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(1</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(349</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></FONT></FONT><font color="#0000FF" size="1">Restructuring
              charges</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">--</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(216</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">--</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(216</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></FONT></FONT><font color="#0000FF" size="1">Net
              gains on sale of investments and</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">--</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">126</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">--</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">126</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></FONT></FONT><font color="#0000FF" size="1">dilution
              gains</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="15" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Net earnings applicable
              to common</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></FONT></FONT><font color="#0000FF" size="1">shares
              as reported</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">461</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">6</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">919</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">303</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="15" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
        </TABLE>
        <p align="LEFT"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></FONT></FONT><FONT SIZE="2">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></FONT> </p>
        <p align="LEFT">&nbsp;</p>
        <p align="LEFT">&nbsp;</p>
        <p align="center"><font color="#0000FF" size="2">6</font></p>
        <p align="center"><br>
          <br>
        </p>
        <hr width="100%" size=4 color=GRAY noshade>
        <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 1; page: 1" -->
        <br>
        <br>
        <p> <FONT color="#0000FF" FACE="serif"><FONT SIZE="6"><B>Financial Results
          Analysis</B></FONT></FONT></p>
        <p> <font color="#0000FF" face="serif"> </font><FONT color="#0000FF" size="5" FACE="serif">Operating
          Revenues</FONT></p>
        <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
          <TR VALIGN="BOTTOM">
            <td COLSPAN="21"><HR width="100%" color=#0000ff noShade SIZE=1></td>
          </TR>
          <TR VALIGN="BOTTOM">
            <td COLSPAN="3"><font color="#0000FF" size="1">(in $ millions)</font></td>
            <td COLSPAN="3"><div align="left"><strong><font color="#0000FF" size="1">Q2
                2003</font></strong></div></td>
            <td COLSPAN="3"><div align="left"><font color="#0000FF" size="1">Q2
                2002</font></div></td>
            <td COLSPAN="3"><font color="#0000FF" size="1">% change</font></td>
            <td COLSPAN="3"><div align="left"><strong><font color="#0000FF" size="1">YTD
                2003</font></strong></div></td>
            <td COLSPAN="3"><div align="left"><font color="#0000FF" size="1">YTD
                2002</font></div></td>
            <td COLSPAN="3"><font color="#0000FF" size="1">% change</font></td>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="21" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD WIDTH="36%" ALIGN="LEFT"><font color="#0000FF" size="1">Bell Canada
              Segment</font></TD>
            <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"><strong><font color="#0000FF" size="1">4,296</font></strong></TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"><font color="#0000FF" size="1">4,402</font></TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="5%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT"><font color="#0000FF" size="1">(2</font></TD>
            <TD WIDTH="4%" ALIGN="LEFT"><font color="#0000FF" size="1">.4%)</font></TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"><strong><font color="#0000FF" size="1">8,543</font></strong></TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"><font color="#0000FF" size="1">8,685</font></TD>
            <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="4%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT"><font color="#0000FF" size="1">(1</font></TD>
            <TD WIDTH="1%" ALIGN="LEFT"><font color="#0000FF" size="1">.6%)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Bell Globemedia</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">357</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">326</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">9</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">.5%</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">692</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">638</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">8</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">.5%</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">BCE Emergis</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">124</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">142</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(12</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">.7%)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">248</font></strong></TD>
            <TD ALIGN="LEFT"><strong></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">274</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(9</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">.5%)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">BCE Ventures</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">309</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">261</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">18</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">.4%</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">617</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">524</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">17</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">.7%</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Corporate and other</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(140</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(157</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">10</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">.8%</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(264</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(305</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">13</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">.4%</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="21" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Total operating revenues</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">4,946</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">4,974</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(0</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">.6%)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">9,836</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">9,816</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">0</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">.2%</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="21" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
        </TABLE>
        <p><font color="#0000FF" size="4" face="serif">BCE Revenues decline 0.6%
          reflecting directories sale and Price Cap decision </font><font color="#0000FF" face="serif">
          <!-- MARKER FORMAT-SHEET="Para Flush" -->
          <br>
          </font><br>
        </p>
        <table width="95%" border="0" cellspacing="0" cellpadding="0">
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
                <strong><FONT SIZE="2"></FONT></strong></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT></div></td>
            <td colspan="2"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">In
              the second quarter of 2003, our revenues were $4,946 million, a
              decline of 0.6% compared to the same period last year, reflecting
              revenue declines at the Bell Canada Segment and BCE Emergis, partly
              offset by revenue growth at Bell Globemedia and BCE Ventures. On
              a year-to-date basis, our revenues grew 0.2% to $9,836 million reflecting
              revenue growth at Bell Globemedia and BCE Ventures, partly offset
              by revenue declines at the Bell Canada Segment and BCE Emergis.</FONT></FONT>
            </td>
          </tr>
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
                </FONT></FONT></FONT></FONT></div></td>
            <td colspan="2"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">The
              Bell Canada Segment&#146;s revenues declined 2.4% to $4,296 million
              this quarter and 1.6% to $8,543 million on a year-to-date basis,
              reflecting:</FONT></FONT></td>
          </tr>
          <tr>
            <td width="2%" valign="top"> <div align="left"></div></td>
            <td width="3%" valign="top"><HR align="left" width="20%" SIZE=1 noShade color=#0000ff></td>
            <td width="90%"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">the
              sale of the directories business in late 2002 which contributed
              $138 million to our revenues in Q2 2002 and $270 million for the
              first six months of 2002. </FONT></FONT> </td>
          </tr>
          <tr>
            <td width="2%" valign="top"> <div align="left"></div></td>
            <td valign="top"><HR align="left" width="20%" SIZE=1 noShade color=#0000ff></td>
            <td width="90%"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">the
              Price Cap decision which mandated price reductions on various services
              leading to a reduction of approximately $27 million in our revenues
              this quarter and $61 million on a year-to-date basis.</FONT></FONT></td>
          </tr>
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
                </FONT></FONT></FONT></FONT></div></td>
            <td colspan="2" valign="top"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">On
              a comparable basis, the Bell Canada Segment&#146;s revenues increased
              by 1.4% this quarter and 2.2% on a year-to-date basis, driven primarily
              by our Consumer business with growth in customer connections and
              revenues from wireless, high-speed Internet access and direct-to-home
              television (DTH) services. Compared to last year:</FONT></FONT>
            </td>
          </tr>
          <tr>
            <td width="2%" valign="top"> <div align="left"></div></td>
            <td valign="top"><HR align="left" width="20%" SIZE=1 noShade color=#0000ff>
              <FONT color=#0000ff><FONT
color=#0000ff></FONT></FONT></td>
            <td width="90%" valign="top"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">cellular
              and PCS subscribers grew by 13% to reach 4.1 million. Wireless revenues
              grew by 13% in the second quarter and for the first six months of
              the year.</FONT></FONT> </td>
          </tr>
          <tr>
            <td width="2%" valign="top"> <div align="left"></div></td>
            <td valign="top"><HR align="left" width="20%" SIZE=1 noShade color=#0000ff></td>
            <td width="90%" valign="top"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">high-speed
              Internet subscribers grew by 42% to reach 1.3 million. The majority
              of this growth came from residential customers, leading to growth
              in consumer data revenues of 23% both this quarter and for the first
              six months of the year. </FONT></FONT></td>
          </tr>
          <tr>
            <td width="2%" valign="top"> <div align="left"></div></td>
            <td valign="top"><HR align="left" width="20%" SIZE=1 noShade color=#0000ff></td>
            <td width="90%" valign="top"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">
              DTH subscribers grew by 14% to reach 1.3 million, leading to DTH
              revenue growth of 23% and 20% for the quarter and on a year-to-date
              basis, respectively.</FONT></FONT> </td>
          </tr>
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
                </FONT></FONT></FONT></FONT></div></td>
            <td colspan="2" valign="top"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">The
              Bell Canada Segment&#146;s revenue growth in these consumer services
              made up for revenue declines in the traditional service areas of
              local and access, long distance and terminal sales and other serivces
              as well as relatively flat business and wholesale data revenues.</FONT></FONT></td>
          </tr>
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
                </FONT></FONT></FONT></FONT></div></td>
            <td colspan="2" valign="top"><font color="#0000FF" face="serif"><FONT SIZE="2">Bell
              Globemedia&#146;s revenue growth of 9.5% this quarter and 8.5% on
              a year-to-date basis reflects a stronger television schedule and
              an improved television advertising market.</FONT></font></td>
          </tr>
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
                </FONT></FONT></FONT></FONT></div></td>
            <td colspan="2" valign="top"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">BCE
              Emergis had revenue declines of 12.7% this quarter and 9.5% on a
              year-to-date basis due mainly to lower revenue from the distribution
              agreement with Bell Canada for legacy products and other non-core
              and exited products. The negative impact of a stronger Canadian
              dollar on the conversion of BCE Emergis&#146; U.S. based revenues
              also contributed to the revenue decline amounting to $5 million
              for the quarter and $7 million on a year-to- date basis.</FONT></FONT>
            </td>
          </tr>
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
                </FONT></FONT></FONT></FONT></div></td>
            <td colspan="2" valign="top"><font color="#0000FF" face="serif">At
              BCE Ventures, revenue growth of 18.4% this quarter and 17.7% on
              a year-to-date basis compared to the same periods last year was
              driven mainly by CGI Group Inc.'s (CGI) acquisition of Cognicase
              Inc. (Cognicase) in January of this year.</font></td>
          </tr>
        </table>
        <br>
        <font color="#0000FF" size="5" face="serif">Bell Canada Segment</font><font color="#0000FF" size="4" face="serif"><br>
        </font><font color="#0000FF" face="serif"><strong><font size="2">LOCAL
        AND ACCESS REVENUES IMPACTED BY PRICE CAP</font></strong><font size="2"><br>
        </font></font><FONT color="#0000FF" size="2" FACE="serif"><B>DECISION</B></FONT><FONT color="#0000FF" FACE="serif"><FONT SIZE="2"><B><br>
        </B></FONT></FONT>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
                </FONT></FONT></FONT></FONT></div></td>
            <td colspan="2" valign="top"><font color="#0000FF" face="serif"><FONT SIZE="2">Local
              and access revenues were $1,512 million for the quarter, a 1.0%
              decline over last year. On a year-to-date basis, revenues were $3,012
              million, a decline of 1.1% over the previous year. These declines
              were primarily the result of the Price Cap decision and reductions
              in the number of NAS.</FONT></font></td>
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
                </FONT></FONT></FONT></FONT></div></td>
            <td colspan="2" valign="top"><font color="#0000FF" face="serif"><FONT SIZE="2">The
              Price Cap decision mandated rate reductions in certain business
              services and services provided to competitors. This led to a revenue
              reduction of approximately $9 million this quarter and $25 million
              on a year-to-date basis. On a comparable basis, local and access
              revenues would have declined by 0.4% and 0.3% respectively.</FONT></font></td>
          </tr>
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
                </FONT></FONT></FONT></FONT></div></td>
            <td colspan="2" valign="top"> <div align="justify"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">NAS
                in service declined by 94,000 or 0.7% over the second 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.
                Consumer NAS in service declined by 28,000, or 0.3%, while business
                NAS in service declined by 66,000, or 1.4%.</FONT></FONT> </div></td>
          </tr>
        </table>
        <p align="center"><img src="graf8.jpg" width="210" height="222"></p>
        <p align="center"><br>
          <img src="graf9.jpg" width="208" height="215"> </p>
        <p>&nbsp;</p>
        <p align="center"><font color="#0000FF" size="2">7</font></p>
        <p align="center"><br>
          <br>
        </p>
        <hr width="100%" size=4 color=GRAY noshade>
        <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 1; page: 1" -->
        <br>
        <br>
        <p><strong><font color="#0000FF" size="2" face="serif">LONG DISTANCE REVENUES
          DECLINED BY 5.7% </font></strong><font color="#0000FF" face="serif">
          <!-- MARKER FORMAT-SHEET="Para Flush" -->
          <br>
          </font></p>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
                </FONT></FONT></FONT></FONT></div></td>
            <td colspan="2" valign="top"> <div align="justify"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Long
                distance revenues were $608 million for the quarter, a 5.7% decline
                over last year. On a year-to-date basis, revenues were $1,254
                million, a reduction of 3.0% over the previous year. These declines
                reflected increased competitive pressures in both the consumer
                and business long distance markets as well as the impact of the
                Price Cap decision.</FONT></FONT> </div></td>
          </tr>
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
                </FONT></FONT></FONT></FONT></div></td>
            <td colspan="2" valign="top"><p align="LEFT"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Although
                consumer pricing improved due to increased network charges introduced
                in December 2002 and a minimum block of time charge introduced
                in Q2 2002, these charges were offset by a reduction in consumer
                long distance conversation minutes reflecting increased competition
                from non-traditional long distance service providers offering
                prepaid cards and dial-around services.</FONT></FONT> </td>
          </tr>
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
                </FONT></FONT></FONT></FONT></div></td>
            <td colspan="2" valign="top"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Business
              long distance minute volumes continued to grow, but pricing decreased
              as competitive pressures intensified.</FONT></FONT> </td>
          </tr>
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
                </FONT></FONT></FONT></FONT></div></td>
            <td colspan="2" valign="top"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">The
              overall volume of conversation minutes increased by 3.9% this quarter
              and by 4.4% on a year-to-date basis compared to the same periods
              last year. However, volume increases were offset by lower settlement
              payments and ARPM.</FONT></FONT></td>
          </tr>
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
                </FONT></FONT></FONT></FONT></div></td>
            <td colspan="2" valign="top"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">In
              addition, rate reductions related to the Price Cap decision led
              to revenue reductions of approximately $5 million for the quarter
              and $9 million year-to-date and contributed to the overall revenue
              decline.</FONT></FONT> </td>
          </tr>
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
                </FONT></FONT></FONT></FONT></div></td>
            <td colspan="2" valign="top"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Overall,
              average revenue per minute (ARPM) decreased by 4.8% to $0.12 this
              quarter from $0.126 in the second quarter of 2002. On a year-to-date
              basis, ARPM declined by 3.9%.</FONT></FONT> </td>
          </tr>
        </table>
        <p align="center"><img src="graf10.jpg" width="209" height="226"><font color="#0000FF" face="serif">
          </font> </p>
        <p align="LEFT">&nbsp; </p>
        <p><font color="#0000FF" size="2" face="serif"><strong>WIRELESS REVENUES
          GREW 13% WITH STRONG POST-PAID ADDS </strong></font><font color="#0000FF" face="serif">
          </font></p>
        <FONT color="#0000FF" FACE="serif"><FONT SIZE="2"><strong>Revenue and
        Subscriber Growth</strong><B><br>
        </B></FONT></FONT>
        <table width="95%" border="0" cellspacing="0" cellpadding="0">
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></div></td>
            <td width="93%"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Wireless
              service revenues of $621 million for the quarter and $1,191 million
              on a year-to-date basis reflected increases of 13% for each respective
              period, compared to the same periods last year. These increases
              were driven by subscriber growth of 13% and higher average revenue
              per subscriber.</FONT></FONT> </td>
          </tr>
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></div></td>
            <td width="93%"> <FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Our
              total cellular and PCS subscriber base reached 4,120,000 reflecting
              131,000 customer net additions for the second quarter and 201,000
              for the first six months of 2003. Including paging subscribers,
              our total wireless customer base totalled 4,701,000 at June 30,
              2003.</FONT></FONT></td>
          </tr>
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></div></td>
            <td width="93%"> <FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Net
              activations of 131,000 for the quarter and 201,000 on a year-to-date
              basis were up 40,000 and 16,000, respectively compared to the same
              periods last year. Growth was stimulated by customer interest in
              new phones with enhanced features and selected promotions featuring
              lower handset pricing for activations on term contracts, in response
              to more aggressive competitive offers.</FONT></FONT></td>
          </tr>
          <tr>
            <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td> <FONT color="#0000FF" FACE="serif"><FONT SIZE="2">With 79% of
              net activations for the quarter and 78% for the first six months
              of 2003 coming from post-paid rate plans, we ended the second quarter
              of this year with 75% of our cellular and PCS subscriber base consisting
              of post-paid customers, up from 74% at the end of Q2 2002.</FONT></FONT>
            </td>
          </tr>
        </table>
        <div align="center"><br>
          <br>
          <img src="graf11.jpg" width="208" height="224"> <br>
          <br>
          <img src="graf12.jpg" width="210" height="224"> </div>
        <blockquote> <font color="#0000FF" face="serif"> </font></blockquote>
        <FONT color="#0000FF" FACE="serif"><FONT SIZE="2"><B>Average revenue per
        unit (ARPU)<br>
        </B></FONT></FONT>
        <table width="95%" border="0" cellspacing="0" cellpadding="0">
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></div></td>
            <td width="93%"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Total
              ARPU of $48 for the quarter and $46 on a year-to-date basis was
              up by $2 and $1, respectively, compared to the same periods last
              year, driven by a higher post-paid ARPU and an increase in post-paid
              subscribers as a percentage of the total base. Higher revenues from
              value added services such as Message Centre and Call Display, as
              well as data services partly offset by lower roaming revenues as
              fewer people travelled, led to a $1 per month increase in post-paid
              ARPU for both the second quarter and for the first six months of
              the year. Prepaid ARPU declined by $1 in the second quarter and
              on a year-to-date basis compared to the same periods last year.</FONT></FONT></td>
          </tr>
        </table>
        <FONT color="#0000FF" FACE="serif"><FONT SIZE="2"><B><br>
        Churn</B></FONT></FONT><br>
        <table width="95%" border="0" cellspacing="0" cellpadding="0">
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></div></td>
            <td width="93%"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Blended
              churn of 1.4% in the second quarter and on a year-todate basis,
              improved from 1.5% for each respective period last year. Post-paid
              churn of 1.3% in the second quarter and on a year-to-date basis
              remained at the company&#146;s lowest levels and improved from 1.4%
              for the same periods in 2002, reflecting continued strong customer
              satisfaction.</FONT></FONT> </td>
          </tr>
        </table>
        <FONT color="#0000FF" FACE="serif"><FONT SIZE="2"><B><br>
        Wireless data<br>
        </B></FONT></FONT>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></div></td>
            <td width="93%"><font color="#0000FF" face="serif">Mobile browser
              hits reached 170 million in Q2 2003, up 38% from the previous quarter
              and 81% from Q2 2002. Mobile browser hits for the first six months
              of 2003 were 293 million, or 42% higher than the 206 million for
              the same period in 2002.</font></td>
          </tr>
        </table>
        <div align="center"><br>
          <FONT color="#0000FF" FACE="serif"><FONT SIZE="2">8<B> <br>
          <br>
          <br>
          </B></FONT></FONT> </div>
        <hr width="100%" size=4 color=GRAY noshade>
        <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 1; page: 1" -->
        <br>
        <font color="#0000FF" size="2" face="serif"><strong>DATA REVENUE GROWTH
        OF 2.4% REFLECTS CONTINUED SOFTNESS IN ENTERPRISE AND WHOLESALE MARKETS</strong></font><font color="#0000FF" face="serif">
        <!-- MARKER FORMAT-SHEET="Para Flush" -->
        <br>
        <br>
        </font><FONT color="#0000FF" FACE="serif"><FONT SIZE="2"><B>Revenue growth<br>
        </B></FONT></FONT>
        <table width="95%" border="0" cellspacing="0" cellpadding="0">
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></div></td>
            <td width="93%"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Data
              revenues of $955 million in the second quarter of this year grew
              2.4% compared to the second quarter of 2002. On a year-to- date
              basis, revenues grew to $1,888 million, a 2.7% increase over last
              year.</FONT></FONT></td>
          </tr>
          <tr>
            <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">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 $13 million decrease
              in data revenues this quarter and a $27 million decrease year-to-date.
              On a comparable basis, data revenues increased 3.8% for the quarter
              and 4.2% for the first six months of the year.</FONT></FONT> </td>
          </tr>
          <tr>
            <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Consumer data
              revenues grew 23% both this quarter and on a year-to-date basis
              compared to the same periods last year, reflecting strong growth
              in our Sympatico subscriber base.</FONT></FONT> </td>
          </tr>
          <tr>
            <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">In contrast,
              business and wholesale data revenues declined by 0.7% this quarter
              and by 0.3% on a year-to-date basis compared to the same periods
              last year.</FONT></FONT></td>
          </tr>
          <tr>
            <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Although business
              data volumes experienced modest growth during the first half of
              the year, business data revenues reflected price competition, the
              impact of the Price Cap decision and product mix shifts from legacy
              data services to emerging data services. Legacy service revenue
              declines were partially offset by growth in high-speed internet
              service for small and medium sized customers and by growth in Internet
              Protocol (IP)/broadband services for large enterprise customers.
              Business data revenues increased by 3.4% in the quarter and by 3.7%
              on a year-to-date basis compared to the same periods last year.</FONT></FONT>
            </td>
          </tr>
          <tr>
            <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Wholesale revenues
              declined by 18.2% this quarter and by 16.9% on a year-to-date basis
              as this segment remained waek due to price and volume drivers, as
              well as the impact of the Price Cap decision.</FONT></FONT> </td>
          </tr>
          <tr>
            <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">After adjusting
              to exclude the impact of the Price Cap decision, overall business
              and wholesale data revenue growth was essentially flat year-over-year
              growing only 0.9% for the quarter and 1.4% on a year-to-date basis.</FONT></FONT></td>
          </tr>
        </table>
        <div align="center"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2"><B>
          <br>
          <br>
          <img src="graf13.jpg" width="210" height="225"> <br>
          <br>
          </B></FONT></FONT></div>
        <FONT color="#0000FF" FACE="serif"><FONT SIZE="2"><B>High-Speed Internet
        </B></FONT></FONT><FONT color="#0000FF" FACE="serif"><FONT SIZE="2"><B>subscriber
        growth <br>
        </B></FONT></FONT>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="2%" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td width="93%"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2"><B>
              </B></FONT></FONT><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">In
              the second quarter of 2003, the number of high-speed Internet subscribers
              increased by 81,000 to reach 1,287,000, while dial-up subscribers
              declined by 29,000 to 911,000, reflecting customers&#146; preference
              for higher speed alternatives. On a year-to-date basis, high-speed
              Internet subscribers increased by 177,000, while dial-up subscribers
              declined by 46,000.</FONT></FONT></td>
          </tr>
          <tr>
            <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><FONT color="#0000FF" FACE="serif"><FONT SIZE="2"><B> </B></FONT></FONT><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Bell
              Canada added 40,000 new subscriptions of Sympatico valueadded services
              such as Desktop Anti-virus and Desktop Firewall this quarter and
              53,000 year-to-date, for an end-of-period total count of 138,000
              customer subscriptions as at June 30, 2003.</FONT></FONT> </td>
          </tr>
          <tr>
            <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">The DSL footprint
              in Ontario and Quebec increased to 78% of homes and business lines
              passed at the end of Q2 2003 from 72% a year ago. In Atlantic Canada,
              DSL was available to 63% of homes at the end of Q2 2003 compared
              to 60% a year ago.</FONT></FONT> </td>
          </tr>
        </table>
        <div align="center"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2"><B><br>
          <br>
          <img src="graf14.jpg" width="206" height="223"> <br>
          <br>
          <br>
          </B></FONT></FONT></div>
        <FONT color="#0000FF" FACE="serif"><FONT SIZE="2"><B>Strategic alliance
        with Microsoft<br>
        </B></FONT></FONT>
        <table width="95%" border="0" cellspacing="0" cellpadding="0">
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></div></td>
            <td width="93%"><div align="justify"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">On
                June 16, 2003, Bell Canada announced a strategic alliance with
                Microsoft Corporation which will allow us to deliver a unique
                package of services to our customers that will include the popular
                MSN instant messaging, Hotmail, and the next version of MSN&#146;s
                recently launched premium services, MSN&reg;8. The alliance will
                also combine the best of Sympatico.ca and MSN.ca to create a new
                co-branded portal scheduled to be launched in the Spring of 2004.
                Bell Canada and Microsoft will work together to develop services
                in the areas of home networking, mobile computing, interactive
                entertainment, security and enhanced communications tools such
                as unified voice and e-mail, video conferencing and multimedia
                messaging.</FONT></FONT> </div></td>
          </tr>
        </table>
        <br>
        <FONT color="#0000FF" FACE="serif"><FONT SIZE="2"><B>Surf and Watch&#146;
        bundle and enhancements to Sympatico Internet Services<br>
        </B></FONT></FONT>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="3%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></div></td>
            <td colspan="2"><div align="justify">
                <p><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">In June 2003,
                  Bell Canada announced a simple &#145;Surf and Watch&#146; bundle
                  that offers Bell ExpressVu&#146;s digital satellite television
                  and Sympatico&#146;s High Speed Internet services on one bill.
                  The bundle can be ordered through a single call or through Bell
                  World stores.</FONT></FONT> </div></td>
          </tr>
          <tr>
            <td width="3%" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td colspan="2"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Bell
              Canada also announced speed and service enhancements to Sympatico
              High Speed Edition and High Speed Ultra services as part of our
              ongoing plan to simplify customer offers and expand the opportunity
              for customers to experience more sophisticated online content.</FONT></FONT></td>
          </tr>
          <tr>
            <td width="3%" valign="top">&nbsp;</td>
            <td width="3%"><HR align="left" width="40%" SIZE=1 noShade color=#0000ff></td>
            <td width="96%"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">The
              majority of Sympatico High Speed Edition customers in Ontario and
              Quebec can now experience an increase in download speeds from up
              to 1.0 Mbps to up to 1.5 Mbps and an increase in upload speeds by
              as much as 100% to up to 320kbps.</FONT></FONT> </td>
          </tr>
          <tr>
            <td valign="top">&nbsp;</td>
            <td><HR align="left" width="40%" SIZE=1 noShade color=#0000ff></td>
            <td><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Sympatico High
              Speed Edition and Sympatico High Speed Ultra customers no longer
              incur additional charges for bandwidth usage.</FONT></FONT></td>
          </tr>
        </table>
        <font color="#0000FF" face="serif"> </font>
        <p align="LEFT"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2"><br>
          <strong> DTH REVENUES GREW BY 23% </strong></FONT></FONT></p>
        <FONT color="#0000FF" FACE="serif"><FONT SIZE="2"><B>Revenue and subscriber
        growth<br>
        </B></FONT></FONT>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="3%" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td colspan="2"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">In
              the second quarter of 2003 our subscriber base grew 14% over Q2
              2002 to 1,335,000 which led to DTH revenues of $191 million or 23%
              higher for the quarter and $368 million or 20% higher for the first
              six months of 2003 compared to the same periods last year.</FONT></FONT></td>
          </tr>
          <tr>
            <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td colspan="2"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Net
              additions totaled 18,000 for the quarter and 31,000 on a year-to-date
              basis, both down from the 31,000 and 107,000 achieved for the respective
              periods in 2002, reflecting a slower rate of growth in digital television
              market demand and higher market penetration levels. Net additions
              were up by 5,000 compared to the previous quarter reflecting increased
              advertising</FONT></FONT></td>
          </tr>
        </table>
        <p align="center"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2"><B><br>
          <img src="graf15.jpg" width="207" height="223"> <br>
          <br>
          </B>9<B><br>
          <br>
          <br>
          <br>
          </B></FONT></FONT></p>
        <hr width="100%" size=4 color=GRAY noshade>
        <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 1; page: 1" -->
        <br>
        <p align="center"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2"><B>
          <br>
          <img src="graf16.jpg" width="207" height="222"> </B></FONT></FONT></p>
        <br>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="5%" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"></FONT></FONT></FONT></FONT></FONT></td>
            <td width="95%" colspan="2"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">and
              an extended free installation promotion throughout the quarter,
              following fewer promotions and less advertising in the early part
              of last quarter.</FONT></FONT></td>
          </tr>
        </table>
        <font size="2"><strong><font color="#0000FF" face="serif"><br>
        Average revenue per subscriber (ARPS)</font></strong><font color="#0000FF" face="serif"></font></font><font color="#0000FF" face="serif">
        <br>
        </font>
        <table width="95%" border="0" cellspacing="0" cellpadding="0">
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></div></td>
            <td width="93%"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">ARPS
              increased by $3 per month to $47 for the second quarter and by $1
              per month to $45 on a year-to-date basis compared to the same periods
              last year. This increase reflected the impact of the $2.99 system
              charge for all customers which became effective April 28 of this
              year and the $2 to $3 rate increase on specific programming packages
              introduced on February 1, 2003, partially offset by lower pay-per-view
              revenues and the netting of programming credits against revenues
              beginning in June 2002.</FONT></FONT> </td>
          </tr>
        </table>
        <br>
        <FONT color="#0000FF" FACE="serif"><FONT SIZE="2"><B>Churn<br>
        </B></FONT></FONT>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></div></td>
            <td width="93%"><font color="#0000FF" face="serif"><FONT SIZE="2">Churn
              of 1.1% per month for Q2 and for the first six months of 2003 was
              slightly higher compared to the same periods in 2002 reflecting
              a slight increase in disconnects related to non-payment.</FONT></font></td>
          </tr>
        </table>
        <FONT color="#0000FF" FACE="serif"><FONT SIZE="2"><B><br>
        Expanded service offerings<br>
        </B></FONT></FONT>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></div></td>
            <td width="93%"><font color="#0000FF" face="serif"><FONT SIZE="2">On
              June 12, 2003, Bell ExpressVu added 26 new channels to its existing
              300 channel line-up as part of its year-long programming expansion
              that will see Bell ExpressVu add 76 new channels by the end of 2003.
              The new programming line-up includes 15 high definition channels,
              making Bell ExpressVu the leader in high definition television programming
              in Canada, and 10 new international and multicultural channels.</FONT></font></td>
          </tr>
          <tr>
            <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">The expanded
              line-up is being delivered by 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, as well as its
              new broadcast center in Toronto.</FONT></FONT></td>
          </tr>
        </table>
        <font size="2"><strong><font color="#0000FF" face="serif"><br>
        TERMINAL SALES AND OTHER</font></strong><font color="#0000FF" face="serif"></font></font><font color="#0000FF" face="serif">
        <br>
        </font>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></div></td>
            <td width="93%"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Terminal
              sales and other revenues were $409 million for the quarter, a 10.3%
              decline over last year. On a year-to-date basis, revenues were $830
              million, a decline of 5.7% over the previous year. These declines
              include the impacts of reductions in wholesale international long
              distance minutes, wireless handset promotions and lower third party
              billing from Expertech.</FONT></FONT></td>
          </tr>
        </table>
        <FONT color="#0000FF" FACE="serif"><FONT SIZE="3"><br>
        <font size="4"> Bell Globemedia<br>
        </font></FONT></FONT><font size="2"><strong><font color="#0000FF" face="serif">BELL
        GLOBEMEDIA REVENUES GREW BY 9.5% </font></strong><font color="#0000FF" face="serif"><br>
        </font></font>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></div></td>
            <td width="93%"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Bell
              Globemedia revenues for the second quarter rose to $357 million,
              a 9.5% increase over the second quarter of 2002. On a year-to-date
              basis, revenues grew to $692 million, 8.5% higher than last year.</FONT></FONT></td>
          </tr>
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></div></td>
            <td width="93%"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">This
              increase was the result of CTV Inc.'s (CTV) stronger television
              schedule with 17 of the top 20 most watched shows of the summer
              at June 30, 2003, and the strengthening of the overall television
              advertising market. Television advertising revenues increased by
              21.3% this quarter and by 17.2% on a year-to-date basis compared
              to the same periods last year.</FONT></FONT></td>
          </tr>
          <tr>
            <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Print advertising
              revenues increased by 4.3% this quarter and remained essentially
              flat on a year-to-date basis principally due to the continued weakness
              in the newspaper advertising market. In addition, the SARS outbreak
              in Toronto led to a reduction in tourism and a resulting decrease
              in print advertising geared to the tourist market.</FONT></FONT></td>
          </tr>
        </table>
        <p align="center"><img src="graf17.jpg" width="210" height="220"><br>
        </p>
        <p> <font color="#0000FF" face="serif"> </font></p>
        <FONT color="#0000FF" FACE="serif"><FONT SIZE="4">BCE Emergis<br>
        </FONT></FONT><font size="2"><strong><font color="#0000FF" face="serif">BCE
        EMERGIS REVENUES DECLINED BY 12.7%</font></strong></font><font color="#0000FF" face="serif"><br>
        <font size="2"> </font></font>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="2%" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td width="93%"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">In
              Q2 2003, BCE Emergis had revenues of $124 million, a 12.7% decline
              from its revenues of $142 million achieved in Q2 2002. On a year-to-date
              basis, revenues declined 9.5% to $248 million from $274 million
              in the same period last year. In each case, the decline was due
              mainly to lower revenues from the distribution agreement with Bell
              Canada for legacy products and from other non-core and exited products.
              In addition, the negative impact of a stronger Canadian dollar relative
              to the U.S. dollar on the conversion of BCE Emergis&#146; U.S. revenues
              contributed to the quarterly and year-to-date declines.</FONT></FONT></td>
          </tr>
          <tr>
            <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><font color="#0000FF" face="serif"><font size="2"> </font></font><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Core
              revenues (excluding the revenue from the Bell legacy contract and
              other non-core and exited products) for the second quarter were
              $96 million compared with $104 million in the second quarter of
              2002. For the first six months of the year, core revenues were $190
              million compared with $193 million last year.</FONT></FONT></td>
          </tr>
          <tr>
            <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><font color="#0000FF" face="serif"><font size="2"> </font></font><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">A
              stronger Canadian dollar relative to the U.S. dollar as well as
              lower revenue expectations from the eHealth Solutions (U.S.) operations
              are expected to negatively impact revenues for the balance of 2003.</FONT></FONT></td>
          </tr>
        </table>
        <p align="center"><font color="#0000FF" face="serif"><font size="2"><br>
          <img src="graf18.jpg" width="209" height="223"> <br>
          <br>
          <br>
          10<br>
          <br>
          </font></font></p>
        <hr width="100%" size=4 color=GRAY noshade>
        <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 1; page: 1" -->
        <br>
        <br>
        <FONT color="#0000FF" FACE="serif"><FONT SIZE="4">BCE Ventures<br>
        </FONT></FONT>
        <table width="95%" border="0" cellspacing="0" cellpadding="0">
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></div></td>
            <td width="93%"><font color="#0000FF" face="serif">&nbsp;</font><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">BCE
              Ventures&#146; revenues increased 18.4% to $309 million from $261
              million in Q2 2002 and on a year-to-date basis by 17.7% to $617
              million from $524 million in the first six months of 2002. In each
              case, the increase was driven mainly by growth in CGI&#146;s revenues.</FONT></FONT>
            </td>
          </tr>
          <tr>
            <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">CGI&#146;s revenues
              increased 24.4% to $219 million this quarter and by 27.7% to $443
              million for the first half of 2003, driven by its acquisition of
              Cognicase in January 2003.</FONT></FONT></td>
          </tr>
          <tr>
            <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Revenues increased
              by 6.4% at Telesat this quarter and by 4.5% for the first half of
              2003, reflecting the placement in service of the Nimiq 2 satellite
              in early 2003.</FONT></FONT></td>
          </tr>
          <tr>
            <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><font color="#0000FF" face="serif">&nbsp; </font><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Other
              revenues were unchanged for the second quarter at $7 million. On
              a year-to-date basis, other revenues were $12 million, or $10 million
              lower than the same period last year reflecting the sale of the
              1000 de La Gaucheti&egrave;re West building in February 2002.</FONT></FONT></td>
          </tr>
        </table>
        <font color="#0000FF" face="serif"><br>
        <br>
        </font><FONT color="#0000FF" size="5" FACE="serif">EBITDA<br>
        </FONT>
        <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
          <TR VALIGN="BOTTOM">
            <td COLSPAN="21"><HR width="100%" color=#0000ff noShade SIZE=1></td>
          </TR>
          <TR VALIGN="BOTTOM">
            <td COLSPAN="3"><font color="#0000FF" size="1">(in $ millions)</font></td>
            <td COLSPAN="3"><strong><font color="#0000FF" size="1">Q2 2003</font></strong></td>
            <td COLSPAN="3"><font color="#0000FF" size="1"> <FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;</FONT></FONT></FONT></FONT></FONT></FONT>Q2 2002</font></td>
            <td COLSPAN="3"><div align="center"><font color="#0000FF" size="1">&nbsp;&nbsp;%
                change</font></div></td>
            <td COLSPAN="3"><strong><font color="#0000FF" size="1">YTD 2003</font></strong></td>
            <td COLSPAN="3"><font color="#0000FF" size="1">YTD 2002</font></td>
            <td COLSPAN="3"><div align="left"><font color="#0000FF" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
                change</font></div></td>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="21" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD WIDTH="31%" ALIGN="LEFT"><font color="#0000FF" size="1">Bell Canada
              Segment</font></TD>
            <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"><strong><font color="#0000FF" size="1">1,792</font></strong></TD>
            <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"><font color="#0000FF" size="1">1,839</font></TD>
            <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="5%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT"><font color="#0000FF" size="1">(2</font></TD>
            <TD WIDTH="5%" ALIGN="LEFT"><font color="#0000FF" size="1">.6%)</font></TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"><strong><font color="#0000FF" size="1">3,518</font></strong></TD>
            <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"><font color="#0000FF" size="1">3,594</font></TD>
            <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="5%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT"><font color="#0000FF" size="1">(2</font></TD>
            <TD WIDTH="1%" ALIGN="LEFT"><font color="#0000FF" size="1">.1%)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Bell Globemedia</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">77</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">58</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">32</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">.8%</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">114</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">91</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">25</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">.3%</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">BCE Emergis</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">20</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">11</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">81</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">.8%</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">35</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(9</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">n.m.</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">BCE Ventures</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">88</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">73</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">20</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">.5%</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">172</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">150&nbsp;</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">14</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">.7%</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Corporate and other</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(30</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(45</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">33</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">.3%</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(70</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(82</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">14</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">.6%</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="21" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Total EBITDA</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">1,947</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">1,936</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">0</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">.6%</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">3,769</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">3,744</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">0</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">.7%</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="21" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
        </TABLE>
        <FONT color="#0000FF" size="5" FACE="serif"> <br>
        </FONT><font color="#0000FF" size="3" face="serif">BCE EBITDA increases
        0.6% despite directories sale</font><font color="#0000FF" face="serif">
        <br>
        </font>
        <table width="95%" border="0" cellspacing="0" cellpadding="0">
          <tr>
            <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></div></td>
            <td width="93%"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">BCE&#146;s
              EBITDA increased by 0.6% to $1,947 million this quarter and by 0.7%
              to $3,769 million year-to-date. Our growth was driven by EBITDA
              gains at Bell Globemedia, BCE Emergis 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 6.5% for the quarter and by 7.0%
              on a year-to-date basis.</FONT></FONT></td>
          </tr>
        </table>
        <font color="#0000FF" face="serif"> </font> <br>
        <FONT color="#0000FF" FACE="serif"><FONT SIZE="4">Bell Canada Segment<br>
        <br>
        </FONT></FONT><FONT color="#0000FF" FACE="serif"><FONT SIZE="2"><B>Bell
        Canada EBITDA declines 2.6% due to directories sale and Price Cap decision
        </B> <br>
        </FONT></FONT>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="3%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></div></td>
            <td colspan="2"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">The
              sale of our directories business negatively impacted our EBITDA.
              The Price Cap decision also led to lower EBITDA. Primarily as a
              result of these factors, the Bell Canada Segment&#146;s EBITDA declined
              2.6% to $1,792 million this quarter and by 2.1% to $3,518 million
              on a year-to-date basis. The directories business contributed approximately
              $83 million to EBITDA in Q2 2002 and approximately $164 million
              to EBITDA in the first six months of 2002. The Price Cap decision
              reduced Q2 2003 EBITDA by approximately $27 million this quarter
              and by approximately $61 million year-to-date. On a comparable basis,
              the Bell Canada Segment&#146;s EBITDA increased by 3.6% this quarter
              and 4.3% year-to-date compared to the same periods last year.</FONT></FONT></td>
          </tr>
          <tr>
            <td width="3%" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td colspan="2"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">
              </FONT></FONT><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">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 41.7% this quarter and 41.2% on a year-to-date basis compared
              to the 41.8% achieved in the second quarter of 2002 and the 41.4%
              achieved in the first six months of 2002, respectively. This stability
              reflects the realization of productivity improvements from numerous
              projects across the Bell Canada Segment.</FONT></FONT> </td>
          </tr>
          <tr>
            <td width="3%" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td colspan="2"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">
              </FONT></FONT><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">Our
              productivity improvement program strives to reduce the cost per
              unit of the various processes and materials required throughout
              the company. By consistently applying this approach to unit cost
              reduction, the large volumes inherent in our operations drive significant
              levels of productivity improvements. The processes and materials
              used in our operations are generally used to:</FONT></FONT> </td>
          </tr>
          <tr>
            <td width="3%" valign="top">&nbsp;</td>
            <td width="3%"><HR align="left" width="40%" SIZE=1 noShade color=#0000ff></td>
            <td width="94%"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">acquire
              customers (eg. sales activities, commissions, equipment sold).</FONT></FONT>
            </td>
          </tr>
          <tr>
            <td width="3%" valign="top">&nbsp;</td>
            <td><HR align="left" width="40%" SIZE=1 noShade color=#0000ff></td>
            <td><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">
              serve existing customers (eg. help desk support, equipment maintenance
              and repair, billing).</FONT></FONT></FONT> </td>
          </tr>
          <tr>
            <td width="3%" valign="top">&nbsp;</td>
            <td><HR align="left" width="40%" SIZE=1 noShade color=#0000ff></td>
            <td><font color="#0000FF" face="serif"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">provide
              back-office support functions (eg. finance, human resources, communications).</FONT></FONT>
              </font></td>
          </tr>
          <tr>
            <td width="3%" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td colspan="2"><font color="#0000FF" face="serif"> <FONT SIZE="2">We
              achieve these unit cost reductions in many ways including:</FONT></font></td>
          </tr>
          <tr>
            <td valign="top">&nbsp;</td>
            <td><HR align="left" width="40%" SIZE=1 noShade color=#0000ff></td>
            <td><font color="#0000FF" face="serif"><FONT SIZE="2"> negotiating
              lower prices from our various external providers of equipment, software,
              supplies and services.</FONT></font> </td>
          </tr>
          <tr>
            <td valign="top">&nbsp;</td>
            <td><HR align="left" width="40%" SIZE=1 noShade color=#0000ff></td>
            <td><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">optimizing operational
              processes based on current business needs and the latest IS/IT capabilities.</FONT></FONT></td>
          </tr>
          <tr>
            <td valign="top">&nbsp;</td>
            <td><HR align="left" width="40%" SIZE=1 noShade color=#0000ff></td>
            <td><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">better utilization
              of economies of scale.</FONT></FONT> </td>
          </tr>
          <tr>
            <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td colspan="2"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">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></FONT>
            </td>
          </tr>
          <tr>
            <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td colspan="2"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">In
              addition to taking costs out of the business, our various productivity
              initiatives are also leading to simplification for our customers
              while improving customer service. We continued to make progress
              in simplifying our business this quarter through:</FONT></FONT></td>
          </tr>
          <tr>
            <td valign="top">&nbsp;</td>
            <td><HR align="left" width="40%" SIZE=1 noShade color=#0000ff></td>
            <td><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">the roll-out
              of our interactive voice response system &#147;Emily&#148; in Quebec.
              The introduction of &#147;Emily&#148; has led to a reduction in
              misdirected calls and customer complaints and has enabled a greater
              level of customer self-service.</FONT></FONT></td>
          </tr>
          <tr>
            <td valign="top">&nbsp;</td>
            <td><HR align="left" width="40%" SIZE=1 noShade color=#0000ff></td>
            <td><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">the implementation
              of specialized call center &#147;Move Queues&#148;. These queues
              provide customers who are moving with a single point of contact
              to transfer all their Bell services.</FONT></FONT></td>
          </tr>
          <tr>
            <td height="19" valign="top">&nbsp;</td>
            <td><HR align="left" width="40%" SIZE=1 noShade color=#0000ff></td>
            <td><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">the introduction
              of a special &#147;MultiCaller&#148; queue for Sympatico help desk
              users. Recent repeat callers are automatically identified and routed
              to the specialized agents in this new queue for trouble resolution.
              The implementation of this queue has led to a significant reduction
              in repeat calls.</FONT></FONT></td>
          </tr>
          <tr>
            <td height="19" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td colspan="2"><FONT color="#0000FF" FACE="serif"><FONT SIZE="2">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></td>
          </tr>
        </table>
        <p align="center"><br>
          <img src="graf19.jpg" width="207" height="224"><br>
        </p>
        <p align="center"><font color="#0000FF">11</font><br>
          <br>
          <br>
          <br>
        </p>
        <hr width="100%" size=4 color=GRAY noshade>
        <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 1; page: 1" -->
        <br>
   <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif"><B>Wireless
    EBITDA increases 6.3%<br>
    </B></FONT>
    <table width="95%" border="0" cellpadding="0" cellspacing="0">
      <tr>
        <td width="2%" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
            <strong><FONT SIZE="2"></FONT></strong></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT></div></td>
        <td colspan="2"><font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, Serif">Wireless
          EBITDA for the second quarter of $219 million and $438 million for the
          first six months of 2003 reflected year-over year increases of $13 million
          or 6.3% and $54 million or 14.1%, respectively. These increases reflect
          higher revenues from higher subscriber gains, ARPU improvement and lower
          costs of acquisition (COA) per gross activation, partially offset by
          higher total COA expense as a result of higher customer activations
          and a higher volume of customers upgrading to newer handsets.</FONT></font></td>
      </tr>
      <tr>
        <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <strong><FONT SIZE="2"></FONT></strong></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT></td>
        <td colspan="2"><font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, Serif">EBITDA
          margin for Q2 2003 of 35.3% was down from 37.6% in Q2 2002 due to an
          increase in the number of existing customers upgrading to newer handsets
          with enhanced features and the higher level of subscriber additions
          this quarter.</FONT></font></td>
      </tr>
      <tr>
        <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <strong><FONT SIZE="2"></FONT></strong></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT></td>
        <td colspan="2"><font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, Serif">COA
          improved by 7.6% to $435 per gross activation in Q2 2003 from $471 per
          gross activation in the second quarter of last year. COA for the first
          six months of this year was $414 per gross activation, down $25 per
          gross activation compared to last year. The COA improvement was mainly
          driven by reduced marketing and advertising expenses, lower handset
          costs and the higher level of additions.</FONT></font></td>
      </tr>
    </table>
    <font color="#0000FF" size="2"> </font> <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif"><B><br>
    Bell ExpressVu EBITDA improves <br>
    </B></FONT>
    <table width="95%" border="0" cellpadding="0" cellspacing="0">
      <tr>
        <td width="2%" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <strong><FONT SIZE="2"></FONT></strong></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT></td>
        <td width="98%" colspan="2"><font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, Serif">Bell
          ExpressVu&#146;s EBITDA losses of $9 million for the second quarter
          and $15 million for the first six months of 2003 reflected significant
          year-over-year improvements compared to EBITDA losses of $25 million
          for the second quarter and $75 million for the first six months of 2002.
          These improvements were driven by lower subscriber acquisition costs
          related to lower gross activations for the quarter and on a year-to-date
          basis, as well as continued cost containment efforts.</FONT></font></td>
      </tr>
      <tr>
        <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <strong><FONT SIZE="2"></FONT></strong></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT></td>
        <td colspan="2"><font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, Serif">COA
          per gross activation was $655 or $114 lower this quarter and $664 or
          $73 lower for the first six months of 2003, compared to the same periods
          last year. The year-over-year decline in COA resulted primarily from
          the impact of lower hardware costs as customers purchased fewer second
          receivers and a stronger Canadian dollar, partially offset by the free
          installation offer introduced in March 2003.</FONT></font></td>
      </tr>
    </table>
    <br>
    <font color="#0000FF" size="4">Bell Globemedia EBITDA increases </font><font color="#0000FF" size="2">
    </font><font color="#0000FF" size="4"><FONT FACE="Times New Roman, Times, Serif">by
    32.8%</FONT></font> <br>
    <table width="95%" border="0" cellpadding="0" cellspacing="0">
      <tr>
        <td width="2%" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <strong><FONT SIZE="2"></FONT></strong></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT></td>
        <td width="98%" colspan="2"><font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, Serif">Bell
          Globemedia's EBITDA for the quarter was $77 million, representing a
          32.8% improvement over the second quarter of last year. On a year-to-date
          basis, Bell Globemedia's EBITDA was $114 million, 25.3% higher than
          the first half of last year. The improvement is attributable to increased
          EBITDA from television</FONT></font> <font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, Serif">operations
          as a result of an increasing revenue base, savings from a restructuring
          of Bell Globemedia&#146;s interactive operations and continued cost
          controls in print operations.</FONT></font></td>
      </tr>
    </table>
    <p align="center"> <img src="graf20.jpg" width="210" height="222"><br>
      <br>
    </p>
    <font color="#0000FF" size="2"><FONT size="4" FACE="Times New Roman, Times, Serif">BCE
    Emergis EBITDA increases</FONT></font> <br>
    <table width="95%" border="0" cellpadding="0" cellspacing="0">
      <tr>
        <td width="2%" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <strong><FONT SIZE="2"></FONT></strong></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT></td>
        <td width="98%" colspan="2"><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">BCE
          Emergis contributed EBITDA of $20 million this quarter, an increase
          from the $11 million of EBITDA contributed in Q2 2002. On a year-to-date
          basis, BCE Emergis contributed EBITDA of $35 million compared with negative
          $9 million for the same period last year. These results include the
          stock compensation expense of $3 million for the first six months of
          2003, all of which were incurred in the first quarter. There were no
          comparable costs in 2002. The improvement also reflects continued success
          in containing costs.</FONT></td>
      </tr>
    </table>
    <p align="center"><img src="graf21.jpg" width="208" height="224"><br>
      <br>
      <font color="#0000FF" size="2">12</font> <br>
      <br>
      <br>
    </p>
    <hr width="100%" size=4 color=GRAY noshade>
    <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 1; page: 1" -->
    <br>
    <br>
    <FONT color="#0000FF" size="4" FACE="Times New Roman, Times, Serif"><B>Below
    EBITDA Income and Expenses<br>
    </B></FONT><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">The
    table below shows a reconciliation of EBITDA to net earnings applicable to
    common shares for Q2 and YTD 2003 and 2002.</FONT><br>
    <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
      <TR>
        <td COLSPAN="15" valign="BOTTOM"> <HR width="100%" color=#0000ff noShade SIZE=1></td>
      </TR>
      <TR>
        <td COLSPAN="3" valign="BOTTOM"><font color="#0000FF" size="1">(in $ millions)</font></td>
        <td COLSPAN="3" valign="BOTTOM"><strong><font color="#0000FF" size="1">Q2
          2003</font></strong></td>
        <td COLSPAN="3" valign="BOTTOM"><font color="#0000FF" size="1">Q2 2002</font></td>
        <td COLSPAN="3" valign="BOTTOM"><font color="#0000FF" size="1"><strong>YTD
          2003</strong></font></td>
        <td COLSPAN="3" valign="BOTTOM"><font color="#0000FF" size="1">YTD 2002</font></td>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"> <HR width="100%" color=#0000ff noShade SIZE=1></TD>
      </TR>
      <TR>
        <TD WIDTH="51%" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1"><strong>EBITDA</strong></font></TD>
        <TD WIDTH="1%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="2%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="1%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="5%" ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">1,947</font></strong></TD>
        <TD WIDTH="4%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="1%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="5%" ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">1,936</font></TD>
        <TD WIDTH="4%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="1%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="5%" ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">3,769</font></strong></TD>
        <TD WIDTH="12%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="1%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="5%" ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">3,744</font></TD>
        <TD WIDTH="2%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1">Amortization
          expense</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">(797</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><strong><font color="#0000FF" size="1">)</font></strong></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">(808</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1">)</font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">(1,572</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><strong><font color="#0000FF" size="1">)</font></strong></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">(1,578</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1">)</font></TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1">Net benefit
          plans (expense) credit</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">(43</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><strong><font color="#0000FF" size="1">)</font></strong></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">12</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">(85</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><strong><font color="#0000FF" size="1">)</font></strong></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">18</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1">Restructuring
          and other charges</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">--</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">(413</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1">)</font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">--</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">(413</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1">)</font></TD>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"> <HR width="100%" color=#0000ff noShade SIZE=1></TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1"><strong>Operating
          income</strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">1,107</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">727</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">2,112</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">1,771</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1">Other
          income</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">8</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">246</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">58</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">248</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1">Interest
          expense</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">(291</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><strong><font color="#0000FF" size="1">)</font></strong></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">(263</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1">)</font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">(575</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><strong><font color="#0000FF" size="1">)</font></strong></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">(524</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1">)</font></TD>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"> <HR width="100%" color=#0000ff noShade SIZE=1></TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1"><strong>Pre-tax
          earnings from continuing operations</strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">824</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">710</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">1,595</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">1,495</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"></TD>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1">Income
          taxes</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">(277</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><strong><font color="#0000FF" size="1">)</font></strong></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">(246</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1">)</font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">(522</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><strong><font color="#0000FF" size="1">)</font></strong></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">(539</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1">)</font></TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1">Non-controlling
          interest</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">(70</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><strong><font color="#0000FF" size="1">)</font></strong></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">(141</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1">)</font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">(121</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><strong><font color="#0000FF" size="1">)</font></strong></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">(277</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1">)</font></TD>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"> <HR width="100%" color=#0000ff noShade SIZE=1></TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1"><strong>Earnings
          from continuing operations</strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">477</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">323</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">952</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">679</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1">Discontinued
          operations</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">1</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">(303</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1">)</font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">(1</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><strong><font color="#0000FF" size="1">)</font></strong></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">(349</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1">)</font></TD>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"> <HR width="100%" color=#0000ff noShade SIZE=1></TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1"><strong>Net
          earnings</strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">478</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">20</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">951</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">330</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1">Dividends
          on preferred shares</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">(17</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><strong><font color="#0000FF" size="1">)</font></strong></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">(14</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1">)</font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">(32</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><strong><font color="#0000FF" size="1">)</font></strong></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1">(27</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1">)</font></TD>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"> <HR width="100%" color=#0000ff noShade SIZE=1></TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1"><strong>Net
          earnings applicable to common shares</strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1"><strong>
          461</strong></font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1"><font color="#0000FF" size="1">6</font></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><strong><font color="#0000FF" size="1">919</font></strong></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        &nbsp;
        <td valign="BOTTOM"></TD>
        &nbsp;
        <td align="right" valign="bottom"><font color="#0000FF" size="1">303</font></TD>
        &nbsp;
        <td valign="BOTTOM"></TD>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"> <HR width="100%" color=#0000ff noShade SIZE=1></TD>
      </TR>
    </TABLE>
    <p><font color="#0000FF" size="2"><strong>AMORTIZATION EXPENSE </strong> <br>
      </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">Amortization
      expense was relatively consistent on a quarterly and year-to-date basis
      compared to the same periods last year. The increase in asset base from
      the creation of Bell West in April 2002 and CGI&#146;s acquisition of Cognicase
      in January 2003, was offset by the sale of the directories business and
      a decrease in amortization expense at Telesat as the Anik E satellites became
      fully amortized.</FONT> </p>
    <strong><font color="#0000FF" size="2">NET BENEFIT PLANS EXPENSE <br>
    </font></strong><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">The
    net benefit plans expense of $43 million in Q2 2003 and $85 million on a year-to-date
    basis, compared unfavourably to a net benefit plans credit of $12 million
    in Q2 2002 and $18 million on a year-to-date basis. Due to poor capital market
    conditions, our pension plans had a weak fund performance in 2002, leading
    to an actual rate of return on plan assets of negative 6%, which 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. 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> <br>
    <FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT> <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">At
    December 31, 2002, on a solvency basis, our pension plans had a surplus of
    approximately $800 million. For the first six months of 2003, our pension
    plans generated a six-month return of approximately 4%.</FONT> <br>
    <br>
    <font color="#0000FF" size="2"><strong>RESTRUCTURING AND OTHER CHARGES</strong>
    <br>
    </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">There
    were no restructuring and other charges in Q2 2003 or on a year-to-date basis.
    Restructuring and other charges of $413 million in Q2 2002 consisted of:</FONT>
    <br>
    <table width="95%" border="0" cellpadding="0" cellspacing="0">
      <tr>
        <td width="2%" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <strong><FONT SIZE="2"></FONT></strong></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT></td>
        <td width="98%" colspan="2"><font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, Serif">a
          $272 million write-down of Bell Canada&#146;s accounts receivable</FONT></font></td>
      </tr>
      <tr>
        <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <strong><FONT SIZE="2"></FONT></strong></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT></td>
        <td colspan="2"><font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, Serif">a
          $22 million write-down of Bell Canada&#146;s other assets</FONT></font></td>
