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<SEC-DOCUMENT>0000718940-04-000035.txt : 20040804
<SEC-HEADER>0000718940-04-000035.hdr.sgml : 20040804
<ACCEPTANCE-DATETIME>20040804154145
ACCESSION NUMBER:		0000718940-04-000035
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040803
FILED AS OF DATE:		20040804

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:		04951683

	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>bceform6k.htm
<DESCRIPTION>EARLY WARNING RE: MANITOBA TELECOM SERVICES INC.
<TEXT>
<HTML>
<HEAD>
<TITLE>AutoCoded Document</TITLE>
</HEAD>
<BODY>
<hr width="100%" size=4 color=GRAY noshade>
<hr noshade color="Black" size="2">
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p align="center"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B><font size="4">SECURITIES
  AND EXCHANGE COMMISSION</font><br>
  WASHINGTON, D.C. 20549</B><br>
  </FONT></p>
<P ALIGN="center"><FONT size="4" FACE="Arial, Helvetica, sans-serif"><B>FORM 6-K</B></FONT></P>
<p>&nbsp;</p>
<p>&nbsp; </p>
<P ALIGN="center"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><B>REPORT
  OF FOREIGN PRIVATE ISSUER </B></FONT></P>
<P ALIGN="center"><font size="2" face="Arial, Helvetica, sans-serif">Pursuant
  to Rule 13a-16 or 15d-16 under<br>
  the Securities Exchange Act of 1934</font></P>
<P ALIGN="center">&nbsp;</P>
<table width="94%" border="0">
  <tr>
    <td width="53%"><font size="2" face="Arial, Helvetica, sans-serif">For the
      month of: <b>August 2004</b></font></td>
    <td width="47%"><div align="right"><font size="2" 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 size="2" FACE="Arial, Helvetica, sans-serif"><B>BCE Inc.<br>
  </B><I>(Translation of Registrant&#146;s name into English)</I></FONT></P>
<font size="2" face="Arial, Helvetica, sans-serif">
<!-- MARKER FORMAT-SHEET="Para Flush" -->
</font>
<P ALIGN="center"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><B>1000,
  rue de La Gaucheti&egrave;re Ouest, Bureau 3700, Montr&eacute;al, Qu&eacute;bec
  H3B 4Y7, (514) 397-7000<br>
  </B><I>(Address of principal executive offices)</I></FONT></P>
<P ALIGN="LEFT">&nbsp;</P>
<blockquote>
  <p align="LEFT"><FONT size="2" FACE="Arial, Helvetica, sans-serif"> Indicate
    by check mark whether the Registrant files or will file annual reports under
    cover of Form 20-F or Form 40-F.</FONT> </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 size="2" face="Arial, Helvetica, sans-serif">Form
      20-F</font></td>
    <td width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><br>
      </font> <hr align="left" width=100% size=1 noshade color=BLACK> </td>
    <td width="32%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Form
      40-F</font></td>
    <td width="9%" valign="bottom"><div align="center"><font size="2" 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 size="2" FACE="Arial, Helvetica, sans-serif">Indicate
    by check mark whether the Registrant by furnishing the information contained
    in this Form is also thereby furnishing the information to the Commission
    pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</FONT>
  </p>
</blockquote>
<font size="2" 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 size="2" face="Arial, Helvetica, sans-serif">Yes</font></td>
    <td width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><br>
      </font> <hr width=100% size=1 color=BLACK noshade> </td>
    <td width="27%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">No</font></td>
    <td width="9%"> <div align="center"><font size="2" 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): 82-_____.</font></p>
      </blockquote></td>
  </tr>
</table>
<P ALIGN="LEFT">&nbsp;</P>
<blockquote>
  <p align="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">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> </p>
</blockquote>
<p>&nbsp;</p>
<hr width="100%" size=4 color=GRAY noshade>
<p>&nbsp;</p>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="50%"><img src="prbcelogo.jpg" width="259" height="94"></td>
    <td width="50%" valign="bottom"><div align="right"><font size="6" face="Arial, Helvetica, sans-serif"><b>News
        Release</b></font></div></td>
  </tr>
</table>
<HR NOSHADE COLOR="Black" SIZE="1">
<p><FONT size="2" FACE="Arial, Helvetica, sans-serif">For immediate release</FONT></p>
<p><FONT size="1" FACE="Arial, Helvetica, sans-serif">(All figures are in Cdn$,
  unless otherwise indicated)<br>
  </FONT></p>
<p>&nbsp;</p>
<p align="center"><FONT size="2" FACE="Arial, Helvetica, sans-serif"> <B>BELL
  CANADA ENTERPRISES REPORTS SECOND QUARTE</B><strong>R RESULTS</strong></FONT></p>
<p align="center">&nbsp;</p>
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><strong>Montr&eacute;al
  (Qu&eacute;bec), August 4, 2004</strong> &#151; For the second quarter of 2004,
  BCE Inc. (TSX, NYSE: BCE) reported revenue of $4.78 billion, up 2.3% and EBITDA<SUP>(1)</SUP> of $1.95 billion, up 3.1% when compared to the same period last year. Operating
  income reached $1.11 billion and earnings per share were $0.60, an increase
  of $0.10 (increase of $0.05 or 10% not including one-time items). </FONT></FONT></P>
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2" face="Arial, Helvetica, sans-serif">&#147;We
  have completed another quarter of sound operating performance with solid growth
  in earnings per share,&#148; said Michael Sabia, President and Chief Executive
  Officer of Bell Canada Enterprises.</FONT></FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Mr. Sabia
  said the company&#146;s earnings performance was predicated on two factors.
  First was growth in revenues and margins in areas such as Wireless, DSL and
  Video. Second, Bell has laid the foundation to deliver profitable medium-term
  growth in Enterprise IP Connectivity and Valued-Added Services and in the Medium
  and Small Business market.</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">&#147;While
  revenue growth is a top priority for the company, we balance it against the
  need to ensure that our growth is profitable,&#148; said Mr. Sabia, &#147;by
  pursuing productivity initiatives, continued operational discipline and the
  exiting of low-margin businesses.&#148; </FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>Key Achievements<I><br>
  </I></B>&#147;Momentum continues to build across the company as we work to expand
  our business and broaden and enhance our offerings to customers,&#148; said
  Mr. Sabia. &#147;We are continuing to simplify our operations, partnering with
  world-class companies, adopting innovative approaches to reinventing our businesses,
  making strategic investments to augment our capabilities, and driving new technologies
  that enable us and our customers.&#148; </FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">In Consumer,
  Bell is actively building the &#147;broadband home&#148; for its customers.
  The introduction of a new billing system has brought wireless service into Bell&#146;s
  simplified &#147;One-Bill&#148; concept. The company recently launched the powerful
  Sympatico-MSN portal and announced virtually unlimited long distance calling
  in North America for &#147;Digital Bundle&#148; customers. </FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">In Small
  and Medium Business (SMB), where Bell&#146;s goal is to become the technology
  advisor for customers, on-going strategic investments are expanding Bell&#146;s
  product offerings and capabilities. For example, &#147;ProConnect&#148; allows
  small and medium-sized businesses to share information easily, securely and
  affordably over an IP-based network. SMB&#146;s re-focused sales force is delivering
  increasing sales, in particular a ramp-up of growth in data services.</FONT>
</P>
<div align="justify">
  <p>&nbsp;</p>
</div>
<HR NOSHADE COLOR="Black" SIZE="2">
<P ALIGN="justify">&nbsp;</P>
<P ALIGN="center"><FONT size="2" FACE="Arial, Helvetica, sans-serif">&#150;2&#150;</FONT>
</P>
<div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"> </font>
</div>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The ongoing
  pursuit of innovation in the Enterprise segment continues to drive Bell&#146;s
  migration to Internet Protocol (IP) as part of its goal to provide value-added,
  leading-edge services to these customers. In the quarter, Bell launched its
  Managed IP Telephony service, which complements Canada&#146;s most comprehensive
  suite of VoIP services for Enterprise customers. By June 30, 55% of the total
  traffic on Bell&#146;s core network was IP-based.</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Recognizing
  the opportunities for future improvements and efficiencies that IP enables,
  Bell Canada recently offered eligible employees a voluntary program to retire
  early. Should Bell&#146;s recent offer to its unionized technicians be accepted,
  the same program will be available to eligible members of the union.</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">In Western
  Canada, Bell agreed to purchase the Canadian assets of 360networks and took
  full ownership of Bell West, honing its focus and service capabilities in Alberta
  and British Columbia. </FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">At the BCE
  level, the company continued its strategic focus on its communications operations.
  The company sold its interest in BCE Emergis and the Yellow Pages Group and
  settled its outstanding claims with MTS to the advantage of BCE shareholders.
  </FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">&#147;We
  are in the fortunate position of being able to capitalize on our position in
  wireless, DSL and video products that provide solid revenue flows and maintain
  a profitable growth trajectory for the company,&#148; said Mr. Sabia. &#147;We
  also retain the financial strength and solid balance sheet needed to invest
  in new initiatives and opportunities to transform our business and make the
  company a solid competitor in a changing communications industry. We remain
  uniquely positioned in North America to offer our customers a broad range of
  integrated services at highly competitive prices.&#148; </FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>Wireless<I><br>
  </I></B>Bell&#146;s Wireless subscriber base grew 12% compared to the second
  quarter of 2003, driving a 15% increase in wireless revenues. Post-paid churn
  dropped by 0.2 percentage points to 1.1%. Wireless also recorded the best EBITDA
  margin ever. </FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">As part
  of a billing system modernization program, the company migrated customers to
  a new Wireless and IP/Broadband billing platform in the quarter. To ensure an
  orderly migration during the period of system conversion while minimizing the
  impact to customers, the company reduced emphasis during the quarter on aggressive
  subscriber growth. Wireless still achieved strong gains, adding 95,000 net new
  customers. </FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The new
  billing system enables the inclusion of wireless service into Bell&#146;s &#147;One
  Bill&#148; service. The &#147;One Bill&#148; initiative provides simplicity
  to customers, lowers Bell&#146;s costs, and enhances product and services bundling
  capabilities. During the new system&#146;s validation and stabilization period,
  the company intentionally delayed its normal billing cycles to ensure that the
  implementation would in no way adversely impact customers. This has resulted
  in higher levels of accounts receivable. The scheduled postponement in invoicing
  led to a decrease in working capital compared to the previous year. The company
  expects receivables to return to normal levels in the fall, 2004.</FONT> </P>
<div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"> </font>
</div>
<P ALIGN="justify">&nbsp;</P>
<HR NOSHADE COLOR="Black" SIZE="2">
<P ALIGN="justify">&nbsp;</P>
<P ALIGN="center"><FONT size="2" FACE="Arial, Helvetica, sans-serif">&#150;3&#150;</FONT></P>
<div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"> </font></div>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>DSL<br>
  </B></FONT><FONT size="2" FACE="Arial, Helvetica, sans-serif">Sympatico DSL
  High-Speed Internet subscribers grew by 30% compared to the second quarter of
  2003 to reach 1.7 million. Consumer DSL had the strongest second quarter ever.
