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<SEC-DOCUMENT>0000718940-05-000043.txt : 20051104
<SEC-HEADER>0000718940-05-000043.hdr.sgml : 20051104
<ACCEPTANCE-DATETIME>20051104141900
ACCESSION NUMBER:		0000718940-05-000043
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20051104
FILED AS OF DATE:		20051104
DATE AS OF CHANGE:		20051104

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:		051179710

	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>5TH & 6TH SUPPL. TRUST INDENTURE
<TEXT>
<HTML>
<HEAD>
<TITLE>AutoCoded Document</TITLE>
</HEAD>
<BODY>
<div align="center">
  <HR style="MARGIN-TOP: -2px" align=center width="100%" color=#000000 noShade
SIZE=4>
  <HR style="MARGIN-TOP: -10px" align=center width="100%" color=#000000 noShade
SIZE=1>
  <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>November 2005</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) 870-8777<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 style="MARGIN-TOP: -2px" align=center width="100%" color=#000000 noShade
SIZE=1>
  <HR style="MARGIN-TOP: -10px" align=center width="100%" color=#000000 noShade
SIZE=4>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p><font size="3" face="Arial, Helvetica, sans-serif"><strong>Dated as of October
    30, 2002</strong></font><font face="Arial, Helvetica, sans-serif"> </font></p>
</div>
<font face="Arial, Helvetica, sans-serif">
<P ALIGN="CENTER">&nbsp;</P>
</font>
<HR NOSHADE COLOR="Black" SIZE="2">
<font face="Arial, Helvetica, sans-serif">
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER"><FONT SIZE="2"><font size="3"><strong>BCE INC.</strong></font></FONT></P>
</font>
<p>&nbsp;</p>
<p>&nbsp;</p>
<font face="Arial, Helvetica, sans-serif"><font size="2">
<P ALIGN="CENTER"><strong><font size="3">and</font></strong></P>
</font></font>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p align="center"><strong><font size="3" face="Arial, Helvetica, sans-serif">COMPUTERSHARE
  TRUST COMPANY OF CANADA<br>
  <I>Trustee</I></font></strong></p>
<p align="center">&nbsp;</p>
<p align="center">&nbsp;</p>
<p align="center">&nbsp;</p>
<font face="Arial, Helvetica, sans-serif"><font size="2">
<P ALIGN="CENTER"><strong><font size="3">FIFTH SUPPLEMENTAL TRUST INDENTURE<br>
  PROVIDING FOR THE ISSUE OF<br>
  $300,000,000 of 6.20% Series A Notes Due October 30, 2006 <br>
  $1,050,000,000 of 6.75% Series B Notes Due October 30, 2007 <br>
  $650,000,000 of 7.35% Series C Notes Due October 30, 2009</font></strong></P>
</font></font>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><font face="Arial, Helvetica, sans-serif"><font size="2"> </font></font></p>
<HR NOSHADE COLOR="Black" SIZE="2">
<p>&nbsp;</p>
<p>&nbsp;</p>
<P ALIGN="LEFT"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>THIS FIFTH
  SUPPLEMENTAL TRUST INDENTURE</B> made at the City of Montreal in the Province
  of Qu&eacute;bec as of the 30th day of October, 2002.</FONT> </P>
<P ALIGN="LEFT">&nbsp;</P>
<table width="99%" border="0">
  <tr>
    <td width="40%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif"><strong>BETWEEN:</strong></font></td>
    <td width="60%" valign="top">
<div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"><strong>BCE
        INC.</strong>, a corporation incorporated under the laws of Canada (hereinafter
        referred to as the "<strong>Corporation</strong>")</font></div></td>
  </tr>
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="60%" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="60%" valign="top"><div align="right"><font face="Arial, Helvetica, sans-serif"><font size="2">OF
        THE FIRST PART</font></font></div></td>
  </tr>
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="60%" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="40%" valign="top"><font face="Arial, Helvetica, sans-serif"><font size="2"><strong>AND:</strong></font></font></td>
    <td width="60%" valign="top"><div align="justify"><font face="Arial, Helvetica, sans-serif"><font size="2"><strong>COMPUTERSHARE
        TRUST COMPANY OF CANADA</strong>, a trust company incorporated under the
        laws of Canada (hereinafter referred to as the "<strong>Trustee</strong>")
        </font></font></div></td>
  </tr>
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="60%" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="60%" valign="top"><div align="right"><font face="Arial, Helvetica, sans-serif"><font size="2">OF
        THE SECOND PART</font></font></div></td>
  </tr>
</table>
<P ALIGN="LEFT">&nbsp;</P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>WHEREAS</B>
  by Trust Indenture (hereinafter referred to as the &#147;<B>1997 Original Trust
  Indenture</B>&#148;) dated as of November 4, 1997, executed by the Corporation
  in favour of Montreal Trust Company, as original trustee, provision was made
  for the issue by the Corporation from time to time of Debt Securities of the
  Corporation without limit as to aggregate principal amount;</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>AND WHEREAS</B>
  by Trust Indenture dated as of November 4, 1997 supplemental to the 1997 Original
  Trust Indenture (the &#147;<B>First Supplemental Trust Indenture</B>&#148;)
  and executed by the Corporation in favour of Montreal Trust Company, provision
  was made for the issue by the Corporation from time to time of a series of Debt
  Securities of the Corporation known and designated as Medium Term Notes in an
  unlimited aggregate principal amount;</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>AND WHEREAS</B>
  the 1997 Original Trust Indenture was amended by the First Supplemental Trust
  Indenture, a Second Supplemental Trust Indenture dated as of October 28,1999,
  a Third Supplemental Trust Indenture dated as of May 1, 2000 and a Fourth Supplemental
  Trust Indenture dated as of January 31, 2002 (the 1997 Original Trust Indenture
  as amended by the First, Second, Third and Fourth Supplemental Trust Indentures
  being hereinafter collectively referred to as the &#147;<B>Trust Indenture</B>&#148;);</FONT>
</P>
<font size="2" face="Arial, Helvetica, sans-serif"><strong>AND WHEREAS</strong>
the Corporation is not in default under the Trust Indenture;</font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>AND WHEREAS
  </B>pursuant to the provisions of the Trust Indenture and, in particular, Section
  3.02 thereof, the Board of Directors has authorized the creation and issue of
  additional Debt Securities thereunder upon the terms set forth in this Fifth
  Supplemental Trust Indenture;</FONT> </P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>AND WHEREAS
  </B>all things necessary have been done and performed to authorize the execution
  of this Fifth Supplemental Trust Indenture, to make the same effective and binding
  upon the Corporation and to make the additional Debt Securities when certified
  by the Trustee and issued as provided in this Fifth Supplemental Trust Indenture
  valid, binding and legal obligations of the Corporation with the benefits and
  subject to the terms of the Trust Indenture and this Fifth Supplemental Trust
  Indenture; </FONT></P>
<P ALIGN="justify">&nbsp;</P>
<p>&nbsp;</p>
<HR NOSHADE COLOR="Black" SIZE="2">
<p>&nbsp;</p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><font size="2"><font face="Arial, Helvetica, sans-serif"><font size="2"><FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font>2<FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font></p>
<p align="justify"><font size="2" face="Arial, Helvetica, sans-serif"><b>AND WHEREAS</b>
