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<SEC-DOCUMENT>0000718940-04-000013.txt : 20040416
<SEC-HEADER>0000718940-04-000013.hdr.sgml : 20040416
<ACCEPTANCE-DATETIME>20040415185701
ACCESSION NUMBER:		0000718940-04-000013
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		21
CONFORMED PERIOD OF REPORT:	20040414
FILED AS OF DATE:		20040416

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:		04736870

	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>bceprxye.htm
<DESCRIPTION>BCE INC.'S PROXY CIRCULAR & PROXY FORM
<TEXT>
<HTML>
<HEAD>
   <TITLE>BCE Proxy</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY bgcolor="#ffffff">
<p align="center"><FONT FACE="Arial, Helvetica, sans-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><br>
  </FONT></p>
<P ALIGN="center"><FONT FACE="Arial, Helvetica, sans-serif"><FONT SIZE="4"><B>FORM
  6-K</B></FONT></FONT></P>
<font face="Arial, Helvetica, sans-serif">
<!-- MARKER FORMAT-SHEET="Para Flush" -->
<P ALIGN="center"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><B>REPORT
  OF FOREIGN PRIVATE ISSUER </B></FONT></P>
<P ALIGN="center"><font face="Arial, Helvetica, sans-serif">Pursuant to Rule 13a-16
  or 15d-16 under<br>
  the Securities Exchange Act of 1934</font></P>
</font>
<P ALIGN="center">&nbsp;</P>
<table width="94%" border="0">
  <tr>
    <td width="53%"><font face="Arial, Helvetica, sans-serif">For the month of:
      <b>April 2004</b></font></td>
    <td width="47%"><div align="right"><font face="Arial, Helvetica, sans-serif">Commission
        File Number: <b>1-8481</b></font></div></td>
  </tr>
</table>
<P ALIGN="center">&nbsp; </P>
<P ALIGN="center"><FONT FACE="Arial, Helvetica, sans-serif"><FONT SIZE="4"><B>BCE
  Inc.<br>
  </B></FONT><FONT SIZE="2"><I>(Translation of Registrant&#146;s name into English)</I></FONT></FONT></P>
<font face="Arial, Helvetica, sans-serif">
<!-- MARKER FORMAT-SHEET="Para Flush" -->
<P ALIGN="center"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><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></P>
</font>
<P ALIGN="LEFT">&nbsp;</P>
<blockquote>
  <p align="LEFT"><FONT FACE="Arial, Helvetica, sans-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"><font face="Arial, Helvetica, sans-serif">Form
      20-F</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif"><br>
      </font> <hr align="left" width=100% size=1 noshade color=BLACK> </td>
    <td width="32%" align="right"><font face="Arial, Helvetica, sans-serif">Form
      40-F</font></td>
    <td width="9%" valign="bottom"><div align="center"><font face="Arial, Helvetica, sans-serif">X
        </font></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="Arial, Helvetica, sans-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>
<font face="Arial, Helvetica, sans-serif">
<!-- MARKER FORMAT-SHEET="Left Head Bold" -->
<A NAME="A006"></A> </font>
<table width="85%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="20%" align="right">&nbsp;</td>
    <td width="18%" align="right"><font face="Arial, Helvetica, sans-serif">Yes</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif"><br>
      </font> <hr width=100% size=1 color=BLACK noshade> </td>
    <td width="27%" align="right"><font face="Arial, Helvetica, sans-serif">No</font></td>
    <td width="9%"> <div align="center"><font face="Arial, Helvetica, sans-serif">X
        </font></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" face="Arial, Helvetica, sans-serif">If "Yes" is marked,
          indicate below the file number assigned to the Registrant in connection
          with Rule 12g3-2(b): <br>
          82-_____.</font></p>
      </blockquote></td>
  </tr>
</table>
<P ALIGN="LEFT">&nbsp;</P>
<blockquote>
  <p align="justify"><FONT FACE="Arial, Helvetica, sans-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>
<P>&nbsp;</P>
<P><font face="Arial, Helvetica, sans-serif"><IMG src="logo.jpg" border=0 width="200" height="72">
  </font></P>
<P>&nbsp; </P>
<div align="left">
  <table border="0" cellpadding="20" cellspacing="0" width="80%">
    <tr>
      <td width="50%"></td>
      <td width="50%"> <P> <FONT size=7 face="Arial, Helvetica, sans-serif">Notice
          of 2004 Annual and Special Shareholder Meeting </FONT> </P>
        <P> <FONT size=6 face="Arial, Helvetica, sans-serif">and</FONT> </P>
        <P> <FONT size=7 face="Arial, Helvetica, sans-serif">Management Proxy
          Circular</FONT> </P>
        <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="50%"> <P style="margin-left: 0" align="left"> <font face="Arial, Helvetica, sans-serif" size="2">Our
          annual and special shareholder meeting will be held at 9:00&nbsp;a.m.
          (Pacific time) on Wednesday, May&nbsp;26,&nbsp;2004 at the Vancouver
          Convention &amp; Exhibition Centre, 999 Canada Place, Vancouver, British
          Columbia.</font> </P>
        <P style="margin-left: 0" align="left"> <font face="Arial, Helvetica, sans-serif" size="2">A
          simultaneous webcast of the meeting will be available on our website
          at www.bce.ca.</font> </P>
        <P style="margin-left: 0" align="left"> <font face="Arial, Helvetica, sans-serif" size="2">As
          a shareholder of BCE, you have the right to vote your shares, either
          by proxy or in person at the meeting.</font> </P>
        <P style="margin-left: 0" align="left"> <font face="Arial, Helvetica, sans-serif"><B><font size="2">Your
          vote is important</font></B> </font></P>
        <P style="margin-left: 0" align="left"> <font face="Arial, Helvetica, sans-serif" size="2">This
          document tells you who can vote, what you will be voting on and how
          to exercise your right to vote your shares. Please read it carefully.</font>
        </P>
        <p>&nbsp;</p>
        <p>&nbsp;</td>
      <td width="50%"></td>
    </tr>
  </table>
</div>
<P>&nbsp; </P>
<HR color="#000000" noshade align="center" width="100%" size=2>
<P> <font face="Arial, Helvetica, sans-serif"><B>WHAT&#146;S INSIDE</B> </font></P>
<P>&nbsp; </P>
<div align="center">
  <center>
    <TABLE width="55%" border=0 cellspacing=0 cellpadding=0>
      <TR>
        <TD valign="top" width="94%" align="left"><FONT size=2 face="Arial, Helvetica, sans-serif"><a href="#page_1">Letter
          from the Chairman of the board and the President and Chief Executive
          Officer</a></FONT></TD>
        <TD align="right" width="5%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">1</FONT></TD>
        <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="top" width="94%" align="left"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD align="right" width="5%" valign="top"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="top" width="94%" align="left"><FONT size=2 face="Arial, Helvetica, sans-serif"><a href="#page_2">Notice
          of 2004 annual and special shareholder meeting</a></FONT></TD>
        <TD align="right" width="5%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">2</FONT></TD>
        <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="top" width="94%" align="left"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD align="right" width="5%" valign="top"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="top" width="94%" align="left"><FONT size=2 face="Arial, Helvetica, sans-serif"><a href="#page_3">Management
          proxy circular</a></FONT></TD>
        <TD align="right" width="5%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">3</FONT></TD>
        <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="top" width="94%" align="left"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD align="right" width="5%" valign="top"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="top" width="94%" align="left"><FONT size=2 face="Arial, Helvetica, sans-serif"><a href="#page_4">About
          voting your shares</a></FONT></TD>
        <TD align="right" width="5%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">4</FONT></TD>
        <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="top" width="94%" align="left"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD align="right" width="5%" valign="top"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="top" width="94%" align="left"><FONT size=2 face="Arial, Helvetica, sans-serif"><a href="#page_7">What
          the meeting will cover</a></FONT></TD>
        <TD align="right" width="5%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">7</FONT></TD>
        <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="top" width="94%" align="left"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD align="right" width="5%" valign="top"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="top" width="94%" align="left"><FONT size=2 face="Arial, Helvetica, sans-serif"><a href="#page_8">About
          the nominated directors</a></FONT></TD>
        <TD align="right" width="5%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">8</FONT></TD>
        <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="top" width="94%" align="left"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD align="right" width="5%" valign="top"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="top" width="94%" align="left"><FONT size=2 face="Arial, Helvetica, sans-serif"><a href="#page_11">Committee
          reports</a></FONT></TD>
        <TD align="right" width="5%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">11</FONT></TD>
        <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="top" width="94%" align="left"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD align="right" width="5%" valign="top"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="top" width="94%" align="left"> <ul>
            <font face="Arial, Helvetica, sans-serif"><FONT size=2 face="sans-serif"></font>
            <li><FONT size=2 face="Arial, Helvetica, sans-serif"><a href="#page_11a">Audit
              committee report</a></FONT></li>
          </ul>
          <font face="Arial, Helvetica, sans-serif">&nbsp;</font> </font></TD>
        <TD align="right" width="5%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">11</FONT></TD>
        <TD width="1%" valign="top"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="top" width="94%" align="left"> <ul>
            <li><FONT size=2 face="Arial, Helvetica, sans-serif"><a href="#page_14">Corporate
              governance committee report</a></FONT></li>
          </ul></TD>
        <TD align="right" width="5%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">14</FONT></TD>
        <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="top" width="94%" align="left"> <ul>
            <li><FONT size=2 face="Arial, Helvetica, sans-serif"><a href="#page_24">Management
              resources and compensation committee report</a></FONT></li>
          </ul></TD>
        <TD align="right" width="5%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">24</FONT></TD>
        <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="top" width="94%" align="left"> <ul>
            <li><FONT size=2 face="Arial, Helvetica, sans-serif"><a href="#page_39">Pension
              fund committee report</a></FONT></li>
          </ul></TD>
        <TD align="right" width="5%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">39</FONT></TD>
        <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="top" width="94%" align="left"><FONT size=2 face="Arial, Helvetica, sans-serif"><a href="#page_40">Other
          important information</a></FONT></TD>
        <TD align="right" width="5%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">40</FONT></TD>
        <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="top" width="94%" align="left"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD align="right" width="5%" valign="top"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="top" width="94%" align="left"><FONT size=2 face="Arial, Helvetica, sans-serif"><a href="#page_41">How
          to request more information</a></FONT></TD>
        <TD align="right" width="5%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">41</FONT></TD>
        <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="top" width="94%" align="left"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD align="right" width="5%" valign="top"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="top" width="94%" align="left"><FONT size=2 face="Arial, Helvetica, sans-serif"><a href="#page_42">Schedule
          A &#150; Shareholder proposals</a></FONT></TD>
        <TD align="right" width="5%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">42</FONT></TD>
        <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      </TR>
    </TABLE>
  </center>
</div>
<p>&nbsp;</p>
<HR color="#000000" noshade align="center" width="100%" size=2>
<P> </P>
<div align="left">
  <table border="0" cellpadding="0" cellspacing="0" width="50%">
    <tr>
      <td width="100%"><font face="Arial, Helvetica, sans-serif"><img border="0" src="logo.jpg" width="200" height="72"></font></td>
    </tr>
  </table>
</div>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif"><A name="#page_1">Dear Shareholder:</a></font>
</P>
<P> <font size="2" face="Arial, Helvetica, sans-serif">You are invited to attend
  this year&#146;s annual and special shareholder meeting. It will be held on
  <B>Wednesday, May&nbsp;26,&nbsp;2004 </B>at 9:00 a.m. (Pacific time), at the
  Vancouver Convention &amp; Exhibition Centre, 999 Canada Place, Vancouver, British
  Columbia. If you cannot attend the meeting in person, you can view a simultaneous
  webcast on our website at www.bce.ca.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a shareholder of BCE, you have the right to
  vote your shares on all items that come before the meeting. You can vote your
  shares either by proxy or in person at the meeting.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This circular tells you about these items and
  how to exercise your right to vote. You will also find information about the
  nominated directors, the auditors, our corporate governance practices, compensation
  of directors and officers, as well as shareholder proposals.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we have opted to provide detailed
  reports by our four board committees &#150; audit, corporate governance, management
  resources and compensation, and pension fund &#150; to give you a better understanding
  of the roles of these committees and their activities during the past year.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this era of unprecedented attention on corporate
  governance, we are also pleased to report that BCE excels in a number of areas.
  We are fully aligned with the Toronto Stock Exchange corporate governance guidelines
  and in some cases exceed them. We are meeting the U.S. Securities and Exchange
  Commission and New York Stock Exchange rules and guidelines applicable to us,
  as well as some that do not apply to us. We encourage directors and officers
  to own shares of BCE and have minimum share ownership requirements in place.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Above all, we are committed to clearly and accurately
  disclosing important information about BCE and making it easily accessible to
  our shareholders. You can visit our website at www.bce.ca to download our 2003
  annual report, quarterly shareholder reports and other information about your
  company. You can also register to receive future shareholder communications
  electronically.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE is one of the first major Canadian companies
  to comply with recently enacted legislation and offer you the choice to receive
  future annual reports. We simply ask that you indicate your choice by checking
  the appropriate box on your proxy form, or on the reply card included with your
  voting instruction form.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sending annual reports only to shareholders who
  wish to receive them is a sound environmental choice, both for you and for your
  company. As a shareholder, you also have the option to receive BCE&#146;s annual
  report and other shareholder communications electronically. You will find more
  detailed information about this option on our website at www.bce.ca.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your continued confidence in BCE.</font>
</P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">Sincerely,</font> </P>
<div align="left">
  <table border="0" cellpadding="0" cellspacing="0" width="50%">
    <tr>
      <td width="50%"> <FONT size=2 face="Arial, Helvetica, sans-serif"><img border="0" src="bceprxyex1x2.jpg" width="190" height="67"></font>
      </td>
      <td width="50%"> <FONT size=2 face="Arial, Helvetica, sans-serif"><img border="0" src="bceprxyex1x3.jpg" width="163" height="66"></font></td>
    </tr>
    <tr>
      <td width="50%"><font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Richard
        J. Currie</font> </B> </font>
        <p><FONT size=2 face="Arial, Helvetica, sans-serif">Chairman of the board</font></p>
        <p> <FONT size=2 face="Arial, Helvetica, sans-serif">April&nbsp;14,&nbsp;2004</font>
      </td>
      <td width="50%"><font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Michael
        J. Sabia</font></B> </font>
        <p><FONT size=2 face="Arial, Helvetica, sans-serif">President and Chief
          Executive Officer</font></p>
        <p><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
  </table>
</div>
<FONT size=2 face="Arial">
<P>&nbsp; </P>
</font>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right"> <p align="right"><font size="2" face="Arial, Helvetica, sans-serif">Bell
        Canada Enterprises</font></p></td>
    <td align="right" width="5%"><font face="Arial, Helvetica, sans-serif"><b><font size="2">1</font></b></font></td>
  </tr>
</table>
<FONT size=2 face="Arial">
<P>&nbsp; </P>
<hr noshade color="#000000">
<P>&nbsp; </P>
</font>
<table border="0" cellpadding="0" cellspacing="0" width="50%">
  <tr>
    <td width="100%"> <FONT size=2 face="Arial, Helvetica, sans-serif"><img border="0" src="logo.jpg" width="200" height="72"></font>
    </td>
  </tr>
</table>
<FONT size=2 face="Arial">
<P>&nbsp; </P>
</font>
<P> <font face="Arial, Helvetica, sans-serif"><B> <A name="#page_2">NOTICE OF
  2004 ANNUAL AND SPECIAL SHAREHOLDER MEETING</a></B> </font></P>
<FONT size=2 face="Arial">
<HR noshade align="center" width="100%" size=1 color="#000000">
</font>
<P> <font face="Arial, Helvetica, sans-serif"><B> <FONT size=2>You are invited
  to our annual and special shareholder meeting</font> </B> </font></P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>When<br>
  Wednesday, May&nbsp;26,&nbsp;2004&nbsp;<br>
  9:00&nbsp;a.m. (Pacific time)</font></B> </font></P>
<P> <font face="Arial, Helvetica, sans-serif"><B> <FONT size=2> Where<br>
  </font></B> <FONT size=2> Vancouver Convention &amp; Exhibition Centre&nbsp;<br>
  999 Canada Place&nbsp;<br>
  Vancouver, British Columbia</font></font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B> <FONT size=2> Webcast<br>
  </font></B> <FONT size=2> A simultaneous webcast of the meeting will be available
  on our website at www.bce.ca.</font></font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B> <FONT size=2> What the meeting
  is about<br>
  </font></B> <FONT size=2> We will be covering five items at the meeting:</font></font>
</P>
<ol style="font-family: Arial">
  <li> <FONT size=2 face="Arial, Helvetica, sans-serif"> receiving BCE&#146;s
    financial statements for the year ended December&nbsp;31,&nbsp;2003, including
    the auditors&#146; report</font> </li>
  <li> <FONT size=2 face="Arial, Helvetica, sans-serif"> electing directors who
    will serve until the end of the next annual shareholder meeting&nbsp;</font>
  </li>
  <li> <FONT size=2 face="Arial, Helvetica, sans-serif"> appointing auditors who
    will serve until the end of the next annual shareholder meeting&nbsp;</font>
  </li>
  <li> <FONT size=2 face="Arial, Helvetica, sans-serif"> considering the shareholder
    proposals described in Schedule A</font> </li>
  <li> <FONT size=2 face="Arial, Helvetica, sans-serif"> considering other business
    that may properly come before the meeting.</font> </li>
</ol>
<P> <font face="Arial, Helvetica, sans-serif"><B> <FONT size=2> You have the right
  to vote<br>
  </font></B> <FONT size=2> You are entitled to receive notice of and vote at
  our annual and special shareholder meeting or any adjournment if you were a
  BCE common shareholder on April&nbsp;5,&nbsp;2004.</font></font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Your vote is important<br>
  </font></B> <FONT size=2>As a shareholder of BCE, it is very important that
  you read this material carefully and then vote your shares, either by proxy
  or in person at the meeting.</font></font> </P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">The following pages tell
  you more about how to exercise your right to vote your shares.</font> </P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">By order of the board,</font>
</P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif"><img border="0" src="bceprxyex2x2.jpg" width="189" height="53"></font>
</P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif"> Linda Caty<br>
  <I>Corporate Secretary </I> </font> </P>
<FONT size=2>
<P> <font face="Arial, Helvetica, sans-serif"> Montr&eacute;al, Qu&eacute;bec&nbsp;<br>
  March&nbsp;30,&nbsp;2004</font> </P>
<P>&nbsp; </P>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right" width="5%"> <p align="left"><font face="Arial, Helvetica, sans-serif"><b><font size="2">2</font></b></font></p></td>
    <td align="right"> <p align="left"><font size="2" face="Arial, Helvetica, sans-serif">Notice
        of 2004 annual and special shareholder meeting | Bell Canada Enterprises</font></td>
  </tr>
</table>
<FONT size=2 face="Arial">
<P>&nbsp; </P>
<hr noshade color="#000000">
</font></font>
<p>&nbsp;</p>
<p><font face="Arial, Helvetica, sans-serif"><IMG src="logo.jpg" border=0 width="200" height="72">
  </font></p>
<p>&nbsp;</p>
<P><font face="Arial, Helvetica, sans-serif"><A name="#page_3"><B><font face="Arial">MANAGEMENT
  PROXY CIRCULAR</a></font></B> </font></P>
<FONT size=2>
<HR noshade align="center" width="100%" size=1 color="#000000">
<P> <font face="Arial, Helvetica, sans-serif"> In this document, <I>you </I>and
  <I>your </I>refer to the shareholder. <I>We, us, our </I>and <I>BCE </I>refer
  to BCE&nbsp;Inc. The information in this document is at March&nbsp;30,&nbsp;2004,
  unless otherwise indicated.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This management proxy circular is for our annual
  and special shareholder meeting on May&nbsp;26,&nbsp;2004 (meeting). As a shareholder,
  you have the right to vote your shares on electing directors, appointing auditors,
  all shareholder proposals and any other items that may properly come before
  the meeting or any adjournment.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To help you make an informed decision, please
  read this circular and our annual report for the year ended December&nbsp;31,&nbsp;2003.
  This circular tells you about the meeting, the nominee directors, the proposed
  auditors, our corporate governance practices, compensation of directors and
  officers, and shareholder proposals. The annual report gives you an update on
  the BCE group of companies for the past year and includes a copy of our annual
  financial statements.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your proxy is solicited by the management of BCE.
  In addition to solicitation by mail, our employees or agents may solicit proxies
  by telephone or other ways at a nominal cost. We have retained Georgeson Shareholder
  Communications Canada&nbsp;Inc. (Georgeson) to solicit proxies for us in Canada
  and the United States at an estimated cost of $55,000. We pay the costs of these
  solicitations.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you have any questions about any of the information
  in this document, please call Georgeson at 1-866-800-3501 for service in English
  or in French.</font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B>Approval of this management proxy
  circular</B> </font></P>
<P> <font face="Arial, Helvetica, sans-serif"> The board of directors approved
  the contents of this management proxy circular and authorized it to be sent
  to each shareholder who is eligible to receive notice of and vote his or her
  shares at our annual and special shareholder meeting, as well as to each director
  and to the auditors.</font> </P>
<P> <font face="Arial, Helvetica, sans-serif"> <IMG src="bceprxyex3x2.jpg" border=0 width="177" height="50">
  </font> </P>
<P> <font face="Arial, Helvetica, sans-serif"> Linda Caty<br>
  <I>Corporate Secretary</I> </font> </P>
<P> <font face="Arial, Helvetica, sans-serif"> Montr&eacute;al, Qu&eacute;bec&nbsp;<br>
  March&nbsp;30,&nbsp;2004</font> </P>
<P>&nbsp; </P>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right"> <p align="right"> <FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
    <td align="right" width="5%"><font face="Arial, Helvetica, sans-serif"><b><font size="2">3</font></b></font></td>
  </tr>
</table>
<FONT size=2 face="Arial">
<P>&nbsp; </P>
<hr noshade color="#000000">
</font> </font>
<p> <font face="Arial, Helvetica, sans-serif"><A name="#page_4"><B><font face="Arial">ABOUT
  VOTING YOUR SHARES</a></font></B> </font></p>
<font face="Arial, Helvetica, sans-serif"><FONT size=2> </font>
<HR noshade align="center" width="100%" size=1 color="#000000">
<P> <font face="Arial, Helvetica, sans-serif"><B><font size="2">Your vote is important</font></B>
  </font></P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"> As a shareholder of BCE,
  it is very important that you read this information carefully and then vote
  your shares, either by proxy or in person at the meeting.</font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B><font size="2">Voting by proxy</font></B>
  </font></P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"> This is the easiest way
  to vote. Voting by proxy means that you are giving the person or people named
  on your proxy form (proxyholder) the authority to vote your shares for you at
  the meeting or any adjournment. A proxy form is included in this package.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You can choose from four different ways to vote
  your shares by proxy:</font></P>
<ol style="font-family: Arial">
  <li><FONT size=2 face="Arial, Helvetica, sans-serif">by telephone</font></li>
  <li><FONT size=2 face="Arial, Helvetica, sans-serif">on the Internet</font></li>
  <li><FONT size=2 face="Arial, Helvetica, sans-serif">by mail</font></li>
  <li><FONT size=2 face="Arial, Helvetica, sans-serif">by fax.</font></li>
</ol>
<P align="left"> <font size="2" face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  directors who are named on the proxy form will vote your shares for you, unless
  you appoint someone else to be your proxyholder. If you appoint someone else,
  he or she must be present at the meeting to vote your shares.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are voting your shares by proxy, our transfer
  agent, Computershare Trust Company of Canada (Computershare), or other agents
  we appoint <B>must receive your signed proxy form by 4:45&nbsp;p.m. (Montr&eacute;al
  time) on Tuesday, May&nbsp;25,&nbsp;2004.</B> </font> </P>
<div align="left">
  <table border="0" cellpadding="5" cellspacing="5" width="100%">
    <tr>
      <td width="100%" bgcolor="#C0C0C0"> <P> <font face="Arial, Helvetica, sans-serif"><B><font size="2">You
          are a registered shareholder </font></B> <font size="2">if your name
          appears on your share certificate. Your proxy form tells you whether
          you are a registered shareholder.</font></font> </P>
        <p> <font face="Arial, Helvetica, sans-serif"><B><font size="2">You are
          a non-registered (or beneficial) shareholder </font></B><font size="2">if
          your bank, trust company, securities broker or other financial institution
          holds your shares for you (your nominee). For most of you, your proxy
          form tells you whether you are a non-registered (or beneficial) shareholder.</font></font></p>
        <P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>If you are
          not sure whether you are a registered or non-registered shareholder,
          please contact Computershare.</font></B> </font></P></td>
    </tr>
  </table>
</div>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">Computershare Trust Company
  of Canada&nbsp;<br>
  100 University Avenue&nbsp;<br>
  9th Floor Toronto, Ontario, Canada M5J 2Y1</font> </P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">Telephone<br>
  1-800-561-0934 (toll-free in Canada and the United States)&nbsp;<br>
  514-982-7555 (in the Montr&eacute;al area or from outside Canada&nbsp;<br>
  and the United States)</font> </P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">Fax<br>
  1-888-453-0330 (toll-free in Canada and the United States)&nbsp;<br>
  416-263-9394 (outside Canada and the United States)</font> </P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">E-mail&nbsp;<br>
  bce@computershare.com</font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B> <FONT size=2>How to vote &#150;
  registered shareholders</font></B> </font></P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>By proxy</font></B>
  </font></P>
<div align="left">
  <table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
      <td width="3%" valign="top"> <p style="margin-top: -5"> <FONT size=7 face="Arial, Helvetica, sans-serif">1</font>
      </td>
      <td width="97%"> <P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>By
          telephone</font></B> </font></P>
        <P> <FONT size=2 face="Arial, Helvetica, sans-serif">Call 1-866-673-3260
          (toll-free in Canada and the United States) or 312-601-6919 (outside
          Canada and the United States) from a touch-tone phone and follow the
          instructions.</font> </P>
        <P> <FONT size=2 face="Arial, Helvetica, sans-serif">You will need your
          holder account number and proxy access number. You will find these two
          numbers on your proxy form.</font> </P>
        <P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>If you choose
          the telephone, you cannot appoint anyone other than the directors named
          on your proxy form as your proxyholder.</font></B> </font></P>
        <p> <FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="3%" valign="top"> <p style="margin-top: -5"> <FONT size=7 face="Arial, Helvetica, sans-serif">2</font>
      </td>
      <td width="97%"> <P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>On
          the Internet</font></B> </font></P>
        <P> <FONT size=2 face="Arial, Helvetica, sans-serif">Go to our website
          at www.bce.ca and follow the instructions on screen.</font> </P>
        <P> <FONT size=2 face="Arial, Helvetica, sans-serif">You will need your
          holder account number and proxy access number. You will find these two
          numbers on your proxy form.</font> </P>
        <p> <FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="3%" valign="top"> <p style="margin-top: -5"><font size="7" face="Arial, Helvetica, sans-serif">3</font></td>
      <td width="97%"> <P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>By
          mail</font></B> </font></P>
        <P> <FONT size=2 face="Arial, Helvetica, sans-serif">Detach, complete
          pages 3 and 4, sign and date your proxy form and return them in the
          envelope we have provided.</font></P>
        <P> <FONT size=2 face="Arial, Helvetica, sans-serif">Please see <I>Completing
          the proxy form</i> for more information. </font> </P>
        <p> <FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="3%" valign="top"> <p style="margin-top: -5"><font size="7" face="Arial, Helvetica, sans-serif">4</font></td>
      <td width="97%"> <P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>By
          fax</font></B> </font></P>
        <P> <FONT size=2 face="Arial, Helvetica, sans-serif">Detach, complete
          pages 3 and 4, sign and date your proxy form and send both pages (in
          one transmission) by fax to 1-866-249-7775 (toll-free in Canada and
          the United States) or 416-263-9524 (outside Canada and the United States).</font>
        </P>
        <P> <FONT size=2 face="Arial, Helvetica, sans-serif">Please see <I>Completing
          the proxy form </I>for more information. </font> </P>
        <p> <FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="3%" valign="top"> <p style="margin-top: -5"><font size="7" face="Arial, Helvetica, sans-serif">5</font></td>
      <td width="97%"> <P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>By
          appointing another person to go to the meeting and vote your shares
          for you</font></B> </font></P>
        <P> <FONT size=2 face="Arial, Helvetica, sans-serif">This person does
          not have to be a shareholder.</font> </P>
        <P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Strike out
          the four names that are printed on the proxy form and write the name
          of the person you are appointing in the space provided. Complete your
          voting instructions, date and sign the form.</font></B> </font></P>
        <P> <FONT size=2 face="Arial, Helvetica, sans-serif">Make sure that the
          person you appoint is aware that he or she has been appointed and attends
          the meeting.</font> </P>
        <P> <FONT size=2 face="Arial, Helvetica, sans-serif">At the meeting, he
          or she should see a representative of Computershare at the table marked
          &#147;Alternate attorneys/External proxyholders.&#148;</font> </P>
        <P> <FONT size=2 face="Arial, Helvetica, sans-serif">Please see <I>Completing
          the proxy form </I>for more information. </font> </P>
        <p> <FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
  </table>
</div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right" width="5%"> <p align="left"><font face="Arial, Helvetica, sans-serif"><b><font size="2">4</font></b></font></p></td>
    <td align="right"> <p align="left"><FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
  </tr>
</table>
<FONT size=2 face="Arial">
<P>&nbsp; </P>
<hr noshade color="#000000">
</font>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>In person at the
  meeting</font></B> </font></P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>You do not need
  to complete or return your proxy form.</font></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">You will need an admission
  ticket to enter the meeting. Your ticket is attached to your proxy form.</font>
</P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">If you forget to bring your
  ticket, you should see a representative of Computershare at the registration
  tables before entering the meeting.</font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">Voting in person at the meeting
  will automatically cancel any proxy you completed earlier.</font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B> <FONT size=2>How to vote &#150;
  non-registered shareholders</font></B> </font></P>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="3%" valign="top"> <p style="margin-top: -5"> <FONT size=7 face="Arial, Helvetica, sans-serif">1</font>
    </td>
    <td width="97%"> <P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>By
        proxy</font></B> </font></P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">Your nominee is required
        to ask for your voting instructions before the meeting. Please contact
        your nominee if you did not receive a request for voting instructions
        or a proxy form in this package.</font> </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">In most cases, non-registered
        shareholders will receive a voting instruction form which allows you to
        provide your voting instructions by telephone, on the Internet, by mail
        or by fax. Most of you who want to vote on the Internet should go to our
        website at www.bce.ca and follow the instructions on screen; you will
        need your 12 digit control number, which you will find on your voting
        instruction form.</font> </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">Alternatively, non-registered
        shareholders may receive a voting instruction form which:</font> </P>
      <UL>
        <LI><FONT size=2 face="Arial, Helvetica, sans-serif">is to be completed
          and returned, as directed in the included instructions<BR>
          </font></LI>
        <LI><FONT size=2 face="Arial, Helvetica, sans-serif">has been pre-authorized
          by your nominee with a notation of the number of shares to be voted,
          which is to be completed, dated, signed and returned to Computershare,
          by mail or fax.</font></LI>
      </UL>
      <p>&nbsp; </td>
  </tr>
  <tr>
    <td width="3%" valign="top"> <p style="margin-top: -5"> <FONT size=7 face="Arial, Helvetica, sans-serif">2</font>
    </td>
    <td width="97%"> <P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>In
        person at the meeting</font> </B> </font></P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">We do not have access
        to the names or holdings of our non-registered shareholders. That means
        you can only vote your shares in person at the meeting if you have instructed
        your nominee to appoint you as proxyholder.</font> </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">To do this, write your
        name in the space provided on the voting instruction form and follow the
        instructions of your nominee.</font> </P>
      <P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>You do not
        have to complete the rest of the form </font> </B><FONT size=2>&#150;
        your vote will be taken and counted at the meeting. </font></font> </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">At the meeting, you
        should see a representative of Computershare at the table marked &#147;Alternate
        attorneys/External proxyholders.&#148; </font> </P></td>
  </tr>
</table>
<FONT size=2 face="Arial">
<P>&nbsp; </P>
</font>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right"> <p align="right"> <FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
    <td align="right" width="5%"><font face="Arial, Helvetica, sans-serif"><b><font size="2">5</font></b></font></td>
  </tr>
</table>
<FONT size=2 face="Arial">
<P>&nbsp; </P>
<hr noshade color="#000000">
</font>
<P> <font face="Arial, Helvetica, sans-serif"><B> <FONT size=2>Completing the
  proxy form</font></B> </font></P>
<P> <font size="2" face="Arial, Helvetica, sans-serif">You can choose to vote
  &#147;For&#148;, &#147;Against&#148; or &#147;Withhold&#148;, depending on the
  items listed on the proxy form.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When you sign the proxy form, you authorize Mr.
  R.J. Currie, Mr. M.J. Sabia, Ms. J. Maxwell or Mr. A. B&eacute;rard, all directors
  of BCE, to vote your shares for you at the meeting according to your instructions.
  <B>If you return your proxy form and do not tell us how you want to vote your
  shares, your vote will be counted <U>FOR</U> electing the nominee directors
  who are listed in the management proxy circular, <U>FOR</U> appointing Deloitte
  &amp; Touche LLP as auditors, <U>FOR</U> shareholder proposal No. 1 and <U>AGAINST</U>
  shareholder proposals No. 2, No. 3, No. 4 and No. 5.<br>
  </B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are appointing someone else to vote
  your shares for you at the meeting, strike out the four names of the directors
  and write the name of the person voting for you in the space provided. <B>If
  you do not specify how you want your shares voted, your proxyholder will vote
  your shares as he or she sees fit on each item and on any other matter that
  may properly come before the meeting.<br>
  </B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are an individual shareholder, you
  or your authorized attorney must sign the form. If you are a corporation or
  other legal entity, an authorized officer or attorney must sign the form.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you need help completing your proxy form, please
  contact Georgeson at 1-866-800-3501 for service in English or in French.</font>
</P>
<P> <font face="Arial, Helvetica, sans-serif"><B> <FONT size=2>Changing your vote</font></B>
  </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">You can revoke a vote you
  made by proxy by:</font> </P>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">voting again by telephone
    or on the Internet before <B>4:45&nbsp;p.m. (Montr&eacute;al time) on Tuesday,
    May&nbsp;25,&nbsp;2004</B></font></LI>
  <font size="2" face="Arial, Helvetica, sans-serif"><FONT size=2> </font><font face="Arial, Helvetica, sans-serif">
  <LI><font size="2">completing a proxy form that is dated later than the proxy
    form you are changing and mailing it to Computershare so that it is received
    before <B>4:45&nbsp;p.m. (Montr&eacute;al time) on Tuesday, May&nbsp;25,&nbsp;2004</B></font></LI>
  <LI><font size="2">sending a notice in writing to our Corporate Secretary so
    that it is received before <B>4:45&nbsp;p.m. (Montr&eacute;al time) on Tuesday,
    May&nbsp;25,&nbsp;2004</B>. The notice can be from you or your authorized
    attorney.</font></LI>
  <LI><font size="2">giving a notice in writing to the Chairman of the meeting,
    at the meeting or any adjournment. The notice can be from you or your authorized
    attorney.</font></LI>
  </font>
</UL>
<P> <font face="Arial, Helvetica, sans-serif"><B>How the votes are counted</B>
  </font></P>
<P><font face="Arial, Helvetica, sans-serif"> <font size="2">You have one vote
  for each common share you hold on April&nbsp;5,&nbsp;2004. At March&nbsp;30,&nbsp;2004,
  924,229,881 common shares were entitled to be voted at the meeting.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The election of directors, the appointment of
  auditors and all shareholder proposals will each be determined by a majority
  of votes cast at the meeting by proxy or in person. If there is a tie, the Chairman
  of the meeting will cast the deciding vote.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computershare counts and tabulates the votes.
  It does this independently of us to make sure that the votes of individual shareholders
  are confidential. Computershare refers proxy forms to us only when: </font></font></P>
<UL>
  <LI><font size="2" face="Arial, Helvetica, sans-serif">it is clear that a shareholder
    wants to communicate with management</font></LI>
  <LI><font size="2" face="Arial, Helvetica, sans-serif">the validity of the form
    is in question</font></LI>
  <LI><font size="2" face="Arial, Helvetica, sans-serif">the law requires it.</font></LI>
</UL>
<p>&nbsp;</p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right" width="5%"> <p align="left"><font face="Arial, Helvetica, sans-serif"><b><font size="2">6</font></b></font></p></td>
    <td align="right"> <p align="left"><FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
  </tr>
</table>
<P>&nbsp; </P>
<hr noshade color="#000000">
<P> <font face="Arial, Helvetica, sans-serif"> </font> </font> </font> <a name="#page_7"><B><font face="Arial">WHAT
  THE MEETING WILL COVER</a></font></B> </font></P>
<font face="Arial, Helvetica, sans-serif"><FONT size=2> <font face="Arial"> <FONT size=2>
<P> <font size="2">Five items will be covered at the meeting: </font></P>
</font>
<ol style="font-family: Arial">
  <li><font size="2" face="Arial, Helvetica, sans-serif">receiving BCE&#146;s
    financial statements for the year ended December&nbsp;31,&nbsp;2003, including
    the auditors&#146; report</font></li>
  <li><font size="2" face="Arial, Helvetica, sans-serif">electing directors who
    will serve until the end of the next annual shareholder meeting</font></li>
  <li><font size="2" face="Arial, Helvetica, sans-serif">appointing auditors who
    will serve until the end of the next annual shareholder meeting</font></li>
  <li><font size="2" face="Arial, Helvetica, sans-serif">considering the shareholder
    proposals described in Schedule A</font></li>
  <li><font size="2" face="Arial, Helvetica, sans-serif">considering other business
    that may properly come before the meeting.</font><font face="Arial, Helvetica, sans-serif">
    </font></li>
</ol>
<font face="Arial, Helvetica, sans-serif"><font face="Arial"> </font>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">As of the date of this circular,
  management is not aware of any changes to these items, and does not expect any
  other items to be brought forward at the meeting. If there are changes or new
  items, your proxyholder can vote your shares on these items as he or she sees
  fit.</font> </P>
<p> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>1.</font></B><FONT size=2>&nbsp;<B>Receiving
  our financial statements</b></font></font></p>
<font size="2" face="Arial, Helvetica, sans-serif"><font face="Arial"> </font><font face="Arial, Helvetica, sans-serif">
<P><font size="2"> We will place before the meeting BCE&#146;s financial statements,
  including the auditors&#146; report, for the year ended December&nbsp;31,&nbsp;2003.
  The financial statements are included in our 2003 annual report, which is part
  of this package. </font></P>
</font>
<p> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>2.</font></B><FONT size=2>&nbsp;<B>Electing
  directors</B> </font></font> </p>
<P><font face="Arial, Helvetica, sans-serif"> <font size="2">You will be electing
  a board of directors (board) of 15 members. Please see <I>About the nominated
  directors </I>on the next page for more information. Directors appointed at
  the meeting will serve until the end of the next annual shareholder meeting.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of the individuals who have been nominated
  as directors are currently members of the board and were elected at our 2003
  annual shareholder meeting, except for Mr. R. A. Brenneman, who was appointed
  in November&nbsp;2003.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>If you do not specify how you want your shares
  voted, the directors named as proxyholders in the enclosed proxy form intend
  to cast the votes represented by proxy at the meeting <U>FOR</U> the election
  as directors of the nominee directors in this circular.</B> </font></font></P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B>3.</B>&nbsp;<B>Appointing
  auditors</B> </font> </P>
<P><font size="2" face="Arial, Helvetica, sans-serif"> The board, on the advice
  of the audit committee, recommends that Deloitte &amp; Touche LLP be reappointed
  as auditors. Deloitte &amp; Touche LLP and its predecessors have been the auditors
  of Bell Canada since it was created in 1880 and of BCE since we were created
  in 1983. The audit firm appointed at the meeting will serve until the end of
  the next annual shareholder meeting.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>If you do not specify how you want your shares
  voted, the directors named as proxyholders in the enclosed proxy form intend
  to cast the votes represented by proxy at the meeting <U>FOR</U> the appointment
  of Deloitte &amp; Touche LLP as auditors.</B> </font></P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B>4.</B>&nbsp;<B>Considering
  shareholder proposals</B> </font> </P>
<P><font size="2" face="Arial, Helvetica, sans-serif"> You will be voting on five
  shareholder proposals that have been submitted for consideration at the meeting.
