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<SEC-DOCUMENT>0000718940-03-000045.txt : 20031217
<SEC-HEADER>0000718940-03-000045.hdr.sgml : 20031217
<ACCEPTANCE-DATETIME>20031217092554
ACCESSION NUMBER:		0000718940-03-000045
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20031217
FILED AS OF DATE:		20031217

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:		031058751

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BELL CANADA ENTERPRISES INC
		DATE OF NAME CHANGE:	19880111
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6-k.htm
<TEXT>
 <p align="center"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B><font size="4">SECURITIES
  AND EXCHANGE COMMISSION<br>
  <font size="2">WASHINGTON, </font></font><font size="2"> D.C. 20549</font></B></FONT></FONT><br>
</p>
<P ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="4"><B>FORM
  6-K</B></FONT></FONT></P>
<!-- MARKER FORMAT-SHEET="Para Flush" -->
<P ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>REPORT
  OF FOREIGN PRIVATE ISSUER </B></FONT></FONT></P>
<P ALIGN="center"><FONT FACE="Times New Roman, Times, Serif">Pursuant to Rule
  13a-16 or 15d-16 under<br>
  </FONT><FONT FACE="Times New Roman, Times, Serif">the Securities Exchange Act
  of 1934</FONT></P>
<P ALIGN="center">&nbsp;</P>
<table width="94%" border="0">
  <tr>
    <td width="53%"><font face="Times New Roman, Times, Serif">For the month of:
      <b>December 2003</b></font></td>
    <td width="47%"><div align="right"><font face="Times New Roman, Times, Serif">Commission
        File Number: <b>1-8481</b></font></div></td>
  </tr>
</table>
<P ALIGN="center">&nbsp; </P>
<P ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="4"><B>BCE
  Inc.<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></P>
<!-- MARKER FORMAT-SHEET="Para Flush" -->
<P ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B><font size="3">1000,
  rue de La Gaucheti&egrave;re Ouest, Bureau 3700, Montr&eacute;al, Qu&eacute;bec
  H3B 4Y7, (514) 397-7000</font><br>
  </B><I>(Address of principal executive offices)</I></FONT></FONT></P>
<P ALIGN="LEFT">&nbsp;</P>
<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" cellpadding="0" cellspacing="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="9%" valign="bottom"><div align="center">X </div>
      <HR align="left" WIDTH=100% SIZE=1 NOSHADE COLOR=BLACK></td>
    <td width="9%" valign="bottom"> <div align="center"></div></td>
  </tr>
</table>
<p>&nbsp;</p>
<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>
<!-- MARKER FORMAT-SHEET="Left Head Bold" -->
<A NAME="A006"></A>
<table width="85%" border="0" cellpadding="0" cellspacing="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>
<P ALIGN="LEFT">&nbsp;</P>
<table width="96%" border="0" cellpadding="0" cellspacing="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>
  </tr>
</table>
<P ALIGN="LEFT">&nbsp;</P>
<blockquote>
  <p align="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Notwithstanding
    any reference to BCE&#146;s Web site on the World Wide Web in the documents
    attached hereto, the information contained in BCE&#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 6-K and, therefore, is not filed with the Securities and Exchange
    Commission.</FONT></FONT> </p>
</blockquote>
<p>&nbsp;</p>
<hr width="100%" size=4 color=GRAY noshade>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="47%"><img src="bcelogo.jpg" width="292" height="99"></td>
    <td width="53%" valign="bottom">
<div align="right"><font size="6">News Release</font></div></td>
  </tr>
</table>
<hr>
For immediate release
<p> <font size="2">(All figures are in Cdn$, unless otherwise indicated) </font></p>
<p>&nbsp;</p>
<p align="center"><strong><font size="3">BELL CANADA ENTERPRISES: SETTING THE
  STANDARD IN THE IP WORLD </font></strong></p>
<p align="center">&nbsp;</p>
<p align="justify"><font size="2">Montreal (Quebec), December 17, 2003-- Bell
  Canada Enterprises (NYSE/TSX: BCE) <FONT FACE="Times New Roman, Times, Serif">President
  and Chief Executive Officer Michael Sabia outlined today the company&#146;s
  strategy to become a world-leading Internet Protocol (IP) based communications
  company. Mr. Sabia was speaking in Toronto, Ontario at the company&#146;s annual
  presentation to the financial community. </FONT></font></p>
<p align="justify"><font size="2">Mr. Sabia said Bell clearly sees its environment
  as "Not Telecom as Usual", and is determined to lead change in the industry,
  not merely adapt to it. Mr. Sabia said Bell will meet head-on the opportunity
  to set the industry standard in the IP World and bring all of its resources
  into play to capture the full potential of IP based communications. </font></p>
<p align="justify"><font size="2">"It's clear the future for the industry is IP,"
  said Mr. Sabia. "It's also clear that we are equipped like no other to lead.