      </tr>
      <tr>
        <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          </FONT></FONT></FONT></FONT></td>
        <td colspan="2"><font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, Serif">$119
          million of restructuring and other charges at BCE Emergis.</FONT></font></td>
      </tr>
    </table>
    <strong><font color="#0000FF" size="2"><br>
    OPERATING INCOME </font></strong><font color="#0000FF" size="2"> <br>
    </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">Operating
    income of $1,107 million in Q2 2003 and $2,112 million on a year-to-date basis
    was $380 million and $341 million, respectively, higher than the same periods
    last year. Restructuring and other charges were recognized in Q2 2002 and
    not in Q2 2003. Those gains were partially offset by the unfavourable variance
    in the net benefits plan expense in Q2 2003 and on a year-to-date basis.</FONT>
    <br>
    <br>
    <strong><font color="#0000FF" size="2">OTHER INCOME<br>
    </font></strong><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">In</FONT><strong><font color="#0000FF" size="2">
    </font></strong><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">Q2
    2003, other income consisted mainly of: </FONT><strong><font color="#0000FF" size="2">
    <br>
    </font></strong>
    <table width="95%" border="0" cellpadding="0" cellspacing="0">
      <tr>
        <td width="2%" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <strong><FONT SIZE="2"></FONT></strong></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT></td>
        <td width="98%" colspan="2"><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">
          interest income of $17 million ($31 million year-to-date)</FONT><font color="#0000FF" size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <strong><FONT SIZE="2"></FONT></strong></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT></td>
        <td colspan="2"><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">foreign
          exchange gains of $3 million ($36 million year-to-date)</FONT></td>
      </tr>
      <tr>
        <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <strong><FONT SIZE="2"></FONT></strong></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT></td>
        <td colspan="2"><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">write-off
          of deferred debt issue costs of $8 million ($8 million year-to-date),
          relating to the early retirement of the bridge facility used in the
          financing of the buy-back of SBC Communications Inc.&#145;s (SBC) 20%
          interest in Bell Canada.</FONT></td>
      </tr>
    </table>
    <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif"> <br>
    In</FONT><strong><font color="#0000FF" size="2"> </font></strong><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">Q2
    2002, other income consisted mainly of: <br>
    </FONT>
    <table width="95%" border="0" cellpadding="0" cellspacing="0">
      <tr>
        <td width="2%" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <strong><FONT SIZE="2"></FONT></strong></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT></td>
        <td width="98%" colspan="2"><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">interest
          income of $4 million ($9 million year-to-date) </FONT></td>
      </tr>
      <tr>
        <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <strong><FONT SIZE="2"></FONT></strong></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT></td>
        <td colspan="2"><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">foreign
          exchange gains of $55 million ($55 million year-to-date)</FONT></td>
      </tr>
      <tr>
        <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          <strong><FONT SIZE="2"></FONT></strong></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT><FONT SIZE="2"></FONT></FONT></td>
        <td colspan="2"><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">a
          net gain of $222 million on the sale of a 37% interest in each of</FONT><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;
          </FONT><font color="#0000FF" size="2">Telebec Limited Partnership and
          Northern Telephone Limited Partnership when the Bell Nordiq Income Fund
          was created</font> </td>
      </tr>
      <tr>
        <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          </FONT></FONT></FONT></FONT></td>
        <td colspan="2"><font color="#0000FF" size="2">&nbsp;</font><font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, Serif">a
          write-down of our portfolio investment in Nortel Networks</FONT></font>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">Corporation
          for $98 million</FONT> </td>
      </tr>
      <tr>
        <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          </FONT></FONT></FONT></FONT></td>
        <td colspan="2"><font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, Serif">gains
          of $60 million from the reduction in ownership of Aliant&#146;s investment
          in Stratos Global Corporation (Stratos) and the reorganization of TMI
          Communications and Company Limited Partnership.</FONT></font></td>
      </tr>
    </table>
    <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif"><br>
    </FONT><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT> <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif"></FONT><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">The
    increase of $13 million and $22 million in interest income respectively in
    Q2 2003 and on a year-to-date basis, compared to the same periods last year,
    is due to higher average cash levels in 2003 when compared to 2002, resulting
    mainly from the retained cash on hand from the sale of the directories business
    in November 2002 as well as the cash raised to date in 2003 from operating
    and financing activities.</FONT> <br>
    <FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT> <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif"></FONT>
    <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">The levels
    of interest income are expected to decrease in the second half of 2003, as
    a significant amount of cash and cash equivalents was used in Q2 2003 to repay
    $1.5 billion of our total debt. <br>
    </FONT><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT> <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif"></FONT><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">
    </FONT><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">The
    Canadian dollar strengthened in Q2 2002 resulting in foreign currency gains
    of $55 million. 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.
    Accordingly, we had only minor foreign exchange gains in Q2 2003, despite
    a strengthening Canadian dollar for the quarter.</FONT> <br>
    <br>
    <strong><font color="#0000FF" size="2">INTEREST EXPENSE</font></strong><font color="#0000FF" size="2"><br>
    </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">The
    increase in interest expense of $28 million in Q2 2003 and $51 million on
    a year-to-date basis compared to the same periods last year, was primarily
    due to increased debt levels. The higher average total debt reflects the impact
    of the additional debt incurred in 2002 to fund:</FONT> <br>
    <table width="95%" border="0" cellpadding="0" cellspacing="0">
      <tr>
        <td width="2%" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          </FONT></FONT></FONT></FONT></td>
        <td width="96%" colspan="2"><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">the
          repurchase price of SBC's 20% indirect interest in Bell Canada</FONT><font color="#0000FF" size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          </FONT></FONT></FONT></FONT></td>
        <td colspan="2"><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">the
          negative free cash flows in 2002.</FONT></td>
      </tr>
    </table>
    <div align="center"><br>
      <br>
      <font color="#0000FF" size="2">13</font> <br>
      <br>
      <br>
      <hr width="100%" size=4 color=GRAY noshade>
      <!-- *************************************************************************** -->
      <!-- MARKER PAGE="sheet: 1; page: 1" -->
      <div align="left">
        <p><br>
          <br>
          <strong><font color="#0000FF" size="2">INCOME TAXES </font></strong><font color="#0000FF" size="2">
          <br>
          </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">Income
          taxes of $277 million in Q2 2003 and $522 million on a year-to-date
          basis represent a 12.6% increase and a 3.2% reduction, respectively,
          compared to the same periods last year. On a quarterly basis, the increase
          was due to higher pre-tax earnings partly offset by the reduction in
          the statutory income tax rate from 37.4% in 2002 to 35.4% in 2003. On
          a year-to-date basis, the decline was mainly due to the reduction in
          the statutory income tax rate, the impact of which outweighed the increase
          in pre-tax earnings.</FONT> </p>
        <strong><font color="#0000FF" size="2">NON-CONTROLLING INTEREST</font></strong><font color="#0000FF" size="2"><br>
        </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">The
        decrease in non-controlling interest in Q2 2003 and on a year-to-date
        basis compared to the same periods last year is due to:</FONT> <br>
        <table width="95%" border="0" cellspacing="0" cellpadding="0">
          <tr>
            <td width="2%" align="left" valign="top"> <div align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
                </FONT></FONT></FONT></FONT></div></td>
            <td width="93%"><font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, Serif">the
              repurchase of SBC&#146;s 20% indirect interest in Bell Canada in
              2002</FONT></font></td>
          </tr>
          <tr>
            <td colspan="2" align="left" valign="top"><font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, Serif">partly
              offset by:</FONT></font></td>
          </tr>
          <tr>
            <td align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
              </FONT></FONT></FONT></FONT></td>
            <td><font color="#0000FF" size="2">higher earnings at Bell Globemedia
              in Q2 2003 compared to Q2 2002</font></td>
          </tr>
          <tr>
            <td align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
              </FONT></FONT></FONT></FONT></td>
            <td><font color="#0000FF" size="2">higher earnings at BCE Emergis,
              in large part due to the restructuring and other charges in Q2 2002</font></td>
          </tr>
        </table>
        <br>
        <br>
        <strong><font color="#0000FF" size="2">DISCONTINUED OPERATIONS</font></strong><font color="#0000FF" size="2"><br>
        <br>
        </font>
        <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
          <TR VALIGN="BOTTOM">
            <td COLSPAN="15"><HR width="100%" color=#0000ff noShade SIZE=1></td>
          </TR>
          <TR VALIGN="BOTTOM">
            <td COLSPAN="3"><font color="#0000FF" size="1">(in $ millions)</font></td>
            <td COLSPAN="3"><div align="left"><strong><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT><font color="#0000FF" size="1">Q2
                2003</font></strong></div></td>
            <td COLSPAN="3"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT><font color="#0000FF" size="1">Q2
              2002</font></td>
            <td COLSPAN="3"><strong><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT><font color="#0000FF" size="1">YTD
              2003</font></strong></td>
            <td COLSPAN="3"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;</FONT></FONT></FONT></FONT><font color="#0000FF" size="1">YTD
              2002</font></td>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="15" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD WIDTH="44%" ALIGN="LEFT"><font color="#0000FF" size="1">Teleglobe</font></TD>
            <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"></TD>
            <TD WIDTH="7%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"></TD>
            <TD WIDTH="7%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"></TD>
            <TD WIDTH="7%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"></TD>
            <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Operating losses</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">--</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(31</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">--</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(76</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Loss on write-down</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">--</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(73</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">--</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(73</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">BCI</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Loss on write-down</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">--</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(191</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">--</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(191</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Aliant</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Operating losses</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(6</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(8</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(8</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(9</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Net gain on disposal</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">7</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">--</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">7</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">--</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="15" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Total</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">1</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(303</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(1</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">(349</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="15" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
        </TABLE>
        <font color="#0000FF" size="2"> </font>
        <p align="left"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">The
          financial results of Teleglobe Inc. (Teleglobe) were reclassified as
          a discontinued operation effective April 24, 2002. As a result, we recorded
          a loss of $73 million on the write-down of our interest in Teleglobe
          to its net realizable value, which we determined to be nil.</FONT> <FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2><br>
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT> <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">The
          financial results of Bell Canada International Inc. (BCI) were reclassified
          as a discontinued operation effective January 1, 2002. Effective June
          30, 2002, we stopped consolidating BCI&#146;s financial results and
          started accounting for the investment at cost. We recorded a loss of
          $191 million on the write-down of our investment to its net realizable
          value at that time.</FONT><br>
          <FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT> <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">At
          June 30, 2003, the assets of Aliant&#146;s Emerging business segment,
          which include AMI Offshore Inc. (AMI Offshore), Prexar LLC (Prexar),
          and iMagicTV Inc. (iMagicTV), were either sold or being held for sale.
          Prexar is an Internet services provider. iMagicTV is a software development
          company, providing broadband TV software and solutions to service providers
          around the globe. AMI Offshore provides process and systems control
          technical services and contracts manufacturing solutions to offshore
          oil and gas and other industries.</FONT> <br>
          <FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT> <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">iMagicTV
          was sold in April 2003. Prexar was sold in May 2003. The sale of AMI
          Offshore is expected to be completed by the end of 2003.</FONT> <br>
          <FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT> <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">Accordingly,
          the results of these operations, which were previously presented in
          the Bell Canada Segment, have now been presented as discontinued operations.</FONT>
          <br>
        </p>
        <p align="center"><br>
          <font color="#0000FF" size="2">14</font> <br>
          <br>
          <br>
        </p>
        <hr width="100%" size=4 color=GRAY noshade>
        <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 1; page: 1" -->
        <br>
        <br>
        <FONT color="#0000FF" size="6" FACE="Times New Roman, Times, Serif"><B>Financial
        and Capital Management<strong><font size="2"><br>
        <br>
        </font></strong></B></FONT><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, 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> <br>
        <br>
        <br>
        <FONT color="#0000FF" size="5" FACE="Times New Roman, Times, Serif">Capital
        Structure</FONT><br>
        <br>
        <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
          <TR VALIGN="BOTTOM">
            <td COLSPAN="9"><HR width="100%" color=#0000ff noShade SIZE=1></td>
          </TR>
          <TR VALIGN="BOTTOM">
            <td COLSPAN="3"><font color="#0000FF" size="1">(in $ millions)</font></td>
            <TH COLSPAN="3"><strong><font color="#0000FF" size="1">Q2 2003</font></strong></TH>
            <td COLSPAN="3"><div align="center"><font color="#0000FF" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q4
                2002</font></div></td>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="9" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD WIDTH="60%" ALIGN="LEFT"><font color="#0000FF" size="1">Cash</font></TD>
            <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="11%" ALIGN="RIGHT"><strong><font color="#0000FF" size="1">(795</font></strong></TD>
            <TD WIDTH="8%" ALIGN="LEFT"><strong><font color="#0000FF" size="1">)</font></strong></TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="11%" ALIGN="RIGHT"><font color="#0000FF" size="1">(304</font></TD>
            <TD WIDTH="3%" ALIGN="LEFT"><font color="#0000FF" size="1">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Debt due within one
              year</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">1,597</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">2,021</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Long-term debt</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">13,582</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">13,391</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">Retractable preferred
              shares</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">352</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">355</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="9" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">Total net
              debt</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">14,736</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">15,463</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">Non-controlling
              interest</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">3,630</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">3,584</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">Total shareholders`
              equity</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">13,199</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">12,615</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="9" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">Total capitalization</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">31,565</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">31,662</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="9" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">Net debt to
              total capitalization</font></strong></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1">46.7</font></strong></TD>
            <TD ALIGN="LEFT"><strong><font color="#0000FF" size="1">%</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1">48.8</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1">%</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="9" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
        </TABLE>
        <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif"><br>
        </FONT><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color=#0000ff><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">Our
        net debt to capitalization ratio improved to 46.7% as at Q2 2003 from
        48.8% as at Q4 2002, principally from:</FONT> <br>
        <table width="95%" border="0" cellspacing="0" cellpadding="0">
          <tr>
            <td width="2%" align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
              </FONT></FONT></FONT></FONT></td>
            <td width="93%"><font color="#0000FF" size="2">&nbsp;<FONT FACE="Times New Roman, Times, Serif">$569
              million of free cash flow after payment of all dividends and capital
              expenditures in the first six months of 2003, including $312 million
              of tax refunds</FONT></font> </td>
          </tr>
          <tr>
            <td align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
              </FONT></FONT></FONT></FONT></td>
            <td> <font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, Serif">$368
              million of excess net earnings over the dividends declared on common
              and preferred shares in the first six months of 2003, resulting
              in an overall increase in our shareholders&#146; equity.</FONT></font>
            </td>
          </tr>
        </table>
        <br>
        <br>
        <FONT color="#0000FF" size="5" FACE="Times New Roman, Times, Serif">Summary
        of Cash Flows<font size="2"><br>
        <br>
        </font></FONT><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">The
        table below provides a summary of the flow of cash into and out of BCE
        for Q2 and YTD 2003 and 2002.</FONT> <br>
        <br>
        <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="68%">
          <TR VALIGN="BOTTOM">
            <TH width="100%"></TH>
            <TH COLSPAN="2"></TH>
            <TH COLSPAN="3"></TH>
            <TH COLSPAN="3"></TH>
            <TH COLSPAN="3"></TH>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="12" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD WIDTH="100%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">(in
              $ millions)</font></TD>
            <TD WIDTH="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">Q2
              2003</font></strong></TD>
            <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="20%" ALIGN="right"><font color="#0000FF" size="1" face="sans-serif">Q2
              2002</font></TD>
            <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">YTD
              2003</font></strong></TD>
            <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="20%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">YTD
              2002</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="12" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD WIDTH="100%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Cash
              from operating activities</font></TD>
            <TD WIDTH="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">1,413</font></strong></TD>
            <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="20%" ALIGN="right"><font color="#0000FF" size="1" face="sans-serif">1,211</font></TD>
            <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">2,600</font></strong></TD>
            <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="20%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">1,858</font></TD>
            <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="100%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Capital
              expenditures</font></TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">(713</font></strong></TD>
            <TD width="5%" ALIGN="LEFT"><strong><font color="#0000FF" size="1" face="sans-serif">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><font color="#0000FF" size="1" face="sans-serif">(932</font></TD>
            <TD width="5%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">(1,314</font></strong></TD>
            <TD width="5%" ALIGN="LEFT"><strong><font color="#0000FF" size="1" face="sans-serif">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(1,792</font></TD>
            <TD width="1%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="100%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Other
              investing activities</font></TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">(45</font></strong></TD>
            <TD width="5%" ALIGN="LEFT"><strong><font color="#0000FF" size="1" face="sans-serif">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><font color="#0000FF" size="1" face="sans-serif">14</font></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">(82</font></strong></TD>
            <TD width="5%" ALIGN="LEFT"><strong><font color="#0000FF" size="1" face="sans-serif">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(13</font></TD>
            <TD width="1%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="100%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Preferred
              dividends and dividends paid</font></TD>
            <TD width="20%" ALIGN="right">&nbsp;</TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right">&nbsp;</TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right">&nbsp;</TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="RIGHT">&nbsp;</TD>
            <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="100%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;by
              subsidiaries to non-controlling interest</font></TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">(69</font></strong></TD>
            <TD width="5%" ALIGN="LEFT"><strong><font color="#0000FF" size="1" face="sans-serif">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><font color="#0000FF" size="1" face="sans-serif">(127</font></TD>
            <TD width="5%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">(124</font></strong></TD>
            <TD width="5%" ALIGN="LEFT"><strong><font color="#0000FF" size="1" face="sans-serif">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(205</font></TD>
            <TD width="1%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="12" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="100%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Free
              cash flow from operations,</font></TD>
            <TD width="20%" ALIGN="right">&nbsp;</TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right">&nbsp;</TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <td width="20%" align="right">&nbsp;
            <td width="5%">&nbsp;
            <td>&nbsp;
            <TD width="20%" ALIGN="RIGHT">&nbsp;</TD>
            <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="100%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;before
              common dividends</font></TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">586</font></strong></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><font color="#0000FF" size="1" face="sans-serif">166</font></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <td width="20%" align="right"><strong><font color="#0000FF" size="1" face="sans-serif">1,080</font></strong>
            <td width="5%">&nbsp;
            <td>&nbsp;
            <TD width="20%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(152</font></TD>
            <TD width="1%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="100%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Common
              dividends</font></TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">(254</font></strong></TD>
            <TD width="5%" ALIGN="LEFT"><strong><font color="#0000FF" size="1" face="sans-serif">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><font color="#0000FF" size="1" face="sans-serif">(242</font></TD>
            <TD width="5%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <td width="20%" align="right"><strong><font color="#0000FF" size="1" face="sans-serif">(511</font></strong>
            <td width="5%"><strong><font color="#0000FF" size="1" face="sans-serif">)</font></strong>
            <td>&nbsp;
            <TD width="20%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(485</font></TD>
            <TD width="1%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="12" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="100%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Free
              cash flow from operations,</font></TD>
            <TD width="20%" ALIGN="right">&nbsp;</TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right">&nbsp;</TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            &nbsp;
            <td width="20%" align="right">&nbsp;&nbsp;
            <td width="5%">&nbsp;&nbsp;<font color="#0000FF" size="1" face="sans-serif">&nbsp;</font></TD>
            <TD width="20%" ALIGN="RIGHT">&nbsp;</TD>
            <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="100%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;after
              common dividends</font></TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">332</font></strong></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><font color="#0000FF" size="1" face="sans-serif">(76</font></TD>
            <TD width="5%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">569</font></strong></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(637</font></TD>
            <TD width="1%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="100%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Business
              acquisitions</font></TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">(7</font></strong></TD>
            <TD width="5%" ALIGN="LEFT"><strong><font color="#0000FF" size="1" face="sans-serif">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><font color="#0000FF" size="1" face="sans-serif">(14</font></TD>
            <TD width="5%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">(70</font></strong></TD>
            <TD width="5%" ALIGN="LEFT"><strong><font color="#0000FF" size="1" face="sans-serif">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(29</font></TD>
            <TD width="1%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="100%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Business
              dispositions</font></TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">-</font></strong></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><font color="#0000FF" size="1" face="sans-serif">306</font></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">-</font></strong></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">432</font></TD>
            <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="100%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Change
              in investments accounted for under</font></TD>
            <TD width="20%" ALIGN="right">&nbsp;</TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right">&nbsp;</TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right">&nbsp;</TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="RIGHT">&nbsp;</TD>
            <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="100%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;the
              cost and equity methods</font></TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">-</font></strong></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><font color="#0000FF" size="1" face="sans-serif">1</font></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">7</font></strong></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(56</font></TD>
            <TD width="1%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="12" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="100%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Free
              cash flow after investments and divestitures</font></TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">325</font></strong></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><font color="#0000FF" size="1" face="sans-serif">217</font></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">506</font></strong></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(290</font></TD>
            <TD width="1%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="100%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Net
              issuance of equity instruments</font></TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">4</font></strong></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><font color="#0000FF" size="1" face="sans-serif">7</font></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">162</font></strong></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">213</font></TD>
            <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="100%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Net
              issuance (repayment) of debt instruments</font></TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">(1,477</font></strong></TD>
            <TD width="5%" ALIGN="LEFT"><strong><font color="#0000FF" size="1" face="sans-serif">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><font color="#0000FF" size="1" face="sans-serif">241</font></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">(179</font></strong></TD>
            <TD width="5%" ALIGN="LEFT"><strong><font color="#0000FF" size="1" face="sans-serif">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">1,271</font></TD>
            <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="100%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Financing
              activities of subsidiaries with third parties</font></TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">(2</font></strong></TD>
            <TD width="5%" ALIGN="LEFT"><strong><font color="#0000FF" size="1" face="sans-serif">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><font color="#0000FF" size="1" face="sans-serif">150</font></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">52</font></strong></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">157</font></TD>
            <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="100%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Cash
              provided by (used in)</font></TD>
            <TD width="20%" ALIGN="right">&nbsp;</TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right">&nbsp;</TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right">&nbsp;</TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="RIGHT">&nbsp;</TD>
            <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="100%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;discontinued
              operations</font></TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">17</font></strong></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><font color="#0000FF" size="1" face="sans-serif">(527</font></TD>
            <TD width="5%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">16</font></strong></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(934</font></TD>
            <TD width="1%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="100%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Other</font></TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">(59</font></strong></TD>
            <TD width="5%" ALIGN="LEFT"><strong><font color="#0000FF" size="1" face="sans-serif">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><font color="#0000FF" size="1" face="sans-serif">10</font></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">(67</font></strong></TD>
            <TD width="5%" ALIGN="LEFT"><strong><font color="#0000FF" size="1" face="sans-serif">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">4</font></TD>
            <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="12" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="100%" ALIGN="LEFT"><strong><font color="#0000FF" size="1" face="sans-serif">Net
              increase (decrease) in cash</font></strong></TD>
            <TD width="20%" ALIGN="right">&nbsp;</TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right">&nbsp;</TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right">&nbsp;</TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="RIGHT">&nbsp;</TD>
            <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="100%" ALIGN="LEFT"><strong><font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;and
              cash equivalents</font></strong></TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">(1,192</font></strong></TD>
            <TD width="5%" ALIGN="LEFT"><strong><font color="#0000FF" size="1" face="sans-serif">)</font></strong></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><font color="#0000FF" size="1" face="sans-serif">98</font></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="right"><strong><font color="#0000FF" size="1" face="sans-serif">490</font></strong></TD>
            <TD width="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="20%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">421</font></TD>
            <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="12" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
        </TABLE>
        <p> <br>
          <font color="#0000FF" size="2"><strong>CASH FROM OPERATING ACTIVITIES</strong><br>
          </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">Cash
          from operating activities of $1,413 million in Q2 2003 improved by 16.7%
          or $202 million compared to the same period last year. $75 million of
          the increase relates to tax refunds generated from capital losses received
          in Q2 2003.</FONT><br>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Cash
          from operating activities of $2,600 million in the first six months
          of 2003 improved by 40% or $742 million compared to the same period
          last year. $600 million of the increase relates to tax refunds of $312
          million received in the first six months of 2003 and $288 million of
          taxes paid on capital gains in the first six months of 2002.</FONT><br>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;The
          remainder of the increase, for the quarter and on a year-to-date basis,
          can be attributed primarily to cash savings in the amount of taxes paid
          in 2003 from the application of non-capital tax loss carryforwards to
          our current earnings and from the tax loss consolidation savings strategies
          between BCE Inc., Bell Canada Holdings Inc. and Bell Canada.</FONT><br>
          <br>
          <strong><font color="#0000FF" size="2">CAPITAL EXPENDITURES </font></strong><font color="#0000FF" size="2">
          <br>
          </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">We
          continue to make investments to expand our networks, to meet customer
          demand and for replacement purposes.</FONT> <font color="#0000FF" size="2" face="Times New Roman, Times, Serif"><br>
          </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&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 23.5% in Q2 2003 compared to the same period
          last year (26.7% on a year-to-date basis). A portion of the decrease
          can be explained by our current year capital spending programs being
          more heavily weighted towards the second half of 2003. This reduction
          in capital spending lowered our capital intensity ratio to 14.4% in
          Q2 2003 from 18.7% in the same period last year, and to 13.4% on a year-to-date
          basis in 2003 from 18.3% in the same period last year.</FONT> <br>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;The
          Bell Canada Segment&#146;s capital intensity ratio fell to 15.5% in
          Q2 2003 from 18.9% in the same period last year and to 14.1% on a year-to-date
          basis in 2003, from 18.5% in the same period last year. The Bell Canada
          Segment accounted for 93% of our capital expenditures in Q2 2003 (92%
          on a year-to-date basis).</FONT> <br>
          <br>
          <strong><font color="#0000FF" size="2">BUSINESS ACQUISITIONS <br>
          </font></strong><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">There
          were no significant business acquisitions made in Q2 2003 or Q2 2002.</FONT>
          <font color="#0000FF" size="2" face="Times New Roman, Times, Serif"><br>
          </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Business
          acquisitions of $63 million were made in Q1 2003, consisting mainly
          of our proportionate share of the cash consideration for CGI&#146;s
          acquisition of Cognicase. There were no significant business acquisitions
          made in Q1 2002.</FONT> <br>
          <br>
          <strong><font color="#0000FF" size="2">BUSINESS DISPOSITIONS</font></strong><font color="#0000FF" size="2"><br>
          </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">There
          were no business dispositions during the first six months of 2003.</FONT>
          <font color="#0000FF" size="2" face="Times New Roman, Times, Serif"><br>
          </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Business
          dispositions of $306 million in Q2 2002 consisted mainly of the sale
          of a 37% interest in each of T&eacute;l&eacute;bec Limited Partnership
          and Northern Telephone Limited Partnership to the Bell Nordiq Income
          Fund by Bell Canada. On a year-to-date basis, in 2002, divestitures
          of $432 million also included the sale of the 1000 de La Gaucheti&egrave;re
          West building.</FONT> <br>
          <br>
        </p>
        <p align="center"><font color="#0000FF" size="2">15</font><br>
          <br>
          <br>
        </p>
      </div>
    </div>
    <div align="center">
      <div align="left">
        <hr width="100%" size=4 color=GRAY noshade>
        <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 1; page: 1" -->
        <br>
        <br>
        <font color="#0000FF" size="2"><strong>CHANGE IN INVESTMENTS ACCOUNTED
        FOR UNDER THE COST AND EQUITY METHODS</strong><br>
        There were no significant changes to investments accounted for </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">under
        the cost and equity methods in the first six months of 2003. <br>
        &nbsp;&nbsp;&nbsp;&nbsp;In the first six months of 2002, Bell Globemedia
        purchased a 40% interest in the TQS network and other television stations
        for $72 million, and sold its 12% interest in the History Channel for
        $18 million.</FONT> </div>
    </div>
  </blockquote>
  <blockquote>
    <p><font color="#0000FF" size="2"> </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif"><B>DIVIDENDS<br>
      </B></FONT><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">We
      declared a common share dividend of $0.30 per share in Q2 2003, consistent
      with the same period in 2002. However, total dividends paid on common shares
      increased to $254 million in Q2 2003 when compared to $242 million in the
      same period last year ($511 million in the first six months of 2003 compared
      to $485 million in the same period last year). This was due to the increase
      in the average number of common shares outstanding, from 809 million in
      Q2 2002 to 919 million in Q2 2003 (from 809 million to 918 million on a
      year-to-date basis) resulting mainly from BCE Inc.&#145;s equity offerings
      in 2002.</FONT> <br>
      <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;We
      also realized a cash benefit of approximately $21 million in Q2 2003 ($39
      million on a year-to-date basis) from issuing treasury shares instead of
      purchasing them on the open market with respect to the funding of BCE Inc.&#145;s
      dividend reinvestment plan. <br>
      &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid on preferred shares of $14 million
      in Q2 2003 increased slightly compared to the same period last year. The
      net increase in preferred shares was partially offset by the savings we
      realized from the agreements we have in place that swap fixed dividend rates
      on some of our preferred shares with variable rates. Year-to-date dividends
      paid on preferred shares of $25 million were higher than the $18 million
      paid in the same period last year as a result of the net increase in preferred
      shares. Please see <I>Equity instruments</I>, for more information.</FONT>
      <br>
      <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;In
      2002, BCE Inc. repurchased SBC&#146;s 20% interest in Bell Canada. Since
      then, Bell Canada Holdings Inc. (BCH) no longer pays a dividend to SBC,
      resulting in a $61 million decrease in dividends paid by subsidiaries to
      third parties in Q2 2003, when compared to the same period last year (decrease
      of $88 million on a year-to-date basis).</FONT> </p>
    <p><font color="#0000FF" size="2"><strong>EQUITY INSTRUMENTS</strong> <br>
      </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">In
      Q1 2003, we issued 20 million Series AC preferred shares for $510 million
      and redeemed 14 million Series U preferred shares for $357 million (including
      a $7 million premium on redemption).</FONT> <br>
      <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;In
      Q1 2002, we issued 20 million Series AA preferred shares for $510 million
      and redeemed 12 million Series W preferred shares for $306 million (including
      a $6 million premium on redemption).</FONT> <br>
      <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;We
      raised $4 million from the issuance of common shares in Q2 2003 compared
      to $7 million in Q2 2002, and $9 million on a year-to-date basis in 2003
      compared to $9 million in the same period last year.</FONT> </p>
    <p><font color="#0000FF" size="2"><strong>DEBT INSTRUMENTS </strong> <br>
      </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">In
      Q2 2003, we repaid $1.5 billion of total debt from cash on hand that was
      raised from the sale of the directories business in November 2002 as well
      as the cash raised to date in 2003 from operating and financing activities.
      The $1.5 billion repayment consisted primarily of the entire $834 million
      balance of BCE Inc.&#145;s bank credit facility and $500 million of debentures
      at Bell Canada.</FONT> <br>
      <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;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> <br>
      <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;The
      combined debt of BCE Inc. and Bell Canada make up 91% of our total debt
      portfolio. The average annual interest rate on our total debt generally
      ranges between 7.0% and 8.0%.</FONT> <br>
      <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&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 July 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> <br>
      <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;On
      May 13, 2003, Dominion Bond Rating Service (DBRS) removed the negative trend
      on BCE Inc.&#145;s long-term debt and preferred share credit ratings. On
      May 15, 2003, Moody&#146;s removed the negative trend on Bell Canada and
      BCE Inc.&#145;s commercial paper and long-term debt credit ratings.</FONT>
    </p>
    <font color="#0000FF" size="2"><strong>CREDIT RATINGS<br>
    </strong></font>
    <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
      <TR VALIGN="BOTTOM">
        <TH></TH>
        <TH COLSPAN="2" align="center"></TH>
        <TH COLSPAN="2" align="center"></TH>
        <TH COLSPAN="2" align="center"></TH>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD colspan="7" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1>
          <strong><font color="#0000FF" size="1"> BCE Inc.<br>
          </font></strong> <HR width="100%" color=#0000ff noShade SIZE=1> <strong></strong></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="center"><strong><font color="#0000FF" size="1">S&P</font></strong></TD>
        <TD colspan="2" ALIGN="center"><strong><font color="#0000FF" size="1">DBRS</font></strong></TD>
        <TD colspan="3" ALIGN="center"><strong><font color="#0000FF" size="1">Moody`s</font></strong></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD colspan="7" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=3></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1">Commercial paper</font></TD>
        <TD WIDTH="36%" ALIGN="center"><font color="#0000FF" size="1">A-1 (mid)/stable
          </font></TD>
        <TD colspan="2" ALIGN="center"><font color="#0000FF" size="1">R-1 (low)/stable</font></TD>
        <TD colspan="3" ALIGN="center"><font color="#0000FF" size="1">P-2/stable</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1">Extendable commercial
          notes</font></TD>
        <TD ALIGN="center"><font color="#0000FF" size="1">A-1 (mid)/stable </font></TD>
        <TD colspan="2" ALIGN="center"><font color="#0000FF" size="1">R-1 (low)/stable</font></TD>
        <TD colspan="3" ALIGN="center"><font color="#0000FF" size="1">--</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1">Long-term debt</font></TD>
        <TD ALIGN="center"><font color="#0000FF" size="1">A-/stable</font></TD>
        <TD colspan="2" ALIGN="center"><font color="#0000FF" size="1">A/stable</font></TD>
        <TD colspan="3" ALIGN="center"><font color="#0000FF" size="1">Baa-1/stable</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1">Preferred shares</font></TD>
        <TD ALIGN="center"><font color="#0000FF" size="1">P-2/stable</font></TD>
        <TD colspan="2" ALIGN="center"><font color="#0000FF" size="1">Pfd-2/stable</font></TD>
        <TD colspan="3" ALIGN="center"><font color="#0000FF" size="1">--</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD colspan="7" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1>
          <strong><font color="#0000FF" size="1">Bell Canada</font></strong> <br>
          <HR width="100%" color=#0000ff noShade SIZE=1> </TD>
      </TR>
    </TABLE>
    <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
      <TR VALIGN="BOTTOM">
        <TH width="214"></TH>
        <TH width="215" align="center"></TH>
        <TH width="103" align="center"></TH>
        <TH width="64" align="center"></TH>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="center"><strong><font color="#0000FF" size="1">S&P</font></strong></TD>
        <TD ALIGN="center"><strong><font color="#0000FF" size="1">DBRS</font></strong></TD>
        <TD ALIGN="center"><strong><font color="#0000FF" size="1">Moody`s</font></strong></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD colspan="4" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=3></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1">Commercial paper</font></TD>
        <TD ALIGN="center"><font color="#0000FF" size="1">A-1 (mid)/stable </font></TD>
        <TD ALIGN="center"><font color="#0000FF" size="1">R-1 (mid)/stable</font></TD>
        <TD ALIGN="center"><font color="#0000FF" size="1">P-2/stable</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1">Extendable commercial
          notes</font></TD>
        <TD ALIGN="center"><font color="#0000FF" size="1">A-1 (mid)/stable </font></TD>
        <TD ALIGN="center"><font color="#0000FF" size="1">R-1 (mid)/stable</font></TD>
        &nbsp;
        <td align="center"><font color="#0000FF" size="1">--</font></TD>
        <td width="4"></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1">Long-term debt</font></TD>
        <TD ALIGN="center"><font color="#0000FF" size="1">A/stable</font></TD>
        <TD ALIGN="center"><font color="#0000FF" size="1">A (high)/stable</font></TD>
        <TD ALIGN="center"><font color="#0000FF" size="1">A-3/stable</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1">Preferred shares</font></TD>
        <TD ALIGN="center"><font color="#0000FF" size="1">P-2(high)/stable</font></TD>
        <TD ALIGN="center"><font color="#0000FF" size="1">Pfd-2 (high)/stable</font></TD>
        <TD ALIGN="center"><font color="#0000FF" size="1">--</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD colspan="4" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
      </TR>
    </TABLE>
    <font color="#0000FF" size="2"><strong><br>
    ACCESS TO CAPITAL</strong><br>
    </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">For
    the remainder of 2003, cash will be primarily used for capital expenditures,
    dividend payments and the repayment of debt. <br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our plan is to generate sufficient 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><br>
    <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
    <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">Although
    we do not expect any cash shortfall in the short term, our lines of credit,
    bank facilities and commercial paper programs are available for contingency
    purposes.</FONT><br>
    <br>
    <strong><font color="#0000FF" size="2">OTHER ITEMS</font></strong><font color="#0000FF" size="2"><br>
    </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">Please
    see Notes 12 and 13 to the consolidated financial statements for a summary
    and description of:</FONT> <font color="#0000FF" size="2" face="Times New Roman, Times, Serif"><br>
    </font>
    <table width="95%" border="0" cellpadding="0" cellspacing="0">
      <tr>
        <td width="2%" align="center" valign="top"> <div align="center"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
            </FONT></FONT></FONT></FONT></div></td>
        <td width="93%"><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">contractual
          obligations</FONT> </td>
      </tr>
      <tr>
        <td align="center" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          </FONT></FONT></FONT></FONT></td>
        <td><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">commercial
          commitments</FONT></td>
      </tr>
      <tr>
        <td align="center" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          </FONT></FONT></FONT></FONT></td>
        <td><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">guarantees</FONT></td>
      </tr>
      <tr>
        <td align="center" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          </FONT></FONT></FONT></FONT></td>
        <td><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">off-balance
          sheet arrangements</FONT></td>
      </tr>
      <tr>
        <td align="center" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          </FONT></FONT></FONT></FONT></td>
        <td><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">contingencies</FONT></td>
      </tr>
      <tr>
        <td align="center" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
          </FONT></FONT></FONT></FONT></td>
        <td><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">financial
          instruments.</FONT> </td>
      </tr>
    </table>
    <p align="center"><font color="#0000FF" size="2">16<br>
      <br>
      <br>
      </font></p>
    <hr width="100%" size=4 color=GRAY noshade>
    <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 1; page: 1" -->
    <div align="center">
      <p align="left"><br>
        <br>
        <FONT color="#0000FF" size="5" FACE="Times New Roman, Times, Serif"><B>Recent
        Developments in Legal Proceedings</B></FONT></p>
      <p align="left"><FONT color="#0000FF" size="5" FACE="Times New Roman, Times, Serif"><B><font size="2"><br>
        </font></B></FONT><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">This
        section provides a description of recent material developments in certain
        of the legal proceedings involving BCE described in BCE Inc.&#145;s Annual
        Information Form for the year ended December 31, 2002 (BCE 2002 AIF).</FONT>
        <br>
        <br>
        <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif"><B>Teleglobe
        Lending Syndicate Lawsuit<br>
        </B></FONT><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">As
        indicated in the BCE 2002 AIF, 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.</FONT>
        <br>
        <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;On
        April 30, 2003, the Ontario Superior Court of Justice dismissed BCE Inc.&#145;s
        first motion on jurisdiction. BCE Inc. filed a Notice of Motion for Leave
        to Appeal on May 7, 2003, which was denied on July 15, 2003.</FONT> <br>
        <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">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 was
        granted on June 3, 2003. On June 12, 2003, BCE Inc. filed a notice of
        cross-appeal on certain of the reasons for the Court&#146;s decision with
        respect to this second motion. In the meantime, new counsel has been appointed
        as counsel of record for the Plaintiffs.</FONT> <br>
        <br>
        <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif"><B>Wage
        Practices Investigation<br>
        </B></FONT><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">As
        indicated in the BCE 2002 AIF, on November 2, 2000, the Federal Court
        of Canada had allowed Bell Canada&#146;s application for judicial review
        of the Canadian Human Rights Tribunal&#146;s determination that it could
        proceed with an inquiry into the complaints filed by the Communications,
        Energy and Paperworkers union of Canada. The Court had found that the
        Tribunal lacked institutional independence and prohibited further proceedings
        in the matter. Hearings before the Tribunal into the merits of the case
        were suspended. The Canadian Human Rights Commission appealed this decision,
        which was overturned by the Federal Court of Appeal. On May 24, 2001,
        Bell Canada filed for leave to appeal the Federal Court of Appeal&#146;s
        decision to the Supreme Court of Canada. Hearings before the Tribunal
        resumed in September 2001. The Supreme Court heard Bell Canada&#146;s
        appeal in January 2003 and dismissed it on June 26, 2003. The decision
        did not address the merits of the case.</FONT> <br>
        <br>
        <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif"><B>BCI
        Common Shareholders Lawsuit<br>
        </B></FONT><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">As
        indicated in the BCE 2002 AIF, BCE Inc. and BCI contested the certification
        of this action as a class action. On May 9, 2003, the Ontario Superior
        Court of Justice dismissed the action and the motion for certification
        as a class action. On June 27, 2003, the plaintiff filed an amended statement
        of claim, again seeking to have the action certified as a class action.
        The amount claimed in the amended lawsuit remains $1 billion.</FONT> <br>
        <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
        <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">While
        the final outcome of any legal proceeding cannot be predicted with certainty,
        based upon information currently available, BCE Inc. and BCI are of the
        view that they have strong defences against the amended lawsuit and intend
        to vigorously defend their position.</FONT> <br>
      </p>
      <p><font color="#0000FF" size="2">17<br>
        <br>
        <br>
        </font></p>
      <hr width="100%" size=4 color=GRAY noshade>
      <!-- *************************************************************************** -->
      <!-- MARKER PAGE="sheet: 1; page: 1" -->
      <div align="left">
        <p><br>
          <FONT color="#0000FF" size="5" FACE="Times New Roman, Times, Serif"><B>Forward-Looking
          Statements<strong><font size="2"><br>
          <br>
          </font></strong></B></FONT><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">A
          statement we make is forward looking when it uses what we know today
          to make a statement about the future.<br>
          &nbsp;&nbsp;&nbsp;&nbsp; Forward-looking statements may include words
          such as <I>anticipate, believe, could, expect, goal, intend, may, objective,
          outlook, seek, strive, target </I>and <I>will</I>.</FONT> <br>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">This
          MD&amp;A contains forward-looking statements about BCE&#146;s objectives,
          strategies, financial condition, results of operations and businesses.</FONT>
          <br>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, 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><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">
          &nbsp;&nbsp;&nbsp;</FONT> <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">It
          is important to know that:</FONT>
        <table width="86%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="2%" align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif">
              </FONT></FONT></FONT></FONT></td>
            <td width="5%" align="left" valign="top"><div align="center"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
                </FONT></FONT></FONT></FONT></div></td>
            <td width="93%"><font color="#0000FF" size="2">forward-looking statements
              describe our expectations on the day they are made. For this MD&A,
              it is July 29, 2003</font></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top"><div align="center"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
                </FONT></FONT></FONT></FONT></div></td>
            <td><font color="#0000FF" size="2">&nbsp;</font><font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, 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></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top"><div align="center"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
                </FONT></FONT></FONT></FONT></div></td>
            <td><font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, 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></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top"><div align="center"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
                </FONT></FONT></FONT></FONT></div></td>
            <td><font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, 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></td>
          </tr>
        </table>
        <p><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&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 <I>Risk Assessment </I>section on the next page.</FONT> </p>
        <p>&nbsp;</p>
        <p align="center"><font color="#0000FF" size="2">18<br>
          <br>
          <br>
          </font></p>
        <hr width="100%" size=4 color=GRAY noshade>
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        <p><br>
          <b><font color="#0000FF" size="2" face="Times New Roman, Times, Serif"><br>
          </font></b> <FONT color="#0000FF" size="5" FACE="Times New Roman, Times, Serif"><B>Risk
          Assessment</B></FONT></p>
        <p><FONT color="#0000FF" size="5" FACE="Times New Roman, Times, Serif"><B><strong><font size="2">
          </font></strong></B></FONT><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, 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> <br>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, 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> <br>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, 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
          of which we are currently unaware.</FONT> </p>
        <p><FONT color="#0000FF" size="4" FACE="Times New Roman, Times, Serif">BCE
          Group of Companies<font size="2"><br>
          <br>
          </font></FONT><strong><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">OUR
          DEPENDENCE ON THE BELL CANADA SEGMENT<br>
          </FONT></strong><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, 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> <br>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">For
          the three-month period ended June 30, 2003, the Bell Canada Segment
          accounted for 86% of our operating revenues, 92% of our EBITDA and 93%
          of our net earnings applicable to common shares on a consolidated basis.
          On a year-to-date basis, the Bell Canada Segment accounted for 86% of
          our operating revenues and 93% of our EBITDA and net earnings applicable
          to common shares on a consolidated basis.</FONT> </p>
        <font color="#0000FF" size="2"><strong>ECONOMIC AND MARKET CONDITIONS
        </strong><br>
        </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, 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.</FONT>
        <br>
        <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
        <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">The
        slowdown and uncertainty in the global economy have reduced demand for
        our products and services, which negatively affected our financial performance
        and may continue to negatively affect it in the future. In particular,
        weak economic conditions have led to:</FONT> <br>
        <br>
        <table width="86%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="2%" align="left" valign="top">&nbsp;</td>
            <td width="4%" align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
              </FONT></FONT></FONT></FONT></td>
            <td width="94%"><font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, Serif">lower
              than expected growth in data revenue for the Bell Canada Segment,
              because of softer demand from business and wholesale customers</FONT></font></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
              </FONT></FONT></FONT></FONT></td>
            <td><font color="#0000FF" size="2">some reductions in the number of
              network access lines due to business failures, business contractions
              or competition</font></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
              </FONT></FONT></FONT></FONT></td>
            <td><font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, Serif">lower
              spending on IT services, resulting in lower non-recurring revenue
              from BCE Emergis.</FONT></font></td>
          </tr>
        </table>
        <p><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Weak
          economic conditions may also negatively affect the financial condition
          and credit risk of our customers, which could increase uncertainty about
          our ability to collect receivables. In addition, the SARS outbreak in
          Toronto could adversely impact our ability to collect receivables and,
          consequently, our revenues.</FONT> </p>
        <p><strong><font color="#0000FF" size="2">IMPROVING PRODUCTIVITY AND REDUCING
          CAPITAL INTENSITY</font></strong><font color="#0000FF" size="2"><br>
          </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">We
          continue to implement several productivity initiatives while reducing
          our capital intensity.</FONT> <font color="#0000FF" size="2" face="Times New Roman, Times, Serif"><br>
          &nbsp;&nbsp;&nbsp;&nbsp; </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">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.
          There could also be a material and negative effect on our profitability
          if any volume declines in connection with the sale of our products and
          services due to market factors are not met with concurrent expense reductions.</FONT>
        </p>
        <p><strong><font color="#0000FF" size="2">INCREASING COMPETITION</font></strong><font color="#0000FF" size="2"><br>
          </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, 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. In
          addition, we face increasing cross-platform competition, including competition
          to our wireline business coming from wireless and cable companies, and
          expect this type of competition to intensify in the future, as new technologies
          will be developed.</FONT><br>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, 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> <br>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, 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 consolidation in the industry.</FONT>
          <br>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, 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> <br>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, 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> </p>
        <p>&nbsp;</p>
        <p align="center"><font color="#0000FF" size="2">19<br>
          <br>
          </font></p>
        <hr width="100%" size=4 color=GRAY noshade>
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        <br>
        <br>
        <p><strong><font color="#0000FF" size="2">ANTICIPATING TECHNOLOGICAL CHANGE
          </font></strong><font color="#0000FF" size="2"> <br>
          </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, 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> <br>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, 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> <br>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, 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> <br>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, 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.<br>
          </FONT></p>
        <p><strong><font color="#0000FF" size="2">STRATEGIES AND PLANS</font></strong><font color="#0000FF" size="2"><br>
          </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">We
          plan to reach our business objectives by implementing different plans
          and strategies, the most significant of which are described in BCE Inc.&#145;s
          2002 annual MD&amp;A dated February 26, 2003 and 2003 first quarter
          MD&amp;A dated April 29, 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> </p>
        <strong><font color="#0000FF" size="2">FINANCING OUR OPERATIONS</font></strong><font color="#0000FF" size="2"><br>
        </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">We
        require substantial amounts of capital to finance capital expenditures
        to provide our services and to refinance our outstanding debt. <br>
        &nbsp;&nbsp;&nbsp;&nbsp; We finance our ongoing capital needs in three
        ways:</FONT> <br>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="2%" align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
              </FONT></FONT></FONT></FONT></td>
            <td width="98%"><font color="#0000FF" size="2">from cash generated
              by our operations</font></td>
          </tr>
          <tr>
            <td width="2%" align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT>
              </FONT></FONT></FONT></FONT></td>
            <td><font color="#0000FF" size="2">by borrowing from commercial banks</font></td>
          </tr>
          <tr>
            <td width="2%" align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><font color="#0000FF" size="2">through debt and equity offerings
              in the capital markets.</font></td>
          </tr>
        </table>
        <p><font color="#0000FF" size="2"> </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Equity
          financings would dilute the holdings of existing equity investors. Significant
          additional debt financings could lower our credit ratings and increase
          our borrowing costs, giving us less flexibility to take advantage of
          business opportunities.</FONT> <br>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Our
          ability to finance operations depends on our ability to access the capital
          markets and the syndicated commercial loan market.</FONT> <br>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">The
          cost of funding depends largely on market conditions at the time capital
          is raised. 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> <br>
        </p>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="2%" align="left" valign="bottom"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td width="98%"><font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, Serif">a
              loss of investor confidence in the capital markets in general and
              in the telecommunications industry in particular</FONT></font></td>
          </tr>
          <tr>
            <td width="2%" align="left" valign="bottom"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><font color="#0000FF" size="2">accounting scandals relating to
              major North American companies.</font></td>
          </tr>
        </table>
        <p><font color="#0000FF" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we
          cannot raise the capital we need, we may have to: </font></p>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="2%" align="left" valign="bottom"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td width="98%"><font color="#0000FF" size="2">limit our ongoing capital
              expenditures</font></td>
          </tr>
          <tr>
            <td width="2%" align="left" valign="bottom"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><font color="#0000FF" size="2">limit our investment in new businesses</font></td>
          </tr>
          <tr>
            <td align="left" valign="bottom"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td width="2%"><font color="#0000FF" size="2">try to raise additional
              capital by selling assets or through monetizing transactions.</font></td>
          </tr>
        </table>
        <font color="#0000FF" size="2"><br>
        </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Any
        of these possibilities could have a material and negative effect on our
        growth prospects for the long term.</FONT> <strong><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif"><br>
        <br>
        LITIGATION, REGULATORY MATTERS AND CHANGES IN LAWS</FONT></strong><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif"><br>
        Pending or future litigation, regulatory initiatives or regulatory proceedings
        could have a material and negative effect on our businesses, operating
        results and financial condition. 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. <br>
        &nbsp;&nbsp;&nbsp;&nbsp; On April 28, 2003, the Standing committee on
        Industry, Science and Technology tabled a report in the House of Commons
        recommending:</FONT> <br>
        <br>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="3%" align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, Serif">the
              removal of the existing minimum Canadian ownership and control requirements
              for telecommunications carriers and that this change also apply
              to broadcasting distribution undertakings</FONT></font></td>
          </tr>
          <tr>
            <td width="3%" align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><font color="#0000FF" size="2">&nbsp;<FONT FACE="Times New Roman, Times, 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></font></td>
          </tr>
        </table>
        <p><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">On
          June 11, 2003, the Standing Committee on Canadian Heritage tabled a
          report in the House of Commons, which contained several recommendations
          on a broad range of issues, including the maintenance of the existing
          foreign ownership limits in the <em>Broadcasting Act</em>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></p>
        <p><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">Since
          the Government&#146;s response to the above-mentioned reports has not
          yet been issued, 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" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font color="#0000FF" size="2">The
          BCE 2002 AIF contains a detailed description of:</font></p>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="3%" align="left" valign="bottom"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><font color="#0000FF" size="2">the principal legal proceedings
              involving us</font></td>
          </tr>
          <tr>
            <td width="3%" align="left" valign="bottom"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><font color="#0000FF" size="2">certain regulatory initiatives
              and proceedings affecting the Bell Canada Segment.</font></td>
          </tr>
        </table>
        <p><font color="#0000FF" size="2"> </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Please
          see <I>Recent Developments in Legal Proceedings </I>in this MD&amp;A
          for a description of recent material developments in the principal legal
          proceedings involving us and described in the BCE 2002 AIF.</FONT> </p>
        <p align="center"><font color="#0000FF" size="2">20</font></p>
        <p align="center"><br>
          <br>
        </p>
        <hr width="100%" size=4 color=GRAY noshade>
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        <br>
        <br>
        <p><strong><font color="#0000FF" size="2">PENSION FUND CONTRIBUTIONS</font></strong><font color="#0000FF" size="2">
          <br>
          </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, 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> <br>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">The
          recent decline in the capital markets, combined with historically low
          interest rates, however, have significantly reduced the pension fund
          surpluses and the pension credits. This has negatively affected our
          net earnings.</FONT> <br>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
          <FONT color="#0000FF" size="2" FACE="Times New Roman, Times, 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> </p>
        <p><strong><font color="#0000FF" size="2">FUNDING SUBSIDIARIES</font></strong><font color="#0000FF" size="2">
          <br>
          </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, 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. <br>
          &nbsp;&nbsp;&nbsp;&nbsp; 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.&#145;s
          securities. BCE Inc. would have to devote considerable management time
          and resources in responding to any claim.</FONT> </p>
        <p><font color="#0000FF" size="2"><strong>ATTRACTING AND RETAINING SKILLED
          PEOPLE</strong><br>
          </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, 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> </p>
        <p><strong><font color="#0000FF" size="2">PROTECTING OUR NETWORKS</font></strong><font color="#0000FF" size="2"><br>
          </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, 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> </p>
        <strong><font color="#0000FF" size="2">RENEGOTIATING LABOUR AGREEMENTS</font></strong><font color="#0000FF" size="2"><br>
        </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">Many
        of our employees are represented by unions and are covered by collective
        bargaining agreements. <br>
        &nbsp;&nbsp;&nbsp;&nbsp; Several of our collective bargaining agreements
        expire in 2003 or have already expired. These agreements, which cover
        approximately 13,450 employees, are the following:</FONT><br>
        <table width="95%" border="0" cellspacing="0" cellpadding="0">
          <tr>
            <td width="2%" align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td width="93%"><font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, 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></td>
          </tr>
          <tr>
            <td align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, 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></td>
          </tr>
          <tr>
            <td align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><font color="#0000FF" size="2">several collective agreements between
              certain other companies of the Bell Canada Segment (including Aliant
              and Connexim L.P.) and their respective employees, representing
              approximately 4,800 employees</font></td>
          </tr>
          <tr>
            <td align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT></td>
            <td><font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, Serif">several
              collective agreements between certain companies of the Bell Globemedia
              segment including CTV, and their respective employees, representing
              approximately 150 employees.</FONT></font></td>
          </tr>
        </table>
        <br>
        <font color="#0000FF" size="2"><FONT FACE="Times New Roman, Times, Serif">
        </FONT><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="Times New Roman, Times, Serif">Renegotiating
        collective agreements could result in higher labour costs or work disruptions.
        Difficulties in renegotiations or other labour unrest could hurt our businesses,
        operating results and financial condition.</FONT></font>
        <p><font color="#0000FF" size="5">BCE Inc.</font></p>
        <p><font color="#0000FF" size="2"> <strong> HOLDING COMPANY STRUCTURE</strong><br>
          </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, 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.&#145;s cash flow and
          its ability to service its debt 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> <br>
          <font color="#0000FF" size="2"><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, Serif">BCE
          Inc.&#145;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> </p>
        <p><strong><font color="#0000FF" size="2">STOCK MARKET VOLATILITY</font></strong><font color="#0000FF" size="2"><br>
          </font><FONT color="#0000FF" size="2" FACE="Times New Roman, Times, 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.&#145;s common shares.</FONT> </p>
        <p align="center"><font color="#0000FF" size="2">21</font></p>
        <p align="center"><br>
          <br>
        </p>
        <hr width="100%" size=4 color=GRAY noshade>
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        <br>