  the foregoing recitals are made as representations and statements of fact by
  the Corporation and not by the Trustee.</font> </p>
<p align="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>NOW THEREFORE
  THIS FIFTH SUPPLEMENTAL TRUST INDENTURE WITNESSETH </B>and it is hereby covenanted,
  agreed and declared as follows:</FONT> </p>
<font size="2" face="Arial, Helvetica, sans-serif"> <br>
</font><font face="Arial, Helvetica, sans-serif">
<P ALIGN="CENTER"><FONT SIZE="2"><B>ARTICLE I</B></FONT></P>
<font size="2">
<P ALIGN="CENTER"><B>INTERPRETATION</B></P>
</font></font>
<table width="99%" border="0">
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      1.01</b></font></font></td>
    <td width="85%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>
      Definition</b></font></font></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%"><font size="2" face="Arial, Helvetica, sans-serif">In this
      Fifth Supplemental Trust Indenture, unless there is something inconsistent
      in the subject matter or context</font>:</td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(a)</font></td>
    <td width="85%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">&#147;<b>Approved
        Rating</b>&#148; means, for a Note, a rating at or above the following
        rating categories issued by a Rating Agency for long term debt or a rating
        category that replaces such a category: A (low) from Dominion Bond Rating
        Services Limited (&#147;<b>DBRS</b>&#148;), A- from Standard &amp; Poor&#146;s,
        a division of The McGraw-Hill Companies, Me. (&#147;<b>S&amp;P</b>&#148;)
        and A3 from Moody&#146;s Investors Service, Inc. <b>(&#147;Moody&#146;s&#148;)</b>;</font></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(b)</font></td>
    <td width="85%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">&#147;<b>Bell
        Canada Disposition Transaction</b>&#148; shall be deemed to have occurred
        upon the Corporation disposing of voting shares of Bell Canada (or equity
        securities of a subsidiary, partnership or other entity holding voting
        shares of Bell Canada) in such a number as to hold, directly or indirectly,
        voting shares representing less than 75% of the total voting rights attaching
        to all outstanding voting shares of Bell Canada; for the purposes hereof,
        (i) such a transaction shall be deemed to have occurred upon the transfer
        of title to the relevant voting shares of Bell Canada, or as applicable,
        the relevant equity securities of a subsidiary, partnership or other entity,
        and (ii) the Corporation shall be deemed to hold that percentage of voting
        shares of Bell Canada equal to the aggregate of A) the percentage of voting
        shares of Bell Canada held directly by the Corporation, and B) the aggregate
        percentage(s) of equity securities held by the Corporation in one or more
        subsidiaries, partnerships or other entities that hold voting shares of
        Bell Canada multiplied by the percentage of voting shares of Bell Canada
        held by such subsidiaries, partnerships or other entities; for greater
        certainty, equity securities shall exclude preferred shares, debt securities
        and equivalent securities;</font></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(c)
      </font></td>
    <td width="85%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">&#147;<b>Bell
        Canada Indenture</b>&#148; means the Trust Indenture dated as of November
        28, 1997 between Bell Canada and CIBC Mellon Trust Company, as subsequently
        amended;</font></div></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><font size="2">
<P ALIGN="LEFT">&nbsp;</P>
<P ALIGN="LEFT">&nbsp;</P>
</font></font>
<HR NOSHADE COLOR="Black" SIZE="2">
<font face="Arial, Helvetica, sans-serif"><font size="2">
<P ALIGN="LEFT">&nbsp; </P>
</font></font>
<P ALIGN="center"><font face="Arial, Helvetica, sans-serif"><font size="2"><font face="Arial, Helvetica, sans-serif"><font size="2"><FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font><FONT size="2" FACE="Arial, Helvetica, sans-serif">3-</FONT></font></font></P>
<table width="99%" border="0">
  <tr>
    <td width="15%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(d)</font></td>
    <td width="85%" valign="top">
<div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">&#147;<b>Business
        Day</b>&#148; means any day other than a Saturday, Sunday or other day
        on which the principal commercial banks in Toronto, Ontario or Montreal,
        Qu&eacute;bec are not open for business during normal business hours;
        </font></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(e)</font></td>
    <td width="85%"><font size="2" face="Arial, Helvetica, sans-serif">&#147;<b>Canada
      Yield Price</b>&#148; shall have the meaning ascribed thereto at Section
      7.01;</font></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(f)
      </font></td>
    <td width="85%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">&#147;<b>Corporation
        Request</b>&#148; and &#147;<b>Corporation Order</b>&#148; means, respectively,
        a written request or order executed and delivered to the Trustee by the
        Designated Officers;</font></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(g)</font></td>
    <td width="85%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">&#147;<b>Designated
        Officers</b>&#148; means one of the officers of the Corporation holding
        the title of: President and Chief Executive Officer or Executive Vice-President,
        acting jointly with one of the officers of the Corporation holding the
        title of: Chief Financial Officer or Senior Vice-President and Corporate
        Treasurer, or, in the event of any change in the description of the-titles
        of President and Chief Executive Officer, Executive Vice-President, Chief
        Financial Officer or Senior Vice-President and Corporate Treasurer, an
        officer of the Corporation holding a substantially similar position, or
        such individual or individuals as are authorized by the Board of Directors
        from time to time after the date hereof (any one of such Designated Officers
        acting individually being referred to herein as a &#147;<b>Designated
        Officer&#148;</b>);</font></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(h)</font></td>
    <td width="85%"><font size="2" face="Arial, Helvetica, sans-serif">&#147;<b>Government
      of Canada Yield</b>&#148; shall have the meaning ascribed thereto at Section
      7.01;</font></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(i)</font></td>
    <td width="85%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">&#147;<b>Notes</b>&#148;
        means, collectively, the Series A Notes, the Series B Notes and the Series
        C Notes or any one of such series when the context so requires; </font></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(j)</font></td>
    <td width="85%"><font size="2" face="Arial, Helvetica, sans-serif">&#147;<b>Offer
      Pric</b>e&#148; means 100% of the face value of the Notes in respect of
      which an offer to purchase the Notes pursuant to Sections 3.03, 4.03 or
      5.03 hereof has been accepted;</font></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(k)</font></td>