  These five proposals are described in more detail in Schedule A. The board,
  on the advice of the corporate governance committee, recommends that shareholders
  vote <B><U>FOR</U> </B>shareholder proposal No. 1 and <B><U>AGAINST</U> </B>shareholder
  proposals No. 2, No. 3, No. 4 and No. 5.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>If you do not specify how you want your shares
  voted, the directors named as proxyholders in the enclosed proxy form intend
  to cast the votes represented by proxy at the meeting in accordance with the
  board&#146;s recommendations as mentioned in the previous paragraph.</B> </font></P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B>5.</B>&nbsp;<B>Considering
  other business</B> </font> </P>
<P><font size="2" face="Arial, Helvetica, sans-serif"> We will: </font></P>
<UL>
  <LI><font size="2" face="Arial, Helvetica, sans-serif">report on recent events
    that are significant to our business</font></LI>
  <LI><font size="2" face="Arial, Helvetica, sans-serif">report on other items
    that are of interest to our shareholders</font></LI>
  <LI><font size="2" face="Arial, Helvetica, sans-serif">invite questions and
    comments from shareholders.</font></LI>
</UL>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B>If you are not a shareholder,
  you may be allowed into the meeting after speaking with a representative of
  Computershare and if the Chairman of the meeting allows it.</B></font><font face="Arial, Helvetica, sans-serif">
  </font></P>
<P>&nbsp; </P>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right"> <p align="right"> <FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
    <td align="right" width="5%"><font face="Arial, Helvetica, sans-serif"><b><font size="2">7</font></b></font></td>
  </tr>
</table>
<P>&nbsp; </P>
<hr noshade color="#000000">
<P> <font face="Arial, Helvetica, sans-serif"> </font> </font> </font> </font> </font>
  <a name="#page_8"><B><font face="Arial">ABOUT THE NOMINATED DIRECTORS</a></font></B>
  </font></P>
<font face="Arial, Helvetica, sans-serif"><FONT size=2> <FONT size=2> <font face="Arial"> <font face="Arial">
</font><font face="Arial">
<P><font size="2" face="Arial, Helvetica, sans-serif"> The table below tells you about
  the people who have been nominated as directors and the voting securities that
  they own directly or indirectly. We encourage non-management directors to sit
  on at least one board committee and on the board of at least one of our principal
  subsidiaries. We believe that greater participation in the business of our subsidiaries
  makes for more effective governance. All of the non-management directors sit
  on boards of BCE subsidiaries. We have also included the nominees&#146; directorships
  during the past five years on currently listed companies.<br>
  Also see <I>Management resources and compensation committee report &#150; Directors&#146;
  compensation &#150; Directors&#146; share unit plan </I>for a description of
  our share unit plan for non-management directors. </font></P>
<font face="Arial, Helvetica, sans-serif"><font face="Arial"> <FONT size=2 face="Arial">
</font>
<table border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="100%" valign="top" colspan="5"> <hr color="#000000" size="1"> </td>
  </tr>
  <font face="Arial, Helvetica, sans-serif"></font></font>
  <tr>
    <td width="19%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><font size="2">Andr&eacute;
        B&eacute;rard, O.C.<br>
        </font></B> <font size="2">Montr&eacute;al, Qu&eacute;bec</font></font>
      </P>
      <P align="left"> <font size="2" face="Arial, Helvetica, sans-serif">BCE
        director since January&nbsp;2003</font> </P>
      <P align="left"> <font size="2" face="Arial, Helvetica, sans-serif">Member,
        pension fund committee&nbsp;</font> </P></td>
    <FONT size=2 face="Arial">
    <td width="1%" valign="top"></td>
    </font>
    <td width="60%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><font size="2">Corporate
        Director since March&nbsp;2004<br>
        </font></B> <font size="2">Chairman of the board of National Bank of Canada
        (chartered bank) from March&nbsp;2002 to March&nbsp;2004, Chairman of
        the board and Chief Executive Officer of National Bank of Canada from
        1990 to March&nbsp;2002 and a director of National Bank of Canada from
        1985 to March&nbsp;2004.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also Chairman of the board of Fondation
        du maire de Montr&eacute;al pour la jeunesse and a director of Bell Canada
        <SUP>1</SUP>, Groupe BMTC&nbsp;Inc., Le Groupe Canam Manac&nbsp;Inc.,
        Groupe Saputo&nbsp;Inc., Kruger&nbsp;Inc., Noranda&nbsp;Inc., Soci&eacute;t&eacute;
        financi&egrave;re Bourgie&nbsp;Inc., TransForce&nbsp;Inc., Telesat <SUP>1
        </SUP>and Vasogen&nbsp;Inc.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holds a Fellow&#146;s Diploma of the Institute
        of Canadian Bankers and was Chairman of the Executive Council of the Canadian
        Bankers&#146; Association from 1986 to 1988.</font></font> </P>
      <FONT size=2 face="Arial">
      <P align="left">&nbsp; </P>
      </font> </td>
    <td width="1%" valign="top"></td>
    <font face="Arial, Helvetica, sans-serif"></font></font>
    <td width="19%" valign="top"> <P align="left"> <font size="2" face="Arial, Helvetica, sans-serif">1,225
        BCE common shares&nbsp;<br>
        5,167 BCE share units&nbsp;<br>
        700 BCE Emergis common</font> </P>
      <FONT size=2 face="Arial, Helvetica, sans-serif"> &nbsp;</font></td>
  </tr>
  <tr>
    <td width="100%" valign="top" colspan="5"> <hr color="#000000" size="1"> </td>
  </tr>
  <font face="Arial, Helvetica, sans-serif"></font></font>
  <tr>
    <td width="19%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Ronald
        Alvin Brenneman<br>
        </font> </B> <FONT size=2>Calgary, Alberta </font></font> </P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">BCE director
        since November&nbsp;2003</font> </P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">Member,
        management resources and compensation committee</font> </P>
      <p> <FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <FONT size=2 face="Arial">
    <td width="1%" valign="top"></td>
    </font>
    <td width="60%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>President
        and Chief Executive Officer and a director, Petro-Canada (petroleum company),
        since January&nbsp;2000<br>
        </font> </B> <FONT size=2>Before January&nbsp;2000, General Manager &#150;
        Corporate Planning of Exxon Corporation (petroleum company).<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also a director of Bank of Nova Scotia,
        Bell Canada, the Mount Royal College Foundation, Syncrude Canada Ltd.
        and Telesat. </font></font> </P>
      <p><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <FONT size=2 face="Arial">
    <td width="1%" valign="top"></td>
    </font>
    <td width="19%" valign="top"> <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">12,950
        BCE common shares&nbsp;<br>
        536 BCE share units</font> </P>
      <p> <FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <FONT size=2 face="Arial">
  <tr>
    <td width="100%" valign="top" colspan="5"> <hr color="#000000" size="1"> </td>
  </tr>
  </font>
  <tr>
    <td width="19%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Richard
        James Currie, C.M.<br>
        </font> </B> <FONT size=2>Toronto, Ontario </font></font> </P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">BCE director
        since May&nbsp;1995</font> </P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">Chairman,
        corporate governance committee</font> </P>
      <p> <FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <FONT size=2 face="Arial">
    <td width="1%" valign="top"></td>
    </font>
    <td width="60%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Chairman
        of the board, BCE and Bell Canada, since April&nbsp;2002<br>
        </font> </B> <FONT size=2>President of George Weston Limited (food distribution,
        retail and production) from 1996 to May&nbsp;2002 and a director from
        1975 to May&nbsp;2002.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President of Loblaw Companies Limited (grocery
        chain) from 1976 to January&nbsp;2001 and a director from 1973 to May&nbsp;2001.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also Chairman of the board of Telesat, Chancellor
        of the University of New Brunswick and a director of CAE&nbsp;Inc., Petro-Canada
        and Staples,&nbsp;Inc.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the past five years, Mr. Currie also
        served as a director of Imperial Oil Limited and Nortel Networks Corporation.
        </font></font> </P>
      <FONT size=2 face="Arial">
      <P align="left">&nbsp; </P>
      </font> </td>
    <td width="1%" valign="top"></td>
    <font face="Arial, Helvetica, sans-serif"></font></font>
    <td width="19%" valign="top"> <FONT size=2 face="Arial, Helvetica, sans-serif">1,030,221
      BCE common shares<br>
      26,192 BCE share units</font> </td>
  </tr>
  <FONT size=2 face="Arial">
  <tr>
    <td width="100%" valign="top" colspan="5"> <hr color="#000000" size="1"> </td>
  </tr>
  </font>
  <tr>
    <td width="19%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Anthony
        Smithson Fell, O.C.<br>
        </font> </B> <FONT size=2>Toronto, Ontario </font></font> </P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">BCE director
        since January&nbsp;2002</font> </P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">Member,
        management resources and compensation committee and pension fund committee</font>
      </P>
      <p> <FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <FONT size=2 face="Arial">
    <td width="1%" valign="top"></td>
    </font>
    <td width="60%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Chairman
        of the board, RBC Dominion Securities Limited (investment bank), since
        December&nbsp;1999<br>
        </font> </B> <FONT size=2>Chairman of the board and Chief Executive Officer
        of RBC Dominion Securities Limited from 1992 to December&nbsp;1999.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also Chairman of the board of Munich Reinsurance
        Company of Canada and a director of Bell Canada, CAE&nbsp;Inc., Loblaw
        Companies Limited and Telesat. </font></font> </P>
      <FONT size=2 face="Arial">
      <P align="left">&nbsp; </P>
      </font> <p><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <FONT size=2 face="Arial">
    <td width="1%" valign="top"></td>
    </font>
    <td width="19%" valign="top"> <FONT size=2 face="Arial, Helvetica, sans-serif">100,000
      BCE common shares<br>
      8,752 BCE share units</font> </td>
  </tr>
  <FONT size=2 face="Arial">
  <tr>
    <td width="100%" valign="top" colspan="5"> <hr color="#000000" size="1"> </td>
  </tr>
  </font>
  <tr>
    <td width="19%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Donna
        Soble Kaufman<br>
        </font> </B> <FONT size=2>Toronto, Ontario </font></font> </P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">BCE director
        since June&nbsp;1998</font></P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">Member,
        corporate governance committee and pension fund committee </font> </P>
      <FONT size=2 face="Arial">
      <P align="left">&nbsp; </P>
      </font> </td>
    <td width="1%" valign="top"></td>
    <font face="Arial, Helvetica, sans-serif"></font></font>
    <td width="60%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Lawyer
        and Corporate Director since 1997<br>
        </font> </B> <FONT size=2>Also a director of Bell Canada, Hudson&#146;s
        Bay Company, Telesat, TransAlta Corporation and UPM-Kymmene Corporation
        (Finland). </font></font> </P>
      <p><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <FONT size=2 face="Arial">
    <td width="1%" valign="top"></td>
    </font>
    <td width="19%" valign="top"> <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">2,000
        BCE common shares<br>
        12,513 BCE share units&nbsp;<br>
        8 BCI common shares&nbsp;<br>
        9,854 BCI share units</font> </P>
      <p> <FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <FONT size=2 face="Arial">
  <tr>
    <td width="100%" valign="top" colspan="5"> <hr color="#000000" size="1"> </td>
  </tr>
  </font>
  <tr>
    <td width="100%" valign="top" colspan="5"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><font size="2">Aliant
        </font></B><font size="2">= Aliant&nbsp;Inc., <B>BCE Emergis </B>= BCE
        Emergis&nbsp;Inc., <B>BCI </B>= Bell Canada International&nbsp;Inc., <B>Bell
        Globemedia </B>= Bell Globemedia&nbsp;Inc., <B>Telesat </B>= Telesat Canada</font></font>
      </P>
      <P align="left"> <font size="2" face="Arial, Helvetica, sans-serif"><SUP>1</SUP>&nbsp;Bell
        Canada and Telesat are wholly-owned subsidiaries of BCE.</font> </P></td>
  </tr>
  <font face="Arial, Helvetica, sans-serif"><FONT size=2 face="Arial"></font>
  <tr>
    <td width="100%" valign="top" colspan="5">&nbsp; </td>
  </tr>
</table>
<p>&nbsp;</p>
</font>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right" width="5%"> <p align="left"><font face="Arial, Helvetica, sans-serif"><b><font size="2">8</font></b></font></p></td>
    <td align="right"> <p align="left"><FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><FONT size=2 face="Arial"> </font><font face="Arial">
<P>&nbsp; </P>
<hr noshade color="#000000">
</font>
<p>&nbsp;</p>
<table border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="100%" valign="top" colspan="5"> <hr color="#000000" size="1"> </td>
  </tr>
  <font face="Arial, Helvetica, sans-serif"></font></font>
  <tr>
    <td width="19%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><font size="2">Thomas
        Edward Kierans, O.C.<br>
        </font></B> <font size="2">Toronto, Ontario</font></font> </P>
      <P align="left"> <font size="2" face="Arial, Helvetica, sans-serif">BCE
        director since April&nbsp;1999</font> </P>
      <P align="left"> <font size="2" face="Arial, Helvetica, sans-serif">Member,
        audit committee and corporate governance committee</font> </P>
      <FONT size=2 face="Arial">
      <p>&nbsp;</font></td>
    <td width="1%" valign="top"></td>
    <font face="Arial, Helvetica, sans-serif"></font></font>
    <td width="60%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><font size="2">Chairman
        of the board, Canadian Institute for Advanced Research (conducts basic
        research programs in the social and natural sciences), since September&nbsp;1999<br>
        </font></B> <font size="2">Chairman of the board of Moore Corporation
        Limited (management and distribution of print and digital information)
        from 1977 to March&nbsp;2001.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman of the board of Petro-Canada from
        1996 to January&nbsp;2000.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer of
        the C.D. Howe Institute (independent, non-profit economic and social policy
        research institution) from 1989 to September&nbsp;1999.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also Chairman of the board of CSI Global
        Education&nbsp;Inc. and Toronto International Leadership Centre for Financial
        Sector Supervision and a director of Bell Canada, Inmet Mining Corporation,
        IPSCO&nbsp;Inc., Manulife Financial Corporation, Petro-Canada and Telesat.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the past five years, Mr. Kierans also
        served as a director of CGI Group&nbsp;Inc. and FPI Limited.</font></font>
      </P>
      <FONT size=2 face="Arial">
      <p>&nbsp;</font></td>
    <td width="1%" valign="top"></td>
    <font face="Arial, Helvetica, sans-serif"></font></font>
    <td width="19%" valign="top"> <P align="left"> <font size="2" face="Arial, Helvetica, sans-serif">17,027
        BCE common shares<br>
        4,330 BCE share units</font> </P>
      <FONT size=2 face="Arial">
      <p>&nbsp;</font></td>
  </tr>
  <tr>
    <td width="100%" valign="top" colspan="5"> <hr color="#000000" size="1"> </td>
  </tr>
  <tr>
    <td width="19%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Brian
        Michael Levitt<br>
        </font> </B> <FONT size=2>Montr&eacute;al, Qu&eacute;bec </font></font>
      </P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">BCE director
        since May&nbsp;1998</font> </P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">Member,
        management resources and compensation committee and pension fund committee</font>
      </P>
      <p> <FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <FONT size=2 face="Arial">
    <td width="1%" valign="top"></td>
    </font>
    <td width="60%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Co-Chair,
        Osler, Hoskin &amp; Harcourt LLP (law firm), since January&nbsp;2001<br>
        </font> </B> <FONT size=2>President and Chief Executive Officer of Imasco
        Limited (consumer products and services company) from 1995 to February&nbsp;2000.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also a director of Bell Canada, Domtar&nbsp;Inc.,
        Montreal Museum of Fine Arts and Telesat.&nbsp;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the past five years, Mr. Levitt also
        served as a director of Alcan&nbsp;Inc. and Cossette Communication Group.</font></font>
      </P>
      <p><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <FONT size=2 face="Arial">
    <td width="1%" valign="top"></td>
    </font>
    <td width="19%" valign="top"> <FONT size=2 face="Arial, Helvetica, sans-serif">2,813
      BCE common shares<br>
      21,860 BCE share units</font> </td>
  </tr>
  <FONT size=2 face="Arial">
  <tr>
    <td width="100%" valign="top" colspan="5"> <hr color="#000000" size="1"> </td>
  </tr>
  </font>
  <tr>
    <td width="19%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>The
        Honourable Edward C. Lumley, P.C.<br>
        </font> </B> <FONT size=2>South Lancaster, Ontario </font></font> </P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">BCE director
        since January&nbsp;2003</font> </P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">Member,
        corporate governance committee</font> </P>
      <p> <FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <FONT size=2 face="Arial">
    <td width="1%" valign="top"></td>
    </font>
    <td width="60%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Vice-Chairman,
        BMO Nesbitt Burns&nbsp;Inc. (investment bank), since 1991<br>
        </font> </B> <FONT size=2>Also a director of Air Canada, Canadian National
        Railway Company, Dollar Thrifty Automotive Group, Intier Automotive&nbsp;Inc.,
        Magna Entertainment Corp., Magna International&nbsp;Inc. and Telesat.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the past five years, Mr. Lumley also
        served as a director of Gendis&nbsp;Inc.</font></font> </P>
      <p><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <FONT size=2 face="Arial">
    <td width="1%" valign="top"></td>
    </font>
    <td width="19%" valign="top"> <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">10,000
        BCE common shares</font> </P>
      <p> <FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <FONT size=2 face="Arial">
  <tr>
    <td width="100%" valign="top" colspan="5"> <hr color="#000000" size="1"> </td>
  </tr>
  </font>
  <tr>
    <td width="19%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Judith
        Maxwell, C.M.<br>
        </font> </B> <FONT size=2>Ottawa, Ontario </font></font> </P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">BCE director
        since January&nbsp;2000</font> </P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">Member,
        audit committee and pension fund committee</font> </P>
      <p> <FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <FONT size=2 face="Arial">
    <td width="1%" valign="top"></td>
    </font>
    <td width="60%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>President,
        Canadian Policy Research Networks&nbsp;Inc. (non-profit organization conducting
        research on work, family, health, social policy and public involvement),
        since 1995<br>
        </font> </B> <FONT size=2>Former associate director of the School of Political
        Studies at Queen&#146;s University.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also a director of Bell Canada and Telesat.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the past five years, Ms. Maxwell also
        served as a director of Clarica Life Insurance Company.</font></font>
      </P>
      <p><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <FONT size=2 face="Arial">
    <td width="1%" valign="top"></td>
    </font>
    <td width="19%" valign="top"> <FONT size=2 face="Arial, Helvetica, sans-serif">1,000
      BCE common shares<br>
      9,611 BCE share units</font> </td>
  </tr>
  <FONT size=2 face="Arial">
  <tr>
    <td width="100%" valign="top" colspan="5"> <hr color="#000000" size="1"> </td>
  </tr>
  </font>
  <tr>
    <td width="19%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><font size="2">John
        Hector McArthur<br>
        </font></B> <font size="2">Wayland, Massachusetts</font></font> </P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">BCE director
        since May&nbsp;1995</font> </P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">Member,
        corporate governance committee and management resources and compensation
        committee</font> </P>
      <p> <FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <FONT size=2 face="Arial">
    <td width="1%" valign="top"></td>
    </font>
    <td width="60%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><font size="2">Dean
        Emeritus, Harvard University Graduate School of Business Administration,
        since 1995<br>
        </font></B> <font size="2">Also a director of AES Corporation, Bell Canada,
        Cabot Corporation, BCE Emergis, GlaxoSmithKline plc, HCA&nbsp;Inc., KOC
        Holdings, A.S., Reuters Founders Share Company Limited, Rohm and Haas
        Company and Telesat.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also a senior advisor to the President of
        the World Bank, Washington, DC.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the past five years, Mr. McArthur also
        served as a director of Springs Industries,&nbsp;Inc.</font></font> </P>
      <FONT size=2 face="Arial">
      <p>&nbsp;</font></td>
    <td width="1%" valign="top"></td>
    <td width="19%" valign="top"> <FONT size=2 face="Arial, Helvetica, sans-serif">840
      BCE common shares&nbsp;<br>
      25,521 BCE share units&nbsp;<br>
      1,000 BCE Emergis common shares<br>
      12,341 BCE Emergis share units</font> </td>
  </tr>
  <font face="Arial, Helvetica, sans-serif"><FONT size=2 face="Arial"></font>
  <tr>
    <td width="100%" valign="top" colspan="5"> <hr color="#000000" size="1"> </td>
  </tr>
</table>
<p>&nbsp;</p>
<font face="Arial, Helvetica, sans-serif"></font> </font>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right"> <p align="right"> <FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
    <td align="right" width="5%"><font face="Arial, Helvetica, sans-serif"><b><font size="2">9</font></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><FONT size=2 face="Arial"> </font><font face="Arial">
<P>&nbsp; </P>
<hr noshade color="#000000">
</font>
<p>&nbsp;</p>
<table border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="100%" valign="top" colspan="5"> <hr color="#000000" size="1"> </td>
  </tr>
  <font face="Arial, Helvetica, sans-serif"></font></font>
  <tr>
    <td width="19%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Thomas
        Charles O&#146;Neill, F.C.A.<br>
        </font> </B> <FONT size=2>Don Mills, Ontario</font></font> </P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">BCE director
        since January&nbsp;2003</font> </P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">Chairman,
        audit committee</font> </P>
      <FONT size=2 face="Arial">
      <P align="left">&nbsp; </P>
      </font> <p> <FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <FONT size=2 face="Arial">
    <td width="1%" valign="top"></td>
    </font>
    <td width="60%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Chartered
        Accountant and Corporate Director since October&nbsp;2002<br>
        </font> </B> <FONT size=2>Also Vice-Chair of the board of Governors at
        Queen&#146;s University.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer of PricewaterhouseCoopers
        Consulting (provider of management consulting and technology services)
        from January&nbsp;2002 to May&nbsp;2002 and then Chairman of the board
        from May&nbsp;2002 to October&nbsp;2002.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Operating Officer of PricewaterhouseCoopers
        LLP global organization (professional services firm in accounting, auditing,
        taxation and financial advisory) from July&nbsp;2000 to January&nbsp;
        2002.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer of PricewaterhouseCoopers
        LLP in Canada from 1998 to July&nbsp;2000.&nbsp;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also a director of Bell Canada, Dofasco&nbsp;Inc.,
        Loblaw Companies Limited, Nexen&nbsp;Inc., Ontario Teacher&#146;s Pension
        Plan, St. Michael&#146;s Hospital and Telesat.</font></font> </P>
      <p><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <FONT size=2 face="Arial">
    <td width="1%" valign="top"></td>
    </font>
    <td width="19%" valign="top"> <FONT size=2 face="Arial, Helvetica, sans-serif">3,000
      BCE common shares<br>
      6,696 BCE share units</font> </td>
  </tr>
  <FONT size=2 face="Arial">
  <tr>
    <td width="100%" valign="top" colspan="5"> <hr color="#000000" size="1"> </td>
  </tr>
  </font>
  <tr>
    <td width="19%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Robert
        Charles Pozen<br>
        </font> </B> <FONT size=2>Boston, Massachusetts</font></font> </P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">BCE director
        since February&nbsp;2002</font> </P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">Chairman,
        pension fund committee<br>
        Member, audit committee </font> </P>
      <FONT size=2 face="Arial">
      <P align="left">&nbsp; </P>
      </font> </td>
    <td width="1%" valign="top"></td>
    <td width="60%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Chairman
        of the board, MFS Investment Management (global investment manager), since
        February&nbsp;2004<br>
        </font> </B> <FONT size=2>Also visiting professor, Harvard Law School,
        since January&nbsp;2003.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and a director of Fidelity Management
        and Research Company (provider of financial services and investment resources)
        from 1997 to June&nbsp;2001.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice-Chairman of the board of Fidelity Investments
        from June&nbsp;2000 to December&nbsp;2001.&nbsp;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also a director of Bank of New York, Massachusetts
        Development Board and Telesat.</font></font></P>
      <p><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <FONT size=2 face="Arial">
    <td width="1%" valign="top"></td>
    </font>
    <td width="19%" valign="top"> <FONT size=2 face="Arial, Helvetica, sans-serif">121,970
      BCE common shares<br>
      11,370 BCE share units</font> </td>
  </tr>
  <FONT size=2 face="Arial">
  <tr>
    <td width="100%" valign="top" colspan="5"> <hr color="#000000" size="1"> </td>
  </tr>
  </font>
  <tr>
    <td width="19%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Michael
        Jonathan Sabia<br>
        </font> </B> <FONT size=2>Montr&eacute;al, Qu&eacute;bec</font></font>
      </P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">BCE director
        since October&nbsp;2002</font> </P>
      <p> <FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <FONT size=2 face="Arial">
    <td width="1%" valign="top"></td>
    </font>
    <td width="60%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>President
        and Chief Executive Officer (since April&nbsp;2002) and a director, BCE,
        and Chief Executive Officer (since May&nbsp;2002) and a director, Bell
        Canada<br>
        </font> </B> <FONT size=2>President and Chief Operating Officer of BCE
        from March&nbsp;2002 to April&nbsp;2002 and Chief Operating Officer of
        Bell Canada from March&nbsp;2002 to May&nbsp;2002.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President of BCE from December&nbsp;2000
        to March&nbsp;2002.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice-President of BCE from July&nbsp;2000
        to December&nbsp;2000 and Vice-Chairman of Bell Canada from July&nbsp;2000
        to March&nbsp;2002.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice-Chairman and Chief Executive Officer
        of BCI from October&nbsp;1999 to June&nbsp;2000 and then Vice-Chairman
        of BCI from June&nbsp;2000 to November&nbsp;2001.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before October&nbsp;1999, Executive Vice-President
        and Chief Financial Officer of Canadian National Railway Company (transportation
        company).<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also Chairman of the board of Bell Globemedia
        and BCE Emergis and a director of Bell ExpressVu&nbsp;Inc., Bell Mobility
        Holdings&nbsp;Inc., CGI Group&nbsp;Inc. and Telesat. </font></font> </P>
      <FONT size=2 face="Arial">
      <P align="left">&nbsp; </P>
      </font> </td>
    <td width="1%" valign="top"></td>
    <td width="19%" valign="top"> <FONT size=2 face="Arial, Helvetica, sans-serif">10,837
      BCE common shares<br>
      117,606 BCE share units</font> </td>
  </tr>
  <FONT size=2 face="Arial">
  <tr>
    <td width="100%" valign="top" colspan="5"> <hr color="#000000" size="1"> </td>
  </tr>
  </font>
  <tr>
    <td width="19%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Paul
        Mathias Tellier, P.C., C.C., Q.C.<br>
        </font> </B> <FONT size=2>Montr&eacute;al, Qu&eacute;bec</font></font>
      </P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">BCE director
        since April&nbsp;1999</font> </P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">Chairman,
        management resources and compensation committee</font> </P>
      <FONT size=2 face="Arial">
      <P align="left">&nbsp; </P>
      </font> </td>
    <FONT size=2 face="Arial">
    <td width="1%" valign="top"></td>
    </font>
    <td width="60%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>President
        and Chief Executive Officer (since January&nbsp;2003) and a director,
        Bombardier&nbsp;Inc. (manufacturer of business jets, regional aircraft
        and rail transportation equipment)<br>
        </font> </B> <FONT size=2>President, Chief Executive Officer and a director
        of Canadian National Railway Company from 1992 to December&nbsp;2002.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also a director of Alcan&nbsp;Inc., Bell
        Canada, McCain Foods Limited and Telesat.</font></font> </P>
      <p> <FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <FONT size=2 face="Arial">
    <td width="1%" valign="top"></td>
    </font>
    <td width="19%" valign="top"> <FONT size=2 face="Arial, Helvetica, sans-serif">1,700
      BCE common shares<br>
      23,047 BCE share units</font> </td>
  </tr>
  <FONT size=2 face="Arial">
  <tr>
    <td width="100%" valign="top" colspan="5"> <hr color="#000000" size="1"> </td>
  </tr>
  </font>
  <tr>
    <td width="19%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Victor
        Leyland Young, O.C.<br>
        </font> </B> <FONT size=2>St. John&#146;s, Newfoundland</font></font>
      </P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">BCE director
        since May&nbsp;1995</font> </P>
      <P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">Member,
        audit committee and management resources and compensation committee</font>
      </P>
      <FONT size=2 face="Arial">
      <P align="left">&nbsp; </P>
      </font> </td>
    <FONT size=2 face="Arial">
    <td width="1%" valign="top"></td>
    </font>
    <td width="60%" valign="top"> <P align="left"> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Corporate
        Director since May&nbsp;2001<br>
        </font> </B> <FONT size=2>Chairman of the board and Chief Executive Officer
        of Fishery Products International Limited (frozen seafood products company)
        from 1984 to May&nbsp;2001.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also a director of Aliant, Bell Canada,
        Imperial Oil Limited, McCain Foods Limited, Royal Bank of Canada and Telesat.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the past five years, Mr. Young also served
        as a director of FPI Limited.</font></font> </P>
      <p><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <FONT size=2 face="Arial">
    <td width="1%" valign="top"></td>
    </font>
    <td width="19%" valign="top"> <FONT size=2 face="Arial, Helvetica, sans-serif">5,536
      BCE common shares<br>
      10,347 BCE share units&nbsp;<br>
      4 BCI common shares&nbsp;<br>
      1,500 Aliant common shares<br>
      1,871 Aliant share units</font> </td>
  </tr>
  <font face="Arial, Helvetica, sans-serif"><FONT size=2 face="Arial"></font>
  <tr>
    <td width="100%" valign="top" colspan="5"> <hr color="#000000" size="1"> </td>
  </tr>
</table>
<p>&nbsp;</p>
<font face="Arial, Helvetica, sans-serif"></font> </font>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right" width="5%"> <p align="left"><font face="Arial, Helvetica, sans-serif"><b><FONT size=2>10</font></b></font></p></td>
    <td align="right"> <p align="left"><FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
  </tr>
</table>
<FONT size=2 face="Arial"><font face="Arial">
<P>&nbsp; </P>
<hr noshade color="#000000">
</font>
<P>&nbsp; </P>
</font>
<P> <font face="Arial, Helvetica, sans-serif"><a name="#page_11"><B><font face="Arial">COMMITTEE
  REPORTS</a></font></B> </font></P>
<font face="Arial, Helvetica, sans-serif"><font face="Arial"> </font>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">The board has four standing
  committees:</font> </P>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">audit committee</font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">corporate governance committee
    (CGC)</font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">management resources and
    compensation committee (MRCC)</font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">pension fund committee
    (PFC).</font></LI>
</UL>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
  section includes reports from each committee, which tell you about its members,
  responsibilities and activities in the past year. </font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B> <a name="#page_11a"><FONT size=2 face="Arial">Audit
  committee report</a></font></B> </P></font>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">The purpose of the audit
  committee is set forth in its written charter. This charter was amended in early
  2004 in order, among other things, to document certain of our practices that
  are now reflected in new U.S. and Canadian corporate governance initiatives.
  The complete audit committee charter is available in the Governance section
  of BCE&#146;s website at www.bce.ca.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under its charter, the audit committee assists
  the board in the oversight of: </font> </P>
<font face="Arial, Helvetica, sans-serif"><FONT size=2> </font>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">the integrity of BCE&#146;s
    financial statements and related information</font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">BCE&#146;s compliance with
    applicable legal and regulatory requirements</font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">the independence, qualifications
    and appointment of the external auditors</font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">the performance of the
    internal and external auditors</font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">management&#146;s responsibility
    for reporting on internal controls.</font></LI>
</UL>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
  report tells you how the audit committee is managed and BCE&#146;s process for
  complying with applicable laws and regulations. </font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B> <FONT size=2>About the audit
  committee</font></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">The audit committee is made
  up of five unrelated and independent directors: Mr. T.C. O&#146;Neill (Chairman),
  Mr. T.E. Kierans, Ms. J. Maxwell, Mr. R.C. Pozen and Mr. V.L. Young. The audit
  committee communicates regularly and directly with management and the internal
  and external auditors. The audit committee met six times in 2003, including
  without management, and without the internal and external auditors on a regular
  basis.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The audit committee continued to focus on three
  key areas in 2003: </font> </P>
<font face="Arial, Helvetica, sans-serif"><FONT size=2> </font>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">assessing the appropriateness
    of BCE&#146;s financial reporting</font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">reviewing the adequacy
    of BCE&#146;s policies and processes for internal controls and financial reporting,
    risk management and compliance with applicable laws, regulations and sound
    business ethics</font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">overseeing all aspects
    of the internal and external audit functions.</font></LI>
</UL>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
  BCE has securities registered in the United States, we are subject to certain
  provisions of the United States <I>Sarbanes-Oxley Act of 2002 </I>(Sarbanes-Oxley
  Act) and related rules and regulations of the U.S. Securities and Exchange Commission
  (SEC) (related SEC rules). In addition, since BCE&#146;s common shares are listed
  on the New York Stock Exchange (NYSE), we are subject to certain NYSE corporate
  governance rules that were finalized in November&nbsp;2003 (NYSE rules). In
  January&nbsp;2004, the Canadian Securities Administrators also issued final
  rules relating to audit committees and certification of financial information
  (Canadian rules).<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Sarbanes-Oxley Act and related SEC rules,
  BCE is required to disclose whether its audit committee is composed of at least
  one financial expert, as defined by these rules. In addition, the NYSE rules
  require that all audit committee members be financially literate. BCE&#146;s
  board of directors has recently determined that all audit committee members
  are financially literate and that the audit committee is composed of at least
  one financial expert, its Chairman, Mr. T.C. O&#146;Neill.</font> </P>
<font face="Arial, Helvetica, sans-serif"><FONT size=2> </font>
<P> <font face="Arial, Helvetica, sans-serif"><B> <FONT size=2>Financial reporting</font></B>
  </font></P>
<P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">The audit committee
  reviews the following documents with management and the external auditors and
  recommends them to the board for approval:</font> </P>
<UL>
  <LI> <FONT size=2 face="Arial, Helvetica, sans-serif">our annual and interim
    financial statements<BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">the related management&#146;s
    discussion and analysis of financial condition and results of operation (MD&amp;A)<BR>
    </font></LI>
  <LI> <FONT size=2 face="Arial, Helvetica, sans-serif">our annual information
    form (AIF)<BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">earnings press releases<BR>
    </font></LI>
  <LI> <FONT size=2 face="Arial, Helvetica, sans-serif">other financial information
    that is provided to analysts and rating agencies (as part of the revised charter).<BR>
    </font></LI>
</UL>
<P align="left"> <FONT size=2 face="Arial, Helvetica, sans-serif">The purpose
  of this review is to provide reasonable assurance that:</font> </P>
<UL>
  <LI> <FONT size=2 face="Arial, Helvetica, sans-serif">BCE&#146;s financial reporting
    is complete and fairly presented in all material respects<BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">the accounting standards
    used to prepare our financial reporting are appropriate, in particular, where
    judgment, estimates, risks and uncertainties are involved<BR>
    </font></LI>
  <LI> <FONT size=2 face="Arial, Helvetica, sans-serif">critical disclosures are
    adequate.<BR>
    </font></LI>
</UL>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  audit committee also reviews new applicable legal and regulatory initiatives
  as well as the adoption and disclosure of new accounting pronouncements. It
  assesses the potential impact of choosing certain alternatives, when appropriate.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Sarbanes-Oxley Act and related SEC rules,
  and under the Canadian rules, BCE is required to design and maintain controls
  and procedures to ensure that the information we publicly disclose is recorded,
  processed, summarized and reported on a timely basis. In 2003, the board approved
  guidelines reflecting BCE&#146;s disclosure controls and procedures. It also
  approved a written charter outlining the responsibilities, membership and procedures
  of BCE&#146;s disclosure and compliance committee. This committee consists of
  officers and other key employees responsible for overseeing the accuracy and
  timeliness of BCE&#146;s public disclosures. In 2004, the charter and guidelines
  were revised to reflect certain new related SEC rules and the Canadian rules.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of its disclosure controls and procedures,
  BCE has established a comprehensive process to support the annual certifications
  required under the Sarbanes-Oxley Act and related SEC rules, and to support
  the annual and quarterly certifications that will be required under the Canadian
  rules. Among other things, these certifications by the President and Chief Executive
  Officer and the Chief Financial Officer state that:</font> </P>
<font face="Arial, Helvetica, sans-serif"><FONT size=2> </font>
<UL>
  <LI> <FONT size=2 face="Arial, Helvetica, sans-serif">they are responsible for
    establishing and maintaining BCE&#146;s disclosure controls and procedures<BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">they have evaluated the
    effectiveness of these disclosure controls and procedures<BR>
    </font></LI>
  <LI> <FONT size=2 face="Arial, Helvetica, sans-serif">BCE&#146;s financial statements,
    related MD&amp;A and the AIF do not contain any untrue statement of a material
    fact<BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">BCE&#146;s financial statements
    and other financial information fairly present in all material respects BCE&#146;s
    financial condition, results of operation and cash flows.<br>
    <br>
    <BR>
    </font></LI>
</UL>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right"> <p align="right"> <FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
    <td align="right" width="5%"><font face="Arial, Helvetica, sans-serif"><b><FONT size=2>11</font></b></font></td>
  </tr>
</table>
<FONT size=2 face="Arial">
<p>&nbsp;</p>
<hr color="#000000">
<P>&nbsp; </P>
</font>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Internal control
  over financial reporting</font></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">The audit committee has the
  overall responsibility to provide reasonable assurance that BCE&#146;s internal
  control systems are adequate and effective. It reviews the policies in place,
  monitors compliance and approves recommendations for changes.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The audit committee also ensures that BCE&#146;s
  processes for identifying and managing risks are adequate and that BCE complies
  with its business ethics policies, including the conflict of interest policy
  for officers. The Sarbanes-Oxley Act and related SEC rules require, as part
  of the annual certifications discussed above, that the President and Chief Executive
  Officer and the Chief Financial Officer certify that they have disclosed to
  BCE&#146;s external auditors and to the audit committee:</font> </P>
<font face="Arial, Helvetica, sans-serif"><FONT size=2> </font>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">all significant deficiencies
    and material weaknesses in the design or operation of BCE&#146;s internal
    control over financial reporting that are reasonably likely to adversely affect
    our ability to record, process, summarize and report financial information<BR>
    </font></LI>
  <font face="Arial, Helvetica, sans-serif"><FONT size=2> </font>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">any fraud involving management
    or other employees who have a significant role in our internal control over
    financial reporting.<BR>
    </font></LI>
</UL>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  audit committee also oversees the requirements of the Sarbanes-Oxley Act and
  related SEC rules, and of the Canadian rules relating to certification of BCE&#146;s
  internal control over financial reporting. These rules come into effect for
  BCE&#146;s 2005 annual report that will be filed in 2006. They require a management
  internal control report that contains:</font> </P>
<FONT size=2>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">a statement of management&#146;s
    responsibilities for establishing and maintaining adequate internal controls
    over financial reporting<BR>
    </font></LI>
  <font face="Arial, Helvetica, sans-serif"><FONT size=2> </font>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">a description of the framework
    used to evaluate, and management&#146;s assessment of, the effectiveness of
    BCE&#146;s internal control over financial reporting<BR>
    </font></LI>
  <font face="Arial, Helvetica, sans-serif"><FONT size=2> </font>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">a statement that the external
    auditors have issued an attestation report on management&#146;s assessment.<BR>
    </font></LI>
</UL>
<font face="Arial, Helvetica, sans-serif"><FONT size=2> </font>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE
  has undertaken the following initiatives in 2003 to meet these requirements:</font>
</P>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">establishment of a financial
    controls project led by a newly appointed vice-president<BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">appointment of an external
    accounting firm (other than the external auditors) to assist BCE in such project<BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif">holding regular meetings with
    senior management to update them on the progress of the project.</font></LI>
  <font face="Arial, Helvetica, sans-serif"></font> </font>
</UL>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE
  is on schedule to comply with these rules when they come into effect. </font>
</P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Audit function</font>
  </B> </font></P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>External auditors<br>
  </font> </B> <FONT size=2>The current external auditors are Deloitte &amp; Touche
  LLP.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The audit committee is responsible for recommending
  to the board the appointment of the external auditors and their compensation.