        <p align="LEFT"><FONT color="#0000FF" size="5" FACE="serif">Bell Canada
          Segment</FONT></p>
        <p align="LEFT"><FONT color="#0000FF" size="5" FACE="serif"> </FONT><font face="serif"><strong><font color="#0000FF" size="2">CHANGING
          WIRELINE REGULATION</font></strong><font color="#0000FF" size="2"> <br>
          </font></font><FONT color="#0000FF" 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 face="serif"><br>
          <br>
          <FONT color="#0000FF" size="2"><B>CRTC Price Cap decision<strong><br>
          </strong></B></FONT></font><FONT color="#0000FF" size="2" FACE="serif">In
          May 2002, the CRTC introduced new Price Cap rules that reduce some rates
          that incumbent telephone companies charge competitors for services provided
          to them.</FONT> <font face="serif"><br>
          </font><FONT color="#0000FF" FACE="serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT color="#0000FF" 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> </p>
        <FONT color="#0000FF" size="2" FACE="serif"><B>CRTC decision on incumbent
        affiliates<br>
        </B>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. 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 face="serif"><br>
        </font>
        <table width="95%" border="0" cellspacing="0" cellpadding="0">
          <tr>
            <td width="2%" align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT size=1 face="Wingdings">n</FONT>
              </FONT></td>
            <td width="93%"><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></td>
          </tr>
          <tr>
            <td align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT size=1 face="Wingdings">n</FONT>
              </FONT></td>
            <td><font color="#0000FF" size="2" face="serif">all new contracts
              must receive CRTC approval before implementation</font></td>
          </tr>
          <tr>
            <td align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT size=1 face="Wingdings">n</FONT>
              </FONT></td>
            <td><font color="#0000FF" 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></td>
          </tr>
        </table>
        <p align="LEFT"><FONT color="#0000FF" FACE="serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT color="#0000FF" size="2" FACE="serif">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 align="LEFT"><font color="#0000FF" size="2" face="serif"><strong>LICENSES
          AND CHANGING WIRELESS REGULATION</strong><br>
          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 <I>Radiocommunication
          Act</I>. 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 face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" 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 face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" 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> </p>
        <p align="LEFT"><font face="serif"><strong><font color="#0000FF" size="2">INCREASED
          ACCIDENTS FROM USING CELL PHONES</font></strong><font color="#0000FF" size="2"><br>
          </font></font><FONT color="#0000FF" 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 did 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>
        </p>
        <p align="LEFT"><font face="serif"><strong><FONT color="#0000FF" size="2">HEALTH
          CONCERNS ABOUT RADIO FREQUENCY EMISSIONS</FONT></strong><FONT color="#0000FF" size="2"><br>
          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> <font face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <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 align="center"><font color="#0000FF" size="2" face="serif">22</font></p>
        <p align="center"><font face="serif"><br>
          <br>
          </font></p>
        <hr width="100%" size=4 color=GRAY noshade>
        <font face="serif">
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        </font>
        <p><font face="serif"><br>
          <strong><font color="#0000FF" size="2">BELL EXPRESSVU</font></strong><font color="#0000FF" size="2"><br>
          </font></font><FONT color="#0000FF" 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 face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" 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 <I>Risk Assessment &#150; BCE Ventures
          &#150; Telesat </I>for a description of certain risks affecting satellites
          and, in particular, Nimiq 2.<br>
          </FONT><FONT color="#0000FF" size="2" FACE="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</FONT> <font face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></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 was scheduled for renewal in August 2003. It has
          been given a further six month administrative renewal pending CRTC approval
          of its application for license renewal. 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.</FONT>
          <font face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" size="2" FACE="serif">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
          Bell ExpressVu&#146;s capital and operating expenses.</FONT> </p>
        <p><FONT color="#0000FF" size="4" FACE="serif">Bell Globemedia<br>
          </FONT><font face="serif"><strong><font color="#0000FF" size="2">DEPENDENCE
          ON ADVERTISING</font></strong><font color="#0000FF" size="2"><br>
          </font></font><FONT color="#0000FF" 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> </p>
        <p><font face="serif"><strong><FONT color="#0000FF" size="2">INCREASING
          FRAGMENTATION IN TELEVISION MARKETS</FONT></strong><FONT color="#0000FF" size="2"><br>
          Television advertising revenue largely 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 face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></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 face="serif"><strong><FONT color="#0000FF" size="2">REVENUES
          FROM DISTRIBUTING TELEVISION SERVICES</FONT></strong><FONT color="#0000FF" size="2"><br>
          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 face="serif"><strong><font color="#0000FF" size="2">NEW PRINT
          COMPETITORS</font></strong><font color="#0000FF" size="2"><br>
          </font></font><FONT color="#0000FF" size="2" FACE="serif">Print advertising
          revenue largely depends on circulation and readership. 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> </p>
        <p><font face="serif"><strong><font color="#0000FF" size="2">BROADCAST
          LICENSES</font></strong><font color="#0000FF" size="2"><br>
          </font></font><FONT color="#0000FF" 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 face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" 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>
        </p>
        <p>&nbsp;</p>
        <p align="center"><font color="#0000FF" size="2" face="serif">23</font></p>
        <p align="center"><font face="serif"><br>
          <br>
          </font></p>
        <hr width="100%" size=4 color=GRAY noshade>
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        <p><font face="serif"><br>
          <br>
          <FONT color="#0000FF" size="4">BCE Emergis<font size="2"><br>
          </font></FONT><strong><font color="#0000FF" size="2">FLUCTUATIONS IN
          CURRENCY EXCHANGE RATES</font></strong><font color="#0000FF" size="2"><br>
          </font></font><FONT color="#0000FF" size="2" FACE="serif">BCE Emergis
          is affected by fluctuations in the currency exchange rates between the
          Canadian and U.S. dollars. The stronger Canadian dollar has had and
          could continue to have a material and negative effect on BCE Emergis'
          revenues and net earnings.</FONT> </p>
        <p><FONT color="#0000FF" size="2" FACE="serif"><B>ADOPTION OF eBUSINESS<strong><br>
          </strong></B>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 face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <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 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 face="serif"><strong><font color="#0000FF" size="2">CHANGES IN
          THE U.S. HEALTH CARE LANDSCAPE</font></strong><font color="#0000FF" size="2">
          <br>
          </font></font><FONT color="#0000FF" size="2" FACE="serif">The consolidation
          of health care service providers as well as changes in the U.S. health
          care landscape may have a material and negative effect on BCE Emergis&#146;
          business.</FONT> </p>
        <p><font color="#0000FF" size="2" face="serif"><strong>OPERATING RESULTS</strong>
          <br>
          BCE Emergis has announced plans to focus on key growth areas, drive
          core recurring revenue growth, streamline its service offerings and
          operating costs and add new services. 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 face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" size="2" FACE="serif">BCE Emergis has incurred
          losses in the past. Its revenue depends substantially on the amount
          of services which 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 BCE Emergis 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 generally renewable on an annual basis as is customary in
          that industry.</FONT> <font face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" size="2" FACE="serif">The operating results of
          BCE Emergis have fluctuated in the past, mainly because of variability
          in non-recurring revenue, the effect of acquisitions and exited activities.
          BCE Emergis expects fluctuations to continue in the future. Significant
          fluctuations in BCE Emergis&#146; operating results may harm its business
          operations by making it difficult to implement its business plan and
          achieve its results.</FONT> </p>
        <p><font face="serif"><strong><font color="#0000FF" size="2">SUCCESS OF
          U.S.-BASED OPERATIONS</font></strong><font color="#0000FF" size="2">
          <br>
          </font></font><FONT color="#0000FF" 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> </p>
        <p><font color="#0000FF" size="2" face="serif"><strong>CONTROL BY BCE
          INC.</strong> <br>
          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 face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" size="2" FACE="serif">BCE Inc. has no obligation
          to remain the majority shareholder 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 adversely affect BCE Emergis,
          its prospects and the market price of its common shares.</FONT> </p>
        <p><FONT color="#0000FF" size="2" FACE="serif"><B>ACQUISITIONS<br>
          </B>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> </p>
        <p><font face="serif"><strong><font color="#0000FF" size="2">STRATEGIC
          RELATIONSHIPS</font></strong><font color="#0000FF" size="2"> <br>
          </font></font><FONT color="#0000FF" 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> </p>
        <font face="serif"><strong><font color="#0000FF" size="2">DEPENDENCE ON
        CONTRACTING MEDICAL SERVICE</font></strong><b><font color="#0000FF" size="2">
        </font></b><FONT color="#0000FF" size="2"><B>PROVIDERS<br>
        </B>The growth of BCE Emergis&#146; eHealth Solutions Group, North America
        business unit depends on its ability to:</FONT></font> <font color="#0000FF" size="2" face="serif"><br>
        </font>
        <table width="95%" border="0" cellspacing="0" cellpadding="0">
          <tr>
            <td width="2%" align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT size=1 face="Wingdings">n</FONT>
              </FONT></td>
            <td width="93%"><FONT color="#0000FF" size="2" FACE="serif">retain
              contracts with existing providers </FONT></td>
          </tr>
          <tr>
            <td align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT size=1 face="Wingdings">n</FONT>
              </FONT></td>
            <td><FONT color="#0000FF" size="2" FACE="serif">attract new providers</FONT></td>
          </tr>
          <tr>
            <td align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT size=1 face="Wingdings">n</FONT>
              </FONT></td>
            <td><FONT color="#0000FF" size="2" FACE="serif">retain or improve
              the discounts given by providers.</FONT></td>
          </tr>
        </table>
        <FONT color="#0000FF" size="2" FACE="serif"><br>
        In addition, the results of BCE Emergis could be materially and adversely
        affected if:</FONT> <font face="serif"><br>
        </font>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="2%" align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT size=1 face="Wingdings">n</FONT>
              </FONT></td>
            <td width="93%"><font color="#0000FF" size="2" face="serif">&nbsp;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></td>
          </tr>
          <tr>
            <td align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT size=1 face="Wingdings">n</FONT>
              </FONT></td>
            <td><font color="#0000FF" size="2" face="serif">contracts with its
              providers are renegotiated with reduced discounts.</font></td>
          </tr>
        </table>
        <font face="serif"><strong><font color="#0000FF" size="2"><br>
        <br>
        EXPOSURE TO PROFESSIONAL LIABILITY</font></strong><font color="#0000FF" size="2">
        <br>
        </font></font><FONT color="#0000FF" 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 face="serif"><br>
        </font>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT size=1 face="Wingdings">n</FONT>
              </FONT></td>
            <td><FONT color="#0000FF" size="2" FACE="serif">adverse medical consequences
              because services were denied </FONT></td>
          </tr>
          <tr>
            <td align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT size=1 face="Wingdings">n</FONT>
              </FONT></td>
            <td><FONT color="#0000FF" size="2" FACE="serif">the cost of services
              that were denied</FONT></td>
          </tr>
          <tr>
            <td align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT size=1 face="Wingdings">n</FONT>
              </FONT></td>
            <td><FONT color="#0000FF" size="2" FACE="serif">errors or omissions
              of health care professionals.</FONT> </td>
          </tr>
        </table>
        <p><FONT color="#0000FF" FACE="serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT color="#0000FF" size="2" FACE="serif">These
          claims could have a material and adverse effect on the business and
          operating results of BCE Emergis.</FONT> </p>
        <p align="center"><font color="#0000FF" size="2" face="serif">24</font></p>
        <p align="center"><font face="serif"><br>
          <br>
          </font></p>
        <hr width="100%" size=4 color=GRAY noshade>
        <font face="serif">
        <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 1; page: 1" -->
        </font>
        <p> <font face="serif"><br>
          <strong><font color="#0000FF" size="2">DEFECTS IN SOFTWARE AND FAILURES
          IN THE PROCESSING OF TRANSACTIONS</font></strong><font color="#0000FF" size="2"><br>
          Defects in BCE Emergis' owned or licensed software products, </font></font><FONT color="#0000FF" size="2" FACE="serif">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> </p>
        <p><font face="serif"><strong><font color="#0000FF" size="2">SECURITY
          AND PRIVACY BREACHES</font></strong><font color="#0000FF" size="2">
          <br>
          </font></font><FONT color="#0000FF" 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>
        </p>
        <p><font face="serif"><strong><font color="#0000FF" size="2">PROTECTION
          OF INTELLECTUAL PROPERTY</font></strong><font color="#0000FF" size="2">
          <br>
          </font></font><FONT color="#0000FF" 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> </p>
        <p><font face="serif"><strong><font color="#0000FF" size="2">INTEGRITY
          OF CRYPTOGRAPHY TECHNOLOGY</font></strong><font color="#0000FF" size="2"><br>
          </font></font><FONT color="#0000FF" 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> </p>
        <p><font face="serif"><br>
          <FONT color="#0000FF" size="4">BCE Ventures<font size="2"><br>
          </font></FONT></font><FONT color="#0000FF" size="2" FACE="serif"><B>TELESAT<strong><br>
          </strong></B>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 has filed a claim for it.
          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 face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" 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 face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" 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 face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" size="2" FACE="serif">Telesat also has another
          satellite under construction, Anik F2. There has been a delay in the
          delivery of Anik F2 by the satellite manufacturer. Telesat has made
          arrangements for the lease of an in-orbit satellite to cover the delay.
          Additional delay in the delivery of Anik F2 could potentially have an
          adverse effect on Telesat&#146;s ability to provide service and could
          cause the refund of customer prepayments for service on the satellite.</FONT>
          <font face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" size="2" FACE="serif">There is a risk that the
          satellites under construction, Anik F2 and 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 face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" 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> </p>
        <p align="center"><font color="#0000FF" size="2" face="serif">25<br>
          <br>
          </font></p>
        <hr width="100%" size=4 color=GRAY noshade>
        <font face="serif">
        <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 1; page: 1" -->
        <font face="serif"><font face="serif">
        <p><br>
          <br>
          <FONT color="#0000FF" size="5"><strong>Our Accounting Policies</strong></FONT></p>
        </font></font></font>
        <p><FONT color="#0000FF" size="2" FACE="serif">We have prepared our consolidated
          financial statements according to Canadian GAAP.</FONT> <font face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" 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 face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" 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. <b><br>
          </b></FONT><FONT color="#0000FF" FACE="serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT color="#0000FF" size="2" FACE="serif"><b>
          </b>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 second quarter of 2003 for more information about
          the accounting principles we use to prepare our financial statements.</FONT>
        </p>
        <p><font face="serif"><br>
          <FONT color="#0000FF" size="4">Key Estimates and Assumptions<br>
          </FONT></font><FONT color="#0000FF" 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.</FONT> <font face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" size="2" FACE="serif">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.</FONT> <font face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" size="2" FACE="serif">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. 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>
        <font face="serif"><strong><font color="#0000FF" size="2">EMPLOYEE BENEFIT
        PLANS</font></strong><font color="#0000FF" size="2"> <br>
        </font></font><FONT color="#0000FF" size="2" FACE="serif">We maintain
        defined benefit plans that provide pension, other retirement and post-employment
        benefits for most of our employees. <br>
        </FONT><FONT color="#0000FF" FACE="serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT color="#0000FF" 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 face="serif"><br>
        <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
        <FONT color="#0000FF" 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 face="serif"><br>
        <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
        <FONT color="#0000FF" 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 face="serif"><br>
        <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
        <FONT color="#0000FF" 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 face="serif"><br>
        <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
        <FONT color="#0000FF" size="2" FACE="serif">The two most significant assumptions
        used to calculate the net employee benefit plans credit or expense are:</FONT>
        <font face="serif"><br>
        </font>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="2%" align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT size=1 face="Wingdings">n</FONT>
              </FONT></td>
            <td width="93%"><font color="#0000FF" size="2" face="serif">the discount
              rate</font></td>
          </tr>
          <tr>
            <td align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT size=1 face="Wingdings">n</FONT>
              </FONT></td>
            <td><font color="#0000FF" size="2" face="serif">the expected long-term
              rate of return on plan assets.</font></td>
          </tr>
        </table>
        <p><FONT color="#0000FF" size="2" FACE="serif"><B>Discount rate<br>
          </B>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 face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><FONT color="#0000FF" 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. 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>
        </p>
        <p><FONT color="#0000FF" size="2" FACE="serif"><B>Expected long-term rate
          of return<br>
          </B>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%, resulting in a significant
          actuarial loss. We expect this actuarial loss to negatively impact pre-tax
          earnings by about $120 million in 2003.</FONT><font face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" 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> </p>
        <p><font face="serif"><strong><font color="#0000FF" size="2">ALLOWANCES
          FOR DOUBTFUL ACCOUNTS</font></strong><font color="#0000FF" size="2">
          <br>
          </font></font><FONT color="#0000FF" 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 color="#0000FF" size="2" face="serif"><br>
          </font><FONT color="#0000FF" FACE="serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><font color="#0000FF" 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 face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" 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> </p>
        <font face="serif"><strong><font color="#0000FF" size="2">USEFUL LIFE
        OF LONG-LIVED ASSETS</font></strong><font color="#0000FF" size="2"> <br>
        </font></font><FONT color="#0000FF" size="2" FACE="serif">The estimated
        useful life of long-lived assets is used to determine amortization expense.</FONT>
        <font color="#0000FF" size="2" face="serif"><br>
        </font><FONT color="#0000FF" FACE="serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><font color="#0000FF" 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 face="serif"><br>
        <FONT color="#0000FF" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:<br>
        </FONT></font>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="2%" align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT size=1 face="Wingdings">n</FONT>
              </FONT></td>
            <td width="93%"><FONT color="#0000FF" size="2" FACE="serif">a higher
              amortization expense in future periods</FONT></td>
          </tr>
          <tr>
            <td align="left" valign="top"><FONT color="#0000FF" FACE="serif"><FONT size=1 face="Wingdings">n</FONT>
              </FONT></td>
            <td><FONT color="#0000FF" size="2" FACE="serif">an impairment charge
              to reflect the write-down in value of</FONT> <font color="#0000FF" size="2" face="serif">the
              asset.</font></td>
          </tr>
        </table>
        <p><FONT color="#0000FF" size="2" FACE="serif"><B>IMPAIRMENT<br>
          </B>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. We usually measure impairment using a projected undiscounted
          cash flow method. If the asset&#146;s carrying value is more than its
          recoverable value, we record the difference as an impairment charge.</FONT>
        </p>
        <p align="center"><font color="#0000FF" size="2" face="serif">26</font></p>
        <p align="center"><font face="serif"><br>
          <br>
          </font></p>
        <hr width="100%" size=4 color=GRAY noshade>
        <font face="serif">
        <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 1; page: 1" -->
        </font>
        <p><font face="serif"><br>
          <br>
          <FONT color="#0000FF" size="2">We assess the impairment of goodwill
          and intangible assets with indefinite lives each year and when events
          or changes in circumstances indicate that they 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 face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><FONT color="#0000FF" 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 face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" 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> </p>
        <p><FONT color="#0000FF" size="2" FACE="serif"><B>CONTINGENCIES<br>
          </B>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 face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" size="2" FACE="serif">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.</FONT> <font face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" size="2" FACE="serif">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 face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" size="2" FACE="serif">If the final resolution
          of a legal or regulatory matter results in a judgment against us or
          the payment of a large settlement by us, 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.</FONT>
        </p>
        <p><font face="serif"><strong><font color="#0000FF" size="2">RESTRUCTURING
          AND OTHER CHARGES<br>
          </font></strong><FONT color="#0000FF" size="2">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" size="2" face="serif"><br>
          </font><FONT color="#0000FF" FACE="serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><font color="#0000FF" 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 face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" 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 face="serif"><br>
          <FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" 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> </p>
        <p><font face="serif"><strong><font color="#0000FF" size="2">ALTERNATIVE
          ACCEPTABLE ACCOUNTING POLICIES</font></strong><font color="#0000FF" size="2"><br>
          </font></font><FONT color="#0000FF" 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 <I>Changes to accounting standards, </I>for
          more information.</FONT> </p>
        <p><FONT color="#0000FF" size="4" FACE="serif">Changes to Accounting Standards<font size="2"><br>
          <br>
          </font></FONT><FONT color="#0000FF" size="2" FACE="serif">Please see
          Note 1 to the consolidated financial statements for the second quarter
          of 2003, for a description of the changes to the accounting standards
          and how they affect our financial statements.</FONT> </p>
        <p align="center"><font color="#0000FF" size="2" face="serif">27<br>
          <br>
          </font></p>
        <hr width="100%" size=4 color=GRAY noshade>
        <br>
        <font face="serif"> </font><font size="2" face="serif"> </font>
        <TABLE WIDTH="95%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
          <TR VALIGN="BOTTOM">
            <TH height="0%" COLSPAN="3"></TH>
            <TH COLSPAN="3"></TH>
            <TH COLSPAN="3"></TH>
            <TH COLSPAN="3"></TH>
            <TH COLSPAN="3"></TH>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD height="9%" colspan="15" ALIGN="LEFT" valign="top"><font face="serif"><font color="#0000FF" size="4">Consolidated
              Statements of Operations</font></font><font size="2" face="serif">&nbsp;</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD height="9%" colspan="15" ALIGN="LEFT" valign="top"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD height="9%" colspan="4" ALIGN="LEFT" valign="top"> <font color="#0000FF" size="2" face="serif">
              For the period ended June 30</font></TD>
            <TD colspan="6" valign="top"><font color="#0000FF" size="2" face="serif">
              &nbsp;</font> <font color="#0000FF" size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three
              months</font></TD>
            <TD colspan="5" valign="top"> <font color="#0000FF" size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six
              months</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">(in$
              millions, except share amounts) (unaudited)</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">2003</font></strong></font></TD>
            <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="right"><font color="#0000FF" size="2" face="serif"> 2002<SUP>(1)</SUP></font></TD>
            <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">2003</font></strong></font></TD>
            <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">
              2002<SUP>(1)</SUP></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD height="2%" colspan="15" ALIGN="LEFT"> <HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD WIDTH="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif"><strong>Operating
              revenues</strong></font></TD>
            <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="7%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">4,946</font></strong></font></TD>
            <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="2%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">4,974</font></TD>
            <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="8%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">9,836</font></strong></font></TD>
            <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">9,816</font></TD>
            <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD height="2%" colspan="15" ALIGN="LEFT"> <HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">Operating
              expenses</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="7%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">2,999</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">3,038</font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">6,067</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">6,072</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">Amortization
              expense</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="7%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">797</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">808</font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">1,572</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">1,578</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">Net
              benefit plans expense (credit)</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="7%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">43</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">(12</font></TD>
            <TD width="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">85</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">(18</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">Restructuring
              and other charges</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="7%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">--</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">413</font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">--</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">413</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD height="2%" colspan="15" ALIGN="LEFT"> <HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">Total
              operating expenses</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="7%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">3,839</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">4,247</font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">7,724</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">8,045</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD height="2%" colspan="15" ALIGN="LEFT"> <HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif"><strong>Operating
              income</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="7%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">1,107</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">727</font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">2,112</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">1,771</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">Other
              income (Note 4)</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="7%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">(8</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT"><font face="serif"><strong><font color="#0000FF" size="2">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">(246</font></TD>
            <TD width="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">(58</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT"><font face="serif"><strong><font color="#0000FF" size="2">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">(248</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">Interest
              expense (Note 5)</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="7%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">291</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">263</font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">575</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">524</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD height="2%" colspan="15" ALIGN="LEFT"> <HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD height="4%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif"><strong>Earnings
              from continuing operations before income taxes and non-controlling
              interest</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">824</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="right"><font color="#0000FF" size="2" face="serif">710</font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">1,595</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">1,495</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">Income
              taxes</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="7%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">277</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">246</font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">522</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">539</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">Non-controlling
              interest</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="7%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">70</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">141</font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">121</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">277</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD height="2%" colspan="15" ALIGN="LEFT"> <HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif"><strong>Earnings
              from continuing operations</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="7%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">477</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">323</font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">952</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">679</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">Discontinued
              operations (Note 6)</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="7%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">1</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">(303</font></TD>
            <TD width="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">(1</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT"><font face="serif"><strong><font color="#0000FF" size="2">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">(349</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD height="2%" colspan="15" ALIGN="LEFT"> <HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif"><strong>Net
              earnings</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="7%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">478</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">20</font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">951</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">330</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">Dividends
              on preferred shares</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="7%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">(17</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT"><font face="serif"><strong><font color="#0000FF" size="2">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">(14</font></TD>
            <TD width="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">(32</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT"><font face="serif"><strong><font color="#0000FF" size="2">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">(27</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD height="2%" colspan="15" ALIGN="LEFT"> <HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif"><strong>Net
              earnings applicable to common shares</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="7%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">461</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">6</font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">919</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">303</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD height="2%" colspan="15" ALIGN="LEFT"> <HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif"><strong>Net
              earnings per common share - basic</strong> (Note 7)</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            &nbsp;&nbsp;
            <td align="right"></TD>
            &nbsp;
            <td width="7%"></TD>
            &nbsp;&nbsp;
            <td align="right"></TD>
            &nbsp;
            <td width="2%"></TD>
            &nbsp;&nbsp;
            <td width="8%" align="right"></TD>
            &nbsp;
            <td width="2%"></TD>
            &nbsp;&nbsp;
            <td width="8%" align="right"></TD>
            &nbsp;</TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">Continuing
              operations</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="7%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">0.50</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">0.38</font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">1.00</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">0.80</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">Discontinued
              operations</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="7%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">--</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">(0.37</font></TD>
            <TD width="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">--</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">(0.42</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">Net
              earnings</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="7%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">0.50</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">0.01</font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">1.00</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">0.38</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif"><strong>Net
              earnings per common share - diluted</strong> (Note 7)</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            &nbsp;&nbsp;
            <td align="right"></TD>
            &nbsp;
            <td width="7%"></TD>
            &nbsp;&nbsp;
            <td align="right"></TD>
            &nbsp;
            <td width="2%"></TD>
            &nbsp;&nbsp;
            <td width="8%" align="right"></TD>
            &nbsp;
            <td width="2%"></TD>
            &nbsp;&nbsp;
            <td width="8%" align="right"></TD>
            &nbsp;</TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">Continuing
              operations</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="7%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">0.50</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">0.38</font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">1.00</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">0.80</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">Discontinued
              operations</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="7%" ALIGN="right"><font color="#0000FF" size="2" face="serif"><strong>--</strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">(0.37</font></TD>
            <TD width="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">--</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">(0.43</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">Net
              earnings</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="7%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">0.50</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">0.01</font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">1.00</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">0.37</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif"><strong>Dividends
              per common share</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="7%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">0.30</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">0.30</font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">0.60</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">0.60</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD width="50%" height="2%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">Average
              number of common shares outstanding (millions)</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="7%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">919.3</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">808.7</font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font face="serif"><strong><font color="#0000FF" size="2">918.2</font></strong></font></TD>
            <TD width="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD width="8%" ALIGN="right"><font color="#0000FF" size="2" face="serif">808.6</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD height="15%" colspan="15" ALIGN="LEFT"> <HR width="100%" color=#0000ff noShade SIZE=2></TD>
          </TR>
        </TABLE>
        <font face="serif"><br>
        <font color="#0000FF" size="4">Consolidated Statements of Deficit</font></font>
        <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="95%">
          <TR VALIGN="BOTTOM">
            <TH COLSPAN="3"></TH>
            <TH COLSPAN="3"></TH>
            <TH COLSPAN="3"></TH>
            <TH COLSPAN="3"></TH>
            <TH COLSPAN="3"></TH>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="15" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">For the
              period ended June 30</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD colspan="4"><font color="#0000FF" size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three
              months</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD colspan="4"><font color="#0000FF" size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six
              months</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD WIDTH="54%" ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">(in$
              millions) (unaudited)</font></TD>
            <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="5%" ALIGN="RIGHT"><font face="serif"><strong><font color="#0000FF" size="2">2003</font></strong></font></TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="5%" ALIGN="RIGHT"><font color="#0000FF" size="2" face="serif">2002<SUP>(1)</SUP></font></TD>
            <TD WIDTH="7%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="5%" ALIGN="RIGHT"><font face="serif"><strong><font color="#0000FF" size="2">2003</font></strong></font></TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="5%" ALIGN="RIGHT"><font color="#0000FF" size="2" face="serif">2002<SUP>(1)</SUP></font></TD>
            <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="15" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">Balance
              at beginning of period, as previously reported</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font face="serif"><strong><font color="#0000FF" size="2">(6,258</font></strong></font></TD>
            <TD ALIGN="LEFT"><font face="serif"><strong><font color="#0000FF" size="2">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="2" face="serif">(7,419</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font face="serif"><strong><font color="#0000FF" size="2">(6,149</font></strong></font></TD>
            <TD ALIGN="LEFT"><font face="serif"><strong><font color="#0000FF" size="2">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="2" face="serif">(7,468</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">Adjustment
              for change in accounting policies (Note 1)</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font face="serif"><strong><font color="#0000FF" size="2">--</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="2" face="serif">(222</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font face="serif"><strong><font color="#0000FF" size="2">(286</font></strong></font></TD>
            <TD ALIGN="LEFT"><font face="serif"><strong><font color="#0000FF" size="2">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="2" face="serif">(218</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="15" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif"><strong>Balance
              at beginning of period, as restated</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font face="serif"><strong><font color="#0000FF" size="2">(6,258</font></strong></font></TD>
            <TD ALIGN="LEFT"><font face="serif"><strong><font color="#0000FF" size="2">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="2" face="serif">(7,641</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font face="serif"><strong><font color="#0000FF" size="2">(6,435</font></strong></font></TD>
            <TD ALIGN="LEFT"><font face="serif"><strong><font color="#0000FF" size="2">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="2" face="serif">(7,686</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Net
              earnings</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font face="serif"><strong><font color="#0000FF" size="2">478</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="2" face="serif">20</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font face="serif"><strong><font color="#0000FF" size="2">951</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="2" face="serif">330</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Dividends&nbsp;
              - Preferred shares</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font face="serif"><strong><font color="#0000FF" size="2">(17</font></strong></font></TD>
            <TD ALIGN="LEFT"><font face="serif"><strong><font color="#0000FF" size="2">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="2" face="serif">(14</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font face="serif"><strong><font color="#0000FF" size="2">(32</font></strong></font></TD>
            <TD ALIGN="LEFT"><font face="serif"><strong><font color="#0000FF" size="2">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="2" face="serif">(27</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
              Common shares</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font face="serif"><strong><font color="#0000FF" size="2">(276</font></strong></font></TD>
            <TD ALIGN="LEFT"><font face="serif"><strong><font color="#0000FF" size="2">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="2" face="serif">(242</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font face="serif"><strong><font color="#0000FF" size="2">(551</font></strong></font></TD>
            <TD ALIGN="LEFT"><font face="serif"><strong><font color="#0000FF" size="2">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="2" face="serif">(485</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="15" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font face="serif"><strong><font color="#0000FF" size="2">(293</font></strong></font></TD>
            <TD ALIGN="LEFT"><font face="serif"><strong><font color="#0000FF" size="2">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="2" face="serif">(256</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font face="serif"><strong><font color="#0000FF" size="2">(583</font></strong></font></TD>
            <TD ALIGN="LEFT"><font face="serif"><strong><font color="#0000FF" size="2">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="2" face="serif">(512</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">Premium
              on redemption of preferred shares (Note 10)</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font face="serif"><strong><font color="#0000FF" size="2">--</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="2" face="serif">--</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font face="serif"><strong><font color="#0000FF" size="2">(7</font></strong></font></TD>
            <TD ALIGN="LEFT"><font face="serif"><strong><font color="#0000FF" size="2">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="2" face="serif">(6</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">Other</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font face="serif"><strong><font color="#0000FF" size="2">(6</font></strong></font></TD>
            <TD ALIGN="LEFT"><font face="serif"><strong><font color="#0000FF" size="2">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="2" face="serif">1</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font face="serif"><strong><font color="#0000FF" size="2">(5</font></strong></font></TD>
            <TD ALIGN="LEFT"><font face="serif"><strong><font color="#0000FF" size="2">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="2" face="serif">(2</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="15" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif"><strong>Balance
            at end of period</strong></font></TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font face="serif"><strong><font color="#0000FF" size="2">(6,079</font></strong></font></TD>
          <TD ALIGN="LEFT"><font face="serif"><strong><font color="#0000FF" size="2">)</font></strong></font></TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font color="#0000FF" size="2" face="serif">(7,876</font></TD>
          <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font face="serif"><strong><font color="#0000FF" size="2">(6,079</font></strong></font></TD>
          <TD ALIGN="LEFT"><font face="serif"><strong><font color="#0000FF" size="2">)</font></strong></font></TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="RIGHT"><font color="#0000FF" size="2" face="serif">(7,876</font></TD>
          <TD ALIGN="LEFT"><font color="#0000FF" size="2" face="serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="15" ALIGN="LEFT"><HR width="100%" color=#0000ff noShade SIZE=2></TD>
          </TR>
        </TABLE>
        <font color="#0000FF" size="2" face="serif"><br>
        <font size="1">(1) Refer to Note 1,<em> Significant accounting policies</em>,
        for changes in accounting policies. <br>
        Please read the notes starting on page 31. They are an important part
        of these consolidated financial statements <br>
        </font></font>
        <p align="center"><font color="#0000FF" size="2" face="serif">28<br>
          </font></p>
        <hr width="100%" size=4 color=GRAY noshade>
        <font face="serif">
        <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 1; page: 1" -->
        </font>
        <TABLE cellSpacing=0 cellPadding=0 width="95%" border=0>
          <TR>
            <TD><FONT face=serif color=#0000ff size=4>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 width="100%" color=#0000ff noShade SIZE=1> </TD>
            <TD> <HR width="100%" color=#0000ff noShade SIZE=1> </TD>
          </TR>
          <TR>
            <TD align=right><FONT face=serif color=#0000ff
      size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
            </TD>
            <TD noWrap align=right><strong><FONT face=serif color=#0000ff size=1>June
              30</FONT></strong></TD>
            <TD align=right>&nbsp;</TD>
            <TD noWrap align=right><FONT face=serif color=#0000ff
      size=1>&nbsp;December 31</FONT></TD>
            <TD>&nbsp;</TD>
          </TR>
          <TR>
            <TD><FONT face=serif color=#0000ff size=1>($ millions) (unaudited)</FONT></TD>
            <TD align=right><strong><FONT face=serif color=#0000ff size=1>2003</FONT></strong></TD>
            <TD align=right>&nbsp;</TD>
            <TD align=right><FONT face=serif color=#0000ff
      size=1>2002<SUP>(1)</SUP></FONT></TD>
            <TD>&nbsp;</TD>
          </TR>
          <TR>
            <TD colSpan=4> <HR width="100%" color=#0000ff noShade SIZE=1> </TD>
            <TD> <HR width="100%" color=#0000ff noShade SIZE=1> </TD>
          </TR>
          <TR>
            <TD><FONT face=serif color=#0000ff size=2><strong>ASSETS</strong></FONT>
            </TD>
            <TD align=right>&nbsp;</TD>
            <TD align=left>&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD>&nbsp;</TD>
          </TR>
          <TR>
            <TD><FONT face=serif color=#0000ff size=2><strong>Current assets</strong></FONT></TD>
            <TD align=right width="5%">&nbsp;</TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD width="5%">&nbsp;</TD>
            <TD width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD align=left><FONT color=#0000ff face="serif">&nbsp;&nbsp;&nbsp;<FONT
      size=2>Cash and cash equivalents</FONT></FONT></TD>
            <TD align=right width="5%"><strong><FONT face=serif color=#0000ff
      size=2>795</FONT></strong></TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%"><FONT face=serif color=#0000ff
    size=2>304</FONT></TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD align=left><FONT color=#0000ff face="serif">&nbsp;&nbsp;&nbsp;<FONT
      size=2>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=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD align=left><FONT
      color=#0000ff face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
      size=2>$224 million and $207 million for 2003 and 2002, respectively)</FONT></FONT></TD>
            <TD align=right width="5%"><strong><FONT face=serif color=#0000ff
      size=2>2,407</FONT></strong></TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%"><FONT face=serif color=#0000ff
      size=2>2,328</FONT></TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD align=left><FONT color=#0000ff face="serif"><FONT
      size=2><FONT
      color=#0000ff face="serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Other current
              assets</FONT></FONT></TD>
            <TD align=right><strong><FONT face=serif color=#0000ff
      size=2>1,048</FONT></strong></TD>
            <TD align=left>&nbsp;</TD>
            <TD align=right><FONT face=serif color=#0000ff
    size=2>774</FONT></TD>
            <TD align=middle>&nbsp;</TD>
          </TR>
          <TR>
            <TD align=left><FONT color=#0000ff face="serif">&nbsp;&nbsp;&nbsp;<font size="2">Current
              assets of discontinued operations</font></FONT></TD>
            <TD align=right width="5%"><strong><FONT face=serif color=#0000ff
      size=2>22</FONT></strong></TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%"><FONT face=serif color=#0000ff
    size=2>26</FONT></TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD colspan="5"><HR color=#0000ff SIZE=1> </TD>
          </TR>
          <TR>
            <TD><strong><FONT face=serif color=#0000ff size=2>Total current assets</FONT></strong></TD>
            <TD align=right width="5%"><strong><FONT face=serif color=#0000ff
      size=2>4,272</FONT></strong></TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%"><FONT face=serif color=#0000ff
      size=2>3,432</FONT></TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD><strong><FONT face=serif color=#0000ff size=2>Capital assets</FONT></strong></TD>
            <TD align=right width="5%"><strong><FONT face=serif color=#0000ff
      size=2>20,431</FONT></strong></TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%"><FONT face=serif color=#0000ff
      size=2>20,633</FONT></TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD><strong><FONT face=serif color=#0000ff size=2>Other long-term
              assets</FONT></strong></TD>
            <TD align=right width="5%"><strong><FONT face=serif color=#0000ff
      size=2>4,217</FONT></strong></TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%"><FONT face=serif color=#0000ff
      size=2>3,941</FONT></TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD><strong><FONT face=serif color=#0000ff size=2>Indefinite-life
              intangible assets </FONT></strong><FONT face=serif color=#0000ff size=2>(Note
              8)</FONT></TD>
            <TD align=right width="5%"><strong><FONT face=serif color=#0000ff
    size=2>912</FONT></strong></TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%"><FONT face=serif color=#0000ff
    size=2>900</FONT></TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD><strong><FONT face=serif color=#0000ff size=2>Goodwill </FONT></strong><FONT face=serif color=#0000ff size=2>(Note
              9)</FONT></TD>
            <TD align=right><strong><FONT face=serif color=#0000ff
      size=2>10,144</FONT></strong></TD>
            <TD align=left>&nbsp;</TD>
            <TD align=right><FONT face=serif color=#0000ff
      size=2>10,118</FONT></TD>
            <TD align=middle>&nbsp;</TD>
          </TR>
          <TR>
            <TD><strong><font color="#0000FF" size="2">Non-current assets of discontinued
              operations</font></strong><font color="#0000FF" size="2"><strong>
              </strong></font></TD>
            <TD align=right width="5%"><strong><FONT face=serif color=#0000ff
      size=2>53</FONT></strong></TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%"><FONT face=serif color=#0000ff
      size=2>82</FONT></TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD colspan="5"><HR color=#0000ff SIZE=1> </TD>
          </TR>
          <TR>
            <TD align=left><strong><FONT face=serif color=#0000ff size=2>Total
              assets</FONT></strong></TD>
            <TD align=right width="5%"><strong><FONT face=serif color=#0000ff
      size=2>40,029</FONT></strong></TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%"><FONT face=serif color=#0000ff
      size=2>39,106</FONT></TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD colspan="5"><HR color=#0000ff SIZE=1> </TD>
          </TR>
          <TR>
            <TD><strong><FONT face=serif color=#0000ff size=2>LIABILITIES</FONT></strong></TD>
            <TD align=right width="5%">&nbsp;</TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%">&nbsp;</TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD><strong><FONT face=serif color=#0000ff size=2>Current liabilities</FONT></strong></TD>
            <TD align=right width="5%">&nbsp;</TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%">&nbsp;</TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD align=left><FONT color=#0000ff face="serif">&nbsp;&nbsp;&nbsp;<FONT
      size=2>Accounts payable and accrued liabilities</FONT></FONT></TD>
            <TD align=right width="5%"><strong><FONT face=serif color=#0000ff
      size=2>3,574</FONT></strong></TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%"><FONT face=serif color=#0000ff
      size=2>3,820</FONT></TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD align=left><FONT color=#0000ff face="serif"><FONT color=#0000ff face="serif">&nbsp;&nbsp;&nbsp;</FONT><FONT
      size=2>Debt due within one year</FONT></FONT></TD>
            <TD align=right><strong><FONT face=serif color=#0000ff
      size=2>1,597</FONT></strong></TD>
            <TD align=left>&nbsp;</TD>
            <TD align=right><FONT face=serif color=#0000ff
      size=2>2,021</FONT></TD>
            <TD align=middle>&nbsp;</TD>
          </TR>
          <TR>
            <TD align=left><FONT color=#0000ff face="serif">&nbsp;&nbsp;&nbsp;<font size="2">Current
              liabilities of discontinued operations</font></FONT></TD>
            <TD align=right width="5%"><strong><font color="#0000FF" size="2">20</font></strong></TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%"><FONT face=serif color=#0000ff
      size=2>19</FONT></TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD colspan="5"><HR color=#0000ff SIZE=1> </TD>
          </TR>
          <TR>
            <TD><strong><FONT face=serif color=#0000ff size=2>Total current liabilities</FONT></strong></TD>
            <TD align=right width="5%"><strong><FONT face=serif color=#0000ff
      size=2>5,191</FONT></strong></TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%"><FONT face=serif color=#0000ff
      size=2>5,860</FONT></TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD><strong><FONT face=serif color=#0000ff size=2>Long-term debt</FONT></strong></TD>
            <TD align=right width="5%"><strong><FONT face=serif color=#0000ff
      size=2>13,582</FONT></strong></TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%"><FONT face=serif color=#0000ff
      size=2>13,391</FONT></TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD><strong><FONT face=serif color=#0000ff size=2>Other long-term
              liabilities</FONT></strong></TD>
            <TD align=right><strong><FONT face=serif color=#0000ff
      size=2>4,425</FONT></strong></TD>
            <TD align=left>&nbsp;</TD>
            <TD align=right><FONT face=serif color=#0000ff
      size=2>3,652</FONT></TD>
            <TD align=middle>&nbsp;</TD>
          </TR>
          <TR>
            <TD><strong><font color="#0000FF" size="2">Non-current liabilities
              of discontinued operations</font></strong></TD>
            <TD align=right width="5%"><strong><FONT face=serif color=#0000ff
      size=2>2</FONT></strong></TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%"><FONT face=serif color=#0000ff
      size=2>4</FONT></TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD colspan="5"><HR color=#0000ff SIZE=1> </TD>
          </TR>
          <TR>
            <TD align=left><strong><FONT face=serif color=#0000ff size=2>Total
              liabilities</FONT></strong></TD>
            <TD align=right width="5%"><strong><FONT face=serif color=#0000ff
      size=2>23,200</FONT></strong></TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%"><FONT face=serif color=#0000ff
      size=2>22,907</FONT></TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD colspan="5" align=left><HR color=#0000ff SIZE=1> </TD>
          </TR>
          <TR>
            <TD align=left><strong><FONT face=serif color=#0000ff size=2>Non-controlling
              interest</FONT></strong></TD>
            <TD align=right width="5%"><strong><FONT face=serif color=#0000ff
      size=2>3,630</FONT></strong></TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%"><FONT face=serif color=#0000ff
      size=2>3,584</FONT></TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD colspan="5"><HR color=#0000ff SIZE=1> </TD>
          </TR>
          <TR>
            <TD><strong><FONT face=serif color=#0000ff size=2>Commitments and
              contingencies </FONT></strong><FONT face=serif color=#0000ff size=2>(Note
              13)</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=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD><strong><FONT face=serif color=#0000ff size=2>SHAREHOLDERS&#8217;
              EQUITY</FONT></strong></TD>
            <TD align=right width="5%">&nbsp;</TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%">&nbsp;</TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD><strong><FONT face=serif color=#0000ff size=2>Preferred shares
              </FONT></strong><FONT face=serif color=#0000ff size=2>(Note 10)</FONT></TD>
            <TD align=right width="5%"><strong><FONT face=serif color=#0000ff
      size=2>1,670</FONT></strong></TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%"><FONT face=serif color=#0000ff
      size=2>1,510</FONT></TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD colspan="5" align=left><HR color=#0000ff SIZE=1></TD>
          </TR>
          <TR>
            <TD><strong><FONT face=serif color=#0000ff size=2>Common shareholders`
              equity</FONT></strong></TD>
            <TD align=right width="5%">&nbsp;</TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%">&nbsp;</TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD align=left><FONT color=#0000ff face="serif">&nbsp;&nbsp;&nbsp;<FONT
      size=2>Common shares (Note 10)</FONT></FONT></TD>
            <TD align=right width="5%"><strong><FONT face=serif color=#0000ff
      size=2>16,643</FONT></strong></TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%"><FONT face=serif color=#0000ff
      size=2>16,520</FONT></TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD align=left><FONT color=#0000ff face="serif">&nbsp;&nbsp;&nbsp;<FONT
      size=2>Contributed surplus</FONT></FONT></TD>
            <TD align=right width="5%"><strong><FONT face=serif color=#0000ff
      size=2>1,026</FONT></strong></TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%"><FONT face=serif color=#0000ff
      size=2>1,010</FONT></TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD align=left><FONT color=#0000ff face="serif">&nbsp;&nbsp;&nbsp;<FONT
      size=2>Deficit</FONT></FONT></TD>
            <TD align=right width="5%"><strong><FONT face=serif color=#0000ff
      size=2>(6,079</FONT></strong></TD>
            <TD align=left width="2%"><strong><FONT face=serif color=#0000ff
size=2>)</FONT></strong></TD>
            <TD align=right width="5%"><FONT face=serif color=#0000ff
      size=2>(6,435</FONT></TD>
            <TD align=left width="2%"><FONT face=serif color=#0000ff
  size=2>)</FONT></TD>
          </TR>
          <TR>
            <TD align=left><FONT color=#0000ff face="serif">&nbsp;&nbsp;&nbsp;<FONT
      size=2>Currency translation adjustment</FONT></FONT></TD>
            <TD align=right width="5%"><strong><FONT face=serif color=#0000ff
    size=2>(61</FONT></strong></TD>
            <TD align=left width="2%"><strong><FONT face=serif color=#0000ff
size=2>)</FONT></strong></TD>
            <TD align=right width="5%"><FONT face=serif color=#0000ff
    size=2>10</FONT></TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD colspan="5" align=left><HR color=#0000ff SIZE=1></TD>
          </TR>
          <TR>
            <TD align=left><strong><FONT face=serif color=#0000ff size=2>Total
              common shareholders` equity</FONT></strong></TD>
            <TD align=right width="5%"><strong><FONT face=serif color=#0000ff
      size=2>11,529</FONT></strong></TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%"><FONT face=serif color=#0000ff
      size=2>11,105</FONT></TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD colspan="5" align=left><HR color=#0000ff SIZE=1> </TD>
          </TR>
          <TR>
            <TD align=left><strong><FONT face=serif color=#0000ff size=2>Total
              shareholders` equity</FONT></strong></TD>
            <TD align=right width="5%"><strong><FONT face=serif color=#0000ff
      size=2>13,199</FONT></strong></TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%"><FONT face=serif color=#0000ff
      size=2>12,615</FONT></TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD colspan="5" align=left> <HR color=#0000ff SIZE=1> </TD>
          </TR>
          <TR>
            <TD align=left><strong><FONT face=serif color=#0000ff size=2>Total
              liabilities and shareholders` equity</FONT></strong></TD>
            <TD align=right width="5%"><strong><FONT face=serif color=#0000ff
      size=2>40,029</FONT></strong></TD>
            <TD align=left width="2%">&nbsp;</TD>
            <TD align=right width="5%"><FONT face=serif color=#0000ff
      size=2>39,106</FONT></TD>
            <TD align=middle width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD colspan="5"> <HR color=#0000ff SIZE=1> </TD>
          </TR>
          <TR>
            <TD>&nbsp;</TD>
            <TD align=right>&nbsp;</TD>
            <TD align=left>&nbsp;</TD>
            <TD align=right>&nbsp;</TD>
            <TD align=middle>&nbsp;</TD>
          </TR>
          <TR>
            <TD><FONT color=#0000ff face="serif">&nbsp;&nbsp;&nbsp;<FONT size=1>(1)
              Refer to Note 1,<em> Significant accounting policies</em>, for changes
              in accounting policies.</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 width="2%">&nbsp;</TD>
          </TR>
          <TR>
            <TD><FONT color=#0000ff face="serif">&nbsp;&nbsp;&nbsp;<FONT size=1>Please
              read the notes starting on page 31. They are an important part of
              these consolidated financial statements.</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 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>
        <p align="center"><font face="serif"><br>
          <br>
          </font><font color="#0000FF" size="2" face="serif">29</font></p>