  We have the people, the networks, the technical and marketing expertise, the
  financial stability and a vast customer base to ensure that Canadians will be
  among the first to access the emerging services of our IP future. The company
  is solidly engaged, and we have the plans and the proven ability to execute
  to support our determination to compete and win in an IP World." </font></p>
<p align="justify"><font size="2">Bell's overall objective is to migrate 100 per
  cent of its traffic onto a national IP backbone network within three years,
  with 90 per cent of its customers having access to a full suite of value-added
  IP services. IP based communications will provide increased value to Bell's
  customers through inter-operability, simpler provisioning, greater self service
  and multimedia Internet. It will also provide the company with significant opportunities
  to reduce costs in the future. </font></p>
<p align="justify"><font size="2">"We made significant progress in 2003." said
  Mr. Sabia. "Progress that laid the foundation, as we aggressively build a new
  chapter in Bell Canada's history. The three distinct business units that we
  formed increased the speed with which we serve our customers and bring innovative
  solutions to the market." </font></p>
<p align="justify"><font size="2">"Going forward, into 2004 and beyond, Bell will
  continue to be at the forefront of meeting customers' changing communications
  needs, which will be defined by solutions, not just products," continued Mr.
  Sabia. "Bell Canada will focus on innovation, simplicity and service. Through
  increased efficiency, the company will build a competitive cost structure for
  an IP World." </font></p>
<p align="justify">&nbsp;</p>
<hr>
<p align="justify">&nbsp;</p>
<p align="center"><font size="3">-2- </font></p>
<p align="justify">&nbsp;</p>
<p align="justify"><font size="2">Mr. Sabia said the changes under way are significant
  and the benefits of those changes will not be felt immediately. "The impact
  of what we are working towards will not be seen overnight," he said, "but we're
  convinced we are moving the company in the right direction." </font></p>
<p><strong>Serving our Customers </strong></p>
<p align="justify"><font size="2">"Our integrated business plan will hone-in on
  the company's strengths in service and brand equity. We are determined to become
  an agile company in an increasingly competitive marketplace and to further grow
  our consumer and business segments in 2004," said Mr. Sabia. </font></p>
<p align="justify"><font size="2">"In the consumer market, Bell is aiming to `win'
  the broadband home by harnessing the `power of One': one company, one brand,
  one point of contact ," said Pierre Blouin, Group President, Consumer Markets,
  Bell Canada. "Our detailed plan includes the following strategic imperatives:</font></p>
<table width="99%" border="0">
  <tr>
    <td width="6%" valign="top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></td>
    <td width="94%"><div align="justify"><font size="2">By the end of 2005 we
        intend to double the number of households that use three or four of our
        key services and we'll also reduce in-store activation times by more than
        50 per cent</font></div></td>
  </tr>
  <tr>
    <td valign="top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></td>
    <td><div align="justify"><font size="2">We will continue our focus on simplicity
        and service through initiatives such as a unified marketing strategy for
        all consumer products and services, attractive bundles and one stop shopping</font></div></td>
  </tr>
  <tr>
    <td valign="top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></td>
    <td><div align="justify"><font size="2">We will build on our innovation and
        growth momentum by expanding our DSL footprint and delivering on Push-to-Talk
        wireless handsets, MSN-Sympatico next-generation tools</font></div></td>
  </tr>
  <tr>
    <td valign="top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></td>
    <td><div align="justify"><font size="2">We will launch a consumer VOIP market
        trial in early 2004, and</font></div></td>
  </tr>
  <tr>
    <td valign="top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></td>
    <td> <div align="justify"><font size="2">We will better bring the best television
        service to Canadians. This includes enhancing the ExpressVu value proposition,
        progressing with IPTV trials, and further expanding video to MDU's."</font></div></td>
  </tr>
</table>
<p align="justify"><br>
  <font size="2">"For small and medium businesses, we will become their information
  technology advisor," said Karen Sheriff, President, Small and Medium Business,
  Bell Canada. "Over the next two years, our objectives are to double customers
  with two or more services and to cut in half the time it takes to serve our
  customers, with initiatives such as:</font></p>
<table width="99%" border="0">
  <tr>
    <td width="5%" valign="top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></td>
    <td width="95%"><div align="justify"><font size="2">Improving customer service
        through faster response times, faster installation and faster problem
        resolution</font></div></td>
  </tr>
  <tr>
    <td valign="top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></td>
    <td><div align="justify"><font size="2">Moving small and medium business into