  The audit committee is directly responsible for:</FONT></font> </P>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">evaluating the auditors
    to make sure that they fulfill their responsibilities. The audit committee
    reviews their performance against acceptable auditing standards, as well as
    their qualifications, independence, internal quality control procedures, audit
    plans and fees.</FONT></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">assessing the adequacy
    of the auditor independence policy and approving recommendations for changes
    to, and monitoring compliance with, the policy. This includes the process
    for approving audit and other services in advance.<BR>
    </FONT></LI>
</UL>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Auditor independence
  policy</FONT></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">The auditor independence
  policy is a comprehensive policy governing all aspects of BCE&#146;s relationship
  with the external auditors, including:</FONT> </P>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">establishing a process
    for determining whether various audit and other services provided by the external
    auditors affect their independence<BR>
    </FONT></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">identifying the services
    that the external auditors may and may not provide to BCE and its subsidiaries<BR>
    </FONT></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">pre-approving all services
    to be provided by the external auditors of BCE and its subsidiaries<BR>
    </FONT></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">establishing guidelines
    for engaging former employees of the external auditors.<BR>
    </FONT></LI>
</UL>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
  particular, the policy specifies that:</FONT> </P>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">the external auditors cannot
    be hired to provide any services falling within the prohibited services category,
    such as bookkeeping, financial information system design and implementation
    and legal services<BR>
    </FONT></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">for all (audit or non-audit)
    services falling within the permitted services category (such as prospectus
    work, due diligence and non-statutory audits), a request for approval must
    be submitted to the audit committee by the Chief Financial Officer prior to
    engaging the auditors<BR>
    </FONT></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">specific permitted services
    however are pre-approved quarterly by the audit committee and consequently
    only require approval by the Chief Financial Officer prior to engaging the
    external auditors<BR>
    </FONT></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">at each regularly scheduled
    audit committee meeting, a consolidated summary of all fees paid to the external
    auditors by service type is presented. This summary includes a breakout of
    fees incurred within the pre-approved amounts.<BR>
    </FONT></LI>
</UL>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Auditors&#146; fees</FONT></B>
  </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">The table below shows the
  fees that Deloitte &amp; Touche LLP billed to BCE and its subsidiaries for various
  services in the past two years.</FONT> </P>
<font face="Arial, Helvetica, sans-serif"><FONT size=2 face="Arial"> </font>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <TD width="100%" colspan="5"><HR color="#000000" noshade size=1></TD>
  </tr>
  <font face="Arial, Helvetica, sans-serif"></font></font>
  <TR>
    <TD width="76%"><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
    <TD align="right" width="11%"><font face="Arial, Helvetica, sans-serif"><B><font size="2">2003</font></B></font></TD>
    <TD width="1%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
    <TD align="right" width="11%"><FONT size=2 face="Arial, Helvetica, sans-serif">2002
      <SUP>1</SUP></FONT></TD>
    <TD width="1%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
  </TR>
  <FONT size=2 face="Arial">
  <TR>
    <TD width="100%" colspan="5"><HR color="#000000" noshade size=1></TD>
  </TR>
  </font>
  <TR>
    <TD width="76%"><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
    <TD align="right" width="11%"><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
    <TD width="1%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
    <TD align="right" width="11%"><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
    <TD width="1%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD width="76%"><font face="Arial, Helvetica, sans-serif"><B><font size="2">($&nbsp;millions)</font></B></font></TD>
    <TD align="right" width="11%"><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
    <TD width="1%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
    <TD align="right" width="11%"><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
    <TD width="1%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Arial, Helvetica, sans-serif">Audit fees</font></TD>
    <TD align="right" width="11%"><font face="Arial, Helvetica, sans-serif"><B><font size="2">14.9</font></B></font></TD>
    <TD width="1%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
    <TD width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">14.5</font></TD>
    <TD width="1%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Arial, Helvetica, sans-serif">Audit-related
      fees</font></TD>
    <TD align="right" width="11%"><font face="Arial, Helvetica, sans-serif"><B><font size="2">2.6</font></B></font></TD>
    <TD width="1%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
    <TD width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10.4</font></TD>
    <TD width="1%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Arial, Helvetica, sans-serif">Tax fees</font></TD>
    <TD align="right" width="11%"><font face="Arial, Helvetica, sans-serif"><B><font size="2">4.4</font></B></font></TD>
    <TD width="1%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
    <TD width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.2</font></TD>
    <TD width="1%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD width="76%"><font size="2" face="Arial, Helvetica, sans-serif">Other fees</font></TD>
    <TD align="right" width="11%"><font face="Arial, Helvetica, sans-serif"><B><font size="2">1.7</font></B></font></TD>
    <TD width="1%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
    <TD width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">8.0</font></TD>
    <TD width="1%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
  </TR>
  <FONT size=2 face="Arial">
  <tr>
    <TD width="100%" colspan="5"><HR color="#000000" noshade size=1></TD>
  </tr>
  </FONT>
  <tr>
    <TD width="76%"><font face="Arial, Helvetica, sans-serif"><B><font size="2">Total</font></B></font></TD>
    <TD align="right" width="11%"><font face="Arial, Helvetica, sans-serif"><B><font size="2">23.6</font></B></font></TD>
    <TD width="1%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
    <TD width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">37.1</font></TD>
    <TD width="1%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
  </tr>
  <font face="Arial, Helvetica, sans-serif"><FONT size=2 face="Arial"></font>
  <tr>
    <TD width="100%" colspan="5"><HR color="#000000" noshade></TD>
  </tr>
</TABLE>
</font>
<div align="left">
  <table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
      <td width="1%" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">1</font></td>
      <td width="99%"><font size="1" face="Arial, Helvetica, sans-serif">2002
        numbers have been restated to reflect new SEC guidance issued in 2003
        providing enhanced clarification on the definitions of items included
        in audit, audit-related and non-audit services categories.</font></td>
    </tr>
  </table>
</div>
<P> <font face="Arial, Helvetica, sans-serif"><I><FONT size=2>Audit fees<br>
  </FONT></I> <FONT size=2>These fees include professional services rendered by
  the external auditors for the review of the interim financial statements, statutory
  audits of the annual financial statements, prospectuses, consultations about
  financial accounting and reporting standards and other regulatory audits and
  filings.<br>
  <br>
  <br>
  </FONT></font> </P>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right" width="5%"> <p align="left"><font face="Arial, Helvetica, sans-serif"><b>
        <FONT size=2> 12 </FONT></b></font></p></td>
    <td align="right"> <p align="left"><FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
  </tr>
</table>
<FONT size=2 face="Arial">
<p>&nbsp;</p>
<HR color="#000000" noshade>
<p>&nbsp;</p>
</FONT>
<P> <font face="Arial, Helvetica, sans-serif"><I><FONT size=2>Audit-related fees<br>
  </FONT></I> <FONT size=2>These fees include professional services that reasonably
  relate to the above services, including non-statutory audits, Sarbanes-Oxley
  Act initiatives, pension plan audits and consultations about prospective financial
  accounting and reporting standards.</FONT></font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><I><FONT size=2>Tax fees<br>
  </FONT></I> <FONT size=2>These fees include professional services for the attestation
  of compliance with our conflict of interest policy, tax compliance, tax advice,
  tax planning and advisory services relating to the preparation of corporate
  tax, capital tax and commodity tax returns.</FONT></font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><I><FONT size=2>Other fees<br>
  </FONT></I> <FONT size=2>These fees include professional services rendered for:</FONT></font>
</P>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">completion of work commenced
    in 2002 and finalized in early 2003 on the re-design of product introduction
    and new applications for account management, inventory programming, promotion
    and research processes<BR>
    </FONT></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">French translation of interim
    and annual financial statements, MD&amp;As, AIFs, prospectuses and other public
    documents.</FONT></LI>
</UL>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
  January&nbsp;1,&nbsp;2003, Deloitte &amp; Touche LLP has not been engaged to
  perform any information system design and implementation service (IS/IT) or
  other consulting services to BCE or its subsidiaries. </FONT> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Internal auditor<br>
  </FONT></B><FONT size=2>The audit committee also oversees the internal audit
  function. This includes:</FONT></font> </P>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">overseeing internal audit
    plans, staffing and budgets<BR>
    </FONT></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">evaluating the responsibilities
    and performance of the internal auditor<BR>
    </FONT></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">reviewing periodic internal
    audit reports and corrective actions being taken.</FONT></LI>
</UL>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  Senior Vice-President, Audit and Risk Management reports directly to the Chairman
  of the audit committee. </FONT> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Complaint procedures<br>
  </FONT></B> <FONT size=2>In early 2004, approximately 18 months before it is
  required under the Sarbanes-Oxley Act and related SEC rules, and under the Canadian
  rules, BCE has implemented a policy detailing procedures for:</FONT></font>
</P>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">the receipt, retention
    and treatment of complaints received by BCE or any of its subsidiaries regarding
    accounting, internal accounting controls, auditing matters or evidence of
    an activity that may constitute corporate fraud, violation of federal or provincial
    laws or misappropriation of BCE&#146;s or any of its subsidiary&#146;s property<BR>
    </FONT></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">the confidential and anonymous
    submission by employees of BCE or of our subsidiaries of concerns regarding
    questionable accounting or auditing matters.</FONT></LI>
</UL>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE&#146;s
  complete complaint procedures for accounting and auditing matters is available
  in the Governance section of BCE&#146;s website at www.bce.ca. </FONT> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Other<br>
  </FONT></B> <FONT size=2>The audit committee also carries out an annual evaluation
  of its performance with the CGC, including the review of the adequacy of its
  charter.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finally, the audit committee reports regularly
  to the board on its activities.</FONT></font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><I><FONT size=2>Report presented
  March&nbsp;9,&nbsp;2004 by:</FONT></I> </font></P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>T.C. O&#146;Neill,
  Chairman&nbsp;<br>
  T.E. Kierans&nbsp;<br>
  J. Maxwell&nbsp;<br>
  R.C. Pozen&nbsp;<br>
  V.L. Young</FONT></B> </font></P>
<font face="Arial, Helvetica, sans-serif"><FONT size=2 face="Arial"> </font>
<p>&nbsp;</p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right"> <p align="right"> <font face="Arial, Helvetica, sans-serif"></FONT>
        <FONT size=2> Management proxy circular | Bell Canada Enterprises </FONT></font>
    </td>
    <td align="right" width="5%"><font face="Arial, Helvetica, sans-serif"><b>
      <font size="2"> 13</font></b></font></td>
  </tr>
</table>
<FONT size=2 face="Arial">
<p>&nbsp;</p>
<font face="Arial, Helvetica, sans-serif"><hr color="#000000" noshade color="#000000">
</font></font>
<P> <font face="Arial, Helvetica, sans-serif"> </font></font></font></font></font></font></font></font></font></font>
  <a name="#page_14"><B>Corporate governance committee report</a> </B> </font></P>
<FONT size=2><FONT size=2><FONT size=2><FONT size=2><FONT size=2><FONT size=2><FONT size=2><FONT size=2><FONT size=2><FONT size=2>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif"> The purpose of the CGC is
  set forth in its written charter. This charter was amended in early 2004 in
  order, among other things, to document certain of our practices that are now
  reflected in new and proposed U.S. and Canadian corporate governance initiatives.
  The complete CGC charter is available in the Governance section of BCE&#146;s
  website at www.bce.ca.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under its charter, the CGC assists the board in:</font>
</P>
<UL>
  <LI> <FONT size=2 face="Arial, Helvetica, sans-serif"> developing and implementing
    our corporate governance guidelines<BR>
    </font> </LI>
  <LI> <FONT size=2 face="Arial, Helvetica, sans-serif"> identifying individuals
    qualified to become directors<BR>
    </font> </LI>
  <LI> <FONT size=2 face="Arial, Helvetica, sans-serif"> determining the composition
    of the board and its committees<BR>
    </font> </LI>
  <LI> <FONT size=2 face="Arial, Helvetica, sans-serif"> determining the directors&#146;
    compensation<BR>
    </font> </LI>
  <LI> <FONT size=2 face="Arial, Helvetica, sans-serif"> monitoring the process
    to assess board and committees effectiveness.<BR>
    </font> </LI>
</UL>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
  report tells you how the CGC is managed and how it ensures that BCE maintains
  the highest standards of corporate governance to meet, and in some cases exceed,
  applicable laws, regulations and other corporate governance initiatives. </font>
</P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>About the corporate
  governance committee </font> </B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">The CGC is made up of five
  unrelated and independent directors: Mr. R.J. Currie (Chairman), Mrs. D. Soble
  Kaufman, Mr. T.E. Kierans, the Honourable E.C. Lumley and Mr. J.H. McArthur.
  The CGC communicates regularly and directly with BCE&#146;s officers. The CGC
  met three times in 2003 and two times since the beginning of 2004 and up to
  the date of this management proxy circular, including without management as
  appropriate.<br>
  </FONT> <FONT size=2 face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
  addition to its other functions, the CGC focused on four key areas since its
  last report: </font> </P>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">reviewing the charters
    of the board committees, which were amended in early 2004, including their
    roles and responsibilities<BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">formalizing or amending
    various internal governance guidelines or policies, such as the Bell Canada
    Enterprises Code of Business Conduct, directors&#146; conflict of interest
    guidelines and the revised charter and guidelines for the (management-level)
    disclosure and compliance committee<BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">reviewing BCE&#146;s responses
    to legislative reforms or other initiatives relating to corporate governance,
    including the corporate governance guidelines of the Toronto Stock Exchange
    (TSX), NYSE and the Sarbanes-Oxley Act with respect to determining, among
    other things, whether directors are considered to be unrelated and independent<BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">developing director independence
    standards consistent with the NYSE rules. These standards are available in
    the Governance section of BCE&#146;s website at www.bce.ca.</FONT></LI>
</UL>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
  addition, the CGC reviewed and reported or made recommendations to the board
  on the following items since its last report:</font> </P>
<ul>
  <li><FONT size=2 face="Arial, Helvetica, sans-serif">the size and composition
    of the board to ensure that the board and its committees continue to benefit
    from the range of skills, expertise and experience needed to function effectively
    and for sound succession planning. This included the appointment of an additional
    director in 2003 (Mr. R.A. Brenneman).</font></li>
  <li><FONT size=2 face="Arial, Helvetica, sans-serif">the nominees for director
    who will stand for election at the meeting</font></li>
  <li><FONT size=2 face="Arial, Helvetica, sans-serif">the annual review of the
    effectiveness of the board and of its committees and the assessment of the
    performance of each director and of the Chairman of the board</font></li>
  <li><FONT size=2 face="Arial, Helvetica, sans-serif">the directors&#146; attendance
    record</font></li>
  <li><FONT size=2 face="Arial, Helvetica, sans-serif">the annual review of the
    adequacy and form of non-management directors&#146; compensation for serving
    on the board and its committees, including the requirement for minimum share
    ownership to ensure that it continues to be appropriate. See <I>Management
    resources and compensation committee report &#150; Directors&#146; compensation
    &#150; Minimum share ownership requirement </I>for details.</font></li>
  <font face="Arial, Helvetica, sans-serif"><FONT size=2>
  <LI>how BCE is aligning with the current corporate governance guidelines of
    the TSX, NYSE, the Sarbanes-Oxley Act and other corporate governance initiatives.
    The CGC prepared the statement of corporate governance practices that you
    will find beginning on the next page</LI>
  <LI>the amendment of BCE&#146;s administrative resolution to provide that no
    annual meeting of shareholders may be held outside Canada as long as at least
    50% of BCE&#146;s common shares are held by resident Canadians</LI>
  <LI>BCE&#146;s responses to the proposals submitted by shareholders for the
    meeting. See Schedule A for details.<BR>
  </LI>
  </font>
</ul>
<font face="Arial">
<P> <FONT size=2 face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  CGC also carries out an annual evaluation of its performance with the board,
  including the review of the adequacy of its charter.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finally, the CGC reports regularly to the board
  on its activities.</font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Directors&#146;
  attendance record</font></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">In 2003, there were 13 board
  meetings and 20 committee meetings. Each director attended at least 75% of the
  combined meetings of the board and the committees on which he or she served,
  except for two individuals who attended fewer meetings this year due to exceptional
  circumstances. These exceptional circumstances were discussed with and accepted
  by the CGC and the board. The overall combined attendance by BCE&#146;s directors
  at both board and committee meetings was over 87%.</font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><I><FONT size=2>Report presented
  March&nbsp;10,&nbsp;2004 by:</font></I> </font></P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>R.J. Currie, Chairman&nbsp;<br>
  D. Soble Kaufman&nbsp;<br>
  T.E. Kierans&nbsp;<br>
  The Honourable E.C. Lumley&nbsp;<br>
  J.H. McArthur</font></B> </font></P>
<FONT size=2 face="Arial">
<p>&nbsp;</p>
</font>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right" width="5%"> <p align="left"><font face="Arial, Helvetica, sans-serif"><b>
        <FONT size=2> 14 </font></b></font></p></td>
    <td align="right"> <p align="left"><FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
  </tr>
</table>
<FONT size=2 face="Arial">
<p>&nbsp;</p>
<font face="Arial, Helvetica, sans-serif"><hr color="#000000" color="#000000">
</font></font>
<P> <font face="Arial, Helvetica, sans-serif"><B> <FONT size=2> Statement of corporate
  governance practices </font></B> </font></P>
</font></font></font></font></font></font></font></font></font></font></font><font face="Arial, Helvetica, sans-serif"></font></font>
</font>
<P> <font face="Arial, Helvetica, sans-serif"> <FONT size=2> The board and management
  believe that good corporate governance practices can help create and maintain
  shareholder value. As a result, we seek to attain high standards of corporate
  governance.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board has carefully reviewed our corporate
  governance practices and concluded that we comply with, and in some cases exceed,
  the TSX guidelines for corporate governance. The board has also been reviewing
  our corporate governance practices against the Sarbanes-Oxley Act, related SEC
  rules, NYSE rules and Canadian rules, as well as other initiatives in this area.
  Although we are not required to comply with most of the NYSE rules, our governance
  practices generally comply with them. You will find a summary of the differences
  between our governance practices and the NYSE rules in the Governance section
  of our website at www.bce.ca.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In January&nbsp;2004, the Canadian Securities
  Administrators published for comments best practices relating to corporate governance
  standards (Canadian initiative). It is anticipated that once the Canadian initiative
  is finalized, the TSX will revoke its current corporate governance guidelines.
  The proposed Canadian initiative is similar to the NYSE rules that apply to
  BCE. Although they are not finalized, we already meet most of the best practices
  proposed under the Canadian initiative.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As new regulations come into effect, the CGC and
  the board will continue to review our corporate governance practices and make
  any appropriate changes.</font></font> </P>
<font face="Arial, Helvetica, sans-serif"><font face="Arial"> </font>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>How we are meeting
  the TSX guidelines</FONT></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">We fully align with all of
  the TSX guidelines. The table below lists the TSX guidelines and tells you how
  we are meeting each one. In some cases, it also lists certain requirements under
  the Sarbanes-Oxley Act, related SEC rules, NYSE rules, Canadian rules and Canadian
  initiative, which may differ from the TSX guidelines.</FONT> </P>
<FONT size=2 face="Arial">
<p>&nbsp;</p>
</font>
<table border="0" cellspacing="0" cellpadding="8" width="100%">
  <tr>
    <td valign="top" width="2%" colspan="2"> <h4> <font face="Arial, Helvetica, sans-serif"><b><FONT size=2>TSX
        guideline</font></b> </font></h4></td>
    <td valign="top" width="8%"> <h4 align="center"><font face="Arial, Helvetica, sans-serif"><b>
        <FONT size=2>Aligned</font></b> </font></h4></td>
    <td valign="top" width="55%"> <h4> <font face="Arial, Helvetica, sans-serif"><b><FONT size=2>Our
        Corporate Governance Practices</font></b> </font></h4></td>
  </tr>
  <FONT size=2 face="Arial">
  <tr>
    <td valign="top" width="2%" colspan="4"> <FONT size=2 face="Arial, Helvetica, sans-serif"> <hr color="#000000" noshade color="#000000">
      </font> </td>
  </tr>
  </font>
  <tr>
    <td valign="top" width="2%"> <h4> <font face="Arial, Helvetica, sans-serif"><B>
        <FONT size=2>1.</font></B> </font></h4></td>
    <td valign="top" width="35%"> <FONT size=2 face="Arial, Helvetica, sans-serif">
      The board should explicitly assume responsibility for our stewardship.</font>
    </td>
    <td valign="top" width="8%"> <h3 align="center"><font size="2" face="Arial, Helvetica, sans-serif"><img border="0" src="bceprxyex15x1.jpg" width="21" height="18"></font></h3></td>
    <font face="Arial, Helvetica, sans-serif"></font></font>
    <td valign="top" width="55%"> <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The
        board has overall responsibility for managing and supervising our business
        in BCE&#146;s best interests. In doing so, the board acts in accordance
        with:</FONT> </P>
      <font face="Arial">
      <UL>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">the <I>Canada Business
          Corporations Act, </I>the <I>Bell Canada Act</I>, other laws that apply
          to telecommunications companies, as well as laws of general application<BR>
          </font></LI>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">BCE&#146;s articles
          of incorporation and by-laws<BR>
          </font></LI>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">BCE&#146;s administrative
          resolution<BR>
          </font></LI>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">the written charters
          of the board committees<BR>
          </font></LI>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">Bell Canada Enterprises
          Code of Business Conduct and other internal policies.<BR>
          </font></LI>
      </UL>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">You will find the Bell
        Canada Enterprises Code of Business Conduct and charters of the board
        committees in the Governance section of our website at www.bce.ca.</FONT>
      </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The board approves
        all significant decisions, including:</FONT> </P>
      <UL>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">investments, expenditures
          and divestitures above certain dollar amounts<BR>
          </font></LI>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">upon recommendation
          of the MRCC, the appointment of officers.<BR>
          </font></LI>
      </UL>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The board also has
        procedures for:</FONT> </P>
      <UL>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">delegating authority
          for day-to-day business<BR>
          </font></LI>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">reviewing management&#146;s
          performance.<BR>
          </font></LI>
      </UL>
      </font> </td>
  </tr>
  <tr>
    <td valign="top" width="2%"> <FONT size=2 face="Arial, Helvetica, sans-serif">
      &nbsp;</font> </td>
    <td valign="top" width="35%"> <FONT size=2 face="Arial, Helvetica, sans-serif">And,
      as part of its overall stewardship responsibility, the board should assume
      responsibility for:</FONT> </td>
    <td valign="top" width="8%"> <FONT size=2 face="Arial, Helvetica, sans-serif">
      &nbsp;</font> </td>
    <td valign="top" width="55%"> <FONT size=2 face="Arial, Helvetica, sans-serif">
      &nbsp;</font> </td>
  </tr>
  <FONT size=2 face="Arial">
  <tr>
    <td valign="top" colspan="4" width="2%"> <hr size="1" color="#000000"> </td>
  </tr>
  </font>
  <tr>
    <td valign="top" width="2%"> <p align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">(a)</font>
    </td>
    <td valign="top" width="35%"> <FONT size=2 face="Arial, Helvetica, sans-serif">
      the adoption of a strategic planning process</FONT> </td>
    <td valign="top" width="8%"> <h3 align="center"><FONT size=2 face="Arial, Helvetica, sans-serif"><img border="0" src="bceprxyex15x1.jpg" width="21" height="18"></font></h3></td>
    <td valign="top" width="55%"> <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The
        board approves our overall strategic direction and objectives during a
        key planning session. This session is held once a year, usually in November,
        at the same time that the business plan and budget are approved for the
        following year.</FONT> </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The board also approves
        our yearly corporate mandate, which includes the key objectives of our
        strategy and measurable financial and operating targets.</FONT> </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">Any development that
        could affect our objectives and strategic direction would be reported
        to the board.</FONT> </P></td>
  </tr>
  <FONT size=2 face="Arial">
  <tr>
    <td valign="top" colspan="4" width="2%"> <hr color="#000000" size="1"> </td>
  </tr>
  </font>
</table>
<FONT size=2 face="Arial">
<p>&nbsp;</p>
</font>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right"> <p align="right"> <FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
    <td align="right" width="5%"><font face="Arial, Helvetica, sans-serif"><b>
      <font size="2"> 15</font></b></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<hr color="#000000">
<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="8" width="100%">
  <tr> <font face="Arial">
    <td valign="top" width="2%" colspan="2"> <h4> <font face="Arial, Helvetica, sans-serif"><b><FONT size=2>TSX
        guideline</font></b> </font></h4></td>
    <td valign="top" width="8%"> <h4 align="center"><font face="Arial, Helvetica, sans-serif"><b>
        <FONT size=2>Aligned</font></b> </font></h4></td>
    <td valign="top" width="55%"> <h4> <font face="Arial, Helvetica, sans-serif"><b><FONT size=2>Our
        Corporate Governance Practices</font></b> </font></h4></td>
    </font> </tr>
  <tr> <FONT size=2 face="Arial">
    <td valign="top" width="2%" colspan="4"> <FONT size=2 face="Arial">
      <hr noshade color="#000000">
      </font> </td>
    </font> </tr>
  <tr> <font face="Arial">
    <td valign="top" width="2%"> <p align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">(b)</font>
    </td>
    <td valign="top" width="35%"> <font face="Arial, Helvetica, sans-serif"> <FONT size=2>
      the identification of the principal risks of the business and ensuring implementation
      of appropriate systems to manage these risks</FONT> </font> </td>
    <td valign="top" width="8%"> <h3 align="center"><FONT size=2 face="Arial, Helvetica, sans-serif"><img border="0" src="bceprxyex15x1.jpg" width="21" height="18"></font></h3></td>
    <td valign="top" width="55%"> <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The
        audit committee reviews, reports and makes recommendations to the board
        on the processes for identifying and managing BCE&#146;s principal risks.
        These include risk management policies, internal control procedures and
        standards relating to risk management. The audit committee makes sure
        that these policies are implemented and reviewed regularly.</FONT> </P></td>
    </font> </tr>
  <tr> <FONT size=2 face="Arial">
    <td valign="top" colspan="4" width="2%"> <hr size="1" color="#000000"> </td>
    </font> </tr>
  <tr> <font face="Arial">
    <td valign="top" width="2%"> <p align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">(c)</font>
    </td>
    <td valign="top" width="35%"> <font face="Arial, Helvetica, sans-serif"><FONT size=2>
      succession planning, including appointing, training and monitoring senior
      management</FONT> </font> </td>
    <td valign="top" width="8%"> <h3 align="center"><FONT size=2 face="Arial, Helvetica, sans-serif"><img border="0" src="bceprxyex15x1.jpg" width="21" height="18"></font></h3></td>
    <td valign="top" width="55%"> <font face="Arial, Helvetica, sans-serif"><font face="Arial">&nbsp;
      </font>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">As part of its responsibilities,
        the board focuses on the integrity, quality, and continuity of management
        needed to achieve our corporate goals. The MRCC regularly reviews and
        reports to the board on:</FONT> </P>
      <UL>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">succession planning<BR>
          </font></LI>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">the appointment
          and development of all officers<BR>
          </font></LI>
        <LI><FONT size=2 face="Arial, Helvetica, sans-serif">the performance of
          officers against our corporate mandate.</FONT><font face="Arial, Helvetica, sans-serif"></font></font></LI>
      </UL></td>
    </font> </tr>
  <tr> <FONT size=2 face="Arial">
    <td valign="top" colspan="4" width="2%"> <hr size="1" color="#000000"> </td>
    </font> </tr>
  <tr> <font face="Arial">
    <td valign="top" width="2%"> <p align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">(d)</font>
    </td>
    <td valign="top" width="35%"> <font face="Arial, Helvetica, sans-serif"><FONT size=2>
      our communications policy</FONT> </font> </td>
    <td valign="top" width="8%"> <h3 align="center"><FONT size=2 face="Arial, Helvetica, sans-serif"><img border="0" src="bceprxyex15x1.jpg" width="21" height="18"></font></h3></td>
    <td valign="top" width="55%"> <font face="Arial">
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The board periodically
        approves communications plans for communicating with shareholders, employees,
        financial analysts, governments and regulatory authorities, the media
        and the Canadian and international communities.</FONT> </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">BCE has a disclosure
        policy that also applies to Bell Canada and our subsidiaries that are
        not publicly traded. This policy ensures that our communications to the
        investment community, the media and the general public are timely, factual,
        accurate and broadly distributed in accordance with applicable laws. You
        will find the complete BCE&nbsp;Inc. and Bell Canada Disclosure Policy
        in the Governance section of our website at www.bce.ca.</FONT> </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">We have developed procedures
        for receiving feedback from shareholders. In addition to our annual shareholder
        meeting, we have a toll-free number for shareholder inquiries (1-888-932-6666)
        and for investor and general inquiries (1-800-339-6353). We also have
        detailed information about our business on our website at www.bce.ca.</FONT>
      </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">Finally, we communicate
        regularly with the investment community and the media to explain our results
        and to answer questions. This includes meetings, conferences, press releases
        and quarterly conference calls. Our quarterly financial results conference
        calls are broadcast live on our website at www.bce.ca.</FONT> </P>
      </font> </td>
    </font> </tr>
  <tr> <FONT size=2 face="Arial">
    <td valign="top" colspan="4" width="2%"> <hr color="#000000" size="1"> </td>
    </font> </tr>
</table>
<p>&nbsp;</p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right" width="5%"> <p align="left"><font face="Arial, Helvetica, sans-serif"><b>
        <FONT size=2> 16 </font></b></font></p></td>
    <td align="right"> <p align="left"><FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
  </tr>
</table>
<p>&nbsp;</p>
<hr color="#000000">
<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="8" width="100%">
  <tr> <font face="Arial">
    <td valign="top" width="2%" colspan="2"> <h4> <font face="Arial, Helvetica, sans-serif"><b><FONT size=2>TSX
        guideline</font></b> </font></h4></td>
    <td valign="top" width="8%"> <h4 align="center"><font face="Arial, Helvetica, sans-serif"><b>
        <FONT size=2>Aligned</font></b> </font></h4></td>
    <td valign="top" width="55%"> <h4> <font face="Arial, Helvetica, sans-serif"><b><FONT size=2>Our
        Corporate Governance Practices</font></b> </font></h4></td>
    </font> </tr>
  <tr> <FONT size=2 face="Arial">
    <td valign="top" width="2%" colspan="4"> <FONT size=2 face="Arial">
      <hr noshade color="#000000">
      </font> </td>
    </font> </tr>
  <tr> <font face="Arial">
    <td valign="top" width="2%"> <p align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">(e)</font>
    </td>
    <td valign="top" width="35%" height="55%"> <FONT size=2 face="Arial, Helvetica, sans-serif">
      the integrity of our internal control and management information systems.</FONT>
    </td>
    <td valign="top" width="8%"> <h3 align="center"><FONT size=2 face="Arial, Helvetica, sans-serif"><img border="0" src="bceprxyex15x1.jpg" width="21" height="18"></font></h3></td>
    <td valign="top" width="55%" height="55%"> <P> <FONT size=2 face="Arial, Helvetica, sans-serif">As
        a public company, we are required to have an audit committee. The audit
        committee assesses whether BCE&#146;s internal controls are adequate and
        effective by:</FONT> </P>
      <UL>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">reviewing BCE&#146;s
          policies<BR>
          </font></LI>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">monitoring compliance<BR>
          </font></LI>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">approving recommendations
          for changes.<BR>
          </font></LI>
      </UL>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">It also makes sure
        that we have processes for identifying and managing risks. This includes
        making sure that we comply with our conflict of interest policy.</FONT>
      </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The audit committee&#146;s
        responsibilities have increased as a result of the recent enactment of
        the Sarbanes-Oxley Act, related SEC rules, NYSE rules and Canadian rules.
        The new regulations require the President and Chief Executive Officer
        and the Chief Financial Officer to certify each year that they have disclosed
        the following to the external auditors and to the audit committee:</FONT>
      </P>
      <UL>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">all significant
          deficiencies and material weaknesses in the design or operation of internal
          control over financial reporting that are reasonably likely to adversely
          affect our ability to record, process, summarize and report financial
          information<BR>
          </font></LI>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">any fraud involving
          management or other employees who have a significant role in our internal
          control over financial reporting.<BR>
          </font></LI>
      </UL>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">As described in the
        audit committee report, BCE established a financial controls project to
        make sure that we comply with these new regulations.</FONT> </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">Finally, we have also
        developed procedures for the receipt, retention and treatment of complaints
        regarding accounting, internal controls, auditing matters or evidence
        of an activity that may constitute corporate fraud or violation of applicable
        law and for the confidential and anonymous submission by employees of
        concerns regarding questionable accounting or auditing matters. Our complete
        complaint procedures for accounting or auditing matters is available in
        the Governance section of our website at www.bce.ca.</FONT> </P></td>
    </font> </tr>
  <tr> <font face="Arial">
    <td valign="top" width="37%" colspan="2"> <font face="Arial, Helvetica, sans-serif"><i><font size="2">
      <B>SEC rules<br>
      </B> The SEC rules require disclosure on whether or not and, if not, the
      reasons why, a company has adopted a code of ethics for the principal executive
      officer and senior financial officers, applicable to the Chief Executive
      Officer, Chief Financial Officer, Controller and Treasurer.</font></i> </font></td>
    <td valign="top" width="8%"> <h3 align="center"></h3></td>
    <td valign="top" width="55%"> <font face="Arial, Helvetica, sans-serif"> <I><FONT size=2><br>
      All of our employees, directors and officers must follow the Bell Canada
      Enterprises Code of Business Conduct, which provides guidelines for ethical
      behaviour. The Bell Canada Enterprises Code of Business Conduct includes
      additional guidelines for the President and Chief Executive Officer, the
      Chief Financial Officer, the Controller and the Treasurer. Our Code is available
      in the Governance section of our website at www.bce.ca.</FONT></I> </font>
    </td>
    </font> </tr>
  <tr> <FONT size=2 face="Arial">
    <td valign="top" colspan="4" width="2%"> <hr color="#000000" size="1"> </td>
    </font> </tr>
</table>
<p>&nbsp;</p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right"> <p align="right"> <FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
    <td align="right" width="5%"><font face="Arial, Helvetica, sans-serif"><b>
      <font size="2"> 17</font></b></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<hr color="#000000">
<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="8" width="100%">
  <tr> <font face="Arial">
    <td valign="top" width="2%" colspan="2"> <h4> <font face="Arial, Helvetica, sans-serif"><b><FONT size=2>TSX
        guideline</font></b> </font></h4></td>
    <td valign="top" width="8%"> <h4 align="center"><font face="Arial, Helvetica, sans-serif"><b>
        <FONT size=2>Aligned</font></b> </font></h4></td>
    <td valign="top" width="55%"> <h4> <font face="Arial, Helvetica, sans-serif"><b><FONT size=2>Our
        Corporate Governance Practices</font></b> </font></h4></td>
    </font> </tr>
  <tr> <FONT size=2 face="Arial">
    <td valign="top" width="2%" colspan="4"> <FONT size=2 face="Arial">
      <hr noshade color="#000000">
      </font> </td>
    </font> </tr>
  <tr> <font face="Arial">
    <td valign="top" width="2%"> <h4> <font face="Arial, Helvetica, sans-serif"><b><font size="2">2.</font></b>
        </font></h4></td>
    <td valign="top" width="35%"> <P> <FONT size=2 face="Arial, Helvetica, sans-serif">A
        majority of directors should be &ldquo;unrelated&rdquo; (independent of
        management and free from any interest and any business or other relationship
        which could, or could reasonably be perceived to, materially interfere
        with the director&rsquo;s ability to act with a view to our best interests).</FONT>
      </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The application of
        the definition of &ldquo;unrelated&rdquo; director is the responsibility
        of the board which will be required to disclose on an annual basis whether
        it has a majority of &ldquo;unrelated&rdquo; directors and the analysis
        of the application of the principles supporting this conclusion.</FONT>
      </P>
      <font face="Arial, Helvetica, sans-serif">&nbsp; </font></td>
    <td valign="top" width="8%"> <h3 align="center"><font size="2" face="Arial, Helvetica, sans-serif"><img border="0" src="bceprxyex15x1.jpg" width="21" height="18"></font></h3></td>
    <td valign="top" width="55%"> <font face="Arial">
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The board, on the recommendation
        of the CGC, is responsible for determining whether or not each director
        is unrelated and independent. To achieve this, the board analyses all
        of the relationships each director has with BCE and its subsidiaries.
        To assist in this analysis, the board adopted director independence standards.
        These standards are consistent with the NYSE rules and are available in
        the Governance section of our website at www.bce.ca. In general, a director
        who meets these standards and who does not otherwise have a material relationship
        with BCE would be considered unrelated under the TSX guidelines and independent
        under the NYSE rules.</FONT> </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">Based on the information
        provided by each director, and having considered the independence standards
        mentioned above, as well as the current application of the NYSE rules,
        the board determined that 14 of its 15 directors do not have a material
        relationship with BCE and are considered to be unrelated and independent
        under the TSX guidelines and the NYSE rules. Mr.&nbsp;Michael J. Sabia,
        the President and Chief Executive Officer, is considered as such to be
        a related director under the TSX guidelines and not independent under
        the NYSE rules.</FONT> </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">Beginning in November&nbsp;2004,
        a three-year &ldquo;look-back&rdquo; for independence standards will become
        effective under the NYSE rules. As a result, Mr.&nbsp;Brian M. Levitt
        and Mr.&nbsp;Paul M. Tellier will no longer be considered independent
        under the NYSE rules given that:</FONT> </P>
      <UL>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">Mr.&nbsp;Levitt
          is a partner with Osler, Hoskin &amp; Harcourt, a law firm that provides
          legal services to BCE and its subsidiaries. Legal fees paid to the firm
          in 2002 exceeded the threshold amount set forth in the independence
          standards adopted by the board.<BR>
          </font></LI>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">Mr.&nbsp;Tellier&rsquo;s
          son was the President and Chief Executive Officer of Bell Actimedia&nbsp;Inc.,
          which was until November&nbsp;2002 an indirect wholly-owned subsidiary
          of BCE.<BR>
          </font></LI>
      </UL>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">Mr.&nbsp;Levitt and
        Mr.&nbsp;Tellier, who both make valuable contributions to the board, may
        again qualify as independent directors as defined under the NYSE rules
        beginning in 2006. At all times, a majority of the board will be unrelated
        under the TSX guidelines and independent under the NYSE rules. Furthermore,
        immediately after the meeting, Mr.&nbsp;Levitt and Mr.&nbsp;Tellier will
        step down from the MRCC so that the audit committee, the CGC and the MRCC
        will at all times be composed only of unrelated directors under the TSX
        guidelines and independent directors under the NYSE rules.</FONT> </P>
      </font> </td>
    </font> </tr>
  <tr> <font face="Arial">
    <td valign="top" width="37%" colspan="2"> <font face="Arial">
      <P> <font size="2" face="Arial, Helvetica, sans-serif"> <B><I>NYSE rules
        and Canadian initiative<br>
        </I></B> <I>The NYSE rules require, and the Canadian initiative recommends,
        that the majority of directors be &ldquo;independent&rdquo;. No director
        qualifies as &ldquo;independent&rdquo; unless the board determines that
        he or she has no material relationship with the company (either directly
        or as a partner, shareholder or officer of an organization that has a
        relationship with the company). Companies must disclose these determinations.
        However, certain prescribed relationships are deemed to be material.</I>
        </font> </P>
      </font> </td>
    <td valign="top" width="8%"> <h3 align="center"></h3></td>
    <td valign="top" width="55%"> </td>
    </font> </tr>
</table>
<p>&nbsp;</p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right" width="5%"> <p align="left"><font face="Arial, Helvetica, sans-serif"><b>
        <FONT size=2> 18</font></b></font></p></td>
    <td align="right"> <p align="left"><FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
  </tr>
</table>
<p>&nbsp;</p>
<hr color="#000000">
<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="8" width="100%">
  <tr> <font face="Arial">
    <td valign="top" width="2%" colspan="2"> <h4> <font face="Arial, Helvetica, sans-serif"><b><FONT size=2>TSX
        guideline</font></b> </font></h4></td>
    <td valign="top" width="8%"> <h4 align="center"><font face="Arial, Helvetica, sans-serif"><b>
        <FONT size=2>Aligned</font></b> </font></h4></td>
    <td valign="top" width="55%"> <h4> <font face="Arial, Helvetica, sans-serif"><b><FONT size=2>Our
        Corporate Governance Practices</font></b> </font></h4></td>
    </font> </tr>
  <tr> <FONT size=2 face="Arial">
    <td valign="top" width="2%" colspan="4"> <FONT size=2 face="Arial">
      <hr noshade color="#000000">
      </font> </td>
    </font> </tr>
  <tr> <font face="Arial">
    <td valign="top" width="2%"> <h4> <font size="2" face="Arial, Helvetica, sans-serif"><b>3</b></font><font face="Arial, Helvetica, sans-serif"><b><FONT size=2>.</font></b>
        </font></h4></td>
    <td valign="top" width="35%" height="20%"> <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The
        board should appoint a committee of directors composed exclusively of
        non-management directors, a majority of whom are unrelated directors,
        with responsibility for proposing new nominees to the board and for assessing
        directors on an ongoing basis.</FONT> </P></td>
    <td valign="top" width="8%"> <h3 align="center"><font face="Arial, Helvetica, sans-serif"><img border="0" src="bceprxyex15x1.jpg" width="21" height="18"></font></h3></td>
    <td valign="top" width="55%" height="15%"> <font face="Arial">
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The members of the
        CGC are all unrelated and independent directors. The CGC recommends for
        approval by the board nominees for election or appointment to the board.
        To help achieve this task, the CGC develops qualifications and criteria
        for the selection of directors.</FONT> </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The CGC monitors the
        effectiveness of the Chairman of the board, the board, the board&#146;s
        committees and each director by conducting annual surveys of all directors.</FONT>
      </P>
      </font> </td>
    </font> </tr>
  <tr> <font face="Arial">
    <td valign="top" width="37%" colspan="2"> <font face="Arial">
      <P> <font size="2" face="Arial, Helvetica, sans-serif"> <B><I>NYSE rules
        and Canadian initiative<br>
        </I></B> <I>The NYSE rules require, and the Canadian initiative recommends,
        that a nominating committee be composed only of &#147;independent&#148;
        directors. The NYSE rules and the Canadian initiative also provide that
        the nominating committee must have a written charter that addresses the
        committee&#146;s purpose and responsibilities, including:</I> </font>
      </P>
      <UL>
        <LI><font size="2" face="Arial, Helvetica, sans-serif"><I>identify individuals
          qualified to become board members</I><BR>
          </font></LI>
        <LI><font face="Arial, Helvetica, sans-serif"><I><FONT size=2>recommend
          to the board director nominees for the next annual meeting of shareholders.</FONT></I></font></LI>
      </UL>
      </font> </td>
    <td valign="top" width="8%"> <h3 align="center"></h3></td>
    <td valign="top" width="55%"> <font face="Arial">
      <P> <font face="Arial, Helvetica, sans-serif"><I><FONT size=2><br>
        The CGC performs the functions of a nominating committee. The CGC&#146;s
        written charter addresses the minimum requirements of the NYSE rules as
        well as some of our additional corporate governance practices and certain
        recommendations of the Canadian initiative. You will find the complete
        text of the CGC&#146;s written charter in the Governance section of our
        website at www.bce.ca.</FONT></I> </font></P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The CGC will monitor
        the development of the Canadian initiative and recommend to the board
        any appropriate changes to our corporate governance practices.</FONT>
      </P>
      </font> <p>&nbsp; </td>
    </font> </tr>
  <tr> <FONT size=2 face="Arial">
    <td valign="top" width="2%" colspan="4"> <hr noshade color="#000000"> </td>
    </font> </tr>
  <tr> <font face="Arial">
    <td valign="top" width="2%"> <h4> <font size="2" face="Arial, Helvetica, sans-serif"><b>4.</b></font>
      </h4></td>
    <td valign="top" width="35%"> <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The
        board should implement a process, to be carried out by an appropriate
        committee, for assessing the effectiveness of the board, its committees
        and the contribution of individual directors.</FONT> </P></td>
    <td valign="top" width="8%"> <h3 align="center"><font size="2" face="Arial, Helvetica, sans-serif"><img border="0" src="bceprxyex15x1.jpg" width="21" height="18"></font></h3></td>
    <td valign="top" width="55%"> <font face="Arial">
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">As part of its charter,
        the CGC is required to survey every year all directors on the effectiveness
        and performance of the Chairman of the board, the board and the board&#146;s
        committees, as well as individual directors. This is done primarily by
        distributing a set of questionnaires to each director and typically includes
        individual interviews with the Chairman of the CGC. The CGC also has a
        process to assess the performance of each individual director.</FONT>
      </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The CGC is also responsible
        for administering the directors&#146; attendance policy. Under the policy,
        the Corporate Secretary must report to the CGC any director who did not
        attend at least 75% of board and committee meetings.</FONT> </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The CGC reviews each
        director&#146;s attendance record and considers this when it recommends
        to the board the list of nominees for election as directors at the next
        annual shareholder meeting.</FONT> </P>
      </font> </td>
    </font> </tr>
  <tr> <FONT size=2 face="Arial">
    <td valign="top" width="2%" colspan="4"> <hr noshade color="#000000"> </td>
    </font> </tr>
  <tr> <font face="Arial">
    <td valign="top" width="2%"> <h4> <font size="2" face="Arial, Helvetica, sans-serif"><b>5.</b></font>
      </h4></td>
    <td valign="top" width="35%"> <P> <FONT size=2 face="Arial, Helvetica, sans-serif">We
        should provide, as an integral element of the process for appointing new
        directors, an orientation and education program for new directors.</FONT>
      </P></td>
    <td valign="top" width="8%"> <h3 align="center"><font size="2" face="Arial, Helvetica, sans-serif"><img border="0" src="bceprxyex15x1.jpg" width="21" height="18"></font></h3></td>
    <td valign="top" width="55%"> <font face="Arial">
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">New directors are given
        the opportunity to individually meet with members of senior management
        to improve their understanding of our business. All directors have regular
        access to senior management to discuss board presentations and other matters
        of interest.</FONT> </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">We also give directors
        a reference manual, which contains information about our history and current
        status, special legislation affecting us, our investments and our shareholders.