  <p align="center"><font face="serif"><br>
    <br>
    </font></p>
  <hr width="100%" size=4 color=GRAY noshade>
  <br>
  <font face="serif">
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
  <br>
  </font><FONT face=serif color=#0000ff size=4>Consolidated Statements of Cash
  Flows </FONT><font face="serif"><br>
  </font>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="95%">
          <TR VALIGN="BOTTOM">
            <TH COLSPAN="3"></TH>
            <TH COLSPAN="3"></TH>
            <TH COLSPAN="3"></TH>
            <TH COLSPAN="3"></TH>
            <TH COLSPAN="3"></TH>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="15" ALIGN="LEFT" bordercolor="#0000FF"> <HR color=#0000ff SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">For
              the period ended June 30</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD colspan="4" ALIGN="center"><font color="#0000FF" size="1" face="sans-serif">Three
              months</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD colspan="4" ALIGN="center"><font color="#0000FF" size="1" face="sans-serif">Six
              months</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">
              (in$ millions) (unaudited)</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>2003</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">2002<SUP>(1)</SUP></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>2003</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">
              2002<SUP>(1)</SUP></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="15" ALIGN="LEFT"><HR color=#0000ff SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD WIDTH="67%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif"><strong>Cash
              flows from operating activities</strong></font></TD>
            <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="4%" ALIGN="RIGHT"></TD>
            <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="4%" ALIGN="RIGHT"></TD>
            <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="4%" ALIGN="RIGHT"></TD>
            <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="4%" ALIGN="RIGHT"></TD>
            <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Earnings
              from continuing operations</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">477</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">323</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">952</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">679</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Adjustments
              to reconcile earnings from continuing operations to</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><FONT color="#0000FF" FACE="serif"><FONT size=2>&nbsp;&nbsp;&nbsp;</FONT></FONT><font color="#0000FF" size="1" face="sans-serif">cash
              flows from operating activities:</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><FONT color="#0000FF" FACE="serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><font color="#0000FF" size="1" face="sans-serif">Amortization
              expense</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">797</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">808</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">1,572</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">1,578</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><FONT color="#0000FF" FACE="serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><font color="#0000FF" size="1" face="sans-serif">Net
              benefit plans expense (credit)</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">43</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(12</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">85</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(18</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><FONT color="#0000FF" FACE="serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><font color="#0000FF" size="1" face="sans-serif">Restructuring
              and other charges</font> </TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">--</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">405</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>--</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">405</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><FONT color="#0000FF" FACE="serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><font color="#0000FF" size="1" face="sans-serif">Net
              gains on investments</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>--</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(175</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">--</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(175</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><FONT color="#0000FF" FACE="serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><font color="#0000FF" size="1" face="sans-serif">Future
              income taxes</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">121</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(117</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">119</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(122</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><FONT color="#0000FF" FACE="serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><font color="#0000FF" size="1" face="sans-serif">Non-controlling
              interest</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">70</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">141</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">121</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">277</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><FONT color="#0000FF" FACE="serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><font color="#0000FF" size="1" face="sans-serif">Other
              items</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(154</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(79</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(156</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(113</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><FONT color="#0000FF" FACE="serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><font color="#0000FF" size="1" face="sans-serif">Changes
              in non-cash working capital</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">59</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(83</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(93</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(653</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="15" ALIGN="LEFT"><HR color=#0000ff SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">1,413</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">1,211</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">2,600</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">1,858</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="14" ALIGN="LEFT"></TD>
            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="4" ALIGN="LEFT"><HR color=#0000ff SIZE=1></TD>
            <td colspan="11"><HR color=#0000ff SIZE=1></TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif"><strong>Cash
              flows from investing activities</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Capital
              expenditures</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(713</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(932</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(1,314</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(1,792</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Business
              acquisitions</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(7</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(14</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(70</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(29</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Business
              dispositions</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>--</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">306</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">--</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">432</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Decrease
              (increase) in investments accounted for under the cost and equity
              methods</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">--</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">1</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">7</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(56</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Other
              items</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(45</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">14</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(82</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(13</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="15" ALIGN="LEFT"><HR color=#0000ff SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(765</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(625</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(1,459</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(1,458</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="15" ALIGN="LEFT"><HR color=#0000ff SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif"><strong>Cash
              flows from financing activities</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Increase
              (decrease) in notes payable and bank advances</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(56</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">600</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(169</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">478</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Issue
              of long-term debt</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">72</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">43</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">1,864</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">1,295</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Repayment
              of long-term debt</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(1,493</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(402</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(1,874</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(502</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Issue
              of common shares</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">4</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">7</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">9</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">9</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Issue
              of preferred shares</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">--</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">--</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">510</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">510</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Redemption
              of preferred shares</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">--</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">--</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(357</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(306</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Issue
              of equity securities and convertible debentures</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><FONT color="#0000FF" FACE="serif"><FONT size=2>&nbsp;&nbsp;&nbsp;</FONT></FONT><font color="#0000FF" size="1" face="sans-serif">by
              subsidiaries to non-controlling interest</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">14</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">150</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">87</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">157</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Redemption
              of preferred shares by subsidiaries</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(16</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">--</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(35</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">--</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Dividends
              paid on common and preferred shares</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(268</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(253</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(536</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(503</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Dividends
              paid by subsidiaries to non-controlling interest</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(55</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(116</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(99</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(187</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Other
              items</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(57</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">10</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(62</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">4</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="15" ALIGN="LEFT"><HR color=#0000ff SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(1,855</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">39</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(662</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">955</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="15" ALIGN="LEFT"><HR color=#0000ff SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Effect
              of exchange rate changes on cash and cash equivalents</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(2</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">--</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(5</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">--</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="15" ALIGN="LEFT"><HR color=#0000ff SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Cash
              provided by (used in) continuing operations</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(1,209</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">625</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">474</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">1,355</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Cash
              provided by (used in) discontinued operations</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">17</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(527</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">16</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(934</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="15" ALIGN="LEFT"><HR color=#0000ff SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Net
              increase (decrease) in cash and cash equivalents</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">(1,192</font></strong></font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF"><strong><font size="1" face="sans-serif">)</font></strong></font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">98</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">490</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">421</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Cash
              and cash equivalents at beginning of period</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">1,988</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">892</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">306</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">569</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="15" ALIGN="LEFT"><HR color=#0000ff SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif"><strong>Cash
              and cash equivalents at end of period</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">796</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">990</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">796</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">990</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><FONT color="#0000FF" FACE="serif"><FONT size=2>&nbsp;&nbsp;&nbsp;</FONT></FONT><font color="#0000FF" size="1" face="sans-serif">Consists
              of:</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><FONT color="#0000FF" FACE="serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><font color="#0000FF" size="1" face="sans-serif">Cash
              and cash equivalents of continuing operations</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">795</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">987</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">795</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">987</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><FONT color="#0000FF" FACE="serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><font color="#0000FF" size="1" face="sans-serif">Cash
              and cash equivalents of discontinued operations</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">1</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">3</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">1</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">3</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="15" ALIGN="LEFT"><HR color=#0000ff SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><FONT color="#0000FF" FACE="serif"><FONT size=2>&nbsp;&nbsp;&nbsp;</FONT></FONT><font color="#0000FF" size="1" face="sans-serif">Total</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">796</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">990</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF"><strong><font size="1" face="sans-serif">796</font></strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">990</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="15" ALIGN="LEFT"><HR color=#0000ff SIZE=1></TD>
          </TR>
        </TABLE>
        <p><font color="#0000FF"> <font size="1" face="sans-serif">(1) Refer to
          Note 1, <em>Significant accounting policies</em>, for changes in accounting
          policies. <br>
          Please read the notes starting on page 31. They are an important part
          of these consolidated financial statements </font></font><font face="serif"><font face="serif"><font face="serif">
          <br>
          </font></font></font></p>
        <p align="center"><font face="serif"><font face="serif"><font face="serif">
          <br>
          </font><font color="#0000FF" size="2" face="serif">30</font> <font face="serif"><br>
          </font></font></font></p>
        <hr width="100%" size=4 color=GRAY noshade>
        <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 1; page: 1" -->
        <p><br>
          <br>
          <font color="#0000FF" size="4" face="sans-serif">Notes to Consolidated
          Financial Statements &#8212; BCE Inc.<font size="2"><br>
          <br>
          </font></font><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.&#145;s 2002 Annual
          Report. Figures in these notes are unaudited.</FONT> </p>
        <p><font color="#0000FF" size="2" face="serif"><strong>1. SIGNIFICANT
          ACCOUNTING POLICIES</strong><br>
          </font><FONT color="#0000FF" size="2" 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. <br>
          </FONT><FONT color="#0000FF" FACE="serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT color="#0000FF" size="2" 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>
          <FONT color="#0000FF" FACE="serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><font color="#0000FF" size="2" face="serif">We
          have restated financial information for 2002 to reflect: <br>
          </font><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT><font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><font color="#0000FF" size="2" face="serif">the
          accounting treatment of Aliant Inc.'s (Aliant) investments in AMI Offshore
          Inc., Prexar LLC and iMagicTV Inc. as discontinued operations effective
          May 1, 2003<br>
          </font><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT><font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><font color="#0000FF" size="2" face="serif"></font><font color="#0000FF" size="2" face="serif">the
          adoption of the fair value-based method of accounting for employee stock
          options effective January 1, 2003<br>
          </font><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT><font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><font color="#0000FF" size="2" face="serif"></font><font color="#0000FF" 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
          effective January 1, 2003.</font> </p>
        <p><FONT color="#0000FF" size="2" FACE="serif"><B>RECENT CHANGES TO ACCOUNTING
          STANDARDS<br>
          <br>
          </B></FONT><FONT color="#0000FF" size="2" FACE="serif"><B>Stock-based
          compensation and other stock-based payments </B>Effective January 1,
          2002, we adopted the recommendations in section 3870 of the CICA Handbook,
          <I>Stock-based compensation and other stock-based payments</I>, 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>
          <br>
          <FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT><font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><font color="#0000FF" size="2" face="serif"></font><font color="#0000FF" size="2" face="serif">all
          stock-based awards to non-employees <br>
          </font><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT><font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><font color="#0000FF" size="2" face="serif">direct
          awards of stock and stock appreciation rights to employees<br>
          </font><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT><font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><font color="#0000FF" size="2" face="serif">
          </font><font color="#0000FF" size="2" face="serif">awards to employees
          that are settled in cash or other assets.</font> <br>
          <br>
          <FONT color="#0000FF" size="2" FACE="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
          standards also encourage companies to use a fair value-based method
          for all other awards granted to employees. <br>
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
          <font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" size="2" FACE="serif">Prior to January 1, 2003,
          we accounted for employee stock options by measuring the compensation
          cost of the options as the amount that the quoted market price of BCE
          Inc.&#145;s common shares on the date of the grant exceeds the exercise
          price an employee must pay to buy the common shares.</FONT> <br>
    <font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
    <FONT color="#0000FF" size="2" FACE="serif">Effective January 1, 2003, we
    changed our accounting to the fair value based method and started to account
    for employee stock options by measuring the compensation cost for options
    granted on or after January 1, 2002 using a Black-Scholes option pricing model.</FONT>
    <br>
          <font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" 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 $4 million and $6 million
          for the three months and six months ended June 30, 2002, respectively.
          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, <I>Stock-based
          compensation plans</I>, for the assumptions used under the fair value
          method.</FONT> </p>
        <p><FONT color="#0000FF" size="2" FACE="serif"><B>Subscriber acquisition
          costs<br>
          </B></FONT><font color="#0000FF" size="2" face="serif">Prior to 2003,
          we accounted for the costs of acquiring subscribers as follows: <br>
          </font><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT><font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><font color="#0000FF" size="2" face="serif">
          we deferred and amortized the costs of acquiring Direct-to-Home (DTH)
          satellite television service subscribers into earnings over three years
          <br>
          </font><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT><font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><font color="#0000FF" size="2" face="serif">
          we deferred and amortized the costs of acquiring wireless subscribers
          into</font> <font color="#0000FF" size="2" face="serif"> </font><font color="#0000FF" size="2" face="serif">earnings
          over the terms of the contracts. The terms are normally up to </font><FONT color="#0000FF" size="2" FACE="serif">24
          months<br>
          </FONT><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT><font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><font color="#0000FF" size="2" face="serif">we
          expensed all other subscriber acquisition costs as they were incurred.
          <br>
          <br>
          </font><font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><font color="#0000FF" size="2" face="serif">The
          costs we deferred and amortized consisted mainly of hardware subsidies,
          net of revenues from the sale of wireless handsets.<br>
          </font><font color="#0000FF" size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;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> <br>
          <font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font>
          <FONT color="#0000FF" size="2" FACE="serif">As a result of applying
          this change in accounting policy, we restated the comparative figures
          for 2002. For the three months and six months ended June 30, 2002:</FONT>
          <br>
          <FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT><font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><FONT color="#0000FF" size="2" FACE="serif">operating
          revenues increased by $51 million and $79 million, respectively <br>
          </FONT><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT><font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><FONT color="#0000FF" size="2" FACE="serif"></FONT><FONT color="#0000FF" size="2" FACE="serif">operating
          expenses increased by $56 million and $86 million, respectively <br>
          </FONT><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT><font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><FONT color="#0000FF" size="2" FACE="serif"></FONT><FONT color="#0000FF" size="2" FACE="serif">
          income taxes decreased by $2 million and $3 million, respectively <br>
          </FONT><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT><font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><FONT color="#0000FF" size="2" FACE="serif"></FONT><FONT color="#0000FF" size="2" FACE="serif">
          non-controlling interest decreased by $2 million and $1 million respectively.</FONT>
          <br>
          <br>
          <FONT color="#0000FF" size="2" FACE="serif">The effect as at December
          31, 2002 was to: <br>
          </FONT><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT><font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><FONT color="#0000FF" size="2" FACE="serif"></FONT><FONT color="#0000FF" size="2" FACE="serif">
          </FONT><FONT color="#0000FF" size="2" FACE="serif">decrease other current
          assets by $133 million <br>
          </FONT><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT><font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><FONT color="#0000FF" size="2" FACE="serif"></FONT><FONT color="#0000FF" size="2" FACE="serif">
          </FONT><FONT color="#0000FF" size="2" FACE="serif"> decrease other long-term
          assets by $339 million <br>
          </FONT><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT><font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><FONT color="#0000FF" size="2" FACE="serif"></FONT><FONT color="#0000FF" size="2" FACE="serif">
          </FONT><FONT color="#0000FF" size="2" FACE="serif"> increase goodwill
          by $15 million <br>
          </FONT><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT><font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><FONT color="#0000FF" size="2" FACE="serif"></FONT><FONT color="#0000FF" size="2" FACE="serif">
          </FONT><FONT color="#0000FF" size="2" FACE="serif"> decrease future
          income tax liabilities by $189 million <br>
          </FONT><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT><font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><FONT color="#0000FF" size="2" FACE="serif"></FONT><FONT color="#0000FF" size="2" FACE="serif">
          </FONT><FONT color="#0000FF" size="2" FACE="serif"> decrease non-controlling
          interest by $9 million <br>
          </FONT><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT color="#0000FF" FACE="serif"><FONT face=Wingdings color=#0000ff size=1>n</FONT></FONT></FONT></FONT></FONT></FONT><font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><FONT color="#0000FF" size="2" FACE="serif"></FONT><FONT color="#0000FF" size="2" FACE="serif">
          </FONT><FONT color="#0000FF" size="2" FACE="serif"> increase deficit
          by $259 million.</FONT> </p>
        <p><FONT color="#0000FF" size="2" FACE="serif"><B>Disposal of long-lived
          assets and discontinued operations </B><br>
          Effective May 1, 2003, we adopted the new recommendations in section
          3475 of the CICA Handbook, <I>Disposal of long-lived assets and discontinued
          operations</I>. This section provides guidance on recognizing, measuring,
          presenting and disclosing long-lived assets to be disposed of. It replaces
          the disposal provisions in section 3061, <I>Property, plant and equipment,
          </I>and section 3475, <I>Discontinued operations.</I></FONT> <br>
          <font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><FONT color="#0000FF" size="2" FACE="serif"></FONT><FONT color="#0000FF" size="2" FACE="serif">
          </FONT> <FONT color="#0000FF" 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> <br>
          <font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><FONT color="#0000FF" size="2" FACE="serif"></FONT><FONT color="#0000FF" size="2" FACE="serif">
          </FONT> <FONT color="#0000FF" 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> <br>
          <font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><FONT color="#0000FF" size="2" FACE="serif"></FONT><FONT color="#0000FF" size="2" FACE="serif">
          </FONT> <FONT color="#0000FF" size="2" FACE="serif">The adoption of
          this standard did not have an impact on our financial statements.</FONT>
        </p>
        <p><FONT color="#0000FF" size="2" FACE="serif"><B>Disclosure of guarantees<br>
          </B></FONT><FONT color="#0000FF" size="2" FACE="serif">Effective January
          1, 2003, we adopted Accounting Guideline 14, <I>Disclosure of guarantees</I>.
          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. Please see Note 12, <I>Contractual obligations,
          commercial commitments and contingencies</I>, for more information.</FONT>
          <br>
          <font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><FONT color="#0000FF" size="2" FACE="serif"></FONT><FONT color="#0000FF" size="2" FACE="serif">
          </FONT> <FONT color="#0000FF" 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. <br>
          </FONT><font face="serif"><FONT color="#0000FF"><FONT color="#0000FF"><FONT color=#0000ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></font><FONT color="#0000FF" size="2" FACE="serif"></FONT><FONT color="#0000FF" size="2" FACE="serif">
          </FONT><FONT color="#0000FF" size="2" FACE="serif"> The adoption of
          this guideline did not have an impact on our financial statements.</FONT>
        </p>
        <p><FONT color="#0000FF" size="2" FACE="serif"><B>FUTURE CHANGES TO ACCOUNTING
          STANDARDS<br>
          <br>
          Impairment of long-lived assets<br>
          </B></FONT><FONT color="#0000FF" size="2" FACE="serif">The CICA recently
          issued a new section in the CICA Handbook, section 3063, <I>Impairment
          of long-lived assets</I>. 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, <I>Property,
          plant and equipment</I>.</FONT> </p>
        <p>&nbsp;</p>
        <p align="center"><font color="#0000FF" size="2">31</font> </p>
        <p align="center"><br>
          <br>
        </p>
        <hr width="100%" size=4 color=GRAY noshade>
        <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 1; page: 1" -->
        <br>