  In total the company added 73,000 new customers. Subscriptions to value-added
  services, such as Desktop Anti-Virus and Desktop Firewall, increased by 86,000
  in the quarter to reach 433,000. </FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The company
  built on its &#147;Broadband Home&#148; strategy and its leading Internet presence
  by launching the content and features rich Sympatico-MSN portal. Ten thousand
  customers per week are converting to the new platform. Additionally, the new
  portal has increased traffic forwarded to www.bell.ca by 20%. Starting in August,
  Sympatico customers can upgrade their e-mail in-boxes to two gigabytes of storage,
  at no extra cost.</FONT> </P>
<div align="justify">
  <p><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>Video<I><br>
    </I></B>Video revenues were up 11%. Bell added 24,000 subscribers, a 33% higher
    activation rate compared to the second quarter of 2003. The company also reported
    increased Video Digital Subscriber Lines (VDSL) sales. </FONT></p>
  <p><FONT size="2" FACE="Arial, Helvetica, sans-serif">To further augment bundling
    capabilities in broadband, and as part of its Video strategy, Bell applied
    for a license to broadcast video services over terrestrial connections to
    single family homes.</FONT></p>
  <p><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>Continued Strong Performance
    in Consumer Segment<br>
    </B>Bell&#146;s Consumer segment revenues increased to $1.86 billion, up 5.1%
    over the same period last year, due to growth in Wireless, DSL and Video.
    &#147;Digital Bundles&#148; attracted close to 70,000 new subscribers (to
    reach approximately 200,000), 44% of which signed up for at least one new
    service, further driving revenue growth.</FONT></p>
  <p><FONT size="2" FACE="Arial, Helvetica, sans-serif">Bell is now offering Qu&eacute;bec
    and Ontario residential Digital Bundle customers 1,000 minutes of long distance
    calling within Canada and the U.S for $5 a month. This plan rewards existing
    customers for their loyalty, seeks to drive more growth in Bell&#146;s Digital
    Bundle, and leverages the existing long distance business through other products
    that will drive growth. </FONT></p>
  <p><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>Business Segment Accelerating
    Strategic Shift </B><br>
    On-going improvements to the Business segment structure are paying off: growth
    continued in wireless, in the small and medium business market overall, and
    IP connectivity and Value-Added Services in the enterprise market. </FONT></p>
  <p><FONT size="2" FACE="Arial, Helvetica, sans-serif">Business segment revenues
    experienced a marginal decline of 0.8% mainly due to an anticipated decrease
    in construction revenues from Bell West&#146;s Government of Alberta SuperNet
    contract, which is nearing completion. As well, revenues from low-margin cabling
    declined as Bell phased out of this product line in the fourth quarter of
    2003 with the completion of The Greater Toronto Airport Authority contract.</FONT></p>
  <p><FONT size="2" FACE="Arial, Helvetica, sans-serif">Bell&#146;s SMB group
    continued to grow in the quarter, through increased revenues from DSL (up
    15%). This group recently ramped-up its system integration capabilities for
    small and medium businesses. Combined with continuing sales force efficiency
    gains, Bell has greatly improved its ability to be the technology advisor
    to the SMB market.</FONT> </p>
</div>
<div align="justify">
  <p>&nbsp;</p>
  <HR NOSHADE COLOR="Black" SIZE="2">
  <p>&nbsp; </p>
</div>
<P ALIGN="center"><FONT size="2" FACE="Arial, Helvetica, sans-serif">&#150;4&#150;</FONT></P>
<div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"> </font>
</div>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Bell&#146;s
  Enterprise group continues its progress in offering value-added services. Revenues
  from value-added services grew by 20%, with more than 50% penetration of the
  large customer base. During the quarter, the group enhanced its client contact
  centre offerings. Managed IP Telephony service was also launched to give customers
  a wide variety of IP applications. And, the group&#146;s Security Risk Management
  portfolio was further enhanced. These added capabilities increase Bell&#146;s
  ability to increase revenues from non-traditional sources in the Enterprise
  market.</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>A Focus
  on Profitability<br>
  </B></FONT><FONT size="2" FACE="Arial, Helvetica, sans-serif">BCE&#146;s EBITDA
  grew by 3.1% to reach $1.95 billion through increased revenues and a sustained
  focus on productivity measures. This gain was based mainly on higher EBITDA
  in Bell&#146;s Consumer and Business segments, along with solid growth in EBITDA
  at Bell Globemedia. </FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Bell&#146;s
  EBITDA margin improved one percentage point over the same period last year to
  43.6%. The margin increase was driven by cost containment efforts related to
  wireless acquisitions and the focus on more profitable contracts within the
  enterprise and wholesale markets.</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>HIGHLIGHTS<br>
  </B></FONT><font size="2" face="Arial, Helvetica, sans-serif">(Q2 2004 vs. Q2
  2003, unless otherwise indicated) </font></P>
<P ALIGN="justify"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Revenues
  by segment<SUP>(2)</SUP></strong></font><br>
  <FONT size="2" FACE="Arial, Helvetica, sans-serif">Effective January 1, 2004,
  BCE reports its results under five segments: Consumer, Business, Aliant, Other
  Bell Canada, which consists of all of Bell Canada&#146;s other businesses, and
  Other BCE, which consists of BCE&#146;s other businesses. These segments reflect
  the operational structure of BCE, which was realigned on June 1, 2003 to focus
  on the various markets in which the company operates.</FONT> </P>
<div align="justify">
  <table width="99%" border="0">
    <tr>
      <td colspan="9"><HR NOSHADE COLOR="Black" SIZE="2"></td>
    </tr>
    <tr>
      <td width="60%">&nbsp;</td>
      <td colspan="8"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Cdn$
          millions)</font></div></td>
    </tr>
    <tr>
      <td width="60%">&nbsp;</td>
      <td colspan="8"><HR ALIGN=JUSTIFY WIDTH=100% SIZE=1 NOSHADE></td>
    </tr>
    <tr>
      <td width="60%">&nbsp;</td>
      <td colspan="4"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Second
          quarter</strong></font></div></td>
      <td colspan="4"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Six
          months</strong></font></div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">For the
        period ended June 30</font></td>
      <td width="10%" colspan="2"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong>2004</strong></font></div></td>
      <td width="10%" colspan="2"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">2003</font></div></td>
      <td width="10%" colspan="2"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong>2004</strong></font></div></td>
      <td width="10%" colspan="2"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">2003</font></div></td>
    </tr>
    <tr>
      <td colspan="9"><HR NOSHADE COLOR="Black" SIZE="2"></td>
    </tr>
  </table>
  <table width="99%" border="0">
    <tr>
      <td height="25" colspan="9"> <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left">
          <HR NOSHADE COLOR="Black" SIZE="2">
        </div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Revenue
        </strong> </font></td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%"><div align="left"></div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Consumer<SUP>(3)</SUP>
        </font></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">1,858</font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">
          1,768 </font></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">3,683
          </font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,497
          </font></div></td>
      <td width="2%"><div align="left"></div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Business<SUP>(4)</SUP>
        </font></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">1,441</font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,452
          </font></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">2,876
          </font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,871
          </font></div></td>
      <td width="2%"><div align="left"></div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif"> Aliant<SUP>(5)</SUP>
        </font></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">526</font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">517
          </font></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">1,030
          </font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,018</font></div></td>
      <td width="2%"><div align="left"></div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Other
        Bell Canada<SUP>(6)</SUP> </font></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">468</font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">517</font></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">942</font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,069
          </font></div></td>
      <td width="2%"><div align="left"></div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Inter-segment
        eliminations</font></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">(121</font></strong></div></td>
      <td width="2%"><div align="left"><strong><font size="2" face="Arial, Helvetica, sans-serif">)
          </font></strong></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(124</font></div></td>
      <td width="2%"><div align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></div></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">(253</font></strong></div></td>
      <td width="2%"><div align="left"><strong><font size="2" face="Arial, Helvetica, sans-serif">)</font></strong></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(242</font></div></td>
      <td width="2%"><div align="left"><font size="2" face="Arial, Helvetica, sans-serif">)
          </font></div></td>
    </tr>
    <tr>
      <td colspan="9"> <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left">
          <HR NOSHADE COLOR="Black" SIZE="2">
        </div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Total
        Bell Canada revenue</strong></font></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">4,172</font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,130</font></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">
          8,278 </font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">8,213</font></div></td>
      <td width="2%"><div align="left"></div></td>
    </tr>
    <tr>
      <td colspan="9"> <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left">
          <HR NOSHADE COLOR="Black" SIZE="2">
        </div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Other
        BCE<SUP>(7)</SUP> </font></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">725</font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">664</font></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">1,379</font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">
          1,304</font></div></td>
      <td width="2%"><div align="left"></div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Inter-segment
        eliminations</font></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">(115</font></strong></div></td>
      <td width="2%"><div align="left"><strong><font size="2" face="Arial, Helvetica, sans-serif">)</font></strong></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(121</font></div></td>
      <td width="2%"><div align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></div></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">(234</font></strong></div></td>
      <td width="2%"><div align="left"><strong><font size="2" face="Arial, Helvetica, sans-serif">)</font></strong></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(225</font></div></td>
      <td width="2%"><div align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font>
        </div></td>
    </tr>
    <tr>
      <td colspan="9"> <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left">
          <HR NOSHADE COLOR="Black" SIZE="2">
        </div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Total
        BCE revenue </strong></font></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">4,782
          </font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,673
          </font></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">9,423
          </font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,292</font></div></td>
      <td width="2%"><div align="left"></div></td>
    </tr>
    <tr>
      <td colspan="9"> <div align="justify"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left">
          <HR NOSHADE COLOR="Black" SIZE="2">
        </div></td>
    </tr>
  </table>
  <p><FONT size="2" FACE="Arial, Helvetica, sans-serif"><I><br>
    Consumer</I></FONT></p>
</div>
<table width="99%" border="0">
  <tr>
    <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Increased
        subscribers in key growth areas (Wireless, DSL High-Speed Internet and
        Video services) mainly drove the 5.1% or $90 million increase.</font></div></td>
  </tr>
  <tr>
    <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">
      &#149;</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Local
        and access revenues decreased due primarily to lower lines in service,
        resulting from competition and substitutions for wireless and high-speed
        Internet.</font> </div></td>
  </tr>
</table>
<P ALIGN="justify">&nbsp;</P>
<P ALIGN="justify">&nbsp;</P>
<HR NOSHADE COLOR="Black" SIZE="2">
<P ALIGN="justify">&nbsp; </P>
<P ALIGN="center"><FONT size="2" FACE="Arial, Helvetica, sans-serif">&#150;5&#150;</FONT></P>
<div align="justify">
  <p>&nbsp;</p>
  <table width="99%" border="0">
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Long
          distance revenues declined mainly from lower volume in conversation
          minutes, resulting from competition as well as pricing pressures.</font></div></td>
    </tr>
  </table>
  <p><font size="2" face="Arial, Helvetica, sans-serif"></font></p>
  <p><font size="2" face="Arial, Helvetica, sans-serif"><i>Business</i></font></p>
  <table width="99%" border="0">
    <tr>
      <td width="5%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
        </font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Business
          revenues decreased by 0.8% or $11 million.</font> </div></td>
    </tr>
    <tr>
      <td width="5%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Lower
          data, local and access and long distance revenues were partly countered
          by higher wireless and IP based revenues.</font></div></td>
    </tr>
    <tr>
      <td width="5%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
        </font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Business
          wireless revenues were driven by subscriber growth.</font></div></td>
    </tr>
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
        </font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Data