        new technologies such as VoIP and WiFi</font></div></td>
  </tr>
  <tr>
    <td valign="top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></td>
    <td><div align="justify"><font size="2">Increasing full-suite solutions and
        the speed for customer responses, installations and resolutions, and</font></div></td>
  </tr>
  <tr>
    <td valign="top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></td>
    <td><div align="justify"><font size="2">Optimizing our sales force to enhance
        our coverage and selling time."</font></div></td>
  </tr>
</table>
<p>&nbsp; </p>
<p align="justify"> <font size="2">"With Enterprise, we'll focus on transforming
  the business from providing connectivity to delivering value-added services
  to customers," said Isabelle Courville, President, Enterprise Business, Bell
  Canada. "Our mid-term goals include: </font></p>
<table width="99%" border="0">
  <tr>
    <td width="5%" valign="top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></td>
    <td width="95%"><font size="2">Delivering value-added services to at least
      80 per cent of our customers by 2005</font></td>
  </tr>
  <tr>
    <td valign="top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></td>
    <td><font size="2">The development of an IP migration plan for each of our
      enterprise accounts in 2004, and</font></td>
  </tr>
  <tr>
    <td valign="top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></td>
    <td><font size="2">Improving billing and customer service processes." </font></td>
  </tr>
</table>
<p>&nbsp;</p>
<hr>
<p align="center">-3- </p>
<p align="center">&nbsp;</p>
<p align="justify"><font size="2">Mr. Sabia also said Bell will make its national
  reach a priority by taking full ownership of Bell West and intensifying its
  focus in the attractive Western Canadian market. Bell Canada will further cooperate
  with Aliant to improve synergies for both companies. </font></p>
<p align="justify"><font size="3"><strong>Annual Presentation to Financial Community
  </strong></font></p>
<p align="justify"><font size="2">Mr. Sabia will be joined today by other BCE
  executives for the company's annual presentation to the financial community.
  The event is being webcast live on the BCE site: www.bce.ca. </font></p>
<P align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At the conference,
  Mr. Sabia and other executives will review the company&#146;s plans and priorities
  for the coming year. BCE&#146;s and Bell Canada&#146;s Chief Financial Officer,
  Siim Vanaselja will present consolidated guidance for full year 2004 as follows:</FONT></P>
<div align="justify">
  <table width="99%" border="0">
    <tr>
      <td width="5%" valign="top"> <div align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></div></td>
      <td width="95%"><div align="justify"><font face="Times New Roman, Times, Serif" size=2>Revenue
          growth comparable to 2003 growth</font></div></td>
    </tr>
    <tr>
      <td valign="top"> <div align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></div></td>
      <td><div align="justify"><font face="Times New Roman, Times, Serif" size=2>Mid-to-high
          single digit growth in earnings per share (before net investment gains/losses,
          impairment or restructuring charges)</font></div></td>
    </tr>
    <tr>
      <td valign="top"> <div align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></div></td>
      <td valign="top">
<div align="justify"><font face="Times New Roman, Times, Serif" size=2>Free cash
          flow<font size="1">(1)</font> (cash from operating activities less capital
          expenditures, total dividends and other investing activities) of approximately
          $1 billion, mainly from recurring sources</font></div></td>
    </tr>
    <tr>
      <td valign="top"> <div align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></div></td>
      <td><div align="justify"><font face="Times New Roman, Times, Serif" size=2>Bell
          Canada capital intensity (capital expenditures as a percentage of revenues)
          of 17% to 18%</font></div></td>
    </tr>
    <tr>
      <td valign="top"> <div align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></div></td>
      <td><div align="justify"><font face="Times New Roman, Times, Serif" size=2>Wireless
          subscriber growth outperforming the projected market growth rate of
          around 8%</font></div></td>
    </tr>
    <tr>
      <td valign="top"> <div align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></div></td>
      <td><div align="justify"><font face="Times New Roman, Times, Serif" size=2>DSL
          net additions comparable to those achieved in 2003, and </font></div></td>
    </tr>
    <tr>
      <td valign="top"> <div align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></div></td>
      <td><div align="justify"><font face="Times New Roman, Times, Serif" size=2>DTH
          subscriber growth of mid-to-high single digit.</font></div></td>
    </tr>
  </table>
</div>
<P><br>
  <FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Dividend Policy</B></FONT></P>
<P align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The BCE Board
  of Directors will continue to assess the current dividend throughout the coming
  year. Any possible future increases would be balanced against maintaining the
  company&#146;s flexibility for investment in operations and continued debt reduction.