    <p><FONT color=#0000ff face="sans-serif"><FONT size=4>Notes to Consolidated
      Financial Statements - BCE Inc.<font size="2"><br>
      </font><br>
      </FONT></FONT><font color="#0000FF" size="2" face="sans-serif"><strong>1.
      SIGNIFICANT ACCOUNTING POLICIES (continued)</strong><br>
      </font><FONT color=#0000ff face="sans-serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><font color="#0000FF" size="2" face="sans-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 face="sans-serif"><br>
      <FONT color=#0000ff><FONT color=#0000ff size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></font>
      <FONT color="#0000FF" size="2" FACE="sans-serif">This section comes into
      effect on January 1, 2004. We do not ex#pect that adopting this standard
      in 2004 will affect our consolidated financial statements.</FONT> </p>
    <p><FONT color="#0000FF" size="2" FACE="sans-serif"><B>Asset retirement obligations<br>
      </B></FONT><FONT color=#0000ff face="sans-serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT color="#0000FF" size="2" FACE="sans-serif"><B>
      </B>The CICA recently issued a new section in the CICA Handbook, section
      3110, <I>Asset retirement obligations</I>. 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 face="sans-serif"><br>
      <FONT color=#0000ff><FONT color=#0000ff size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></font>
      <FONT color="#0000FF" size="2" FACE="sans-serif">Under this standard, these
      obligations are initially measured at fair value and subsequently adjusted
      for any changes in the underlying discounted cash flow value. The asset
      retirement cost is to be capitalized to the related asset and amortized
      into earnings over time.</FONT> <font face="sans-serif"><br>
      <FONT color=#0000ff><FONT color=#0000ff size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></font>
      <FONT color="#0000FF" size="2" FACE="sans-serif">This section comes into
      effect on January 1, 2004. We are currently evaluating the impact of this
      standard on our financial statements.</FONT> </p>
    <p><FONT color="#0000FF" size="2" FACE="sans-serif"><B>Hedging relationships<br>
    </B>The CICA recently issued Accounting Guideline 13, <I>Hedging relationships</I>.
    The guideline establishes criteria for the application of hedge accounting
    in a hedging transaction:</FONT> <font face="sans-serif"><br>
      </font></p>
    <table width="95%" border="0" cellspacing="0" cellpadding="0">
      <tr>
        <td width="3%" align="left" valign="top"><FONT color=#0000ff face="sans-serif"><FONT size=1 face=Wingdings>n</FONT></FONT></td>
        <td width="92%"><font color="#0000FF" size="2" face="sans-serif">the nature
          of the specific risk exposures being hedged in accordance with the risk
          management objective and strategy must be identified at the inception
          of the hedging relationship</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><FONT color=#0000ff face="sans-serif"><FONT size=1 face=Wingdings>n</FONT></FONT></td>
        <td><font color="#0000FF" size="2" face="sans-serif">application of hedge
          accounting to the hedging relationship must be designated at the inception
          of the hedging relationship</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><FONT color=#0000ff face="sans-serif"><FONT size=1 face=Wingdings>n</FONT></FONT></td>
        <td><font color="#0000FF" size="2" face="sans-serif">formal documentation
          must be in place at the inception of the hedging relationship identifying
          the risk management objective and strategy for establishing the relationship,
          the specific asset or liability being hedged, the risk that is being
          hedged, the intended term of the hedging relationship, the type of derivative
          used, the method for assessing effectiveness and the related accounting
          treatment</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><FONT color=#0000ff face="sans-serif"><FONT size=1 face=Wingdings>n</FONT></FONT></td>
        <td><font color="#0000FF" size="2" face="sans-serif">the derivative must
          be highly effective in offsetting either changes in the fair value or
          cash flows attributable to the risk being hedged, both at the inception
          and throughout the term of the hedging relationship.</font></td>
      </tr>
    </table>
    <p><FONT color=#0000ff face="sans-serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
      <FONT color="#0000FF" size="2" FACE="sans-serif">For hedging relationships
      that qualify for hedge accounting, we will continue applying the existing
      accounting treatment as described in Note 1 to the consolidated financial
      statements for the year ended December 31, 2002. <br>
      </FONT><FONT color=#0000ff face="sans-serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
      <FONT color="#0000FF" size="2" FACE="sans-serif">For hedging relationships
      that no longer qualify for hedge accounting, we will stop applying the existing
      accounting treatment on January 1, 2004 and start recognizing the fair value
      of the derivative on the balance sheet from that time, with any changes
      in the fair value of that derivative being recognized immediately in net
      earnings.</FONT> <font face="sans-serif"><br>
      <FONT color=#0000ff><FONT color=#0000ff size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></font>
      <FONT color="#0000FF" size="2" FACE="sans-serif">The guideline comes into
      effect on January 1, 2004. We are currently evaluating the impact of this
      guideline on our financial statements.</FONT> <font face="sans-serif"><br>
      <br>
      <FONT color="#0000FF" size="2"><B>Consolidation of variable interest entities<br>
      </B></FONT></font><FONT color="#0000FF" size="2" FACE="sans-serif">The CICA
      recently issued Accounting Guideline 15, <I>Consolidation of variable interest
      entities</I>. 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. <br>
      </FONT><FONT color=#0000ff face="sans-serif"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
      <FONT color="#0000FF" size="2" FACE="sans-serif"> The guideline comes into
      effect on January 1, 2004. We currently conduct certain transactions through
      special purpose entities, which are disclosed in Note 12, <I>Contractual
      obligations, commercial commitments and contingencies</I>, and are assessing
      the structure of these transactions against the criteria set out in the
      guideline.</FONT> </p>
    <font face="sans-serif"><strong><font color="#0000FF" size="2">2. SEGMENTED
    INFORMATION<br>
    <br>
    </font></strong><FONT color="#0000FF" size="2">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></font> <font face="sans-serif"><br>
    <FONT color=#0000ff><FONT color=#0000ff size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></font>
    <FONT color="#0000FF" size="2" FACE="sans-serif">Effective January 1, 2003,
    the results of Bell Canada Holdings Inc. (BCH), 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 face="sans-serif"><br>
    <br>
    </font>
    <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
      <TR>
        <TH COLSPAN="5" valign="BOTTOM"></TH>
        <TH COLSPAN="3" valign="BOTTOM"></TH>
        <TH COLSPAN="3" valign="BOTTOM"></TH>
        <TH COLSPAN="3" valign="BOTTOM"></TH>
        <TH COLSPAN="3" valign="BOTTOM"></TH>
      </TR>
      <TR>
        <TD colspan="17" ALIGN="LEFT" valign="bottom"><FONT color=#0000ff>
          <HR width="100%" SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD colspan="3" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">For
          the period ended June 30</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD colspan="2" ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Three
          </font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="left" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">months</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Six</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="left" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">months</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="3" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">
          (in$ millions)</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">
          2003</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">
          2002(1)</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">
          2003</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">
          2002(1)</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="17" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD colspan="3" ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">Operating
          revenues</font></strong></font></TD>
        <TD WIDTH="0%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="1%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="0%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="6%" ALIGN="RIGHT" valign="BOTTOM"></TD>
        <TD WIDTH="2%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="0%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="6%" ALIGN="RIGHT" valign="BOTTOM"></TD>
        <TD WIDTH="1%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="0%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="6%" ALIGN="RIGHT" valign="BOTTOM"></TD>
        <TD WIDTH="1%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="0%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="6%" ALIGN="RIGHT" valign="BOTTOM"></TD>
        <TD WIDTH="4%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD width="29%" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Bell
          Canada Segment</font></TD>
        <TD width="8%" ALIGN="left" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">External</font></TD>
        <TD width="30%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">4,253</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">4,360</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">8,470</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">8,601</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD ALIGN="right" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Inter-</font></TD>
        <TD colspan="2" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">segment</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">43</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">42</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">73</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">84</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="17" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD colspan="3" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">4,296</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">4,402</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">8,543</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">8,685</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Bell
          Globemedia </font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">External</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">348</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">315</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">674</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">617</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD ALIGN="right" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Inter-</font></TD>
        <TD ALIGN="left" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">segment</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">9</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">11</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">18</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">21</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="17" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD colspan="3" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">357</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">326</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">692</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">638</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">BCE
          Emergis</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">External</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">98</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">104</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">198</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">197</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD ALIGN="right" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Inter-</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">segment</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">26</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">38</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">50</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">77</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="17" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD colspan="3" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">124</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">142</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">248</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">274</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">BCE
          Ventures</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">External</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">246</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">193</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">492</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">397</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD ALIGN="right" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Inter-</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">segment</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">63</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">68</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">125</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">127</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="17" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD colspan="3" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">309</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">261</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">617</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">524</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Corporate
          and other</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">External</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">1</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">2</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">2</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">4</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD ALIGN="right" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Inter-</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">segment</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">5</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">7</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">9</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">11</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="17" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD colspan="3" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">6</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">9</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">11</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">15</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="17" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD colspan="3" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Less:
          Inter-segment eliminations</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">(146</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">)</font></strong></font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(166</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">(275</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">)</font></strong></font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(320</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
      </TR>
      <TR>
        <TD colspan="17" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD colspan="3" ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">Total
          operating revenues</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">4,946</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">4,974</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">9,836</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">9,816</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="17" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD colspan="3" ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">Net
          earnings applicable to common shares</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="3" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Bell
          Canada Segment</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">419</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">361</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">848</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">676</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="3" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Bell
          Globemedia</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">15</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">11</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">13</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">12</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="3" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">BCE
          Emergis</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">6</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(62</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">12</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(77</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
      </TR>
      <TR>
        <TD colspan="3" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">BCE
          Ventures</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">38</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">59</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">77</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">83</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="3" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Corporate
          and other, including</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="3" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;inter-segment
          eliminations</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">(1</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">)</font></strong></font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(46</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">2</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(15</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
      </TR>
      <TR>
        <TD colspan="17" ALIGN="LEFT"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD colspan="3" ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">Total
          earnings from continuing operations</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">477</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">323</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">952</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">679</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="3" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Discontinued
          operations</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">1</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(303</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">(1</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">)</font></strong></font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(349</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
      </TR>
      <TR>
        <TD colspan="3" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Dividends
          on preferred shares</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">(17</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">)</font></strong></font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(14</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">(32</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">)</font></strong></font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(27</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
      </TR>
      <TR>
        <TD colspan="17" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD colspan="3" ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">Total
          net earnings applicable to common shares</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">461</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">6</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">919</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">303</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="17" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
    </TABLE>
    <font color="#0000FF" size="1" face="sans-serif">(1) Refer to Note 1, <em>Significant
    accounting policies</em>, for changes in accounting policies. </font>
    <p><font face="sans-serif"><strong><font color="#0000FF" size="2">3. BUSINESS
      ACQUISITIONS AND DISPOSITIONS</font></strong><font color="#0000FF" size="2"><br>
      <br>
      <B>CGI Group Inc. (CGI)&#145;s acquisition of Cognicase Inc. (Cognicase)<br>
      </B>During the first quarter of 2003, CGI acquired 100% of the outstanding
      common shares of Cognicase. As a result of the acquisition, BCE Inc.&#145;s
      equity ownership interest in CGI was reduced from 31.5% to 29.9%, and a
      dilution gain of $5 million was recognized. Cognicase provides solutions
      including the implementation of e-business solutions, ASP services, reengineering
      of existing applications for e-business, technology configuration management,
      as well as project management and business process improvement consulting
      services. The acquisition has been accounted for using the purchase method
      of accounting. The consolidated statements of operations include the results
      of Cognicase from the date of acquisition. </font></font></p>
    <p align="center"><font color="#0000FF" size="2" face="sans-serif">32</font></p>
    <p align="center"><font face="sans-serif"><br>
      <br>
      </font></p>
    <hr width="100%" size=4 color=GRAY noshade>
    <font face="sans-serif">
    <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 1; page: 1" -->
    </font>
    <p><font face="sans-serif"><strong><FONT color="#0000FF" size="2">3. BUSINESS
      ACQUISITIONS AND DISPOSITIONS (continued)</FONT></strong><FONT color="#0000FF" size="2"><br>
      The table below shows the preliminary purchase price allocation which is
      based on estimates. The final purchase price allocation is expected to be
      completed within 12 months from the acquisition date.</FONT></font> </p>
    <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="508">
      <TR VALIGN="BOTTOM">
        <td COLSPAN="6"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></td>
      </TR>
      <TR VALIGN="BOTTOM">
        <td><font color="#0000FF" size="1" face="sans-serif">(in $ millions)</font></td>
        <td COLSPAN="3" align="center"><font color="#0000FF" size="1" face="sans-serif">CGI</font></td>
        <TH COLSPAN="2" align="right"><font face="sans-serif"><strong><font color="#0000FF" size="1">BCE`s<BR>
          proportionate share</font></strong></font></TH>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD colspan="6" ALIGN="LEFT"><FONT color=#0000ff>
          <hr size=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Non-cash
          working capital items</font></TD>
        <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
        <TD WIDTH="5%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(103</font></TD>
        <TD WIDTH="6%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
        <TD WIDTH="30%" ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#0000FF" size="1">(31</font></strong></font></TD>
        <TD WIDTH="2%" ALIGN="left"><font face="sans-serif"><strong><font color="#0000FF" size="1">)</font></strong></font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Capital
          assets</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">39</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD width="30%" ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#0000FF" size="1">12</font></strong></font></TD>
        <TD width="2%" ALIGN="left">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Contract
          costs and other long-term assets</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">149</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD width="30%" ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#0000FF" size="1">45</font></strong></font></TD>
        <TD width="2%" ALIGN="left">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Future
          income taxes</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(20</font></TD>
        <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
        <TD width="30%" ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#0000FF" size="1">(6</font></strong></font></TD>
        <TD width="2%" ALIGN="left"><font face="sans-serif"><strong><font color="#0000FF" size="1">)</font></strong></font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Goodwill
          (1)</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">300</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD width="30%" ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#0000FF" size="1">89</font></strong></font></TD>
        <TD width="2%" ALIGN="left">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Long-term
          debt</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(41</font></TD>
        <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
        <TD width="30%" ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#0000FF" size="1">(12</font></strong></font></TD>
        <TD width="2%" ALIGN="left"><font face="sans-serif"><strong><font color="#0000FF" size="1">)</font></strong></font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD colspan="6" ALIGN="LEFT"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">324</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD width="30%" ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#0000FF" size="1">97</font></strong></font></TD>
        <TD width="2%" ALIGN="left">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Cash
          position at acquisition</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">23</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD width="30%" ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#0000FF" size="1">7</font></strong></font></TD>
        <TD width="2%" ALIGN="left">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD colspan="6" ALIGN="LEFT"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Net
          assets acquired</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">347</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD width="30%" ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#0000FF" size="1">104</font></strong></font></TD>
        <TD width="2%" ALIGN="left">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD colspan="6" ALIGN="LEFT" valign="bottom"><FONT color=#0000ff>
          <hr size=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif"><br>
          </font><FONT color=#0000ff face="sans-serif">&nbsp; </FONT><font color="#0000FF" size="1" face="sans-serif">
          Consideration</font></TD>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Cash</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">180</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        &nbsp;&nbsp;&nbsp;</TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Acquisition
          costs</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">7</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        &nbsp;&nbsp;&nbsp;</TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Balance
          of purchase price</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">18</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        &nbsp;&nbsp;&nbsp;</TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Issuance
          of 19,850,245 CGI Class A subordinate shares (2)</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">142</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        &nbsp;&nbsp;&nbsp;</TR>
      <TR VALIGN="BOTTOM">
        <TD colspan="7" ALIGN="LEFT"><FONT color=#0000ff>
          <hr size=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">347</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        &nbsp;&nbsp;&nbsp;</TR>
      <TR VALIGN="BOTTOM">
        <TD colspan="7" ALIGN="LEFT"><FONT color=#0000ff>
          <hr size=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
    </TABLE>
    <font color="#0000FF" size="1" face="sans-serif">(1) The goodwill is not deductible
    for tax purposes.<br>
    (2) The value of the CGI shares issued as consideration was determined using
    the weighted average closing share price on the Toronto Stock Exchange for
    the period of ten days before the terms of the business combination were agreed
    to and announced. <br>
    <br>
    </font><font color="#0000FF" size="2" face="sans-serif"><br>
    <strong> 4. OTHER INCOME</strong><br>
    </font>
    <table width="600" border="0" cellspacing="0" cellpadding="0">
      <tr>
        <td colspan="5"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></td>
      </tr>
      <tr>
        <td><font color="#0000FF" size="1" face="sans-serif">For the period ended
          June 30</font></td>
        <td width="112" align="right"><font color="#0000FF" size="1" face="sans-serif">Three</font></td>
        <td width="58" align="left"><font color="#0000FF" size="1" face="sans-serif">
          &nbsp;months</font></td>
        <td width="109" align="right"><font color="#0000FF" size="1" face="sans-serif">Six</font></td>
        <td width="66" align="left"><font color="#0000FF" size="1" face="sans-serif">&nbsp;months</font></td>
      </tr>
    </table>
    <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
      <TR>
        <td COLSPAN="3"><font color="#0000FF" size="1" face="sans-serif">(in $
          millions)</font></td>
        <td COLSPAN="2" align="right" valign="top"><font face="sans-serif"><strong><font color="#0000FF" size="1">2003
          </font></strong></font></td>
        <td valign="top">&nbsp;</td>
        <td COLSPAN="2" align="right" valign="top"><font color="#0000FF" size="1" face="sans-serif">2002
          </font></td>
        <td valign="top">&nbsp;</td>
        <td COLSPAN="2" align="right" valign="top"><font face="sans-serif"><strong><font color="#0000FF" size="1">2003</font></strong></font></td>
        <td valign="top"></td>
        <td COLSPAN="2" align="right" valign="top"><font color="#0000FF" size="1" face="sans-serif">2002</font></td>
        <td valign="top"></td>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD WIDTH="44%" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Net
          gains on investments</font></TD>
        <TD WIDTH="1%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="4%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="1%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="6%" ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">--</font></strong></font></TD>
        <TD WIDTH="7%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="1%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="6%" ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(180</font></TD>
        <TD WIDTH="7%" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
        <TD WIDTH="1%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="6%" ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">--</font></strong></font></TD>
        <TD WIDTH="7%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="1%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="6%" ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(180</font></TD>
        <TD WIDTH="2%" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Foreign
          currency gains</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">(3</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">)</font></strong></font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(55</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">(36</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">)</font></strong></font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(55</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Other</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">(5</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">)</font></strong></font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(11</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">(22</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">)</font></strong></font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(13</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">Other
          income</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">(8</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">)</font></strong></font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(246</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">(58</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">)</font></strong></font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(248</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
    </TABLE>
    <font face="sans-serif"><strong><font color="#0000FF" size="2"> <br>
    5. INTEREST EXPENSE</font></strong><font color="#0000FF" size="2"><br>
    </font></font>
    <table width="600" border="0" cellspacing="0" cellpadding="0">
      <tr>
        <td colspan="5"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></td>
      </tr>
      <tr>
        <td><font color="#0000FF" size="1" face="sans-serif">For the period ended
          June 30</font></td>
        <td width="112" align="right"><font color="#0000FF" size="1" face="sans-serif">Three</font></td>
        <td width="58" align="left"><font color="#0000FF" size="1" face="sans-serif">
          &nbsp;months</font></td>
        <td width="109" align="right"><font color="#0000FF" size="1" face="sans-serif">Six</font></td>
        <td width="66" align="left"><font color="#0000FF" size="1" face="sans-serif">&nbsp;months</font></td>
      </tr>
    </table>
    <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
      <TR>
        <td COLSPAN="3"><font color="#0000FF" size="1" face="sans-serif">(in $
          millions)</font></td>
        <td COLSPAN="2" align="right" valign="top"><font face="sans-serif"><strong><font color="#0000FF" size="1">2003
          </font></strong></font></td>
        <td valign="top">&nbsp;</td>
        <td COLSPAN="2" align="right" valign="top"><font color="#0000FF" size="1" face="sans-serif">2002
          </font></td>
        <td valign="top">&nbsp;</td>
        <td COLSPAN="2" align="right" valign="top"><font face="sans-serif"><strong><font color="#0000FF" size="1">2003</font></strong></font></td>
        <td valign="top"></td>
        <td COLSPAN="2" align="right" valign="top"><font color="#0000FF" size="1" face="sans-serif">2002</font></td>
        <td valign="top"></td>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD WIDTH="44%" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Interest
          expense on long-term debt</font></TD>
        <TD WIDTH="1%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="4%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="1%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="6%" ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">282</font></strong></font></TD>
        <TD WIDTH="7%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="1%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="6%" ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">249</font></TD>
        <TD WIDTH="7%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="1%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="6%" ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">554</font></strong></font></TD>
        <TD WIDTH="7%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="1%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="6%" ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">494</font></TD>
        <TD WIDTH="2%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">interest
          expense on other debt</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">9</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">14</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">21</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">30</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">Total
          interest expense</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">291</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">263</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">575</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">524</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
    </TABLE>
    <font face="sans-serif"><strong><font color="#0000FF" size="2"> <br>
    6. DISCONTINUED OPERATIONS</font></strong><br>
    </font>
    <table width="600" border="0" cellspacing="0" cellpadding="0">
      <tr>
        <td colspan="5"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></td>
      </tr>
      <tr>
        <td><font color="#0000FF" size="1" face="sans-serif">For the period ended
          June 30</font></td>
        <td width="112" align="right"><font color="#0000FF" size="1" face="sans-serif">Three</font></td>
        <td width="58" align="left"><font color="#0000FF" size="1" face="sans-serif">
          &nbsp;months</font></td>
        <td width="109" align="right"><font color="#0000FF" size="1" face="sans-serif">Six</font></td>
        <td width="66" align="left"><font color="#0000FF" size="1" face="sans-serif">&nbsp;months</font></td>
      </tr>
    </table>
    <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
      <TR>
        <td COLSPAN="3"><font color="#0000FF" size="1" face="sans-serif">(in $
          millions)</font></td>
        <td COLSPAN="2" align="right" valign="top"><font face="sans-serif"><strong><font color="#0000FF" size="1">2003
          </font></strong></font></td>
        <td valign="top">&nbsp;</td>
        <td COLSPAN="2" align="right" valign="top"><font color="#0000FF" size="1" face="sans-serif">2002
          </font></td>
        <td valign="top">&nbsp;</td>
        <td COLSPAN="2" align="right" valign="top"><font face="sans-serif"><strong><font color="#0000FF" size="1">2003</font></strong></font></td>
        <td valign="top"></td>
        <td COLSPAN="2" align="right" valign="top"><font color="#0000FF" size="1" face="sans-serif">2002</font></td>
        <td valign="top"></td>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD WIDTH="44%" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Teleglobe
          (a) </font></TD>
        <TD WIDTH="1%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="4%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="1%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="6%" ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">--</font></strong></font></TD>
        <TD WIDTH="7%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="1%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="6%" ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(104</font></TD>
        <TD WIDTH="7%" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
        <TD WIDTH="1%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="6%" ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">--</font></strong></font></TD>
        <TD WIDTH="7%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="1%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="6%" ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(149</font></TD>
        <TD WIDTH="2%" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">BCI
          (a) </font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">--</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(191</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">--</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(191</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Aliant
          (b) </font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">1</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(8</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">(1</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">)</font></strong></font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(9</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Net
          loss from discontinued operations</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">1</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(303</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">(1</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">)</font></strong></font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(349</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
    </TABLE>
    <FONT color="#0000FF" size="1" FACE="sans-serif">(a) The financial results
    of Teleglobe and BCI were reclassified as discontinued operations effective
    April 24, 2002 and January 1, 2002, respectively.</FONT> <font face="sans-serif"><br>
    <FONT color="#0000FF" size="1">(b) At June 30, 2003, the assets of Aliant&#146;s
    Emerging business segment, which include AMI Offshore Inc. (AMI Offshore),
    Prexar LLC (Prexar), and iMagicTV Inc. (iMagicTV), were either sold or being
    held for sale. Prexar is an Internet services provider. iMagicTV is a software
    development company, providing broadband TV software and solutions to service
    providers around the globe. AMI Offshore provides process and systems control
    technical services and contracts manufacturing solutions to offshore oil and
    gas and other industries.</FONT></font> <font size="1" face="sans-serif"><br>
    <FONT color=#0000ff><FONT color=#0000ff>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></font><FONT color="#0000FF" size="1" FACE="sans-serif">iMagicTV
    was sold in April 2003. Prexar was sold in May 2003. The sale of AMI Offshore
    is expected to be completed by the end of 2003.</FONT> <font face="sans-serif"><br>
    <FONT color=#0000ff><FONT color=#0000ff size=2>&nbsp;&nbsp;</FONT></FONT></font>
    <FONT color="#0000FF" size="1" FACE="sans-serif">Accordingly, the results
    of these operations, which were previously presented in the Bell Canada Segment,
    have now been presented as discontinued operations.</FONT> <font face="sans-serif"><br>
    <br>
    <FONT color="#0000FF" size="2">The table below provides a summarized statement
    of operations for the discontinued operations.</FONT></font> <font face="sans-serif"><br>
    </font>
    <table width="600" border="0" cellspacing="0" cellpadding="0">
      <tr>
        <td colspan="5"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></td>
      </tr>
      <tr>
        <td><font color="#0000FF" size="1" face="sans-serif">For the period ended
          June 30</font></td>
        <td width="112" align="right"><font color="#0000FF" size="1" face="sans-serif">Three</font></td>
        <td width="58" align="left"><font color="#0000FF" size="1" face="sans-serif">
          &nbsp;months</font></td>
        <td width="109" align="right"><font color="#0000FF" size="1" face="sans-serif">Six</font></td>
        <td width="66" align="left"><font color="#0000FF" size="1" face="sans-serif">&nbsp;months</font></td>
      </tr>
    </table>
    <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
      <TR>
        <td COLSPAN="3"><font color="#0000FF" size="1" face="sans-serif">(in $
          millions)</font></td>
        <td COLSPAN="2" align="right" valign="top"><font face="sans-serif"><strong><font color="#0000FF" size="1">2003
          </font></strong></font></td>
        <td valign="top">&nbsp;</td>
        <td COLSPAN="2" align="right" valign="top"><font color="#0000FF" size="1" face="sans-serif">2002
          </font></td>
        <td valign="top">&nbsp;</td>
        <td COLSPAN="2" align="right" valign="top"><font face="sans-serif"><strong><font color="#0000FF" size="1">2003</font></strong></font></td>
        <td valign="top"></td>
        <td COLSPAN="2" align="right" valign="top"><font color="#0000FF" size="1" face="sans-serif">2002</font></td>
        <td valign="top"></td>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Revenue</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">11</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif">&nbsp;</font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">287</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">23</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">718</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD WIDTH="44%" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Operating
          loss from discontinued operations, before tax</font></TD>
        <TD WIDTH="1%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="4%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="1%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="6%" ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">(9</font></strong></font></TD>
        <TD WIDTH="7%" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif"><strong>)</strong></font></TD>
        <TD WIDTH="1%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="6%" ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(66</font></TD>
        <TD WIDTH="7%" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
        <TD WIDTH="1%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="6%" ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">(14</font></strong></font></TD>
        <TD WIDTH="7%" ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">)</font></strong></font></TD>
        <TD WIDTH="1%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="6%" ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(144</font></TD>
        <TD WIDTH="2%" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Gain
          (loss) on discontinued operations, before tax</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">11</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(282</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">11</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(282</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Income
          tax recovery on operating loss</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">4</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">24</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">4</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">45</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Income
          tax recovery (expense) on loss (gain)</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">(3</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif"><strong>)</strong></font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">18</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">(3</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">)</font></strong></font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">18</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Non-controlling
          interest </font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">(2</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">)</font></strong></font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">3</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">1</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">14</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Net
          gain (loss) from discontinued operations</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">1</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(303</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">(1</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">)</font></strong></font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(349</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
    </TABLE>
    <font face="sans-serif"><strong><font color="#0000FF" size="2"><br>
    <br>
    7. EARNINGS PER SHARE DISCLOSURES</font></strong><font color="#0000FF" size="2">
    <br>
    <br>
    </font></font><FONT color="#0000FF" size="2" FACE="sans-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 face="sans-serif"><br>
    </font>
    <table width="600" border="0" cellspacing="0" cellpadding="0">
      <tr>
        <td colspan="5"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td width="112" align="right"><font color="#0000FF" size="1" face="sans-serif">Three</font></td>
        <td width="58" align="left"><font color="#0000FF" size="1" face="sans-serif">
          &nbsp;months</font></td>
        <td width="109" align="right"><font color="#0000FF" size="1" face="sans-serif">Six</font></td>
        <td width="66" align="left"><font color="#0000FF" size="1" face="sans-serif">&nbsp;months</font></td>
      </tr>
    </table>
    <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
      <TR>
        <td COLSPAN="3"><font color="#0000FF" size="1" face="sans-serif">For the
          period ended June 30</font></td>
        <td COLSPAN="2" align="right" valign="top"><font face="sans-serif"><strong><font color="#0000FF" size="1">2003
          </font></strong></font></td>
        <td valign="top">&nbsp;</td>
        <td COLSPAN="2" align="right" valign="top"><font color="#0000FF" size="1" face="sans-serif">2002(1)</font></td>
        <td valign="top">&nbsp;</td>
        <td COLSPAN="2" align="right" valign="top"><font face="sans-serif"><strong><font color="#0000FF" size="1">2003</font></strong></font></td>
        <td valign="top"></td>
        <td COLSPAN="2" align="right" valign="top"><font color="#0000FF" size="1" face="sans-serif">2002</font></td>
        <td valign="top"><font color="#0000FF" size="1" face="sans-serif">(1)</font></td>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif"><strong>Earnings
          from continuing operations (numerator) </strong><br>
          &nbsp;&nbsp;&nbsp;&nbsp;(in $ millions)</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD WIDTH="44%" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Earnings
          from continuing operations</font></TD>
        <TD WIDTH="1%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="4%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="1%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="6%" ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">477</font></strong></font></TD>
        <TD WIDTH="7%" ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">&nbsp;</font></TD>
        <TD WIDTH="1%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="6%" ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">323</font></TD>
        <TD WIDTH="7%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="1%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="6%" ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">952</font></strong></font></TD>
        <TD WIDTH="7%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="1%" ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD WIDTH="6%" ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">679</font></TD>
        <TD WIDTH="2%" ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Dividends
          on preferred shares</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">(17</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1"><strong>)</strong></font></strong></font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(14</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">(32</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1"><strong>)</strong></font></strong></font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">(27</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Earnings
          from continuing operations - basic</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">460</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">309</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">920</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">652</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Assumed
          exercise of put options by CGI shareholders</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">3</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">&nbsp;</font></TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">3</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">7</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">6</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Earnings
          from continuing operations - diluted</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">463</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">312</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">927</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">658</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif"><strong>Weighted
          average number of common shares outstanding &nbsp;&nbsp;&nbsp;&nbsp;(denominator)
          </strong>(in millions)</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Weighted
          average number of common shares outstanding - basic</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">919.3</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">808.7</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">918.2</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">808.6</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Assumed
          exercise of stock options (2)</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">1.7</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">1.8</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">1.7</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">2.1</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">Assumed
          exercise of put options by CGI shareholders</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">9.1</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">13.0</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">9.1</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">13.0</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR>
        <TD ALIGN="LEFT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif"><strong>Weighted
          average number of common shares outstanding - diluted</strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">930.1</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">823.5</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font face="sans-serif"><strong><font color="#0000FF" size="1">929.0</font></strong></font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
        <TD ALIGN="RIGHT" valign="BOTTOM"><font color="#0000FF" size="1" face="sans-serif">823.7</font></TD>
        <TD ALIGN="LEFT" valign="BOTTOM">&nbsp;</TD>
      </TR>
      <TR>
        <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
    </TABLE>
    <FONT color="#0000FF" size="1" FACE="sans-serif">(1) Refer to Note 1, <I>Significant
    accounting policies</I>, for changes in accounting policies. <br>
    (2) The calculation of the assumed exercise of stock options excludes all
    options with an exercise price that is greater than the average market value
    of a BCE Inc. common share for each of the periods presented in the table
    above as their effect would have been anti-dilutive and includes the impact
    of the average unrecognized future compensation cost of these options. The
    number of options that were excluded amounts to 23,048,408 and 23,236,436
    for the three months and six months ended June 30, 2003, and 26,817,872 and
    23,452,093 for the three months and six months ended June 30, 2002.</FONT>
    <font face="sans-serif"><br>
    <br>
    <strong><font color="#0000FF" size="2">8. INDEFINITE-LIFE INTANGIBLE ASSETS<br>
    </font></strong> </font>
    <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
      <TR VALIGN="BOTTOM">
        <td colspan="2"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></td>
      </TR>
      <TR VALIGN="BOTTOM">
        <td><font color="#0000FF" size="1" face="sans-serif">(in $ millions)</font></td>
        <td align="right"><font color="#0000FF" size="1" face="sans-serif"><strong>2003</strong></font></td>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD colspan="2" ALIGN="LEFT"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD WIDTH="94%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif"><strong>Intangible
          assets, January 1</strong></font></TD>
        <TD WIDTH="6%" ALIGN="right"><font color="#0000FF" size="1" face="sans-serif"><strong>900&nbsp;</strong></font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Capitalized
          interest on spectrum licences</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">($8
          million for the six months ended June 30, 2002)</font></TD>
        <TD ALIGN="right"><font color="#0000FF" size="1" face="sans-serif">12&nbsp;</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD colspan="2" ALIGN="LEFT"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif"><strong>Intangible
          assets, June 30</strong></font></TD>
        <TD ALIGN="right"><font color="#0000FF" size="1" face="sans-serif"><strong>912&nbsp;</strong></font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD colspan="2" ALIGN="LEFT"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Consisting
          of:</font></TD>
        &nbsp;</TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Spectrum
          licences</font></TD>
        <TD ALIGN="right"><font color="#0000FF" size="1" face="sans-serif">766&nbsp;</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Television
          licences</font></TD>
        <TD ALIGN="right"><font color="#0000FF" size="1" face="sans-serif">128&nbsp;</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Cable
          licences</font></TD>
        <TD ALIGN="right"><font color="#0000FF" size="1" face="sans-serif">18&nbsp;</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD colspan="2" ALIGN="LEFT"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif"><strong>Total</strong></font></TD>
        <TD ALIGN="right"><font color="#0000FF" size="1" face="sans-serif"><strong>912&nbsp;</strong></font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD colspan="2" ALIGN="LEFT"><FONT color=#0000ff>
          <HR SIZE=1 noshade color=#0000ff>
          </FONT></TD>
      </TR>
    </TABLE>
    <div align="center"><font face="sans-serif"><br>
      <font color="#0000FF" size="2">33<br>
      <br>
      </font></font>
      <hr width="100%" size=4 color=GRAY noshade>
      <font face="sans-serif">
      <!-- *************************************************************************** -->
      <!-- MARKER PAGE="sheet: 1; page: 1" -->
      </font>
      <div align="left"> <font face="sans-serif"><br>
        <FONT color=#0000ff><FONT color=#0000ff size=4>Notes to Consolidated Financial
        Statements - BCE Inc.</FONT></FONT></font><font color="#0000FF" size="2" face="sans-serif"><br>
        <br>
        <strong> 9. GOODWILL <br>
        </strong></font>
        <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
          <TR VALIGN="BOTTOM">
            <td colspan="3"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></td>
          </TR>
          <TR VALIGN="BOTTOM">
            <td><font color="#0000FF" size="1" face="sans-serif">(in $ millions)</font></td>
            <td align="right"><font color="#0000FF" size="1" face="sans-serif"><strong>2003</strong></font></td>
            <td align="right">&nbsp;</td>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="3" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD WIDTH="94%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif"><strong>Goodwill,
              January 1</strong></font></TD>
            <TD WIDTH="6%" ALIGN="right"><font color="#0000FF" size="1" face="sans-serif"><strong>10,118</strong></font></TD>
            <TD WIDTH="6%" ALIGN="right">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Goodwill
              acquired during the period </font></TD>
            <TD ALIGN="right"><font color="#0000FF" size="1" face="sans-serif">85</font></TD>
            <TD ALIGN="right">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Foreign
              exchange on goodwill of self-sustaining foreign operations</font></TD>
            <TD ALIGN="right"><font color="#0000FF" size="1" face="sans-serif">(59</font></TD>
            <TD ALIGN="left"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="3" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif"><strong>Goodwill,
              June 30</strong></font></TD>
            <TD ALIGN="right"><font color="#0000FF" size="1" face="sans-serif"><strong>10,144</strong></font></TD>
            <TD ALIGN="right">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="3" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
        </TABLE>
        <p><font color="#0000FF" size="2" face="sans-serif"><strong><br>
          10. SHARE CAPITAL </strong> <br>
          <br>
          <B>(i) Preferred shares<br>
          </B>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.&#145;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>
        <FONT color="#0000FF" size="2" FACE="sans-serif"><B>(ii) Common shares
        and Class B shares<br>
        </B>The table below provides details about the outstanding common shares
        of BCE Inc. No Class B Shares were outstanding at June 30, 2003.</FONT>
        <font face="sans-serif"><br>
        </font>
        <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
          <TR VALIGN="BOTTOM">
            <TH></TH>
            <TH></TH>
            <TH></TH>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="3" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">Number
              of shares</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">Stated
              capital<br>
              (in $ millions)</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="3" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD WIDTH="68%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Outstanding,
              January 1, 2003</font></TD>
            <TD WIDTH="18%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">915,867,928&nbsp;</font></TD>
            <TD WIDTH="14%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">16,520&nbsp;</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Shares
              issued (under employee stock option,</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;employee
              savings and dividend reinvestmentplans)</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">4,412,784&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">123&nbsp;</font></TD>
          </TR>
          <TR VALIGN="BOTTOM" bordercolor="#000000">
            <TD colspan="3" ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TD colspan="15" ALIGN="LEFT" valign="BOTTOM"> <HR width="100%" color=#0000ff noShade SIZE=1></TD>
          </TR>
          <TR VALIGN="BOTTOM" bordercolor="#000000">
            <TD ALIGN="LEFT"><font face="sans-serif"><strong><font color="#0000FF" size="1">Outstanding,
              June 30, 2003</font></strong></font></TD>
            <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#0000FF" size="1">920,280,712&nbsp;</font></strong></font></TD>
            <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#0000FF" size="1">16,643&nbsp;</font></strong></font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="3" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
        </TABLE>
        <p>&nbsp;</p>
        <p><strong><font color="#0000FF" size="2" face="sans-serif">11. STOCK-BASED
          COMPENSATION PLANS</font></strong><font color="#0000FF" size="2" face="sans-serif">
          <br>
          <br>
          <B>BCE Inc. stock options<br>
          </B>The table below provides a summary of the status of BCE Inc.&#145;s
          stock option programs.</font> <font color="#0000FF" size="2" face="sans-serif"><br>
          </font> </p>
        <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
          <TR VALIGN="BOTTOM">
            <td COLSPAN="6"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></td>
          </TR>
          <TR VALIGN="BOTTOM">
            <TH COLSPAN="2">&nbsp;</TH>
            <td align="right"><font color="#0000FF" size="1" face="sans-serif">Number<BR>
              of shares</font></td>
            <td align="right">&nbsp;</td>
            <td align="right"><font color="#0000FF" size="1" face="sans-serif">Weighted<BR>
              average<BR>
              exercise<BR>
              price</font></td>
            <td align="right"></td>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="6" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD WIDTH="48%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Outstanding,
              January 1, 2003</font></TD>
            <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="19%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">20,470,700</font></TD>
            <TD WIDTH="7%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="19%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">$33</font></TD>
            <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Granted</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">5,518,051</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">$28</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Exercised</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(200,762</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">$14</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Expired/forfeited</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(745,654</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">$33</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="6" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif"><strong>Outstanding,
              June 30, 2003</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>25,042,335</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>$32</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="6" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif"><strong>Exercisable,
              June 30, 2003</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>9,614,353</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>$34</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="6" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
        </TABLE>
        <p><FONT color="#0000FF" size="2" FACE="sans-serif"><B>Teleglobe stock
          options<br>
          </B></FONT><FONT color="#0000FF" size="2" FACE="sans-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> </p>
        <strong><font color="#0000FF" size="2" face="sans-serif">11. STOCK-BASED
        COMPENSATION PLANS (continued) </font></strong><font color="#0000FF" size="2" face="sans-serif"><br>
        <br>
        </font><FONT color="#0000FF" size="2" FACE="sans-serif">The table below
        provides a summary of the status of Teleglobe&#146;s stock option programs,
        which are incremental to BCE Inc.&#145;s stock option programs.</FONT>
        <font color="#0000FF" size="2" face="sans-serif"><br>
        </font>
        <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
          <TR VALIGN="BOTTOM">
            <td COLSPAN="6"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></td>
          </TR>
          <TR VALIGN="BOTTOM">
            <TH COLSPAN="2">&nbsp;</TH>
            <td align="right"><font color="#0000FF" size="1" face="sans-serif">Number<BR>
              of BCE Inc.<BR>
              shares</font></td>
            <TH>&nbsp;</TH>
            <td align="right"><font color="#0000FF" size="1" face="sans-serif">Weighted<BR>
              average<BR>
              exercise<BR>
              price</font></td>
            <TH></TH>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="6" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD WIDTH="50%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Outstanding,
              January 1, 2003</font></TD>
            <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="18%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">4,266,723</font></TD>
            <TD WIDTH="7%" ALIGN="LEFT">&nbsp;</TD>
            <TD WIDTH="18%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">$37</font></TD>
            <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Exercised</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(104,987</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">$20</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Expired/forfeited</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">(2,375,178</font></TD>
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">)</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">$36</font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="6" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif"><strong>Outstanding,
              June 30, 2003</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>1,786,558</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>$28</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="6" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif"><strong>Exercisable,
              June 30, 2003</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>1,786,558</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>$28</strong></font></TD>
            <TD ALIGN="LEFT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="6" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
        </TABLE>
        <FONT color="#0000FF" size="2" FACE="sans-serif"><B><br>
        <br>
        Assumptions used in stock option pricing model<br>
        </B>The table below shows the assumptions used in determining stock-based
        compensation expense under the Black-Scholes option pricing model.</FONT>
        <TABLE WIDTH="600" BORDER="0" CELLPADDING="0" CELLSPACING="0">
          <TR VALIGN="BOTTOM">
            <td colspan="5"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></td>
          </TR>
          <TR VALIGN="BOTTOM">
            <td width="122">&nbsp;</td>
            <td width="256" align="right">&nbsp;</td>
            <td width="120" align="left"><font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three
              months</font></td>
            <td width="102" colspan="2" align="center"><font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Six
              months</font></td>
          </TR>
        </TABLE>
        <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
          <TR VALIGN="BOTTOM">
            <td><font color="#0000FF" size="1" face="sans-serif">For the period
              ended June 30</font></td>
            <td align="right"><font color="#0000FF" size="1" face="sans-serif"><strong>2003</strong></font></td>
            <td align="right"><font color="#0000FF" size="1" face="sans-serif">2002</font></td>
            <td align="right"><font color="#0000FF" size="1" face="sans-serif"><strong>2003</strong></font></td>
            <td align="right"><font color="#0000FF" size="1" face="sans-serif">2002</font></td>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="5" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD WIDTH="47%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Compensation
              cost (in$ millions)</font></TD>
            <TD WIDTH="16%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>6&nbsp;</strong></font></TD>
            <TD WIDTH="16%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">4&nbsp;</font></TD>
            <TD WIDTH="9%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>14&nbsp;</strong></font></TD>
            <TD WIDTH="12%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">6&nbsp;</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Dividend
              yield</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>3.7%</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">3.6%</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>3.6%</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">3.2%</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Expected
              volatility</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>30%</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">30%</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>30%</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">30%</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Risk-free
              interest rate</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>3.5%</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">5.2%</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>4.1%</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">4.7%</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Expected
              life (years)</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>4.5&nbsp;</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">4.5&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>4.5</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">4.5&nbsp;</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Number
              of stock options granted</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>167,000&nbsp;</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">108,000&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>5,518,05</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">6,827,134</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Weighted
              average fair value option granted ($)</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>6&nbsp;</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">8&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>6&nbsp;</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">8&nbsp;</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="5" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
        </TABLE>
        <p><strong><font color="#0000FF" size="2" face="sans-serif">12. FINANCIAL
          INSTRUMENTS</font></strong><font color="#0000FF" size="2" face="sans-serif"><br>
          <br>
          </font><FONT color="#0000FF" size="2" FACE="sans-serif">We periodically
          use derivative instruments to manage our exposure to interest rate,
          foreign currency and BCE Inc. share price movements. We do not use derivative
          instruments to speculate. Because we do not actively trade in derivative
          instruments, we are not exposed to any significant liquidity risks relating
          to such investments.</FONT> <br>
          <font color="#0000FF" size="2" face="sans-serif"><br>
          </font> <font color="#0000FF" size="2" face="sans-serif">The following
          derivative instruments were outstanding at June 30, 2003: <br>
          </font></p>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="2%" align="left" valign="top"><FONT color=#0000ff><FONT size=1 face="Wingdings">n</FONT></FONT></td>
            <td width="93%"><font color="#0000FF" size="2" face="sans-serif">dividend
              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 in recent years</font></td>
          </tr>
          <tr>
            <td align="left" valign="top"><FONT color=#0000ff><FONT size=1 face="Wingdings">n</FONT></FONT></td>
            <td><font color="#0000FF" size="2" face="sans-serif">cross-currency
              swaps and forward contracts used to hedge foreign currency risk
              on a portion of our long-term debt</font></td>
          </tr>
          <tr>
            <td align="left" valign="top"><FONT color=#0000ff><FONT size=1 face="Wingdings">n</FONT></FONT></td>
            <td><font color="#0000FF" size="2" face="sans-serif">forward contracts
              on BCE Inc. common shares to hedge the fair value exposure related
              to stock compensation payments.</font></td>
          </tr>
        </table>
        <p><font color="#0000FF" size="2" face="sans-serif"> </font><font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font color="#0000FF" size="1" face="sans-serif">&nbsp;</font><FONT color="#0000FF" size="2" FACE="sans-serif">In
          April 2003 we entered into a forward contract to hedge US $200 million
          of long-term debt at Bell Canada that had not been previously hedged,
          thereby removing the foreign currency exposure risk on the principal
          portion of that debt.</FONT> <br>
          <font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
          <FONT color="#0000FF" size="2" FACE="sans-serif">At June 30, 2003, the
          carrying value of these derivative instruments was a net liability of
          $99 million. Their fair value amounted to a net liability of $27 million.</FONT>
          <br>
          <font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
          <FONT color="#0000FF" size="2" FACE="sans-serif">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 align="center"><font color="#0000FF" size="2">34<br>
          <br>
          </font></p>
        <hr width="100%" size=4 color=GRAY noshade>
        <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 1; page: 1" -->
        <br>
        <br>
        <font color="#0000FF" size="2" face="sans-serif"><strong>13. CONTRACTUAL
        OBLIGATIONS, COMMERCIAL COMMITMENTS AND CONTINGENCIES</strong><br>
        <br>
        <strong> Contractual obligations<br>
        </strong></font><FONT color="#0000FF" size="2" FACE="sans-serif">The table
        below provides a summary of our contractual obligations at June 30, 2003
        and for the full years ended thereafter.</FONT>
        <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="93%">
          <TR VALIGN="BOTTOM">
            <td colspan="8"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></td>
          </TR>
          <TR VALIGN="BOTTOM">
            <td><font color="#0000FF" size="1" face="sans-serif">(in $ millions)</font></td>
            <td align="right"><font color="#0000FF" size="1" face="sans-serif">2003</font></td>
            <td align="right"><font color="#0000FF" size="1" face="sans-serif">2004</font></td>
            <td align="right"><font color="#0000FF" size="1" face="sans-serif">2005</font></td>
            <td align="right"><font color="#0000FF" size="1" face="sans-serif">2006</font></td>
            <td align="right"><font color="#0000FF" size="1" face="sans-serif">2007</font></td>
            <td align="right"><font color="#0000FF" size="1" face="sans-serif">Thereafter</font></td>
            <td align="right"><font color="#0000FF" size="1" face="sans-serif"><strong>Total</strong></font></td>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="8" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD WIDTH="36%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Long-term
              debt</font></TD>
            <TD WIDTH="9%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="9%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="9%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="9%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="9%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="9%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="10%" ALIGN="RIGHT">&nbsp;</TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;(excluding
              capital leases)</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">681&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">1,599&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">1,284&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">1,250&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">1,990&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">7,749&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>14,553&nbsp;</strong></font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Capital
              leases (a)</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">66&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">111&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">65&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">47&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">32&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">151&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>472&nbsp;</strong></font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Notes
              payable and bank advances</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">154&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">--&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">--&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">--&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">--&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">--&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>154&nbsp;</strong></font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Operating
              leases</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">273&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">400&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">361&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">306&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">280&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">1,678&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>3,298&nbsp;</strong></font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Purchase
              obligations</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">517&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">417&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">240&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">227&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">200&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">408&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>2,009&nbsp;</strong></font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Other
              contractual obligations</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">266&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">136&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">101&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">34&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">33&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">11&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>581&nbsp;</strong></font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="8" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif"><strong>Total</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>1,957&nbsp;</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>2,663&nbsp;</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>2,051&nbsp;</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>1,864&nbsp;</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>2,535&nbsp;</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>9,997&nbsp;</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>21,067&nbsp;</strong></font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="8" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
        </TABLE>
        <font color="#0000FF" size="1" face="sans-serif">(a) The imputed interest
        to be paid in connection with the capital leases amounts to $73million.
        </font> <FONT color="#0000FF" size="2" FACE="sans-serif"><B><br>
        <br>
        Commercial commitments<br>
        </B></FONT>
        <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="666">
          <TR VALIGN="BOTTOM">
            <td colspan="4"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></td>
          </TR>
          <TR VALIGN="BOTTOM">
            <td><font color="#0000FF" size="1" face="sans-serif">At June 30, 2003
              (in$ millions)</font></td>
            <td align="right"><font color="#0000FF" size="1" face="sans-serif">Committed</font></td>
            <td align="right"><font color="#0000FF" size="1" face="sans-serif">Non-Committed</font></td>
            <td align="right"><font color="#0000FF" size="1" face="sans-serif">Total</font></td>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="4" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD WIDTH="46%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Commercial
              paper credit lines</font></TD>
            <TD WIDTH="24%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">1,501&nbsp;</font></TD>
            <TD WIDTH="18%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">2,000&nbsp;</font></TD>
            <TD WIDTH="12%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">3,501&nbsp;</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Other
              credit facilities</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">1,359&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">435&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">1,794&nbsp;</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="4" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif"><strong>Total</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>2,860&nbsp;</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>2,435&nbsp;</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>5,295&nbsp;</strong></font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="4" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif"><strong>Drawn</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>1,084&nbsp;</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>90&nbsp;</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>1,174&nbsp;</strong></font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="4" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif"><strong>Undrawn</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>1,776&nbsp;</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>2,345&nbsp;</strong></font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif"><strong>4,121&nbsp;</strong></font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="4" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
        </TABLE>
        <p><font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT color="#0000FF" size="2" FACE="sans-serif">BCE
          Inc., Bell Canada and Aliant may issue notes under their commercial
          paper programs in an amount that cannot exceed the amount of supporting
          committed lines of credit. As at June 30, 2003, the aggregate amount
          of such supporting committed lines of credit was $1.5 billion.</FONT>
          <br>
          <font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font>
          <FONT color="#0000FF" size="2" FACE="sans-serif">In addition, BCE Inc.
          and Bell Canada can, under their commercial paper programs, 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 June 30, 2003, Bell Canada and BCE Inc.
          had no Class E Notes outstanding.</FONT> <br>
          <font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font>
          <FONT color="#0000FF" size="2" FACE="sans-serif">Included in the drawn
          portion of our commercial commitments are issued letters of credit of
          $263 million under our committed facilities and $83 million under our
          non-committed facilities.</FONT> <br>
          <font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font>
          <FONT color="#0000FF" size="2" FACE="sans-serif">At June 30, 2003, BCE
          Inc., Bell Canada and Aliant had no amounts outstanding under their
          commercial paper programs.</FONT> <br>
        </p>
        <p> <FONT color="#0000FF" size="2" FACE="sans-serif"><B>Canadian Radio-Television
          and Telecommunications Commission (CRTC) Price Cap decision </B><br>
          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 $104 million at June 30,
          2003.</FONT> <br>
          <br>
          <FONT color="#0000FF" size="2" FACE="sans-serif"><B>Guarantees<br>
          </B></FONT><FONT color="#0000FF" size="2" FACE="sans-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>
          <font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font>
          <FONT color="#0000FF" size="2" FACE="sans-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>
          <font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font>
          <FONT color="#0000FF" size="2" FACE="sans-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 June 30, 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> <br>
          <br>
          <FONT color="#0000FF" size="2" FACE="sans-serif"><B>Off-balance sheet
          arrangements<br>
          <br>
          </B>SALE OF ACCOUNTS RECEIVABLE<br>
          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 June 30, 2003, which equalled the amount of overcollateralization
          in the receivables transferred.</FONT> <br>
          <font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font>
          <FONT color="#0000FF" size="2" FACE="sans-serif">Aliant sold accounts
          receivable to a securitization trust for a total of $130 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 $29 million at June 30, 2003.</FONT>
        </p>
        <p align="center"><font color="#0000FF" size="2">35</font></p>
        <p align="center"><br>
          <br>
        </p>
        <hr width="100%" size=4 color=GRAY noshade>
        <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 1; page: 1" -->
        <br>
        <font face="sans-serif"><FONT color=#0000ff><FONT color=#0000ff size=4>Notes
        to Consolidated Financial Statements - BCE Inc.</FONT></FONT></font><font color="#0000FF" size="2" face="sans-serif"></font><br>
        <br>
        <font color="#0000FF" size="2" face="sans-serif"><strong>13. CONTRACTUAL
        OBLIGATIONS, COMMERCIAL COMMITMENTS AND CONTINGENCIES (continued)</strong>
        <br>
        <br>
        </font><font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT color="#0000FF" size="2" FACE="sans-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 their retained interests.</FONT> <br>
        <font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <FONT color="#0000FF" size="2" FACE="sans-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> <br>
        <br>
        <font color="#0000FF" size="2" face="sans-serif">SHARED SERVICES AGREEMENT<br>
        </font><FONT color="#0000FF" size="2" FACE="sans-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. <br>
        </FONT><font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <FONT color="#0000FF" size="2" FACE="sans-serif"></FONT><FONT color="#0000FF" size="2" FACE="sans-serif">In
        2004, Bell Canada may:</FONT> <br>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="2%" align="left" valign="top"><FONT color=#0000ff><FONT size=1 face="Wingdings">n</FONT></FONT></td>
            <td width="93%"><font color="#0000FF" size="2" face="sans-serif">exercise
              an option to buy the special purpose entity at fair market value,
              <FONT color="#0000FF" size="2" FACE="sans-serif">or</FONT> </font></td>
          </tr>
          <tr>
            <td align="left" valign="top"><FONT color=#0000ff><FONT size=1 face="Wingdings">n</FONT></FONT></td>
            <td><font color="#0000FF" size="2" face="sans-serif">maintain the
              service contract for the remaining seven years and commit to paying
              at least $420 million in service fees to the special purpose entity
              during such remaining years.</font> </td>
          </tr>
        </table>
        <br>
        <font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <FONT color="#0000FF" size="2" FACE="sans-serif"></FONT><FONT color="#0000FF" size="2" FACE="sans-serif">As
        at June 30, 2003, the special purpose entity had $102 million of total
        assets, of which $88 million are capital assets, and $123 million of total
        liabilities, of which $118 million is long-term debt.</FONT> <br>
        <br>
        <font color="#0000FF" size="2" face="sans-serif">SALE LEASEBACK TRANSACTIONS<br>
        </font><FONT color="#0000FF" size="2" FACE="sans-serif">In our long-term
        debt balance at June 30, 2003, we had capital lease obligations of $73
        million net of loans receivable of $313 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> <br>
        <br>
        <FONT color="#0000FF" size="2" FACE="sans-serif"><B>Contingencies<br>
        <br>
        </B></FONT><FONT color="#0000FF" size="2" FACE="sans-serif">AGREEMENT
        WITH MANITOBA TELECOM SERVICES INC. (MTS) <br>
        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> <br>
        <font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <FONT color="#0000FF" size="2" FACE="sans-serif"></FONT> <FONT color="#0000FF" size="2" FACE="sans-serif">Under
        the terms of the put option, MTS can require Bell Canada to buy its interest
        in Bell West:</FONT> <br>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="2%" align="left" valign="top"><FONT color=#0000ff><FONT size=1 face="Wingdings">n</FONT></FONT></td>
            <td width="93%"><font color="#0000FF" size="2" face="sans-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 guaranteed floor value was
              $591 million at June 30, 2003</font></td>
          </tr>
          <tr>
            <td align="left" valign="top"><FONT color=#0000ff><FONT size=1 face="Wingdings">n</FONT></FONT></td>
            <td><FONT color="#0000FF" size="2" FACE="sans-serif">in January 2007
              at fair market value less 12.5% </FONT></td>
          </tr>
          <tr>
            <td align="left" valign="top"><FONT color=#0000ff><FONT size=1 face="Wingdings">n</FONT></FONT></td>
            <td><FONT color="#0000FF" size="2" FACE="sans-serif">at fair market
              value less 12.5%, under certain circumstances.</FONT> </td>
          </tr>
        </table>
        <br>
        <font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT color="#0000FF" size="2" FACE="sans-serif">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> <br>
        <table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="2%" align="left" valign="top"><FONT color=#0000ff><FONT size=1 face="Wingdings">n</FONT></FONT></td>
            <td width="93%"><font color="#0000FF" size="2" face="sans-serif">in
              March 2004 at the greater of the guaranteed floor value described
              above and fair market value </font></td>
          </tr>
          <tr>
            <td align="left" valign="top"><FONT color=#0000ff><FONT size=1 face="Wingdings">n</FONT></FONT></td>
            <td><font color="#0000FF" size="2" face="sans-serif">in February 2007
              at fair market value</font></td>
          </tr>
          <tr>
            <td align="left" valign="top"><FONT color=#0000ff><FONT size=1 face="Wingdings">n</FONT></FONT></td>
            <td><font color="#0000FF" size="2" face="sans-serif">at fair market
              value if there is change of control of MTS to a party other than
              Bell Canada or its affiliates.</font> </td>
          </tr>
        </table>
        <p> <FONT color="#0000FF" size="2" FACE="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Bell
          Canada has not received any formal notice from MTS that it plans to
          exercise the put option.</FONT><br>
          <br>
          <font color="#0000FF" size="2" face="sans-serif">AGREEMENT WITH CGI
          <br>
          </font><FONT color="#0000FF" size="2" FACE="sans-serif">We entered into
          an agreement on July 1, 1998 with CGI&#146;s three majority individual
          shareholders. The agreement included put and call options, and rights
          of first refusal, on the CGI shares held by these shareholders. In connection
          with new agreements entered into between these CGI and BCE, this agreement
          was terminated effective July 24, 2003. Refer to Note 15, <I>Subsequent
          Events</I>, for more details on these new agreements.</FONT> </p>
        <FONT color="#0000FF" size="2" FACE="sans-serif">LITIGATION<br>
        <I>Teleglobe lending syndicate lawsuit<br>
        </I></FONT><FONT color="#0000FF" size="2" FACE="sans-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> <br>
        <font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT color="#0000FF" size="2" FACE="sans-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> <br>
        <font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <FONT color="#0000FF" size="2" FACE="sans-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>
        <br>
        <font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <FONT color="#0000FF" size="2" FACE="sans-serif">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> <br>
        <i><font color="#0000FF" size="2" face="sans-serif"><br>
        </font></i><FONT color="#0000FF" size="2" FACE="sans-serif"><I>Kroll Restructuring
        lawsuit<br>
        </I></FONT><font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT color="#0000FF" size="2" FACE="sans-serif"><I>
        </I></FONT><FONT color="#0000FF" size="2" FACE="sans-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> <br>
        <font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <FONT color="#0000FF" size="2" FACE="sans-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>
        <font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <font color="#0000FF" size="2" face="sans-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.<br>
        </font><font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font><font color="#0000FF" size="2" face="sans-serif">
        </font><FONT color="#0000FF" size="2" FACE="sans-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>
        <br>
        <br>
        <FONT color="#0000FF" size="2" FACE="sans-serif"><I>Other litigation<br>
        </I></FONT><FONT color="#0000FF" size="2" FACE="sans-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 June 30, 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>
        <br>
        <br>
        <strong><font color="#0000FF" size="2" face="sans-serif">14. SUPPLEMENTAL
        DISCLOSURE FOR STATEMENTS OF CASH FLOWS</font></strong><font color="#0000FF" size="2" face="sans-serif"><br>
        </font>
        <TABLE WIDTH="600" BORDER="0" CELLPADDING="0" CELLSPACING="0">
          <TR VALIGN="BOTTOM">
            <TD colspan="5" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">For
              the period ended June 30</font></TD>
            <TD colspan="2" ALIGN="center"><font color="#0000FF" size="1" face="sans-serif">Three
              months</font></TD>
            <TD colspan="2" ALIGN="center"><font color="#0000FF" size="1" face="sans-serif">Six
              months</font></TD>
          </TR>
        </TABLE>
        <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
          <TR VALIGN="BOTTOM">
            <TH></TH>
            <TH colspan="2"></TH>
            <TH></TH>
            <TH></TH>
            <TH></TH>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">(in
              $ millions)</font></TD>
            <TD WIDTH="2%" ALIGN="RIGHT">&nbsp;</TD>
            <TD WIDTH="6%" ALIGN="RIGHT"><strong><font color="#0000FF" size="1" face="sans-serif">2003</font></strong></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">2002</font></TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1" face="sans-serif">2003</font></strong></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">2002</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="6" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD WIDTH="52%" ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Interest
              paid on long-term debt</font></TD>
            <TD ALIGN="RIGHT">&nbsp;</TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1" face="sans-serif">417&nbsp;</font></strong></TD>
            <TD WIDTH="14%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">356&nbsp;</font></TD>
            <TD WIDTH="10%" ALIGN="RIGHT"><strong><font color="#0000FF" size="1" face="sans-serif">605&nbsp;</font></strong></TD>
            <TD WIDTH="16%" ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">539&nbsp;</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD ALIGN="LEFT"><font color="#0000FF" size="1" face="sans-serif">Income
              taxes paid (received)</font></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1" face="sans-serif">78&nbsp;</font></strong></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">325&nbsp;</font></TD>
            <TD ALIGN="RIGHT"><strong><font color="#0000FF" size="1" face="sans-serif">(256)</font></strong></TD>
            <TD ALIGN="RIGHT"><font color="#0000FF" size="1" face="sans-serif">798&nbsp;</font></TD>
          </TR>
          <TR VALIGN="BOTTOM">
            <TD colspan="6" ALIGN="LEFT"><FONT color=#0000ff>
              <HR SIZE=1 noshade color=#0000ff>
              </FONT></TD>
          </TR>
        </TABLE>
        <p align="center"><font color="#0000FF" size="2">36<br>
          <br>
          <br>
          </font></p>
        <hr width="100%" size=4 color=GRAY noshade>
        <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 1; page: 1" -->
        <p><br>
          <br>
          <FONT color="#0000FF" size="2" FACE="sans-serif"><B>15. SUBSEQUENT EVENTS<br>
          <br>
          Sale of Certen Inc. (Certen)<br>
          </B></FONT><FONT color="#0000FF" size="2" FACE="sans-serif">On July
          2, 2003, Bell Canada sold its ownership interest in Certen to a subsidiary
          of Amdocs Limited (Amdocs) for $89 million and concurrently extended
          by three years its arrangement with Certen and Amdocs relating to billing
          operations outsourcing and customer care and billing solutions development.
          Under the terms of the new arrangement, Bell Canada will assume responsibility
          for the future evolution of its billing systems in areas such as business
          analysis and requirements definition, architecture and project management.
          We will record an intangible asset (estimated at $500 million) representing
          the value of the right to use and modify the intellectual property in
          perpetuity, which will be amortized over the remaining life of the 7-year
          contract. Amdocs and Certen will assume a more operational role, and
          will continue to implement Bell Canada&#146;s current billing modernization
          programs as well as handle day to day billing functions such as invoice
          production and distribution. We will record a liability (estimated at
          $400 million) representing the future payments that will be made to
          Certen over the remaining life of the 7-year contract for the development
          of the billing system. The transaction will not result in any significant
          gain or loss for Bell Canada.</FONT> <br>
          <br>
          <FONT color="#0000FF" size="2" FACE="sans-serif"><B>New Agreement between
          BCE and CGI, and Renewed Agreements between Bell Canada and CGI </B><br>
        On July 24, 2003, BCE and CGI signed a new agreement with respect to BCE&#146;s
        ownership in CGI, and the existing shareholders&#146; agreement entered
        into on July 1, 1998 was terminated. Consequently, the put rights of CGI&#146;s
        three majority individual shareholders and BCE&#146;s call rights with
        regard to the CGI shares held by these majority shareholders, have been
        cancelled. BCE converted all of its 7,027,606 CGI Class B multiple voting
        shares into CGI Class A single voting shares on a one-for-one basis. Therefore,
        as of the date hereof, BCE owns a total of 120,028,400 CGI Class A shares,
        which represents 29.87% of the outstanding CGI equity (outstanding Class
        A shares and Class B shares). BCE has undertaken that, on January 5, 2004,
        its interest in CGI&#146;s outstanding equity will be below 30%. As a
        result, the automatic conversion of all CGI Class B shares into Class
        A shares (which was to occur on January 5, 2004 under the terms of CGI's
        articles of incorporation on the condition that on such date, BCE's direct
        and indirect equity ownership in CGI were to be 30% or more) will not
        occur. Under the new agreement, BCE has been provided customary shareholder&#146;s
        agreement rights. These include pre-emptive rights with respect to CGI&#146;s
        equity shares, right of representation on CGI&#146;s Board of Directors,
        and certain veto rights. In addition, under the new agreement, there are
        no restrictions on any future sale by BCE of its shares in CGI. BCE Inc.
        will continue to proportionately consolidate CGI&#146;s results.</FONT>
        <br>
          <font color="#0000FF" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT color="#0000FF" size="2" FACE="sans-serif">Concurrently
          with the entering into of this new agreement between BCE Inc. and CGI,
          Bell Canada entered into certain agreements with CGI. These include
          certain amendments to the IS/IT outsourcing agreement between Bell Canada
          and CGI, and an extension of the term of such agreement to June 30,
          2012. Bell Mobility also entered into an amendment to its existing IS/IT
          outsourcing agreement with CGI, which also includes an extension of
          the term to June 30, 2012. In addition, Bell Canada entered into a renewed
          and expanded commercial alliance agreement with CGI which designates
          Bell Canada as CGI&#146;s preferred telecom services provider, and a
          new network management agreement under which CGI will outsource to Bell
          Canada the management of the telecommunications network used by CGI
          to provide services to its customers. Both the alliance agreement and
          the network management agreement extend to June 30, 2012.</FONT> </p>
        <p align="center"><font color="#0000FF" size="2">37<br>
          <br>
          </font></p>
        <hr width="100%" size=4 color=GRAY noshade>
        <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 1; page: 1" -->
        <p><br>
        </p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p>&nbsp;</p>
        <p><br>
        </p>
        <p align="center">&nbsp; </p>
      </div>
    </div>
  </blockquote>
  <P ALIGN="LEFT">&nbsp;</P>
  <TABLE cellSpacing=0 cellPadding=5 width="100%" border=0>
    <TR vAlign=top align=left>
      <TD colSpan=4> <HR color=#0000ff noShade SIZE=1> </TD>
    </TR>
    <TR vAlign=top align=left>
      <TD width="25%"><img src="bcelogo.jpg" width="243" height="162"></TD>
      <TD width="25%"><FONT face=sans-serif color=#0000ff size=1><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 face=sans-serif color=#0000ff size=1>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.'s
        Web site at 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 face=sans-serif color=#0000ff size=1>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>
  <P ALIGN="LEFT">&nbsp;</P>
</blockquote>
<blockquote>
    <blockquote>&nbsp;</blockquote>
  </blockquote>
</blockquote>
      <hr width="100%" size=4 color=GRAY noshade>
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<br>
<BODY
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<p align="center"><img src="bcelogo.jpg" width="243" height="162"></p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<table width="70%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td align="center" bordercolor="#0000CC" bgcolor="#0000CC">
      <p>&nbsp;</p>
      <p><font color="#FFFFFF" size="5">Second Quarter 2003</font></p>
      <p><font color="#FFFFFF" size="5">Supplementary Financial Information</font></p>
      <p>&nbsp;</p></td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<P
  align="justify"
>&nbsp;</P
>
<P
  align="justify"
>&nbsp;</P
>
<P
  align="justify"
>&nbsp;</P
>
<P
  align="justify"
>&nbsp;</P
>
<P
  align="justify"
><FONT color="#000000" size="2">For further information,<br>
  please contact: </FONT></P
>
<P
  align="justify"
><font size="2"><B><FONT color="#000000">BCE Investor Relations </FONT></B></font></P
>
<FONT color="#000000" size="2">Sophie Argiriou<BR>
(514) 786-8145<BR>
</FONT><font size="2"><U><U><FONT color="#000000">sophie.argiriou@bell.ca<BR>
</FONT></U></U> </font>
<P
  align="justify"
><FONT color="#000000" size="2">George Walker<BR>
  (514) 870-2488<BR>
  </FONT><font size="2"><U><U><FONT color="#000000">george.walker@bell.ca<BR>
  </FONT></U></U></font><font size="3"><U><U><FONT color="#000000"> </FONT></U></U></font></P
>
<P
  align="right"
><br>
  <br>
</P
>
<P
  align="right"
><font size="2">BCE Inc. Supplementary Financial Information - Second Quarter
  2003 Page 1 </font></P
>
<p></p>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<img src="sup4.jpg" width="134" height="67"><br>
<P
  align="right"
><B><FONT color="#000000" size="4">BCE Consolidated<br>
  </FONT></B><font size="4"><B><FONT color="#000000">Consolidated Operational
  Data<br>
  </FONT></B></font></P
>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">($ millions,
      except per share amounts)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">Q2<br>
      2003 </font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">Q2<br>
      2002 </font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$ change</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD colspan="2" ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">%&nbsp;&nbsp;&nbsp;&nbsp;<br>
      change&nbsp;&nbsp;&nbsp;&nbsp; </font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">June
      YTD<br>
      2003 </font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">June YTD<br>
      2002 </font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$ change</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD colspan="2" ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">%<br>
      Change </font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="27" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="45%" ALIGN="LEFT"><strong><font color="#000000" size="1" face="sans-serif">Operating
      revenues</font></strong></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="4%" ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">4,946</font></strong></font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="4%" ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">4,974</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="4%" ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(28</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD WIDTH="3%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(0</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.6%)</font></TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="4%" ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">9,836</font></strong></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="4%" ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">9,816</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="4%" ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">20</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">0</font></TD>
    <TD WIDTH="1%" ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.2%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">Operating
      expenses</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">(2,999</font></strong></font></TD>
    <TD ALIGN="LEFT"><font face="sans-serif"><strong><font color="#000000" size="1">)</font></strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(3,038</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">39</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">1</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.3%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">(6,067</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#000000" size="1" face="sans-serif">)</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(6,072</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">5</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">0</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.1%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><div align="left"><strong><font color="#000000" size="1" face="sans-serif">EBITDA
        <sup>(a)</sup></font></strong></div></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">1,947</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">1,936</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">11</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">0</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.6%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">3,769</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">3,744</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">25</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">0</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.7%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">Amortization
      expense</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">(797</font></strong></font></TD>
    <TD ALIGN="LEFT"><font face="sans-serif"><strong><font color="#000000" size="1">)</font></strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(808</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">11</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">1</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.4%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">(1,572</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#000000" size="1" face="sans-serif">)</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(1,578</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">6</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">0</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.4%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">Net benefit
      plans (expense) credit</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">(43</font></strong></font></TD>
    <TD ALIGN="LEFT"><font face="sans-serif"><strong><font color="#000000" size="1">)</font></strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">12</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(55</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">(85</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#000000" size="1" face="sans-serif">)</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">18</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(103</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">Restructuring
      and other charges</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">--</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(413</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">413</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">100</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.0%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">--</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(413</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">413</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">100</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.0%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font color="#000000" size="1" face="sans-serif">Operating
      income</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">1,107</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">727</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">380</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">52</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.3%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">2,112</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">1,771</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">341</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">19</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.3%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">Other income</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">8</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">246</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(238</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(96</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.7%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">58</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">248</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(190</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(76</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.6%)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">Interest
      expense</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">(291</font></strong></font></TD>
    <TD ALIGN="LEFT"><font face="sans-serif"><strong><font color="#000000" size="1">)</font></strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(263</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(28</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(10</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.6%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">(575</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#000000" size="1" face="sans-serif">)</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(524</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(51</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(9</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.7%)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font color="#000000" size="1" face="sans-serif">Earnings
      from continuing operations before</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font color="#000000" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;income
      taxes and non-controlling interest</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">824</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">710</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">114</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">16</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.1%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">1,595</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">1,495</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">100</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">6</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.7%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">Income taxes</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">(277</font></strong></font></TD>
    <TD ALIGN="LEFT"><font face="sans-serif"><strong><font color="#000000" size="1">)</font></strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(246</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(31</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(12</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.6%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">(522</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#000000" size="1" face="sans-serif">)</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(539</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">17</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">3</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.2%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">Non-controlling
      interest</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">(70</font></strong></font></TD>
    <TD ALIGN="LEFT"><font face="sans-serif"><strong><font color="#000000" size="1">)</font></strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(141</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">71</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">50</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.4%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">(121</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#000000" size="1" face="sans-serif">)</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(277</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">156</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">56</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.3%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font color="#000000" size="1" face="sans-serif">Earnings
      from continuing operations</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">477</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">323</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">154</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">47</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.7%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">952</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">679</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">273</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">40</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.2%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">Discontinued
      operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">1</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(303</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">304</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">(1</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#000000" size="1" face="sans-serif">)</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(349</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">348</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">99</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.7%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font color="#000000" size="1" face="sans-serif">Net
      earnings</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">478</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">20</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">458</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">951</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">330</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">621</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">Dividends
      on preferred shares</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">(17</font></strong></font></TD>
    <TD ALIGN="LEFT"><font face="sans-serif"><strong><font color="#000000" size="1">)</font></strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(14</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(3</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(21</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.4%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">(32</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font color="#000000" size="1" face="sans-serif">)</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(27</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(5</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">(18</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.5%)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font color="#000000" size="1" face="sans-serif">Net
      earnings applicable to common shares</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">461</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">6</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">455</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">919</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">303</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">616</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font color="#000000" size="1" face="sans-serif">Net
      earnings per common share - basic</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuing
      operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">
      0.50</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"> 0.38</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"> 0.12</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">31</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.6%</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">
      1.00</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"> 0.80</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"> 0.20</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">25</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.0%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued
      operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">
      --</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"> (0.37</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"> 0.37</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">100</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.0%</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">
      --</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"> (0.42</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"> 0.42</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">100</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.0%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      earnings</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">
      0.50</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"> 0.01</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"> 0.49</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">
      1.00</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"> 0.38</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"> 0.62</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font color="#000000" size="1" face="sans-serif">Net
      earnings per common share - diluted</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuing
      operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">
      0.50</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"> 0.38</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"> 0.12</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">31</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.6%</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">
      1.00</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"> 0.80</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"> 0.20</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">25</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.0%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued
      operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">
      --</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"> (0.37</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"> 0.37</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">100</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.0%</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">
      --</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"> (0.43</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"> 0.43</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">100</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.0%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      earnings</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">
      0.50</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"> 0.01</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"> 0.49</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">
      1.00</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"> 0.37</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"> 0.63</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font color="#000000" size="1" face="sans-serif">Dividends
      per common share</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">0.30</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">0.30</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">0</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">.0%</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">0.60</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">0.60</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font color="#000000" size="1" face="sans-serif">Average
      number of common shares outstanding (millions)</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font face="sans-serif"><strong><font color="#000000" size="1">919.3</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">808.7 </font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">&nbsp;
      </font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font color="#000000" size="1" face="sans-serif">918.2
      </font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">808.6 </font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">&nbsp;
      </font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <td align="right"></TD>
  <TR VALIGN="BOTTOM">
    <TD colspan="27" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif"><strong>The
      following non-recurring items are included in net earnings:</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;</TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued
      operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"><strong>1</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"><strong>(303</strong></font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <td>&nbsp;
    <td align="right"><font color="#000000" size="1" face="sans-serif">1</font>
    <td>&nbsp;
    <td>&nbsp;
    <td align="right"><font color="#000000" size="1" face="sans-serif">(349</font>
    <td><font color="#000000" size="1" face="sans-serif">)</font>
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;</TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring
      and other charges</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"><strong>(216</strong></font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <td>&nbsp;
    <td align="right"><font color="#000000" size="1" face="sans-serif">--</font>
    <td>&nbsp;
    <td>&nbsp;
    <td align="right"><font color="#000000" size="1" face="sans-serif">(216</font>
    <td><font color="#000000" size="1" face="sans-serif">)</font>
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;</TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      gains on sale of investments and dilution gains</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"><strong>126</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <td>&nbsp;
    <td align="right"><font color="#000000" size="1" face="sans-serif">--</font>
    <td>&nbsp;
    <td>&nbsp;
    <td align="right"><font color="#000000" size="1" face="sans-serif">126</font>
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;</TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="6" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <td colspan="6"><HR NOSHADE COLOR="Black" SIZE="1">
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;</TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif"><strong>Total</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"><strong>1</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"><strong>(393</strong></font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <td>&nbsp;
    <td align="right"><font color="#000000" size="1" face="sans-serif">1</font>
    <td>&nbsp;
    <td>&nbsp;
    <td align="right"><font color="#000000" size="1" face="sans-serif">(439</font>
    <td><font color="#000000" size="1" face="sans-serif">)</font>
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;</TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif"><strong>Impact
      on net earnings per share</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"><strong>$</strong></font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"><strong>(0.49</strong></font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <td align="right"><font color="#000000" size="1" face="sans-serif">$</font>
    <td align="right"><font color="#000000" size="1" face="sans-serif">--</font>
    <td>&nbsp;
    <td align="right"><font color="#000000" size="1" face="sans-serif">$</font>
    <td align="right"><font color="#000000" size="1" face="sans-serif">(0.54</font>
    <td><font color="#000000" size="1" face="sans-serif">)</font>
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;</TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="27" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <td align="right">&nbsp;
    <td align="right">&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td align="right">&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td>&nbsp;</TR>
  <TR VALIGN="BOTTOM" bordercolor="#999999" bgcolor="#CCCCCC">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif"><strong>Net
      earnings per share before non-recurring items <sup>(a)</sup></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"><strong>$</strong></font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"><strong>0.50</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">0.49</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">0.01</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">2.0</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">%</font></TD>
    <td align="right"><font color="#000000" size="1" face="sans-serif"><strong>$</strong>
      </font>
    <td align="right"><font color="#000000" size="1" face="sans-serif"><strong>1.00</strong>
      </font>
    <td>&nbsp;
    <td align="right"><font color="#000000" size="1" face="sans-serif">$</font>
    <td align="right"><font color="#000000" size="1" face="sans-serif">0.91</font>
    <td>&nbsp;
    <td>&nbsp;
    <td align="right"><font color="#000000" size="1" face="sans-serif">0.09</font>
    <td>&nbsp;
    <td>&nbsp;
    <td align="right"><font color="#000000" size="1" face="sans-serif">9.9</font>
    <td><font color="#000000" size="1" face="sans-serif">%</font></TR>
  <TR VALIGN="BOTTOM" bordercolor="#999999" bgcolor="#CCCCCC">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif"><strong>Return
      on equity (ROE) before non-recurring items - Annualized <sup>(a)</sup></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif"><strong>16.0</strong></font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif"><strong>%</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">14.4</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font color="#000000" size="1" face="sans-serif">1.6</font></TD>
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">pts</font></TD>
    <td align="right">&nbsp;
    <td align="right"><font color="#000000" size="1" face="sans-serif"><strong>16.2</strong>
      </font>
    <td><font color="#000000" size="1" face="sans-serif"><strong>%</strong> </font>
    <td>&nbsp;
    <td align="right"><font color="#000000" size="1" face="sans-serif">11.2</font>
    <td><font color="#000000" size="1" face="sans-serif">%</font>
    <td>&nbsp;
    <td align="right"><font color="#000000" size="1" face="sans-serif">n.m.</font>
    <td>&nbsp;
    <td>&nbsp;
    <td align="right"><font color="#000000" size="1" face="sans-serif">5.0</font>
    <td><font color="#000000" size="1" face="sans-serif">pts</font></TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font color="#000000" size="1" face="sans-serif">n.m.: not
      meaningful</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <td align="right">&nbsp;
    <td align="right">&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td align="right">&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td align="right">&nbsp;
    <td>&nbsp;
    <td>&nbsp;
    <td align="right">&nbsp;
    <td>&nbsp;</TR>
</TABLE>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="2%" valign="top"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="1">(a)
      </FONT></FONT></td>
    <td width="98%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="1">EBITDA
      (earnings before interest, taxes, depreciation and amortization), net earnings
      before non-recurring items and ROE before non-recurring items do not have
      any standardized meaning under Canadian GAAP. Please see Non-GAAP measures
      on page 5 of the MD&amp;A for more details.</FONT></FONT> </td>
  </tr>
</table>
<p><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="1"><br>
  <br>
  </FONT></FONT> </p>
<p>&nbsp; </p>
<P
  align="right"
><font size="4"><B><FONT color="#000000"> </FONT></B></font></P
>
<P