          revenues declined due to data network rationalization in this sector,
          anticipated lower revenues from the SuperNet contract in Alberta, which
          is in its last year, the non-renewal of the Hydro Qu&eacute;bec outsourcing
          contract, and exit from the cabling business.</font></div></td>
    </tr>
    <tr>
      <td width="5%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
        </font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Long
          distance revenues declined reflecting continued pressure on pricing
          and lower volume of conversation minutes.</font></div></td>
    </tr>
  </table>
  <p><br>
    <font size="2" face="Arial, Helvetica, sans-serif"><em>Aliant</em></font></p>
  <table width="99%" border="0">
    <tr>
      <td width="5%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Aliant
        segment&#146;s gross revenues increased $9 million or 1.7% versus the
        second quarter of 2003.</font></td>
    </tr>
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">The
          ongoing labor disruption reduced gross revenues by an estimated $9 million,
          most of which is expected to be recovered following the strike&#146;s
          conclusion.</font> </div></td>
    </tr>
    <tr>
      <td width="5%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Aliant&#146;s
        wireless revenues grew 16%, driven by a 10.5% increase in wireless customers
        and higher ARPU.</font></td>
    </tr>
  </table>
  <p><br>
    <font size="2" face="Arial, Helvetica, sans-serif"><i>Other Bell Canada</i></font></p>
  <table width="99%" border="0">
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Other
        Bell Canada revenues decreased by $49 million or 9.5%, as a result of
        lower long distance and data revenues in Bell&#146;s Wholesale business.</font>
      </td>
    </tr>
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">The rate
        of decline in revenues in Wholesale continued to slow in the quarter,
        with the trajectory improving over the last three quarters.</font></td>
    </tr>
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Wholesale
        long distance and data revenues were affected by competitive pricing pressures,
        the impact of customers migrating to their own networks, and the exit
        in 2003 from certain low margin contracts and promotional offers for international
        switched minutes.</font> </td>
    </tr>
  </table>
  <p>&nbsp; </p>
</div>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><I>Other
  BCE</I></FONT></P>
<table width="99%" border="0">
  <tr>
    <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">As
        a result of completing the public sale of BCE&#146;s investment in BCE
        Emergis, this investment has been classified as a discontinued operation.</font></div></td>
  </tr>
  <tr>
    <td width="5%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Revenues
        from BCE&#146;s other businesses increased by 9.2%.</font> </div></td>
  </tr>
  <tr>
    <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Bell
        Globemedia&#146;s revenues were up 3.9%. Television and print advertising
        revenues improved by 8.3% and 2.0% respectively.</font></div></td>
  </tr>
  <tr>
    <td width="5%"><font size="2" face="Arial, Helvetica, sans-serif">&#149; </font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Telesat&#146;s
        revenues increased by 2.4% due to higher satellite services and international
        consulting revenues.</font></div></td>
  </tr>
  <tr>
    <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Telesat
        was successful in launching the largest commercial communications satellite
        in history, Anik F2. As the first company in the world to fully commercialize
        the Ka frequency band, Telesat will offer two way high-speed Internet
        access anywhere in North America.</font> </div></td>
  </tr>
  <tr>
    <td width="5%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">CGI
        revenues increased by 19% and reflected CGI&#146;s May, 2004 acquisition
        of American Management Systems Inc.</font></div></td>
  </tr>
</table>
<P ALIGN="justify">&nbsp;</P>
<div align="justify">
  <HR NOSHADE COLOR="Black" SIZE="2">
  <p>&nbsp;</p>
  <p align="center"><font size="2" face="Arial, Helvetica, sans-serif">&#150;6&#150;</font>
  </p>
</div>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>Revenue</B></FONT>
  <FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>s and key metrics by product
  line<br>
  </B></FONT><FONT size="2" FACE="Arial, Helvetica, sans-serif">Bell Canada&#146;s
  consolidated revenues and key metrics by product line are provided below for
  further insight into management&#146;s view of the financial results of the
  company.</FONT> </P>
<div align="justify">
  <table width="99%" border="0">
    <tr>
      <td colspan="9"><HR NOSHADE COLOR="Black" SIZE="2"></td>
    </tr>
    <tr>
      <td width="60%">&nbsp;</td>
      <td colspan="8"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Cdn$
          millions)</font></div></td>
    </tr>
    <tr>
      <td width="60%">&nbsp;</td>
      <td colspan="8"><HR ALIGN=JUSTIFY WIDTH=100% SIZE=1 NOSHADE></td>
    </tr>
    <tr>
      <td width="60%">&nbsp;</td>
      <td colspan="4"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Second
          quarter</strong></font></div></td>
      <td colspan="4"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Six
          months</strong></font></div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">For the
        period ended June 30</font></td>
      <td width="10%" colspan="2"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong>2004</strong></font></div></td>
      <td width="10%" colspan="2"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">2003</font></div></td>
      <td width="10%" colspan="2"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong>2004</strong></font></div></td>
      <td width="10%" colspan="2"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">2003</font></div></td>
    </tr>
    <tr>
      <td colspan="9"><HR NOSHADE COLOR="Black" SIZE="2"></td>
    </tr>
  </table>
  <table width="99%" border="0">
    <tr>
      <td height="25" colspan="9"> <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left">
          <HR NOSHADE COLOR="Black" SIZE="2">
        </div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Revenue
        </strong> </font></td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%"><div align="left"></div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Local
        and access</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><strong>1,401</strong></font></div></td>
      <td width="2%"><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">
          1,404</font></div></td>
      <td width="2%"><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><strong>2,780</strong></font></div></td>
      <td width="2%"><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,790
          </font></div></td>
      <td width="2%"><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Long
        distance </font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><strong>572</strong></font></div></td>
      <td width="2%"><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">615</font></div></td>
      <td width="2%"><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><strong>1,178</strong></font></div></td>
      <td width="2%"><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,301
          </font></div></td>
      <td width="2%"><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif"> Wireless
        </font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><strong>698</strong></font></div></td>
      <td width="2%"><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">607
          </font></div></td>
      <td width="2%"><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><strong>1,349</strong></font></div></td>
      <td width="2%"><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,158</font></div></td>
      <td width="2%"><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Data</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><strong>870</strong></font></div></td>
      <td width="2%"><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">936</font></div></td>
      <td width="2%"><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><strong>1,762</strong></font></div></td>
      <td width="2%"><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,856</font></div></td>
      <td width="2%"><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
    </tr>
    <tr>
      <td><font size="2" face="Arial, Helvetica, sans-serif">Video</font></td>
      <td><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"><strong>211</strong></font></font></div></td>
      <td><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
      <td><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif">190</font></font></div></td>
      <td><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
      <td><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"><strong>418</strong></font></font></div></td>
      <td><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
      <td><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif">367</font></font></div></td>
      <td><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Terminal
        sales &amp; other</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><strong>420</strong></font></div></td>
      <td width="2%"><div align="right"><strong><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></strong></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">378</font></div></td>
      <td width="2%"><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><strong>791</strong></font></div></td>
      <td width="2%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"></font></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">741</font></div></td>
      <td width="2%"><div align="right"></div></td>
    </tr>
    <tr>
      <td colspan="9"> <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left">
          <HR NOSHADE COLOR="Black" SIZE="2">
        </div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Total
        Bell Canada revenue</strong></font></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">4,172</font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,130</font></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">
          8,278 </font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">8,213</font></div></td>
      <td width="2%"><div align="left"></div></td>
    </tr>
    <tr>
      <td colspan="9"> <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left">
          <HR NOSHADE COLOR="Black" SIZE="2">
        </div></td>
    </tr>
  </table>
  <p><br>
    <FONT size="2" FACE="Arial, Helvetica, sans-serif"><I>Wireline (local and
    access, and long-distance)</I></FONT></p>
  <table width="99%" border="0">
    <tr>
      <td width="5%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Residential
        and business local access lines declined by 1.0% due to continued pressure
        from growth in High-Speed Internet access and losses to competition.</font></td>
    </tr>
    <tr>
      <td width="5%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
        </font></td>
      <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Local
        and access revenues were 0.2% lower compared to the second quarter of
        2003.</font></td>
    </tr>
    <tr>
      <td width="5%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Long
        distance revenues decreased by 7% due to the exit of certain international
        wholesale contracts and continued competitive pressures.</font></td>
    </tr>
  </table>
  <p><br>
    <font size="2" face="Arial, Helvetica, sans-serif"><i>Wireless</i></font></p>
  <table width="99%" border="0">
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Wireless
          revenues improved due to strong growth in subscribers and increases
          in usage and long distance and data services.</font></div></td>
    </tr>
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
        </font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">The
          cellular and PCS subscriber base increased by 12% or 500,000 compared
          to the second quarter of 2003 to reach 4,599,000 at June 30.</font>
        </div></td>
    </tr>
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">The
          more profitable wireless postpaid net additions in the second quarter
          were at 78,000 or 82% of the total net activations. Postpaid customers
          totaled 3,500,000 as at June 30.</font></div></td>
    </tr>
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
        </font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Total
          postpaid wireless churn was at 1.1%, down from 1.3% last year, and continued
          to reflect Bell&#146;s priority on customer service.</font></div></td>
    </tr>
    <tr>
      <td width="5%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Blended
        churn was at 1.3%, down from the 1.4% noted last year.</font></td>
    </tr>
  </table>
  <p><br>
    <FONT size="2" FACE="Arial, Helvetica, sans-serif"><I>Data</I></FONT></p>
  <table width="99%" border="0">
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Data
          revenues decreased by 7.1%. Competitive pricing and volume pressures
          were partially offset by the increase in revenues from DSL High-Speed
          Internet.</font></div></td>
    </tr>
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
        </font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Data
          revenues were also negatively affected by the anticipated decreased
          revenues from Bell West&#146;s build-out of SuperNet in Alberta, which
          is in its last year, and the non-renewal of the Hydro-Qu&eacute;bec
          contract.</font> </div></td>
    </tr>
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">High-Speed
          Internet (DSL) subscribers reached 1,670,000 by June 30, an increase
          of 30% compared to last year, driving DSL revenue growth of 21%.</font></div></td>
    </tr>
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
        </font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">The
          company reported 73,000 net new DSL subscribers in the second quarter,
          2004. Consumer additions represented 73% of the total net additions.</font>
        </div></td>
    </tr>
    <tr>
      <td width="5%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">High-Speed
          and dial-up Internet subscribers reached 2,477,000 as at June 30.</font></div></td>
    </tr>
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Bell&#146;s
          DSL footprint in Ontario and Qu&eacute;bec reached 81% of home and business
          lines compared to 78% for the same period last year.</font></div></td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <HR NOSHADE COLOR="Black" SIZE="2">
  <p>&nbsp;</p>
</div>
<div align="center">
  <p><font size="2" face="Arial, Helvetica, sans-serif"> &#150;7&#150;</font>
  </p>
  <p>&nbsp; </p>
</div>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><I>Video
  Services</I></FONT></P>
<table width="99%" border="0">
  <tr>
    <td width="5%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">A 6.9%
      increase in the subscriber base and higher pricing contributed to an 11%