    <td width="85%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">&#147;<b>Offer
        Trigger Date</b>&#148; means the later of (a) the completion of a Bell
        Canada Disposition Transaction, and (b) the last day of the Rating Period;
        </font></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(l)</font></td>
    <td width="85%"><font size="2" face="Arial, Helvetica, sans-serif">&#147;<b>Purchase
      Date</b>&#148; means the 30th Business Day following the Offer Trigger Date;
      </font></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(m)</font></td>
    <td width="85%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">&#147;<b>Rating
        Agencies</b>&#148; means each of DBRS, Moody&#146;s and S&amp;P or any
        of their successors. If any one of the Rating Agencies, or its successor,
        ceases to exist or to issue ratings in respect of the Notes, then &#147;Rating
        Agency&#148; shall be deemed to exclude from such time such Rating Agency
        or successor; </font></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(n)</font></td>
    <td width="85%"><p align="justify"><font size="2" face="Arial, Helvetica, sans-serif">&#147;<b>Rating
        Period</b>&#148; means the 60 day period following the date on which the
        Corporation has made public disclosure by press release of the entering
        into of an agreement to complete a Bell Canada Disposition Transaction;
        provided, however, that in the event that any Note is on credit watch
        by any of the Rating Agencies for any part of such 60 day period, the
        Rating Period shall be extended by the number of days the credit watch
        is in effect;</font></p>
      </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 face="Arial, Helvetica, sans-serif"><font face="Arial, Helvetica, sans-serif"><font size="2"><font face="Arial, Helvetica, sans-serif"><font size="2"><font size="2" face="Arial, Helvetica, sans-serif">-</font></font></font>4<font size="2" face="Arial, Helvetica, sans-serif">-</font></font></font></font></P>
<table width="99%" border="0">
  <tr>
    <td width="15%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(o)
      </font></td>
    <td width="85%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">&#147;<b>Series
        A Notes</b>&#148; means the $300,000,000 aggregate principal amount of
        6.20% Notes, Series A, Due October 30, 2006 referred to in Section 3.01
        hereof; </font></div></td>
  </tr>
  <tr>
    <td width="15%" align="center" valign="top">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(p)</font></td>
    <td width="85%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">&#147;<b>Series
        B Notes</b>&#148; means the $1,050,000,000 aggregate principal amount
        of 6.75% Notes, Series B, Due October 30, 2007 referred to in Section
        4.01 hereof;</font></div></td>
  </tr>
  <tr>
    <td width="15%" align="center" valign="top">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(q)</font></td>
    <td width="85%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">&#147;<b>Series
        C Notes</b>&#148; means the $650,000,000 aggregate principal amount of
        7.35% Notes, Series C, Due October 30, 2009 referred to in Section 5.01
        hereof;</font></div></td>
  </tr>
  <tr>
    <td width="15%" align="center" valign="top">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(r)</font></td>
    <td width="85%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">&#147;<b>this
        Fifth Supplemental Trust Indenture</b>&#148;, &#147;<b>this indenture</b>&#148;,
        &#147;<b>herein</b>&#148;, &#147;<b>hereby</b>&#148;, &#147;<b>hereof</b>&#148;,
        &#147;<b>hereunder</b>&#148;, and similar expressions mean or refer to
        this Fifth Supplemental Trust Indenture; and the expression &#147;<b>Article</b>&#148;
        and &#147;<b>Section</b>&#148; followed by a number refer to the specified
        Article or Section of this Fifth Supplemental Trust Indenture.</font></div></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif"><b>Section
      1.02</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b> Incorporation of
      Certain Definitions</b></font></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" align="center" valign="top"><p align="justify"><font size="2" face="Arial, Helvetica, sans-serif">All
        terms used in this Fifth Supplemental Trust Indenture which are defined
        in the Trust Indenture shall have the meaning ascribed to these terms
        in the Trust Indenture unless otherwise defined in this Fifth Supplemental
        Trust Indenture or unless the context otherwise specifies or requires.</font>
      </p></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      1.03 </b></font></font></td>
    <td><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Effect of
      Headings</b></font></font></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" align="center" valign="top"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">The
        headings of all Articles and Sections are inserted for convenience of
        reference only and shall not affect the construction or interpretation
        of this Fifth Supplemental Trust Indenture.</font> </div></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      1.04</b></font></font></td>
    <td><font face="Arial, Helvetica, sans-serif"><font size="2"><b> Law Applicable</b></font></font></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" align="center" valign="top"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">This
        Fifth Supplemental Trust Indenture shall be constructed in accordance
        with and governed by the laws of the Province of Qu&eacute;bec and the
        laws of Canada applicable therein.</font> </div></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" align="center" valign="top"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>ARTICLE
      II</b></font></font></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" align="center" valign="top"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>AMENDMENTS
      TO 1997 ORIGINAL TRUST INDENTURE</b></font></font></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      2.01</b></font></font></td>
    <td><font face="Arial, Helvetica, sans-serif"><font size="2">
      <p align="LEFT"><b> Trusts</b></p>
      </font></font> </td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left">
    <td colspan="2" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">The
      1997 Original Trust Indenture is hereby amended by deleting therefrom Section
      1.13 and replacing it by the following:</font></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><strong>Section 1.13
      Trusts Created Within the Meaning of the <em>Civil Code of Quebec</em>.</strong></font></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Notwithstanding
        the references herein, in any supplemental indenture or in any Note to
        this Indenture as a &#147;Trust Indenture&#148; or to Computershare Trust
        Company of Canada as a &#147;Trustee&#148; or to it acting as Trustee,
        and</font></div></td>
  </tr>
</table>
<P ALIGN="LEFT"><font face="Arial, Helvetica, sans-serif"></font></P>
<p>&nbsp;</p>
<p>&nbsp;</p>
<HR NOSHADE COLOR="Black" SIZE="2">
<p>&nbsp;</p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><font size="2"><font face="Arial, Helvetica, sans-serif"><font size="2"><FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font>5<FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font></p>