        This reference manual is updated regularly. It includes the Bell Canada
        Enterprises Code of Business Conduct, which also applies to the directors,
        as well as governance and responsibilities of the board and its committees,
        and a description of the duties and liabilities of directors. As part
        of its mandate, the CGC is also responsible for providing orientation
        and continuing education for all board members. During their regularly
        scheduled board meetings, directors are given presentations on various
        aspects of our business.</FONT> </P>
      </font> </td>
    </font> </tr>
  <tr> <FONT size=2 face="Arial">
    <td valign="top" width="2%" colspan="4"> <hr noshade size="1" color="#000000">
    </td>
    </font> </tr>
</table>
<p>&nbsp;</p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right"> <p align="right"> <FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
    <td align="right" width="5%"><font face="Arial, Helvetica, sans-serif"><b>
      <font size="2"> 19</font></b></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<hr color="#000000">
<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="8" width="100%">
  <tr> <font face="Arial">
    <td valign="top" width="2%" colspan="2"> <h4> <font face="Arial, Helvetica, sans-serif"><b><FONT size=2>TSX
        guideline</font></b> </font></h4></td>
    <td valign="top" width="8%"> <h4 align="center"><font face="Arial, Helvetica, sans-serif"><b>
        <FONT size=2>Aligned</font></b> </font></h4></td>
    <td valign="top" width="55%"> <h4> <font face="Arial, Helvetica, sans-serif"><b><FONT size=2>Our
        Corporate Governance Practices</font></b> </font></h4></td>
    </font> </tr>
  <tr> <FONT size=2 face="Arial">
    <td valign="top" width="2%" colspan="4"> <hr noshade color="#000000"> </td>
    </font> </tr>
  <tr> <font face="Arial">
    <td valign="top" width="2%"> <h4> <font size="2" face="Arial, Helvetica, sans-serif"><b>6.</b></font>
      </h4></td>
    <td valign="top" width="35%"> <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The
        board should examine its size and, with a view to determining the impact
        of number upon effectiveness, undertake where appropriate, a program to
        establish a board size which facilitates more effective decision-making.</FONT>
      </P></td>
    <td valign="top" width="8%"> <h3 align="center"><font size="2" face="Arial, Helvetica, sans-serif"><img border="0" src="bceprxyex15x1.jpg" width="21" height="18"></font></h3></td>
    <td valign="top" width="55%"> <font face="Arial">
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The board aims to have:</FONT>
      </P>
      <UL>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">a sufficient range
          of skills, expertise and experience to ensure that it can carry out
          its responsibilities effectively<BR>
          </font></LI>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">geographical representation
          that reflects where our shareholders live.<BR>
          </font></LI>
      </UL>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">Directors are chosen
        for their ability to contribute to the broad range of issues that the
        board must deal with. The board reviews each director&#146;s contribution
        through the CGC and determines whether the board&#146;s size allows it
        to function efficiently and effectively.</FONT> </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The board believes
        that its current size and range of skills promote effectiveness and efficiency.</FONT>
      </P>
      </font> </td>
    </font> </tr>
  <tr> <FONT size=2 face="Arial">
    <td valign="top" width="2%" colspan="4"> <hr noshade color="#000000"> </td>
    </font> </tr>
  <tr> <font face="Arial">
    <td valign="top" width="2%"> <h4> <font size="2" face="Arial, Helvetica, sans-serif"><b>7.</b></font>
      </h4></td>
    <td valign="top" width="35%"> <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The
        board should review the adequacy and form of compensation of directors
        in light of the risks and responsibilities involved in being an effective
        director.</FONT> </P></td>
    <td valign="top" width="8%"> <h3 align="center"><font size="2" face="Arial, Helvetica, sans-serif"><img border="0" src="bceprxyex15x1.jpg" width="21" height="18"></font></h3></td>
    <td valign="top" width="55%"> <font face="Arial">
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">Each year, the CGC
        reviews how directors are compensated for serving on the board and its
        committees. It compares their compensation to that of similar companies
        and recommends any changes to the board.</FONT> </P>
      <P> <font size="2" face="Arial, Helvetica, sans-serif">In 2002, the CGC
        conducted a thorough review of the compensation of non-management directors.
        This was partly to address the risks and responsibilities associated with
        being an effective director. As a result, a &#147;flat fee&#148; compensation
        arrangement was adopted for these non-management directors, which came
        into effect on January&nbsp;1,&nbsp;2003. Please see <I>Management resources
        and compensation committee report &#150; Directors&#146; compensation
        </I>for more information.</font> </P>
      </font> </td>
    </font> </tr>
  <tr> <FONT size=2 face="Arial">
    <td valign="top" width="2%" colspan="4"> <hr noshade color="#000000"> </td>
    </font> </tr>
  <tr> <font face="Arial">
    <td valign="top" width="2%"> <h4> <font size="2" face="Arial, Helvetica, sans-serif"><b>8.</b></font>
      </h4></td>
    <td valign="top" width="35%" height="10%"> <P> <FONT size=2 face="Arial, Helvetica, sans-serif">Committees
        of the board should generally be composed of non-management directors,
        a majority of whom are unrelated.</FONT> </P></td>
    <td valign="top" width="8%"> <h3 align="center"><font size="2" face="Arial, Helvetica, sans-serif"><img border="0" src="bceprxyex15x1.jpg" width="21" height="18"></font></h3></td>
    <td valign="top" width="55%" height="10%"> <font face="Arial">
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">Each committee of the
        board consists only of non-management directors, all of whom are unrelated
        and independent.</FONT> </P>
      </font> </td>
    </font> </tr>
  <tr> <font face="Arial">
    <td valign="top" width="37%" colspan="2"> <font face="Arial, Helvetica, sans-serif">
      <font size="2"><B><I>NYSE rules, Canadian rules and Canadian initiative<br>
      </I></B> <I>The NYSE rules require, and the Canadian initiative recommends,
      that the compensation (the MRCC) and the nominating (the CGC) committees
      be composed only of &#147;independent&#148; directors. In addition, the
      NYSE rules and the Canadian rules require not only that the audit committee
      be composed only of &#147;independent&#148; directors, but also that audit
      committee members accept directly or indirectly </I><U>no</U> <I>consulting,
      advisory or other compensatory fee (other than ordinary director fees) from
      BCE or any of its subsidiaries.</I> </font></font> </td>
    <td valign="top" width="8%"> <h3 align="center"></h3></td>
    <td width="55%" valign="top"> <font face="Arial, Helvetica, sans-serif"> <I><FONT size=2><br>
      None of the members of the audit committee has directly or indirectly accepted
      any consulting, advisory or other compensatory fee (other than ordinary
      director fees) from BCE or any of its subsidiaries.</FONT></I> </font> </td>
    </font> </tr>
  <tr> <FONT size=2 face="Arial">
    <td valign="top" width="2%" colspan="4"> <hr noshade color="#000000"> </td>
    </font> </tr>
  <tr> <font face="Arial">
    <td valign="top" width="2%"> <h4> <font size="2" face="Arial, Helvetica, sans-serif"><b>9.</b></font>
      </h4></td>
    <td valign="top" width="35%"> <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The
        board should assume responsibility for, or assign to a committee of directors
        responsibility for, developing the approach to corporate governance issues.</FONT>
      </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">This committee would,
        among other things, be responsible for the response to the TSX Corporate
        Governance Guidelines.</FONT> </P></td>
    <td valign="top" width="8%"> <h3 align="center"><font size="2" face="Arial, Helvetica, sans-serif"><img border="0" src="bceprxyex15x1.jpg" width="21" height="18"></font></h3></td>
    <td valign="top" width="55%"> <font face="Arial">
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The CGC:</FONT> </P>
      <UL>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">makes recommendations
          to the board about how to respond to the corporate governance guidelines
          of the TSX and other securities regulatory authorities<BR>
          </font></LI>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">monitors existing
          and emerging best practices relating to corporate governance matters<BR>
          </font></LI>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">develops our approach
          for dealing with corporate governance issues.<BR>
          </font></LI>
      </UL>
      <P> <font size="2" face="Arial, Helvetica, sans-serif">Please see <I>Corporate
        governance committee report </I>for more information.</font> </P>
      </font> </td>
    </font> </tr>
  <tr> <FONT size=2 face="Arial">
    <td valign="top" width="2%" colspan="4"> <hr noshade size="1" color="#000000">
    </td>
    </font> </tr>
</table>
<p>&nbsp;</p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right" width="5%"> <p align="left"><font face="Arial, Helvetica, sans-serif"><b>
        <FONT size=2> 20 </font></b></font></p></td>
    <td align="right"> <p align="left"><FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
  </tr>
</table>
<p>&nbsp;</p>
<hr noshade color="#000000">
<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="8" width="100%">
  <tr> <font face="Arial">
    <td valign="top" width="2%" colspan="2"> <h4> <font face="Arial, Helvetica, sans-serif"><b><FONT size=2>TSX
        guideline</font></b> </font></h4></td>
    <td valign="top" width="8%"> <h4 align="center"><font face="Arial, Helvetica, sans-serif"><b>
        <FONT size=2>Aligned</font></b> </font></h4></td>
    <td valign="top" width="55%"> <h4> <font face="Arial, Helvetica, sans-serif"><b><FONT size=2>Our
        Corporate Governance Practices</font></b> </font></h4></td>
    </font> </tr>
  <tr> <FONT size=2 face="Arial">
    <td valign="top" width="2%" colspan="4"> <hr noshade color="#000000"> </td>
    </font> </tr>
  <tr> <font face="Arial">
    <td valign="top" width="2%"> <h4> <font size="2" face="Arial, Helvetica, sans-serif"><b>10.</b></font>
      </h4></td>
    <td valign="top" width="35%"> <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The
        board, together with the President and Chief Executive Officer, should
        develop position descriptions for the board and for the Chief Executive
        Officer, including the definition of the limits to management&#146;s responsibilities.</FONT>
      </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The board should approve
        or develop the corporate objectives which the President and Chief Executive
        Officer is responsible for meeting.</FONT> </P></td>
    <td valign="top" width="8%"> <h3 align="center"><font size="2" face="Arial, Helvetica, sans-serif"><img border="0" src="bceprxyex15x1.jpg" width="21" height="18"></font></h3></td>
    <td valign="top" width="55%"> <font face="Arial">
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The responsibilities
        of the board and of the President and Chief Executive Officer are set
        out in our schedule of authorities. It also lists the kinds of transactions
        that management can carry out without getting approval from the board.
        Any corporate action that is not specifically authorized under the schedule
        requires approval from the board.</FONT> </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The President and Chief
        Executive Officer is responsible for our corporate objectives, which are
        set out each year in our corporate mandate. The board approves the corporate
        mandate early each year.</FONT> </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">Periodically, the board
        and the MRCC review the President and Chief Executive Officer&#146;s performance
        against the strategic business objectives and measurable financial and
        operating targets set out in our corporate mandate.</FONT> </P>
      </font> </td>
    </font> </tr>
  <tr> <FONT size=2 face="Arial">
    <td valign="top" width="2%" colspan="4"> <hr noshade color="#000000"> </td>
    </font> </tr>
  <tr> <font face="Arial">
    <td valign="top" width="2%"> <h4> <font size="2" face="Arial, Helvetica, sans-serif"><b>11.</b></font>
      </h4></td>
    <td valign="top" width="35%"> <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The
        board should have in place appropriate structures and procedures to ensure
        that it can function independently of management. An appropriate structure
        would be to:</FONT> </P>
      <UL>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">appoint a chair
          of the board who is not a member of management with responsibility to
          ensure that the board discharges its responsibilities, or<BR>
          </font></LI>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">assign this responsibility
          to a non-management director, sometimes referred to as the <I>lead director</I>.</font></LI>
      </UL>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">Appropriate procedures
        may involve the board meeting on a regular basis without management present
        or may involve expressly assigning responsibility for administering the
        board&#146;s relationship to management to a committee of the board.</FONT>
      </P></td>
    <td valign="top" width="8%"> <h3 align="center"><font size="2" face="Arial, Helvetica, sans-serif"><img border="0" src="bceprxyex15x1.jpg" width="21" height="18"></font></h3></td>
    <td valign="top" width="55%"> <font face="Arial">
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The current Chairman
        of the board is not an executive officer of BCE or of our subsidiaries.</FONT>
      </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">When the Chairman is
        an executive officer, the board will name one of the other directors &#147;lead
        director&#148;. The lead director is responsible for making sure that
        the board functions independently of management.</FONT> </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">At each regularly scheduled
        board meeting, the directors meet without management. The board also meets
        without the President and Chief Executive Officer when his performance
        and compensation are being discussed.</FONT> </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">Directors can add items
        to the agenda for board meetings. The agendas are distributed in advance
        of the meetings. The Chairman of each committee is responsible for the
        agendas of his or her committee meetings.</FONT> </P>
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">There is a process
        in place for receiving feedback from directors on how the board can operate
        more effectively. This includes questionnaires that the CGC distributes
        to directors.</FONT> </P>
      </font> </td>
    </font> </tr>
  <tr> <FONT size=2 face="Arial">
    <td valign="top" width="2%" colspan="4"> <hr noshade color="#000000"> </td>
    </font> </tr>
</table>
<p>&nbsp;</p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right"> <p align="right"> <FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
    <td align="right" width="5%"><font face="Arial, Helvetica, sans-serif"><b><FONT size=2>21</font>
      </b></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<hr noshade color="#000000">
<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="8" width="100%">
  <tr> <font face="Arial">
    <td valign="top" width="2%" colspan="2"> <h4> <font face="Arial, Helvetica, sans-serif"><b><FONT size=2>TSX
        guideline</font></b> </font></h4></td>
    <td valign="top" width="8%"> <h4 align="center"><font face="Arial, Helvetica, sans-serif"><b>
        <FONT size=2>Aligned</font></b> </font></h4></td>
    <td valign="top" width="55%"> <h4> <font face="Arial, Helvetica, sans-serif"><b><FONT size=2>Our
        Corporate Governance Practices</font></b> </font></h4></td>
    </font> </tr>
  <tr> <FONT size=2 face="Arial">
    <td valign="top" width="2%" colspan="4"> <FONT size=2 face="Arial">
      <hr noshade color="#000000">
      </font> </td>
    </font> </tr>
  <tr> <font face="Arial">
    <td valign="top" width="2%"> <h4> <font size="2" face="Arial, Helvetica, sans-serif"><b>12.</b></font>
      </h4></td>
    <td valign="top" width="35%" height="20%"> <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The
        audit committee should be composed only of non-management directors. The
        roles and responsibilities of the audit committee should be specifically
        defined so as to provide appropriate guidance to audit committee members
        as to their duties. The audit committee should have direct communication
        channels with the internal and external auditors to discuss and review
        specific issues as appropriate. The audit committee duties should include
        oversight responsibility for management reporting on internal controls.
        While it is management&#146;s responsibility to design and implement an
        effective system of internal controls, it is the audit committee&#146;s
        responsibility to ensure that management has done so.</FONT> </P></td>
    <td valign="top" width="8%"> <h3 align="center"><font size="2" face="Arial, Helvetica, sans-serif"><img border="0" src="bceprxyex15x1.jpg" width="21" height="18"></font></h3></td>
    <td valign="top" width="55%" height="20%"> <font face="Arial">
      <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The audit committee
        is composed only of unrelated and independent directors. Its roles and
        responsibilities are set out in its written charter. The purpose of the
        audit committee is to assist the board in overseeing:</FONT> </P>
      <UL>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">the integrity of
          the financial statements and related information</font></LI>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">BCE&#146;s compliance
          with applicable legal and regulatory requirements</font></LI>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">the independence,
          qualifications and appointment of the external auditors</font></LI>
        <LI><font size="2" face="Arial, Helvetica, sans-serif">the performance
          of the internal and external auditors</font></LI>
        <LI><FONT size=2 face="Arial, Helvetica, sans-serif">management&#146;s
          responsibility for reporting on internal controls.</FONT></LI>
      </UL>
      </font> </td>
    </font> </tr>
  <tr> <font face="Arial">
    <td valign="top" width="37%" colspan="2"> <font face="Arial">
      <P> <font size="2" face="Arial, Helvetica, sans-serif"> <B><I>NYSE rules
        and Canadian rules<br>
        </I></B> <I>The NYSE rules and the Canadian rules require that:</I> </font>
      </P>
      <UL>
        <LI><font size="2" face="Arial, Helvetica, sans-serif"><I>audit committees
          must have a minimum of three directors</I><BR>
          </font></LI>
        <LI><font size="2" face="Arial, Helvetica, sans-serif"><I>each member
          of the audit committee has no relationship that may affect his or her
          independence from management and the company</I><BR>
          </font></LI>
        <LI><font size="2" face="Arial, Helvetica, sans-serif"><I>each member
          of the audit committee should be knowledgeable about financial matters.</I></font></LI>
      </UL>
      <P> <font face="Arial, Helvetica, sans-serif"><I><FONT size=2>In addition,
        the NYSE rules require that at least one member of the audit committee
        has accounting or related financial management expertise.</FONT></I> </font></P>
      </font> </td>
    <td valign="top" width="8%"> <h3 align="center"></h3></td>
    <td valign="top" width="55%"> <P> <font face="Arial, Helvetica, sans-serif"><I><FONT size=2><br>
        The audit committee and its members voluntarily meet all of these requirements.
        </FONT></I> </font></P>
      <p>&nbsp; </td>
    </font> </tr>
  <tr> <font face="Arial">
    <td valign="top" width="37%" colspan="2" height="10%"> <font face="Arial">
      <P> <font size="2" face="Arial, Helvetica, sans-serif"> <B><I>Related SEC
        rules<br>
        </I></B> <I>The related SEC rules require disclosure as to whether or
        not, and if not the reasons why, the audit committee is comprised of at
        least one member who is a financial &#147;expert&#148; as defined in such
        related SEC rules.</I> </font> </P>
      </font> </td>
    <td valign="top" width="8%"> <h3 align="center"></h3></td>
    <td valign="top" width="55%" height="10%"> <font face="Arial">
      <P> <font face="Arial, Helvetica, sans-serif"><I><FONT size=2><br>
        The board has determined that the audit committee is composed of at least
        one financial expert, its Chairman, Mr.&nbsp;T.C. O&#146;Neill.</FONT></I>
        </font></P>
      </font> </td>
    </font> </tr>
  <tr> <font face="Arial">
    <td valign="top" width="37%" colspan="2"> <font face="Arial">
      <P> <font size="2" face="Arial, Helvetica, sans-serif"> <B><I>Sarbanes-Oxley
        Act, related SEC rules and Canadian rules<br>
        </I></B> <I>The Sarbanes-Oxley Act, the related SEC rules and the Canadian
        rules address the engagement of auditors as well as a pre-approval process
        for all non-audit services.</I> </font> </P>
      </font> </td>
    <td valign="top" width="8%"> <h3 align="center"></h3></td>
    <td valign="top" width="55%"> <font face="Arial">
      <P> <font face="Arial, Helvetica, sans-serif"><I><FONT size=2><br>
        The auditor independence policy and the audit committee&#146;s written
        charter govern all aspects of BCE&#146;s relationship with the external
        auditors. The audit committee is responsible for setting the policy, approving
        recommendations for changes and making sure that management complies with
        it.</FONT></I> </font></P>
      <P> <font face="Arial, Helvetica, sans-serif"><I><FONT size=2>The auditor
        independence policy includes a process for:</FONT></I> </font></P>
      <UL>
        <LI><font size="2" face="Arial, Helvetica, sans-serif"><I>determining
          whether various audit and other services provided by the external auditors
          affect their independence</I><BR>
          </font></LI>
        <LI><font size="2" face="Arial, Helvetica, sans-serif"><I>identifying
          the services that external auditors may and may not provide (such as
          prohibited vs permitted services)</I><BR>
          </font></LI>
        <LI><font size="2" face="Arial, Helvetica, sans-serif"><I>pre-approving
          all services to be provided by the external auditors</I><BR>
          </font></LI>
        <LI><font face="Arial, Helvetica, sans-serif"><I><FONT size=2>establishing
          guidelines for engaging former employees of the external auditors.</FONT></I></font></LI>
      </UL>
      <P> <font size="2" face="Arial, Helvetica, sans-serif">Please see <I>Audit
        committee report </I>for more information.</font> </P>
      </font> </td>
    </font> </tr>
  <tr> <FONT size=2 face="Arial">
    <td valign="top" width="2%" colspan="4"> <hr noshade color="#000000" size="1">
    </td>
    </font> </tr>
</table>
<p>&nbsp;</p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right" width="5%"> <p align="left"><font face="Arial, Helvetica, sans-serif"><b>
        <FONT size=2> 22 </font></b></font></p></td>
    <td align="right"> <p align="left"><FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
  </tr>
</table>
<p>&nbsp;</p>
<hr noshade color="#000000">
<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="8" width="100%">
  <tr> <font face="Arial">
    <td valign="top" width="2%" colspan="2"> <h4> <font face="Arial, Helvetica, sans-serif"><b><FONT size=2>TSX
        guideline</font></b> </font></h4></td>
    <td valign="top" width="8%"> <h4 align="center"><font face="Arial, Helvetica, sans-serif"><b>
        <FONT size=2>Aligned</font></b> </font></h4></td>
    <td valign="top" width="55%"> <h4> <font face="Arial, Helvetica, sans-serif"><b><FONT size=2>Our
        Corporate Governance Practices</font></b> </font></h4></td>
    </font> </tr>
  <tr> <FONT size=2 face="Arial">
    <td valign="top" width="2%" colspan="4"> <hr noshade color="#000000"> </td>
    </font> </tr>
  <tr> <font face="Arial">
    <td valign="top" width="2%"> <h4><font size="2" face="Arial, Helvetica, sans-serif"><b>13.</b></font>
      </h4></td>
    <td valign="top" width="35%"> <P> <FONT size=2 face="Arial, Helvetica, sans-serif">The
        board should implement a system to enable an individual director to engage
        an outside advisor, at our expense, in appropriate circumstances. The
        engagement of the outside advisor should be subject to the approval of
        an appropriate committee of the board.</FONT> </P>
      <P>&nbsp; </P></td>
    <td valign="top" width="8%"> <h3 align="center"><font size="2" face="Arial, Helvetica, sans-serif"><img border="0" src="bceprxyex15x1.jpg" width="21" height="18"></font></h3></td>
    <td valign="top" width="55%"> <font face="Arial, Helvetica, sans-serif"> <FONT size=2>The
      board and each committee may hire outside advisors at our expense. Individual
      directors may also hire outside advisors if it is appropriate and the CGC
      approves it.</FONT> </font> </td>
    </font> </tr>
  <tr> <FONT size=2 face="Arial">
    <td valign="top" width="2%" colspan="4"> <hr noshade color="#000000" size="1">
    </td>
    </font> </tr>
</table>
<p>&nbsp;</p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right"> <p align="right"> <FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
    <td align="right" width="5%"><font face="Arial, Helvetica, sans-serif"><b><FONT size=2>23</font>
      </b></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<hr noshade color="#000000">
<p>&nbsp;</p>
<P> <font face="Arial, Helvetica, sans-serif"><B><a name="#page_24">Management
  resources and compensation committee report</A></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">The purpose of the MRCC is
  set forth in its written charter. This charter was amended in early 2004 in
  order, among other things, to document certain of our practices that are now
  reflected in new and proposed U.S. and Canadian corporate governance initiatives.
  The complete MRCC charter is available in the Governance section of our website
  at www.bce.ca.</FONT> </P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">Under its charter, the MRCC
  assists the board in the oversight of the:</FONT> </P>
<UL>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>compensation</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>nomination</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>evaluation</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>succession&nbsp;<br>
    </FONT></font><font face="Arial, Helvetica, sans-serif" size="2">of officers
    and other management personnel. </font> </LI>
</UL>
<p> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The
  MRCC also assists the board in the oversight of BCE&#146;s health and safety
  policies and procedures.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The first part of this report
  tells you how the MRCC is managed and how it makes sure that BCE&#146;s management
  resources strategies, in general, and executive compensation, in particular,
  are consistent with its business plan.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The second part of this report
  tells you how non-management directors and certain executive officers are compensated.&nbsp;</FONT>
  </font></p>
<P> <font face="Arial, Helvetica, sans-serif"><B><font size="2">About the management
  resources and compensation committee</font></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">The MRCC consists of six
  unrelated and independent directors: Mr.&nbsp;P.M. Tellier (Chairman), Mr.&nbsp;R.A.
  Brenneman, Mr.&nbsp;A.S. Fell, Mr.&nbsp;B.M. Levitt, Mr.&nbsp;J.H. McArthur
  and Mr.&nbsp;V.L. Young. The MRCC communicates regularly and directly with BCE&#146;s
  officers. The MRCC met six times in 2003, including without management as appropriate.<br>
  </FONT> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The
  MRCC reviewed and reported or made recommendations to the board on the following
  items in 2003 and up to the date of this circular:</FONT> </font> </P>
<UL>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>the appointment or
    resignation of officers and the terms of these changes to ensure that they
    are appropriate in relation to both external and internal benchmarks</FONT></font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>its review with the
    President and Chief Executive Officer of major organizational changes</FONT></font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>its review of the
    President and Chief Executive Officer&#146;s performance and the terms of
    his compensation</FONT></font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>its review with the
    President and Chief Executive Officer of the performance of the other officers
    and the terms of their compensation</FONT></font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>its review with the
    President and Chief Executive Officer of the BCE group&#146;s management resources
    for succession planning</FONT></font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>the administration
    of benefit plans, including grants under stock option plans and a review of
    the share ownership requirements for executives</FONT></font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>its review of BCE&#146;s
    executive compensation policy, which is described under <I>Executive officers&#146;
    compensation</I></FONT></font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>its review of this
    report on the compensation of directors and executive officers.</FONT></font></LI>
</UL>
<P> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>In
  addition, the MRCC made a thorough review of the appropriateness of BCE&#146;s
  executive compensation policy which resulted in a series of changes, as of 2004,
  as further detailed in this report under <I>Executive officers&#146; compensation
  &#150; Change in compensation strategy for 2004 and in the future.<br>
  </I></FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The MRCC also carries
  out an annual evaluation of its performance with the CGC, including the review
  of the adequacy of its charter. The MRCC reports regularly to the board on its
  activities.</FONT> </font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B><font size="2">Directors&#146;
  compensation</font></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">The directors&#146; compensation
  program is designed to attract and retain the most qualified people to serve
  on the board and its committees and to align the interests of directors with
  those of BCE&#146;s shareholders. BCE&#146;s objective is to provide adequate
  compensation in light of the risks and responsibilities of being an effective
  director. The board sets the compensation of non-management directors based
  on the CGC&#146;s recommendations. Any director who is also an employee of BCE
  or any of its subsidiaries does not receive any compensation as a director.<br>
  </FONT> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>As
  a result of a comprehensive review of the compensation of non-management directors
  that was conducted in 2002, the following key changes, which were disclosed
  in last year&#146;s management proxy circular, took effect on January&nbsp;1,&nbsp;2003:</FONT>
  </font> </P>
<UL>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>increasing the cash
    compensation of non-management directors to reflect their increased roles
    and responsibilities resulting from the new governance standards under the
    Sarbanes-Oxley Act and related SEC rules</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>replacing retainers
    and attendance fees with an all-inclusive flat fee to compensate the non-management
    directors for all their services as directors of BCE and of its subsidiaries
    whose common shares are not publicly traded, including for attending board
    and committee meetings</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>paying non-management
    directors who live outside of Canada and are elected or appointed after January&nbsp;1,&nbsp;2003
    the same compensation in Canadian dollars as non-management directors who
    live in Canada</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>increasing the minimum
    share ownership requirement. Please see <I>Minimum share ownership requirement
    </I>for details.</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>paying non-management
    directors in share units under the share unit plan until the new minimum share
    ownership requirement is reached. Please see <I>Directors&#146; share unit
    plan </I>for details.</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>cancelling the non-management
    directors&#146; stock option program and all outstanding options under the
    program, effective November&nbsp;2002.</FONT><BR>
    </font></LI>
</UL>
<P>&nbsp; </P>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right" width="5%"> <p align="left"><font face="Arial, Helvetica, sans-serif"><b>
        <FONT size=2> 24</font></b></font></p></td>
    <td align="right"> <p align="left"><FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><a name="page_25"></A> </font>
<p>&nbsp;</p>
<hr noshade color="#000000">
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Cash compensation</FONT></B>
  </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">Effective January&nbsp;1,&nbsp;2003,
  the retainers and attendance fees were replaced with a flat fee. The table below
  shows the annual fee for each position. The fees are paid quarterly.</FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="2"><HR noshade size=1 color="#000000"></TD>
  </TR>
  <tr>
    <TD><FONT size=2 face="Arial, Helvetica, sans-serif">Position</FONT></TD>
    <TD width="12%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">Annual
      fee&nbsp;</font></TD>
  </tr>
  <tr>
    <TD colspan="2"><HR noshade size=1 color="#000000"></TD>
  </tr>
  <TR>
    <TD><FONT size=2 face="Arial, Helvetica, sans-serif">Non-management directors
      who live in Canada and future directors who live outside of Canada</FONT></TD>
    <TD width="12%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;$150,000</font></TD>
  </TR>
  <TR>
    <TD><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Arial, Helvetica, sans-serif">Two non-management directors
      who live outside of Canada and who were members of the board when new compensation
      arrangements were approved in November&nbsp;2002 (Mr.&nbsp;J.H. McArthur
      and Mr.&nbsp;R.C. Pozen)</FONT></TD>
    <TD width="12%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;US$150,000</font></TD>
  </TR>
  <TR>
    <TD><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font face="Arial, Helvetica, sans-serif" size="2">Chairman of the board,
      who also currently serves as Chairman of the board of Bell Canada with no
      additional compensation <SUP>1</SUP></font></TD>
    <TD width="12%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;$300,000</font></TD>
  </TR>
  <TR>
    <TD><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
  </TR>
  <tr>
    <TD><FONT size=2 face="Arial, Helvetica, sans-serif">Chairman of the audit
      committee, who also currently serves as Chairman of Bell Canada&#146;s audit
      committee with no additional compensation</FONT></TD>
    <TD width="12%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">$225,000</FONT></TD>
  </tr>
  <TR>
    <TD></TD>
    <TD width="12%" align="right"></TD>
  </TR>
  <TR>
    <TD colspan="2"><HR noshade size=1 color="#000000"></TD>
  </TR>
</TABLE>
<div align="left">
  <table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
      <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="1">1</font></td>
      <td width="99%"><FONT size=1 face="Arial, Helvetica, sans-serif">Mr.&nbsp;Currie
        also held 15,000 phantom stock options (5,000 of which he received in
        April&nbsp;2000 and the balance in February&nbsp;2001) to recognize his
        role at that time as lead director. However, on March&nbsp;8,&nbsp;2004,
        Mr. Currie renounced his right to receive the resulting payment under
        such phantom stock options which he could otherwise be entitled to in
        the future.<br>
        </FONT></td>
    </tr>
  </table>
</div>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Directors&#146;
  share unit plan</FONT></B> </font></P>
<P> <font face="Arial, Helvetica, sans-serif"> <FONT size=2>The <I>Share unit
  plan for non-employee directors (1997) </I>is designed to more closely link
  the interests of the non-management directors to those of BCE&#146;s shareholders.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Each non-management director
  receives his or her compensation in the form of share units, each one being
  equal in value to one BCE common share, until the minimum share ownership requirement
  is reached. Once the director reaches this requirement, he or she can choose
  how much, if any, of his or her compensation will be paid in share units.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Each director has an account
  where share units are credited and held until the director leaves the board.
  The number of share units credited to each director&#146;s account is calculated
  by dividing the amount of the payment by the BCE common share price on the day
  the credit is made.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Holders of share units are
  credited additional units that are equal to the dividends on BCE&#146;s common
  shares. Additional share units are credited to each non-management director&#146;s
  account on each dividend payment date. The number of share units is calculated
  using the same rate as the dividends paid on BCE common shares.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>When a director retires from
  the board, BCE will buy the same number of BCE common shares on the open market
  as the number of share units the director holds in the plan, after deducting
  the appropriate tax. These shares are then delivered to the former director.</FONT>
  </font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Compensation of
  directors of subsidiary boards</FONT></B> </font></P>
<P> <font face="Arial, Helvetica, sans-serif"> <FONT size=2>BCE&#146;s non-management
  directors are also directors of some of its subsidiaries. The flat fee discussed
  above (see <I>Cash compensation</I>) also compensates non-management directors
  for their services as directors of subsidiaries whose common shares are not
  publicly traded, such as Bell Canada. As a result, only those directors who
  sit on boards of subsidiaries whose common shares are publicly traded (public
  subsidiaries) receive additional compensation.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>During all or part of 2003,
  the non-management directors who acted as directors of BCE&#146;s public subsidiaries
  were: Mr.&nbsp;J.H. McArthur, who was a director of BCE Emergis and some of
  its subsidiaries, Mrs.&nbsp;D. Soble Kaufman, who was a director of BCI until
  May&nbsp;1,&nbsp;2003, and Mr.&nbsp;V.L. Young, who was a director of Aliant
  and some of its subsidiaries.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>These directors received
  regular director fees from these subsidiaries according to their rates for non-management
  directors. The table below shows the compensation these subsidiaries paid to
  these directors in 2003.</FONT> </font> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <TD width="101%" colspan="8"><HR noshade size=1 color="#000000"></TD>
  </tr>
  <TR>
    <TD width="64%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">Aliant</FONT></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">BCI
      <SUP>1</SUP></font></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;BCE
      Emergis</font></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="101%" colspan="8"><HR noshade size=1 color="#000000"></TD>
  </TR>
  <TR>
    <TD width="64%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="64%"><font face="Arial, Helvetica, sans-serif" size="2">Annual
      retainer <SUP>2</SUP></font></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="64%"> <p style="text-indent: -12; margin-left: 24"><FONT size=2 face="Arial, Helvetica, sans-serif">board</FONT></p></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">$35,000</FONT></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;US$20,000</font></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;$20,000</font></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="64%"> <p style="text-indent: -12; margin-left: 24"><FONT size=2 face="Arial, Helvetica, sans-serif">committees</FONT></p></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">$3,000</FONT></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&#150;</font></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;$1,000</font></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="64%"> <p style="text-indent: -12; margin-left: 24"><FONT size=2 face="Arial, Helvetica, sans-serif">committee
        chair</FONT></p></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">$15,000</FONT></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">US$1,000</FONT></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;$4,000</font></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="64%"><FONT size=2 face="Arial, Helvetica, sans-serif">Attendance
      fees</FONT></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="64%"> <p style="text-indent: -12; margin-left: 24"><FONT size=2 face="Arial, Helvetica, sans-serif">board</FONT></p></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">$1,500</FONT></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;US$750</font></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;$1,000</font></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
  </TR>
  <tr>
    <TD width="64%"> <p style="text-indent: -12; margin-left: 24"><FONT size=2 face="Arial, Helvetica, sans-serif">committees</FONT></p></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">$1,500</FONT></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">US$500</font></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;$1,000</font></TD>
    <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2"><SUP>3</SUP></font></TD>
  </tr>
  <tr>
    <TD width="101%" colspan="8"><HR noshade color="#000000"></TD>
  </tr>
</TABLE>
<TABLE width="100%" cellspacing="1">
  <TR>
    <TD valign="top" width="1%"><FONT size=1 face="Arial, Helvetica, sans-serif">1&nbsp;</FONT></TD>
    <td valign="top" width="99%"><font face="Arial, Helvetica, sans-serif" size="1">Compensation
      arrangement prior to July&nbsp;1,&nbsp;2003. </font></td>
  </tr>
  <tr>
    <td valign="top" width="1%"><FONT size=1 face="Arial, Helvetica, sans-serif">2&nbsp;</FONT></td>
    <td valign="top" width="99%"><font face="Arial, Helvetica, sans-serif" size="1">All
      or part of the annual retainer and fees may be paid in share units under
      share unit plans of Aliant, BCI and BCE Emergis or under BCE&#146;s share
      unit plan if the subsidiary is eligible to participate in it. Please see
      <I>Directors&#146; share unit plan </I>for details about BCE&#146;s plan.
      </font></td>
  </tr>
  <tr>
    <td valign="top" width="1%"><font face="Arial, Helvetica, sans-serif" size="1">3&nbsp;</font></td>
    <td valign="top" width="99%"><font face="Arial, Helvetica, sans-serif" size="1">The
      fee for attending an audit or an ad-hoc committee meeting of BCE Emergis
      is $1,500. </font></td>
  </tr>
</TABLE>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Minimum share ownership
  requirement</FONT></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">Starting in 2003, non-management
  directors must own at least 10,000 BCE common shares or share units. They must
  meet this requirement within five years of their election to the board or November&nbsp;26,&nbsp;2002
  (when this requirement was adopted), whichever is later. The previous requirement
  was 3,000 common shares or share units within three years of their election
  to the board.<br>
  </FONT> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The
  board believes that the higher share ownership requirement further links the
  interests of the non-management directors to those of the shareholders.</FONT>
  </font> </P>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right"> <p align="right"> <FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
    <td align="right" width="5%"><font face="Arial, Helvetica, sans-serif"><b><FONT size=2>25</font></b></font></td>
  </tr>
</table>
<P>&nbsp; </P>
<HR color="#000000" noshade align="center" width="100%" size=2>
<font face="Arial, Helvetica, sans-serif"><a name="page_26"></A> </font>
<P> <font face="Arial, Helvetica, sans-serif"><B><font size="2">Executive officers&#146;
  compensation</font></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">The executive compensation
  policy is designed to attract, motivate and retain the executive officers needed
  to achieve and surpass BCE&#146;s corporate objectives and to build an industry-leading
  company in terms of operational performance and creation of value for the shareholders.<br>
  </FONT> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>BCE&#146;s
  compensation philosophy is to offer total compensation which is competitive
  in the marketplace. To complement this market positioning, BCE also ensures
  (for internal equity) that the compensation of each position fairly reflects
  the responsibilities of that position relative to other positions at BCE.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>A substantial portion of
  each executive officer&#146;s cash compensation each year depends on meeting
  annual corporate performance objectives. In addition, BCE has in place long-term
  incentive programs. These are mainly stock options that are designed to:</FONT>
  </font> </P>
<UL>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>compensate and retain
    executive officers</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>link the executive
    officers&#146; interests to those of the shareholders</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>encourage executive
    officers to pursue value-creating opportunities for BCE by allowing them to
    participate in the appreciation in share value.</FONT><BR>
    </font></LI>
</UL>
<P> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The
  MRCC periodically reviews BCE&#146;s executive compensation policy to make sure
  that it continues to meet its objectives. This review also includes a specific
  review of the compensation of the President and Chief Executive Officer and
  of the executive officers. In this document, executive officers whose compensation
  is disclosed in the <I>Summary compensation table </I>are referred to as the
  &#147;named executive officers&#148;.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>In 2003, in light of the
  evolving internal and external environments, the MRCC conducted a comprehensive
  review of BCE&#146;s executive compensation policy. Following this review, changes
  to the compensation policy were recommended by the MRCC and approved by the
  board in November&nbsp;2003. The changes to the compensation policy are discussed
  in more detail under </FONT> <I><FONT size=2>Change in compensation strategy
  for 2004 and in the future</FONT></I><FONT size=2>.</FONT> </font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Total compensation</FONT></B>
  </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">In 2003, total compensation
  consisted of:</FONT> </P>
<UL>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>base salary</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>annual short-term
    incentive awards</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>long-term incentives</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>benefits and perquisites,
    including pension benefits, described under <I>Other compensation information</I>.</FONT><BR>
    </font></LI>
</UL>
<P> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>For
  2003 and consistent with past practices, total compensation was positioned at
  the median of what is paid by the group of companies with which BCE compares
  itself (comparator group). Paying at the median of the comparator group means
  that 50% of the companies in the comparator group pay more than BCE and 50%
  pay less for similar positions.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>In 2003, as part of its periodic
  reviews of the comparator group, the MRCC decided to expand the group from 22
  to 43 publicly traded Canadian and U.S. companies. The 2003 comparator group
  includes 23 Canadian companies and 20 U.S. companies. The Canadian and the U.S.
  companies were </FONT> </font> <FONT size=2 face="Arial, Helvetica, sans-serif">selected
  based on one or more of the following criteria: telecommunications/high technology,
  strategic use of technology, most admired companies and revenues. This larger
  group of companies is more representative of BCE&#146;s current environment
  and will therefore provide a better basis for comparisons to the market.<br>
  </FONT> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Total
  compensation that the executive officers received was between the median and
  the 75th percentile of what the comparator group offered for similar positions,
  based on each individual&#146;s contribution to BCE&#146;s performance and how
  successful BCE was in achieving its strategic business objectives and financial
  targets. Consistent with past practices, the 75th percentile was reserved for
  those few individuals who contributed in an outstanding fashion. The 75th percentile
  means that 25% of the comparator group pay more than BCE and 75% of the comparator
  group pay less. The MRCC did not assign weightings to any elements of the total
  compensation.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Please see <I>Other compensation
  information &#150; Executive compensation table </I>for total compensation paid
  to the named executive officers over the past three years.</FONT> </font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Base salary<br>
  </FONT></B> <FONT size=2>The MRCC determines the base salary of each executive
  officer within a salary range to reflect individual performance and responsibilities
  related to the position. The mid-point of the salary range corresponds to the
  median of the comparator group for similar positions. The minimum for the salary
  range is 20% below the mid-point and the maximum is 20% above.</FONT></font>
</P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Annual short-term
  incentive awards<br>
  </FONT></B> <FONT size=2>The short-term incentive program is designed to support
  the achievement of corporate objectives and reward executives officers based
  on BCE&#146;s success. Financial targets account for 70% of the corporate performance
  factor while the remaining portion is based on the achievement of strategic
  business objectives. The board sets these objectives in the corporate mandate
  at the beginning of each year. Please see <I>Statement of corporate governance
  practices &#150; How we are meeting the TSX guidelines &#150; guidelines 1(a)
  and 1(c) </I>for more information. The MRCC determines the annual short-term
  incentive awards by considering both the corporate performance and the executive
  officer&#146;s contributions.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2">For the year 2003, BCE&#146;s
  financial targets were set with respect to net earnings applicable to common
  shares (EPS), revenue growth, EBITDA&nbsp;<sup>1 </sup>growth, capital intensity
  (% of revenues), free&nbsp;cash&nbsp;flow&nbsp;<SUP>2 </SUP>and ROIC&nbsp;<SUP>3</SUP>.