      improvement in revenues.</font></td>
  </tr>
  <tr>
    <td width="5%"><font size="2" face="Arial, Helvetica, sans-serif">&#149; </font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Total subscribers
      reached 1,427,000 as at June 30.</font> </td>
  </tr>
</table>
<P ALIGN="justify"><br>
  <FONT size="2" FACE="Arial, Helvetica, sans-serif"><B><I>EBITDA</I></B></FONT></P>
<table width="99%" border="0">
  <tr>
    <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Total
        BCE EBITDA increased by 3.1% to $1.95 billion, largely resulting from
        the improved profitability in the Consumer and Business segments and financial
        and operational discipline throughout the company, partially offset by
        increased costs associated with the Aliant labor disruption.</font> </div></td>
  </tr>
  <tr>
    <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">As
        a percentage of revenues (EBITDA margin), BCE&#146;s EBITDA was at 40.8%,
        a 0.2 percentage point increase compared to the second quarter of 2003.</font></div></td>
  </tr>
  <tr>
    <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
      </font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Bell&#146;s
        EBITDA margin was at 43.6% compared to 42.6% for the same period last
        year. There was notable margin improvement in the Consumer and Business
        segments, through the continued focus on productivity and a greater emphasis
        on more profitable contracts within the enterprise and wholesale markets.</font></div></td>
  </tr>
</table>
<P ALIGN="justify"><br>
  <FONT size="2" FACE="Arial, Helvetica, sans-serif"><B><I>Operating income and
  EPS</I></B></FONT></P>
<div align="justify">
  <table width="99%" border="0">
    <tr>
      <td colspan="9"><HR NOSHADE COLOR="Black" SIZE="2"></td>
    </tr>
    <tr>
      <td width="60%">&nbsp;</td>
      <td colspan="8"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Cdn$
          millions)</font></div></td>
    </tr>
    <tr>
      <td width="60%">&nbsp;</td>
      <td colspan="8"><HR ALIGN=JUSTIFY WIDTH=100% SIZE=1 NOSHADE></td>
    </tr>
    <tr>
      <td width="60%">&nbsp;</td>
      <td colspan="4"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Second
          quarter</strong></font></div></td>
      <td colspan="4"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Six
          months</strong></font></div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">For the
        period ended June 30</font></td>
      <td width="10%" colspan="2"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong>2004</strong></font></div></td>
      <td width="10%" colspan="2"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">2003</font></div></td>
      <td width="10%" colspan="2"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong>2004</strong></font></div></td>
      <td width="10%" colspan="2"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">2003</font></div></td>
    </tr>
    <tr>
      <td colspan="9"><HR NOSHADE COLOR="Black" SIZE="2"></td>
    </tr>
  </table>
  <table width="99%" border="0">
    <tr>
      <td height="25" colspan="9"> <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left">
          <HR NOSHADE COLOR="Black" SIZE="2">
        </div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Revenue
        </strong> </font></td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%"><div align="left"></div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Consumer</font></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">560</font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">
          503</font></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">1,086</font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">996</font></div></td>
      <td width="2%"><div align="left"></div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Business</font></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">227</font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">199</font></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">468</font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">389</font></div></td>
      <td width="2%"><div align="left"></div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif"> Aliant</font></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">92</font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">122</font></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">174</font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">203</font></div></td>
      <td width="2%"><div align="left"></div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Other
        Bell Canada</font></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">138</font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">144</font></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">249</font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">306</font></div></td>
      <td width="2%"><div align="left"></div></td>
    </tr>
    <tr>
      <td colspan="9"> <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left">
          <HR NOSHADE COLOR="Black" SIZE="2">
        </div></td>
    </tr>
    <tr>
      <td><font size="2" face="Arial, Helvetica, sans-serif"><strong>Total Bell
        Canada Operating Income</strong></font></td>
      <td><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">1,017</font></strong></div></td>
      <td><div align="left"></div></td>
      <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">968</font></div></td>
      <td><div align="left"></div></td>
      <td><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">
          1,977</font></strong></div></td>
      <td><div align="left"></div></td>
      <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,894</font></div></td>
      <td><div align="left"></div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Other
        BCE </font></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">88</font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">110</font></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">
          139</font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">165</font></div></td>
      <td width="2%"><div align="left"></div></td>
    </tr>
    <tr>
      <td colspan="9"> <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left">
          <HR NOSHADE COLOR="Black" SIZE="2">
        </div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Total
        BCE Operating Income</font></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">1,105</font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,078</font></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">2,116</font></strong></div></td>
      <td width="2%"><div align="left"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">
          2,059</font></div></td>
      <td width="2%"><div align="left"></div></td>
    </tr>
    <tr>
      <td colspan="9"> <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left">
          <HR NOSHADE COLOR="Black" SIZE="2">
        </div></td>
    </tr>
    <tr>
      <td><font size="2" face="Arial, Helvetica, sans-serif">Other Income</font></td>
      <td><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">24</font></strong></div></td>
      <td><div align="left"></div></td>
      <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></div></td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">60</font></strong></div></td>
      <td>&nbsp;</td>
      <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">47</font></div></td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td><font size="2" face="Arial, Helvetica, sans-serif">Interest Expense</font></td>
      <td><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">(253</font></strong></div></td>
      <td><div align="left"><strong><font size="2" face="Arial, Helvetica, sans-serif">)</font></strong></div></td>
      <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(289</font></div></td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">(505</font></strong></div></td>
      <td><strong><font size="2" face="Arial, Helvetica, sans-serif">)</font></strong></td>
      <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(569</font></div></td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    </tr>
    <tr>
      <td><font size="2" face="Arial, Helvetica, sans-serif">Income Taxes</font></td>
      <td><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">(293</font></strong></div></td>
      <td><div align="left"><strong><font size="2" face="Arial, Helvetica, sans-serif">)</font></strong></div></td>
      <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(268</font></div></td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">(555</font></strong></div></td>
      <td><strong><font size="2" face="Arial, Helvetica, sans-serif">)</font></strong></td>
      <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(506</font></div></td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    </tr>
    <tr>
      <td><font size="2" face="Arial, Helvetica, sans-serif">Non-controlling interest</font></td>
      <td><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">(39</font></strong></div></td>
      <td><div align="left"><strong><font size="2" face="Arial, Helvetica, sans-serif">)</font></strong></div></td>
      <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(57</font></div></td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">(87</font></strong></div></td>
      <td><strong><font size="2" face="Arial, Helvetica, sans-serif">)</font></strong></td>
      <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(99</font></div></td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    </tr>
    <tr>
      <td><font size="2" face="Arial, Helvetica, sans-serif">Discontinued operations</font></td>
      <td><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">27</font></strong></div></td>
      <td><div align="left"></div></td>
      <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">12</font></div></td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">30</font></strong></div></td>
      <td>&nbsp;</td>
      <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">19</font></div></td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td><font size="2" face="Arial, Helvetica, sans-serif">Dividends on preferred
        shares</font></td>
      <td><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">(17</font></strong></div></td>
      <td><div align="left"><strong><font size="2" face="Arial, Helvetica, sans-serif">)</font></strong></div></td>
      <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(17</font></div></td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">(35</font></strong></div></td>
      <td><strong><font size="2" face="Arial, Helvetica, sans-serif">)</font></strong></td>
      <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(32</font></div></td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    </tr>
    <tr>
      <td><font size="2" face="Arial, Helvetica, sans-serif">Premium on redemption
        of preferred shares</font></td>
      <td><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">-
          </font></strong></div></td>
      <td><div align="left"></div></td>
      <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">-</font></div></td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">
          -</font></strong></div></td>
      <td>&nbsp;</td>
      <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(7</font></div></td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    </tr>
    <tr>
      <td colspan="9"><HR NOSHADE COLOR="Black" SIZE="2"></td>
    </tr>
    <tr>
      <td><strong><font size="2" face="Arial, Helvetica, sans-serif">Net earnings
        applicable to common</font></strong></td>
      <td><div align="right"></div></td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"></font></div></td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><div align="right"></div></td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"></font></div></td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td><strong><font size="2" face="Arial, Helvetica, sans-serif">shares</font></strong></td>
      <td><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">554</font></strong></div></td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">461</font></div></td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">1,024</font></strong></div></td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">912</font></div></td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td colspan="9"><HR NOSHADE COLOR="Black" SIZE="2"></td>
    </tr>
    <tr>
      <td><font size="2" face="Arial, Helvetica, sans-serif"><strong>Net earnings
        per common shares</strong></font></td>
      <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><strong>0.60</strong></font></div></td>
      <td><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
      <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.50</font></div></td>
      <td><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
      <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><strong>1.11</strong></font></div></td>
      <td><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
      <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.00</font></div></td>
      <td><div align="right"><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></div></td>
    </tr>
    <tr>
      <td colspan="9"> <div align="justify"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left"></div>
        <div align="right"></div>
        <div align="left">
          <HR NOSHADE COLOR="Black" SIZE="2">
        </div></td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <table width="99%" border="0">
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Operating
          income increased by 2.5% mainly due to increased revenues and productivity
          gains. Operating income was negatively affected by higher operating
          expense and net benefit plans cost.</font></div></td>
    </tr>
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
        </font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Operating
          income for the Consumer segment grew 11%. The increased revenues combined
          with higher overall margins more than offset higher amortization expense
          and net benefit plans cost.</font> </div></td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <HR NOSHADE COLOR="Black" SIZE="2">
  <p>&nbsp;</p>
  <p align="center"><FONT size="2" FACE="Arial, Helvetica, sans-serif">&#150;8&#150;</FONT>
  </p>
  <p align="center">&nbsp;</p>
  <table width="99%" border="0">
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Operating
          Income for the Business segment increased by 14% due to lower operating
          expenses from increased productivity and the exit from non-profitable
          contracts within the Enterprise market, partially offset by the slight
          decrease in revenues and higher net benefits plans cost.</font></div></td>
    </tr>
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Aliant&#146;s
          operating income was negatively impacted by the $21 million one-time
          cost of their labor disruption. Additional costs were incurred in conjunction
          with revenue growth and pension-related items.</font></div></td>
    </tr>
    <tr>
      <td width="5%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Operating