<table width="99%" border="0">
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="85%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">notwithstanding
        anything set forth herein, no trust within the meaning of Chapter II of
        Title Six of Book Four of the <i>Civil Code of Qu&eacute;bec </i>is intended
        to be or is created or constituted hereby and such provisions are not
        intended to, and shall not apply to this Indenture or any supplemental
        indenture. In addition, the provisions of Title Seven of Book Four of
        the <i>Civil Code of Qu&eacute;bec, </i>to the extent in any way inconsistent
        with the provisions of this Indenture or any supplemental indenture, are
        not intended to, and shall not apply to any administration by the Trustee
        or the Corporation hereunder.</font></div></td>
  </tr>
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      2.02</b></font></font></td>
    <td width="85%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>
      Bell Canada Default</b></font></font></td>
  </tr>
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><font face="Arial, Helvetica, sans-serif"><font size="2">Section
      5.01 of the 1997 Original Trust Indenture is hereby amended by adding thereto,
      the following paragraph:</font></font></td>
  </tr>
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="85%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">(6)
        for so long as the Corporation holds, directly or indirectly, more than
        50% of the total voting rights attaching to all outstanding voting shares
        of Bell Canada, if at any time any payment or payments as to principal
        under one or more evidences of indebtedness of Bell Canada (computed on
        a non-consolidated basis) for borrowed money in excess in the aggregate
        of 5% of the aggregate principal amount of all outstanding indebtedness
        for borrowed money of Bell Canada is or are not made at maturity (or by
        the expiry of any applicable grace period as originally provided); or
        any such principal amount or amounts, as the case may be, become(s) due
        and payable prior to its (their) stated maturity by reason of default
        and such acceleration or accelerations shall not have been stayed or annulled
        prior to the date on which written notice of such default shall first
        have been received by the Corporation from the Trustee or by the Corporation
        and the Trustee from the Holders of not less than 25% in aggregate principal
        amount of Outstanding Debt Securities.</font> </div></td>
  </tr>
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      2.03</b></font></font></td>
    <td width="85%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>
      Consolidation, Merger, Conveyance or Transfer</b></font></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><div align="justify"><font face="Arial, Helvetica, sans-serif"><font size="2">Section
        7.01 of the 1997 Original Trust Indenture is hereby amended by deleting
        therefrom the last paragraph and replacing it by the following:</font></font></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">The
        above covenant shall not prevent or in any way restrict any combination
        or consolidation of the Corporation with one or more of its direct or
        indirect wholly-owned subsidiaries by any method whatsoever, including
        without limitation by way of amalgamation, winding-up, merger, transfer
        of assets or plan of arrangement, and no consent of any Securityholder
        shall be required in respect of such transaction. In the event of any
        such combination or consolidation of the Corporation and Bell Canada,
        the amount of &#147;5% of Common Shareholders&#146; Equity&#148; set forth
        in Subsection 10.05(2) shall be replaced with a new percentage of Common
        Shareholders&#146; Equity determined as follows: (i) the aggregate principal
        amount of Debt, expressed in dollars, which may be secured by Mortgages
        of the Corporation pursuant to Subsection 10.05(2) as determined on the</font></div></td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp; </p>
<HR NOSHADE COLOR="Black" SIZE="2">
<P ALIGN="LEFT">&nbsp;</P>
<P ALIGN="center"><font face="Arial, Helvetica, sans-serif"><font size="2"><font face="Arial, Helvetica, sans-serif"><font size="2"><FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font>6<FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font></P>
<table width="99%" border="0">
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">completion
        date of such combination or consolidation transaction shall be added to
        (ii) the aggregate principal amount of Debt (as such term is defined in
        the Bell Canada Indenture), expressed in dollars, which may be secured
        by Mortgages (as such term is defined in the Bell Canada Indenture) pursuant
        to Section 10.06 of the Bell Canada Indenture as determined on the completion
        date of such combination or consolidation transaction, and (iii) the amount
        resulting from the addition of (i) and (ii) above shall be expressed as
        a percentage of the Common Shareholders&#146; Equity as determined on
        the completion date of the combination or consolidation transaction and
        such percentage shall replace the mention of 5% in Subsection 10.05(2).</font></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><div align="center"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>ARTICLE
        III</b></font></font></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><div align="center"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>ISSUE
        OF SERIES A NOTES</b></font></font></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      3.01</b></font></font></td>
    <td width="85%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>
      Limit of Issue and Designation</b></font></font></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">A
        series of Debt Securities is hereby created and authorized to be issued
        pursuant to the Trust Indenture consisting of and limited to $300,000,000
        principal amount in lawful money of Canada and hereby designated &#147;6.20%
        Notes, Series A, Due October 30,2006&quot;.</font></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      3.02</b></font></font></td>
    <td width="85%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>
      Terms of Series A Notes</b></font></font></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><font face="Arial, Helvetica, sans-serif"><font size="2">The
      Series A Notes: </font></font></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" align="center"><font size="2" face="Arial, Helvetica, sans-serif">(a)</font></td>
    <td width="85%"><font size="2" face="Arial, Helvetica, sans-serif"> shall
      be issued as fully registered notes only in denominations of any multiple
      of $1,000; </font> </td>
  </tr>
  <tr>
    <td width="15%" align="center">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" align="center"><font size="2" face="Arial, Helvetica, sans-serif">(b)
      </font></td>
    <td width="85%"><font size="2" face="Arial, Helvetica, sans-serif">shall be
      dated October 30, 2002; </font></td>