  </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Full Ownership of Bell
  West </B></FONT></P>
<P align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bell Canada
  expects to take full control of Bell West Inc. in 2004. It will purchase the
  40% now held by Manitoba Telecom Services. MTS confirmed today that subject
  to the approval of its Board of Directors, it intends to exercise its put option
  in February 2004. The amount payable is due 180 days after MTS notifies Bell
  of its decision to exercise its option and is estimated to be $650 million.
  Bell Canada intends to use internally generated funds to pay for this acquisition.
  Bell currently intends to maintain its approximate 22% ownership level in MTS
  and will maintain its operating alliance agreements with MTS.</FONT></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<hr>
<P align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#150;4&#150;
  </FONT></P>
<P>&nbsp;</P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Confirmation of Financial
  Guidance for 2003</B></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The company reiterated its
  expectation to meet previously stated full year 2003 guidance<font color="#000000" size="1">(2)</font>,
  adjusted for the treatment of Stratos Global as a discontinued operation (due
  to the expected closing of the sale of Stratos by Aliant on December 29, 2003):
  <br>
  </FONT></P>
<table width="99%" border="0">
  <tr>
    <td width="5%" valign="top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></td>
    <td width="95%"><div align="justify"><font face="Times New Roman, Times, Serif" size=2>Revenue
        of approximately $19.2 billion</font></div></td>
  </tr>
  <tr>
    <td valign="top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></td>
    <td><div align="justify"><font face="Times New Roman, Times, Serif" size=2>Earnings
        per share (before investment gains/losses, impairment or restructuring
        charges) of approximately $1.90, which includes an expected $0.04 impact
        from the increase in the Ontario tax rate</font></div></td>
  </tr>
  <tr>
    <td valign="top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></td>
    <td><div align="justify"><font face="Times New Roman, Times, Serif" size=2>Free
        cash flow<font size="1">(3)</font> (cash from operating activities less
        capital expenditures and total dividends) of greater than $1 billion including
        significant non-recurring components, and</font></div></td>
  </tr>
  <tr>
    <td valign="top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></td>
    <td><div align="justify"><font face="Times New Roman, Times, Serif" size=2>Bell
        Canada capital intensity of approximately 17%.</font></div></td>
  </tr>
</table>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT><br>
  <FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Live Webcast</B></FONT></P>
<P align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BCE's 2004
  Business Review conference is scheduled to commence at 8:30 a.m. Eastern time
  today. A webcast of the conference will also be available. Interested investors
  and other individuals may participate in the conference via the webcast from
  BCE's Web site at <u>www.bce.ca</u>. A copy of the presentations can be downloaded
  from BCE&#146;s Web site. The webcast and the presentations will also be archived
  on BCE's Web site. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Media Conference </B></FONT></P>
<P align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The media
  can participate on a listen-only basis during the conference for financial analysts.
  No cameras will be allowed in the main conference room area. Following the conference
  with financial analysts, a media question and answer session will be held. The
  media conference is expected to begin after the end of the conference for investors,
  at around 1:30 PM Eastern, on Wednesday, December 17. The media can: attend
  in person at the Westin Harbour Castle Convention Centre, Bay Room, One Harbour
  Square, Toronto; listen to a live audio Webcast of the event on our Web site
  at www.bce.ca; or, participate via conference call by dialing 1-888-575-8232
  just prior to 1:30 PM. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>About BCE</B></FONT></P>
<P align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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></P>
<P align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><br>
  &#151; 30 &#151; </FONT></P>
<p>&nbsp;</p>
<hr>
<div align="center">
  <p><font size="3">-5-</font> </p>
  <p>&nbsp;</p>
</div>
<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CAUTION CONCERNING
  FORWARD-LOOKING STATEMENTS</FONT></H2>
<P align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certain statements
  made in this press release, including, but not limited to, financial guidance,
  anticipated growth in subscribers, our plans and strategies and other statements
  that are not historical facts, are forward-looking and are subject to important
  risks, uncertainties and assumptions. The results or events predicted in these
  forward-looking statements may differ materially from actual results or events.