  Each of these components has a weight of 10% except the EPS which is at 20%.
  Strategic business objectives which account for the remaining 30% of the corporate
  performance factor might include, for example, a specific corporate objective
  with respect to a particular subsidiary, the development of new businesses,
  higher penetration of products and services, the improvement of management development
  or the strengthening of certain relationships. Further to the implementation
  of a new structure at Bell Canada in June&nbsp;2003 and in recognition of the
  increased focus of BCE&#146;s executive officers on Bell Canada, BCE&#146;s
  core asset, the MRCC and the board decided to adjust BCE&#146;s corporate performance
  factor based on Bell Canada results. In 2003, Bell</font></font> </P>
<TABLE cellspacing="1" width="100%">
  <TR>
    <TD valign="top" width="1%"><font face="Arial, Helvetica, sans-serif"><FONT size=1>1&nbsp;</FONT></font></TD>
    <td valign="top" width="99%"><font face="Arial, Helvetica, sans-serif"><FONT size=1>The
      term EBITDA (earnings before interest, taxes, depreciation and amortization)
      does not have any standardized meaning prescribed by Canadian generally
      accepted accounting principles (GAAP) and is therefore unlikely to be comparable
      to similar measures presented by other issuers. We define it as operating
      revenues less operating expenses, which means it represents operating income
      before amortization expense, net benefit plans credit (cost) and restructuring
      and other charges. EBITDA should not be confused with net cash flows from
      operating activities. The most comparable Canadian GAAP earnings measure
      is operating income.</FONT></font></td>
  </tr>
  <tr>
    <td valign="top" width="1%"><font face="Arial, Helvetica, sans-serif"><FONT size=1>2&nbsp;</FONT></font></td>
    <td valign="top" width="99%"><font face="Arial, Helvetica, sans-serif"><FONT size=1>The
      term free cash flow does not have any standardized meaning prescribed by
      Canadian GAAP and is therefore unlikely to be comparable to similar measures
      presented by other issuers. Free cash flow is calculated as cash from operating
      activities after total dividends, capital expenditures and other investing
      activities. The most comparable Canadian GAAP financial measure is cash
      from operating activities.</FONT></font></td>
  </tr>
  <tr>
    <td valign="top" width="1%"><font face="Arial, Helvetica, sans-serif"><FONT size=1>3&nbsp;</FONT></font></td>
    <td valign="top" width="99%"><font face="Arial, Helvetica, sans-serif"><FONT size=1>The
      return on invested capital (ROIC) is defined as the latest twelve month&#146;s
      net earnings divided by the most recent quarter invested capital (long-term
      debt plus common and preferred stock equity).</FONT></font></td>
  </tr>
</TABLE>
<P>&nbsp; </P>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right" width="5%"> <p align="left"><font face="Arial, Helvetica, sans-serif"><b>
        <FONT size=2> 26</font></b></font></p></td>
    <td align="right"> <p align="left"><FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
  </tr>
</table>
<P>&nbsp; </P>
<HR color="#000000" noshade align="center" width="100%" size=2>
<font face="Arial, Helvetica, sans-serif"><a name="page_27"></A> </font>
<P> <font face="Arial, Helvetica, sans-serif"> <FONT size=2>Canada&#146;s performance
  was evaluated based on NIAC<SUP>1 </SUP>(45%), revenue (25%) and customer satisfaction
  (30%), which resulted in a Bell Canada corporate performance factor of 50%.
  Consequently, a corporate performance factor of 50% instead of 65% was used
  to determine the annual short-term incentive awards of BCE&#146;s executive
  officers.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The individual&#146;s contribution
  is evaluated based on criteria that affect corporate performance such as creativity
  and initiative in addressing business issues, succession planning and management
  development. The individual performance factor may vary between 0 and 200%.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Each year, the MRCC sets
  target values for the awards. In 2003 the target awards ranged from 30% of base
  salary for the lowest eligible officer&#146;s position to 125% of base salary
  for the President and Chief Executive Officer. The minimum target for the named
  executive officers was 75% of base salary.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>On the basis of the above
  factors, the MRCC determines the size of the annual short-term incentive awards.
  More specifically, awards are computed based on the product of the target award,
  the corporate performance factor and the individual performance factor. The
  maximum payout is two times the target award.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>In most cases, awards granted
  for a year are paid at the beginning of the following year.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Executive officers who are
  eligible to participate in the <I>BCE share unit plan for senior executives
  and other key employees (1997) </I>(deferred share unit plan) and in the <I>Employees&#146;
  profit sharing plan </I>can elect to have up to 100% of their annual short-term
  incentive award paid in deferred share units (DSUs) or contributed to the <I>Employees&#146;
  profit sharing plan</I>. They must decide how they wish to receive their award
  by the end of the year in which the award is earned. Please see <I>Deferred
  share unit plan </I>for more information. Contribution to the <I>Employees&#146;
  profit sharing plan </I>permits tax on the incentive award to be paid by the
  time of the required filing date of the income tax return for the year of contribution.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Election to receive the award
  in the form of DSUs can be used as a means to achieve mandatory share ownership
  levels as described under <I>Share ownership requirements</I>.</FONT> </font>
</P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Two-year Bell Canada
  capital efficiency incentive plan<br>
  </FONT></B> <FONT size=2>Bell Canada had a special incentive plan in place for
  2002 and 2003. The plan was designed to reward executive officers for reducing
  Bell Canada&#146;s capital intensity ratio, which is defined as capital expenditures
  divided by revenues. Bell Canada&#146;s board approved the capital intensity
  targets in November 2001. Because the BCE group of companies and the telecommunications
  industry have changed their focus from measuring performance based on capital
  intensity to free cash flow, the targets for 2003 were changed to free cash
  flow in early 2003.<br>
  </FONT></font> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The
  payments are calculated using the short-term incentive target award in effect
  as of December&nbsp;31,&nbsp;2003. The maximum payment for each executive officer
  for 2002 is 50% of the target award under the short-term incentive plan. The
  maximum payment for 2003 is 65% of that target award. The total combined maximum
  payment is 115% of the target award.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The capital intensity target
  for 2002 and the free cash flow target for 2003 were both met and related payments
  were made in the first quarter of 2004 to eligible executive officers who maintained
  satisfactory individual performance until payment. Payments were made in cash,
  in DSUs or contributed to the <I>Employees&#146; profit sharing plan</I>.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Except for Mr.&nbsp;Anderson,
  all of the named executive officers were eligible to such incentive. Mr.&nbsp;Blouin
  became eligible for such incentive for 2003 upon his transfer to Bell Canada.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The amounts payable under
  the Two-year Bell Canada capital efficiency incentive plan for each named executive
  officer are shown under <I>Long-term incentive (LTIP) payouts </I>in the <I>Summary
  compensation table</I>.</FONT> </font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Long-term incentives</FONT></B>
  </font></P>
<P> <font face="Arial, Helvetica, sans-serif"> <FONT size=2>In light of BCE&#146;s
  internal and external environments and to create an even stronger link between
  executive compensation and BCE&#146;s mid-term and long-term operational and
  financial success, the board has approved, for 2004 and onward, a significant
  shift in BCE&#146;s long-term compensation strategy which includes the introduction
  of a mid-term incentive and a reduction in the use of stock options. These are
  discussed under <I>Change in compensation strategy for 2004 and in the future</I>.</FONT>
  </font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Stock Options<br>
  </FONT></B> <FONT size=2>The MRCC may grant BCE&#146;s executive officers and
  other key employees, and those of certain of BCE&#146;s subsidiaries, options
  to buy BCE common shares under the stock option plans. The number of outstanding
  options is not taken into account when determining if and how many options will
  be awarded.<br>
  </FONT></font> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Multiples
  of the base salary are used as a basis to grant stock options. The multiples
  vary depending on the position and are designed to bring total compensation,
  depending on individual performance, to between the 50th and 75th percentile
  of what is paid by the comparator group for similar positions. The 75th percentile
  is reserved for those few individuals who have contributed in an outstanding
  fashion. The option multiples used in 2003 were reduced by an average of 20%
  from the 2002 levels in order to reflect the downward trend in the size of stock
  option grants.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The number of options granted
  is calculated by dividing the value of the grant by the subscription price i.e.,
  the market value of BCE common shares on the day before the grant is effective.
  The MRCC may approve special grants of stock options to recognize singular achievements
  or, exceptionally, to retain or motivate executive officers and key employees.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The price at which a common
  share may be purchased when the option is being exercised is called the exercise
  price. The exercise price is at least equal to the subscription price, except
  under certain circumstances. For example, the MRCC may set a higher exercise
  price when it grants the option. Or it may set a lower exercise price to maintain
  the economic position of the option holder. This may take place when an option
  to acquire shares of one of BCE&#146;s subsidiaries or of a company that BCE
  is acquiring is converted into an option to acquire BCE common shares. The lower
  price would be subject to any required approval of the stock exchanges on which
  BCE common shares are listed.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The term of an option is
  normally 10 years from the day it is granted, unless the option holder retires,
  leaves the BCE group of companies, dies, or the company he or she works for
  is no longer part of the BCE group of companies. In these cases, the term may
  be reduced in accordance with the stock option plan under which it was granted
  or in accordance with decisions made by the MRCC.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The right to exercise an
  option normally accrues or &#147;vests&#148; by 25% a year for four years from
  the day of grant, unless there is a change of control of BCE or of a designated
  subsidiary or the MRCC sets different terms. Please see <I>Change of control
  </I>for details.</FONT> </font> </P>
<div align="left">
  <table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
      <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="1">1</font></td>
      <td width="99%"><font face="Arial, Helvetica, sans-serif"><FONT size=1>NIAC
        (Net Income Applicable to Common Shares) is based on net revenues earned,
        minus the cost of conducting business. NIAC represents a good estimate
        of funds generated from operations available to holders of common shares.
        Such funds can either be distributed as dividends, or kept for reinvestment
        in the company.</FONT></font></td>
    </tr>
  </table>
</div>
<P>&nbsp; </P>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right"> <p align="right"> <FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
    <td align="right" width="5%"><font face="Arial, Helvetica, sans-serif"><b><FONT size=2>27</font></b></font></td>
  </tr>
</table>
<P>&nbsp; </P>
<HR color="#000000" noshade align="center" width="100%" size=2>
<font face="Arial, Helvetica, sans-serif"><a name="page_28"></A> </font>
<P> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Option
  holders will lose all of their unexercised options granted after 2001 if they
  engage in prohibited behavior after they leave the BCE group of companies. These
  include using BCE&#146;s confidential information for the benefit of another
  employer. In addition, the option holder must reimburse BCE the after-tax profit
  realized on exercising any options during the twelve-month period preceding
  the date on which the unfair employment practice began.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Prior to November&nbsp;1999,
  some options were granted with related rights to special compensation payments
  (SCPs). SCPs are cash payments representing the excess of the market value of
  the shares on the day of exercise of the related options over the subscription
  price of the options. SCPs, if any, are attached to options and are triggered
  when the options are exercised.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Effective January&nbsp;1,&nbsp;2003,
  BCE adopted the fair value method of accounting for stock option compensation
  on a prospective basis.</FONT> </font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><I><FONT size=2>Change of control<br>
  </FONT></I> <FONT size=2>Special vesting provisions in the event of a change
  of control were introduced in 1999.<br>
  </FONT></font> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size=2 face="Arial, Helvetica, sans-serif">A
  change of control of BCE occurs when:</FONT> </P>
<UL>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>another party acquires
    50% or more of the outstanding securities of a class of voting or equity securities
    of BCE</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>the composition of
    a majority of the BCE board changes for a reason such as a dissident proxy
    solicitation</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>BCE&#146;s shareholders
    approve plans or agreements for disposing of all or substantially all of BCE&#146;s
    assets, liquidating or dissolving BCE, or in certain cases, merging, consolidating
    or amalgamating BCE, or</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>the MRCC determines
    that an event is a change of control.</FONT><BR>
    </font></LI>
</UL>
<P> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>If
  there is a change of control of BCE and the option holder&#146;s employment
  is terminated within 18 months of the change of control for a reason other than
  for cause or if the option holder terminates his employment for good reason,
  his or her unvested options will become exercisable for a period of 90 days
  from the date of termination, or for a longer period if the MRCC allows it.</FONT>
  </font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><I><FONT size=2>Change of control
  or partial change of control of Bell Canada or a designated entity<br>
  </FONT></I> <FONT size=2>Unvested options of an option holder who is employed
  in one of BCE&#146;s business units, such as Bell Canada or another subsidiary
  that the MRCC identifies as a &#147;designated business unit&#148;, will become
  exercisable if:</FONT></font> </P>
<UL>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>BCE&#146;s interest
    in the business unit or subsidiary falls below 50% but remains at least 20%,
    and</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>the option holder&#146;s
    employment is terminated within 18 months of the reduction for a reason other
    than for cause or if the option holder terminates employment for good reason.</FONT></font></LI>
</UL>
<P> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size=2 face="Arial, Helvetica, sans-serif">The
  option holder has up to 90 days from that day, or longer, if the MRCC allows
  it, to exercise the options.<br>
  </FONT> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>If
  BCE&#146;s interest in a designated business unit falls below 20%, option holders
  who are employed in that business unit may exercise all of their unvested options
  effective upon the earlier of:</FONT> </font> </P>
<UL>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>one year following
    the reduction in the interest, or</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>the day the option
    holder was terminated.</FONT><BR>
    </font></LI>
</UL>
<P> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The
  option holder has up to 90 days from that day, or longer, if the MRCC allows
  it, to exercise the options.</FONT> </font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><I><FONT size=2>Stock options for
  executive officers of BCE subsidiaries<br>
  </FONT></I> <FONT size=2>The number of options granted to Bell Canada&#146;s
  executive officers in 2003 was based on the economic profit target of 2002.
  As the 2002 target was exceeded, their stock option grant was increased by 10%
  which means that they received 110% of their normal grant in February&nbsp;2003.
  If 90% to 100% of the target had been achieved, 100% of the grant would have
  been awarded. If less than 90% of the target had been achieved, executive officers
  would have received only 50% of their grant.<br>
  </FONT></font> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>In
  2003, the economic profit target was replaced by the return on equity (ROE)</FONT><FONT size=-1><SUP>1
  </SUP></FONT><FONT size=2>target and therefore 100% of the grant was taken into
  consideration when establishing the 2004 grants under the new executive compensation
  policy. Please see <I>Change in compensation strategy for 2004 and in the future
  </I>for details.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The share option plan of
  BCE Emergis is almost the same as BCE&#146;s stock option plans, except that
  the term of the options is six years and options vest by 25% after two years,
  75% after three years and 100% after four years. As Chief Executive Officer
  of BCE Emergis until May&nbsp;13,&nbsp;2003, Mr.&nbsp;Blouin participated in
  the BCE Emergis share option plan.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>You will find more information
  about options granted and exercised under these programs in the tables under
  <I>Other compensation information &#150;Stock options</I>.</FONT> </font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Deferred share unit
  plan<br>
  </FONT></B> <FONT size=2>The deferred share unit plan is designed to more closely
  link the interests of the executive officers to those of the shareholders. DSUs
  may be awarded to certain executive officers and other key employees and those
  of certain subsidiaries.<br>
  </FONT></font> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>DSUs
  have the same value as BCE common shares. The number and terms of outstanding
  DSUs are not taken into account when determining if and how many DSUs will be
  awarded. There is no vesting period for DSUs.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>DSUs receive payments that
  are equivalent to the dividends on BCE common shares. Additional DSUs are credited
  on each dividend payment date and are equivalent in value to the dividend paid.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Eligible executive officers
  can choose to have up to 100% of their annual short-term incentive award and
  capital efficiency incentive award paid in DSUs instead of cash. The award is
  converted into DSUs based on the market value of a BCE common share on the day
  before the award is approved by the board. These DSUs count towards the minimum
  share ownership requirements, which are described under <I>Share ownership requirements</I>.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The MRCC may also grant special
  awards of DSUs to recognize outstanding achievements or for attaining certain
  corporate objectives.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Holders of DSUs may not sell
  their units while they are employed by a company of the BCE group. Once they
  leave the BCE group, BCE will buy the same number of BCE common shares on the
  open market as the number of DSUs a participant holds in the plan, after deductions
  for applicable taxes. These shares are then delivered to the former employee.</FONT>
  </font> </P>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="1">1</font></td>
    <td width="99%"><font face="Arial, Helvetica, sans-serif"><FONT size=1>ROE
      (return on common shareholders&#146; equity) is calculated as net earnings
      applicable to common shares as a percentage of average common shareholders&#146;
      equity.</FONT></font></td>
  </tr>
</table>
<P>&nbsp; </P>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right" width="5%"> <p align="left"><font face="Arial, Helvetica, sans-serif"><b>
        <FONT size=2> 28</font></b></font></p></td>
    <td align="right"> <p align="left"><FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
  </tr>
</table>
<P>&nbsp; </P>
<HR color="#000000" noshade align="center" width="100%" size=2>
<font face="Arial, Helvetica, sans-serif"><a name="page_29"></A> </font>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Share ownership
  requirements</FONT></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">BCE believes in substantial
  share ownership and is providing compensation programs designed to encourage
  executive officers to own shares of BCE through common shares or DSUs. A minimum
  share ownership level has been set for each position, based on a percentage
  of annual base salary:</FONT> </P>
<UL>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>President and Chief
    Executive Officer &#150; 500%</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>Group Presidents
    and heads of major lines of business &#150; 300%</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>other officers &#150;
    200%.</FONT><BR>
    </font></LI>
</UL>
<P> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>These
  officers must meet their target within five years with the objective that 50%
  of their target will be reached within 3 years. The 5-year target must be reached
  by April&nbsp;2006, or within 5 years from their date of hire or promotion,
  if such event occurred after April&nbsp;1,&nbsp;2001.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Share ownership requirements
  also apply to all Vice-Presidents with a target of 100% of annual base salary.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Shares or DSUs received through
  the following programs can be used to reach the minimum share ownership level:</FONT>
  </font> </P>
<UL>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>deferred share unit
    plan, which is described under <I>Deferred share unit plan</I></FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>employees&#146; savings
    plan, which is described in <I>Other compensation information &#150; Executive
    compensation table</I>, footnote (6)</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>shares acquired and
    held by exercising stock options granted under BCE&#146;s stock option plans,
    which are described under <I>Long-term incentives</I>.</FONT><BR>
    </font></LI>
</UL>
<P> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>As
  part of the new compensation policy for 2004 and beyond, concrete measures will
  be taken to ensure that share ownership requirements are met.</FONT> </font>
</P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Chief Executive
  Officer&#146;s compensation</FONT></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">When he was appointed President
  and Chief Executive Officer in 2002, Mr.&nbsp;Sabia asked that his current and
  future base salary and incentive compensation be adjusted to place more weight
  on variable (at&nbsp;risk) compensation. As a result, the MRCC reduced the mid-point
  of the salary range for the Chief Executive Officer from the median of the comparator
  group to 90% of that value. At the same time, the MRCC increased the target
  value of the annual short-term incentive from 100% to 125% of base salary to
  preserve the alignment of the total cash compensation.<br>
  </FONT> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The
  MRCC agreed, at Mr.&nbsp;Sabia&#146;s request, to keep Mr.&nbsp;Sabia&#146;s
  annual salary at its current level of $1,000,000 for the year 2003. His current
  salary corresponds to the minimum of the salary range for the President and
  Chief Executive Officer position.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The MRCC evaluates at the
  beginning of each year the performance of the CEO based on his contribution
  to the:</FONT> </font> </P>
<UL>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>financial performance
    of BCE compared to financial targets set at the beginning of the year</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>progress of BCE in
    reaching its strategic objectives</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>development of the
    executive team and succession planning</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>maintenance of BCE&#146;s
    leadership in the telecommunications industry.</FONT><BR>
    </font></LI>
</UL>
<P> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The
  assessment of Mr.&nbsp;Sabia&#146;s performance by the MRCC has translated into
  an individual contribution factor of 200%, which corresponds to the maximum
  individual factor. The performance assessment included the following achievements:</FONT>
  </font> </P>
<UL>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>Bell Canada was restructured
    along customer segment lines and consolidated Network and Customer operations
    business units into one comprehensive operations group within a short timeframe
    and with little disruption to ongoing operations</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>actions were launched
    in all key areas of the company to simplify internal processes and provision
    of services to customers</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>partnerships were
    initiated with software, services and technology providers to enable Bell
    Canada to move quickly toward the Internet Protocol (IP) technology</FONT><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif"><FONT size=2>substantial improvement
    was made in operating profitability.</FONT><BR>
    </font></LI>
</UL>
<P> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Using
  the same short-term incentive formula as described under <I>Annual short-term
  incentive awards </I>and based upon a corporate performance factor of 50%, Mr.&nbsp;Sabia&#146;s
  2003 short-term incentive award was established at $1,250,000. Mr.&nbsp;Sabia
  chose to receive his entire award in DSUs, therefore no short-term incentive
  award was paid to him in cash for 2003.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Mr.&nbsp;Sabia would have
  been entitled to receive $1,437,500 under the Two-year capital efficiency incentive
  plan. He has declined payment. In his capacity as CEO, Mr.&nbsp;Sabia believes
  that he should receive no incremental compensation for the achievement of this
  corporate objective.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>As President and Chief Executive
  Officer, Mr.&nbsp;Sabia received an annual grant of 525,000 options in February&nbsp;2003.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The MRCC did not make any
  changes to Mr.&nbsp;Sabia&#146;s pension arrangements in 2003.</FONT> </font>
</P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Compensation policy
  of subsidiaries</FONT></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">Bell Canada&#146;s and BCE
  Emergis&#146; compensation policies are similar to BCE&#146;s. Payments under
  their short-term incentive plans depend on achieving their respective corporate
  objectives, which are set out at the beginning of each year.<br>
  </FONT> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The
  board approved the recommendations of Bell Canada for grants of BCE options
  to Mr.&nbsp;Blouin, Mr.&nbsp;Wetmore, Mr.&nbsp;Roman and Mr.&nbsp;Sheridan in
  2003. Grants of options to Mr.&nbsp;Blouin while he was employed by BCE Emergis
  were made under the BCE Emergis share option plan, according to BCE Emergis&#146;
  compensation policy.</FONT> </font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Change in compensation
  strategy for 2004 and in the future</FONT></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">BCE and its core asset, Bell
  Canada, are dealing proactively to the changing competitive landscape and customer
  needs. During the last year, the structure and business strategy have been realigned
  to deliver on these business realities. BCE and Bell Canada have worked to simplify
  both the customer experience and the internal operations. As well, the type
  of leadership considered essential for success now and into the future was redefined.<br>
  </FONT> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>In
  light of these important changes, starting in 2004, the executive compensation
  policy has been redesigned to ensure close alignment and support with the company&#146;s
  new direction and strategic objectives. The committee has been closely involved
  in developing the overall design. The design delivers clear direction as to
  what is important to BCE executives and Bell Canada executives and what behaviors
  and types of results will be rewarded. Fundamentally, the new executive compensation
  policy is designed to drive a shift</FONT> </font> </P>
<P>&nbsp; </P>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right"> <p align="right"> <FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
    <td align="right" width="5%"><font face="Arial, Helvetica, sans-serif"><b><FONT size=2>29</font></b></font></td>
  </tr>
</table>
<P>&nbsp; </P>
<HR color="#000000" noshade align="center" width="100%" size=2>
<font face="Arial, Helvetica, sans-serif"><a name="page_30"></A> </font>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">in culture toward greater
  individual accountability and higher levels of performance.<br>
  </FONT> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The
  underlying philosophy is to remain conservative with regards to fixed compensation
  (such as base salary) while placing more emphasis on variable (at risk) compensation,
  through the use of three different compensation vehicles, short-term, mid-term
  and long-term incentive plans. Each of these variable compensation vehicles
  contains specific performance targets which must be met in order to trigger
  any payments. These targets are not achievable by incremental change alone,
  in some cases they will require a complete process redesign.<br>
  </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size=2 face="Arial, Helvetica, sans-serif">The
  key components of this policy are:</FONT> </P>
<ul>
  <li><FONT size=2 face="Arial, Helvetica, sans-serif">increase total compensation
    from the median (50th percentile), where it is today, to the 60th percentile
    of a specific comparator group of companies. This will provide BCE and Bell
    Canada with the ability to attract and retain the type of executives needed
    to deliver at required performance levels.</FONT></li>
  <li><font face="Arial, Helvetica, sans-serif"><FONT size=2>elements within the
    total compensation policy at the 60th percentile</FONT></font>
    <div align="left">
      <table border="0" cellpadding="0" cellspacing="0" width="90%">
        <tr>
          <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&#150;&nbsp;</font><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
          <td width="79%" colspan="2" valign="top"><font face="Arial, Helvetica, sans-serif"><FONT size=2>maintain
            base salaries at the median (50th percentile), their current level</FONT></font></td>
        </tr>
        <tr>
          <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&#150;&nbsp;</font></td>
          <td width="79%" colspan="2" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">increase
            the short-term annual incentive target awards from the median to the
            75th percentile of the comparator group for similar positions. This
            will further reinforce the importance of meeting the annual financial
            drivers and the fashion in which they are delivered.</FONT></td>
        </tr>
        <tr>
          <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&#150;&nbsp;</font></td>
          <td width="79%" colspan="2" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">transfer
            approximately 50% of the value of the long-term incentive plan, where
            stock options are granted, into a new mid-term plan under which Restricted
            Share Units (RSU) are used as the vehicle:</FONT></td>
        </tr>
        <tr>
          <td width="1%" valign="top"></td>
          <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif">&#149;</font></td>
          <td width="39%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">dependent
            on their level, each executive is granted a specific number of RSUs
            for a two-year period. The RSUs will either vest or be forfeited two
            years from the grant date.</FONT></td>
        </tr>
        <tr>
          <td width="1%" valign="top"></td>
          <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif">&#149;</font></td>
          <td width="39%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">vesting
            is conditional on achieving specific operational targets by the end
            of a two-year performance period. These targets are directly aligned
            to achieving the company&#146;s strategic goals for each of the core
            business units of Bell Canada.</FONT></td>
        </tr>
        <tr>
          <td width="1%" valign="top"></td>
          <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif">&#149;</font></td>
          <td width="39%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">at
            the end of the performance period, subject to compliance with individual
            share ownership requirements, vested RSUs will be paid in BCE common
            shares or in cash.</FONT></td>
        </tr>
        <tr>
          <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&#150;&nbsp;</font></td>
          <td width="79%" colspan="2" valign="top"><font face="Arial, Helvetica, sans-serif"><FONT size=2>reduce
            the value of stock options granted in the long-term incentive plan
            by approximately 50% and changing the key design features:</FONT></font></td>
        </tr>
        <tr>
          <td width="1%" valign="top"></td>
          <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif">&#149;</font></td>
          <td width="39%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">vesting
            is subject to a combination of time and performance. The performance
            metric is based on meeting or exceeding the median total shareholder
            return of a group of North American telecommunications companies.
            50% of the stock options will vest after two years and 100% after
            three years, subject to achieving the performance metric.</FONT></td>
        </tr>
        <tr>
          <td width="1%" valign="top"></td>
          <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif">&#149;</font></td>
          <td width="39%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">option
            period reduced from ten to six years</FONT></td>
        </tr>
        <tr>
          <td width="1%" valign="top"></td>
          <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif">&#149;</font></td>
          <td width="39%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">number
            of stock options granted cover a three-year period (front-loaded).</FONT></td>
        </tr>
      </table>
    </div>
  </li>
</ul>
<P> <font face="Arial, Helvetica, sans-serif"><B>Conclusion</B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">In the MRCC&#146;s view,
  the total compensation of the named executive officers for 2003 was appropriate
  and competitive in the marketplace. The MRCC believes that it was also consistent
  with the compensation policy of linking a large part of executive officers&#146;
  compensation to the achievement of corporate performance objectives and the
  creation of shareholder value.<br>
  </FONT> <font face="Arial, Helvetica, sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The
  MRCC believes that the compensation must reflect corporate performance. As such,
  the annual short-term incentive award of the named executive officers was based
  on a corporate performance factor of 50% as the corporate objectives were not
  fully achieved.<br>
  </FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Overall, the MRCC is confident
  that this approach to compensation has allowed BCE to attract, motivate and
  retain executive officers, while aligning their interests with those of its
  shareholders. The new compensation strategy implemented in 2004 will help further
  support the company&#146;s goal to become the best telecommunications company
  in North America.</FONT> </font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><I><FONT size=2>Report presented
  March&nbsp;10,&nbsp;2004 by:</FONT></I> </font></P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>P.M. Tellier, Chairman&nbsp;<br>
  R.A. Brenneman&nbsp;<br>
  A.S. Fell&nbsp;<br>
  B.M. Levitt&nbsp;<br>
  J.H. McArthur&nbsp;<br>
  V.L. Young</FONT></B> </font></P>
<P>&nbsp; </P>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right" width="5%"> <p align="left"><font face="Arial, Helvetica, sans-serif"><b><font size="2">30</font></b></font></p></td>
    <td align="right"> <p align="left"><FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
  </tr>
</table>
<P>&nbsp; </P>
<hr color="#000000" noshade align="center" width="100%" size="2">
<font face="Arial, Helvetica, sans-serif"><a name="page_31"></a>
<p><b><font size="2">Other compensation information</font></b></p>
</font>
<p><font size="2" face="Arial, Helvetica, sans-serif">This section outlines how
  the named executive officers are compensated, their pension arrangements, and
  termination and other employment arrangements.</font></p>
<p><font face="Arial, Helvetica, sans-serif"><b><font size="2">Executive compensation
  table</font></b></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The table below shows the
  President and Chief Executive Officer and the four most highly compensated named
  executive officers&rsquo; salary and other compensation for the financial years
  ended December&nbsp;31,&nbsp;2003,&nbsp;2002 and 2001. The table also includes
  disclosure of the compensation paid to Mr.&nbsp;Sheridan who ceased to be an
  executive officer during the year.</font></p>
<p><font face="Arial, Helvetica, sans-serif"><b><font size="2">Summary compensation
  table</font></b></font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="19"> <hr noshade size=1 color="#000000"> </td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" colspan=3 width="4%"><font face="Arial, Helvetica, sans-serif"><b><font size="2">Annual
      compensation</font></b></font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="11%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" colspan=5 width="8%"><font face="Arial, Helvetica, sans-serif"><b><font size="2">Long-term
      compensation</font></b></font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="24%" colspan="7"> <hr noshade size=1 color="#000000"> </td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="19%" colspan="6"> <hr noshade size=1 color="#000000"> </td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%" rowspan="4" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">Securities
      under options or (SARs) granted</font></td>
    <td width="4%" colspan="3" rowspan="4" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">Restricted
      shares or restricted share units</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%" rowspan="4" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">Long-term
      incentive (LTIP) payouts</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="4%" rowspan="2"><font face="Arial, Helvetica, sans-serif" size="2">Other
      annual compensation</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%" rowspan="2" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">All
      other compensation</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan=2 width="21%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">Name
      and principal position</font></td>
    <td width="8%"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">Year</font></div></td>
    <td width="1%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">Salary</font></div></td>
    <td width="4%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">Bonus</font></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="1%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">($)</font></div></td>
    <td width="4%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">($)</font></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="4%"><font face="Arial, Helvetica, sans-serif" size="2">($)</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%"><font face="Arial, Helvetica, sans-serif" size="2">(#)</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">(#)</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font face="Arial, Helvetica, sans-serif" size="2">($)</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font face="Arial, Helvetica, sans-serif" size="2">($)</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">(1)</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="4%"><font face="Arial, Helvetica, sans-serif" size="2">(2)</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%"><font face="Arial, Helvetica, sans-serif" size="2">(3)</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">(4)</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font face="Arial, Helvetica, sans-serif" size="2">(5)</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font face="Arial, Helvetica, sans-serif" size="2">(6)</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="19" valign="top"> <hr noshade size=2 color="#000000"> </td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="11%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan=2 width="21%" valign="top" rowspan="11"><font face="Arial, Helvetica, sans-serif" size="2"><b>Michael
      J. Sabia<br>
      </b>President and<br>
      Chief Executive Officer,<br>
      BCE<br>
      Chief Executive Officer,<br>
      Bell Canada</font></td>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">2003</font></div></td>
    <td width="1%" valign="top"> <div align="right"></div></td>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">1,000,000</font></div></td>
    <td width="4%" valign="top"> <div align="right"></div></td>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></div></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="4%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">12,788</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">525,000</font></td>
    <td align="right" colspan=3 rowspan="2" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">41,918
        share units<br>
        based on $1,250,000</font></div></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">29,574</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="1%" valign="top"> <div align="right"></div></td>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="4%" valign="top"> <div align="right"></div></td>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%" valign="top"></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="8%"> <div align="right"></div></td>
    <td width="1%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="4%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%"></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="17" width="8%"> <hr noshade size=1 align="right" color="#000000">
    </td>
  </tr>
  <tr>
    <td width="8%"> <div align="right"></div></td>
    <td width="1%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="4%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="11%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">2002</font></div></td>
    <td width="1%" valign="top"> <div align="right"></div></td>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">931,667</font></div></td>
    <td width="4%" valign="top"> <div align="right"></div></td>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></div></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="4%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">9,177</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">360,000</font></td>
    <td align="right" colspan=3 rowspan="2" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">23,222
        share units<br>
        based on $650,000</font></div></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">27,542</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="1%" valign="top"> <div align="right"></div></td>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="4%" valign="top"> <div align="right"></div></td>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%" valign="top"></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="1%" valign="top"> <div align="right"></div></td>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="4%" valign="top"> <div align="right"></div></td>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%" valign="top"></td>
    <td valign="top"> <div align="right"></div></td>
    <td valign="top"> <div align="right"></div></td>
    <td valign="top"> <div align="right"></div></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="17" width="8%"> <hr noshade size=1 align="right" color="#000000">
    </td>
  </tr>
  <tr>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">2001</font></div></td>
    <td width="1%" valign="top"> <div align="right"></div></td>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">690,000</font></div></td>
    <td width="4%" valign="top"> <div align="right"></div></td>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></div></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="4%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">51,926</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">50,000</font></td>
    <td colspan=3 align="right" rowspan="2" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">21,556
        share units<br>
        based on $720,000</font></div></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">19,136</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="1%" valign="top"> <div align="right"></div></td>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="4%" valign="top"> <div align="right"></div></td>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="11%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="19" valign="top"> <hr noshade size=2 color="#000000"> </td>
  </tr>
  <tr>
    <td colspan=2 width="21%" valign="top" rowspan="3"><font face="Arial, Helvetica, sans-serif" size="2"><b>William
      D. Anderson<br>
      </b>President, BCE Ventures</font></td>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">2003</font></div></td>
    <td width="1%"> <div align="right"></div></td>
    <td align="center" width="8%"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">545,000</font></div></td>
    <td width="4%"> <div align="right"></div></td>
    <td align="right" width="8%"> <font face="Arial, Helvetica, sans-serif" size="2">
      408,800</font> </td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%"><font face="Arial, Helvetica, sans-serif" size="2">136,299</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font face="Arial, Helvetica, sans-serif" size="2">14,104</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="17" width="8%" valign="top"> <hr noshade size=1 align="right" color="#000000">
    </td>
  </tr>
  <tr>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="1%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="4%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="11%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan=2 width="21%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">2002</font></div></td>
    <td width="1%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">530,000</font></div></td>
    <td width="4%"> <div align="right"></div></td>
    <td width="8%" align="right"> <font face="Arial, Helvetica, sans-serif" size="2">
      267,120</font> </td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"> <p align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&#150;&nbsp;</font></p></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="11%"> <p align="right"><font face="Arial, Helvetica, sans-serif" size="2">150,000</font></p></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"> <p align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&#150;</font></p></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"> <p align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&#150;</font></p></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"> <p align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;13,733</font></p></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td colspan="17" width="8%" valign="top"> <hr noshade size=1 align="right" color="#000000">
    </td>
  </tr>
  <tr>
    <td colspan=2 width="21%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="1%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="4%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="11%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">2001</font></div></td>
    <td width="1%"> <div align="right"></div></td>
    <td align="center" width="8%"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">490,000</font></div></td>
    <td width="4%"> <div align="right"></div></td>
    <td align="right" width="8%"> <font face="Arial, Helvetica, sans-serif" size="2">
      264,600</font> </td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="4%"><font face="Arial, Helvetica, sans-serif" size="2">578,278</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%"><font face="Arial, Helvetica, sans-serif" size="2">131,000</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font face="Arial, Helvetica, sans-serif" size="2">12,851</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan=19 valign="top"> <hr noshade size=2 color="#000000"> </td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="11%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan=2 width="21%" valign="top" rowspan="4"><font face="Arial, Helvetica, sans-serif" size="2"><b>Pierre
      J. Blouin</b><br>
      Group President,<br>
      Consumer Markets<br>
      Bell&nbsp;Canada</font></td>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">2003</font></div></td>
    <td width="1%" valign="top"> <div align="right"></div></td>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">585,134</font></div></td>
    <td width="4%" valign="top"> <div align="right"></div></td>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">177,200</font></div></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="4%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">131,651</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">120,000</font></td>
    <td align="right" colspan=3 rowspan="2" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">19,032
        share units based on $552,960</font></div></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">215,040</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">19,601</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="1%" valign="top"> <div align="right"></div></td>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="4%" valign="top"> <div align="right"></div></td>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">40,000</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="8%"> <div align="right"></div></td>
    <td width="1%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="4%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%"><font face="Arial, Helvetica, sans-serif" size="2">(BCE
      Emergis)</font></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="17" width="8%"> <hr noshade size=1 align="right" color="#000000">
    </td>
  </tr>
  <tr>
    <td colspan=2 width="21%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="1%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="4%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="11%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">2002</font></div></td>
    <td width="1%" valign="top"> <div align="right"></div></td>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">483,805</font></div></td>
    <td width="4%" valign="top"> <div align="right"></div></td>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">155,320</font></div></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="4%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">22,684</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">130,000</font></td>
    <td align="right" colspan=3 rowspan="2" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">449
        share units based on $12,580</font></div></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">105,096</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="1%" valign="top"> <div align="right"></div></td>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="4%" valign="top"> <div align="right"></div></td>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">230,000</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="1%" valign="top"> <div align="right"></div></td>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="4%" valign="top"> <div align="right"></div></td>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">(BCE
      Emergis)</font></td>
    <td valign="top"> <div align="right"></div></td>
    <td valign="top"> <div align="right"></div></td>
    <td valign="top"> <div align="right"></div></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td colspan="17" width="8%"> <hr noshade size=1 align="right" color="#000000">
    </td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">2001</font></div></td>
    <td width="1%" valign="top"> <div align="right"></div></td>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">355,000</font></div></td>
    <td width="4%" valign="top"> <div align="right"></div></td>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">349,600</font></div></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="4%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">37,800</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">105,634</font></td>
    <td colspan=3 align="right" rowspan="2" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">910
        share units based on $30,400</font></div></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">9,282</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="1%" valign="top"> <div align="right"></div></td>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="4%" valign="top"> <div align="right"></div></td>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="11%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="19" valign="top"> <hr noshade size=2 color="#000000"> </td>
  </tr>
  <tr>
    <td colspan=2 width="21%" valign="top" rowspan="4"><font face="Arial, Helvetica, sans-serif" size="2"><b>Stephen
      G. Wetmore<br>
      </b>Group President,<br>
      National Markets<br>
      Bell&nbsp;Canada</font></td>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">2003</font></div></td>
    <td width="1%"> <div align="right"></div></td>
    <td align="center" width="8%"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">614,167</font></div></td>
    <td width="4%"> <div align="right"></div></td>
    <td align="center" width="8%"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">231,400</font></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%"><font face="Arial, Helvetica, sans-serif" size="2">181,860</font></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td align="right" valign="bottom"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font face="Arial, Helvetica, sans-serif" size="2">494,800</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font face="Arial, Helvetica, sans-serif" size="2">497,511</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="17" width="8%" valign="top"> <hr noshade size=1 align="right" color="#000000">
    </td>
  </tr>
  <tr>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="1%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="4%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="11%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">2002</font></div></td>
    <td width="1%"> <div align="right"></div></td>
    <td align="center" width="8%"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">591,731</font></div></td>
    <td width="4%"> <div align="right"></div></td>
    <td align="center" width="8%"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">146,700</font></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="4%"><font face="Arial, Helvetica, sans-serif" size="2">61,154</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%"><font face="Arial, Helvetica, sans-serif" size="2">395,000</font></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td align="right" valign="bottom"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font face="Arial, Helvetica, sans-serif" size="2">652,147</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="1%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="4%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%"><font face="Arial, Helvetica, sans-serif" size="2">60,832</font></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="1%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="4%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%"><font face="Arial, Helvetica, sans-serif" size="2">(Aliant)</font></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td colspan="17" width="8%" valign="top"> <hr noshade size=1 align="right" color="#000000">
    </td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">2001</font></div></td>
    <td width="1%"> <div align="right"></div></td>
    <td align="center" width="8%"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">524,865</font></div></td>
    <td width="4%"> <div align="right"></div></td>
    <td align="center" width="8%"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">256,861</font></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="4%"><font face="Arial, Helvetica, sans-serif" size="2">1,119,151</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%"><font face="Arial, Helvetica, sans-serif" size="2">72,164</font></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td align="right" valign="bottom"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="1%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="4%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%"><font face="Arial, Helvetica, sans-serif" size="2">(Aliant)</font></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td valign="bottom"> <div align="right"></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="19" valign="top"> <hr noshade size=2 color="#000000"> </td>
  </tr>
  <tr>
    <td colspan=2 width="21%" valign="top" rowspan="4"><font face="Arial, Helvetica, sans-serif" size="2"><b>Eugene
      Roman<br>
      </b>Group President,<br>
      Systems and Technology<br>
      Bell&nbsp;Canada</font></td>
    <td align="center" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">2003</font></div></td>
    <td valign="top" width="1%"> <div align="right"></div></td>
    <td align="center" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">500,000</font></div></td>
    <td valign="top" width="4%"> <div align="right"></div></td>
    <td align="center" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">144,400</font></div></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">150,322</font></td>
    <td colspan=3 align="right" rowspan="2" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">12,798
        share units based on $381,650</font></div></td>
    <td valign="top" width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">237,250</font></td>
    <td valign="top" width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">15,558</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"> <div align="right"></div></td>
    <td valign="top" width="1%"> <div align="right"></div></td>
    <td valign="top"> <div align="right"></div></td>
    <td valign="top" width="4%"> <div align="right"></div></td>
    <td valign="top"> <div align="right"></div></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top" width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top" width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="17" valign="top"> <hr noshade size=1 align="right" color="#000000">
    </td>
  </tr>
  <tr>
    <td valign="top"> <div align="right"></div></td>
    <td valign="top" width="1%"> <div align="right"></div></td>
    <td valign="top"> <div align="right"></div></td>
    <td valign="top" width="4%"> <div align="right"></div></td>
    <td valign="top"> <div align="right"></div></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top" width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top" width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="center" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">2002</font></div></td>
    <td valign="top" width="1%"> <div align="right"></div></td>
    <td align="center" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">375,043</font></div></td>
    <td valign="top" width="4%"> <div align="right"></div></td>
    <td align="center" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">133,900</font></div></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">75,329</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></td>
    <td valign="top" width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></td>
    <td valign="top" width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">9,600</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td colspan="17" valign="top"> <hr noshade size=1 align="right" color="#000000">
    </td>
  </tr>
  <tr>
    <td colspan="2" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top"> <div align="right"></div></td>
    <td valign="top" width="1%"> <div align="right"></div></td>
    <td valign="top"> <div align="right"></div></td>
    <td valign="top" width="4%"> <div align="right"></div></td>
    <td valign="top"> <div align="right"></div></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top" width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top" width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="center" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">2001</font></div></td>
    <td valign="top" width="1%"> <div align="right"></div></td>
    <td align="center" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">290,000</font></div></td>
    <td valign="top" width="4%"> <div align="right"></div></td>
    <td align="center" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">209,200</font></div></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">61,254</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></td>
    <td valign="top" width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></td>
    <td valign="top" width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">7,586</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="19" valign="top"> <hr noshade size=2 color="#000000"> </td>
  </tr>
  <tr>
    <td colspan=2 width="21%" valign="top" rowspan="4"><font face="Arial, Helvetica, sans-serif" size="2"><b>John
      W. Sheridan<br>
      </b>Group President,<br>
      Business Markets<br>
      Bell&nbsp;Canada<br>
      (up to November 28, 2003)</font></td>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">2003</font></div></td>
    <td width="1%"> <div align="right"></div></td>
    <td align="center" width="8%"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">710,000</font></div></td>
    <td width="4%"> <div align="right"></div></td>
    <td align="center" width="8%"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">292,000</font></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="4%"><font face="Arial, Helvetica, sans-serif" size="2">330,338</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%"><font face="Arial, Helvetica, sans-serif" size="2">275,884</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font face="Arial, Helvetica, sans-serif" size="2">1,244,422</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font face="Arial, Helvetica, sans-serif" size="2">4,145,509</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="17" width="8%" valign="top"> <hr noshade size=1 align="right" color="#000000">
    </td>
  </tr>
  <tr>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="1%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="4%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="11%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">2002</font></div></td>
    <td width="1%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">711,398</font></div></td>
    <td width="4%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">305,620</font></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"> <p align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;90,071</font></p></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="11%"> <p align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;530,000</font></p></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"> <p align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&#150;</font></p></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"> <p align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&#150;</font></p></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"> <p align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;93,249</font></p></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td colspan="17" width="8%" valign="top"> <hr noshade size=1 align="right" color="#000000">
    </td>
  </tr>
  <tr>
    <td colspan=2 width="21%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%" valign="top"> <div align="right"></div></td>
    <td width="1%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="4%"> <div align="right"></div></td>
    <td width="8%"> <div align="right"></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="11%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="center" width="8%" valign="top"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">2001</font></div></td>
    <td width="1%"> <div align="right"></div></td>
    <td align="center" width="8%"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">600,000</font></div></td>
    <td width="4%"> <div align="right"></div></td>
    <td align="center" width="8%"> <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">720,000</font></div></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="4%"><font face="Arial, Helvetica, sans-serif" size="2">259,928</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="11%"><font face="Arial, Helvetica, sans-serif" size="2">200,000</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="4%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font face="Arial, Helvetica, sans-serif" size="2">&#150;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font face="Arial, Helvetica, sans-serif" size="2">90,701</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan=19 valign="top"> <hr noshade size=2 color="#000000"> </td>
  </tr>
</table>
<p>&nbsp;</p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right"> <p align="right"><font size="2" face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font></td>
    <td align="right" width="5%"><font face="Arial, Helvetica, sans-serif"><b><font size="2">31</font></b></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<hr color="#000000" noshade align="center" width="100%" size="2">
<p>&nbsp;</p>
<div align="left">
  <table border="0" cellspacing="1" width="100%">
    <tr>
      <td width="1%" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
      <td width="99%"><font face="Arial, Helvetica, sans-serif" size="1"><b>Mr.&nbsp;Sabia
        </b>was appointed Executive Vice-President of BCE and Vice-Chairman of
        Bell Canada on July&nbsp;3,&nbsp;2000. On December&nbsp;1,&nbsp;2000,
        he was appointed President of BCE while maintaining his responsibilities
        at Bell Canada. On March&nbsp;1,&nbsp;2002, he became President and Chief
        Operating Officer of BCE and Chief Operating Officer of Bell Canada. He
        became President and Chief Executive Officer of BCE on April&nbsp;24,&nbsp;2002
        and Chief Executive Officer of Bell Canada on May&nbsp;2,&nbsp;2002. The
        board determined his compensation for 2003 according to our compensation
        policies. We paid his total compensation, but charged 75% of it to Bell
        Canada for services he provided. The main terms of his employment are
        described under <i>Pension arrangements </i>and <i>Termination and other
        employment arrangements</i>. Before joining BCE, Mr.&nbsp;Sabia was Chief
        Executive Officer of BCI, with his compensation determined and paid by
        BCI.</font></td>
    </tr>
    <tr>
      <td width="1%" valign="top"></td>
      <td width="99%"><font face="Arial, Helvetica, sans-serif" size="1"><b>Mr.&nbsp;Anderson
        </b>was Chief Financial Officer of BCE until he was appointed President,
        BCE Ventures on January&nbsp;15,&nbsp;2001. In addition to his role at
        BCE Ventures, Mr.&nbsp;Anderson also served as Chief Executive Officer
        of BCI during all of 2003. His compensation for 2003 was paid by BCE according
        to our compensation policies. We paid his total compensation, but charged
        100% of it to BCE Ventures. The main terms of his employment with us are
        described under <i>Termination and other employment arrangements</i>.</font></td>
    </tr>
    <tr>
      <td width="1%" valign="top"></td>
      <td width="99%"><font face="Arial, Helvetica, sans-serif" size="1"><b>Mr.&nbsp;Blouin
        </b>was President and Chief Executive Officer of Bell Mobility&nbsp;Inc.,
        a subsidiary of Bell Canada, between January&nbsp;27,&nbsp;2000 and March
        1,&nbsp;2002. In addition to his role at Bell Mobility&nbsp;Inc., he was
        Executive Vice-President at BCE from March&nbsp;1,&nbsp;2002 until his
        appointment as Chief Executive Officer of BCE Emergis on May&nbsp;13,&nbsp;2002.