>&nbsp;</P
>
<P
  align="right"
><br>
  <br>
  <font size="2">BCE Inc. Supplementary Financial Information - Second Quarter
  2003 Page 2</font></P
>
<p></p>
<hr width="100%" size=4 color=GRAY noshade>
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<br>
<br>
<P

><img src="sup4.jpg" width="134" height="67"><B><FONT color="#000000"> </FONT></B></P
>
<P align="right"

><B><FONT color="#000000">BCE Consolidated<br>
  </FONT></B><B><FONT color="#000000">Consolidated Operational Data - Historical
  Trend<br>
  </FONT></B></P
>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
    <td COLSPAN="3"><font size="1" face="sans-serif">($ millions, except per share
      amounts)</font></td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif"><strong>YTD<BR>
      2003</strong></font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif"><strong>Q2
      03</strong></font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">Q1 03</font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">Total<BR>
      2002</font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">Q4 02</font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">Q3 02</font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">Q2 02</font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">Q1 02</font></td>
    <td>&nbsp;</td>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="27" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="50%" ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Operating
      revenues</strong></font></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>9,836</strong></font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>4,946</strong></font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"><font size="1" face="sans-serif">4,890</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"><font size="1" face="sans-serif">19,891</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"><font size="1" face="sans-serif">5,219</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"><font size="1" face="sans-serif">4,856</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"><font size="1" face="sans-serif">4,974</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"><font size="1" face="sans-serif">4,842</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Operating expenses</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(6,067</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(2,999</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(3,068</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(12,375</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(3,374</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2,929</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(3,038</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(3,034</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>EBITDA</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>3,769</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,947</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,822</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">7,516</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,845</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,927</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,936</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,808</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Amortization expense</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(1,572</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(797</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(775</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(3,133</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(786</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(769</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(808</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(770</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Net benefit plans (expense)
      credit</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(85</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(43</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(42</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">33</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">8</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">7</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">12</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">6</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Restructuring and other
      charges</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(887</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(395</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(79</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(413</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Operating income</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>2,112</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,107</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,005</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,529</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">672</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,086</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">727</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,044</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Other income (expense)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>58</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>8</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">50</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,491</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,246</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(3</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">246</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Impairment charge</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(765</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(765</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Interest expense</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(575</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(291</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(284</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1,160</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(348</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(288</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(263</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(261</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Earnings from continuing
      operations before</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;income
      taxes and non-controlling interest</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,595</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>824</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">771</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,095</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,805</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">795</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">710</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">785</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Income taxes</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(522</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(277</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(245</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1,569</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(732</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(298</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(246</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(293</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Non-controlling interest</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(121</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(70</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(51</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(676</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(271</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(128</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(141</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(136</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Earnings from continuing
      operations</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>952</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>477</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">475</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,850</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">802</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">369</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">323</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">356</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Discontinued operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(1</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">557</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">910</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(4</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(303</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(46</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Net earnings</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>951</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>478</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">473</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,407</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,712</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">365</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">20</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">310</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Dividends on preferred shares</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(32</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(17</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(15</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(59</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(16</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(16</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(14</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(13</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Net earnings applicable
      to common shares</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>919</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>461</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">458</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,348</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,696</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">349</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">6</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">297</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Net earnings per
      common share - basic</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuing
      operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong> 1.00</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong> 0.50</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.50</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 2.09</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.88</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.41</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.38</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.42</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued
      operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong> --</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong> --</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> --</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.57</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 1.00</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> (0.01</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> (0.37</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> (0.05</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      earnings</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong> 1.00</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong> 0.50</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.50</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 2.66</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 1.88</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.40</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.01</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.37</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Net earnings per
      common share - diluted</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuing
      operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong> 1.00</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong> 0.50</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.50</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 2.08</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.87</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.41</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.38</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.42</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued
      operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong> --</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong> --</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> --</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.54</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.98</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> (0.01</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> (0.37</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> (0.06</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      earnings</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong> 1.00</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong> 0.50</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.50</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 2.62</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 1.85</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.40</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.01</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.36</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Dividends per common
      share</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong> 0.60</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong> 0.30</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.30</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 1.20</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.30</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.30</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.30</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.30</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Average number of
      common shares outstanding (millions)</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>918.2</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>919.3</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">917.1</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">847.9</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">909.1</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">864.1</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">808.7</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">808.6</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><br> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>The following non-recurring
      items are included in net</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;earnings:</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued
      operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(1</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">557</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">910</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(4</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(303</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(46</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring
      and other charges</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(504</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(251</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(37</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(216</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      gains on sale of investments and dilution gains</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,368</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,230</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">12</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">126</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment
      charge</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(527</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(527</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(22</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(22</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Total</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(1</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">872</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,340</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(29</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(393</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(46</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Impact on net earnings
      per share</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong> --</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong> --</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> --</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.89</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 1.47</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> (0.03</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> (0.49</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> (0.06</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
</TABLE>
<br>
<br>
<table width="100%" border="0" cellpadding="0" cellspacing="0" bordercolor="#999999" bgcolor="#CCCCCC">
  <tr valign="BOTTOM">
    <th colspan="3"></th>
    <th colspan="3"></th>
    <th colspan="3"></th>
    <th colspan="3"></th>
    <th colspan="3"></th>
    <th colspan="3"></th>
    <th colspan="3"></th>
    <th colspan="3"></th>
    <th colspan="3"></th>
  </tr>
  <tr>
    <td colspan="27"><hr noshade color="Black" size="1"></td>
  </tr>
  <tr valign="BOTTOM">
    <td width="51%" align="LEFT"><font size="1" face="sans-serif">Net earnings
      per share before non-recurring items</font></td>
    <td width="1%" align="LEFT">&nbsp;</td>
    <td width="1%" align="LEFT">&nbsp;</td>
    <td width="4%" align="RIGHT"><font size="1" face="sans-serif">$</font></td>
    <td width="1%" align="RIGHT"><font size="1" face="sans-serif"> 1</font></td>
    <td width="1%" align="LEFT"><font size="1" face="sans-serif">.00</font></td>
    <td width="4%" align="RIGHT"><font size="1" face="sans-serif">$</font></td>
    <td width="1%" align="RIGHT"><font size="1" face="sans-serif"> 0</font></td>
    <td width="1%" align="LEFT"><font size="1" face="sans-serif">.50</font></td>
    <td width="4%" align="RIGHT"><font size="1" face="sans-serif">$</font></td>
    <td width="1%" align="RIGHT"><font size="1" face="sans-serif"> 0</font></td>
    <td width="1%" align="LEFT"><font size="1" face="sans-serif">.50</font></td>
    <td width="4%" align="RIGHT"><font size="1" face="sans-serif">$</font></td>
    <td width="1%" align="RIGHT"><font size="1" face="sans-serif"> 1</font></td>
    <td width="1%" align="LEFT"><font size="1" face="sans-serif">.74</font></td>
    <td width="4%" align="RIGHT"><font size="1" face="sans-serif">$</font></td>
    <td width="1%" align="RIGHT"><font size="1" face="sans-serif"> 0</font></td>
    <td width="1%" align="LEFT"><font size="1" face="sans-serif">.39</font></td>
    <td width="4%" align="RIGHT"><font size="1" face="sans-serif">$</font></td>
    <td width="1%" align="RIGHT"><font size="1" face="sans-serif"> 0</font></td>
    <td width="1%" align="LEFT"><font size="1" face="sans-serif">.44</font></td>
    <td width="4%" align="RIGHT"><font size="1" face="sans-serif">$</font></td>
    <td width="1%" align="RIGHT"><font size="1" face="sans-serif"> 0</font></td>
    <td width="1%" align="LEFT"><font size="1" face="sans-serif">.49</font></td>
    <td width="3%" align="RIGHT"><font size="1" face="sans-serif">$</font></td>
    <td width="1%" align="RIGHT"><font size="1" face="sans-serif"> 0</font></td>
    <td width="1%" align="LEFT"><font size="1" face="sans-serif">.42</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">Return on equity (ROE) before
      non-recurring items - Annualized</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">16</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">.2%</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">16</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">.0%</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">16</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">.4%</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">13</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">.2%</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">14</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">.0%</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">18</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">.4%</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">14</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">.4%</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">8</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">.8%</font></td>
  </tr>
  <tr>
    <td colspan="27"><hr noshade color="Black" size="1"></td>
  </tr>
</table>
<P align="right"

><B><FONT color="#000000"> </FONT></B></P
>
<p align="right">&nbsp;</p>
<p align="right"><br>
  <font size="2">BCE Inc. Supplementary Financial Information - Second Quarter
  2003 Page 3</font></p>
<p>&nbsp; </p>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<p><img src="sup4.jpg" width="134" height="67"><br>
</p>
<p align="right"><B><FONT color="#000000">BCE Consolidated<br>
  </FONT></B><B><FONT color="#000000">Segmented Data<br>
  </FONT></B></p>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
    <td COLSPAN="3"><font size="1" face="sans-serif">($ millions, except where
      otherwise indicated)</font></td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif"><strong>Q2<BR>
      2003</strong></font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">Q2<BR>
      2002</font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">$ change</font></td>
    <td>&nbsp;</td>
    <td COLSPAN="3"><font size="1" face="sans-serif">% change</font></td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif"><strong>June
      YTD<BR>
      2003</strong></font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">June YTD<BR>
      2002</font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">$ change</font></td>
    <td>&nbsp;</td>
    <td COLSPAN="3"><font size="1" face="sans-serif">% change</font></td>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="27" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM" bgcolor="#CCCCCC">
    <TD WIDTH="51%" ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Revenues</strong></font></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT"></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Bell Canada Segment</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>4,296</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,402</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(106</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.4%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>8,543</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">8,685</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(142</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.6%)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Bell Globemedia</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>357</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">326</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">31</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">9</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.5%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>692</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">638</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">54</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">8</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.5%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Advertising</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>259</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">230</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">29</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">12</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.6%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>494</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">449</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">45</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">10</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.0%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Subscriber</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>75</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">70</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">5</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">7</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.1%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>149</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">143</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">6</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.2%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Production
      and Sundry</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>23</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">26</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(3</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(11</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.5%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>49</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">46</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">6</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.5%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">BCE Emergis</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>124</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">142</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(18</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(12</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.7%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>248</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">274</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(26</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(9</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.5%)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;eFinance
      Solutions</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>64</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">66</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(3</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.0%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>126</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">131</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(5</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(3</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.8%)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;eHealth
      Solutions</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>60</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">76</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(16</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(21</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.1%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>122</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">143</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(21</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(14</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.7%)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">BCE Ventures</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>309</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">261</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">48</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">18</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.4%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>617</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">524</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">93</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">17</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.7%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;CGI</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>219</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">176</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">43</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">24</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.4%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>443</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">347</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">96</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">27</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.7%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Telesat</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>83</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">78</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">5</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">6</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.4%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>162</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">155</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">7</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.5%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Other</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>7</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">7</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">0</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.0%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>12</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">22</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(10</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(45</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.5%)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Corporate and other (including
      inter-segment eliminations)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(140</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(157</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">17</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">10</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.8%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(264</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(305</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">41</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">13</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.4%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font size="1" face="sans-serif">Total revenues</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>4,946</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,974</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(28</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(0</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.6%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>9,836</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">9,816</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">20</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">0</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.2%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
</TABLE>
<br>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
  </TR>
  <TR VALIGN="BOTTOM" bgcolor="#CCCCCC">
    <TD WIDTH="53%" ALIGN="LEFT"><font size="1" face="sans-serif"><strong>EBITDA</strong></font></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT"></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Bell Canada Segment</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,792</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,839</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(47</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.6%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>3,518</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,594</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(76</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.1%)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Bell
      Canada (including Aliant)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,801</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,864</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(63</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(3</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.4%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>3,533</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,669</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(136</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(3</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.7%)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Bell
      ExpressVu</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(9</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(25</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">16</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">64</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.0%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(15</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(75</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">60</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">80</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.0%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Bell Globemedia</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>77</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">58</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">19</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">32</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.8%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>114</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">91</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">23</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">25</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.3%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">BCE Emergis</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>20</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">11</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">9</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">81</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.8%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>35</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(9</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">44</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">BCE Ventures</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>88</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">73</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">15</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">20</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.5%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>172</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">150</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">22</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">14</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.7%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;CGI</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>35</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">28</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">7</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">25</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.0%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>67</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">53</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">14</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">26</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.4%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Telesat</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>50</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">46</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">8</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.7%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>100</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">93</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">7</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">7</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.5%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Other</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>3</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>5</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">25</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.0%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Corporate and other (including
      inter-segment eliminations)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(30</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(45</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">15</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">33</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.3%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(70</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(82</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">12</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">14</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.6%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Total EBITDA</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,947</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,936</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">11</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">0</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.6%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>3,769</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,744</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">25</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">0</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.7%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="27" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>EBITDA margin (%)</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>39.4</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>%</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>38.9</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>%</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>38.3</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>%</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">38.1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>%</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>EBITDA: interest
      expense </strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>6.69</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>7.36</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>6.55</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">7.15</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="27" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
</TABLE>
<br>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
  </TR>
  <TR VALIGN="BOTTOM" bgcolor="#CCCCCC">
    <TD WIDTH="50%" ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Net
      earnings applicable to common shares</strong></font></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT"></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Bell Canada Segment</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>419</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">361</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">58</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">16</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.1%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>848</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">676</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">172</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">25</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.4%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Bell
      Canada (including Aliant)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>450</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">396</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">54</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">13</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.6%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>906</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">758</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">148</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">19</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.5%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Bell
      ExpressVu</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(31</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(35</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">11</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.4%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(58</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(82</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">24</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">29</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.3%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Bell Globemedia</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>15</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">11</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">36</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.4%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>13</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">12</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">8</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.3%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">BCE Emergis</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>6</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(62</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">68</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>12</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(77</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">89</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">BCE Ventures</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>38</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">59</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(21</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(35</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.6%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>77</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">83</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(6</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(7</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.2%)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;CGI</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>13</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">11</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">18</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.2%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>31</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">22</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">9</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">40</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.9%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Telesat</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>22</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">16</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">6</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">37</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.5%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>42</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">29</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">13</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">44</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.8%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Other</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>3</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">32</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(29</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(90</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.6%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>4</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">32</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(28</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(87</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.5%)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Corporate and other (including
      inter-segment eliminations)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(18</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(60</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">42</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">70</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.0%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(30</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(42</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">12</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">28</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.6%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Discontinued operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(303</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">304</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(1</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(349</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">348</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">99</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.7%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Total net earnings
      applicable to common shares</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>461</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">6</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">455</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>919</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">303</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">616</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
</TABLE>
<font size="1" face="sans-serif"><br>
</font><font size="1" face="sans-serif"> </font>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="BOTTOM" bgcolor="#CCCCCC">
    <TH COLSPAN="5" align="left"><strong><font size="1" face="sans-serif">Proportionate
      EBITDA, net debt and preferreds</font></strong></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN="2" align="right">&nbsp;</TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN="8" align="center">&nbsp;</TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN="2" align="right">&nbsp;</TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN="2" align="right">&nbsp;</TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN="3"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="3" align="left"><font size="1" face="sans-serif">As at June 30,
      2003</font></TH>
    <TH COLSPAN="2" align="right">&nbsp;</TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN="2" align="right">&nbsp;</TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN="8" align="center">&nbsp;</TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN="2" align="right">&nbsp;</TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN="2" align="right">&nbsp;</TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN="3"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="2" align="right">&nbsp;</TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN="2" align="right">&nbsp;</TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN="8" align="center"><font size="1" face="sans-serif"><strong>Proportionate
      EBITDA</strong></font></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN="2" align="right">&nbsp;</TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN="2" align="right">&nbsp;</TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN="3"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="2" align="right"><font size="1" face="sans-serif">BCE<BR>
      Ownership (%)</font></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN="2" align="right"><font size="1" face="sans-serif">Q2 03</font></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN="2" align="right"><font size="1" face="sans-serif">Q1 03</font></TH>
    <TH align="center">&nbsp;</TH>
    <TH COLSPAN="2" align="right"><font size="1" face="sans-serif">Q4 02</font></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN="2" align="right"><font size="1" face="sans-serif">Q3 02</font></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN="2" align="right"><font size="1" face="sans-serif">12- Mth<BR>
      Trailing</font></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN="2" align="right"><font size="1" face="sans-serif">Proportionate
      net<BR>
      debt and preferreds</font></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN="3"></TH>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="22%" ALIGN="LEFT"><font size="1" face="sans-serif">Bell Canada
      Segment</font></TD>
    <TD WIDTH="0%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="0%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="7%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="5%" ALIGN="RIGHT"></TD>
    <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="4%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="4%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="4%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="4%" ALIGN="RIGHT"></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="5%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="5%" ALIGN="RIGHT"></TD>
    <TD WIDTH="11%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="0%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="5%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="0%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="0%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Bell
      Canada (excl. Aliant & ExpressVu)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">100</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,536</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,507</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,536</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,692</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">6,271</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">11,069</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><sup>(a)</sup></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Aliant</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">53</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">141</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">119</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">129</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">118</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">507</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">648</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;ExpressVu</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">100</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(9</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(6</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(62</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(39</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(116</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(12</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><sup>(b)</sup></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Total Bell Canada Segment</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,668</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,620</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,603</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,771</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">6,662</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">11,705</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="25" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"> <font size="1" face="sans-serif">&nbsp;</font></TD>
    <font size="1" face="sans-serif"></font>&nbsp;<font size="1" face="sans-serif"></font></TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Bell Globemedia</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">68.5</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">45</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">21</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">44</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">5</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">115</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">467</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">BCE Emergis</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">64.5</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">13</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">10</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">13</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">8</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">44</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(28)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">BCE Ventures</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;CGI</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">30</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">35</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">32</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">25</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">21</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">113</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">60</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Telesat</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">100</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">50</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">50</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">47</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">44</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">191</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">537</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Other</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">100</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">5</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">5</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Total BCE Ventures</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">88</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">84</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">71</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">66</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">309</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    &nbsp;<font size="1" face="sans-serif"></font>&nbsp;
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD colspan="2" ALIGN="left"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;602&nbsp;</font></TD>
    <font size="1" face="sans-serif"></font>&nbsp;<font size="1" face="sans-serif"></font></TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Corporate</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">100</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(30</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(40</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(36</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(44</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(150</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Perpetual
      Preferred Shares</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">1,670</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Retractable
      Preferred Shares</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">352</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Debt
      due within one year</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Long
      term debt</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">2,314</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;less:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Cash
      and cash equivalents</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(120</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="LEFT"></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Nortel
      common shares at market</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(51</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="LEFT"></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Total Corporate</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">4,165</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Total</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,784</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,695</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,695</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,806</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">6,980</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">16,911</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
</TABLE>
<p align="right"><br>
  <br>
  <font size="2">BCE Inc. Supplementary Financial Information - Second Quarter
  2003 Page 4</font> </p>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<img src="sup4.jpg" width="134" height="67"><br>
<p align="right"><B><FONT color="#000000"> BCE Consolidated<br>
  </FONT></B><B><FONT color="#000000">Segmented Data </FONT></B><B><FONT color="#000000">-
  Historical Trend<br>
  </FONT></B></p>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
    <td COLSPAN="3"><font size="1" face="sans-serif">($ millions, except where
      otherwise indicated)</font></td>
    <TH COLSPAN="3"><strong><font size="1" face="sans-serif">YTD<BR>
      2003</font></strong></TH>
    <TH COLSPAN="3"><strong><font size="1" face="sans-serif">Q2 03</font></strong></TH>
    <TH COLSPAN="3"><font size="1" face="sans-serif">Q1 03</font></TH>
    <TH COLSPAN="3"><font size="1" face="sans-serif">Total<BR>
      2002</font></TH>
    <TH COLSPAN="3"><font size="1" face="sans-serif">Q4 02</font></TH>
    <TH COLSPAN="3"><font size="1" face="sans-serif">Q3 02</font></TH>
    <TH COLSPAN="3"><font size="1" face="sans-serif">Q2 02</font></TH>
    <TH COLSPAN="3"><font size="1" face="sans-serif">Q1 02</font></TH>
  </TR>
  <TR VALIGN="BOTTOM" bgcolor="#CCCCCC">
    <TD WIDTH="43%" ALIGN="LEFT"><strong><font size="1" face="sans-serif">Revenues</font></strong></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Bell Canada Segment</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">8,543</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">4,296</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,247</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">17,613</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,579</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,349</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,402</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,283</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Bell Globemedia</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">692</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">357</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">335</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,290</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">379</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">273</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">326</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">312</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Advertising</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">494</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">259</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">235</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">913</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">284</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">180</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">230</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">219</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Subscriber</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">149</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">75</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">74</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">287</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">72</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">72</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">70</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">73</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Production
      and Sundry</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">49</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">23</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">26</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">90</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">23</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">21</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">26</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">20</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">BCE Emergis</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">248</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">124</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">124</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">540</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">131</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">135</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">142</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">132</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;eFinance
      Solutions</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">126</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">64</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">62</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">264</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">68</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">65</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">66</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">65</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;eHealth
      Solutions</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">122</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">60</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">62</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">276</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">63</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">70</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">76</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">67</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">BCE Ventures</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">617</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">309</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">308</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,064</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">282</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">258</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">261</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">263</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;CGI</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">443</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">219</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">224</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">709</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">185</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">177</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">176</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">171</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Telesat</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">162</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">83</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">79</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">327</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">95</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">77</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">78</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">77</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Other</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">12</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">7</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">5</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">28</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">7</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">15</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Corporate and other (including
      inter-segment eliminations)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">(264</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font size="1" face="sans-serif">)</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">(140</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font size="1" face="sans-serif">)</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(124</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(616</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(152</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(159</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(157</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(148</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font size="1" face="sans-serif">Total revenues</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">9,836</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">4,946</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,890</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">19,891</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">5,219</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,856</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,974</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,842</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="2"></TD>
  </TR>
  <TR VALIGN="BOTTOM" bgcolor="#CCCCCC">
    <TD ALIGN="LEFT"><strong><font size="1" face="sans-serif">EBITDA</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Bell Canada Segment</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">3,518</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">1,792</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,726</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">7,188</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,718</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,876</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,839</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,755</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Bell
      Canada (including Aliant)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">3,533</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">1,801</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,732</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">7,364</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,780</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,915</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,864</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,805</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Bell
      ExpressVu</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">(15</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font size="1" face="sans-serif">)</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">(9</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font size="1" face="sans-serif">)</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(6</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(176</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(62</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(39</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(25</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(50</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Bell Globemedia</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">114</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">77</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">37</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">180</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">72</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">17</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">58</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">33</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">BCE Emergis</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">35</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">20</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">15</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">23</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">20</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">12</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">11</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(20</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">BCE Ventures</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">172</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">88</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">84</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">287</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">71</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">66</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">73</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">77</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;CGI</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">67</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">35</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">32</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">99</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">25</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">21</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">28</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">25</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Telesat</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">100</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">50</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">50</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">184</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">47</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">44</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">46</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">47</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Other</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">5</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">3</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">5</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Corporate and other (including
      inter-segment eliminations)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">(70</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font size="1" face="sans-serif">)</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">(30</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font size="1" face="sans-serif">)</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(40</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(162</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(36</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(44</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(45</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(37</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font size="1" face="sans-serif">Total EBITDA</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">3,769</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">1,947</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,822</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">7,516</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,845</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,927</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,936</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,808</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font size="1" face="sans-serif">EBITDA margin (%)</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">38.3</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font size="1" face="sans-serif">%</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">39.4</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font size="1" face="sans-serif">%</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">37.3</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">37.8</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">35.4</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">39.7</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">38.9</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">37.3</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font size="1" face="sans-serif">EBITDA : Interest
      expense</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">6.55</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">6.69</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">6.42</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">6.48</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">5.30</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">6.69</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">7.36</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">6.93</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM" bgcolor="#CCCCCC">
    <TD ALIGN="LEFT"><strong><font size="1" face="sans-serif">Net earnings applicable
      to common shares</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Bell Canada Segment</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">848</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">419</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">429</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,368</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,364</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">328</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">361</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">315</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Bell
      Canada (including Aliant)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">906</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">450</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">456</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,555</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,437</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">360</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">396</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">362</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Bell
      ExpressVu</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">(58</font></strong></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">(31</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font size="1" face="sans-serif">)</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(27</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(187</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(73</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(32</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(35</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(47</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
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    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Bell Globemedia</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">13</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">15</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(492</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(493</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(11</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">11</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">BCE Emergis</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">12</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">6</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">6</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(55</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">7</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">15</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(62</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(15</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">BCE Ventures</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">77</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">38</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">39</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">129</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">31</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">15</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">59</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">24</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;CGI</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">31</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">13</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">18</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">43</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">14</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">7</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">11</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">11</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Telesat</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">42</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">22</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">20</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">56</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">19</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">8</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">16</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">13</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Other</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">4</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">3</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">30</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">32</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Corporate and other (including
      inter-segment eliminations)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">(30</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font size="1" face="sans-serif">)</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">(18</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font size="1" face="sans-serif">)</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(12</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(159</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(123</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">6</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(60</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">18</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Discontinued operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">(1</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font size="1" face="sans-serif">)</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">1</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">557</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">910</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(4</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(303</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(46</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><font size="1" face="sans-serif">Total net earnings
      applicable to common shares</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">919</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">461</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">458</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,348</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,697</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">348</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">6</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">297</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
</TABLE>
<br>
<p align="right"><B><FONT color="#000000"> </FONT></B></p>
<P align="left"