  These statements do not reflect the potential impact of any non-recurring items
  or of any dispositions, monetizations, mergers, acquisitions, other business
  combinations or other transactions that may be announced or that may occur after
  the date hereof. </FONT></P>
<P align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other factors
  that could cause results or events to differ materially from current expectations
  include, among other things: the ability of our plans and strategies, based
  on driving innovation, simplicity and efficiency in everything we do, to produce
  the expected benefits and growth prospects; general economic and market conditions
  and the level of consumer confidence and spending; the intensity of competitive
  activity from both traditional and new competitors, including cross-platform
  competition, which is anticipated to intensify following the introduction of
  new technologies such as Voice over Internet Protocol (VoIP), and its resulting
  impact on the ability to retain existing, and attract new, customers, and on
  pricing strategies and financial results; the ability to anticipate, and respond
  to, changes in technology and industry standards and migrate to and deploy new
  technologies, including VoIP, and offer new products and services rapidly and
  achieve market acceptance thereof; the impact of adverse changes in laws or
  regulations, including tax laws, or of adverse regulatory initiatives or proceedings,
  including further decisions by the CRTC affecting our ability to compete effectively
  with current and new competitors; the ability to manage costs, generate productivity
  improvements and contain capital intensity while maintaining quality of service;
  the availability and cost of capital required to implement our financing plans
  and fund capital and other expenditures; our ability to retain major customers;
  our ability to make strategic acquisitions resulting in sustainable growth;
  the risk of low returns on pension plan assets; the financial condition and
  credit risk of customers and uncertainties regarding collectibility of receivables;
  stock market volatility; the availability of, and ability to retain, key personnel;
  the ability to manage effectively labour relations; and the final outcome of
  pending or future litigation.</FONT></P>
<P align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> For additional
  information with respect to certain of these and other factors, refer to the
  Safe Harbor Notice Concerning Forward-Looking Statements dated December 17,
  2003 filed by BCE Inc. 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 our expectations as of
  December 17, 2003 and, accordingly, are subject to change after such date. However,
  we disclaim any intention and assume no obligation to update any forward-looking
  statements, whether as a result of new information or otherwise. </FONT></P>
<P align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For further
  information: </FONT></P>
<table width="99%" border="0">
  <tr valign="top">
    <td width="48%"> <p><font size="3">Nick Kaminaris<br>
        Communications<br>
        (514) 786-3908<br>
        Web Site: <u>www.bce.ca</u><br>
        </font></p></td>
    <td width="52%"><font size="3">Sophie Argiriou<br>
      Investor Relations<br>
      (514) 786-8145 </font></td>
  </tr>
</table>
<p>&nbsp;</p>
<hr align="left" width="25%">
<p><font size="1">(1) The term free cash flow 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 cash from operating activities less capital
  expenditures, total dividends and other investing activities. Free cash flow
  is presented on a basis that is consistent from period to period. We consider
  free cash flow as an important indicator of the financial strength and performance
  of our business as it demonstrates the cash available to repay debt and reinvest
  in our company. Free cash flow allows us to compare our financial performance
  on a consistent basis. We believe that free cash flow is also used by certain
  investors and analysts in valuing a business and its underlying assets. The
  most comparable Canadian GAAP financial measure is cash from operating activities.
  For 2004, we expect to generate approximately $1 billion in free cash flow.
  This amount reflects expected cash from operating activities of approximately
  $5.5 billion less capital expenditures, total dividends and other investing
  activities. </font></p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<hr>
<p>&nbsp;</p>
<p align="center"><font size="3">-6- </font></p>
<hr width=100% size=1 color=BLACK noshade>
<p align="justify"><font size="1">(2) BCE's 2003 guidance includes guidance on
  EBITDA. 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 (expense) credit 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 (expense) credit and restructuring and other charges.