          Income for the Other Bell Canada segment decreased by 4.2%.</font> </div></td>
    </tr>
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Earnings
          per share increased by $0.10 to $0.60 for the quarter, mainly from increased
          operating income, gains from investments and lower interest expense
          due to lower average debt levels compared to 2003.</font></div></td>
    </tr>
    <tr>
      <td valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
        </font></td>
      <td><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Not
          including one-time items, EPS increased by $0.05. One-time items included:
          an after-tax gain of $26 million from the sale of BCE Emergis in the
          second quarter, 2004; a net after-tax provision of $48 million relating
          to the construction of the Alberta SuperNet by Bell West; and after-tax
          income of $49 million on the successful settlement of our claims against
          MTS.</font></div></td>
    </tr>
  </table>
  <p align="left"><br>
    <font size="2" face="Arial, Helvetica, sans-serif"><b><i>Capital Efficiency/Cash
    Flow</i></b></font></p>
  <table width="99%" border="0">
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
        </font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">BCE&#146;s
          second quarter 2004 capital expenditures as a percentage of revenues
          (CAPEX intensity) were at a planned level of 17.3%, compared to the
          15.1% reported last year.</font> </div></td>
    </tr>
    <tr>
      <td width="5%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Bell&#146;s
          CAPEX intensity for the second quarter was 17.1%, compared to 16.0%
          in the second quarter of 2003.</font> </div></td>
    </tr>
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">The
          higher CAPEX spending related primarily to investment in strategic areas
          including the migration to an IP network, Bell&#146;s DSL footprint
          expansion, implementation of the VDSL strategy, and Telesat&#146;s satellite
          build program. There was reduced spending in legacy areas.</font></div></td>
    </tr>
    <tr>
      <td width="5%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">For
          the second quarter, 2004 cash from operating activities of $1.1 billion
          decreased by $263 million compared to last year.</font></div></td>
    </tr>
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
        </font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Free
          cash flow<sup>(8) </sup>(after capital expenditures and other investing
          activities) of $346 million for the second quarter, 2004 decreased by
          $222 million. This resulted from an anticipated temporary working capital
          impact associated with the introduction of the new wireless billing
          platform, and the higher capital spending.</font></div></td>
    </tr>
    <tr>
      <td width="5%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Overall
          net debt levels were reduced by $370 million since the beginning of
          the year.</font></div></td>
    </tr>
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">BCE&#146;s
          net debt to capitalization ratio improved to 42.8% at June 30, 2004
          from 44.0% at December 31, 2003. This reflected management&#146;s success
          in driving free cash flow generation.</font> </div></td>
    </tr>
  </table>
  <p align="left"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B><I><br>
    OUTLOOK</I></B></FONT></p>
</div>
<div align="justify">
  <p><font size="2" face="Arial, Helvetica, sans-serif">BCE confirmed its annual
    full year 2004 financial guidance of:</font></p>
  <table width="99%" border="0">
    <tr>
      <td width="5%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">revenue
          growth comparable to 2003 growth</font></div></td>
    </tr>
    <tr>
      <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">mid-to-high
          single-digit growth in earnings per share (before net investment gains/losses,
          impairment or restructuring charges)</font></div></td>
    </tr>
    <tr>
      <td width="5%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
        </font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">free
          cash flow after dividend payments<sup>(8) </sup>of approximately $1
          billion, mainly from recurring sources, and</font></div></td>
    </tr>
    <tr>
      <td width="5%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
        </font></td>
      <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Bell
          Canada capital intensity of 17% to 18%.</font></div></td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <HR NOSHADE COLOR="Black" SIZE="2">
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p align="center"><FONT size="2" FACE="Arial, Helvetica, sans-serif">&#150;9&#150;</FONT>
  </p>
</div>
<div align="justify"> </div>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>BELL
  CANADA STATUTORY RESULTS<br>
  </B></FONT><FONT size="1" FACE="Arial, Helvetica, sans-serif">Bell Canada &#147;statutory&#148;
  includes Bell Canada, and Bell Canada&#146;s interests in Aliant, Bell ExpressVu
  (at 52%), and other Canadian telcos.</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Bell Canada&#146;s
  reported statutory revenue was $4.2 billion in the second quarter of 2004, up
  1.0% compared to the same period last year. Net earnings applicable to common
  shares were $567 million in the second quarter of 2004, compared to $529 million
  for the same period last year.</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">On August
  1, 2004, Bell Canada transferred to BCE 12,256,282 common shares and 1,379,556
  Class A preference shares of Manitoba Telecom Services. BCE no longer considers
  its investment in MTS as strategic and, subject to any applicable regulatory
  approvals, intends to dispose of it.</FONT> </P>
<div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"> </font>
</div>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B><I>ABOUT
  BCE</I></B></FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Bell Canada
  Enterprises is Canada&#146;s largest communications company. Through its 26
  million customer connections, BCE provides the most comprehensive and innovative
  suite of communication services to residential and business customers in Canada.
  Under the Bell brand, the company&#146;s services include local, long distance
  and wireless phone services, high speed and wireless Internet access, IP-broadband
  services, value-added business solutions and direct-to-home satellite and VDSL
  television services. Other BCE businesses include Canada&#146;s premier media
  company, Bell Globemedia, and Telesat, a pioneer and world leader in satellite
  operations and systems management. BCE shares are listed in Canada, the United
  States and Europe.</FONT> </P>
<div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"> </font>
</div>
<P ALIGN="center"><FONT size="2" FACE="Arial, Helvetica, sans-serif">&#151; 30
  &#151;</FONT> </P>
<div align="justify"><u><br>
  <FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>BCE 2004 Second Quarter
  Financial Information:</B></FONT></u></div>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">BCE&#146;s
  2004 Second Quarter Shareholder Report (which contains BCE&#146;s 2004 second
  quarter MD&amp;A and unaudited consolidated financial statements) and other
  relevant financial materials are available at <u>www.bce.ca/en/investors</u>,
  under &#147;Investor Briefcase&#148;. BCE&#146;s 2004 Second Quarter Shareholder
  Report is also available on the Web sites maintained by the Canadian securities
  regulators at <u>www.sedar.com</u> and by the U.S. Securities and Exchange Commission
  at www.sec.gov. It is also available upon request from BCE&#146;s Investor Relations
  Department (e-mail: investor.relations@bce.ca, tel.: 1 800 339-6353; fax: (514)
  786-3970). </FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">BCE&#146;s
  2004 Second Quarter Shareholder Report will be sent to BCE&#146;s shareholders
  who have requested to receive it on or about August 9, 2004.</FONT> </P>
<div align="justify"> </div>
<P ALIGN="justify"><u><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>Call
  with Financial Analysts: </B></FONT></u></P>
<div align="justify">
  <p><font size="2" face="Arial, Helvetica, sans-serif">BCE will hold a teleconference/Webcast
    (audio only) for financial analysts to discuss its second quarter results
    on Wednesday, August 4, 2004 at 8:00 AM (Eastern). The media is welcome to
    participate on a listen only basis. Michael Sabia, President and Chief Executive</font></p>
  <p>&nbsp;</p>
  <HR NOSHADE COLOR="Black" SIZE="2">
  <p>&nbsp; </p>
</div>
<P ALIGN="center"><FONT size="2" FACE="Arial, Helvetica, sans-serif">&#150;10&#150;</FONT>
</P>
<div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"> </font>
</div>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Officer,
  Siim Vanaselja, Chief Financial Officer, and other senior executives of the
  company will be present for the teleconference.</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Interested
  participants are asked to dial (416) 405-9310 or 1 877 211-7911 between 7:50
  AM and 7:58 AM. If you are disconnected from the call, simply redial the number.
  If you need assistance during the teleconference, you can reach the operator
  by pressing &#147;0&quot;. This teleconference will also be Webcast live (audio
  only) on our Web site at <u>www.bce.ca</u>.</FONT> </P>
<div align="justify"> </div>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B><u>Call
  with the Media:</u></B></FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">BCE will
  hold a teleconference / Webcast (audio only) for media to discuss its second
  quarter results on <u>Wednesday, August 4, 2004 at 1:00 PM (Eastern)</u>. Michael
  Sabia will be present for this teleconference. </FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Interested
  participants are asked to dial 1 877 211-7911 between 12:50 PM and 12:58 PM.
  If you are disconnected from the call, simply redial the number. If you need
  assistance during the teleconference, you can reach the operator by pressing
  &#147;0&quot;. This teleconference will also be Webcast live (audio only) on
  our Web site at <u>www.bce.ca</u>.</FONT></P>
<div align="justify"> </div>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B><I>CAUTION
  CONCERNING FORWARD-LOOKING STATEMENTS<br>
  </I></B></FONT><FONT size="1" FACE="Arial, Helvetica, sans-serif">Certain statements
  made in this press release, including, but not limited to, the statements appearing
  under the &#147;Outlook&#148; section, and other statements that are not historical
  facts, are forward-looking and are subject to important risks, uncertainties
  and assumptions. The results or events predicted in these forward-looking statements
  may differ materially from actual results or events. These statements do not
  reflect the potential impact of any non-recurring items or of any dispositions,
  monetizations, mergers, acquisitions, other business combinations or other transactions
  that may be announced or that may occur after the date hereof. Other factors
  that could cause results or events to differ materially from current expectations
  include, among other things: our ability to implement our strategies and plans
  in order to produce the expected benefits and growth prospects, including meeting
  targets for revenue, earnings per share, free cash flow and capital intensity;
  our ability to complete on a timely basis, and the impact on our financial results
  of, the migration of our multiple service-specific networks to a single IP-based
  network; our ability to increase the number of customers who buy multiple products;
  our ability to implement the significant changes in processes, in how we approach
  our markets, and in products and services, required by our strategic direction;
  general economic and market conditions and the level of consumer confidence
  and spending, and the demand for, and prices of, our products and services;
  the intensity of competitive activity from both traditional and new competitors,
  Canadian or foreign, including cross-platform competition, which is anticipated
  to increase following the introduction of new technologies such as Voice over
  Internet Protocol (VoIP) which have reduced barriers to entry that existed in
  the industry, and its resulting impact on the ability to retain existing, and
  attract, new customers, and on pricing strategies and financial results; the
  outcome of the review by the Canadian government of the foreign ownership restrictions
  that apply to telecommunications carriers and to broadcasting distribution undertakings;
  the ability to improve productivity and contain capital intensity while maintaining
  quality of services; the ability to anticipate, and respond to, changes in technology,
  industry standards and client needs and migrate to and deploy new technologies,
  including VoIP, and offer new products and services rapidly and achieve market
  acceptance thereof; the availability and cost of capital required to implement
  our financing plans and fund capital and other expenditures; our ability to
  retain major customers; our ability to find suitable companies to acquire or
  to partner with; the impact of pending or future litigation and of adverse changes
  in laws or regulations, including tax laws, or of adverse regulatory initiatives
  or proceedings, including decisions by the CRTC affecting our ability to compete
  effectively; the risk of litigation should BCE stop funding a subsidiary or
  change the nature of its investment, or dispose of all or part of its interest,
  in a subsidiary; the risk of low returns on pension plan assets; our ability
  to manage effectively labor relations, negotiate satisfactory labor agreements,
  including new agreements replacing expired labor agreements, while avoiding
  work stoppages, and maintain service to customers and minimize disruptions during
  strikes and other work stoppages; events affecting the functionality of our
  networks or of the networks of other telecommunications carriers on which we
  rely to provide our services; launch and in-orbit risks, including the ability
  to obtain appropriate insurance coverage at favorable rates, concerning Telesat&#146;s
  satellites, certain of which are used by Bell ExpressVu to provide services;
  and stock market volatility.</FONT> </P>
<div align="justify">
  <p>&nbsp;</p>
  <HR NOSHADE COLOR="Black" SIZE="2">
  <p>&nbsp;</p>
  <p>&nbsp; </p>
</div>
<P ALIGN="center"><FONT size="2" FACE="Arial, Helvetica, sans-serif">&#150;11&#150;</FONT>
</P>
<div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"> </font>
</div>
<P ALIGN="justify"><FONT size="1" FACE="Arial, Helvetica, sans-serif">For a more
  complete description of the risks that could affect our business, please see
  BCE Inc.&#145;s 2004 First Quarter Shareholder Report dated May 4, 2004 as updated
  by BCE Inc.&#145;s 2004 Second Quarter Shareholder Report dated August 3, 2004,
  both filed by BCE Inc. with the Canadian securities commissions (available at
  <U>www.bce.ca </U>or on SEDAR at www.sedar.com) and with the U.S. Securities
  and Exchange Commission under Form 6-K (available on EDGAR at www.sec.gov).