  </tr>
  <tr>
    <td width="15%" align="center">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" align="center"><font size="2" face="Arial, Helvetica, sans-serif">(c)
      </font></td>
    <td width="85%"><font size="2" face="Arial, Helvetica, sans-serif">shall be
      payable in lawful money of Canada on October 30, 2006; </font> </td>
  </tr>
  <tr>
    <td width="15%" align="center">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(d)</font></td>
    <td width="85%" valign="top">
<div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">
        shall bear interest payable in like money at the rate of 6.20% per annum
        payable semi-annually</font> <font size="2" face="Arial, Helvetica, sans-serif">in
        arrears on April 30 and October 30 of each year commencing April 30, 2003;
        </font></div></td>
  </tr>
  <tr>
    <td width="15%" align="center" valign="top">&nbsp;</td>
    <td width="85%" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(e)
      </font></td>
    <td width="85%" valign="top">
<div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">shall
        rank <i>pari passu </i>in right of payment with all existing and future
        unsecured and</font> <font size="2" face="Arial, Helvetica, sans-serif">unsubordinated
        obligations of the Corporation; and</font></div></td>
  </tr>
  <tr>
    <td width="15%" align="center">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" align="center"><font size="2" face="Arial, Helvetica, sans-serif">(f)
      </font></td>
    <td width="85%"><font size="2" face="Arial, Helvetica, sans-serif"> shall
      bear such distinguishing letters and numbers as the Trustee shall approve.
      </font></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      3.03</b></font></font></td>
    <td width="85%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>
      Ownership of Bell Canada</b></font></font></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">In
        the event the Corporation completes a Bell Canada Disposition Transaction,
        unless the Series A Notes have an Approved Rating from each of the Rating
        Agencies on each day of the Rating Period, the Corporation shall have
        the obligation to make, within five Business Days following</font></div></td>
  </tr>
</table>
<P ALIGN="LEFT">&nbsp;</P>
<P ALIGN="LEFT"><font face="Arial, Helvetica, sans-serif"> </font></P>
<font face="Arial, Helvetica, sans-serif"> </font>
<HR NOSHADE COLOR="Black" SIZE="2">
<P ALIGN="left">&nbsp;</P>
<div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-7</font><font size="2" face="Arial, Helvetica, sans-serif">-</font>
</div>
<P ALIGN="left">&nbsp;</P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"> the Offer
  Trigger Date, an offer to purchase on the Purchase Date all of the Series A
  Notes at the Offer Price together with accrued and unpaid interest up to, but
  excluding, the Purchase Date.</FONT> </P>
<P ALIGN="LEFT"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Within five
  Business Days of the Offer Trigger Date, the Corporation shall mail a notice
  to each Holder of Series A Notes and to the Trustee, or shall cause the Trustee
  to mail a notice to each Holder of Series A Notes, stating:</FONT> </P>
<table width="99%" border="0">
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(i)</font></td>
    <td width="75%"><font size="2" face="Arial, Helvetica, sans-serif"> that a
      Bell Canada Disposition Transaction has occurred and that an offer is being
      made pursuant to this Section 3.03, and that all Series A Notes that are
      duly tendered will be accepted for payment; </font></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(ii)</font></td>
    <td width="75%"><font size="2" face="Arial, Helvetica, sans-serif"> the Offer
      Price and the Purchase Date;</font> </td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(iii)</font></td>
    <td width="75%"><font size="2" face="Arial, Helvetica, sans-serif"> that any
      Series A Note not tendered will continue to accrue interest;</font> </td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(iv)</font></td>
    <td width="75%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">
        that any Series A Note accepted for payment pursuant to the offer will
        cease to accrue interest from and after the Purchase Date; </font></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(v)</font></td>
    <td width="75%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">
        that any Holder electing to have a Series A Note repurchased pursuant
        to an offer made in accordance with this Section 3.03 will be required
        to surrender the Note duly endorsed for transfer, along with a written
        acceptance of the offer, at the address specified in the notice not less
        than seven Business Days prior to the Purchase Date; </font></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(vi)</font></td>
    <td width="75%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">
        that any Holder will be entitled to withdraw such election if the Trustee
        receives, not later than the close of business on the third Business Day
        preceding the Purchase Date, a facsimile transmission or letter setting
        forth the name of the Holder, the principal amount of Series A Notes the
        Holder delivered for repurchase and a statement that such Holder is withdrawing
        the Holder&#146;s election to have such Series A Notes repurchased;</font></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(vii)</font></td>
    <td width="75%"><font size="2" face="Arial, Helvetica, sans-serif"> that any
      Holder that elects to have its Series A Notes repurchased must specify the
      principal amount that is being tendered for repurchase, which principal
      amount must be an integral multiple of $1,000; and</font> </td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(viii)</font></td>
    <td width="75%"><font size="2" face="Arial, Helvetica, sans-serif"> any other
      information necessary to enable Holders to tender the Series A Notes and
      to have such Notes repurchased pursuant to this Section 3.03.</font> </td>
  </tr>
</table>
<p align="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">On the Purchase
  Date the Corporation shall (i) accept for payment any Series A Note duly tendered
  pursuant to the offer, (ii) deposit before 11:30am on the Purchase Date with
  the Trustee money sufficient to pay the Offer Price of any Series A Note so
  tendered, and (iii) deliver to the Trustee each Series A Note so accepted together
  with an Officers&#146; Certificate that states the aggregate principal amount
  of Series A Notes tendered to the Corporation. The Trustee shall promptly mail
  to each Holder of Series A Notes so accepted payment in an amount equal to the
  Offer Price therefor. The Corporation shall publicly announce by press release
  the results of the offer made pursuant to this Section 3.03 on or as soon as
  practicable after the Purchase Date. </FONT></p>
<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 face="Arial, Helvetica, sans-serif"><font size="2"><font face="Arial, Helvetica, sans-serif"><font size="2"><FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font>8<FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font></p>
<p align="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Notwithstanding