>&nbsp;</P
>
<p>&nbsp;</p>
<p></p>
<P
  align="right"
>&nbsp;</P
>
<P
  align="right"
><font size="2">BCE Inc. Supplementary Financial Information - Second Quarter
  2003 Page 5</font></P
>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<p> <img src="sup4.jpg" width="134" height="67"><br>
</p>
<P
  align="right"
><B><FONT color="#000000">BCE Consolidated<br>
  </FONT></B><B><FONT color="#000000">Consolidated Balance Sheet Data<br>
  </FONT></B></P
>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
    <td COLSPAN="3"><font size="1" face="sans-serif">($ millions, except where
      otherwise indicated)</font></td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">June 30<BR>
      2003</font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">March 31<BR>
      2003</font></td>
    <td align="right">&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">December 31<BR>
      2002</font></td>
    <td>&nbsp;</td>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="12" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="61%" ALIGN="LEFT"><font size="1" face="sans-serif"><strong>ASSETS</strong></font></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="7%" ALIGN="RIGHT"></TD>
    <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="7%" ALIGN="RIGHT"></TD>
    <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="7%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Current assets</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;Cash and
      cash equivalents</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>795</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,987</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">304</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;Accounts
      receivable</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>2,407</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,215</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,328</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;Other
      current assets</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,048</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,007</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">774</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;Current
      assets of discontinued operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>22</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">22</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">26</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="12"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Total current assets</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>4,272</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">5,231</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,432</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Capital assets</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>20,431</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">20,507</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">20,633</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Other long-term
      assets</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>4,217</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,919</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,941</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Indefinite-life
      intangible assets</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>912</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">906</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">900</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Goodwill</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>10,144</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">10,189</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">10,118</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Non-current assets
      of discontinued operations</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>53</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">67</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">82</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="12"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Total assets</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>40,029</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">40,819</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">39,106</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="12"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>LIABILITIES</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Current liabilities</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;Accounts
      payable and accrued liabilities</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>3,574</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,522</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,820</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;Debt due
      within one year</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,597</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,607</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,021</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;Current
      liabilities of discontinued operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>20</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">17</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">19</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="12"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Total current liabilities</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>5,191</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">5,146</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">5,860</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Long-term debt</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>13,582</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">15,041</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">13,391</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Other long-term
      liabilities</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>4,425</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,993</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,652</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Non-current liabilities
      of discontinued operations</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>2</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="12"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Total liabilities</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>23,200</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">24,184</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">22,907</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="12"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Non-controlling
      interest</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>3,630</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,641</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,584</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="12"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>SHAREHOLDERS' EQUITY</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Preferred shares</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,670</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,670</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,510</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="12"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Common shareholders'
      equity</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;Common
      shares</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>16,643</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">16,581</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">16,520</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;Contributed
      surplus</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,026</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,019</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,010</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;Deficit</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(6,079</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(6,258</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(6,435</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;Currency
      translation adjustment</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(61</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(18</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">10</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="12"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Total common shareholders'
      equity</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>11,529</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">11,324</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">11,105</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="12"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Total shareholders'
      equity</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>13,199</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">12,994</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">12,615</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="12"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Total liabilities
      and shareholders' equity</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>40,029</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">40,819</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">39,106</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="12"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Number of common
      shares outstanding</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>920.0</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">918.1</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">915.9</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="12"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM" bgcolor="#CCCCCC">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Capital Structure</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Net debt : Total
      Capitalization</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>46.7</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>%</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">47.4</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">48.8</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Net debt : Trailing
      12 month EBITDA</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1.95</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1.99</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2.06</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="12"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
</TABLE>
<div align="right"><font size="1" face="sans-serif"><br>
  </font><br>
  <font size="2">BCE Inc. Supplementary Financial Information - Second Quarter
  2003 Page 6</font> </div>
<hr width="100%" size=4 color=GRAY noshade>
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</p>
<P
  align="right"
><B><FONT color="#000000">BCE Consolidated<br>
  </FONT></B><B><FONT color="#000000">Consolidated Cash Flow Data<br>
  </FONT></B></P
>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
    <td COLSPAN="3"><font size="1" face="sans-serif">($ millions, except where
      otherwise indicated)</font></td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif"><strong>Q2<BR>
      2003</strong></font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">Q2<BR>
      2002</font></td>
    <td>&nbsp;</td>
    <td COLSPAN="3"><font size="1" face="sans-serif">$ change</font></td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif"><strong>YTD
      June<BR>
      2003</strong></font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">YTD June<BR>
      2002</font></td>
    <td>&nbsp;</td>
    <td COLSPAN="3"><font size="1" face="sans-serif">$ change</font></td>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="57%" ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Cash
      flows from operating activities</strong></font></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Earnings
      from continuing operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>477</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">323</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">154</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>952</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">679</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">273</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Adjustments
      to reconcile earnings from continuing</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations
      to cash flows from operating activities:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization
      expense</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>797</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">808</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(11</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,572</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,578</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(6</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      benefit plans expense (credit)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>43</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(12</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">55</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>85</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(18</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">103</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring
      and other charges</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">405</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(405</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">405</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(405</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment
      charge</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      gains on investments</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(175</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">175</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(175</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">175</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future
      income taxes</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>121</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(117</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">238</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>119</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(122</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">241</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling
      interest</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>70</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">141</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(71</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>121</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">277</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(156</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
      items</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(154</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(79</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(75</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(156</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(113</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(43</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change
      in non-cash working capital</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>59</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(83</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">142</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(93</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(653</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">560</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,413</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,211</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">202</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>2,600</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,858</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">742</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Capital
      expenditures</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(713</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(932</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">219</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(1,314</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1,792</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">478</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Other
      items</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(45</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">14</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(59</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(82</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(13</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(69</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Preferred
      dividends and dividends paid by subsidiaries</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
      non-controlling interest</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(69</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(127</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">58</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(124</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(205</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">81</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Free Cash Flow from
      operations, before common dividends</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>586</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">166</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">420</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,080</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(152</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,232</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Common
      dividends</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(254</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(242</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(12</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(511</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(485</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(26</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Free Cash Flow from
      operations, after common dividends</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>332</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(76</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">408</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>569</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(637</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,206</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Business
      acquisitions</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(7</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(14</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">7</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(70</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(29</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(41</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Business
      dispositions</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">306</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(306</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">432</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(432</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Decrease
      (increase) in investments accounted for under the cost</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
      equity methods</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>7</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(56</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">63</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Free Cash Flow after
      investments and divestitures</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>325</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">217</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">108</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>506</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(290</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">796</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Other financing
      activities</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Increase
      (decrease) in notes payable and bank advances</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(56</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">600</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(656</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(169</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">478</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(647</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Issue
      of long-term debt</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>72</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">43</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">29</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,864</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,295</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">569</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Repayment
      of long-term debt</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(1,493</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(402</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1,091</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(1,874</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(502</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1,372</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Issue
      of common shares</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>4</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">7</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(3</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>9</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">9</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Issue
      of preferred shares</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>510</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">510</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Redemption
      of preferred shares</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(357</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(306</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(51</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Issue
      of equity securities and convertible debentures by</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subsidiaries
      to non-controlling interests</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>14</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>150</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(136</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>87</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>157</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">
    <TD ALIGN="right"><font size="1" face="sans-serif">(70</font></TD>
    </font></TD><font size="1" face="sans-serif">)</font>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Redemption
      of preferred shares by subsidiaries from</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;non-controlling
      interest</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(16</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(16</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(35</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(35</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Other
      items</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(57</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">10</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(67</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(62</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(66</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(1,532</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">408</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1,940</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(27</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,645</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1,672</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Effect of exchange rate
      changes on cash and cash equivalents</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(2</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(5</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(5</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Cash provided by (used in)
      continuing operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(1,209</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">625</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1,834</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>474</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,355</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(881</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Cash provided by (used in)
      discontinued operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>17</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(527</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">544</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>16</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(934</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">950</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Net increase (decrease)
      in cash and cash equivalents</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(1,192</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">98</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1,290</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>490</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">421</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">69</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Cash and cash equivalents
      at beginning of period</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,988</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">892</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,096</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>306</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">569</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(263</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Cash and cash equivalents
      at end of period</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>796</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">990</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(194</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>796</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">990</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(194</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Consists
      of:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
      and cash equivalents of continuing operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>795</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">987</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(192</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>795</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">987</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(192</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
      and cash equivalents of discontinued operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>796</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">990</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(194</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>796</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">990</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(194</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM" bgcolor="#CCCCCC">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Other information<br>
      </strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Capital expenditures as
      a percentage of revenues</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>14.4</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>%</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">18.7</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4.3 pt</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">s</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>13.4</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>%</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">18.3</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4.9 pt</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">s</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Cash flow per share <sup>(1)</sup></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong> 0.76</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.34</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.42</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong> 1.40</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.08</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 1.32</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Annualized cash flow yield <sup>(2)</sup>
      </font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>8.2</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>%</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3.1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">5.1 pt</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">s</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>7.6</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>%</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1.4</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">9.0 pt</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">s</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Common dividend payout</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>55.1</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>%</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>55.6</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>%</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
</TABLE>
<div align="left"><font size="1" face="sans-serif"><br>
  </font></div>
<p>&nbsp;</p>
<p align="right"><font size="2">BCE Inc. Supplementary Financial Information -
  Second Quarter 2003 Page 7</font></p>
<br>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<img src="sup4.jpg" width="134" height="67"><br>
<P align="right"

><B><FONT color="#000000">BCE Consolidated<br>
  </FONT></B><B><FONT color="#000000">Consolidated Cash Flow Data - Historical
  Trend<br>
  </FONT></B></P
>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
    <td COLSPAN="3"><font size="1" face="sans-serif">($ millions, except where
      otherwise indicated)</font></td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">YTD<BR>
      2003</font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">Q2 03</font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">Q1 03</font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">Total<BR>
      2002</font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">Q4 02</font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">Q3 02</font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">Q2 02</font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">Q1 02</font></td>
    <td align="right">&nbsp;</td>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="27" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="51%" ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Cash
      flows from operating activities</strong></font></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Earnings
      from continuing operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>952</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>477</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">475</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,850</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">802</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">369</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">323</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">356</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Adjustments
      to reconcile earnings from continuing</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations
      to cash flows from operating activities:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization
      expense</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,572</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>797</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">775</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,133</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">786</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">769</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">808</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">770</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      benefit plans expense (credit)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>85</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>43</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">42</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(33</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(8</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(7</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(12</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(6</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring
      and other charges</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">805</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">333</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">67</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">405</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment
      charge</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">765</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">765</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      gains on investments</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2,446</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2,260</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(11</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(175</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future
      income taxes</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>119</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>121</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">572</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">588</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">106</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(117</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(5</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling
      interest</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>121</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>70</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">51</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">676</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">271</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">128</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">141</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">136</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
      items</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(156</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(154</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(194</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">8</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(89</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(79</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(34</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change
      in non-cash working capital</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(93</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>59</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(152</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(598</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(97</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">152</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(83</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(570</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>2,600</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,413</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,187</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,530</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,188</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,484</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,211</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">647</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Capital
      expenditures</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(1,314</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(713</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(601</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(3,770</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1,074</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(904</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(932</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(860</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Other
      items</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(82</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(45</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(37</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">11</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">25</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">14</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(27</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Preferred
      dividends and dividends paid by subsidiaries</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
      non-controlling interest</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(124</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(69</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(55</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(511</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(160</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(146</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(127</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(78</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Free Cash Flow from
      operations, before common dividends</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,080</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>586</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">494</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">260</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(47</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">459</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">166</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(318</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Common
      dividends</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(511</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(254</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(257</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(999</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(271</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(243</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(242</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(243</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Free Cash Flow from
      operations, after common dividends</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>569</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>332</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">237</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(739</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(318</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">216</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(76</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(561</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Business
      acquisitions</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(70</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(7</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(63</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(6,485</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(5,078</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1,378</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(14</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(15</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Business
      dispositions</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,190</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,758</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">306</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">126</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Decrease
      (increase) in investments accounted for under the cost</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
      equity methods</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>7</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">7</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(79</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(16</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(7</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(57</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Free Cash Flow after
      investments and divestitures</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>506</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>325</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">181</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(4,113</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2,654</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1,169</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">217</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(507</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Other financing
      activities</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Increase
      (decrease) in notes payable and bank advances</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(169</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(56</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(113</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(213</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(633</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(58</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">600</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(122</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Issue
      of long-term debt</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,864</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>72</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,792</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,908</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,509</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,104</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">43</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,252</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Repayment
      of long-term debt</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(1,874</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(1,493</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(381</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2,893</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2,084</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(307</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(402</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(100</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Issue
      of common shares</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>9</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>4</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">5</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,693</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">303</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,381</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">7</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Issue
      of preferred shares</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>510</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">510</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">510</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">510</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Redemption
      of preferred shares</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(357</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(357</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(306</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(306</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Costs
      relating to the issuance of common and preferred shares</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(78</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(78</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Issue
      of equity securities and convertible debentures by</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subsidiaries
      to non-controlling interest</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>87</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>14</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">73</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">206</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">5</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">44</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>150</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>7</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Redemption
      of preferred shares by subsidiaries from</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;non-controlling
      interest</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(35</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(16</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(19</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Other
      items</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(62</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(57</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(5</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(46</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(10</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(40</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">10</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(6</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(27</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(1,532</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,505</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,781</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">90</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,046</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">408</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,237</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Effect of exchange rate
      changes on cash and cash equivalents</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(5</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(2</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(3</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Cash provided by (used in)
      continuing operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>474</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(1,209</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,683</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">671</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2,563</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,879</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">625</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">730</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Cash (provided by) used
      in discontinued operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>16</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>17</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(934</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(527</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(407</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Net increase (decrease)
      in cash and cash equivalents</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>490</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(1,192</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,682</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(263</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2,564</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,880</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">98</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">323</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Cash and cash equivalents
      at beginning of period</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>306</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,988</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">306</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">569</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,870</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">990</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">892</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">569</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Cash and cash equivalents
      at end of period</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>796</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>796</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,988</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">306</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">306</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,870</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">990</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">892</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Consists
      of:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
      and cash equivalents of continuing operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>795</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>795</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,987</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">304</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">304</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,866</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">987</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">823</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
      and cash equivalents of discontinued operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">69</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>796</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>796</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,988</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">306</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">306</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,870</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">990</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">892</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM" bgcolor="#CCCCCC">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Other information</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Capital expenditures as
      a percentage of revenues</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>13.4</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>14.4</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>%</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">12.3</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">19.0</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">20.6</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">18.6</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">18.7</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">17.8</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Cash flow per share <sup>(1)</sup></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>$</strong></font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong> 1.40</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>$</strong></font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong> 0.76</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.64</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.90</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.13</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.67</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"> 0.34</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">$</font></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"> (0.26</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Annualized cash flow yield <sup>(2)</sup>
      </font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>7.6</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>8.2</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>%</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">8.0</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1.0</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(0.7</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">7.2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3.1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(5.6</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Common dividend payout</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>55.6</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>55.1</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>%</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">56.1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">42.5</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">16.0</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">69.6</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">81.8</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
</TABLE>
<font size="1" face="sans-serif"><br>
n.m. : not meaningful </font>
<P align="right"

><B><FONT color="#000000"> </FONT></B></P
>
<P align="right"

><br>
  <br>
  <font size="2">BCE Inc. Supplementary Financial Information - Second Quarter
  2003 Page 8</font></P
>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<img src="sup4.jpg" width="134" height="67">
<P
  align="right"
><B><FONT color="#000000">Bell Canada Segment </FONT></B><B><FONT color="#000000"><br>
  Operational Data<br>
  </FONT></B></P
>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
    <td COLSPAN="3"><font size="1" face="sans-serif">($ millions, except where
      otherwise indicated)</font></td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif"><strong>Q2<BR>
      2003</strong></font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">Q2<BR>
      2002</font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">$ change</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="center"><font size="1" face="sans-serif">% change</font></td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif"><strong>YTD
      June<BR>
      2003</strong></font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">YTD June<BR>
      2002</font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">$ change</font></td>
    <td>&nbsp;</td>
    <td COLSPAN="3" align="center"><font size="1" face="sans-serif">% change</font></td>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="27" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="45%" ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Revenues</strong></font></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT"></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Local and access</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,512</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,527</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(15</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.0%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>3,012</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,046</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(34</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.1%)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Long distance</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>608</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">645</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(37</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(5</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.7%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,254</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,293</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(39</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(3</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.0%)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Wireless</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>621</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">548</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">73</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">13</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.3%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,191</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,052</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">139</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">13</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.2%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Data</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>955</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">933</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">22</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.4%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,888</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,838</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">50</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.7%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Bell ExpressVu</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>191</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">155</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">36</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">23</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.2%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>368</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">306</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">62</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">20</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.3%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Terminal sales and other</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>409</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">456</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(47</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(10</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.3%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>830</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">880</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(50</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(5</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.7%)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Directory advertising</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">138</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(138</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(100</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.0%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">270</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(270</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(100</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.0%)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>4,296</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,402</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(106</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.4%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>8,543</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">8,685</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(142</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.6%)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Cash operating expenses</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(2,504</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2,563</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">59</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.3%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(5,025</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(5,091</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">66</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.3%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>EBITDA</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,792</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,839</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(47</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.6%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>3,518</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,594</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(76</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.1%)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Bell
      Canada (including Aliant)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,801</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,864</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(63</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(3</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.4%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>3,533</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,669</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(136</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(3</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.7%)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Bell
      ExpressVu</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(9</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(25</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">16</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">64</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.0%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(15</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(75</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">60</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">80</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.0%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>EBITDA margin (%)</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>41.7</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>%</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">41.8</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(0</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.1) pts</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>41.2</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>%</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">41.4</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(0</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.2) pts</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Amortization expense</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(757</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(756</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(0</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.1%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(1,491</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1,469</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(22</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.5%)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Net benefit plans (expense)
      credit</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(45</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">11</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(56</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(89</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">19</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(108</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Restructuring and other
      charges</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(294</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">294</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">100</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.0%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(294</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">294</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">100</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.0%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Operating income</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>990</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">800</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">190</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">23</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.8%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,938</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,850</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">88</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.8%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Interest expense</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(238</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(276</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">38</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">13</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.8%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(487</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(554</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">67</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">12</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.1%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Other income (expense)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>13</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">246</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(233</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(94</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.7%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>57</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">238</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(181</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(76</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.1%)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Earnings before
      income taxes and</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>&nbsp;&nbsp;&nbsp;&nbsp;non-controlling
      interest</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>765</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">770</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(5</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(0</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.6%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,508</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,534</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(26</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.7%)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Income taxes</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(277</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(249</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(28</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(11</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.2%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(529</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(543</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">14</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.6%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Non-controlling interest</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(43</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(52</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">9</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">17</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.3%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(74</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(87</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">13</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">14</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.9%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Earnings from continuing
      operations</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>445</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">469</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(24</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(5</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.1%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>905</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">904</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">0</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.1%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Discontinued operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(8</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">9</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(1</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(9</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">8</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">88</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.9%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Net earnings</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>446</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">461</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(15</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(3</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.3%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>904</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">895</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">9</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.0%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Dividends on preferred shares</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(16</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(16</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">0</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.0%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(32</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(32</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">0</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.0%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Interest on equity settled
      notes</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(10</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(16</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">6</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">37</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.5%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(25</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(30</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">5</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">16</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.7%</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Net earnings applicable
      to common shares</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>420</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">429</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(9</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.1%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>847</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">833</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">14</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.7%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="27" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>The following non-recurring
      items are included in net earnings:</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Discontinued
      operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(8</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(1</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(9</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Restructuring
      and other charges</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(191</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(191</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Net
      gains on sale of investments and dilution gains</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">208</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">208</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Other</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(18</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(18</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="27" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Total</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(9</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(1</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(10</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
</TABLE>
<font size="1" face="sans-serif"><br>
<br>
</font>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="49%" ALIGN="LEFT" bgcolor="#CCCCCC"><font size="1" face="sans-serif"><strong>Other
      information</strong></font></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="4%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="4%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT"></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Capital expenditures</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>664</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">832</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">168</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">20</font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">.2%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,204</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,607</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">403</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">25</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.1%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Capital expenditures as
      a percentage of revenues (%)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>15.5%</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">18.9%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3.4 </font></TD>
    <TD ALIGN="left"><font size="1" face="sans-serif"> pts</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">14.1%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">18.5%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">4.4 </font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">pts</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
</TABLE>
<p><font size="1" face="sans-serif">n.m. : not meaningful </font></p>
<p>&nbsp; </p>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" bgcolor="#CCCCCC"><font size="1" face="sans-serif"><strong>Net
      debt and preferreds</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">At June 30, 2003</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>Bell Canada</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>Aliant</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>Bell ExpressVu</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong> Bell Canada Consolidated</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>Intercompany<br>
      eliminations </strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>Bell Canada Segment</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="45%" ALIGN="LEFT"><font size="1" face="sans-serif">Bank indebtedness
      / (cash and cash equivalents)</font></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="5%" ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(246</strong></font></TD>
    <TD WIDTH="3%" ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="5%" ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(232</strong></font></TD>
    <TD WIDTH="3%" ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="5%" ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(12</strong></font></TD>
    <TD WIDTH="3%" ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="5%" ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(490</strong></font></TD>
    <TD WIDTH="3%" ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="5%" ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="5%" ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(490</strong></font></TD>
    <TD WIDTH="2%" ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Long term debt</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>8,867</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,194</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>407</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>10,468</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(407</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>10,061</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Debt due within one year</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,348</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>88</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>28</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,464</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(28</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,436</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Long-term note receivable
      from BCH</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(498</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>(498</strong></font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>498</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Net debt</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>9,471</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,050</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>423</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>10,944</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>63</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>11,007</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Preferred shares - Bell
      Canada <sup>(3)</sup></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,100</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,100</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,100</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Preferred shares - Aliant <sup>(3)</sup>
      </font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>172</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>172</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD><TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong></strong></font></TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>172</strong></font></TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Net debt and preferreds</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>10,571</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,222</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>423</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>12,216</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>63</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>12,279</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
</TABLE>
<font size="1" face="sans-serif"><br>
</font><B><FONT color="#000000"> </FONT></B>
<P
  align="right"
>&nbsp;</P
>
<P
  align="right"
><br>
  <br>
  <font size="2">BCE Inc. Supplementary Financial Information - Second Quarter
  2003 Page 9</font> </P
>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<img src="sup4.jpg" width="134" height="67"><br>
<P align="right"

><B><FONT color="#000000">Bell Canada Segment </FONT></B><B><FONT color="#000000"><br>
  Operational Data - Historical Trend<br>
  </FONT></B></P
>
<table cellpadding="0" cellspacing="0" border="0" width="100%">
  <tr valign="BOTTOM">
    <td colspan="3"><font size="1" face="sans-serif">($ millions, except where
      otherwise indicated)</font></td>
    <td colspan="2" align="right"><font size="1" face="sans-serif"><strong>YTD<br>
      2003</strong></font></td>
    <td>&nbsp;</td>
    <td colspan="2" align="right"><font size="1" face="sans-serif"><strong>Q2
      03</strong></font></td>
    <td>&nbsp;</td>
    <td colspan="2" align="right"><font size="1" face="sans-serif">Q1 03</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align="right"><font size="1" face="sans-serif">Total<br>
      2002</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align="right"><font size="1" face="sans-serif">Q4 02</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align="right"><font size="1" face="sans-serif">Q3 02</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align="right"><font size="1" face="sans-serif">Q2 02</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align="right"><font size="1" face="sans-serif">Q1 02</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td colspan="27" align="LEFT"><hr noshade color="Black" size="1"></td>
  </tr>
  <tr valign="BOTTOM">
    <td width="43%" align="LEFT"><font size="1" face="sans-serif"><strong>Revenues</strong></font></td>
    <td width="1%" align="LEFT">&nbsp;</td>
    <td width="1%" align="LEFT">&nbsp;</td>
    <td width="1%" align="RIGHT">&nbsp;</td>
    <td width="3%" align="RIGHT"></td>
    <td width="3%" align="LEFT">&nbsp;</td>
    <td width="1%" align="RIGHT">&nbsp;</td>
    <td width="3%" align="RIGHT"></td>
    <td width="3%" align="LEFT">&nbsp;</td>
    <td width="1%" align="RIGHT">&nbsp;</td>
    <td width="3%" align="RIGHT"></td>
    <td width="3%" align="LEFT">&nbsp;</td>
    <td width="1%" align="RIGHT">&nbsp;</td>
    <td width="3%" align="RIGHT"></td>
    <td width="3%" align="LEFT">&nbsp;</td>
    <td width="1%" align="RIGHT">&nbsp;</td>
    <td width="3%" align="RIGHT"></td>
    <td width="3%" align="LEFT">&nbsp;</td>
    <td width="1%" align="RIGHT">&nbsp;</td>
    <td width="3%" align="RIGHT"></td>
    <td width="3%" align="LEFT">&nbsp;</td>
    <td width="1%" align="RIGHT">&nbsp;</td>
    <td width="3%" align="RIGHT"></td>
    <td width="3%" align="LEFT">&nbsp;</td>
    <td width="1%" align="RIGHT">&nbsp;</td>
    <td width="3%" align="RIGHT"></td>
    <td width="2%" align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">Local and access</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>3,012</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>1,512</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,500</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">6,129</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,564</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,519</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,527</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,519</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">Long distance</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>1,254</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>608</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">646</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">2,579</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">635</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">651</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">645</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">648</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">Wireless</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>1,191</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>621</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">570</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">2,203</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">581</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">570</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">548</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">504</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">Data</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>1,888</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>955</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">933</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">3,770</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,024</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">908</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">933</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">905</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">Bell ExpressVu</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>368</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>191</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">177</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">638</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">176</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">156</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">155</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">151</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">Terminal sales and other</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>830</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>409</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">421</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,793</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">508</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">405</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">456</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">424</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">Directory advertising</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">--</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">501</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">91</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">140</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">138</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">132</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="27"><hr noshade color="Black" size="1"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>8,543</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>4,296</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">4,247</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">17,613</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">4,579</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">4,349</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">4,402</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">4,283</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif"><strong>Cash operating expenses</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>(5,025</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>(2,504</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(2,521</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(10,425</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(2,861</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(2,473</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(2,563</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(2,528</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
  </tr>
  <tr>
    <td colspan="27"><hr noshade color="Black" size="1"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif"><strong>EBITDA</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>3,518</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>1,792</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,726</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">7,188</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,718</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,876</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,839</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,755</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="27"><hr noshade color="Black" size="1"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Bell
      Canada (including Aliant)</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>3,533</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>1,801</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,732</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">7,364</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,780</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,915</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,864</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,805</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Bell
      ExpressVu</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>(15</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>(9</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(6</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(176</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(62</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(39</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(25</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(50</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
  </tr>
  <tr>
    <td colspan="27"><hr noshade color="Black" size="1"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif"><strong>EBITDA margin (%)</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>41.2</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>%</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>41.7</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>%</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">40.6</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">%</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">40.8</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">%</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">37.5</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">%</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">43.1</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">%</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">41.8</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">%</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">41.0</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">%</font></td>
  </tr>
  <tr>
    <td colspan="27"><hr noshade color="Black" size="1"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">Amortization expense</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>(1,491</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>(757</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(734</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(2,937</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(745</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(723</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(756</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(713</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">Net benefit plans (expense)
      credit</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>(89</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>(45</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(44</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">38</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">9</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">10</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">11</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">8</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">Restructuring and other
      charges</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">--</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(675</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(302</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(79</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(294</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">--</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="27"><hr noshade color="Black" size="1"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif"><strong>Operating income</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>1,938</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>990</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">948</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">3,614</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">680</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,084</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">800</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,050</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">Interest expense</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>(487</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>(238</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(249</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(1,144</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(300</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(290</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(276</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(278</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">Other income (expense)</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>57</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>13</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">44</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">2,491</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">2,285</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(32</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">246</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(8</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">Impairment charge</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">--</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(50</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(50</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">--</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">--</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">--</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="27"><hr noshade color="Black" size="1"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif"><strong>Earnings before
      income taxes and</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif"><strong>&nbsp;&nbsp;&nbsp;&nbsp;non-controlling
      interest</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>1,508</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>765</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">743</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">4,911</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">2,615</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">762</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">770</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">764</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">Income taxes</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>(529</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>(277</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(252</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(1,608</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(765</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(300</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(249</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(294</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">Non-controlling interest</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>(74</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>(43</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(31</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(155</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(28</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(40</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(52</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(35</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
  </tr>
  <tr>
    <td colspan="27"><hr noshade color="Black" size="1"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif"><strong>Earnings from continuing
      operations</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>905</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>445</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">460</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">3,148</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,822</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">422</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">469</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">435</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">Discontinued operations</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>(1</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>1</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(2</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(20</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(7</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(4</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(8</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(1</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
  </tr>
  <tr>
    <td colspan="27"><hr noshade color="Black" size="1"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif"><strong>Net earnings</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>904</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>446</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">458</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">3,128</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,815</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">418</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">461</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">434</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">Dividends on preferred shares</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>(32</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>(16</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(16</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(63</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(15</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(16</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(16</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(16</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">Interest on equity settled
      notes</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>(25</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>(10</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(15</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(59</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(15</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(14</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(16</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(14</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
  </tr>
  <tr>
    <td colspan="27"><hr noshade color="Black" size="1"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif"><strong>Net earnings applicable
      to common shares</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>847</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>420</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">427</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">3,006</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,785</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">388</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">429</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">404</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="27"><hr noshade color="Black" size="1"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif"><strong>The following non-recurring
      items are included in net earnings:</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Discontinued
      operations</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>(1</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>1</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(2</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(20</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(7</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(4</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(8</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(1</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Restructuring
      and other charges</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">--</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(426</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(190</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(45</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(191</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">--</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Net
      gains on sale of investments and dilution gains</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">--</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,863</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,655</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">--</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">208</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">--</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Impairment
      charge</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">--</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(26</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(26</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">--</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">--</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">--</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Other</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>--</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">--</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(18</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">--</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">--</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(18</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">--</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="27"><hr noshade color="Black" size="1"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif"><strong>Total</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>(1</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>)</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>1</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(2</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,373</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">1,432</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(49</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(9</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">(1</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">)</font></td>
  </tr>
  <tr>
    <td colspan="27"><hr noshade color="Black" size="1"></td>
  </tr>
  <tr valign="BOTTOM" bgcolor="#CCCCCC">
    <td align="LEFT"><font size="1" face="sans-serif"><strong>Other information</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">Capital expenditures</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>1,204</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>664</strong></font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">540</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">3,427</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">981</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">839</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">832</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">775</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="1" face="sans-serif">Capital expenditures as
      a percentage of revenues (%)</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>14.1</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>%</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif"><strong>15.5</strong></font></td>
    <td align="LEFT"><font size="1" face="sans-serif"><strong>%</strong></font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">12.7</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">%</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">19.5</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">%</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">21.4</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">%</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">19.3</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">%</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">18.9</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">%</font></td>
    <td align="RIGHT">&nbsp;</td>
    <td align="RIGHT"><font size="1" face="sans-serif">18.1</font></td>
    <td align="LEFT"><font size="1" face="sans-serif">%</font></td>
  </tr>
  <tr>
    <td colspan="27"><hr noshade color="Black" size="1"></td>
  </tr>
</table>
<br>
<P align="right"

>&nbsp;</P
>
<P align="right"

>&nbsp;</P
>
<P align="right"

><font size="2">BCE Inc. Supplementary Financial Information - Second Quarter
  2003 Page 10</font></P
>
<P align="right"

>&nbsp; </P
>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<div align="left"><br>
  <img src="sup4.jpg" width="134" height="67"> <br>
</div>
<P
  align="right"
><B><FONT color="#000000">Bell Canada Segment<br>
  </FONT></B><B><FONT color="#000000">Statistical Data<br>
  </FONT></B></P
>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="3"></TH>
    <td COLSPAN="3" align="right"><font size="1" face="sans-serif"><strong>Q2<BR>
      2003</strong></font></td>
    <td COLSPAN="3" align="right"><font size="1" face="sans-serif">Q2<BR>
      2002</font></td>
    <td COLSPAN="3" align="right"><font size="1" face="sans-serif">% change</font></td>
    <td COLSPAN="3" align="right"><font size="1" face="sans-serif"><strong>YTD
      June<BR>
      2003</strong></font></td>
    <td COLSPAN="3" align="right"><font size="1" face="sans-serif">YTD June<BR>
      2002</font></td>
    <td COLSPAN="3" align="right"><font size="1" face="sans-serif">% change</font></td>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM" bgcolor="#CCCCCC">
    <TD WIDTH="56%" ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Wireline</strong></font></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="7%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT"></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="7%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT"></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="5%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="3%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT"></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Local</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Network access services
      (k)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Residential</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>8,504</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">8,532</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(0.3%)</font></TD>
    <TD ALIGN="LEFT"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Business</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>4,564</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">4,630</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(1.4%)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Total network access services</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>13,068</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">13,162</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">(0.7%)</font></TD>
    <TD ALIGN="LEFT"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Estimated Local market share
      (%) <font size="1" face="sans-serif">&#8212;</font> Ontario and Qu&eacute;bec</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Residential
      (4)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>97.6%</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">98.3%</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">(0.7)pts</font></TD>
    <TD ALIGN="LEFT"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Business</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>90.6%</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">91.6%</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">(1.0)pts</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Total estimated local market
      share</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">.</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>95.1%</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">95.9%</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">(0.8)pts</font></TD>
    <TD ALIGN="LEFT"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">SmartTouch feature revenues
      ($M)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">233</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">230</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">1.3%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>464</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">462</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">0.4%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Long Distance</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Conversation minutes (M)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">4,911</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">4,725</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">3.9%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>9,783</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">9,374</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">4.4%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Average revenue per minute
      ($)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">0.120</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">0.126</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(4.8%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>0.122</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">0.127</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">(3.9%)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Estimated market share (%
      based on revenues) &#8212; Ontario and Qu&eacute;bec <sup>(5)</sup></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>62.5%</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">63.0%</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(0.5)pts</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="21" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM" bgcolor="#CCCCCC">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Data</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Data revenues ($M) <sup>(6)</sup></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Legacy</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>413</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">453</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(8.8%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>840</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">927</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(9.4%)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Non-Legacy</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>542</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">480</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">12.9%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>1,048</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">911</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">15.0%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="21" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>955</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">933</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">2.4%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>1,888</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">1,838</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">2.7%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="21" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Equivalent access lines
      <sup>(7)</sup>(k) - Bell Canada only</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Digital
      equivalent access lines</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>3,708</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">3,833</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(3.3%)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Broadband
      equivalent access lines</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>14,658</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">10,176</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">44.0%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Internet subscribers <sup>(8)</sup>(k)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;DSL
      High Speed Internet subscribers (k)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>1,287</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">909</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">41.6%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Dial-up
      Internet subscribers (k)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>911</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">1,031</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(11.6%)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="21" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>2,198</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">1,940</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">13.3%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
  </TR>
  <TR VALIGN="BOTTOM" bgcolor="#CCCCCC">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Wireless</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Cellular & PCS Net activations
      (k)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Pre-paid</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>27</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(26)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">n.m.</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>45</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(8)</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">n.m.</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Post-paid</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>104</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">117</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(11.1%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>156</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">193</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(19.2%)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="21" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>131</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">91</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">44.0%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>201</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">185</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">8.6%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Cellular & PCS subscribers
      (k)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Pre-paid</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>1,024</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">958</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">6.9%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Post-paid</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>3,096</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">2,681</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">15.5%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="21" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>4,120</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">3,639</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">13.2%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Average revenue per unit
      ($/month)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>48</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">46</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">4.3%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>46</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">45</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">2.2%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Pre-paid</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>12</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">13</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(7.7%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>11</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">12</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(8.3%)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Post-paid</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>60</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">59</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">1.7%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>58</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">57</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">1.8%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Churn (%) (average per month)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>1.4%</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">1.5%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">0.1 pts</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>1.4%</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">1.5%</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">0.1 pts</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Pre-paid</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>1.9%</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">1.8%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(0.1) <font size="0">pts</font></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>1.9%</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">1.8%</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(0.1) pts</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Post-paid</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>1.3%</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">1.4%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">0.1 pts</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>1.3%</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">1.4%</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">0.1 pts</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Usage per subscriber (min/month)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>236</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">205</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">15.1%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>219</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">196</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">11.7%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Cost of acquisition (9)
      ($/sub)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>435</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">471</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">7.6%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>414</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">439</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">5.7%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Wireless EBITDA</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>219</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">206</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">6.3%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>438</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">384</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">14.1%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Wireless EBITDA margin</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>35.3%</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">37.6%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(2.3) pts</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>36.8%</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">36.5%</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">0.3 pts</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Browser hits (M)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>170</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">94</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">80.9%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>293</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">206</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">42.2%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Paging subscribers (k)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>581</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">680</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(14.6%)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Paging average revenue per
      unit ($/month)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>10</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">10</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">0.0%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>10</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">10</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">0.0%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
  </TR>
  <TR VALIGN="BOTTOM" bgcolor="#CCCCCC">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Bell ExpressVu (Direct-to-Home
      Satellite Service)</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Total subscribers (k)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>1,335</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">1,176</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">13.5%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Net subscriber activations
      (k)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>18</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">31</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(41.9%)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>31</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">107</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(71.0%)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Average revenue per subscriber
      ($/month)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>47</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">44</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">6.8%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>45</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">44</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">2.3%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Cost of acquisition ($/sub)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>655</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">769</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">14.8%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>664</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">737</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">9.9%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Churn (%) (average per month)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>1.1%</strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">1.0%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(0.1) pts</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif"><strong>1.1%</strong></font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">0.9%</font></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="LEFT"></TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">(0.2) pts</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="21" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
</TABLE>
<font size="1" face="sans-serif"><br>
* Operating statistics are reported on a consolidated basis, except where otherwise
noted. </font>
<P
  align="right"
>&nbsp;</P
>
<P align="right" class="Unexpected-LI"

><FONT color="#000000" size="2">BCE Inc. Supplementary Financial Information -
  Second Quarter 2003 Page 11</FONT><FONT color="#000000"><BR>
  <br>
  <br>
  </FONT></P
>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<img src="sup4.jpg" width="134" height="67"><br>
<P align="right" class="Unexpected-LI"

><FONT color="#000000"> </FONT></P
>
<P align="right"

><B><FONT color="#000000">Bell Canada Segment<br>
  </FONT></B><B><FONT color="#000000">Statistical Data - Historical Trend<br>
  </FONT></B></P
>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="3"></TH>
    <td COLSPAN="2"><font size="1" face="sans-serif"><strong>YTD</strong></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="1" face="sans-serif">Total</font></td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right">&nbsp;</td>
    <td>&nbsp;</td>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="3"></TH>
    <td COLSPAN="2"><font size="1" face="sans-serif"><strong>2003</strong></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><font size="1" face="sans-serif"><strong>Q2 03</strong></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><font size="1" face="sans-serif">Q1 03</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="1" face="sans-serif">2002</font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1" face="sans-serif">Q4 02</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><font size="1" face="sans-serif">Q3 02</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><font size="1" face="sans-serif">Q2 02</font></td>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right"><font size="1" face="sans-serif">Q1 02</font></td>
    <td>&nbsp;</td>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="40%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="RIGHT"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="6%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT"></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="6%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT"></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="2%" ALIGN="right"></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="6%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT"></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="6%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT"></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="6%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT"></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="6%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT"></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM" bgcolor="#CCCCCC">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Wireline</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Local</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Network access services
      (k)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Residential</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>8,504</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">8,566</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">8,573</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">8,580</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">8,532</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">8,613</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Business</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>4,564</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,577</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,581</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,607</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,630</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,633</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Total network access services</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>13,068</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">13,143</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">13,154</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">13,187</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">13,162</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">13,246</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><div align="left"><font size="1" face="sans-serif">Estimated
        Local market share (%) &#8212; Ontario and Qu&eacute;bec</font></div></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Residential <sup>(4)</sup>
      </font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>97.6%</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">97.9%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">97.9%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">98.0%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">98.3%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">98.7%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Business</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>90.6%</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">91.0%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">91.3%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">91.5%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">91.6%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">91.8%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="27"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Total estimated local market
      share</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>95.1%</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">95.4%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">95.5%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">95.7%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">95.9%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">96.2%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">SmartTouch feature revenues
      ($M)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>464</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>233</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">231</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">923</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">231</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">230</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">230</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">232</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Long Distance</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Conversation minutes (M)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>9,783</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>4,911</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,872</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">19,034</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">5,000</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,660</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,725</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4,649</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Average revenue per minute
      ($)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>0.122</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>0.120</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">0.124</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">0.126</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">0.120</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">0.130</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">0.126</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">0.128</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Estimated market share (%
      based on revenues) <strong>-</strong> Ontario and Qu&eacute;bec <sup>(5)</sup></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>62.5%</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">63.5%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">63.3%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">63.9%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">63.0%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">63.2%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="27" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM" bgcolor="#CCCCCC">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Data</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Data revenues ($M) <sup>(6)</sup></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Legacy</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>840</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>413</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">427</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">1,864</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">486</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">451</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">453</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">474</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Non-Legacy</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,048</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>542</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">506</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">1,906</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">538</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">457</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">480</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">431</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="27" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,888</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>955</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">933</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">3,770</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,024</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">908</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">933</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">905</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Equivalent access lines
      <sup>(7)</sup>(k) - Bell Canada only</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>3,708</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,704</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,683</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,645</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,833</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,815</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Digital
      equivalent access lines</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>14,658</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">13,808</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">12,568</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">11,265</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">10,176</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">9,431</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Broadband
      equivalent access lines</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Internet subscribers <sup>(8)</sup>(k)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;DSL
      High Speed Internet subscribers (k)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,287</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,206</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,110</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,002</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">909</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">866</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Dial-up
      Internet subscribers (k)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>911</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">940</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">957</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">985</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,031</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,036</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="27" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>2,198</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,146</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,067</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,987</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,940</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,902</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="27" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM" bgcolor="#CCCCCC">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Wireless</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Cellular & PCS Net activations
      (k)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Pre-paid</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>45</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>27</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">18</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">13</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">22</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(26</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">18</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Post-paid</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>156</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>104</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">52</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">452</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">196</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">63 </font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">117</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">76</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="27" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>201</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>131</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">70</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">465</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">218</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">62</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">91</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">94</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Cellular & PCS subscribers
      (k)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Pre-paid</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,024</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">997</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">979</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">957</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">958</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">984</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Post-paid</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>3,096</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,992</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,940</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,744</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,681</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2,564</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="27" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>4,120</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,989</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,919</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,701</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,639</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3,548</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Average revenue per unit
      ($/month)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>46</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>48</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">45</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">46</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">47</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">47</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">46</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">43</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Pre-paid</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>11</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>12</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">11</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">12</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">10</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">12</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">13</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">11</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Post-paid</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>58</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>60</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">56</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">59</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">60</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">60</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">59</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">56</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Churn (%) (average per month)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1.4%</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1.4%</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1.4%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">1.6%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1.7%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1.7%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1.5%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1.5%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Pre-paid</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1.9%</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1.9%</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1.9%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">2.0%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2.6%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">2.0%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1.8%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1.7%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Post-paid</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1.3%</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1.3%</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1.3%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">1.5%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1.4%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1.6%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1.4%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1.5%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Usage per subscriber (min/month)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>219</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>236</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">201</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">203</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">212</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">206</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">205</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">181</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Cost of acquisition <sup>(9)</sup>($/sub)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>414</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>435</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">387</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">429</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">409</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">441</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">471</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">407</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Wireless EBITDA</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>438</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>219</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">219</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">754</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">151</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">219</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">206</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">178</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Wireless EBITDA margins</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>36.8%</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>35.3%</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">38.4%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">34.2%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">26.0%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">38.4%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">37.6%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">35.3%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Browser hits (M)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>293</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>170</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">123</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">392</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">99</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">87</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">94</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">112</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Paging subscribers (k)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>581</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">606</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">639</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">660</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">680</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">694</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Paging average revenue per
      unit ($/month)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>10</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>10</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">10</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">10</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">10</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">10</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">10</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">10</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="27" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM" bgcolor="#CCCCCC">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Bell ExpressVu (Direct-to-Home
      Satellite Service)</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD height="20" ALIGN="LEFT"><font size="1" face="sans-serif">Total subscribers
      (k)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1,335</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,317</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,304</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,221</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,176</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1,145</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Net subscriber activations
      (k)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>31</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>18</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">13</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">235</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">83</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">45</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">31</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">76</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Average revenue per subscriber
      ($/month)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>45</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>47</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">44</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">44</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">43</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">43</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">44</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">45</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Cost of acquisition ($/sub)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>664</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>655</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">675</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">690</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">667</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">630</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">769</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">718</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Churn (%) (average per month)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1.1%</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif"><strong>1.1%</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1.0%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="1" face="sans-serif">1.0%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">0.9%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1.2%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1.0%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">0.8%</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="27" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
</TABLE>
<font size="1" face="sans-serif"><br>
* Operating statistics are reported on a consolidated basis, except where otherwise
noted. </font>
<P align="right"

><B><FONT color="#000000"> </FONT></B></P
>
<P align="right"

>&nbsp;</P
>
<P align="right"

>&nbsp;</P
>
<P align="right"

><FONT color="#000000" size="2">BCE Inc. Supplementary Financial Information - Second Quarter
  2003 Page 12 </FONT></P
>
<P align="right"