  The forward-looking statements contained in this press release represent our
  expectations as of August 4, 2004 and, accordingly, are subject to change after
  such date. However, we disclaim any intention and assume no obligation to update
  any forward-looking statements, whether as a result of new information or otherwise.</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">For further
  information:</FONT> </P>
<div align="justify">
  <table width="99%" border="0">
    <tr>
      <td width="50%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif"><strong>France
        Poulin</strong> <br>
        Communications<br>
        (514) 786-8033<br>
        Web site: <u>www.bce.ca</u> <br>
        </font></td>
      <td width="50%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Sophie
        Argiriou</strong><br>
        Investor Relations<br>
        (514) 786-8145 </font></td>
    </tr>
  </table>
</div>
<div align="justify">
  <p>&nbsp;</p>
  <table width="99%" border="0">
    <tr>
      <td width="34%"><HR NOSHADE COLOR="Black" SIZE="1"></td>
      <td width="33%">&nbsp;</td>
      <td width="33%">&nbsp;</td>
    </tr>
  </table>
  <table width="99%" border="0">
    <tr>
      <td width="3%" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
      <td width="97%"><div align="justify"><font size="2" 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). It is therefore unlikely to be
          comparable to similar measures presented by other companies. EBITDA
          is presented on a consistent basis from period to period. We use EBITDA,
          among other measures, to assess the operating performance of our ongoing
          businesses without the effects of amortization expense, net benefit
          plans cost, and restructuring and other items. We exclude amortization
          expense and net benefit plans cost because they largely depend on the
          accounting methods and assumptions a company uses, as well as non-operating
          factors, such as the historical cost of capital assets and the fund
          performance of a company&#146;s pension plans. We exclude restructuring
          and other items because they are transitional in nature. EBITDA allows
          us to compare our operating performance on a consistent basis. We believe
          that certain investors and analysts use EBITDA to measure a company&#146;s
          ability to service debt and to meet other payment obligations, or as
          a common valuation measurement in the telecommunications industry. EBITDA
          should not be confused with net cash flows from operating activities.
          The most comparable Canadian GAAP financial measure is operating income.
          The table below is a reconciliation of BCE&#146;s and Bell Canada&#146;s
          EBITDA to operating income on a consolidated basis:</font></font></div></td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <table width="99%" border="0">
    <tr>
      <td><font size="2" face="Arial, Helvetica, sans-serif">BCE:</font></td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="9"> <HR NOSHADE COLOR="Black" SIZE="2"></td>
    </tr>
    <tr>
      <td width="60%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Q2
          2004</b></font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Q2
          2003</b></font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>YTD
          2004</b></font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>YTD
          2003</b></font></div></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="9"> <div align="right"></div>
        <div align="right"></div>
        <div align="right"></div>
        <div align="right">
          <HR NOSHADE COLOR="Black" SIZE="2">
        </div></td>
    </tr>
    <tr>
      <td width="60%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif"><b>EBITDA</b></font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>1,953
          </b></font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>1,895</b></font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>3,797
          </b></font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>3,668</b></font></div></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="60%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Amortization
        expense</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(769</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(774</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,536</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,524</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Net benefit
        plans cost</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(65</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(43</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(128</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(85</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Restructuring
        and other items</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(14</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">0
          </font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(17</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">0</font></div></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="9"> <div align="right">
          <HR NOSHADE COLOR="Black" SIZE="2">
        </div>
        <div align="right"></div>
        <div align="right"></div>
        <div align="right"></div></td>
    </tr>
    <tr>
      <td width="60%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif"><b>Operating
        income</b></font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>1,105</b></font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>1,078
          </b></font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2,116</b></font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>
          2,059</b></font></div></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="9"> <HR NOSHADE COLOR="Black" SIZE="2"></td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <table width="99%" border="0">
    <tr>
      <td><font size="2" face="Arial, Helvetica, sans-serif">Bell Canada: </font></td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="9"> <HR NOSHADE COLOR="Black" SIZE="2"></td>
    </tr>
    <tr>
      <td width="60%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Q2
          2004</b></font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Q2
          2003</font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>YTD
          2004</b></font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">YTD
          2003</font></div></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="9"> <div align="right">
          <HR NOSHADE COLOR="Black" SIZE="2">
        </div>
        <div align="right"></div>
        <div align="right"></div>
        <div align="right"></div></td>
    </tr>
    <tr>
      <td width="60%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif"><b>EBITDA</b></font></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">1,821</font></strong></div></td>
      <td width="2%"><div align="right"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,760</font></div></td>
      <td width="2%"><div align="right"></div></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">3,576</font></strong></div></td>
      <td width="2%"><div align="right"></div></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,453
          </font></div></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="60%">&nbsp;</td>
      <td colspan="8"> <div align="right">
          <HR NOSHADE COLOR="Black" SIZE="1">
        </div>
        <div align="right"></div>
        <div align="right"></div>
        <div align="right"></div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Amortization
        expense</font></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">(733</font></strong></div></td>
      <td width="2%"><strong><font size="2" face="Arial, Helvetica, sans-serif">)</font></strong></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(747</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">(1,465</font></strong></div></td>
      <td width="2%"><strong><font size="2" face="Arial, Helvetica, sans-serif">)</font></strong></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,470</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Net benefit
        plans cost</font></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">(58</font></strong></div></td>
      <td width="2%"><strong><font size="2" face="Arial, Helvetica, sans-serif">)</font></strong></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(45</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">(118</font></strong></div></td>
      <td width="2%"><strong><font size="2" face="Arial, Helvetica, sans-serif">)</font></strong></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(89</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Restructuring
        and other items</font></td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">(13</font></strong></div></td>
      <td width="2%"><strong><font size="2" face="Arial, Helvetica, sans-serif">)</font></strong></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">-</font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">(16</font></strong></div></td>
      <td width="2%"><strong><font size="2" face="Arial, Helvetica, sans-serif">)</font></strong></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">-</font></div></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="9"> <div align="right"></div>
        <div align="right"></div>
        <div align="right"></div>
        <div align="right">
          <HR NOSHADE COLOR="Black" SIZE="2">
        </div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif"><b>Operating
        income</b></font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>1,017</b></font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">968</font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>1,977</b></font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,894</font></div></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="9"> <HR NOSHADE COLOR="Black" SIZE="2"></td>
    </tr>
  </table>
  <p>&nbsp; </p>
  <table width="99%" border="0">
    <tr>
      <td width="3%" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">(2)</font></td>
      <td width="97%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">
          <font size="1">BCE&#146;s reporting structure is organized by the major
          customer segments it serves, and reflects how it classifies its operations
          for planning and measuring performance.</font></font></div></td>
    </tr>
  </table>
  <p>&nbsp; </p>
  <p>&nbsp; </p>
</div>
<HR NOSHADE COLOR="Black" SIZE="2">
<P ALIGN="justify"><font size="2" face="Arial, Helvetica, sans-serif"> </font>
  <font size="2" face="Arial, Helvetica, sans-serif"> </font> </P>
<div align="justify">
  <p align="center"><FONT size="2" FACE="Arial, Helvetica, sans-serif">&#150;12&#150;
    </FONT></p>
  <p>&nbsp;</p>
  <table width="99%" border="0">
    <tr>
      <td width="3%" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">(3)</font></td>
      <td width="97%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"><font size="1">The
          Consumer segment provides local telephone, long distance, wireless,
          Internet access, video and other services to Bell Canada&#146;s residential
          customers mainly in Ontario and Qu&eacute;bec. It includes Bell Canada&#146;s
          consumer wireline, wireless and Internet access business and Bell ExpressVu&#146;s
          video services.</font> </font></div></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Arial, Helvetica, sans-serif">(4)</font></td>
      <td><div align="justify"><font size="1" face="Arial, Helvetica, sans-serif">The
          Business segment provides local telephone, long distance, wireless,