  the foregoing, if any Series A Note accepted for payment shall not be so paid
  pursuant to the provisions of this Section 3.03, then, from the Purchase Date
  until the principal of, and interest on, such Series A Note is paid, interest
  shall be paid on the unpaid principal and, to the extent permitted by law, on
  any accrued but unpaid interest thereon, in each case at the rate prescribed
  therefor by such Series A Note.</FONT> </p>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Upon surrender
  of a Series A Note that is tendered in part, the Corporation shall issue and
  the Trustee shall authenticate a new Series A Note equal in principal amount
  to the untendered portion of the surrendered Series A Note.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Corporation
  shall comply with any applicable tender offer rules and any other legal requirements
  in the event that an offer is made under the circumstances described in this
  Section 3.03.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">In the event
  the Corporation fails to make an offer as and when required pursuant to this
  Section 3.03, then such failure shall be deemed to constitute an Event of Default
  under the Trust Indenture and, notwithstanding any provision of the Trust Indenture,
  no waiver of such Event of Default shall be effective with respect to the Series
  A Notes unless approved by the Holders of all the outstanding Series A Notes.</FONT>
</P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Subject
  to Section 10.05 of the Trust Indenture, the Corporation (and its subsidiaries
  and controlled partnerships or other entities) shall have the right to grant
  security interests on, or otherwise encumber, the shares of Bell Canada (and
  the securities of any subsidiary, partnership or entity that holds shares of
  Bell Canada) held by them, directly or indirectly, including voting shares,
  and no Bell Canada Disposition Transaction shall be deemed to occur unless and
  until an actual transfer of voting shares of Bell Canada (or an actual transfer
  of equity securities of such subsidiaries, partnerships or other entities) is
  effected in connection with a realization on such security interests or other
  encumbrances in such a percentage as to constitute a Bell Canada Disposition
  Transaction.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Nothing
  in the provisions of this Section 3.03 shall prevent or in any way restrict
  any combination of the Corporation with any of its direct or indirect wholly-owned
  subsidiaries by any method whatsoever, including without limitation by way of
  amalgamation, winding-up, merger, transfer of assets or plan of arrangement,
  and no consent of any Securityholder shall be required in respect of such transaction.</FONT>
</P>
<table width="99%" border="0">
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      3.04</b></font></font></td>
    <td width="85%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>
      Issue of Series A Notes</b></font></font></td>
  </tr>
</table>
<p align="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Series A
  Notes in the aggregate principal amount of $300,000,000 in definitive form may
  forthwith be executed by the Corporation and certified by or on behalf of the
  Trustee and delivered by the Trustee upon receipt of a Corporation Request,
  without the Trustee receiving any consideration therefor.</FONT> </p>
<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 face="Arial, Helvetica, sans-serif"><font size="2"><font face="Arial, Helvetica, sans-serif"><font size="2"><FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font>9<FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font></p>
<table width="99%" border="0">
  <tr>
    <td colspan="3"><font face="Arial, Helvetica, sans-serif">
      <p align="CENTER"><font size="2"><b>ARTICLE IV</b></font></p>
      </font></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><div align="center"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>ISSUE
        OF SERIES B NOTES</b></font></font></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      4.01</b></font></font></td>
    <td colspan="2"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>
      Limit of Issue and Designation</b></font></font></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">A
        series of Debt Securities is hereby created and authorized to be issued
        pursuant to the Trust Indenture consisting of and limited to $1,050,000,000
        principal amount in lawful money of Canada and hereby designated &#147;6.75%
        Notes, Series B, Due October 30, 2007&quot;.</font> </div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      4.02</b></font></font></td>
    <td colspan="2"><font face="Arial, Helvetica, sans-serif">
      <p align="LEFT"><font size="2"><b> Terms of Series B Notes</b></font></p>
      </font></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><font face="Arial, Helvetica, sans-serif"><font size="2">The
      Series B Notes: </font></font></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" valign="top"> <div align="center"><font face="Arial, Helvetica, sans-serif"><font size="2">(a)</font></font></div></td>
    <td colspan="2"><font face="Arial, Helvetica, sans-serif"><font size="2">
      shall be issued as fully registered notes only in denominations of any multiple
      of $1,000; </font></font></td>
  </tr>
  <tr>
    <td width="15%" valign="top"> <div align="center"></div></td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" valign="top"> <div align="center"><font face="Arial, Helvetica, sans-serif"><font size="2">(b)
        </font></font></div></td>
    <td colspan="2"><font face="Arial, Helvetica, sans-serif"><font size="2">shall
      be dated October 30, 2002; </font></font></td>
  </tr>
  <tr>
    <td width="15%" valign="top"> <div align="center"></div></td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" valign="top"> <div align="center"><font face="Arial, Helvetica, sans-serif"><font size="2">(c)</font></font></div></td>
    <td colspan="2"><font face="Arial, Helvetica, sans-serif"><font size="2">
      shall be payable in lawful money of Canada on October 30, 2007; </font></font></td>
  </tr>
  <tr>
    <td width="15%" valign="top"> <div align="center"></div></td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" valign="top"> <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(d)</font></div></td>
    <td colspan="2"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">
        shall bear interest payable in like money at the rate of 6.75% per annum
        payable semi-annually in arrears on April 30 and October 30 of each year
        commencing April 30, 2003; </font></div></td>
  </tr>
  <tr>
    <td width="15%" valign="top"> <div align="center"></div></td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" valign="top"> <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(e)
        </font></div></td>
    <td colspan="2"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">shall
        rank <i>pari passu </i>in right of payment with all existing and future
        unsecured and unsubordinated obligations of the Corporation; and </font>
      </div></td>
  </tr>
  <tr>
    <td width="15%" valign="top"> <div align="center"></div></td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" valign="top"> <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(f)
        </font></div></td>