        On May&nbsp;14,&nbsp;2003, he was appointed Group President &ndash; Consumer
        Markets of Bell Canada. BCE Emergis paid his compensation until May&nbsp;2003,
        according to its compensation policy. Bell Canada paid his compensation
        for the rest of the year, according to its compensation policy.</font></td>
    </tr>
    <tr>
      <td width="1%" valign="top"></td>
      <td width="99%"><font face="Arial, Helvetica, sans-serif" size="1"><b>Mr.&nbsp;Wetmore
        </b>was appointed Vice-Chairman, Corporate of Bell Canada on March&nbsp;1,&nbsp;2002
        and also Executive Vice-President of BCE on May&nbsp;2,&nbsp;2002. On
        June&nbsp;1,&nbsp;2003, he was appointed Executive Vice-President of Bell
        Canada while maintaining his responsibilities at BCE. In addition to his
        role at BCE, he became Group-President &ndash; National Markets of Bell
        Canada on November&nbsp;10,&nbsp;2003. Prior to March&nbsp;1,&nbsp;2002,
        he was President and Chief Executive Officer of Aliant, a subsidiary of
        Bell Canada. His 2003 compensation was paid by Bell Canada according to
        its compensation policy. The main terms of his employment with Bell Canada
        are described under <i>Pension arrangements </i>and <i>Termination and
        other employment arrangements</i>.</font></td>
    </tr>
    <tr>
      <td width="1%" valign="top"></td>
      <td width="99%"><font face="Arial, Helvetica, sans-serif" size="1"><b>Mr.&nbsp;Roman
        </b>was Chief Information Officer of Bell Canada from October&nbsp;12,&nbsp;2000
        to June&nbsp;11,&nbsp;2002, when he was appointed Chief Information and
        Technology Officer of Bell Canada. He became Group President &ndash; Systems
        and Technology of Bell Canada on June&nbsp;1,&nbsp;2003. His 2003 compensation
        was paid by Bell Canada according to its compensation policy.</font></td>
    </tr>
    <tr>
      <td width="1%" valign="top"></td>
      <td width="99%"><font face="Arial, Helvetica, sans-serif" size="1"><b>Mr.&nbsp;Sheridan
        </b>was President of Bell Canada from October&nbsp;25,&nbsp;2000 to May&nbsp;2,&nbsp;2002,
        when he was appointed President and Chief Operating Officer of Bell Canada.
        On June&nbsp;1,&nbsp;2003, he became Group President &ndash; Business
        Markets of Bell Canada until his departure on November&nbsp;28,&nbsp;2003.
        His 2003 compensation was paid by Bell Canada according to its compensation
        policy. The salary amount shown in this table represents the salary earned
        from January&nbsp;1,&nbsp;2003 until November&nbsp;28,&nbsp;2003. He would
        have earned a salary of $775,000 for the whole year. The main terms of
        his termination arrangements are described under <i>Termination and other
        employment arrangements</i>.</font></td>
    </tr>
    <tr>
      <td width="1%" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">(2)&nbsp;</font></td>
      <td width="99%"><font face="Arial, Helvetica, sans-serif" size="1">For <b>Mr.&nbsp;Sabia</b>,
        this includes in 2001 a cash payment of $41,667, according to his compensation
        arrangements with BCI.</font></td>
    </tr>
    <tr>
      <td width="1%" valign="top"></td>
      <td width="99%"><font face="Arial, Helvetica, sans-serif" size="1">For <b>Mr.&nbsp;Anderson</b>,
        this consists of a special compensation payment (SCP) of $578,278 triggered
        by the exercise of options in 2001. Please see <i>Long-term incentives
        </i>for details.</font></td>
    </tr>
    <tr>
      <td width="1%" valign="top"></td>
      <td width="99%"><font face="Arial, Helvetica, sans-serif" size="1">For <b>Mr.&nbsp;Blouin</b>,
        this includes in 2003 $10,962 paid by BCE Emergis in lieu of vacation.
        It also includes a special compensation payment (SCP) of $120,689 triggered
        by the exercise of options in 2003. Please see <i>Long-term incentives
        </i>for details. For 2002, this consists of $16,284 paid in lieu of vacation
        as well as lease payments of $6,400 for 2002 and $37,800 for 2001 on an
        apartment we leased for him when he worked in Toronto.</font></td>
    </tr>
    <tr>
      <td width="1%" valign="top"></td>
      <td width="99%"><font face="Arial, Helvetica, sans-serif" size="1">For <b>Mr.&nbsp;Wetmore</b>,
        this consists of $61,154 that Aliant paid in lieu of vacation in 2002.
        For 2001, it includes $1,119,151 from selling Aliant stock options to
        Aliant that he received from the conversion of a previous option grant
        awarded by NewTel Enterprises Limited (one of the companies that formed
        Aliant in May&nbsp;1999), under his employment agreement with Aliant.</font></td>
    </tr>
    <tr>
      <td width="1%" valign="top"></td>
      <td width="99%"><font face="Arial, Helvetica, sans-serif" size="1">For <b>Mr.&nbsp;Sheridan</b>,
        this consists of gains from exercising SCPs, which were $330,338 in 2003,
        $90,071 in 2002 and $259,928 in 2001. Please see <i>Long-term incentives
        </i>for details.</font></td>
    </tr>
    <tr>
      <td width="1%" valign="top"></td>
      <td width="99%"><font size="1" face="Arial, Helvetica, sans-serif">No amount
        is included in this column for perquisites and other personal benefits
        where they amount to less than the $50,000 disclosure threshold provided
        for in applicable law.</font></td>
    </tr>
    <tr>
      <td width="1%" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">(3)&nbsp;</font></td>
      <td width="99%"><font face="Arial, Helvetica, sans-serif" size="1">These
        are options granted under BCE&rsquo;s stock option plans. This also includes
        options from BCE Emergis for Mr.&nbsp;Blouin and from Aliant for Mr.&nbsp;Wetmore.
        Please see <i>Long-term incentives </i>and the tables under <i>Stock options
        </i>for details.</font></td>
    </tr>
    <tr>
      <td width="1%" valign="top"></td>
      <td width="99%"><font face="Arial, Helvetica, sans-serif" size="1"><b>Mr.&nbsp;Blouin
        </b>received in 2002 the following grants of stock options under the BCE
        Emergis share option plan:</font> <ul>
          <li><font size="1" face="Arial, Helvetica, sans-serif">a hiring grant
            of 130,000 options</font></li>
          <li><font size="1" face="Arial, Helvetica, sans-serif">an advance grant
            of 20,000 options, which represents the target portion of the 2003
            annual stock option grant</font></li>
          <li><font size="1" face="Arial, Helvetica, sans-serif">a special grant
            of 80,000 options as a retention incentive. These options will vest
            after three years from the date of grant.</font></li>
        </ul>
        <p><font size="1" face="Arial, Helvetica, sans-serif">In 2003, Mr.&nbsp;Blouin
          also received 40,000 options under the BCE Emergis share option plan.</font></td>
    </tr>
    <tr>
      <td width="1%" valign="top"></td>
      <td width="99%"><font size="1" face="Arial, Helvetica, sans-serif">When
        Mr.&nbsp;Blouin left BCE Emergis, the original expiry dates of all his
        BCE Emergis options were modified to May&nbsp;14,&nbsp;2006. Options continue
        to vest until such date as long as Mr.&nbsp;Blouin remains employed by
        Bell Canada, BCE or one of its subsidiaries.</font></td>
    </tr>
    <tr>
      <td width="1%" valign="top"></td>
      <td width="99%"><font face="Arial, Helvetica, sans-serif" size="1">In 2002,
        <b>Mr.&nbsp;Wetmore </b>received a hiring grant of 170,000 options and
        a special grant of 225,000 options. The special grant was to recognize
        a valuable contribution and important future challenges. These options
        vest at 20% a year for five years. Options were granted under Aliant&rsquo;s
        stock option plan in 2001 and 2002. Aliant&rsquo;s normal vesting schedule
        applies to all of his unvested Aliant options.</font></td>
    </tr>
    <tr>
      <td width="1%" valign="top"></td>
      <td width="99%"><font face="Arial, Helvetica, sans-serif" size="1">In 2002,
        <b>Mr.&nbsp;Sheridan </b>received a special grant of 300,000 options,
        in addition to an annual grant of 230,000 options. The special grant was
        to recognize a valuable contribution and important future challenges.
        These options vest at 20% a year for five years.</font></td>
    </tr>
    <tr>
      <td width="1%" valign="top"></td>
      <td width="99%"><font size="1" face="Arial, Helvetica, sans-serif">We do
        not grant freestanding stock appreciation rights (SARs) under our stock
        option plans.</font></td>
    </tr>
    <tr>
      <td width="1%" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">(4)&nbsp;</font></td>
      <td width="99%"><font face="Arial, Helvetica, sans-serif" size="1">DSUs
        have the same value as BCE common shares. The number of DSUs awarded was
        calculated using the closing price of BCE common shares on the TSX on
        the day before the award of DSUs was effective. The dollar amount included
        in this table is the pre-tax value of the DSUs on the day the award was
        effective. Additional DSUs are credited to each named executive officer&rsquo;s
        account on each BCE common shares dividend payment date. The number of
        DSUs is calculated using the same rate as the dividends paid on our common
        shares. Please see <i>Deferred share unit plan </i>for details.</font></td>
    </tr>
  </table>
</div>
<p>&nbsp;</p>
<font face="Arial, Helvetica, sans-serif"><a name="page_32"></a> </font>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right" width="5%"> <p align="left"><font face="Arial, Helvetica, sans-serif"><b><font size="2">32</font></b></font></p></td>
    <td align="right"> <p align="left"><font size="2" face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<hr color="#000000" noshade align="center" width="100%" size="2">
<font face="Arial, Helvetica, sans-serif"><a name="page_33"></a> </font>
<p><font size="1" face="Arial, Helvetica, sans-serif">The table below shows the
  total number of DSUs that each named executive officer held and their value
  at December&nbsp;31,&nbsp;2003, based on BCE common share price of $28.90. The
  total number of DSUs shown excludes DSUs granted as payment of the 2003 annual
  short-term incentive award and the award payable under the two-year capital
  efficiency incentive plan.</font></p>
<div align="left">
  <table width="35%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td colspan="4"> <hr noshade size="1" color="#000000"> </td>
    </tr>
    <tr>
      <td width="10%"><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;</font></td>
      <td align="center" colspan="3"><font size="1" face="Arial, Helvetica, sans-serif">At
        December&nbsp;31,&nbsp;2003</font></td>
    </tr>
    <tr>
      <td width="10%"><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;</font></td>
      <td align="right" width="12%"><font size="1" face="Arial, Helvetica, sans-serif">Total
        number of</font></td>
      <td width="1%"><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;</font></td>
      <td align="right" width="12%"><font size="1" face="Arial, Helvetica, sans-serif">Total
        value</font></td>
    </tr>
    <tr>
      <td align="left" width="10%"><font size="1" face="Arial, Helvetica, sans-serif">Name</font></td>
      <td align="right" width="12%"><font size="1" face="Arial, Helvetica, sans-serif">DSUs
        held</font></td>
      <td width="1%"><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;</font></td>
      <td align="right" width="12%"><font size="1" face="Arial, Helvetica, sans-serif">$</font></td>
    </tr>
    <tr>
      <td colspan="4" width="60%"> <hr noshade size="1" color="#000000"> </td>
    </tr>
    <tr>
      <td width="10%"><font size="1" face="Arial, Helvetica, sans-serif">Mr.&nbsp;Sabia</font></td>
      <td align="right" width="12%"><font size="1" face="Arial, Helvetica, sans-serif">74,913</font></td>
      <td width="1%"><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;</font></td>
      <td align="right" width="12%"><font size="1" face="Arial, Helvetica, sans-serif">2,164,995</font></td>
    </tr>
    <tr>
      <td width="10%"><font size="1" face="Arial, Helvetica, sans-serif">Mr.&nbsp;Anderson</font></td>
      <td align="right" width="12%"><font size="1" face="Arial, Helvetica, sans-serif">2,739</font></td>
      <td width="1%"><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;</font></td>
      <td align="right" width="12%"><font size="1" face="Arial, Helvetica, sans-serif">79,168</font></td>
    </tr>
    <tr>
      <td width="10%"><font size="1" face="Arial, Helvetica, sans-serif">Mr.&nbsp;Blouin</font></td>
      <td align="right" width="12%"><font size="1" face="Arial, Helvetica, sans-serif">11,645</font></td>
      <td width="1%"><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;</font></td>
      <td align="right" width="12%"><font size="1" face="Arial, Helvetica, sans-serif">336,557</font></td>
    </tr>
    <tr>
      <td width="10%"><font size="1" face="Arial, Helvetica, sans-serif">Mr.&nbsp;Wetmore</font></td>
      <td align="right" width="12%"><font size="1" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
      <td width="1%"><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;</font></td>
      <td align="right" width="12%"><font size="1" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
    </tr>
    <tr>
      <td width="10%"><font size="1" face="Arial, Helvetica, sans-serif">Mr.&nbsp;Roman</font></td>
      <td align="right" width="12%"><font size="1" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
      <td width="1%"><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;</font></td>
      <td align="right" width="12%"><font size="1" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
    </tr>
    <tr>
      <td width="10%"><font size="1" face="Arial, Helvetica, sans-serif">Mr.&nbsp;Sheridan</font></td>
      <td align="right" width="12%"><font size="1" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
      <td width="1%"><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;</font></td>
      <td align="right" width="12%"><font size="1" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
    </tr>
    <tr>
      <td colspan="4"> <hr noshade size="1" color="#000000"> </td>
    </tr>
  </table>
</div>
<p></p>
<table border="0" cellspacing="1" width="100%">
  <tr>
    <td width="1%" valign="top"></td>
    <td width="99%"><font size="1" face="Arial, Helvetica, sans-serif">Since December&nbsp;31,&nbsp;2003,
      Mr.&nbsp;Sabia received DSUs in February&nbsp;2004 as payment of the 2003
      annual short-term incentive award and DSUs paid as dividend on January&nbsp;15,&nbsp;2004,
      for a total number of DSUs currently held of 117,606, as shown on page 10.</font></td>
  </tr>
  <tr>
    <td width="1%" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">(5)</font></td>
    <td width="99%"><font face="Arial, Helvetica, sans-serif" size="1">For 2003,
      this includes amounts payable under the Two-year capital efficiency incentive
      plan of Bell Canada. Please see <i>Two-year Bell Canada capital efficiency
      incentive plan </i>for more details.</font></td>
  </tr>
  <tr>
    <td width="1%" valign="top"></td>
    <td width="99%"><font face="Arial, Helvetica, sans-serif" size="1">For <b>Mr.&nbsp;Sabia</b>,
      no amount is being reported in 2003 as he declined payment of $1,437,500
      to which he would have been entitled under the Two-year capital efficiency
      incentive plan. Please see <i>Chief Executive Officer&rsquo;s compensation
      </i>for details.</font></td>
  </tr>
  <tr>
    <td width="1%" valign="top"></td>
    <td width="99%"><font face="Arial, Helvetica, sans-serif" size="1">For <b>Mr.&nbsp;Sheridan</b>,
      it also includes the payment on December&nbsp;1,&nbsp;2003 of his 19,713
      share units at a market value of $29 for a total pre-tax amount of $571,672.
      This amount represents his 2000 short-term incentive award paid in DSUs,
      plus accumulated dividends.</font></td>
  </tr>
  <tr>
    <td width="1%" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">(6)</font></td>
    <td width="99%"><font face="Arial, Helvetica, sans-serif" size="1">For all
      the named executive officers, this includes company contributions under
      the <i>BCE employees&rsquo; savings plans</i>. For Mr.&nbsp;Blouin, it also
      includes company contributions under the <i>BCE Emergis employee share purchase
      plan </i>for the years 2002 and 2003.</font></td>
  </tr>
  <tr>
    <td width="1%" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="99%"><font size="1" face="Arial, Helvetica, sans-serif">Under BCE&rsquo;s
      plan, when our employees and Bell Canada&rsquo;s employees, including executive
      officers use up to 6% of their base salary, short-term incentives awards
      and/or payment under the Two-year capital efficiency incentive plan to buy
      BCE common shares, BCE or Bell Canada contributes $1 for every $3 that the
      employee contributes. BCE Emergis&rsquo; plan is similar, but BCE Emergis
      contributes $1 for every $2 that the employee contributes.</font></td>
  </tr>
  <tr>
    <td width="1%" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="99%"><font size="1" face="Arial, Helvetica, sans-serif">This also
      includes payments for life insurance premiums for all of the named executive
      officers.</font></td>
  </tr>
  <tr>
    <td width="1%" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="99%"><font face="Arial, Helvetica, sans-serif" size="1">For <b>Mr.&nbsp;Blouin</b>,
      it also includes in 2002 a $35,000 relocation allowance and $55,556 paid
      in lieu of 2001 vacation.</font></td>
  </tr>
  <tr>
    <td width="1%" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="99%"><font face="Arial, Helvetica, sans-serif" size="1">For <b>Mr.&nbsp;Wetmore</b>,
      it also includes:</font> <ul>
        <li><font size="1" face="Arial, Helvetica, sans-serif">$600,000 paid in
          2002 and $350,608 paid in 2003 by Aliant as retention bonus awarded
          when Aliant was formed in May&nbsp;1999</font></li>
        <li><font size="1" face="Arial, Helvetica, sans-serif">$102,184 that Bell
          Canada paid in 2003 as a relocation allowance</font></li>
        <li><font size="1" face="Arial, Helvetica, sans-serif">$22,218 that Aliant
          paid in 2002, which was the balance of a relocation allowance.</font></li>
      </ul></td>
  </tr>
  <tr>
    <td width="1%" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="99%"><font face="Arial, Helvetica, sans-serif" size="1">For <b>Mr.&nbsp;Sheridan</b>,
      it also includes:</font> <ul>
        <li><font face="Arial, Helvetica, sans-serif" size="1">$4,095,000 that
          was partially paid in 2003 with the remaining to be paid in installments
          until November&nbsp;2005 as per his termination agreement with Bell
          Canada. Please see&nbsp;<i>Termination and other employment arrangements
          </i>for details.</font></li>
        <li><font size="1" face="Arial, Helvetica, sans-serif">$75,000 that Bell
          Canada paid in each of 2001 and 2002 to compensate for the difference
          in market prices relating to his move from Ottawa to Toronto.</font></li>
      </ul></td>
  </tr>
</table>
<p>&nbsp;</p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right"> <p align="right"><font size="2" face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font></td>
    <td align="right" width="5%"><font face="Arial, Helvetica, sans-serif"><b><font size="2">33</font></b></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<hr color="#000000" noshade align="center" width="100%" size="2">
<font face="Arial, Helvetica, sans-serif"><a name="page_34"></a>
<p><b><font size="2">Stock options<br>
  </font></b><font size="2">The table below shows grants of stock options made
  to each of the named executive officers under BCE&rsquo;s stock option program
  or BCE Emergis&rsquo; share option plan for the financial year ended December&nbsp;31,
  2003.</font></p>
<p><b><font size="2">Option/SAR grants during the most recently completed financial
  year</font></b></p>
</font>
<table width="99%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="100%" colspan="11"> <hr noshade size="1" color="#000000"> </td>
  </tr>
  <tr>
    <td width="40%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="center" width="115" rowspan="3" valign="bottom"> <p align="right"><font size="2" face="Arial, Helvetica, sans-serif">Securities
        under<br>
        options/SARs<br>
        granted<br>
        (#)<br>
        (1) (2)</font></p></td>
    <td align="center" width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="center" width="15%" rowspan="3" valign="bottom"> <p align="right"><font size="2" face="Arial, Helvetica, sans-serif">%
        of total options/<br>
        SARs granted to<br>
        employees in<br>
        financial year<br>
        (2)</font></p></td>
    <td align="center" width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="15%" rowspan="3" valign="bottom"><font size="2" face="Arial, Helvetica, sans-serif">Exercise
      or base<br>
      price ($/security)<br>
      (3)</font></td>
    <td align="center" width="1%" valign="bottom"></td>
    <td align="center" width="15%" rowspan="3" valign="bottom"> <p align="right"><font size="2" face="Arial, Helvetica, sans-serif">Market
        value of<br>
        securities underlying options/SARs on<br>
        the date of the grant&nbsp;<br>
        ($/security)<br>
        &nbsp;(3)</font></td>
    <td align="center" width="1%"></td>
    <td align="right" width="25%" rowspan="3" valign="bottom"><font face="Arial, Helvetica, sans-serif">&nbsp;
      </font>
      <p><font size="2" face="Arial, Helvetica, sans-serif">Expiration date</font></p></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="40%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="center" width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="center" width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="center" width="1%" valign="bottom"></td>
    <td align="center" width="1%"></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="12%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">Name</font></td>
    <td align="center" width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="center" width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="center" width="1%" valign="bottom"></td>
    <td align="center" width="1%"></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="100%" colspan="11"> <hr noshade size="1" color="#000000"> </td>
  </tr>
  <tr>
    <td width="12%"><font size="2" face="Arial, Helvetica, sans-serif">Michael
      J. Sabia</font></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">525,000</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">8.7%</font></td>
    <td width="1%"></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">$27.99</font></td>
    <td width="1%"></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">$27.99</font></td>
    <td width="1%"></td>
    <td align="right" width="25%"><font size="2" face="Arial, Helvetica, sans-serif">Feb.
      25,&nbsp;2013</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="12%"><font size="2" face="Arial, Helvetica, sans-serif">William
      D. Anderson</font></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">136,299</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">2.3%</font></td>
    <td width="1%"></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">$27.99</font></td>
    <td width="1%"></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">$27.99</font></td>
    <td width="1%"></td>
    <td align="right" width="25%"><font size="2" face="Arial, Helvetica, sans-serif">Feb.
      25,&nbsp;2013</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="12%"><font size="2" face="Arial, Helvetica, sans-serif">Pierre
      J. Blouin</font></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">120,000</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">2.0%</font></td>
    <td width="1%"></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">$28.36</font></td>
    <td width="1%"></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">$28.36</font></td>
    <td width="1%"></td>
    <td align="right" width="25%"><font size="2" face="Arial, Helvetica, sans-serif">May&nbsp;13,&nbsp;2013</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="12%"><font size="2" face="Arial, Helvetica, sans-serif">Pierre
      J. Blouin (BCE Emergis)</font></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">40,000</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif"><sup><font size="2">(4)</font></sup></font></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">5.8%</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif"><sup><font size="2">(5)</font></sup></font></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">$7.65</font></td>
    <td width="1%"></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">$7.65</font></td>
    <td width="1%"></td>
    <td align="right" width="25%"><font size="2" face="Arial, Helvetica, sans-serif">May&nbsp;14,&nbsp;2006</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="12%"><font size="2" face="Arial, Helvetica, sans-serif">Stephen
      G. Wetmore</font></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">181,860</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">3.0%</font></td>
    <td width="1%"></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">$27.99</font></td>
    <td width="1%"></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">$27.99</font></td>
    <td width="1%"></td>
    <td align="right" width="25%"><font size="2" face="Arial, Helvetica, sans-serif">Feb.
      25,&nbsp;2013</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="12%"><font size="2" face="Arial, Helvetica, sans-serif">Eugene
      Roman</font></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">150,322</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">2.5%</font></td>
    <td width="1%"></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">$27.99</font></td>
    <td width="1%"></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">$27.99</font></td>
    <td width="1%"></td>
    <td align="right" width="25%"><font size="2" face="Arial, Helvetica, sans-serif">Feb.
      25,&nbsp;2013</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="12%"><font face="Arial, Helvetica, sans-serif" size="2">John W.
      Sheridan <sup>(6)</sup></font></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">275,884</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">4.6%</font></td>
    <td width="1%"></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">$27.99</font></td>
    <td width="1%"></td>
    <td align="right" width="15%"><font size="2" face="Arial, Helvetica, sans-serif">$27.99</font></td>
    <td width="1%"></td>
    <td width="25%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">March&nbsp;28,&nbsp;2007</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="100%" colspan="11"> <hr noshade color="#000000"> </td>
  </tr>
</table>
<table cellspacing="1">
  <tr>
    <td valign="top" width="1%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td valign="top" width="99%"><font size="1" face="Arial, Helvetica, sans-serif">Each
      option granted under one of these plans covers one common share of that
      company. No rights to SCPs were attached to options granted in 2003 under
      any of these plans.</font></td>
  </tr>
  <tr>
    <td valign="top" width="1%"><font size="1" face="Arial, Helvetica, sans-serif">(2)</font></td>
    <td valign="top" width="99%"><font size="1" face="Arial, Helvetica, sans-serif">These
      numbers relate only to stock options. No freestanding SARs are granted.</font></td>
  </tr>
  <tr>
    <td valign="top" width="1%"><font size="1" face="Arial, Helvetica, sans-serif">(3)</font></td>
    <td valign="top" width="99%"><font size="1" face="Arial, Helvetica, sans-serif">The
      exercise prices of the stock options in this table are equal to the closing
      prices of the common shares of BCE or BCE Emergis, as the case may be, on
      the TSX on the day before the grant was effective.</font></td>
  </tr>
  <tr>
    <td valign="top" width="1%"><font size="1" face="Arial, Helvetica, sans-serif">(4)</font></td>
    <td valign="top" width="99%"><font size="1" face="Arial, Helvetica, sans-serif">BCE
      Emergis granted these options to buy its common shares under its share option
      plan. Options vest at 25% after two years, 75% after three years and 100%
      after four years. When Mr.&nbsp;Blouin left BCE Emergis, the original expiry
      date of January&nbsp;28,&nbsp;2009 was modified to May&nbsp;14,&nbsp;2006.
      Options continue to vest until such date as long as Mr.&nbsp;Blouin remains
      employed by Bell Canada, BCE or one of its subsidiaries.</font></td>
  </tr>
  <tr>
    <td valign="top" width="1%"><font size="1" face="Arial, Helvetica, sans-serif">(5)</font></td>
    <td valign="top" width="99%"><font size="1" face="Arial, Helvetica, sans-serif">Calculated
      based on the total number of options granted in 2003 under the BCE Emergis
      share option plan.</font></td>
  </tr>
  <tr>
    <td valign="top" width="1%"><font size="1" face="Arial, Helvetica, sans-serif">(6)</font></td>
    <td valign="top" width="99%"><font face="Arial, Helvetica, sans-serif"><font size="1">The
      expiration date of these options has been modified as per his termination
      arrangements with Bell Canada. Please refer to <i>Termination and other
      employment arrangements </i>for the treatment of Mr.&nbsp;Sheridan&rsquo;s
      stock options.</font></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right" width="5%"> <p align="left"><font face="Arial, Helvetica, sans-serif"><b><font size="2">34</font></b></font></p></td>
    <td align="right"> <p align="left"><font size="2" face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<hr color="#000000" noshade align="center" width="100%" size="2">
<font face="Arial, Helvetica, sans-serif"><a name="page_35"></a> </font>
<p><font size="2" face="Arial, Helvetica, sans-serif">The table below is a summary
  of all of the stock options that each of the named executive officers exercised
  under BCE&rsquo;s stock option plans, the BCI stock option program, the Aliant
  stock option plan and the BCE Emergis share option plan in the financial year
  ended December&nbsp;31,&nbsp;2003. It also shows the total value of their unexercised
  options at December&nbsp;31,&nbsp;2003.</font></p>
<p><font face="Arial, Helvetica, sans-serif"><b><font size="2">Aggregated option/SAR
  exercises during the most recently completed financial year and financial year-end
  option/SAR values</font></b></font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="101%" colspan="14"> <hr noshade size="1" color="#000000"> </td>
  </tr>
  <tr>
    <td width="31%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="center" width="15%"></td>
    <td align="right" width="10%" rowspan="5" valign="bottom"><font size="2" face="Arial, Helvetica, sans-serif">Securities
      acquired<br>
      on exercise<br>
      (#)</font></td>
    <td width="1%" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="10%" rowspan="5" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;Aggregate<br>
      value realized<br>
      ($)<br>
      (1)</font></td>
    <td align="right" width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="21%" colspan="3" rowspan="5" valign="bottom"> <p align="right"><font size="2" face="Arial, Helvetica, sans-serif">Unexercised
        options/SARs<br>
        at December&nbsp;31,&nbsp;2003<br>
        (#)<br>
        (2)</font></p></td>
    <td width="1%" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" colspan="3" width="10%" rowspan="5" valign="bottom"> <p align="right"><font size="2" face="Arial, Helvetica, sans-serif">Value
        of unexercised<br>
        &ldquo;in-the-money&rdquo; options/<br>
        SARs at December&nbsp;31,&nbsp;2003<br>
        ($)<br>
        (2) (3)</font></p></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="31%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="center" width="15%"></td>
    <td width="1%" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="31%"><font size="2" face="Arial, Helvetica, sans-serif">Name</font></td>
    <td align="center" width="15%"></td>
    <td width="1%" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="31%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="center" width="15%"></td>
    <td width="1%" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="31%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="center" width="15%"></td>
    <td width="1%" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="1%" valign="bottom"></td>
    <td width="1%" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="31%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="15%"></td>
    <td width="10%"></td>
    <td width="1%"></td>
    <td width="10%"></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="43%" colspan="7"> <hr noshade size="1" color="#000000"> </td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="31%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="center" width="15%"></td>
    <td align="center" width="10%"></td>
    <td width="1%"></td>
    <td align="center" width="10%"></td>
    <td align="left" width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Arial, Helvetica, sans-serif">Exercisable</font></td>
    <td width="1%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Arial, Helvetica, sans-serif">Unexercisable</font></td>
    <td width="1%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Arial, Helvetica, sans-serif">Exercisable</font></td>
    <td width="1%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Arial, Helvetica, sans-serif">Unexercisable</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="112%" colspan="14"> <hr noshade size="1" color="#000000"> </td>
  </tr>
  <tr>
    <td width="31%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Michael
      J. Sabia</font></td>
    <td width="15%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">BCE</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">465,814</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">877,086</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">2,672,502</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">477,750</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="31%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Michael
      J. Sabia</font></td>
    <td width="15%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">BCI
      <sup>(4)</sup></font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">750</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="31%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">William
      D. Anderson</font></td>
    <td width="15%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">BCE</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">229,742</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">401,572</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">222,412</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">776,236</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="31%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Pierre
      J. Blouin</font></td>
    <td width="15%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">BCE</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">9,850</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">135,980</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">139,929</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">308,521</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">304,588</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="31%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Pierre
      J. Blouin</font></td>
    <td width="15%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">BCE
      Emergis <sup>(5)</sup></font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">270,000</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="31%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Stephen
      G. Wetmore</font></td>
    <td width="15%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">BCE</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">87,500</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">489,360</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">148,500</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">759,493</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="31%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Stephen
      G. Wetmore</font></td>
    <td width="15%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">Aliant
      <sup>(6)</sup></font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">39,175</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">416,509</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">189,741</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">64,610</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">60,425</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">120,854</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="31%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Eugene
      Roman</font></td>
    <td width="15%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">BCE</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">79,379</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">247,420</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">136,793</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="31%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">John
      W. Sheridan</font></td>
    <td width="15%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">BCE
      <sup>(7)</sup></font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">65,100</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">360,796</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">294,121</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">863,925</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&ndash;</font></td>
    <td width="1%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">1,455,470</font></td>
    <td width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="112%" colspan="14"> <hr noshade color="#000000"> </td>
  </tr>
</table>
<table cellspacing="1">
  <tr>
    <td valign="top" width="1%"><font size="1" face="Arial, Helvetica, sans-serif">(1)&nbsp;</font></td>
    <td valign="top" width="99%"><font face="Arial, Helvetica, sans-serif"><font size="1">The
      total value realized is calculated using the closing price of a board lot
      of common shares of BCE, BCI, Aliant or BCE Emergis, whichever applies,
      on the TSX on the day the options were exercised less the exercise price.
      It does not include SCPs. These appear under &ldquo;Other annual compensation&rdquo;
      in the <i>Summary compensation table</i>. Please see <i>Long-term incentives
      </i> for more information.</font><br>
      </font></td>
  </tr>
  <tr>
    <td valign="top" width="1%"><font size="1" face="Arial, Helvetica, sans-serif">(2)</font></td>
    <td valign="top" width="99%"><font face="Arial, Helvetica, sans-serif"><font size="1">These
      numbers relate only to stock options. No freestanding SARs are granted.</font><br>
      </font></td>
  </tr>
  <tr>
    <td valign="top" width="1%"><font size="1" face="Arial, Helvetica, sans-serif">(3)</font></td>
    <td valign="top" width="99%"><font face="Arial, Helvetica, sans-serif"><font size="1">An
      option is &ldquo;in-the-money&rdquo; when it can be exercised at a profit.