          data and other services to Bell Canada&#146;s small and medium-sized
          businesses (SMB) and large enterprise customers in Ontario and Qu&eacute;bec
          as well as SMB and large enterprise customers in Western Canada through
          Bell West. </font></div></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Arial, Helvetica, sans-serif">(5)</font></td>
      <td><div align="justify"><font size="1" face="Arial, Helvetica, sans-serif">The
          Aliant segment provides local telephone, long distance, wireless, data,
          including Internet services and other services to residential and business
          customers in Atlantic Canada.</font></div></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Arial, Helvetica, sans-serif">(6)</font></td>
      <td><div align="justify"><font size="1" face="Arial, Helvetica, sans-serif">The
          Other Bell Canada segment includes Bell Canada&#146;s wholesale business,
          and the financial results of T&eacute;l&eacute;bec, Northern Telephone
          and Northwestel. T&eacute;l&eacute;bec, Northern Telephone and Northwestel
          provide telecommunications services to less-populated areas in Ontario,
          Qu&eacute;bec and Canada&#146;s northern territories.</font></div></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Arial, Helvetica, sans-serif">(7)</font></td>
      <td><div align="justify"><font size="1" face="Arial, Helvetica, sans-serif">The
          Other BCE segment includes the financial results of our media, satellite,
          and information technology activities as well as the costs incurred
          by our corporate office. This segment includes Bell Globemedia, Telesat,
          CGI, and our corporate office. </font></div></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Arial, Helvetica, sans-serif">(8)</font></td>
      <td><div align="justify"><font size="1" face="Arial, Helvetica, sans-serif">We
          define free cash flow as cash from operating activities after capital
          expenditures, total dividends and other investing activities. The term,
          free cash flow, does not have any standardized meaning prescribed by
          Canadian GAAP. It is therefore unlikely to be comparable to similar
          measures presented by other companies. Free cash flow is presented on
          a consistent basis from period to period. We consider free cash flow
          to be an important indicator of the financial strength and performance
          of our business because it shows how much cash is available to repay
          debt and to reinvest in our company. We believe that certain investors
          and analysts use free cash flow when valuing a business and its underlying
          assets. The most comparable Canadian GAAP financial measure is cash
          from operating activities. The following is a reconciliation of BCE&#146;s
          free cash flow to cash from operating activities on a consolidated basis:</font>
        </div></td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <table width="99%" border="0">
    <tr>
      <td colspan="9"> <div align="right"></div>
        <div align="right"></div>
        <div align="right"></div>
        <div align="right">
          <HR NOSHADE COLOR="Black" SIZE="2">
        </div></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Q2
          2004</b></font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Q2
          2003</b></font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>YTD
          2004</b></font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>YTD
          2003</b></font></div></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="9"> <div align="right">
          <HR NOSHADE COLOR="Black" SIZE="2">
        </div>
        <div align="right"></div>
        <div align="right"></div>
        <div align="right"></div></td>
    </tr>
    <tr>
      <td width="60%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Cash
        from operating activities</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,124</font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,387
          </font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,384
          </font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,552</font></div></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Capital
        expenditures</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(826</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(706</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,507</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,297</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Other
        investing activities</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">116</font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">
          (44</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">135
          </font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(86</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Preferred
        dividends</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(21</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(14</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(43</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(25</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Dividends
        paid by subsidiaries to </font></td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;non-controlling
        interest</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(47</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(55</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(89</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(99</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    </tr>
    <tr>
      <td colspan="9"> <div align="right"></div>
        <div align="right"></div>
        <div align="right"></div>
        <div align="right">
          <HR NOSHADE COLOR="Black" SIZE="2">
        </div></td>
    </tr>
    <tr>
      <td width="60%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif"><b>Free
        cash flow from operations, </b></font></td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;&nbsp;&nbsp;before
        common dividends</b></font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>346
          </b></font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>568
          </b></font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>880
          </b></font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>1,045
          </b></font></div></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="60%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Common
        dividends</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(277</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(254</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(554</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">(511</font></div></td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    </tr>
    <tr>
      <td colspan="9"> <div align="right"></div>
        <div align="right"></div>
        <div align="right"></div>
        <div align="right">
          <HR NOSHADE COLOR="Black" SIZE="2">
        </div></td>
    </tr>
    <tr>
      <td width="60%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif"><b>Free
        cash flow from operations, </b></font></td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"></div></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="60%"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;&nbsp;&nbsp;after
        common dividends</b></font></td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>69</b></font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>314</b></font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>326</b></font></div></td>
      <td width="2%">&nbsp;</td>
      <td width="8%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>534</b></font></div></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="9"> <div align="right"></div>
        <div align="right"></div>
        <div align="right"></div>
        <div align="right">
          <HR NOSHADE COLOR="Black" SIZE="2">
        </div></td>
    </tr>
  </table>
  <p><FONT size="1" FACE="Arial, Helvetica, sans-serif">For 2004, we expect to
    generate approximately $1 billion in free cash flow. This amount reflects
    expected cash from operating activities of approximately $5.5 billion less
    capital expenditures, total dividends and other investing activities.</FONT>
  </p>
  <p>&nbsp;</p>
  <HR NOSHADE COLOR="Black" SIZE="2">
  <p>&nbsp;</p>
  <p align="center"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B><font face="Arial, Helvetica, sans-serif">REPORT
    UNDER <br>
    SECTION 101 OF THE SECURITIES ACT (ONTARIO), <br>
    SECTION 111 OF THE SECURITIES ACT (BRITISH COLUMBIA), <br>
    SECTION 176 OF THE SECURITIES ACT (ALBERTA), <br>
    SECTION 110 OF THE SECURITIES ACT, 1988 (SASKATCHEWAN), <br>
    SECTION 92 OF THE SECURITIES ACT (MANITOBA), <br>
    SECTIONS 147.11 and 147.12 OF THE SECURITIES ACT (QUEBEC), <br>
    SECTION 107 OF THE SECURITIES ACT (NOVA SCOTIA), AND <br>
    SECTION 102 OF THE SECURITIES ACT (NEWFOUNDLAND AND LABRADOR) </font></B></FONT></FONT></p>
  <p align="left"><br>
    <br>
    <FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B><font face="Arial, Helvetica, sans-serif"><I>The
    following information is filed pursuant to the provisions listed above under
    applicable securities legislation: </I></font></B></FONT></FONT> </p>
  <table width="99%" border="0">
    <tr>
      <td width="20%"><div align="center"><em><font face="Times New Roman, Times, Serif"><font size="2"><b><font face="Arial, Helvetica, sans-serif">(a)</font></b></font></font></em></div></td>
      <td width="80%"><em><font face="Times New Roman, Times, Serif"><font size="2"><b><font face="Arial, Helvetica, sans-serif">
        the name and address of the offeror:</font></b></font></font> </em></td>
    </tr>
    <tr>
      <td width="20%"><div align="center"></div></td>
      <td width="80%">&nbsp;</td>
    </tr>
    <tr>
      <td width="20%"><div align="center"></div></td>
      <td width="80%"><font size="2" face="Arial, Helvetica, sans-serif">BCE Inc.
        <br>
        Bureau 3700 <br>
        1000, rue de la Gauchetiere Ouest <br>
        Montreal, Quebec H3B 4Y7</font></td>
    </tr>
    <tr>
      <td width="20%"><div align="center"></div></td>
      <td width="80%">&nbsp;</td>
    </tr>
    <tr>
      <td width="20%" valign="top"> <div align="center"><em><font size="2" face="Arial, Helvetica, sans-serif"><b>(b)</b></font></em></div></td>
      <td width="80%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"><b><em>
          the designation and number or principal amount of securities and the
          offeror&#146;s securityholding percentage in the class of securities
          of which the offeror acquired ownership or control in the transaction
          or occurrence giving rise to the obligation to file the report and whether
          it was ownership or control that was acquired in those circumstances;</em></b></font></div></td>
    </tr>
    <tr>
      <td width="20%"><div align="center"></div></td>
      <td width="80%">&nbsp;</td>
    </tr>
    <tr>
      <td width="20%"><div align="center"></div></td>
      <td width="80%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">On
          August 1, 2004, pursuant to internal intercorporate transactions, Bell
          Canada transferred to BCE Inc. (&#147;BCE&#148;) 12,256,282 common shares
          of Manitoba Telecom Services Inc. (&#147;MTS&#148;) and 1,379,556 Class
          A preference shares of MTS (such shares being collectively referred
          to as the &#147;MTS Shares&#148;) representing approximately 17.88%
          of the outstanding common shares and 100% of the outstanding Class A
          preference shares of MTS (based on 68,563,500 common shares outstanding)<SUP>(1)</SUP>.