  We exclude amortization expense and net benefit plans (expense) credit 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'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'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 our previously stated full year 2003 guidance for EBITDA
  to operating income on a consolidated basis: <br>
  </font></p>
<table width="99%" border="0" bordercolor="#000000">
  <tr>
    <td colspan="3"><hr width=100% size=1 color=BLACK noshade></td>
  </tr>
  <tr>
    <td colspan="2"><font face="Times New Roman, Times, Serif" size=2><b>EBITDA</b></font></td>
    <td width="50%"><font face="Times New Roman, Times, Serif" size=2><b>$7.4
      billion - $7.8 billion</b></font></td>
  </tr>
  <tr>
    <td colspan="3"><hr width=100% size=1 color=BLACK noshade></td>
  </tr>
  <tr>
    <td width="8%"><font face="Times New Roman, Times, Serif" size=2>Less:</font></td>
    <td width="42%"><font face="Times New Roman, Times, Serif" size=2>Amortization
      expense </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>Approximately $3.2 billion</font></td>
  </tr>
  <tr>
    <td colspan="3"><hr width=100% size=1 color=BLACK noshade></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font face="Times New Roman, Times, Serif" size=2>Net benefit plans expense</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>Approximately $170 million</font></td>
  </tr>
  <tr>
    <td colspan="3"><hr width=100% size=1 color=BLACK noshade></td>
  </tr>
  <tr>
    <td colspan="2"><font face="Times New Roman, Times, Serif" size=2><b>Operating
      income</b></font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>$4.0 billion - $4.4
      billion</b></font></td>
  </tr>
  <tr>
    <td colspan="3"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font>
      <hr width=100% size=1 color=BLACK noshade>
      <font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
</table>
<p align="justify"> <FONT FACE="Times New Roman, Times, Serif" SIZE=2><B> </B>(3)
  The following is a reconciliation of our guidance for free cash flow to cash
  from operating activities for the year ended December 31, 2003:</FONT></p>
<table width="99%" border="0">
  <tr>
    <td colspan="3"><hr width=100% size=1 color=BLACK noshade></td>
  </tr>
  <tr>
    <td colspan="2"><font face="Times New Roman, Times, Serif" size=2><b>Free
      cash flow</b></font></td>
    <td width="50%"><font face="Times New Roman, Times, Serif" size=2><b>Greater
      than $1 billion</b></font></td>
  </tr>
  <tr>
    <td colspan="3"><hr width=100% size=1 color=BLACK noshade></td>
  </tr>
  <tr>
    <td width="8%"><font face="Times New Roman, Times, Serif" size=2>Add:</font></td>
    <td width="42%"><font face="Times New Roman, Times, Serif" size=2>Capital
      expenditures</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>Approximately $3.2 billion</font></td>
  </tr>
  <tr>
    <td colspan="3"><hr width=100% size=1 color=BLACK noshade></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>Total dividends</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>Approximately $1.3 billion</font></td>
  </tr>
  <tr>
    <td colspan="3"><hr width=100% size=1 color=BLACK noshade></td>
  </tr>
  <tr>
    <td colspan="2"><font face="Times New Roman, Times, Serif" size=2><b>Cash
      from operating activities</b></font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>Greater than $5.5
      billion</b></font></td>
  </tr>
  <tr>
    <td colspan="3"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font>
      <hr width=100% size=1 color=BLACK noshade>
      <font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;</p><p align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></p>
<p align="justify">&nbsp;</p>
<hr width="100%" size=4 color=GRAY noshade>
<p>&nbsp;</p>
<P ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="3"><B>SIGNATURE</B></FONT></FONT></P>
<!-- MARKER FORMAT-SHEET="Para Flush" -->
<p>&nbsp;</p>
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Pursuant
  to the requirements of the Securities Exchange Act of 1934, the Registrant has
  duly caused this report to be signed on its behalf by the undersigned, thereunto
  duly authorized.</FONT></FONT></P>
<P ALIGN="LEFT">&nbsp;</P>
<P ALIGN="LEFT">&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="3"><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: December 17, 2003</font></td>
    <td width="10%"><font size="3"><br>
      <br>
      <br>
      </font></td>
  </tr>
</table>
<p align="justify"></p>
<p>&nbsp;</p>

</TEXT>
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`
end

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