><br>
  <br>
</P
>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<p><br>
  <img src="sup4.jpg" width="134" height="67"> <br>
</p>
<p align="right"><br>
<div align="right">
<p align="right"><B><FONT color="#000000" size="4" face="sans-serif">Accompanying
  notes<br>
  </FONT></B></p>
<blockquote>
  <p>&nbsp;</p>
</blockquote>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="TOP">
    <TD ALIGN="RIGHT" WIDTH="6%"><FONT size="2">(1)</FONT></TD>
    <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
    <TD WIDTH="91%"><P ALIGN="LEFT"><FONT size="2">Cash flow per share is calculated
        as follows:</FONT><FONT size="2"> </FONT></P></TD>
  </TR>
</TABLE>
<blockquote>
  <p><FONT size="2"><U>Cash flow from operations less capital expenditures </U>
    Average number of common shares outstanding during the period</FONT> </p>
  <p>&nbsp; </p>
</blockquote>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="TOP">
    <TD ALIGN="RIGHT" WIDTH="6%"><FONT size="2">(2)</FONT></TD>
    <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
    <TD WIDTH="91%"><P ALIGN="LEFT"><FONT size="2">Annualized cash flow yield
        is calculated as follows:</FONT> <FONT size="2"> </FONT></P></TD>
  </TR>
</TABLE>
<blockquote>
  <p><font size="2"><br>
    <br>
    <U>Free cash flow before common dividends, investments and divestitures<br>
    </U>Number of common shares outstanding at end of period multiplied by share
    price at end of period
    <!-- MARKER FORMAT-SHEET="Para Hang Roman In 1" -->
    </font></p>
</blockquote>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="TOP">
    <TD ALIGN="RIGHT" WIDTH="6%"><FONT size="2">(3)</FONT></TD>
    <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
    <TD WIDTH="91%"><P ALIGN="LEFT"><FONT size="2"> At the BCE Consolidated level,
        3<SUP>rd</SUP> Party Preferred Shares reflected in the financial statements
        of subsidiaries are included in non-controlling interest within the liabilities
        section of the balance sheet.</FONT> </P></TD>
  </TR>
</TABLE>
<font size="2"><BR>
<!-- MARKER FORMAT-SHEET="Para Hang Roman In 1" -->
</font>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="TOP">
    <TD ALIGN="RIGHT" WIDTH="6%"><FONT size="2">(4)</FONT></TD>
    <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
    <TD WIDTH="91%"><P ALIGN="LEFT"><FONT size="2"> Bell Canada&#146;s local market
        shares reflect losses to facilities-based competition only.</FONT> </P></TD>
  </TR>
</TABLE>
<font size="2"><BR>
<!-- MARKER FORMAT-SHEET="Para Hang Roman In 1" -->
</font>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="TOP">
    <TD ALIGN="RIGHT" WIDTH="6%"><FONT size="2">(5)</FONT></TD>
    <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
    <TD WIDTH="91%"><P ALIGN="LEFT"><FONT size="2"> Represents Bell Canada&#146;s
        share of the long distance market in Ontario and Qu&eacute;bec reflecting
        1+, toll-free and calling card traffic. This measure does not include
        Bell Canada&#146;s share of long distance traffic originating through
        the use of dial-around services, prepaid cards and cellular and PCS services.</FONT>
      </P></TD>
  </TR>
</TABLE>
<font size="2"><BR>
<!-- MARKER FORMAT-SHEET="Para Hang Roman In 1" -->
</font>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="TOP">
    <TD ALIGN="RIGHT" WIDTH="6%"><FONT size="2">(6)</FONT></TD>
    <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
    <TD WIDTH="91%"><P ALIGN="LEFT"><FONT size="2"> Legacy data revenues include
        digital transmission services such as MEGALINK<SUP> TM</SUP>, network
        access and Integrated Services Digital Network (ISDN) and Data, as well
        as, competitive network services and the sale of inter-networking equipment.</FONT>
      </P></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD><font size="2">Non-legacy data revenues include national and regional
      IP data, Internet and e-commerce.</font> </TD>
  </TR>
</TABLE>
<font size="2"><BR>
</font>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="TOP">
    <TD ALIGN="RIGHT" WIDTH="6%"><FONT size="2">(7)</FONT></TD>
    <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
    <TD WIDTH="91%"><P ALIGN="LEFT"><FONT size="2"> 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>
      </P></TD>
  </TR>
</TABLE>
<p>&nbsp;</p>
<div align="center"><font size="2">Conversion factors </font></div>
<TABLE WIDTH="600" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"><font size="1"></font></TH>
    <TH COLSPAN="2"><font size="1"></font></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="54%" ALIGN="LEFT"><font size="1">DS-0</font></TD>
    <TD WIDTH="13%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="31%" ALIGN="RIGHT"><font size="1">1</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1">Basic ISDN</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1">2</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1">Primary ISDN</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1">23</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1">DS-1, DEA</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1">24</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1">DS-3</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1">672</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1">OC-3</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1">2,016</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1">OC-12</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1">8,064</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1">OC-48</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1">32,256</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1">OC-192</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1">129,024</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1">10 Base T</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1">155</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1">100 Base T</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1">1,554</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1">Gigabit E</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1">15,554</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
</TABLE>
<p><font size="2"><BR>
  </font> </p>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="TOP">
    <TD ALIGN="RIGHT" WIDTH="6%"><FONT size="2">(8)</FONT></TD>
    <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
    <TD WIDTH="91%"><P ALIGN="LEFT"><FONT size="2"> DSL High Speed Internet subscribers
        include consumer, business and wholesale. Dial-up Internet subscribers
        include consumer and business.</FONT> </P></TD>
  </TR>
</TABLE>
<font size="2"><BR>
<!-- MARKER FORMAT-SHEET="Para Hang Roman In 1" -->
</font>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="TOP">
    <TD ALIGN="RIGHT" WIDTH="6%"><FONT size="2">(9)</FONT></TD>
    <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
    <TD WIDTH="91%"><P ALIGN="LEFT"><FONT size="2"> Includes allocation of selling
        costs from Bell Canada and excludes costs of migrating from analog to
        digital. Cost of Acquisition (COA) per subscriber is reflected on a consolidated
        basis.</FONT> </P></TD>
  </TR>
</TABLE>
<font size="2"><BR>
</font>
<p align="right">&nbsp;</p>
<p align="right"><br>
</p>
<p align="right">BCE Inc. Supplementary Financial Information - Second Quarter
  2003 Page 13</p>
<br>
  <br>
</BODY>
</p>
<hr width="100%" size=4 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<font size="1" face="sans-serif"><B><font size="2">Appendix A - Reconciliation
of Canadian Generally Accepted Accounting Principles (GAAP) to United States GAAP
</font></B><font size="2"><br>
<br>
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&#8217; equity reported according
to Canadian GAAP and United States GAAP.</font></font> <font size="1" face="sans-serif"><br>
<br>
</font>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

    <TR>
      <TD><font size="2" face="sans-serif"><B>STATEMENTS OF OPERATIONS</B></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 colspan="13"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD align=middle width="8%">&nbsp;</TD>
      <TD align=middle width="2%">&nbsp;</TD>
      <TD align=center width="10%"><font size="1" face="sans-serif"><strong>2003</strong></font></TD>
      <TD align=middle width="2%">&nbsp;</TD>
      <TD align=middle width="5%">&nbsp;</TD>
      <TD align=middle width="2%">&nbsp;</TD>
      <TD align=middle width="8%">&nbsp;</TD>
      <TD align=middle width="2%">&nbsp;</TD>
      <TD align=center width="10%"><FONT face=sans-serif size=1>2002 <SUP>(1)</SUP></FONT></TD>
      <TD align=middle width="2%">&nbsp;</TD>
      <TD align=middle width="6%">&nbsp;</TD>
      <TD align=middle width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan="13"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    </TR>
    <TR>
      <TD align=left><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;<B>For
        the six months ended June 30</B></font></TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>Canadian</B></font></TD>
      <TD align=middle width="2%">&nbsp;</TD>
      <TD align=middle width="10%">&nbsp;</TD>
      <TD align=middle width="2%">&nbsp;</TD>
      <TD align=right width="5%"><font size="1" face="sans-serif"><B>U.S.</B></font></TD>
      <TD align=middle width="2%">&nbsp;</TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>Canadian</B></font></TD>
      <TD align=middle width="2%">&nbsp;</TD>
      <TD align=middle width="10%">&nbsp;</TD>
      <TD align=middle width="2%">&nbsp;</TD>
      <TD align=right width="6%"><font size="1" face="sans-serif"><B>U.S.</B></font></TD>
      <TD align=middle width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD align="left"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;($ millions,
        except share amounts) (unaudited)</font></TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>GAAP</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=center width="10%"><FONT face=sans-serif
    size=1>Adjustments</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="5%"><font size="1" face="sans-serif"><B>GAAP</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>GAAP</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=center width="10%"><FONT face=sans-serif
    size=1>Adjustments</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="6%"><font size="1" face="sans-serif"><B>GAAP</B></font></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan="13"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;<B>Operating revenues</B></font></TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>9,836</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><font size="1" face="sans-serif">-</font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="5%"><font size="1" face="sans-serif"><B>9,836</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>9,816</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><font size="1" face="sans-serif">-</font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="6%"><font size="1" face="sans-serif"><B>9,816</B></font></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan="13"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;Operating expenses
        (a) (b) (c) (k)</font></TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>6,067</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>62</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="5%"><font size="1" face="sans-serif"><B>6,129</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>6,072</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>90</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="6%"><font size="1" face="sans-serif"><B>6,162</B></font></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;Amortization expense
        (c) </font></TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>1,572</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><font size="1" face="sans-serif">13</font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="5%"><font size="1" face="sans-serif"><B>1,585</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>1,578</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><font size="1" face="sans-serif">-</font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="6%"><font size="1" face="sans-serif"><B>1,578</B></font></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;Net benefit plans
        expense (credit) (d)</font></TD>
      <TD align=right><font size="1" face="sans-serif"><B>85</B></font></TD>
      <TD>&nbsp;</TD>
      <TD align=right><FONT face=sans-serif size=1>111</FONT></TD>
      <TD>&nbsp;</TD>
      <TD align=right><font size="1" face="sans-serif"><B>196</B></font></TD>
      <TD>&nbsp;</TD>
      <TD align=right><font size="1" face="sans-serif"><B>(18</B></font></TD>
      <TD><font size="1" face="sans-serif"><B>)</B></font></TD>
      <TD align=right><FONT face=sans-serif size=1>22</FONT></TD>
      <TD>&nbsp;</TD>
      <TD align=right><font size="1" face="sans-serif"><B>4</B></font></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Restructuring
        and other charges</font></TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>--</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>--</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="5%"><font size="1" face="sans-serif"><B>--</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>413</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>--</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="6%"><font size="1" face="sans-serif"><B>413</B></font></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan="13"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;Total operating expenses</font></TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>7,724</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>186</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="5%"><font size="1" face="sans-serif"><B>7,910</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>8,045</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>112</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="6%"><font size="1" face="sans-serif"><B>8,157</B></font></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan="13"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;<B>Operating income</B></font></TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>2,112</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>(186</FONT></TD>
      <TD width="2%"><FONT face=sans-serif size=1>)</FONT></TD>
      <TD align=right width="5%"><font size="1" face="sans-serif"><B>1,926</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>1,771</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>(112</FONT></TD>
      <TD width="2%"><FONT face=sans-serif size=1>)</FONT></TD>
      <TD align=right width="6%"><font size="1" face="sans-serif"><B>1,659</B></font></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;Other (income) expense
        (c) (e) (l)</font></TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>(58</B></font></TD>
      <TD width="2%"><font size="1" face="sans-serif"><B>)</B></font></TD>
      <TD align=right width="10%"><font size="1" face="sans-serif">(9</font></TD>
      <TD width="2%"><font size="1" face="sans-serif">)</font></TD>
      <TD align=right width="5%"><font size="1" face="sans-serif"><B>(67</B></font></TD>
      <TD width="2%"><font size="1" face="sans-serif"><B>)</B></font></TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>(248</B></font></TD>
      <TD width="2%"><font size="1" face="sans-serif"><B>)</B></font></TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>2</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="6%"><font size="1" face="sans-serif"><B>(246</B></font></TD>
      <TD width="2%"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;Interest expense
        (f)</font></TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>575</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>(3</FONT></TD>
      <TD width="2%"><FONT face=sans-serif size=1>)</FONT></TD>
      <TD align=right width="5%"><font size="1" face="sans-serif"><B>572</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>524</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><font size="1" face="sans-serif">-</font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="6%"><font size="1" face="sans-serif"><B>524</B></font></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan="13"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;<B>Earnings from
        continuing operations before</B></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><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>income
        taxes and non-controlling interest</B></font></TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>1,595</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>(174</FONT></TD>
      <TD width="2%"><FONT face=sans-serif size=1>)</FONT></TD>
      <TD align=right width="5%"><font size="1" face="sans-serif"><B>1,421</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>1,495</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>(114</FONT></TD>
      <TD width="2%"><FONT face=sans-serif size=1>)</FONT></TD>
      <TD align=right width="6%"><font size="1" face="sans-serif"><B>1,381</B></font></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;Income taxes (c)
        (g)</font></TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>522</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>(115</FONT></TD>
      <TD width="2%"><FONT face=sans-serif size=1>)</FONT></TD>
      <TD align=right width="5%"><font size="1" face="sans-serif"><B>407</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>539</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>(101</FONT></TD>
      <TD width="2%"><FONT face=sans-serif size=1>)</FONT></TD>
      <TD align=right width="6%"><font size="1" face="sans-serif"><B>438</B></font></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;Non-controlling interest
        (h)</font></TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>121</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>(3</FONT></TD>
      <TD width="2%"><FONT face=sans-serif size=1>)</FONT></TD>
      <TD align=right width="5%"><font size="1" face="sans-serif"><B>118</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>277</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>(2</FONT></TD>
      <TD width="2%"><FONT face=sans-serif size=1>)</FONT></TD>
      <TD align=right width="6%"><font size="1" face="sans-serif"><B>275</B></font></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan="13"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;<B>Earnings from
        continuing operations</B></font></TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>952</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>(56</FONT></TD>
      <TD width="2%"><FONT face=sans-serif size=1>)</FONT></TD>
      <TD align=right width="5%"><font size="1" face="sans-serif"><B>896</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>679</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>(11</FONT></TD>
      <TD width="2%"><FONT face=sans-serif size=1>)</FONT></TD>
      <TD align=right width="6%"><font size="1" face="sans-serif"><B>668</B></font></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;Discontinued operations
        (i)</font></TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><strong>(1</strong></font></TD>
      <TD width="2%"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
      <TD align=right width="10%"><font size="1" face="sans-serif">-</font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="5%"><font size="1" face="sans-serif"><strong>(1)</strong></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>(349</B></font></TD>
      <TD width="2%"><font size="1" face="sans-serif"><B>)</B></font></TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>198</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="6%"><font size="1" face="sans-serif"><B>(151</B></font></TD>
      <TD width="2%"><font size="1" face="sans-serif"><strong>)</strong></font></TD>
    </TR>
    <TR>
      <TD colspan="13"><HR NOSHADE COLOR="Black" SIZE="1"> </TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;<B>Net earnings before
        cumulative effect of</B></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><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>change
        in accounting policy</B></font></TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>951</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>(56</FONT></TD>
      <TD width="2%"><FONT face=sans-serif size=1>)</FONT></TD>
      <TD align=right width="5%"><font size="1" face="sans-serif"><B>895</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>330</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>187</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="6%"><font size="1" face="sans-serif"><B>517</B></font></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;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><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
        accounting policy (m)</font></TD>
      <TD align=right width="8%"><font size="1" face="sans-serif">-</font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><font size="1" face="sans-serif">-</font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="5%"><font size="1" face="sans-serif">-</font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="8%"><font size="1" face="sans-serif">-</font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>(7,268</FONT></TD>
      <TD width="2%"><FONT face=sans-serif size=1>)</FONT></TD>
      <TD align=right width="6%"><font size="1" face="sans-serif"><B>(7,268</B></font></TD>
      <TD width="2%"><font size="1" face="sans-serif"><B>)</B></font></TD>
    </TR>
    <TR>
      <TD colspan="13"><HR NOSHADE COLOR="Black" SIZE="1"> </TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;<B>Net earnings (loss)</B></font></TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>951</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>(56</FONT></TD>
      <TD width="2%"><FONT face=sans-serif size=1>)</FONT></TD>
      <TD align=right width="5%"><font size="1" face="sans-serif"><B>895</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>330</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>(7,081</FONT></TD>
      <TD width="2%"><FONT face=sans-serif size=1>)</FONT></TD>
      <TD align=right width="6%"><font size="1" face="sans-serif"><B>(6,751</B></font></TD>
      <TD width="2%"><font size="1" face="sans-serif"><B>)</B></font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;Dividends on preferred
        shares</font></TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>(32</B></font></TD>
      <TD width="2%"><font size="1" face="sans-serif"><B>)</B></font></TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>-</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="5%"><font size="1" face="sans-serif"><B>(32</B></font></TD>
      <TD width="2%"><font size="1" face="sans-serif"><B>)</B></font></TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>(27</B></font></TD>
      <TD width="2%"><font size="1" face="sans-serif"><B>)</B></font></TD>
      <TD align=right width="10%"><font size="1" face="sans-serif">-</font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="6%"><font size="1" face="sans-serif"><B>(27</B></font></TD>
      <TD width="2%"><font size="1" face="sans-serif"><B>)</B></font></TD>
    </TR>
    <TR>
      <TD colspan="13"><HR NOSHADE COLOR="Black" SIZE="1"> </TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;<B>Net earnings (loss)
        applicable to common shares</B></font></TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>919</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>(56</FONT></TD>
      <TD width="2%"><FONT face=sans-serif size=1>)</FONT></TD>
      <TD align=right width="5%"><font size="1" face="sans-serif"><B>863</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="8%"><font size="1" face="sans-serif"><B>303</B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=sans-serif size=1>(7,081</FONT></TD>
      <TD width="2%"><FONT face=sans-serif size=1>)</FONT></TD>
      <TD align=right width="6%"><font size="1" face="sans-serif"><B>(6,778</B></font></TD>
      <TD width="2%"><font size="1" face="sans-serif"><B>)</B></font></TD>
    </TR>
    <TR>
      <TD colspan="13"><HR NOSHADE COLOR="Black" SIZE="1"> </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">&nbsp;&nbsp;&nbsp;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><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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%"><font size="1" face="sans-serif"><B>(71</B></font></TD>
      <TD width="2%"><font size="1" face="sans-serif"><B>)</B></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="6%"><font size="1" face="sans-serif"><B>32</B></font></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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%"><font size="1" face="sans-serif"><B>3</B></font></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%"><font size="1" face="sans-serif"><B>4</B></font></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;<B>Comprehensive
        earnings (loss)</B></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%"><font size="1" face="sans-serif"><B>795</B></font></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%"><font size="1" face="sans-serif"><B>(6,742</B></font></TD>
      <TD width="2%"><font size="1" face="sans-serif"><B>)</B></font></TD>
    </TR>
    <TR>
      <TD colspan="13"><HR NOSHADE COLOR="Black" SIZE="1"> </TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;<B>Net earnings (loss)
        per common share - basic</B></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><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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%"><font size="1" face="sans-serif"><B>0.93</B></font></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%"><font size="1" face="sans-serif"><B>0.79</B></font></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discontinued
        operations</font></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right><font size="1" face="sans-serif"><strong>-</strong></font></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right><font size="1" face="sans-serif"><B>(9.18</B></font></TD>
      <TD><font size="1" face="sans-serif"><B>)</B></font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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%"><font size="1" face="sans-serif"><B>0.93</B></font></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%"><font size="1" face="sans-serif"><B>(8.39</B></font></TD>
      <TD width="2%"><font size="1" face="sans-serif"><B>)</B></font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;<B>Net earnings (loss)
        per common share - diluted</B></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><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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%"><font size="1" face="sans-serif"><B>0.93</B></font></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%"><font size="1" face="sans-serif"><B>0.78</B></font></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued
        operations </font></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right><font size="1" face="sans-serif"><strong>-</strong></font></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right><font size="1" face="sans-serif"><B>(9.17</B></font></TD>
      <TD><font size="1" face="sans-serif"><B>)</B></font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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%"><font size="1" face="sans-serif"><B>0.93</B></font></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%"><font size="1" face="sans-serif"><B>(8.39</B></font></TD>
      <TD width="2%"><font size="1" face="sans-serif"><B>)</B></font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;<B>Dividends per
        common share</B></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%"><font size="1" face="sans-serif"><B>0.60</B></font></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%"><font size="1" face="sans-serif"><B>0.60</B></font></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;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><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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%"><font size="1" face="sans-serif"><B>918.2</B></font></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%"><font size="1" face="sans-serif"><B>808.6</B></font></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan="13"><HR NOSHADE COLOR="Black" SIZE="1"> </TD>
    </TR>

</TABLE>
<br>
<font size="1" face="sans-serif"> <SUP>(1)</SUP> Certain comparative figures have
been reclassified to conform to the current year presentation (see Note a).</font>
<font size="1" face="sans-serif"><br>
<br>
</font>
<hr width="100%" size=4 color=GRAY noshade>
<font size="1" face="sans-serif">
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<BR>
<BR>
</font><font size="2" face="sans-serif"><font size="2">
<P><B>Appendix A - Reconciliation of Canadian Generally Accepted Accounting Principles
  (GAAP) to United States GAAP </B></P>
</font></font> <font size="2" face="sans-serif"><font size="2"></font></font>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD colspan="7" ALIGN="center"><font size="1"><strong><font face="sans-serif">2003</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD colspan="7" ALIGN="center"><font size="1" face="sans-serif">2002</font></TD>
    &nbsp;
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>For the three months
      ended June 30</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">Canadian</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">U.S.</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">Canadian</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">U.S.</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">($ millions, except share
      amounts) (unaudited)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">GAAP</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">Adjustments</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">GAAP</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">GAAP</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">Adjustments</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">GAAP</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="51%" ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Operating
      revenues</strong></font></TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="4%" ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">4,946</font></strong></font></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="4%" ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="4%" ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">4,946</font></strong></font></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="4%" ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">4,974</font></strong></font></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="4%" ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD WIDTH="3%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="4%" ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">4,974</font></strong></font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="21" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Operating expenses (a) (b)
      (c) (k)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">2,999</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">39</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">3,038</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">3,038</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">43</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">3,081</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Amortization expense (c)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">797</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">13</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">810</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">808</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">808</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Net benefit plans expense
      (credit) (d)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">43</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">55</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">98</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">(12</font></strong></font></TD>
    <TD ALIGN="LEFT"><font size="1"><strong><font face="sans-serif">)</font></strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">12</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">--</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Restructuring and other
      charges</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">--</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">--</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">413</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">413</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Total operating expenses</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">3,839</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">107</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">3,946</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">4,247</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">55</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">4,302</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Operating income</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">1,107</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(107</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">1,000</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">727</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(55</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">672</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Other (income) expense (c)
      (e) (l)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">(8</font></strong></font></TD>
    <TD ALIGN="LEFT"><font size="1"><strong><font face="sans-serif">)</font></strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(34</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">(42</font></strong></font></TD>
    <TD ALIGN="LEFT"><font size="1"><strong><font face="sans-serif">)</font></strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">(246</font></strong></font></TD>
    <TD ALIGN="LEFT"><font size="1"><strong><font face="sans-serif">)</font></strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(33</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">(279</font></strong></font></TD>
    <TD ALIGN="LEFT"><font size="1"><strong><font face="sans-serif">)</font></strong></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Interest expense (f)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">291</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">290</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">263</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">263</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Earnings from continuing
      operations before</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;<strong>income
      taxes and non-controlling interest</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">824</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(72</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">752</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">710</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(22</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">688</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Income taxes (c) (g)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">277</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(56</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">221</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">246</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(36</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">210</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Non-controlling interest
      (h)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">70</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(1</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">69</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">141</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">1</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">142</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Earnings from continuing
      operations</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">477</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(15</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">462</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">323</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">13</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">336</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Discontinued operations
      (i)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">1</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">1</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">(303</font></strong></font></TD>
    <TD ALIGN="LEFT"><font size="1"><strong><font face="sans-serif">)</font></strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">(303</font></strong></font></TD>
    <TD ALIGN="LEFT"><font size="1"><strong><font face="sans-serif">)</font></strong></font></TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Net earnings</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">478</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(15</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1"><font face="sans-serif">463</font></font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">20</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">13</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">33</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Dividends on preferred shares</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">(17</font></strong></font></TD>
    <TD ALIGN="LEFT"><font size="1"><strong><font face="sans-serif">)</font></strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1"><font face="sans-serif">(17</font></font></strong></TD>
    <TD ALIGN="LEFT"><font size="1"><strong><font face="sans-serif">)</font></strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">(14</font></strong></font></TD>
    <TD ALIGN="LEFT"><font size="1"><strong><font face="sans-serif">)</font></strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">--</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">(14</font></strong></font></TD>
    <TD ALIGN="LEFT"><font size="1"><strong><font face="sans-serif">)</font></strong></font></TD>
  </TR>
  <TR>
    <TD COLSPAN="21"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><strong>Net earnings applicable
      to common shares</strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">461</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(15</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1"><font face="sans-serif">446</font></font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">6</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">13</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><font face="sans-serif"><strong>19</strong></font></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="21" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Other comprehensive earnings
      (loss) items</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font face="sans-serif">&nbsp;</font></TD>
    <TD ALIGN="LEFT"><font face="sans-serif">&nbsp;</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font face="sans-serif">&nbsp;</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change
      in currency translation adjustment</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">(43</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font size="1" face="sans-serif">)</font></strong></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">47</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change
      in unrealized gain or loss on investments (j)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">--</font></strong></TD>
    <TD ALIGN="LEFT"><font face="sans-serif">&nbsp;</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">4</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif"><B>Comprehensive earnings
      (loss)</B></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">403</font></strong></TD>
    <TD ALIGN="LEFT"><font face="sans-serif">&nbsp;</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">70</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="21" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1"><strong><font face="sans-serif">Net earnings
      per common share - basic</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Continuing
      operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">0.48</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">0.40</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Discontinued
      operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">--</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">(0.38</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font size="1" face="sans-serif">)</font></strong></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Net
      earnings</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">0.48</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">0.02</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1"><strong><font face="sans-serif">Net earnings
      per common share - diluted</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Continuing
      operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">0.48</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">0.39</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Discontinued
      operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">--</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">(0.37</font></strong></TD>
    <TD ALIGN="LEFT"><strong><font size="1" face="sans-serif">)</font></strong></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Net
      earnings</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">0.48</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">0.02</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1"><strong><font face="sans-serif">Dividends
      per common share</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">0.30</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">0.30</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Average number of common
      shares</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;outstanding
      (millions)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">919.3</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><strong><font size="1" face="sans-serif">808.7</font></strong></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="102%">
  <TR VALIGN="BOTTOM">
    <TH width="73%" COLSPAN="3"></TH>
    <TH width="15%" COLSPAN="3"></TH>
    <TH width="12%" COLSPAN="3"></TH>
  </TR>
  <TR>
    <TD COLSPAN="9"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
</TABLE>
<p><font size="1" face="sans-serif"><SUP>(1)</SUP> Certain comparative figures
  have been reclassified to conform to the current year presentation (see Note
  a).</font> <font size="1"><br>
  <br>
  <br>
  </font></p>
<hr width="100%" size=4 color=GRAY noshade>
<font size="1">
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<font size="2">
<P><B><FONT face=sans-serif>Appendix A - Reconciliation of Canadian Generally
  Accepted Accounting Principles (GAAP) to United States GAAP </FONT></B></P>
</font></font>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <!--DWLayoutTable-->

    <TR>
      <TD><font size="1"><B><FONT size="2" face=sans-serif>STATEMENTS OF ACCUMULATED
        OTHER COMPREHENSIVE EARNINGS (LOSS)</FONT></B></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;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan="5"><HR NOSHADE COLOR="Black" SIZE="1"> </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD align=right width="10%"><font size="1"><B><FONT face=sans-serif>June
        30 </FONT></B></font></TD>
      <TD align=right width="2%">&nbsp;</TD>
      <TD align=right width="13%"><FONT face=sans-serif size=1>December 31</FONT></TD>
      <TD align=middle width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><FONT face=sans-serif size=1>($ millions) (unaudited)</FONT></TD>
      <TD align=right width="10%"><font size="1"><B><FONT face=sans-serif>2003</FONT></B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="13%"><FONT face=sans-serif size=1>2002</FONT></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan="5"><HR NOSHADE COLOR="Black" SIZE="1"> </TD>
    </TR>
    <TR>
      <TD><FONT face=sans-serif size=1>Currency translation adjustment</FONT></TD>
      <TD align=right width="10%"><font size="1"><B><FONT face=sans-serif>(61</FONT></B></font></TD>
      <TD width="2%"><font size="1"><B><FONT face=sans-serif>)</FONT></B></font></TD>
      <TD align=right width="13%"><FONT face=sans-serif size=1>10</FONT></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><FONT face=sans-serif size=1>Unrealized gain (loss) on investments (j)</FONT></TD>
      <TD align=right width="10%"><font size="1"><B><FONT face=sans-serif>2</FONT></B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="13%"><FONT face=sans-serif size=1>(1</FONT></TD>
      <TD width="2%"><FONT face=sans-serif size=1>)</FONT></TD>
    </TR>
    <TR>
      <TD><FONT face=sans-serif size=1>Additional minimum pension liability (d)</FONT></TD>
      <TD align=right width="10%"><font size="1"><B><FONT face=sans-serif>(81</FONT></B></font></TD>
      <TD width="2%"><font size="1"><B><FONT face=sans-serif>)</FONT></B></font></TD>
      <TD align=right width="13%"><FONT face=sans-serif size=1>(81</FONT></TD>
      <TD width="2%"><FONT face=sans-serif size=1>)</FONT></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD><HR NOSHADE COLOR="Black" SIZE="1"></TD>
      <TD><HR NOSHADE COLOR="Black" SIZE="1"></TD>
      <TD colspan="2"><HR NOSHADE COLOR="Black" SIZE="1"> </TD>
    </TR>
    <TR>
      <TD><font size="1"><B><FONT face=sans-serif>Accumulated Other Comprehensive
        loss</FONT></B></font></TD>
      <TD align=right width="10%"><font size="1"><B><FONT face=sans-serif>(140</FONT></B></font></TD>
      <TD width="2%"><font size="1"><B><FONT face=sans-serif>)</FONT></B></font></TD>
      <TD align=right width="13%"><FONT face=sans-serif size=1>(72</FONT></TD>
      <TD width="2%"><FONT face=sans-serif size=1>)</FONT></TD>
    </TR>
    <TR>
      <TD colspan="5"><HR NOSHADE COLOR="Black" SIZE="1"> </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><font size="1"><B><FONT size="2" face=sans-serif>RECONCILIATION OF TOTAL
        SHAREHOLDERS&#8217; EQUITY</FONT></B></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;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan="5"><HR NOSHADE COLOR="Black" SIZE="1"> </TD>
    </TR>
    <TR>
      <TD><FONT face=sans-serif size=1>($ millions) (unaudited)</FONT></TD>
      <TD align=right width="10%"><font size="1"><B><FONT face=sans-serif>June
        30 </FONT></B></font></TD>
      <TD align=right width="2%">&nbsp;</TD>
      <TD align=right width="13%"><FONT face=sans-serif size=1>December 31</FONT></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD align=right width="10%"><font size="1"><B><FONT face=sans-serif>2003</FONT></B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="13%"><FONT face=sans-serif size=1>2002 <SUP>(1)</SUP></FONT></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan="5"><HR NOSHADE COLOR="Black" SIZE="1"> </TD>
    </TR>
    <TR>
      <TD><font size="1"><B><FONT face=sans-serif>Canadian GAAP</FONT></B></font></TD>
      <TD align=right width="10%"><font size="1"><B><FONT face=sans-serif>13,199</FONT></B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="13%"><FONT face=sans-serif size=1>12,615</FONT></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><FONT face=sans-serif size=1>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><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
      face=sans-serif>Pre-operating expenses (a) (b)</FONT></font></TD>
      <TD align=right width="10%"><font size="1"><B><FONT face=sans-serif>(75</FONT></B></font></TD>
      <TD width="2%"><font size="1"><B><FONT face=sans-serif>)</FONT></B></font></TD>
      <TD align=right width="13%"><FONT face=sans-serif size=1>(78</FONT></TD>
      <TD width="2%"><FONT face=sans-serif size=1>)</FONT></TD>
    </TR>
    <TR>
      <TD><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
      face=sans-serif>Employee future benefits (d)</FONT></font></TD>
      <TD align=right width="10%"><font size="1"><B><FONT face=sans-serif>(94</FONT></B></font></TD>
      <TD width="2%"><font size="1"><B><FONT face=sans-serif>)</FONT></B></font></TD>
      <TD align=right width="13%"><FONT face=sans-serif size=1>17</FONT></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
      face=sans-serif>Gain on disposal of investments and on reduction</FONT></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><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
      face=sans-serif>of ownership in subsidiary companies (e)</FONT></font></TD>
      <TD align=right width="10%"><font size="1"><B><FONT face=sans-serif>163</FONT></B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="13%"><FONT face=sans-serif size=1>163</FONT></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
      face=sans-serif>Other</FONT></font></TD>
      <TD align=right width="10%"><font size="1"><B><FONT face=sans-serif>63</FONT></B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="13%"><FONT face=sans-serif size=1>56</FONT></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
      face=sans-serif>Tax effect of the above adjustments (g)</FONT></font></TD>
      <TD align=right width="10%"><font size="1"><B><FONT face=sans-serif>(57</FONT></B></font></TD>
      <TD width="2%"><font size="1"><B><FONT face=sans-serif>)</FONT></B></font></TD>
      <TD align=right width="13%"><FONT face=sans-serif size=1>(99</FONT></TD>
      <TD width="2%"><FONT face=sans-serif size=1>)</FONT></TD>
    </TR>
    <TR>
      <TD><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
      face=sans-serif>Non-controlling interest effect of the above adjustments
        (h)</FONT></font></TD>
      <TD align=right width="10%"><font size="1"><B><FONT face=sans-serif>83</FONT></B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="13%"><FONT face=sans-serif size=1>80</FONT></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
      face=sans-serif>Unrealized gain (loss) on investments (j)</FONT></font></TD>
      <TD align=right width="10%"><font size="1"><B><FONT face=sans-serif>2</FONT></B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="13%"><FONT face=sans-serif size=1>(1</FONT></TD>
      <TD width="2%"><FONT face=sans-serif size=1>)</FONT></TD>
    </TR>
    <TR>
      <TD colspan="5"><HR NOSHADE COLOR="Black" SIZE="1"> </TD>
    </TR>
    <TR>
      <TD><font size="1"><B><FONT face=sans-serif>United States GAAP</FONT></B></font></TD>
      <TD align=right width="10%"><font size="1"><B><FONT face=sans-serif>13,284</FONT></B></font></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="13%"><FONT face=sans-serif size=1>12,753</FONT></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan="5"><HR NOSHADE COLOR="Black" SIZE="1"> </TD>
    </TR>

</TABLE>
<P><font size="1" face="sans-serif"><B><font size="2">(a) Subscriber acquisition
  costs </font></B></font></P>
<P><FONT face=sans-serif size=2>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 face=sans-serif size=2>As a result of this change in Canadian GAAP, the
  United States GAAP differences historically reported have been eliminated. </FONT></P>
<P><font size="2" face="sans-serif"><B>(b) Pre-operating expenses</B> </font></P>
<P><FONT face=sans-serif size=2>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><font size="2" face="sans-serif"><B>(c) Investment tax credits </B></font></P>
<P><FONT face=sans-serif size=2>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. Where the related
  expenditure was capital in nature, there is a corresponding impact on amortization
  expense. </FONT></P>
<P><font size="2" face="sans-serif"><B>(d) Future benefits for employees </B></font></P>
<P><FONT face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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>
<font size="2" face="sans-serif"><BR>
<BR>
</font>
<HR width="100%" color=gray noShade SIZE=4>
<font size="2" face="sans-serif">
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<BR>
<BR>
</font><font size="2">
<P><font size="2" face="sans-serif"><B>Appendix A - Reconciliation of Canadian
  Generally Accepted Accounting Principles (GAAP) to United States GAAP </B></font></P>
<P><font size="2" face="sans-serif"><B>(e) Gains or losses on investments </B></font></P>
</font>
<P><FONT face=sans-serif size=2>Under Canadian GAAP and United States GAAP, gains
  or losses 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
  or loss to be different. </FONT></P>
<P><font size="2" face="sans-serif"><B>(f) Interest expense </B></font></P>
<P><FONT face=sans-serif size=2>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
  that do not have certain specified characteristics are recorded as long-term
  debt and no accretion expense is recognized. </FONT></P>
<P><font size="2" face="sans-serif"><B>(g) Income taxes </B></font></P>
<P><FONT face=sans-serif size=2>In addition to item (c), 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 face=sans-serif size=2>income tax rates of enacted or substantively
    enacted tax law must be used to calculate future income tax assets and liabilities
    under Canadian GAAP<BR>
    </FONT>
  <LI><FONT face=sans-serif size=2>only income tax rates of enacted tax law can
    be used under United States GAAP.<BR>
    </FONT></LI>
</UL>
<P><font size="2" face="sans-serif"><B>(h) Non-controlling interest </B></font></P>
<P><FONT face=sans-serif size=2>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><font size="2" face="sans-serif"><B>(i) Discontinued operations </B></font></P>
<P><FONT face=sans-serif size=2>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><font size="2" face="sans-serif"><B>(j) Change in unrealized gain (loss) on
  investments </B></font></P>
<FONT face=sans-serif size=2>Our portfolio investments would be classified as
"available-for-sale" under United States<BR>
GAAP and carried at fair value with any unrealized gains or losses included in
other comprehensive earnings, net of tax. </FONT>
<P><font size="2" face="sans-serif"><B>(k) Accounting for stock-based compensation
  </B></font></P>
<P><FONT face=sans-serif size=2>In December 2002, the FASB issued Statement of
  Financial Accounting Standards (SFAS) No. 148, <I>Accounting for Stock-Based
  Compensation - Transition and Disclosure</I>, 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 face=sans-serif size=2>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 $4 million and $6 million
  for the three months and six months ended June 30, 2002, consistent with Canadian
  GAAP. </FONT></P>
<P><FONT face=sans-serif size=2>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>
<font size="2" face="sans-serif"><BR>
<BR>
</font>
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<font size="2" face="sans-serif">
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<P><font size="2"><B>Appendix A - Reconciliation of Canadian Generally Accepted
  Accounting Principles (GAAP) to United States GAAP </B></font></P>
</font></font>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="3"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="15" ALIGN="LEFT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">For the period ended June
      30 (unaudited)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD colspan="4" ALIGN="center"><font size="1"><strong><font face="sans-serif">Three
      months</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD colspan="4" ALIGN="center"><font size="1"><strong><font face="sans-serif">Six
      months</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="60%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="4%" ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">2003</font></strong></font></TD>
    <TD WIDTH="6%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="4%" ALIGN="RIGHT"><font size="1" face="sans-serif">2002<SUP>(1)</SUP></font></TD>
    <TD WIDTH="4%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="4%" ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">2003</font></strong></font></TD>
    <TD WIDTH="6%" ALIGN="LEFT">&nbsp;</TD>
    <TD WIDTH="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD WIDTH="4%" ALIGN="RIGHT"><font size="1" face="sans-serif">2002<SUP>(1)</SUP></font></TD>
    <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="15"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Net earnings (loss), as
      reported</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">463</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">33</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">895</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(6,751</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Compensation cost included
      in net earnings</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">6</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">14</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">6</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Total compensation cost</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">(11</font></strong></font></TD>
    <TD ALIGN="LEFT"><font size="1"><strong><font face="sans-serif">)</font></strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(15</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">(25</font></strong></font></TD>
    <TD ALIGN="LEFT"><font size="1"><strong><font face="sans-serif">)</font></strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(27</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR>
    <TD COLSPAN="15"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Pro forma net earnings (loss)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">458</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">22</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">884</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(6,772</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Pro forma net earnings (loss)
      per common share - basic</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">0.48</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">0.01</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">0.93</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(8.41</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Pro forma net earnings (loss)
      per common share - diluted</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">0.48</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">0.01</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">0.93</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">(8.41</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">Assumptions used in Black-Scholes</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;option
      pricing model for BCE options granted:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Dividend
      yield</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">3.7</font></strong></font></TD>
    <TD ALIGN="LEFT"><font size="1"><strong><font face="sans-serif">%</font></strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3.6</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">3.6</font></strong></font></TD>
    <TD ALIGN="LEFT"><font size="1"><strong><font face="sans-serif">%</font></strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">3.2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Expected
      volatility</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">30</font></strong></font></TD>
    <TD ALIGN="LEFT"><font size="1"><strong><font face="sans-serif">%</font></strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">30</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">30</font></strong></font></TD>
    <TD ALIGN="LEFT"><font size="1"><strong><font face="sans-serif">%</font></strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">30</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Risk-free
      interest rate</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">3.5</font></strong></font></TD>
    <TD ALIGN="LEFT"><font size="1"><strong><font face="sans-serif">%</font></strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">5.2</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">4.1</font></strong></font></TD>
    <TD ALIGN="LEFT"><font size="1"><strong><font face="sans-serif">%</font></strong></font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4.7</font></TD>
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Expected
      life (years)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">4.5</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4.5</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">4.5</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">4.5</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Weighted
      average fair value of options granted ($)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">6</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">8</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1"><strong><font face="sans-serif">6</font></strong></font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="1" face="sans-serif">8</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="15"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
</TABLE>
<font size="1"><br>
</font>
<P ALIGN="LEFT"><FONT size="1" FACE="sans-serif"><B><font size="2">(l) Accounting
  for derivative instruments and hedging activities (SFAS 133)<br>
  </font></B><font size="2">In accordance with SFAS 133, <I>Accounting for Derivatives
  Instruments and Hedging Activities</I>, 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></FONT> </P>
<P ALIGN="LEFT"><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 gain of
  $32 million and $7 million respectively for the three months and six months
  ended June 30, 2003 and a $16 million pre-tax gain and a $15 million pre-tax
  loss, respectively, for the three months and six months ended June 30, 2002.</FONT>
</P>
<FONT size="2" FACE="sans-serif"><B>(m) Impact of adopting new accounting standards</B></FONT><font size="2"><br>
<i><font face="sans-serif"><br>
</font></i> <FONT FACE="sans-serif"><I>Goodwill and other intangible assets<br>
</I></FONT></font><FONT size="2" FACE="sans-serif">As of June 30, 2002, in accordance
with Financial Accounting Standard Board (FASB) Standard No. 142. <I>Goodwill
and Other Intangible Assets,</I> 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> <font size="2"><br>
<br>
<FONT FACE="sans-serif">In performing the transitional impairment test, we:</FONT></font>
<font size="2">
</font>
<ul>
  <LI><FONT face=sans-serif size=2>estimated the fair value of our reporting units
    based on discounted future cash flows</FONT><font size="2">
    </font>
  <LI><FONT face=sans-serif size=2>compared the fair values to those implied by
    public company trading multiples.</FONT><font size="2"><BR>
    </font></LI>
</ul>
<FONT size="2" FACE="sans-serif">We determined a transitional impairment loss
of $7,268 net of tax 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).<br>
</FONT>
<P ALIGN="LEFT"><FONT size="2" FACE="sans-serif"><B>(n) Recent changes to accounting
  standards<br>
  <br>
  </B><I>Costs Associated with Exit or Disposal Activities<br>
  </I>The FASB recently issued new Standard No. 146, <I>Accounting for Costs Associated
  with Exit or Disposal</I> <I>Activities</I>. 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,
  <I>Liability Recognition for Certain Employee Termination</I> <I>Benefits and
  Other Costs to Exit and Activity (including Certain Costs Incurred in a Restructuring)</I>,
  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>
<P ALIGN="LEFT"><font size="2"><br>
  <br>
  </font></P>
<hr width="100%" size=4 color=GRAY noshade>
<font size="2">
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</font>
</font><font size="2" face="sans-serif"><font size="2">
<P><font size="2"><B>Appendix A - Reconciliation of Canadian Generally Accepted
  Accounting Principles (GAAP) to United States GAAP</strong></B></font></P>
  </font></font>
<P ALIGN="LEFT"><FONT size="2" FACE="sans-serif"><I>Accounting for asset retirement
  obligations<br>
  </I>In August 2001, the FASB issued SFAS No. 143, <I>Accounting for Asset Retirement
  Obligations</I>, 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 significant impact on our results
  of operations and financial position.</FONT> </P>
<P ALIGN="LEFT"><FONT size="2" FACE="sans-serif"><I>Guarantees<br>
  </I>In November 2002, the FASB issued Interpretation (FIN) No. 45, <I>Guarantor&#146;s
  Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees
  of Indebtedness of Others</I>, 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 ALIGN="LEFT"><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.</FONT> </P>
<P ALIGN="LEFT"><FONT size="2" FACE="sans-serif"><I>Consolidation of variable
  interest entities<br>
  </I>In January 2003, the FASB issued FIN No. 46, Consolidation of Variable Interest
  Entities. This interpretation clarifies how to apply Accounting Research Bulletin
  No. 51, <I>Consolidated Financial Statements to those entities</I> <I>defined
  as</I> <I>&#147;Variable Interest Entities,&#148;</I> 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 ALIGN="LEFT"><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 ALIGN="LEFT"><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>
<P ALIGN="LEFT"><FONT size="2" FACE="sans-serif"><I>Financial Instruments<br>
  </I>In May 2003, the FASB issued SFAS No. 150, <I>Accounting for Certain Financial
  Instruments with Characteristics of both Liabilities and Equity</I>. This interpretation
  clarifies the accounting for certain financial instruments with characteristics
  of both liabilities and equity and requires that those instruments be classified
  as liabilities in statements of financial position. Previously, many of those
  financial instruments were classified as equity. SFAS 150 is effective for financial
  instruments entered into or modified after May 31, 2003 and otherwise is effective
  at the beginning of the first interim period beginning after June 15, 2003.
  We are currently evaluating the impact of this standard on our financial statements.</FONT>
</P>
<P>&nbsp;</P>

<br>
<p>&nbsp; </p>
<p align="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B><font size="3">SIGNATURE</font></B></FONT></FONT></p>
<font size="3">
<!-- MARKER FORMAT-SHEET="Para" -->
</font>
<blockquote>
  <p align="LEFT"><font size="3">&nbsp;<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="Times New Roman, Times, Serif">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></font></font> </p>
  <p>
    <!-- MARKER FORMAT-SHEET="Center Head Bold" -->
    <A NAME="A010"></A> </p>
</blockquote>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>BCE
      Inc.</B></FONT></FONT></td>
    <td width="10%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="3"></FONT></FONT></td>
  </tr>
  <tr>
    <td width="45%"> <p>&nbsp;</p>
      <p>&nbsp;</p>
      <p>&nbsp;</p></td>
    <td width="45%" valign="bottom"><font size="2"><FONT FACE="Times New Roman, Times, Serif">(signed)
      Michael T. Boychuk<br>
      </FONT></font> <hr width=100% size=1 color=BLACK noshade> </td>
    <td width="10%"><font size="3"><br>
      <br>
      <br>
      <br>
      <FONT FACE="Times New Roman, Times, Serif"><br>
      </FONT></font> </td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="45%"><FONT size="2" FACE="Times New Roman, Times, Serif">Michael
      T. Boychuk</FONT><font size="2"><br>
      <FONT FACE="Times New Roman, Times, Serif">Senior Vice-President and Treasurer</FONT></font>
    </td>
    <td width="10%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="45%" valign="bottom"><font size="3">Date: July 30, 2003</font></td>
    <td width="10%"><font size="3"><br>
      <br>
      <br>
      </font></td>
  </tr>
</table>
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`
end

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