    <td colspan="2"><font size="2" face="Arial, Helvetica, sans-serif">shall bear
      such distinguishing letters and numbers as the Trustee shall approve.</font>
    </td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      4.03</b></font></font></td>
    <td colspan="2"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>
      Ownership of Bell Canada</b></font></font></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">In
        the event the Corporation completes a Bell Canada Disposition Transaction,
        unless the Series B Notes have an Approved Rating from each of the Rating
        Agencies on each day of the Rating Period, the Corporation shall have
        the obligation to make, within five Business Days following the Offer
        Trigger Date, an offer to purchase on the Purchase Date all of the Series
        B Notes at the Offer Price together with accrued and unpaid interest up
        to, but excluding, the Purchase Date.</font> </div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Within
        five Business Days of the Offer Trigger Date, the Corporation shall mail
        a notice to each Holder of Series B Notes and to the Trustee, or shall
        cause the Trustee to mail a notice to each Holder of Series B Notes, stating:</font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(i)</font></td>
    <td><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">
        that a Bell Canada Disposition Transaction has occurred and that an offer
        is being made pursuant to this Section 4.03, and that all Series B Notes
        that are duly tendered will be accepted for payment; </font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(ii)
      </font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">the Offer Price and
      the Purchase Date;</font> </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 face="Arial, Helvetica, sans-serif"><font size="2"><font face="Arial, Helvetica, sans-serif"><font size="2"><FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font>10<FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font><font size="2" face="Arial, Helvetica, sans-serif">
  </font> </p>
<table width="99%" border="0">
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(iii)</font></td>
    <td width="75%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">
        that any Series B Note not tendered will continue to accrue interest;</font>
      </div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top">&nbsp;</td>
    <td width="75%"><div align="justify"></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(iv)</font></td>
    <td width="75%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">
        that any Series B Note accepted for payment pursuant to the offer will
        cease to accrue interest from and after the Purchase Date; </font></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top">&nbsp;</td>
    <td width="75%"><div align="justify"></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(v)</font></td>
    <td width="75%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">
        that any Holder electing to have a Series B Note repurchased pursuant
        to an offer made in accordance with this Section 4.03 will be required
        to surrender the Note duly endorsed for transfer, along with a written
        acceptance of the offer, at the address specified in the notice not less
        than seven Business Days prior to the Purchase Date;</font></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top">&nbsp;</td>
    <td width="75%"><div align="justify"></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(vi)</font></td>
    <td width="75%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">
        that any Holder will be entitled to withdraw such election if the Trustee
        receives, not later than the close of business on the third Business Day
        preceding the Purchase Date, a facsimile transmission or letter setting
        forth the name of the Holder, the principal amount of Series B Notes the
        Holder delivered for repurchase and a statement that such Holder is withdrawing
        the Holder&#146;s election to have such Series B Notes repurchased;</font></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top">&nbsp;</td>
    <td width="75%"><div align="justify"></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(vii)
      </font></td>
    <td width="75%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">that
        any Holder that elects to have its Series B Notes repurchased must specify
        the principal amount that is being tendered for repurchase, which principal
        amount must be an integral multiple of $1,000; and</font></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top">&nbsp;</td>
    <td width="75%"><div align="justify"></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(viii)</font></td>
    <td width="75%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">
        any other information necessary to enable Holders to tender the Series
        B Notes and to have such Notes repurchased pursuant to this Section 4.03.</font></div></td>
  </tr>
</table>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">On the Purchase
  Date the Corporation shall (i) accept for payment any Series B Note duly tendered
  pursuant to the offer, (ii) deposit before 11:30am on the Purchase Date with
  the Trustee money sufficient to pay the Offer Price of any Series B Note so
  tendered, and (iii) deliver to the Trustee each Series B Note so accepted together
  with an Officers&#146; Certificate that states the aggregate principal amount
  of Series B Notes tendered to the Corporation. The Trustee shall promptly mail
  to each Holder of Series B Notes so accepted payment in an amount equal to the
  Offer Price therefor. The Corporation shall publicly announce by press release
  the results of the offer made pursuant to this Section 4.03 on or as soon as
  practicable after the Purchase Date.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Notwithstanding
  the foregoing, if any Series B Note accepted for payment shall not be so paid
  pursuant to the provisions of this Section 4.03, then, from the Purchase Date
  until the principal of, and interest on, such Series B Note is paid, interest
  shall be paid on the unpaid principal and, to the extent permitted by law, on
  any accrued but unpaid interest thereon, in each case at the rate prescribed
  therefor by such Series B Note.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Upon surrender
  of a Series B Note that is tendered in part, the Corporation shall issue and
  the Trustee shall authenticate a new Series B Note equal in principal amount
  to the untendered portion of the surrendered Series B Note. </FONT></P>
<p>&nbsp;</p>
<p>&nbsp;</p>
<HR NOSHADE COLOR="Black" SIZE="2">
<p>&nbsp;</p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><font size="2"><font face="Arial, Helvetica, sans-serif"><font size="2"><FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font>11<FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font>
</p>
<P ALIGN="justify"><font size="2" face="Arial, Helvetica, sans-serif">The Corporation
  shall comply with any applicable tender offer rules and any other legal requirements
  in the event that an offer is made under the circumstances described in this
  Section 4.03.</font> </P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">In the event
  the Corporation fails to make an offer, as and when required pursuant to this