          The Class A preference shares are convertible at any time into common
          shares on a one for one basis; assuming conversion, BCE would directly
          own 13,635,838 common shares representing approximately 19.50% of the
          then outstanding common shares (based on 69,943,056 common shares then
          outstanding).</font></div></td>
    </tr>
    <tr>
      <td width="20%"><div align="center"></div></td>
      <td width="80%">&nbsp;</td>
    </tr>
    <tr>
      <td width="20%" valign="top"> <div align="center"><em><font size="2" face="Arial, Helvetica, sans-serif"><b>(c)
          </b></font></em></div></td>
      <td width="80%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"><b><em>the
          designation and number or principal amount of securities and the offeror&#146;s
          securityholding percentage in the class of securities immediately after
          the transaction or occurrence giving rise to obligation to file the
          report;</em></b></font></div></td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <table width="99%" border="0">
    <tr>
      <td width="34%"><HR NOSHADE COLOR="Black" SIZE="1"></td>
      <td width="33%">&nbsp;</td>
      <td width="33%">&nbsp;</td>
    </tr>
  </table>
  <table width="99%" border="0">
    <tr>
      <td width="3%" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
      <td width="97%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">As
          at June 4, 2004 based on correspondence from MTS dated June 9, 2004.</font></div></td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <HR NOSHADE COLOR="Black" SIZE="2">
  <p>&nbsp; </p>
  <P ALIGN="center"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B> </B>&#151;
    2 &#151; </FONT></P>
  <P ALIGN="LEFT">&nbsp;</P>
  <table width="99%" border="0">
    <tr>
      <td width="16%">&nbsp;</td>
      <td colspan="2"><div align="justify">
          <p><font size="2" face="Arial, Helvetica, sans-serif">After giving effect
            to the foregoing transactions, BCE directly beneficially owns or controls
            12,256,282 common shares and 1,379,556 Class A preference shares of
            MTS, representing approximately 17.88% of the outstanding common shares
            and 100% of the outstanding Class A preference shares of MTS (based
            on 68,563,500 common shares outstanding)<SUP>(2)</SUP>. The Class
            A preference shares are convertible at any time into common shares
            on a one for one basis; assuming conversion, BCE would directly own
            13,635,838 common shares representing approximately 19.50% of the
            then outstanding common shares (based on 69,943,056 common shares
            then outstanding). </font></p>
          <p><font size="2" face="Arial, Helvetica, sans-serif">After giving effect
            to the foregoing transactions, Bell Canada no longer beneficially
            owns or controls any MTS Shares.</font></p>
        </div></td>
    </tr>
    <tr>
      <td width="16%">&nbsp;</td>
      <td colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="16%" align="center" valign="top"><em><font size="2" face="Arial, Helvetica, sans-serif"><b>(d)
        </b></font></em></td>
      <td colspan="2"><div align="justify"><em><font size="2" face="Arial, Helvetica, sans-serif"><b>the
          designation and number or principal amount of securities and the percentage
          of outstanding securities of the class of securities referred to in
          paragraph (c) over which: </b></font></em></div></td>
    </tr>
    <tr>
      <td width="16%">&nbsp;</td>
      <td colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="16%">&nbsp;</td>
      <td width="6%" valign="top"><em><font size="2" face="Arial, Helvetica, sans-serif"><b>(i)
        </b></font></em></td>
      <td width="78%"><em><font size="2" face="Arial, Helvetica, sans-serif"><b>the
        offeror, either alone or together with any joint actors, has ownership
        and control;</b></font></em></td>
    </tr>
    <tr>
      <td width="16%">&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="16%">&nbsp;</td>
      <td>&nbsp;</td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">The MTS Shares identified
        in paragraph (c) are owned and controlled directly by BCE.</font></td>
    </tr>
    <tr>
      <td width="16%">&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="16%">&nbsp;</td>
      <td valign="top"><font size="2" face="Arial, Helvetica, sans-serif"><b><i>(ii)</i></b></font></td>
      <td><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"><b><i>the
          offeror, either alone or together with any joint actors, has ownership
          but control is held by other persons or companies other than the offeror
          or any joint actor; and</i></b></font></div></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td><font size="2" face="Arial, Helvetica, sans-serif"><b><i> </i></b>N/A
        </font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td valign="top"><font size="2" face="Arial, Helvetica, sans-serif"><b><i>(iii)</i></b></font></td>
      <td><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"><b><i>
          the offeror, either alone or together with any joint actors, has exclusive
          or shared control but does not have ownership; </i></b></font></div></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">N/A</font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td align="center" valign="top"><em><font size="2" face="Arial, Helvetica, sans-serif">
        <b>(e) </b></font></em></td>
      <td colspan="2"><div align="justify"><em><font size="2" face="Arial, Helvetica, sans-serif"><b>the
          name of the market in which the transaction or occurrence that gave
          rise to this report took place: </b></font></em></div></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">The acquisition took
        place pursuant to private intercorporate transactions. </font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif"><b><em>(f)
        </em> </b></font></td>
      <td colspan="2"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"><b><em>the
          purpose of the offeror and any joint actors in effecting the transaction
          or occurrence that gave rise to this report, including any future intention
          to acquire ownership of, or control over, additional securities of the
          reporting issuer;</em></b></font></div></td>
    </tr>
  </table>
  <P ALIGN="LEFT">&nbsp;</P>
  <P ALIGN="LEFT">&nbsp;</P>
  <P ALIGN="LEFT">&nbsp;</P>
  <table width="99%" border="0">
    <tr>
      <td width="34%"><HR NOSHADE COLOR="Black" SIZE="1"></td>
      <td width="33%">&nbsp;</td>
      <td width="33%">&nbsp;</td>
    </tr>
  </table>
  <table width="99%" border="0">
    <tr>
      <td width="3%" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">(2)</font></td>
      <td width="97%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"><i>Ibid</i>.</font></div></td>
    </tr>
  </table>
  <P ALIGN="LEFT">&nbsp;</P>
  <P ALIGN="LEFT">&nbsp;</P>
  <HR NOSHADE COLOR="Black" SIZE="2">
  <P ALIGN="LEFT">&nbsp;</P>
  <P ALIGN="center"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B></B>&#151;
    3 &#151; </FONT></P>
  <P ALIGN="LEFT">&nbsp;</P>
  <table width="99%" border="0">
    <tr>
      <td width="20%">&nbsp;</td>
      <td width="80%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">The
          purpose of the intercorporate transactions was to ensure that any gains
          realized on the sale of the MTS Shares will be sheltered by available
          capital loss carryforwards at BCE. Subject to any applicable regulatory
          approvals, BCE intends to dispose of the MTS Shares in one or more transactions.</font></div></td>
    </tr>
    <tr>
      <td width="20%">&nbsp;</td>
      <td width="80%">&nbsp;</td>
    </tr>
    <tr>
      <td width="20%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif"><b><em>(g)</em></b></font></td>
      <td width="80%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"><b><em>
          the general nature and the material terms of any agreement, other than
          lending arrangements, with respect to securities of the reporting issuer
          entered into by the offeror, or any joint actor, and the issuer of the
          securities or any other entity in connection with the transaction or
          occurrence giving rise to this report, including agreements with respect
          to the acquisition, holding, disposition or voting of any of the securities;</em></b></font></div></td>
    </tr>
    <tr>
      <td width="20%">&nbsp;</td>
      <td width="80%">&nbsp;</td>
    </tr>
    <tr>
      <td width="20%">&nbsp;</td>
      <td width="80%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Pursuant
          to a settlement agreement dated June 30, 2004 between BCE and MTS, BCE
          has agreed to waive its right to vote the MTS Shares and has agreed
          to convert the Class A preference shares into common shares. BCE has
          agreed, subject to any applicable regulatory approvals, to dispose of
          the MTS Shares in one or more transactions.</font></div></td>
    </tr>
    <tr>
      <td width="20%">&nbsp;</td>
      <td width="80%">&nbsp;</td>
    </tr>
    <tr>
      <td width="20%" align="center" valign="top"><em><font size="2" face="Arial, Helvetica, sans-serif"><b>(h)
        </b></font></em></td>
      <td width="80%"><em><font size="2" face="Arial, Helvetica, sans-serif"><b>the
        names of any joint actors in connection with the disclosure required by
        this report; </b></font></em></td>
    </tr>
    <tr>
      <td width="20%">&nbsp;</td>
      <td width="80%">&nbsp;</td>
    </tr>
    <tr>
      <td width="20%">&nbsp;</td>
      <td width="80%"><font size="2" face="Arial, Helvetica, sans-serif">N/A</font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td align="center" valign="top"><em><font size="2" face="Arial, Helvetica, sans-serif"><b>(i)</b></font></em></td>
      <td><div align="justify"><em><font size="2" face="Arial, Helvetica, sans-serif"><b>
          in the case of a transaction or occurrence that did not take place on
          a stock exchange or other market that represents a published market
          for the securities, including an issuance from treasury, the nature
          and value of the consideration paid by the offeror; and </b></font></em></div></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">BCE
          acquired the MTS Shares in a vertical short-form amalgamation involving
          subsidiary corporations, which had acquired the MTS Shares through a
          series of intercorporate, tax-deferred transactions in which fair market
          value consideration consisting of shares was given.</font></div></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td align="center" valign="top"><em><font size="2" face="Arial, Helvetica, sans-serif"><b>(j)</b></font></em></td>
      <td><div align="justify"><em><font size="2" face="Arial, Helvetica, sans-serif"><b>
          if applicable, a description of any change in any material fact set
          out in a previous report by the entity under the early warning requirements
          in respect of the reporting issuer&#146;s securities.</b></font></em></div></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">On
          February 2, 1999, Bell Canada filed an early warning report with respect
          to its acquisition of the MTS Shares. After giving effect to the intercorporate
          transactions described herein, Bell Canada no longer beneficially owns
          or controls any MTS Shares.</font></div></td>
    </tr>
  </table>
  <P ALIGN="LEFT">&nbsp;</P>
  <P ALIGN="LEFT">&nbsp;</P>
  <HR NOSHADE COLOR="Black" SIZE="2">
  <P ALIGN="LEFT">&nbsp;</P>
  <P ALIGN="center"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B> </B>&#151;
    4 &#151; </FONT></P>
  <P ALIGN="LEFT">&nbsp;</P>
  <table width="99%" border="0">
    <tr>
      <td width="38%"><font size="2" face="Arial, Helvetica, sans-serif">DATED
        this 3rd day of August, 2004.</font></td>
      <td width="7%">&nbsp;</td>
      <td colspan="2">&nbsp;</td>
      <td colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="38%">&nbsp;</td>
      <td width="7%">&nbsp;</td>
      <td colspan="2">&nbsp;</td>
      <td colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="38%">&nbsp;</td>
      <td width="7%">&nbsp;</td>
      <td colspan="2">&nbsp;</td>
      <td colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="38%">&nbsp;</td>
      <td width="7%">&nbsp;</td>
      <td colspan="2"><font size="2" face="Arial, Helvetica, sans-serif"><b>BCE
        INC. </b></font></td>
      <td colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="38%">&nbsp;</td>
      <td width="7%">&nbsp;</td>
      <td colspan="2">&nbsp;</td>
      <td colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="38%">&nbsp;</td>
      <td width="7%">&nbsp;</td>
      <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">by</font></td>
      <td colspan="3"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;(signed)
        Martine Turcotte</font></td>
    </tr>
    <tr>
      <td width="38%">&nbsp;</td>
      <td width="7%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td colspan="2"><HR NOSHADE COLOR="Black" SIZE="1"></td>
      <td width="18%">&nbsp;</td>
    </tr>
    <tr>
      <td width="38%">&nbsp;</td>
      <td width="7%">&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="3"><font size="2" face="Arial, Helvetica, sans-serif">Name:
        Martine Turcotte</font></td>
    </tr>
    <tr>
      <td width="38%">&nbsp;</td>
      <td width="7%">&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="3"><font size="2" face="Arial, Helvetica, sans-serif">Title:
        Chief Legal Officer</font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="2">&nbsp;</td>
      <td colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="2">&nbsp;</td>
      <td colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="2"><font size="2" face="Arial, Helvetica, sans-serif"><b>BELL
        CANADA</b></font></td>
      <td colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="2">&nbsp;</td>
      <td colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td><font size="2" face="Arial, Helvetica, sans-serif">by</font></td>
      <td colspan="3"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;(signed)
        Martine Turcotte</font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="2"><HR NOSHADE COLOR="Black" SIZE="1"></td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="3"><font size="2" face="Arial, Helvetica, sans-serif">Name:
        Martine Turcotte</font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="3"><font size="2" face="Arial, Helvetica, sans-serif">Title:
        Chief Legal Officer</font></td>
    </tr>
  </table>
  <P ALIGN="LEFT">&nbsp;</P>
  <P ALIGN="LEFT">&nbsp;</P>
  <P ALIGN="LEFT">&nbsp;</P>
  <P ALIGN="LEFT">&nbsp;</P>
  <P ALIGN="LEFT">&nbsp;</P>
  <P ALIGN="LEFT">&nbsp;</P>
  <P ALIGN="LEFT">&nbsp;</P>
  <P ALIGN="LEFT">&nbsp;</P>
  <HR NOSHADE COLOR="Black" SIZE="2">
  <p>&nbsp;</p>
  <P ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="3"><B><font size="2" face="Arial, Helvetica, sans-serif">SIGNATURE</font></B></FONT></FONT></P>
  <font size="2" face="Arial, Helvetica, sans-serif"> </font>
  <p>&nbsp;</p>
  <P ALIGN="LEFT"><FONT size="2" FACE="Arial, Helvetica, sans-serif">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></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 size="2" FACE="Arial, Helvetica, sans-serif"><b>BCE
        Inc. </b></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="2" 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:
        August 4, 2004</font></td>
      <td width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><br>
        <br>
        <br>
        </font></td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <HR NOSHADE COLOR="Black" SIZE="2">
  <hr width="100%" size=4 color=GRAY noshade>
  <p>&nbsp; </p>
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`
end

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