      This happens when the market value of the shares is higher than the price
      at which they may be exercised. The value of unexercised in-the-money options
      is calculated using the closing price of a board lot of common shares of
      BCE, BCI, Aliant or BCE Emergis, whichever applies, on the TSX on December&nbsp;31,&nbsp;2003,
      less the exercise price of those options.</font><br>
      </font></td>
  </tr>
  <tr>
    <td valign="top" width="1%"><font size="1" face="Arial, Helvetica, sans-serif">(4)</font></td>
    <td valign="top" width="99%"><font face="Arial, Helvetica, sans-serif"><font size="1">This
      reflects the 1-for-119.93284 consolidation of BCI shares on July&nbsp;12,&nbsp;2002.</font><br>
      </font></td>
  </tr>
  <tr>
    <td valign="top" width="1%"><font size="1" face="Arial, Helvetica, sans-serif">(5)</font></td>
    <td valign="top" width="99%"><font face="Arial, Helvetica, sans-serif"><font size="1">BCE
      Emergis granted these options to buy its common shares under its share option
      plan. Options vest at 25% after two years, 75% after three years and 100%
      after four years, except for 80,000 options granted in 2002 which vest after
      three years from the date of grant. When Mr.&nbsp;Blouin left BCE Emergis,
      the original expiry dates of his options were modified to May&nbsp;14,&nbsp;2006.
      Options continue to vest until such date as long as Mr.&nbsp;Blouin remains
      employed by Bell Canada, BCE or one of its subsidiaries.</font><br>
      </font></td>
  </tr>
  <tr>
    <td valign="top" width="1%"><font size="1" face="Arial, Helvetica, sans-serif">(6)</font></td>
    <td valign="top" width="99%"><font face="Arial, Helvetica, sans-serif"><font size="1">Aliant
      has a stock option plan that is almost the same as BCE&rsquo;s, except that
      the options vest at 33 1/3% a year for three years from the day of the grant.
      As President and Chief Executive Officer, Mr.&nbsp;Wetmore participated
      in Aliant&rsquo;s stock option plan until the end of February&nbsp;2002
      and still had outstanding options in that plan as of the end of 2003. Please
      note that the value of options disclosed last year was incorrect as it represented
      the market share price rather than the gain on the exercise of options.
      As well, the number of unexercisable options should have been 149,393 instead
      of 149,133.</font><br>
      </font></td>
  </tr>
  <tr>
    <td valign="top" width="1%"><font size="1" face="Arial, Helvetica, sans-serif">(7)</font></td>
    <td valign="top" width="99%"><font face="Arial, Helvetica, sans-serif"><font size="1">Please
      refer to <i>Termination and other employment arrangements </i>for the treatment
      of Mr.&nbsp;Sheridan&rsquo;s stock options.</font><br>
      </font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right"> <p align="right"><font size="2" face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font></td>
    <td align="right" width="5%"><font face="Arial, Helvetica, sans-serif"><b><font size="2">35</font></b></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<HR color="#000000" noshade align="center" width="100%" size=2>
<P> <font face="Arial, Helvetica, sans-serif"><B><font size="2">Pension arrangements</font></B>
  </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">All of the named executive
  officers participate in the BCE or Bell Canada non-contributory defined benefit
  pension plan. The BCE and Bell Canada plans are substantially similar. In addition,
  named executive officers enter into supplementary executive retirement agreements
  (SERPs).</FONT> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>SERPs</FONT></B>
  </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">Named executive officers
  receive 1.5&nbsp;year of pensionable service under SERPs for every year they
  serve as an officer of BCE, one of its subsidiaries or an associated company.
  Retirement eligibility is a function of the executive officer&#146;s age and
  service. The board may credit additional years of service towards retirement
  eligibility, pension calculation or both, through a special arrangement.<br>
  </FONT><font face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>In
  general, a named executive officer will receive SERP benefits when he or she
  reaches:</FONT></font> </P>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">at least age 55, and the
    sum of age and service is at least 85</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">at least age 60, and the
    sum of age and service is at least 80</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">age 65 and has 15&nbsp;years
    of service.</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
</UL>
<P> <font face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Pensions
  are calculated based on pensionable service and pensionable earnings.<br>
  </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Pensionable earnings include
  salary and short-term incentive awards, up to the target value, whether they
  are paid in cash or DSUs. The one-year average of the named executive officers
  best consecutive 36 months of pensionable earnings is used to calculate his
  or her pension. There is a maximum limit on the amount of annual short-term
  incentive awards that can be included.<br>
  </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>A named executive officer
  may receive up to 70% of his or her average pensionable earnings in a total
  pension benefit under the pension plan and SERP.<br>
  </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Pensions are payable for life.
  Surviving spouses receive about 60% of the pension that was payable to the named
  executive officer.<br>
  </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Named executive officers receive
  a retirement allowance equal to one year&#146;s base salary when they retire.
  This is not included in their pensionable earnings.</FONT></font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Estimated annual
  pension benefits</FONT></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">The table below shows the
  estimated annual pension benefits for various categories of pensionable earnings
  and years of pensionable service that would be payable under the pension plans
  and SERPs, assuming that a named executive officer retired on December&nbsp;31,&nbsp;2003
  at age 65.<br>
  </FONT><font face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>These
  benefits are not subject to any deductions for government benefits or other
  offset amounts. They are partly indexed every year to increases in the Consumer
  Price Index, subject to a maximum of 4% per year.</FONT></font> </P>
<TABLE width="70%" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <TD width="99%" valign="bottom" colspan="9"> <hr color="#000000" size="1">
    </TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
  </tr>
  <TR>
    <TD width="19%" rowspan="2" align="right" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">Pensionable
      earnings ($)</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="center" width="19%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="center" colspan=3 width="36%" valign="bottom"> <p align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">Years
        of pensionable service</FONT></p></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="center" width="19%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">20
      years</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">30
      years</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">40
      years</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">50
      years</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
  </TR>
  <tr>
    <TD width="99%" valign="bottom" colspan="9"> <hr color="#000000" size="1">
    </TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
  </tr>
  <TR>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">500,000</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">164,400</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">242,200</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">314,600</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">350,000</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">700,000</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">232,400</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">342,400</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">444,800</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">490,000</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">900,000</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">300,400</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">442,600</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">575,000</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">630,000</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">1,300,000</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">436,400</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">643,000</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">835,400</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">910,000</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">1,700,000</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">572,400</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">843,400</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">1,095,800</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">1,190,000</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">2,100,000</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">708,400</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">1,043,800</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">1,356,200</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">1,470,000</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">2,500,000</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">844,400</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">1,244,200</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">1,616,600</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">1,750,000</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">2,900,000</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">980,400</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">1,444,600</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">1,877,000</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    <TD align="right" width="19%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">2,030,000</FONT></TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
  </TR>
  <tr>
    <TD width="99%" valign="bottom" colspan="9"> <hr color="#000000"> </TD>
    <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
  </tr>
</TABLE>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Pension benefits
  for named executive officers</FONT></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">The amount of service for
  calculating total pension benefits at December&nbsp;31,&nbsp;2003 was 21.5&nbsp;years
  for Mr.&nbsp;Sabia&nbsp;(age&nbsp;50), 17.8&nbsp;years for Mr.&nbsp;Anderson&nbsp;(age&nbsp;54),
  21.8&nbsp;years for Mr.&nbsp;Blouin&nbsp;(age&nbsp;45), 6.8&nbsp;years for Mr.&nbsp;
  Wetmore&nbsp;(age&nbsp;51) and 24.3&nbsp;years for Mr.&nbsp;Roman&nbsp;(age&nbsp;46).<br>
  </FONT><font face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Eligibility
  to SERP benefits for Mr.&nbsp;Anderson, Mr.&nbsp;Blouin, Mr.&nbsp;Wetmore and
  Mr.&nbsp;Roman occurs at age&nbsp;55 and is at age&nbsp;60 for Mr.&nbsp;Sabia.<br>
  </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Mr.&nbsp;Sabia can retire
  at anytime from age&nbsp;60 under his SERP. In 2002, he was credited with an
  additional 9&nbsp;years of service, such being offset by a reduction in the
  range used to determine future grants of options, which provided for:</FONT></font>
</P>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">a minimum replacement pension
    at age&nbsp;55 that is equal to 40% of his pensionable earnings</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">a replacement pension at
    age 65 that is equal to 70% of his pensionable earnings.</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
</UL>
<P> <font face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>If
  Mr.&nbsp;Sabia&#146;s employment is terminated on or after age&nbsp;55 but before
  age&nbsp;60, his pension will be at least equal to 40% of his pensionable earnings.
  In this case, the calculation will be based on the one-year average of his best
  consecutive 60 months of pensionable earnings. If Mr.&nbsp;Sabia&#146;s employment
  is terminated before age&nbsp;55 for a reason other than for cause or a change
  of control, his pension from age&nbsp;55 will be calculated as if he was age&nbsp;55
  when he left the company.<br>
  </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Mr.&nbsp;Wetmore can retire
  at age&nbsp;55 under his SERP. His pension will equal 25% of his average pensionable
  earnings if he retires at age&nbsp;55, 40% at age&nbsp;60 and 55% at age&nbsp;65.
  This includes pension benefits he earned when he was employed at Aliant.<br>
  </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Based on current compensation
  and service accrual to age&nbsp;55, the estimated annual benefits payable at
  age&nbsp;55 are as follows: Mr.&nbsp;Sabia,&nbsp;$561,985, Mr.&nbsp;Anderson,&nbsp;$180,601,
  Mr.&nbsp;Blouin,&nbsp;$348,622, Mr.&nbsp;Wetmore,&nbsp;$200,157 and Mr.&nbsp;Roman,&nbsp;$274,824.</FONT></font>
</P>
<p>&nbsp;</p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right" width="5%"> <p align="left"><font face="Arial, Helvetica, sans-serif"><b><font size="2">36</font></b></font></p></td>
    <td align="right"> <p align="left"><FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
  </tr>
</table>
<FONT size=2 face="Arial">
<p>&nbsp;</p>
<hr color="#000000">
</font> <font face="Arial, Helvetica, sans-serif"><a name="page_37"></A> </font>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size="2">Termination and
  other employment arrangements</FONT></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">An agreement with Mr.&nbsp;Sabia
  setting out the terms of his employment agreement was entered into effective
  April&nbsp;24,&nbsp;2002 with BCE. In addition to the total compensation elements
  and pension arrangements described above, the agreement provides for the following
  principal terms:</FONT> </P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">He will receive payments
  if:</FONT> </P>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">he is terminated without
    cause, including following a change of control, or</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">he resigns for certain
    reasons, including if there is a major change in his responsibilities, such
    as being removed as a director of BCE (other than if required by law), a reduction
    in his total compensation, specific benefits or perquisites, or for any reason
    within one year of a change of control. The employment agreement defines a
    change of control primarily as another party acquiring at least 33 1/3% of
    BCE&#146;s voting shares or at least 33 1/3% of its assets.</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
</UL>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">These payments include:</FONT>
</P>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">base salary and annual
    short-term incentive award, prorated to the number of complete months expired
    immediately after such termination</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">a lump-sum payment equal
    to his base salary plus the target value of the annual short-term incentive
    award for up to 36 months or the period between the day he is terminated and
    the day he is eligible to receive his pension at age 65, whichever is less.
    The current target for the annual short-term incentive award for the Chief
    Executive Officer is 125% of base salary</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">any other benefits, such
    as pension, disability, insurance proceeds, stock options or other amounts
    that may be payable under any other plan or agreement if Mr.&nbsp;Sabia&#146;s
    employment is terminated.</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
</UL>
<P> <font face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The
  above payments are subject to Mr.&nbsp;Sabia&#146;s compliance with the non-competition
  and non-solicitation provisions of his employment agreement.<br>
  </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>If there is a change of control,
  all of Mr.&nbsp;Sabia&#146;s BCE stock options will vest, whether his employment
  is terminated or not.<br>
  </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Mr.&nbsp;Sabia&#146;s employment
  agreement also covers compensation and treatment of stock options if he leaves
  BCE because of illness or disability, if he retires or if he dies.</FONT></font>
  <font face="Arial, Helvetica, sans-serif"><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>In the event of the retirement of
  Mr.&nbsp;Anderson after December&nbsp;31,&nbsp;2004, he will be entitled to
  receive salary and short-term incentive award at target for a period of up to
  12 months.</FONT></font> </P>
<P> <font face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Under
  Mr.&nbsp;Wetmore&#146;s employment agreement with Bell Canada, he will receive
  payments if:</FONT></font> </P>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">he is terminated without
    cause, or</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">he resigns for certain
    reasons, including any significant change in his duties, functions or total
    compensation and which are not reasonable to Mr.&nbsp;Wetmore.</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
</UL>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">These payments include:</FONT>
</P>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">a severance indemnity equal
    to his base salary and annual short-term incentive award at target for a period
    of 24 months or a period equal to the amount of time between the date of termination
    and age 65, whichever is less</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">vesting of all of Mr.&nbsp;Wetmore&#146;s
    BCE stock options.</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
</UL>
<P> <font face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The
  above payments are subject to Mr.&nbsp;Wetmore&#146;s compliance with the non-competition
  and non-solicitation provisions of his employment agreement.<br>
  </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Mr.&nbsp;Sheridan left Bell
  Canada on November&nbsp;28,&nbsp;2003. Mr.&nbsp;Sheridan is entitled to the
  following principal benefits under arrangements made in 2003 and at time of
  his departure:</FONT></font> </P>
<ul>
  <li><FONT size=2 face="Arial, Helvetica, sans-serif">a lump-sum severance payment
    equal to 12 months of his 2003 base salary and short-term incentive award
    at target (75% of base salary)<br>
    </FONT></li>
  <li><FONT size=2 face="Arial, Helvetica, sans-serif">subject to compliance with
    confidentiality and non-competition provisions:</FONT>
    <div align="left">
      <table border="0" cellpadding="0" cellspacing="0" width="90%">
        <tr>
          <td width="2%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&#150;&nbsp;</font></td>
          <td width="75%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">a
            monthly pension benefit of $27,300 starting at age 55</FONT></td>
        </tr>
        <tr>
          <td width="2%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&#150;&nbsp;</font></td>
          <td width="75%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">additional
            amount of two times base salary and annual short-term incentive award
            at target payable in 24 installments</FONT></td>
        </tr>
        <tr>
          <td width="2%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&#150;&nbsp;</font></td>
          <td width="75%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">vesting
            of stock options until November&nbsp;28,&nbsp;2006 and 120 days from
            such date to exercise vested options</FONT></td>
        </tr>
        <tr>
          <td width="2%" valign="top"><font face="Arial, Helvetica, sans-serif" size="2">&#150;&nbsp;</font></td>
          <td width="75%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">participation
            in benefit plans and perquisites until Mr.&nbsp;Sheridan is employed
            elsewhere but for a period not to exceed 36 months.</FONT></td>
        </tr>
      </table>
    </div>
  </li>
</ul>
<FONT size=2 face="Arial">
<P>&nbsp; </P>
</font>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right"> <p align="right"> <FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
    <td align="right" width="5%"><font face="Arial, Helvetica, sans-serif"><b><font size="2">37</font></b></font></td>
  </tr>
</table>
<FONT size=2 face="Arial">
<P>&nbsp; </P>
<hr noshade color="#000000">
</font>
<P> <font face="Arial, Helvetica, sans-serif"><a name="page_38"></A> </font>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size="2">Shareholder return
  performance graphs</FONT></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">The graphs below compare
  the cumulative annual total return of our common shares to the cumulative annual
  total return of the S&amp;P/TSX Composite Index and the S&amp;P Global 1200
  Telecommunication Services Index. They assume an initial investment of $100
  and that all dividends were reinvested. Percentages shown in the graphs represent
  compounded annual rates of return over the period.</FONT> </P>
<P align="center"> <font face="Arial, Helvetica, sans-serif"><IMG src="bceprxyex38x1.jpg" border=0 width="354" height="275">
  </font></P>
<P align="center">&nbsp; </P>
<div align="center">
  <center>
    <TABLE width="55%" border=0 cellspacing=0 cellpadding=0>
      <TR>
        <TD width="16%" valign="bottom" align="left"><FONT size=2 face="Arial, Helvetica, sans-serif">BCE</FONT></TD>
        <TD width="13%" align="center" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="13%" align="center" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="13%" align="center" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="13%" align="center" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="13%" align="center" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="13%" align="center" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD width="16%" valign="bottom" align="left"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="13%" align="center" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">$100</FONT></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="13%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">230</FONT></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="13%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">330</FONT></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="13%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">283</FONT></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="13%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">234</FONT></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="13%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">248</FONT></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD colspan="12" valign="bottom" align="left"><HR color="#000000" noshade size=1></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD width="16%" valign="bottom" align="left"><FONT size=2 face="Arial, Helvetica, sans-serif">S&amp;P/TSX</FONT></TD>
        <TD width="13%" align="center" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="13%" align="center" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="13%" align="center" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="13%" align="center" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="13%" align="center" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="13%" align="center" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD width="16%" valign="bottom" align="left"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="13%" align="center" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">$100</FONT></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="13%" align="center" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">132</FONT></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="13%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">141</FONT></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="13%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">124</FONT></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="13%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">108</FONT></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="13%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">137</FONT></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
      </TR>
      <tr>
        <TD colspan="12" valign="bottom" align="left"><HR color="#000000" noshade size=1></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
      </tr>
      <tr>
        <TD width="43%" valign="bottom" align="left" colspan="4"><FONT size=2 face="Arial, Helvetica, sans-serif">S&amp;P
          Global 1200 Tel.</FONT></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="13%" valign="bottom"></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="13%" valign="bottom"></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="13%" valign="bottom"></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="13%" valign="bottom"></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
      </tr>
      <TR>
        <TD width="16%" valign="bottom" align="left"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="13%" align="center" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">$100</FONT></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="13%" align="center" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">147</FONT></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="13%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">89</FONT></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="13%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">68</FONT></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="13%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">49</FONT></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="13%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">62</FONT></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD colspan="12" valign="bottom"><HR color="#000000" noshade size=1></TD>
        <TD width="1%"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
      </TR>
    </TABLE>
  </center>
</div>
<P align="center">&nbsp; </P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>BCE Index</FONT></B>
  </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">Our total return index is
  based on our share price on the S&amp;P/TSX, assuming that all dividends paid
  have been reinvested. The five-year cumulative total return graph has been adjusted
  to reflect the distribution of our approximate 35% ownership interest in Nortel
  Networks Corporation (Nortel) to our shareholders on May&nbsp;5,&nbsp;2000.
  This graph assumes that:</FONT> </P>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">the 1.570386 common shares
    of Nortel received for each BCE common share held were sold on May&nbsp;5,&nbsp;2000</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">the proceeds from the disposition
    were invested into our common shares on the same day</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">brokerage fees have not
    been taken into account.</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
</UL>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>S&amp;P/TSX Composite
  Index</FONT></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">The S&amp;P/TSX Composite
  Index consists of approximately 71% of the total market capitalization of Canadian-based
  companies listed on the TSX. These companies include BCE, Bombardier&nbsp;Inc.,
  Nortel, Royal Bank of Canada and Canadian National Railway Company, among many
  others.<br>
  </FONT> <font face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The
  S&amp;P/TSX total return data is from The Globe and Mail.</FONT></font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>S&amp;P Global 1200
  Telecommunication Services Index</FONT></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">The S&amp;P Global 1200 Telecommunication
  Services Index consists of 44 companies worldwide. They include BCE, Telus Corporation,
  the U.S. Regional Bell Operating Companies (BellSouth Corp., SBC Communications&nbsp;Inc.,
  Verizon Communications&nbsp;Inc., Qwest Communications International&nbsp;Inc.),
  European Incumbent Local Exchange Carriers (BT Group PLC, Deutsche Telekom AG,
  France Telecom SA, Telecom Italia SpA, Telefonica S.A.), U.S. long-distance
  providers (Sprint Corp., AT&amp;T Corp.) and wireless companies (AT&amp;T Wireless
  Services&nbsp;Inc., Vodafone Group PLC, China Mobile (Hong Kong) Ltd. and NTT
  Docomo&nbsp;Inc.).<br>
  </FONT><font face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The
  S&amp;P Global 1200 Telecommunication Services total return data is from Standard
  &amp; Poor&#146;s.</FONT></font> </P>
<P align="center"> <font face="Arial, Helvetica, sans-serif"><IMG src="bceprxyex38x2.jpg" border=0 width="350" height="221">
  </font></P>
<div align="center">
  <center>
    <TABLE width="55%" border=0 cellspacing=0 cellpadding=0>
      <TR>
        <TD valign="bottom" width="14%" align="left"><FONT size=2 face="Arial, Helvetica, sans-serif">BCE</FONT></TD>
        <TD width="15%" valign="bottom" align="center"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="15%" align="center" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="15%" align="center" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="15%" valign="bottom" align="center"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="12%" valign="bottom" align="center"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" valign="bottom" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="bottom" width="14%" align="left"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="15%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">$100</font></TD>
        <TD align="right" width="1%" valign="bottom"></TD>
        <TD align="center" width="15%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">96</FONT></TD>
        <TD width="1%" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="15%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">111</FONT></TD>
        <TD width="1%" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="15%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">105</FONT></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="12%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">106</FONT></TD>
        <TD width="1%" valign="bottom" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="bottom" width="99%" align="left" colspan="10"><HR color="#000000" noshade size=1></TD>
        <TD width="1%" valign="bottom" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD colspan=2 width="14%" valign="bottom" align="left"><FONT size=2 face="Arial, Helvetica, sans-serif">S&amp;P/TSX</FONT></TD>
        <TD width="1%" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="15%" align="center" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="15%" align="center" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="15%" valign="bottom" align="center"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="12%" valign="bottom" align="center"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" valign="bottom" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="bottom" width="14%" align="left"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="15%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">$100</font></TD>
        <TD align="right" width="1%" valign="bottom"></TD>
        <TD align="center" width="15%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">96</FONT></TD>
        <TD width="1%" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="15%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">107</FONT></TD>
        <TD width="1%" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="15%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">114</FONT></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="12%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">127</FONT></TD>
        <TD width="1%" valign="bottom" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
      </TR>
      <tr>
        <TD valign="bottom" width="99%" align="left" colspan="10"><HR color="#000000" noshade size=1></TD>
        <TD width="1%" valign="bottom" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
      </tr>
      <TR>
        <TD colspan=3 width="14%" valign="bottom" align="left"> <p style="text-indent: -12; margin-left: 12"><FONT size=2 face="Arial, Helvetica, sans-serif">S&amp;P
            Global 1200 Tel.</FONT></p></TD>
        <TD width="15%" align="center" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="15%" align="center" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="15%" valign="bottom" align="center"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="12%" valign="bottom" align="center"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD width="1%" valign="bottom" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
      </TR>
      <TR>
        <TD valign="bottom" width="14%" align="left"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="15%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">$100</font></TD>
        <TD align="right" width="1%" valign="bottom"></TD>
        <TD align="center" width="15%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">92</FONT></TD>
        <TD width="1%" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="15%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">111</FONT></TD>
        <TD width="1%" align="right" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="15%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">109</FONT></TD>
        <TD width="1%" valign="bottom"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
        <TD align="center" width="12%" valign="bottom"><FONT size=2 face="Arial, Helvetica, sans-serif">126</FONT></TD>
        <TD width="1%" valign="bottom" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
      </TR>
      <TD valign="bottom" width="99%" align="left" colspan="10"><HR color="#000000" noshade size=1></TD>
      <TD width="1%" valign="bottom" align="right"><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></TD>
    </TABLE>
  </center>
</div>
<P align="center">&nbsp; </P>
<P>&nbsp; </P>
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  <tr>
    <td align="right" width="5%"> <p align="left"><font face="Arial, Helvetica, sans-serif"><b>
        <FONT size=2> 38 </font></b></font></p></td>
    <td align="right"> <p align="left"><FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
  </tr>
</table>
<FONT size=2 face="Arial">
<p>&nbsp;</p>
<hr color="#000000">
</font>
<P> <font face="Arial, Helvetica, sans-serif"><a name="page_39"></A> </font>
<P> <font face="Arial, Helvetica, sans-serif"><B>Pension fund committee report</B>
  </font></P>
<P> <font face="Arial, Helvetica, sans-serif" size="2">The purpose of the pension
  fund committee (PFC) is set forth in its written charter. The existence of the
  PFC is not required under either of the Sarbanes-Oxley Act, related SEC rules,
  NYSE rules or Canadian rules, nor is it addressed in the Canadian initiative.
  However, the board believes that the existence of the PFC enhances BCE&#146;s
  corporate governance practices. The complete PFC charter is available in the
  Governance section of our website at www.bce.ca.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under its charter, the PFC assists the board in
  the oversight of:</font> </P>
<UL>
  <LI><font face="Arial, Helvetica, sans-serif" size="2">the administration, funding
    and investment of BCE&#146;s pension plans and fund<BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif" size="2">the unitized pooled fund
    sponsored by BCE for the collective investment of the pension fund and the
    master fund in which certain of BCE&#146;s subsidiaries&#146; pension funds
    invest in.<BR>
    </font></LI>
</UL>
<P> <font face="Arial, Helvetica, sans-serif" size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
  report tells you how the PFC is managed and how it makes sure that BCE&#146;s
  pension plans, pension fund and master fund are properly managed.</font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size="2">About the pension
  fund committee</FONT></B> </font></P>
<P> <font face="Arial, Helvetica, sans-serif" size="2">The PFC consists of six
  directors: Mr.&nbsp;R.C. Pozen (Chairman), Mr.&nbsp;A. B&eacute;rard, Mr.&nbsp;A.S.
  Fell, Mrs.&nbsp;D. Soble Kaufman, Mr.&nbsp;B.M. Levitt and Ms.&nbsp;J. Maxwell.
  The PFC communicates regularly and directly with BCE&#146;s officers. The PFC
  met five times in 2003, including without management as appropriate.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The PFC advises the board on policies relating
  to the administration, funding and investment of the pension plan, pension fund
  and master fund. The master fund is a unitized pooled fund that BCE sponsors
  for the collective investment of its pension fund and the pension funds of its
  participating subsidiaries.</font> </P>
<P> <font face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The
  PFC focused on three key areas in 2003:</FONT></font> </P>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">monitoring the performance
    of the master fund</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">revising the statement
    of investment policies and procedures for the master fund after a thorough
    review of a long-term asset mix study</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">overseeing the establishment
    of a defined contribution pension plan option for eligible BCE group employees
    which is to be implemented in 2004.</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
</UL>
<P> <font face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The
  PFC also reviewed and reported or made recommendations to the board on the following
  key items in 2003 and up to the date of this circular:</FONT></font> </P>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">its review of how proposed
    changes to benefits under the pension plan would affect the plan&#146;s liabilities
    and funding requirements</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">approval of long-term funding
    objectives in relation to the pension plan&#146;s liabilities</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">the appointment of agents
    such as investment managers, including the terms of their appointment</FONT><font face="Arial, Helvetica, sans-serif"><br>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">its review of the operating
    systems in place for carrying out BCE&#146;s responsibilities as employer
    and administrator of the pension plan, pension fund and master fund. This
    included a review of the control systems and procedures for supervising and
    monitoring the operating systems. The PFC reports to the board on the appropriateness
    of these operating and control systems.</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
</UL>
<P> <font face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The
  PFC also carries out an annual evaluation of its performance with the CGC, including
  the adequacy of its charter.</FONT><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Finally, the PFC reports regularly
  to the board on its activities.</FONT></font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><I><FONT size=2>Report presented
  February&nbsp;4,&nbsp;2004 by:</FONT></I> </font></P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>R.C. Pozen, Chairman&nbsp;<br>
  A. B&eacute;rard&nbsp;<br>
  A.S. Fell&nbsp;<br>
  D. Soble Kaufman&nbsp;<br>
  B.M. Levitt&nbsp;<br>
  J. Maxwell</FONT></B> </font></P>
<FONT size=2 face="Arial">
<P>&nbsp; </P>
</font>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right"> <p align="right"> <FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
    <td align="right" width="5%"><font face="Arial, Helvetica, sans-serif"><b><font size="2">39</font></b></font></td>
  </tr>
</table>
<FONT size=2 face="Arial">
<P>&nbsp; </P>
<hr noshade color="#000000">
</font>
<P> <font face="Arial, Helvetica, sans-serif"><a name="page_40"></A> </font>
<P> <font face="Arial, Helvetica, sans-serif"><B>OTHER IMPORTANT INFORMATION</B>
  </font></P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size="2">Personal loans
  to directors and officers</FONT></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">BCE and its subsidiaries
  have not granted loans or extended credit to any current directors or officers
  or to individuals who have held these positions during the last financial year
  or to any of their associates.</FONT> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size="2">Directors&#146;
  and officers&#146; liability insurance </FONT></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">We and our subsidiaries have
  bought directors and officers liability insurance coverage of U.S.$200&nbsp;million
  (approximately $250&nbsp;million). This insurance is to protect the directors
  and officers and those of our subsidiaries against liabilities they may incur
  in such capacity. In 2003, BCE charged a total of $2,016,189 against earnings
  for its portion of the premium.<br>
  </FONT><font face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>When
  we are not permitted by law to indemnify a director or officer, the deductible
  is zero. When we are permitted to indemnify him or her, the deductible is U.S.$10,000,000
  (approximately $12.5&nbsp;million). In addition, BCE pays 25% of all defense
  costs, as well as 25% of losses, if any, relating to securities claims.</FONT></font>
</P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size="2">Canadian ownership
  and control regulations</FONT></B> </font></P>
<P> <font face="Arial, Helvetica, sans-serif" size="2">Since 1994, the <I>Telecommunications
  Act </I>has governed Canadian ownership and control regulations of Canadian
  telecommunications carriers. Bell Canada and certain of its affiliates are subject
  to this Act.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the <I>Telecommunications Act</I>, a corporation
  may operate as a Canadian common carrier if Canadians own at least 80% of its
  voting shares. In addition, at the holding company level, the parent company
  of a Canadian carrier must have at least 66 2/3% of its voting shares owned
  by Canadians and must not be controlled by non-Canadians. Regulations give certain
  powers to the Canadian Radio-television and Telecommunications Commission (CRTC)
  and to Canadian carriers themselves to ensure that they comply with the <I>Telecommunications
  Act</I>. These powers include the right to:</font> </P>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">refuse to register a transfer
    of voting shares to a non-Canadian</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">force a non-Canadian to
    sell his or her voting shares</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
  <LI><font face="Arial, Helvetica, sans-serif" size="2">suspend the voting rights
    attached to that person&#146;s shares, if that person&#146;s holding would
    affect our status as &#147;Canadian&#148; under the Act.<BR>
    </font></LI>
</UL>
<P> <font face="Arial, Helvetica, sans-serif" size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However,
  in BCE&#146;s case, there is an additional control restriction under the <I>Bell
  Canada Act</I>. Prior approval by the CRTC is necessary for any sale or other
  disposal of Bell Canada&#146;s voting shares unless BCE retains at least 80%
  of all Bell Canada voting shares. <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Similarly, the Canadian ownership rules for broadcasting
  licensees, such as CTV (one of our subsidiaries), is generally in line with
  the rules for Canadian common carriers by restricting allowable foreign investments
  in voting shares at the holding company level to a maximum of 33 1/3%.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cultural concerns over increased foreign control
  of broadcasting activities led to a restriction that prevents a holding company
  that exceeds the former 20% limit or its directors from exercising control or
  influence over any programming decisions of a subsidiary licensee.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, because we hold a broadcasting licence
  as a limited partner in Bell ExpressVu LP, we are subject to the 20% foreign
  ownership limit for broadcasting licensees.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The percentage of non-Canadian ownership of our
  common shares was approximately 15% at March&nbsp;30,&nbsp;2004. We monitor
  and periodically report on the level of non-Canadian ownership of our common
  shares.</font> </P>
<FONT size=2 face="Arial">
<P>&nbsp; </P>
</font>
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  <tr>
    <td align="right" width="5%"> <p align="left"><font face="Arial, Helvetica, sans-serif"><b>
        <FONT size=2> 40 </font></b></font></p></td>
    <td align="right"> <p align="left"><FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
  </tr>
</table>
<FONT size=2 face="Arial">
<p>&nbsp;</p>
<hr color="#000000">
</font>
<P> <font face="Arial, Helvetica, sans-serif"><a name="page_41"></A> </font>
<P> <font face="Arial, Helvetica, sans-serif"><B>HOW TO REQUEST MORE INFORMATION</B>
  </font></P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size="2">Documents you
  can request</FONT></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">You can ask us for a copy
  of the following documents at no charge:</FONT> </P>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">our most recent annual
    report, which includes our comparative financial statements for the most recently
    completed financial year together with the accompanying auditors&#146; report</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">any interim financial statements
    that were filed after the financial statements for our most recently completed
    financial year</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">our related MD&amp;A to
    such interim financial statements</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">the management proxy circular
    for our most recent annual shareholder meeting</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">our most recent AIF, together
    with any document, or the relevant pages of any document, incorporated by
    reference into it.</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
</UL>
<P> <font face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Please
  write to the Corporate Secretary of BCE or Investor Relations at 1000, rue de
  La Gaucheti&egrave;re Ouest, Suite 3700, Montr&eacute;al, Qu&eacute;bec, Canada
  H3B 4Y7 or call&nbsp;1-800-339-6353.<br>
  </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>These documents are also available
  on our website at www.bce.ca and on SEDAR at www.sedar.com. All of our news
  releases are also available on our website.</FONT></font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size="2">Receiving information
  electronically</FONT></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">You can choose to receive
  electronically all of our corporate documents, such as this management proxy
  circular and our annual report. We will send you an email telling you when they
  are available on our website.<br>
  </FONT><font face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Arial"><font size="2">To
  sign up, go to our website at www.bce.ca, click on the &#147;Vote online&#148;
  link and follow the instructions. You will need your holder account number and
  proxy access number, or your 12 digit control number, which you will find on
  your form.</font><FONT size=2><br>
  </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>If you do not sign up for
  this service, we will continue to send you these documents by mail, unless you
  otherwise instruct us as provided for in your proxy or voting instruction forms.</FONT></font>
</P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size="2">Shareholder proposals
  for our 2005 annual meeting</FONT></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">We will consider proposals
  from shareholders to include as items in next year&#146;s management proxy circular
  for our 2005 annual shareholder meeting. Please send your proposal to us by
  December&nbsp;30,&nbsp;2004.</FONT> </P>
<FONT size=2 face="Arial">
<P>&nbsp; </P>
</font>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td align="right"> <p align="right"> <FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
    <td align="right" width="5%"><font face="Arial, Helvetica, sans-serif"><b><font size="2">41</font></b></font></td>
  </tr>
</table>
<FONT size=2 face="Arial">
<P>&nbsp; </P>
<hr noshade color="#000000">
</font>
<P> <font face="Arial, Helvetica, sans-serif"><a name="page_42"></A> </font>
<P> <font face="Arial, Helvetica, sans-serif"><B>SCHEDULE A &#150; SHAREHOLDER
  PROPOSALS</B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">The following shareholder
  proposals have been submitted for consideration at the meeting:</FONT></P>
<hr color="#000000" size="1">
<P> <font face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Arial">The
  Association de Protection des &Eacute;pargnants et Investisseurs du Qu&eacute;<FONT size=2>bec
  (APEIQ) located at 82, rue Sherbrooke Ouest, Montr&eacute;al, Qu&eacute;bec,
  H2X 1X3 has submitted four proposals. Its proposals and supporting comments
  (translated from French to English) are set out in italics below.</FONT></font>
</P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Proposal No. 1 &#150;
  Disclose directorships of each nominee director for past five years</FONT></B>
  </font></P>
<P> <font face="Arial, Helvetica, sans-serif"><I><FONT size=2>It is proposed that
  BCE disclose in the management proxy circular all boards of directors of corporations
  listed on North American stock exchanges on which nominees for election as directors
  currently serve or have served in the past five years.<br>
  </FONT></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2>The independence of
  a board of directors is the best guarantee of good corporate governance. Shareholders
  have a right to more information about the directors of a corporation in which
  they invest. They will not be satisfied with a brief overview of the principal
  occupations of nominee directors. The principle of transparency should permit
  investors to learn more about the career of a person whose role is precisely
  to represent them on the board. Investors want to be able to form a sound opinion
  of the quality of the board of directors and to analyse possible sources of
  conflict of interest. The independence of directors is central to current corporate
  governance reforms. Shareholders should have an opportunity to verify the degree
  of independence of boards, especially as it is their role to appoint the directors.
  Shareholders are entitled to full and accurate information so that they can
  assess how much confidence they can place in a board.</FONT></I> </font></P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>THE BOARD OF DIRECTORS
  RECOMMENDS THAT SHAREHOLDERS VOTE <U>FOR</U> PROPOSAL NO. 1 FOR THE FOLLOWING
  REASONS: </FONT></B> </font></P>
<P> <font face="Arial, Helvetica, sans-serif" size="2">BCE agrees that disclosing
  listed companies&#146; directorships of each nominee director for the past five
  years may provide useful information about the nominees&#146; expertise and
  experience that could help shareholders in their decision to vote for the nominee
  directors. We have provided this new disclosure in <I>About the nominated directors.
  </I>We therefore recommend that you vote <U>FOR</U> Proposal No. 1.</font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Proposal No. 2 &#150;
  Prohibit the CEO from serving on the board of another listed company</FONT></B>
  </font></P>
<P> <font face="Arial, Helvetica, sans-serif"> <I><FONT size=2>It is proposed
  that BCE adopt a by-law prohibiting the Chief Executive Officer (CEO) from serving
  on the board of directors of any other listed corporation that is unrelated
  to it.<br>
  </FONT></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2>The position of CEO
  is the most important position in a business corporation. It is therefore normal
  for the incumbent to devote virtually all his/her time, energy and skills to
  the advancement of the business he/she runs. Moreover, the significant compensation
  associated with this position should induce the CEO to limit his/her commitments
  to third parties. The alleged business relations advantages which are often
  used to justify a CEO&#146;s membership on the boards of other corporations
  will not be jeopardized, as such relations can be developed and are in fact
  already developed in several other ways. We would like the CEO to avoid the
  risk that his/her management will be unduly influenced by factors external to
  the business by devoting himself/herself exclusively to the business whose direction
  he/she is charged with and by refraining from accepting directorships of unrelated
  listed corporations.</FONT></I> </font> </P>
<P> <font face="Arial, Helvetica, sans-serif"> <B><FONT size=2>THE BOARD OF DIRECTORS
  RECOMMENDS THAT SHAREHOLDERS VOTE <U>AGAINST</U> PROPOSAL NO. 2 FOR THE FOLLOWING
  REASONS:</FONT></B></font> </P>
<P> <font face="Arial, Helvetica, sans-serif"> <FONT size=2>The board believes
  that the position of CEO is of the utmost importance. It expects the CEO to
  devote the time, energy and skills required to enhance shareholder value. For
  this reason, the board and the MRCC, whose members are all unrelated and independent,
  periodically review the CEO&#146;s performance. The board therefore believes
  that it has a sound CEO assessment procedure. We believe that generally speaking,
  a CEO may acquire expertise that will benefit BCE by sitting on the boards of
  other companies and gaining insights into corporate governance, strategic developments
  or business perspectives that could have a positive impact on BCE. It is in
  BCE&#146;s best interest to be flexible in this area and not to constrain its
  CEOs. CEOs of other companies have sat from time to time on BCE&#146;s board
  and have made significant contributions to enhance shareholder value. If this
  proposal became standard practice, BCE could be deprived of the expertise and
  leadership that these external CEOs have brought to BCE&#146;s board. In any
  event, the CEO would first need to have any external directorship approved by
  the Chairman of the board. This ensures that external directorships would be
  limited and in BCE&#146;s best interests. We therefore recommend that you vote
  <U>AGAINST</U> Proposal No. 2. </FONT></font> </P>
<FONT size=2 face="Arial">
<P>&nbsp; </P>
</font>
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        <FONT size=2> 42 </font></b></font></p></td>
    <td align="right"> <p align="left"><FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
  </tr>
</table>
<FONT size=2 face="Arial">
<p>&nbsp;</p>
<hr color="#000000">
</font>
<P> <font face="Arial, Helvetica, sans-serif"><a name="page_43"></A> </font>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Proposal No. 3 &#150;
  Supplemental disclosure of executive pension plans</FONT></B> </font></P>
<P> <font face="Arial, Helvetica, sans-serif"> <I><FONT size=2>It is proposed
  that BCE disclose the total value of the pensions granted to each of the principal
  executive officers and the associated annual costs and report any actuarial
  deficits associated with executive pension plans.<br>
  </FONT></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2>Pension plans are one
  aspect of the executive compensation package that is growing in importance.
  Excessive increases in this area as in the area of stock options have been observed
  in recent years. As pension plans constitute major long-term commitments of
  a corporation, it is not enough to mention the annual value of the pension and
  other benefits that will be granted to executive officers at retirement. Shareholders
  must be able to assess the total value of the pension benefits granted to each
  executive officer and the cost to the business of such benefits. This information
  is extremely relevant since it allows the benefits granted to the principal
  executive officers when they retire to be considered in light of their past
  compensation, their length of service and their contribution to the success
  of the corporation. Investors will thus be able to assess the competence of
  the compensation committee and of the full board in this regard.</FONT></I>
  </font> </P>
<P> <font face="Arial, Helvetica, sans-serif"> <B><FONT size=2>THE BOARD OF DIRECTORS
  RECOMMENDS THAT SHAREHOLDERS VOTE <U>AGAINST</U> PROPOSAL NO. 3 FOR THE FOLLOWING
  REASONS: </FONT></B></font> </P>
<P> <font face="Arial, Helvetica, sans-serif"> <FONT size=2>As per applicable
  law, BCE already provides extensive disclosure of the named executive officers
  pension arrangements in this management proxy circular (see <I>Pension arrangements</I>).
  In addition, the cost to our business of all pension benefits, including for
  the named executive officers, are included in BCE&#146;s financial statements
  and detailed in Note 22 thereto. There is currently no standard to determine
  individual actuarial values for the named executive officers&#146; pension.
  We believe that providing such values in the absence of standards would impair
  our disclosure as it may produce widely divergent values between named executives
  and between issuers. We therefore recommend that you vote <U>AGAINST</U> Proposal
  No. 3. </FONT></font> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Proposal No. 4 &#150;
  Require all insiders to give 10 days notice of intent to trade in any BCE securities</FONT></B>
  </font></P>
<P> <font face="Arial, Helvetica, sans-serif"> <I><FONT size=2>It is proposed
  that BCE adopt a by-law to force its executive officers and any other person
  who is an insider to give 10 calendar days&#146; prior public notice of any
  transaction in the securities of BCE, including the exercise of stock options.<br>
  </FONT></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2>Executive officers
  and directors of a corporation have privileged information on its financial
  position and short-term and medium-term prospects. Transactions in the corporation&#146;s
  securities are likely to influence the market price of the securities, as investors
  are aware that insiders have first-hand information that is not widely known.
  For many years, stock trading regulations have required such transactions to
  be reported within a certain time following their execution, but this requirement
  is clearly inadequate. By the time such transactions are reported to the competent
  authorities and made public they have already had their effect on the market
  price of the security. Therefore, in fairness, shareholders and other investors
  should be informed sufficiently in advance of the transaction to be able to
  assess its implications and possible consequences. Moreover, it should be noted
  that the practice of prior disclosure of transactions is one of the recommendations
  of the U.S. Conference board in its Blue Ribbon Task Force Report on Public
  Trust and Private Enterprise.</FONT></I> </font> </P>
<P> <font face="Arial, Helvetica, sans-serif"> <B><FONT size=2>THE BOARD OF DIRECTORS
  RECOMMENDS THAT SHAREHOLDERS VOTE <U>AGAINST</U> PROPOSAL NO. 4 FOR THE FOLLOWING
  REASONS:</FONT></B></font> </P>
<P> <font face="Arial, Helvetica, sans-serif"> <FONT size=2>BCE believes that
  its insiders have at all times complied with laws that prohibit insider trading.
  We take this matter very seriously and have implemented safeguards that we believe
  are much more effective than this proposal. Insiders are only allowed to exercise
  options or buy or sell stock during narrowly defined &#147;open window periods&#148;.
  There are four of these periods during a year, commencing three business days
  following the release of our quarterly financial results and ending 30 days
  after that date. Even during these periods, BCE&#146;s insiders are prohibited
  from trading in BCE&#146;s securities if they have knowledge of undisclosed
  material information. In addition, every year, all BCE employees (including
  insiders) must certify that they have read our Code of Business Conduct, which
  specifically prohibits insider trading. If an insider was to announce his or
  her intent to trade in BCE&#146;s securities as suggested by this proposal,
  but then learned of material undisclosed information, this insider could not
  legally proceed with the announced trade. The insider would then have to publicly
  announce that he or she does not intend to proceed with the trade, causing speculation
  that could have a negative effect on BCE and the integrity of the financial
  markets. We therefore recommend that you vote <U>AGAINST</U> Proposal No. 4.
  </FONT></font> </P>
<FONT size=2 face="Arial">
<P>&nbsp; </P>
</font>
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    <td align="right"> <p align="right"> <FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
    <td align="right" width="5%"><font face="Arial, Helvetica, sans-serif"><b><font size="2">43</font></b></font></td>
  </tr>
</table>
<FONT size=2 face="Arial">
<P>&nbsp; </P>
<hr noshade color="#000000">
</font>
<P> <font face="Arial, Helvetica, sans-serif"><a name="page_44"></A> </font>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">The Carpenters&#146; Local
  27 Benefit Trust Funds located at 230 Norseman Street, Etobicoke, Ontario, M8Z
  6A2 has submitted a proposal. Its proposal and supporting comments are set out
  in italics below.</FONT> </P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>Proposal No. 5 &#150;
  Prohibit auditors from providing any services other than audit and audit-related
  services</FONT></B> </font></P>
<P> <font face="Arial, Helvetica, sans-serif"><I><FONT size=2>It is proposed that
  the shareholders of BCE request that the board of Directors and its Audit Committee
  adopt a policy stating that the public accounting firm retained by BCE to audit
  BCE&#146;s financial statements will perform only audit and audit-related work
  for BCE and not provide tax or other services.<br>
  </FONT></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2>Supporting Statement:
  </FONT></I></B><I><FONT size=2>The role of independent auditors in ensuring
  the integrity of the financial statements of public corporations is fundamentally
  important to the efficient and effective operation of the financial markets.
  David Smith, president and CEO of the Canadian Institute of Chartered Accountants,
  recently stated: &#147;The independence and objectivity of auditors is critical
  to public and investor confidence in the integrity of financial statements,
  and to our capital markets.&#148; &#147;Chartered Accountants Adopt New Auditor
  Independence Standard,&#148; Dec. 4,&nbsp;2003.<br>
  </FONT></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2>We believe that utilizing
  the public accounting firm retained by BCE to audit the financial statement
  for tax and other services that generate fees in excess of those earned for
  the audit threatens its independence. According to the most recent Proxy Circular<SUP>1</SUP>,
  BCE paid Deloitte and Touche $9.6&nbsp;million to provide audit services, but
  $4.2&nbsp;million for tax services and $8.3&nbsp;million for other services,
  such as information systems consulting work. Deloitte and Touche also received
  $15&nbsp;million for audit-related services. Total fees paid to the audit firm
  were $37.1&nbsp;million, of which only $9.6&nbsp;million were for audit services.<br>
  </FONT></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2>We believe that the
  board and the Audit Committee should adopt a policy that limits the public accounting
  firm retained to audit BCE&#146;s financial statements to performing only audit
  and audit-related work and urge your support for this proposal.</FONT></I> </font></P>
<P> <font face="Arial, Helvetica, sans-serif"><B><FONT size=2>THE BOARD OF DIRECTORS
  RECOMMENDS THAT SHAREHOLDERS VOTE <U>AGAINST</U> PROPOSAL NO. 5 FOR THE FOLLOWING
  REASONS: </FONT></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">BCE recognizes the essential
  role that auditor independence plays in ensuring the integrity of financial
  statements and protecting the interests of investors. For that reason, we believe
  that obtaining proper assurance that the external auditors are independent is
  one of the most important functions of the audit committee. Accordingly, the
  board and the audit committee have taken specific steps to protect the independence
  of the external auditors. For example, in 2002 BCE adopted an auditors&#146;
  independence policy that fully complies with the Sarbanes-Oxley Act. One of
  the important conclusions of the Sarbanes-Oxley Act was that certain listed
  services should not be provided by external auditors. Other services, such as
  tax services, were characterized as appropriately offered by external auditors.
  The board believes that it would not be in your best interests to prevent BCE
  from obtaining certain permitted services from the auditors when they provide
  the best solution, either from a cost or competence or understanding of our
  business point of view. The board believes that it has put in place appropriate
  safeguards with respect to auditor independence, including:</FONT> </P>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">the auditors independence
    policy</FONT><font face="Arial, Helvetica, sans-serif"><BR>
    </font></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">the engagement letter with
    Deloitte &amp; Touche LLP, which provides that they will not provide services
    that would impair their independence.</FONT></LI>
</UL>
<P> <font face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Furthermore,
  Deloitte &amp; Touche LLP billed $17.5&nbsp;million to BCE and its subsidiaries
  for audit and audit-related services in 2003, greatly exceeding the $6.1&nbsp;million
  billed for tax and other services. In addition, BCE&#146;s policy is that we
  will not hire the external auditors to provide IS/IT services and Deloitte &amp;
  Touche LLP has not in fact been engaged to perform any IS/IT or other consulting
  services since January&nbsp;1,&nbsp;2003. We therefore recommend that you vote
  <U>AGAINST</U> Proposal No. 5.</FONT></font> </P>
<TABLE cellspacing="1" width="100%">
  <TR>
    <TD valign="top" width="1%"><FONT size=1 face="Arial, Helvetica, sans-serif">1&nbsp;</FONT></TD>
    <td valign="top" width="99%"><font size="1" face="Arial, Helvetica, sans-serif">As
      stated in the note to the Auditors&rsquo; fees table in the Audit committee
      report, the 2002 auditors&rsquo; fees numbers have been restated to reflect
      new SEC guidance issued in 2003 providing enhanced clarification on the
      definitions of items included in audit, audit-related and non-audit services
      categories.</font></td>
  </tr>
</TABLE>
<font face="Arial, Helvetica, sans-serif" size="2"><BR>
</font><font face="Arial" size="2">
<P>&nbsp; </P>
</font>
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  <tr>
    <td align="right" width="5%"> <p align="left"><font face="Arial, Helvetica, sans-serif"><b>
        <FONT size=2> 44 </font></b></font></p></td>
    <td align="right"> <p align="left"><FONT size=2 face="Arial, Helvetica, sans-serif">Management
        proxy circular | Bell Canada Enterprises</font> </td>
  </tr>
</table>
<FONT size=2 face="Arial">
<p>&nbsp;</p>
<hr color="#000000">
</font>
<P> <font face="Arial, Helvetica, sans-serif"><a name="page_45"></A> </font>
<P> <font face="Arial, Helvetica, sans-serif"><IMG src="logo.jpg" border=0 width="200" height="72">
  </font></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">www.bce.ca</FONT> </P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P> <FONT size=1 face="Arial, Helvetica, sans-serif">PRINTED IN CANADA</FONT>
</P>
<div align="left">
  <table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
      <td width="2%"> <font face="Arial, Helvetica, sans-serif"><IMG src="bceprxyex45x2.jpg" border=0 align="left" width="32" height="27">
        </font></td>
      <td width="95%"><font size="1" face="Arial, Helvetica, sans-serif">Out of
        concern for the environment, BCE&rsquo;s Notice of 2004 annual and special
        shareholder meeting and management proxy circular is printed with vegetable-based
        ink and is completely recyclable.</font></td>
    </tr>
  </table>
</div>
<p>&nbsp;</p>
<HR color="#000000" noshade align="center" width="100%" size=2>
<p>&nbsp;</p>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="46%"><font face="Arial, Helvetica, sans-serif"><img src="bcelogoproxyform1.jpg" width="214" height="77"></font></td>
    <td width="18%" bgcolor="#CCCCCC"> <p><font size="5" face="Arial, Helvetica, sans-serif"><strong>Registered<br>
        shareholders </strong></font></p></td>
    <td width="36%" bgcolor="#CCCCCC"> <div align="right"><font face="Arial, Helvetica, sans-serif"><strong><br>
        <font size="4">Computershare</font></strong><font size="1"><strong><br>
        Computershare Trust Company of Canada</strong></font><br>
        <font size="1">9th Floor, 100 University Avenue<br>
        Toronto, Ontario M5J 2Y1<br>
        www.computershare.com<br>
        <br>
        </font></font></div></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="16%">&nbsp;</td>
    <td width="84%"><font size="2" face="Arial, Helvetica, sans-serif">Mr A Sample<br>
      Designation (if any)<br>
      Add1<br>
      Add2<br>
      add3<br>
      add4<br>
      add5<br>
      add6</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<p><font face="Arial, Helvetica, sans-serif"><font size="4">Proxy form for our
  <b>annual and special shareholder meeting on May 26, 2004</b></font></font></p>
<P ALIGN="justify"><FONT FACE="Arial, Helvetica, sans-serif"><FONT SIZE="2">In
  this proxy form, <I>you </I>and <I>your </I>refer to the holder of BCE Inc.
  common shares. <I>We, us, our </I>and <I>BCE </I>refer to BCE Inc. <B>This proxy
  form is solicited by and on behalf of the management of BCE. </B></FONT></FONT></P>
<P ALIGN="justify"><FONT FACE="Arial, Helvetica, sans-serif"><FONT SIZE="3">Our
  annual and special shareholder meeting (meeting) will be held at 9:00 a.m. (Pacific
  time) on Wednesday, May 26, 2004 at the Vancouver Convention &amp; Exhibition
  Centre, 999 Canada Place, Vancouver, British Columbia.</FONT></FONT> </P>
<table width="99%" border="0">
  <tr>
    <td width="48%" bgcolor="#000000"><font color="#FFFFFF" face="Arial, Helvetica, sans-serif"><strong>Your
      vote is important</strong></font></td>
    <td width="2%">&nbsp;</td>
    <td width="48%" bgcolor="#333333"><font color="#FFFFFF" face="Arial, Helvetica, sans-serif"><strong>Voting
      my proxy</strong></font></td>
  </tr>
  <tr>
    <td width="48%" valign="top" bgcolor="#CCCCCC"> <div align="justify"><font face="Arial, Helvetica, sans-serif"><font size="2">As
        a shareholder, you have the right to vote your shares on electing directors,
        appointing auditors, shareholder proposals and any other items that may
        properly come before the meeting. You can vote your shares by proxy or
        in person at the meeting or any adjournment. If you receive more than
        one proxy form, please complete, date, sign and return each one.</font></font>
      </div></td>
    <td width="2%">&nbsp;</td>
    <td width="48%" rowspan="2" valign="top" bgcolor="#CCCCCC"> <p align="justify"><font face="Arial, Helvetica, sans-serif"><font size="2">This
        is the easiest way to vote. Voting by proxy means that you are giving
        the person named in section A of this form (proxyholder) the authority
        to vote your shares for you. </font></font></p>
      <p align="justify"><font face="Arial, Helvetica, sans-serif"><font size="2">If
        you are voting by proxy, Computershare Trust Company of Canada or other
        agents we appoint <b>must receive your signed proxy form by 4:45 p.m.
        (Montr&eacute;al time) on Tuesday, May 25, 2004.</b></font></font> </p></td>
  </tr>
  <tr>
    <td width="48%" bgcolor="#000000"><font color="#FFFFFF" face="Arial, Helvetica, sans-serif"><strong>If
      you are voting in person at the meeting</strong></font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="48%" bgcolor="#CCCCCC"> <div align="justify"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Do
        not complete this proxy form. </b>Please detach the admission ticket below
        and bring it with you to the meeting. </font></font></div></td>
    <td width="2%">&nbsp;</td>
    <td width="48%" bgcolor="#CCCCCC"> <div align="justify"><font face="Arial, Helvetica, sans-serif"><font size="2">There
        are five ways to vote by proxy. See the next page for details. </font></font></div></td>
  </tr>
</table>
<p><FONT FACE="Arial, Helvetica, sans-serif"><FONT SIZE="2"><B>Note: This proxy
  form is also to be used by ESP participants.</B></FONT></FONT> </p>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td colspan="3"><HR NOSHADE COLOR="Black" SIZE="1"></td>
  </tr>
  <tr>
    <td width="34%"><font face="Arial, Helvetica, sans-serif"><img src="bcelogoproxyform1.jpg" width="214" height="77"></font></td>
    <td colspan="2" bgcolor="#CCCCFF"><font size="5" face="Arial, Helvetica, sans-serif"><strong>Admission
      ticket</strong> for our 2004 annual and special shareholder meeting</font></td>
  </tr>
  <tr>
    <td width="34%">&nbsp;</td>
    <td colspan="2" bgcolor="#CCCCFF"><font size="2" face="Arial, Helvetica, sans-serif">Please
      present this ticket when you enter the meeting.</font></td>
  </tr>
  <tr>
    <td width="34%">&nbsp;</td>
    <td width="33%" bgcolor="#CCCCFF"><font size="2" face="Arial, Helvetica, sans-serif">Holder
      account number</font></td>
    <td width="33%" bordercolor="#99CC99" bgcolor="#CCCCFF"><font size="2" face="Arial, Helvetica, sans-serif"><strong><u>C1234567890</u></strong></font></td>
  </tr>
  <tr>
    <td width="34%">&nbsp;</td>
    <td colspan="2" bgcolor="#CCCCFF"> <div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Please
        confirm your attendance by calling Computershare at 1-800-561-0934. Let
        us know if you need any special assistance.</font></div></td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<HR color=gray noShade SIZE=3>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="5%" bgcolor="#CCCCFF"> <div align="center"><font size="1" face="Arial, Helvetica, sans-serif">page</font><font size="2" face="Arial, Helvetica, sans-serif"><br>
        <font size="5">2</font><br>
        </font></div></td>
    <td width="2%">&nbsp;</td>
    <td colspan="4" bgcolor="#CCCCCC"><font size="5" face="Arial, Helvetica, sans-serif">Five
      ways to vote by proxy</font></td>
  </tr>
  <tr>
    <td width="5%" rowspan="2">&nbsp;</td>
    <td width="2%" rowspan="2">&nbsp;</td>
    <td width="5%" rowspan="2" valign="top"><font color="#808080" size="7" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="44%" rowspan="2"><div align="justify"><font face="Arial, Helvetica, sans-serif"><font size="2"><b><font size="3">By
        telephone</font><br>
        </b>Call 1-866-673-3260 (toll-free in Canada and the United States) or
        312-601-6919 (outside Canada and the United States) from a touch-tone
        phone and follow the instructions.<br>
        <br>
        You will need your holder account number and proxy access number. You
        will find these two numbers in the box on the right. <br>
        <br>
        <b>If you choose the telephone, you cannot appoint anyone other than the
        directors named in section A of this proxy form as your proxyholder. </b><br>
        </font></font> </div></td>
    <td width="2%" rowspan="2">&nbsp;</td>
    <td width="42%" valign="top" bgcolor="#CCCCCC"> <p><font size="6" face="Arial, Helvetica, sans-serif">Your
        acces codes</font></p>
      <p align="justify"><font face="Arial, Helvetica, sans-serif"><font size="2">You
        will need these codes to vote by telephone or on the Internet, or to receive
        documents electronically: </font></font></p>
      <p align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Holder
        account number<br>
        <br>
        </font></p></td>
  </tr>
  <tr>
    <td valign="middle"><font face="Arial, Helvetica, sans-serif"><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C1234567890</strong></font></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="44%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="42%" rowspan="2" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" rowspan="3">&nbsp;</td>
    <td width="2%" rowspan="3">&nbsp;</td>
    <td width="5%" rowspan="3" valign="top"><font color="#808080" size="7" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="44%" rowspan="3"><div align="justify"><font face="Arial, Helvetica, sans-serif"><font size="2"><b><font size="3">On
        the Internet</font><br>
        </b>Go to our website at www.bce.ca and follow the instructions on screen.
        You will need your holder account number and proxy access number. You
        will find these two numbers in the box on the right. </font></font></div></td>
    <td width="2%" rowspan="3">&nbsp;</td>
  </tr>
  <tr>
    <td height="48" valign="middle" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">Proxy
      access number</font></td>
  </tr>
  <tr>
    <td width="42%" rowspan="2" valign="middle"><font face="Arial, Helvetica, sans-serif"><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12345</strong></font></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="44%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" rowspan="2">&nbsp;</td>
    <td width="2%" rowspan="2">&nbsp;</td>
    <td width="5%" rowspan="2" valign="top"><font color="#808080" size="7" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="44%" rowspan="2" valign="top"> <div align="justify"><font face="Arial, Helvetica, sans-serif"><font size="2"><b><font size="3">By
        mail </font></b><br>
        Detach, complete pages 3 and 4, sign and date this proxy form and return
        them in the envelope we have provided.</font></font></div></td>
    <td width="2%" rowspan="2">&nbsp;</td>
    <td width="42%" valign="top" bgcolor="#CCCCCC"> <p>&nbsp;</p>
      <p>&nbsp;</p></td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="44%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="42%" rowspan="4" valign="top" bgcolor="#CCCCCC"><p><font face="Arial, Helvetica, sans-serif"><font size="6"><strong>Receiving
        documents electronically</strong></font></font></p>
      <p align="justify"><font face="Arial, Helvetica, sans-serif"><font size="2">You
        can choose to receive future shareholder communications electronically.</font></font>
      </p>
      <p align="justify"><font face="Arial, Helvetica, sans-serif"><font size="2">To
        sign up, go to our website at www.bce.ca, click on the &#147;Vote online&#148;
        link and follow the instructions. You will need your holder account number
        and proxy access number. You will find these two numbers in the box above.</font></font>
      </p>
      <p align="justify"><font face="Arial, Helvetica, sans-serif"><font size="2">If
        you do not sign up for this service, we will continue to send you these
        documents by mail unless you otherwise instruct us as per section B of
        this proxy form.</font></font> </p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td valign="top"><font color="#808080" size="7" face="Arial, Helvetica, sans-serif">4</font></td>
    <td><div align="justify"><font face="Arial, Helvetica, sans-serif"><font size="2"><b><font size="3">By
        fax</font><br>
        </b>Detach, complete pages 3 and 4, sign and date this proxy form and
        send both pages (in one transmission) by fax to 1-866-249-7775 (toll-free
        in Canada and the United States) or 416-263-9524 (outside Canada and the
        United States).<br>
        <br>
        <b>Please send both pages in one fax transmission. </b> <br>
        </font></font></div></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td valign="top"><font color="#808080" size="7" face="Arial, Helvetica, sans-serif">5</font></td>
    <td><p align="justify"><font face="Arial, Helvetica, sans-serif"><font size="2"><b><font size="3">By
        appointing another person to go to the meeting and vote your shares for
        you<br>
        </font></b>This person does not have to be a shareholder.</font><br>
        <br>
        <font size="2">Strike out the four names that are printed in section A
        of this proxy form and write the name of the person you are appointing
        in the space provided. Complete your voting instructions, sign and date
        the form. Make sure that the person you appoint is aware that he or she
        has been appointed and attends the meeting.</font><br>
        <br>
        <font size="2">At the meeting, he or she should see a representative of
        Computershare at the table marked &#147;Alternate attorneys/External proxyholders&#148;.</font></font>
      </p></td>
    <td width="2%">&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="51%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;003VFD</font></td>
    <td width="3%"> <div align="right"></div></td>
    <td width="46%"><div align="right"><font face="Arial, Helvetica, sans-serif"><img src="scissorsproxyform.jpg" width="41" height="21"></font></div></td>
  </tr>
  <tr>
    <td colspan="3"><HR NOSHADE COLOR="Black" SIZE="1"></td>
  </tr>
  <tr>
    <td width="51%" valign="top" bgcolor="#CCCCFF"> <div align="justify"><font size="4" face="Arial, Helvetica, sans-serif"><strong>Admission
        ticket</strong> for our 2004 annual and special shareholder meeting</font><font face="Arial, Helvetica, sans-serif"><br>
        <br>
        <font size="2">Our annual and special shareholder meeting will be held
        at 9:00 a.m. (Pacific time) on Wednesday, May 26, 2004 at the Vancouver
        Convention &amp; Exhibition Centre, 999 Canada Place, Vancouver, British
        Columbia. A light breakfast will be served. </font></font> <font face="Arial, Helvetica, sans-serif"><br>
        </font></div></td>
    <td colspan="2" valign="top" bgcolor="#FFFFFF"> <div align="right"><font face="Arial, Helvetica, sans-serif"><img src="mapproxyform.jpg" width="347" height="196"></font></div></td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<HR color=gray noShade SIZE=3>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td colspan="3" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">MR.
      SAM SAMPLE</font></td>
    <td width="77%" colspan="5"><div align="right"><font face="Arial, Helvetica, sans-serif"><img src="codebarproxyform2.jpg" width="482" height="83"></font></div></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="5%" rowspan="2">&nbsp;</td>
    <td width="90%" rowspan="2" valign="top" bgcolor="#CCCCCC"> <div align="justify"><font face="Arial, Helvetica, sans-serif"><font size="3"><strong><font size="4">Detach,
        complete, sign and date this proxy form to exercise your right to vote
        your shares by mail or fax or to appoint someone else to vote your shares
        for you at the meeting</font></strong><font size="4"><br>
        </font><br>
        </font><font size="2">This form revokes all proxy forms you have previously
        signed that relate to the meeting. It is valid only if you have signed
        it. If you have any questions about completing this form, please call
        Georgeson Shareholder Communications Canada Inc. at 1-866-800-3501 for
        service in English or in French.<br>
        <br>
        </font></font></div></td>
    <td width="5%" align="center" valign="top" bgcolor="#CCCCFF"><font size="1" face="Arial, Helvetica, sans-serif">page</font><font size="2" face="Arial, Helvetica, sans-serif"><br>
      <font size="5">3</font> </font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign="top"><font color="#808080" size="7" face="Arial, Helvetica, sans-serif">A</font></td>
    <td width="85%" valign="top" bgcolor="#CCCCCC"> <p><font size="5" face="Arial, Helvetica, sans-serif">
        Complete this section to appoint a proxyholder</font></p>
      <p align="justify"><font face="Arial, Helvetica, sans-serif"><strong><font size="2">Appointing
        a proxyholder </font></strong><font size="2"><br>
        By completing this proxy form in one of the five ways indicated, you are
        appointing as your proxyholder <strong>Mr. R. J. Currie, Mr. M. J. Sabia,
        Ms. J. Maxwell or Mr. A. B<B><FONT size=2>&eacute;</FONT></B>rard, who
        are directors of BCE</strong>, unless you appoint someone else.</font></font></p>
      <p align="justify"><font face="Arial, Helvetica, sans-serif"><font size="2">Your
        proxyholder will attend the meeting and vote your shares on your behalf.
        Your proxyholder:</font><br>
        <br>
        <font size="2">&#149; has the same rights you would have if you attended
        the meeting in person, including the right to appoint a substitute proxyholder<br>
        <br>
        &#149; will vote your shares as you specify in section C.</font></font>
        <font face="Arial, Helvetica, sans-serif"><font size="2"><b><br>
        If you do not specify how you want your shares voted, the directors named
        as proxyholders intend to cast the votes represented by proxy at the meeting
        as recommended by the board of directors. </b></font></font></p>
      <p align="justify"><font face="Arial, Helvetica, sans-serif"><font size="2">&#149;
        may vote your shares as he or she sees fit on any amendments to these
        items and on any other items that may properly come before the meeting
        or any adjournment.</font></font></p>
      <p align="justify"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>You
        have the right to appoint someone other than these four people as your
        proxyholder. To do this, strike out the four names listed above and print
        the name of the person you are appointing in the space below. This person
        does not have to be a shareholder of BCE.</b></font></font> </p>
      <p align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Name
        of proxyholder (please print)</font><font face="Arial, Helvetica, sans-serif"><br>
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="namebarproxyform.jpg" width="479" height="37"><br>
        <br>
        </font></p></td>
    <td width="5%">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%"><font color="#808080" size="7" face="Arial, Helvetica, sans-serif">B</font></td>
    <td colspan="5" bgcolor="#CCCCCC"><font size="5" face="Arial, Helvetica, sans-serif">Tell
      us if you want to receive financial reports</font></td>
    <td width="5%">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td colspan="2" valign="top" bgcolor="#CCCCCC"> <p align="justify"><font face="Arial, Helvetica, sans-serif"><font size="3"><b>Quarterly
        reports</b></font></font></p>
      <p align="justify"><font size="2" face="Arial, Helvetica, sans-serif">To
        reduce costs and help protect the environment, we will not send BCE's
        quarterly reports to you in 2004, unless you tell us that you want to
        receive them by checking the box below</font></p></td>
    <td width="5%" rowspan="2" bgcolor="#CCCCCC">&nbsp;</td>
    <td colspan="2" bgcolor="#CCCCCC"> <p align="justify"><font size="3" face="Arial, Helvetica, sans-serif"><strong>Annual
        report </strong></font></p>
      <p align="justify"><font size="2" face="Arial, Helvetica, sans-serif">By
        law, we must send to our registered shareholders BCE's financial statements
        and related management's discussion and analysis (MD&A), unless you tell
        us that you do not want to receive them by checking the box below.</font></p></td>
    <td width="5%">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="10%" align="center" valign="top" bgcolor="#CCCCCC"><font face="Arial, Helvetica, sans-serif"><img src="checkboxproxyform.jpg" width="29" height="29"></font></td>
    <td width="30%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">Please
      send me BCE's quarterly reports in 2004<br>
      <br>
      <font size="1">If you do not check the box above or do not return this form,
      we will assume that you do not want to receive BCE's quarterly reports in
      2004. </font></font></td>
    <td width="10%" align="center" valign="top" bgcolor="#CCCCCC"><font face="Arial, Helvetica, sans-serif"><img src="checkboxproxyform.jpg" width="29" height="29"></font></td>
    <td width="30%" valign="top" bgcolor="#CCCCCC"><font face="Arial, Helvetica, sans-serif"><font size="2">Please
      do not send me BCE's financial statements and MD&A<br>
      <br>
      </font><font size="1">If you do not check the box above or do not return
      this form, we will assume that you want to receive BCE's financial statements
      and MD&A.</font></font></td>
    <td width="5%">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td colspan="5" rowspan="2" valign="middle" bgcolor="#CCCCCC"> <p><font face="Arial, Helvetica, sans-serif"><font size="2">
        We will continue to send you the notice of annual shareholder meeting
        and management proxy circular and proxy form so you can vote your shares.</font></font></p></td>
    <td width="5%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="85%"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Please
      complete the other side of this form before mailing or faxing. Please send
      both pages in one fax transmission.</strong></font></td>
    <td width="15%"><font face="Arial, Helvetica, sans-serif"><img src="arrowproxyform.jpg" width="56" height="18"></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="7%" valign="middle"><font size="2" face="Arial, Helvetica, sans-serif"><img src="boxproxyform.jpg" width="40" height="33"></font></td>
    <td width="13%" valign="middle"><font size="2" face="Arial, Helvetica, sans-serif">
      BCEQ </font></td>
    <td width="20%"> <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">0
        0 1111</font></div></td>
    <td width="20%"> <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1
        P R</font></div></td>
    <td width="20%"> <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">999999999999</font></div></td>
    <td width="20%"> <div align="right"><font face="Arial, Helvetica, sans-serif"><img src="plussignproxyform.jpg" width="33" height="32"></font></div></td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<HR color=gray noShade SIZE=3>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td colspan="3" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">MR.
      SAM SAMPLE</font></td>
    <td width="77%" colspan="5"><div align="right"><font face="Arial, Helvetica, sans-serif"><img src="codebarproxyform2.jpg" width="482" height="83"></font></div></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="5%" align="center" valign="top" bgcolor="#CCCCFF"> <div align="center"><font size="1" face="Arial, Helvetica, sans-serif">page</font><font size="2" face="Arial, Helvetica, sans-serif"><br>
        <font size="5">4</font> </font></div></td>
    <td width="5%"><font color="#808080" size="7" face="Arial, Helvetica, sans-serif">C</font></td>
    <td colspan="6" bgcolor="#CCCCCC"><font size="5" face="Arial, Helvetica, sans-serif"><strong>Complete
      this section to provide voting instructions</strong></font></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td colspan="3" bgcolor="#CCCCCC"> <div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Your
        voting instructions</strong> Please check "For", "Withhold" or "Against"
        for each of the following items. Please print in ink. Use a black or blue
        pen. Print inside the white boxes as shown in this example. Mark your
        vote with an X.</font></div></td>
    <td colspan="2" bgcolor="#CCCCCC"> <div align="center"><font face="Arial, Helvetica, sans-serif"><img src="boxesproxyform.jpg" width="208" height="40"></font></div></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="20%" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="21%" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="17%" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="15%" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="17%" bgcolor="#CCCCCC">&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="5" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><strong>1.
      Election of directors</strong> The board of directors recommends voting
      <strong>FOR</strong> all nominees.<br>
      The proposed nominees are:</font> </td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp; </td>
    <td width="21%" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="17%" bgcolor="#CCCCCC">&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp;</td>
    <td width="17%" bgcolor="#CCCCCC">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">01.
      A. B&eacute;rard </font></td>
    <td width="21%" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">04.
      A.S. Fell </font></td>
    <td width="17%" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">07.
      B.M. Levitt </font></td>
    <td bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">10.
      J.H. McArthur </font></td>
    <td width="17%" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">13.
      M.J. Sabia </font></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">02.
      R.A. Brenneman </font></td>
    <td width="21%" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">05.
      D. Soble Kaufman </font></td>
    <td width="17%" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">08.
      E.C. Lumley </font></td>
    <td bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">11.
      T.C. O'Neill </font></td>
    <td width="17%" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">14.
      P.M. Tellier </font></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">03.
      R.J. Currie </font></td>
    <td width="21%" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">06.
      T.E. Kierans </font></td>
    <td width="17%" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">09.
      J. Maxwell </font></td>
    <td bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">12.
      R.C. Pozen </font></td>
    <td width="17%" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">15.
      V.L. Young</font></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp;</td>
    <td width="21%" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="17%" bgcolor="#CCCCCC">&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp;</td>
    <td width="17%" bgcolor="#CCCCCC">&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="6%" valign="top" bgcolor="#CCCCCC"> <div align="center"><font face="Arial, Helvetica, sans-serif"><img src="checkboxproxyform.jpg" width="29" height="29"></font></div></td>
    <td width="4%" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="30%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Vote
      For</strong> all nominees OR all nominees except for these nominees (please
      list them by number)</font></td>
    <td width="10%" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="6%" valign="top" bgcolor="#CCCCCC"> <div align="center"><font face="Arial, Helvetica, sans-serif"><img src="checkboxproxyform.jpg" width="29" height="29"></font></div></td>
    <td width="4%" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="30%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Withhold
      Vote</strong> from all nominees</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td valign="top" bgcolor="#CCCCCC">&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp;</td>
    <td valign="top" bgcolor="#CCCCCC">&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp;</td>
    <td valign="top" bgcolor="#CCCCCC">&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp;</td>
    <td valign="top" bgcolor="#CCCCCC">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="7" align="center" valign="middle" bgcolor="#CCCCCC"><font face="Arial, Helvetica, sans-serif"><img src="namebarproxyform.jpg" width="479" height="37" align="left"></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td colspan="5" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><strong>2.
      Appointment of auditors</strong> The board of directors recommends voting
      <strong>FOR</strong> this item.</font></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="6%" bgcolor="#CCCCCC"> <div align="center"><font face="Arial, Helvetica, sans-serif"><img src="checkboxproxyform.jpg" width="29" height="29"></font></div></td>
    <td width="36%" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Vote
      For</strong> appointing<br>
      Deloitte & Touche LLP as auditors</font></td>
    <td width="5%" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="6%" bgcolor="#CCCCCC"> <div align="center"><font face="Arial, Helvetica, sans-serif"><img src="checkboxproxyform.jpg" width="29" height="29"></font></div></td>
    <td width="37%" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Withhold
      Vote</strong> from appointing <br>
      Deloitte & Touche LLP as auditors</font> </td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td colspan="6" bgcolor="#CCCCCC"> <p><font size="2" face="Arial, Helvetica, sans-serif"><strong>3.
        Shareholder proposals</strong></font></p>
      <p align="justify"><font size="2" face="Arial, Helvetica, sans-serif"> The
        board of directors recommends voting <strong>FOR</strong> proposal No.
        1. Please read this shareholder proposal in full in the accompanying management
        proxy circular. </font></p></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="30%" bgcolor="#CCCCCC">&nbsp;</td>
    <td colspan="2" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="8%" bgcolor="#CCCCCC">&nbsp;</td>
    <td colspan="2" bgcolor="#CCCCCC">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="30%" bgcolor="#CCCCCC"> <div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Proposal
        No. 1</strong><br>
        Disclose directorships of each nominee director for past five years </font></div></td>
    <td width="16%" bgcolor="#CCCCCC"> <div align="center"><font face="Arial, Helvetica, sans-serif"><img src="checkboxproxyform.jpg" width="29" height="29"></font></div></td>
    <td width="8%" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><strong>For</strong>
      </font></td>
    <td width="8%" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="16%" bgcolor="#CCCCCC"> <div align="center"><font face="Arial, Helvetica, sans-serif"><img src="checkboxproxyform.jpg" width="29" height="29"></font></div></td>
    <td width="12%" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Against</strong></font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td colspan="6" bgcolor="#CCCCCC"> <div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">The
        board of directors recommends voting <strong>AGAINST</strong> proposals
        No. 2, No. 3, No. 4 and No. 5. Please read these shareholder proposals
        in full in the accompanying management proxy circular. </font></div></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="17%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Proposal
      No. 2 </strong>Prohibit the CEO from serving on the board of another listed
      company</font></td>
    <td width="5%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><img src="checkboxproxyform.jpg" width="29" height="29"></font></td>
    <td width="6%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">For</font></td>
    <td width="3%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="5%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><img src="checkboxproxyform.jpg" width="29" height="29"></font></td>
    <td width="6%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">Against</font></td>
    <td width="5%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="18%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Proposal
      No. 4</strong> Require all insiders to give 10 days notice of intent to
      trade in any BCE securities </font></td>
    <td width="5%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><img src="checkboxproxyform.jpg" width="29" height="29"></font></td>
    <td width="6%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">For
      </font></td>
    <td width="3%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="5%" valign="top" bgcolor="#CCCCCC"> <h5><font size="2" face="Arial, Helvetica, sans-serif"><img src="checkboxproxyform.jpg" width="29" height="29"></font></h5></td>
    <td width="6%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">Against
      </font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="17%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Proposal
      No. 3</strong> Supplemental disclosure of executive pension plans </font></td>
    <td width="5%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><img src="checkboxproxyform.jpg" width="29" height="29"></font></td>
    <td width="6%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">For</font></td>
    <td width="3%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="5%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><img src="checkboxproxyform.jpg" width="29" height="29"></font></td>
    <td width="6%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">Against</font></td>
    <td width="5%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="18%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Proposal
      No. 5</strong> Prohibit auditors from providing any services other than
      audit and audit-related services </font></td>
    <td width="5%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><img src="checkboxproxyform.jpg" width="29" height="29"></font></td>
    <td width="6%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">For
      </font></td>
    <td width="3%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="5%" valign="top" bgcolor="#CCCCCC"> <h5><font face="Arial, Helvetica, sans-serif"><font size="2"><img src="checkboxproxyform.jpg" width="29" height="29"></font></font></h5></td>
    <td width="6%" valign="top" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">Against</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign="top"><font color="#808080" size="7" face="Arial, Helvetica, sans-serif">D</font></td>
    <td colspan="2" bgcolor="#CCCCCC"> <p> <font size="5" face="Arial, Helvetica, sans-serif">Please
        sign this proxy form</font></p>
      <p align="justify"><font size="2" face="Arial, Helvetica, sans-serif">You
        must sign this proxy form. When you sign this proxy form, you authorize
        the proxyholder to act and vote your shares on your behalf at the meeting
        and any adjournment and to carry out your voting instructions.<br>
        <br>
        If you are an individual shareholder, you or your authorized attorney
        must sign the form. Your attorney may have to provide proof of your authorization.<br>
        <br>
        For shares registered in the name of two or more owners, all joint owners
        must sign.<br>
        <br>
        For shares registered in the name of a corporation or other legal entity,
        an authorized officer or attorney must sign. This person may have to provide
        proof that he or she is authorized to sign.<br>
        </font></p></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td colspan="2" bgcolor="#CCCCCC"><font face="Arial, Helvetica, sans-serif"><img src="signatureproxyform.jpg" width="547" height="54"></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="36%" bgcolor="#CCCCCC"><font size="1" face="Arial, Helvetica, sans-serif">Signature</font></td>
    <td width="54%" bgcolor="#CCCCCC"><font size="1" face="Arial, Helvetica, sans-serif">If
      you do not include a date, we will deem it to be the date that we mailed
      the form to you.</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="85%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Please
        complete the other side of this form before mailing or faxing. Please
        send both pages in one fax transmission.</strong></font></div></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="7%" valign="middle"><font size="2" face="Arial, Helvetica, sans-serif"><img src="boxproxyform.jpg" width="40" height="33"></font></td>
    <td width="13%" valign="middle"><font size="2" face="Arial, Helvetica, sans-serif">
      BCEQ </font></td>
    <td width="20%"> <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">0
        0 1111</font></div></td>
    <td width="20%"> <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1
        P R</font></div></td>
    <td width="20%"> <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">999999999999</font></div></td>
    <td width="20%"> <div align="right"><font face="Arial, Helvetica, sans-serif"><img src="plussignproxyform.jpg" width="33" height="32"></font></div></td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="51%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;003VEC</font></td>
    <td width="3%"> <div align="right"></div></td>
    <td width="46%"><div align="right"></div></td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<hr width="100%" size=4 color=GRAY noshade>
<p>&nbsp;</p>
<P ALIGN="center"><FONT FACE="Arial, Helvetica, sans-serif"><FONT SIZE="3"><B>SIGNATURE</B></FONT></FONT></P>
<font face="Arial, Helvetica, sans-serif">
<!-- MARKER FORMAT-SHEET="Para Flush" -->
</font>
<p>&nbsp;</p>
<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, sans-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="Arial, Helvetica, sans-serif"><FONT SIZE="3"><b>BCE
      Inc. </b></FONT></FONT></td>
    <td width="10%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%"> <p>&nbsp;</p>
      <p>&nbsp;</p>
      <p>&nbsp;</p></td>
    <td width="45%" valign="bottom"><font size="2" face="Arial, Helvetica, sans-serif">(signed)
      Michael T. Boychuk<br>
      </font> <hr width=100% size=1 color=BLACK noshade> </td>
    <td width="10%"><font size="3" face="Arial, Helvetica, sans-serif"><br>
      <br>
      <br>
      <br>
      <br>
      </font> </td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="45%"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Michael
      T. Boychuk<br>
      Senior Vice-President and Treasurer</FONT> </td>
    <td width="10%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="45%" valign="bottom"><font size="2" face="Arial, Helvetica, sans-serif">Date:
      April 14, 2004</font></td>
    <td width="10%"><font size="3" face="Arial, Helvetica, sans-serif"><br>
      <br>
      <br>
      </font></td>
  </tr>
</table>
<p>&nbsp;</p>
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end

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end

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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>21
<FILENAME>scissorsproxyform.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
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`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>22
<FILENAME>signatureproxyform.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
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end

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