  Section 4.03, then such failure shall be deemed to constitute an Event of Default
  under the Trust Indenture and, notwithstanding any provision of the Trust Indenture,
  no waiver of such Event of Default shall be effective with respect to the Series
  B Notes unless approved by the Holders of all the outstanding Series B Notes.</FONT>
</P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Subject
  to Section 10.05 of the Trust Indenture, the Corporation (and its subsidiaries
  and controlled partnerships or other entities) shall have the right to grant
  security interests on, or otherwise encumber, the shares of Bell Canada (and
  the securities of any subsidiary, partnership or entity that holds shares of
  Bell Canada) held by them, directly or indirectly, including voting shares,
  and no Bell Canada Disposition Transaction shall be deemed to occur unless and
  until an actual transfer of voting shares of Bell Canada (or an actual transfer
  of equity securities of such subsidiaries, partnerships or other entities) is
  effected in connection with a realization on such security interests or other
  encumbrances in such a percentage as to constitute a Bell Canada Disposition
  Transaction.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Nothing
  in the provisions of this Section 4.03 shall prevent or in any way restrict
  any combination of the Corporation with any of its direct or indirect wholly-owned
  subsidiaries by any method whatsoever, including without limitation by way of
  amalgamation, winding-up, merger, transfer of assets or plan of arrangement,
  and no consent of any Securityholder shall be required in respect of such transaction.</FONT>
</P>
<table width="99%" border="0">
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      4.04 </b></font></font></td>
    <td width="85%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Issue
      of Series B Notes</b></font></font></td>
  </tr>
</table>
<p align="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Series B
  Notes in the aggregate principal amount of $1,050,000,000 in definitive form
  may forthwith be executed by the Corporation and certified by or on behalf of
  the Trustee and delivered by the Trustee upon receipt of a Corporation Request,
  without the Trustee receiving any consideration therefor.</FONT> </p>
<font size="2" face="Arial, Helvetica, sans-serif"> </font><font face="Arial, Helvetica, sans-serif">
<P ALIGN="CENTER"><FONT SIZE="2"><B>ARTICLE V</B></FONT></P>
<font size="2">
<P ALIGN="CENTER"><B>ISSUE OF SERIES C NOTES</B></P>
</font></font>
<table width="99%" border="0">
  <tr>
    <td width="15%"> <h5><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
        5.01</b></font></font></h5></td>
    <td width="85%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>
      Limit of Issue and Designation</b></font></font></td>
  </tr>
</table>
<p align="justify"><font size="2" face="Arial, Helvetica, sans-serif">A series
  of Debt Securities is hereby created and authorized to be issued pursuant to
  the Trust Indenture consisting of and limited to $650,000,000 principal amount
  in lawful money of Canada and hereby designated &#147;7.35% Notes, Series C,
  Due October 30, 2009&quot;.</font></p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<HR NOSHADE COLOR="Black" SIZE="2">
<p>&nbsp;</p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><font size="2"><font face="Arial, Helvetica, sans-serif"><font size="2"><FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font>12<FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font></p>
<font face="Arial, Helvetica, sans-serif"><font size="2"> </font></font>
<table width="99%" border="0">
  <tr>
    <td width="15%"><font size="2" face="Arial, Helvetica, sans-serif"><b>Section
      5.02</b></font></td>
    <td colspan="2"><font size="2" face="Arial, Helvetica, sans-serif"><b> Terms
      of Series C Notes</b></font> </td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><font size="2" face="Arial, Helvetica, sans-serif">The Series
      C Notes:</font></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(a)</font></div></td>
    <td colspan="2"><font size="2" face="Arial, Helvetica, sans-serif"> shall
      be issued as fully registered notes only in denominations of any multiple
      of $1,000; </font></td>
  </tr>
  <tr>
    <td width="15%"><div align="center"></div></td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(b)</font></div></td>
    <td colspan="2"><font size="2" face="Arial, Helvetica, sans-serif"> shall
      be dated October 30, 2002; </font></td>
  </tr>
  <tr>
    <td width="15%"><div align="center"></div></td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(c)</font></div></td>
    <td colspan="2"><font size="2" face="Arial, Helvetica, sans-serif"> shall
      be payable in lawful money of Canada on October 30, 2009;</font></td>
  </tr>
  <tr>
    <td width="15%"><div align="center"></div></td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(d)</font></div></td>
    <td colspan="2"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">
        shall bear interest payable in like money at the rate of 7.35% per annum
        payable semi-annually in arrears on April 30 and October 30 of each year
        commencing April 30, 2003; </font></div></td>
  </tr>
  <tr>
    <td width="15%"><div align="center"></div></td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(e)
        </font></div></td>
    <td colspan="2"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">shall
        rank <i>pari passu </i>in right of payment with all existing and future
        unsecured and unsubordinated obligations of the Corporation; and </font>
      </div></td>
  </tr>
  <tr>
    <td width="15%"><div align="center"></div></td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(f)
        </font></div></td>
    <td colspan="2"><font size="2" face="Arial, Helvetica, sans-serif">shall bear
      such distinguishing letters and numbers as the Trustee shall approve.</font>
    </td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      5.03</b></font></font></td>
    <td colspan="2"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>
      Ownership of Bell Canada</b></font></font></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">In
        the event the Corporation completes a Bell Canada Disposition Transaction,
        unless the Series C Notes have an Approved Rating from each of the Rating
        Agencies on each day of the Rating Period, the Corporation shall have
        the obligation to make, within five Business Days following the Offer
        Trigger Date, an offer to purchase on the Purchase Date all of the Series
        C Notes at the Offer Price together with accrued and unpaid interest up
        to, but excluding, the Purchase Date.</font> </div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><font size="2" face="Arial, Helvetica, sans-serif">Within
      five Business Days of the Offer Trigger Date, the Corporation shall mail
      a notice to each Holder of Series C Notes and to the Trustee, or shall cause
      the Trustee to mail a notice to each Holder of Series C Notes, stating:</font>
    </td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" valign="top">
<div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(i)
        </font></div></td>
    <td width="75%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">that
        a Bell Canada Disposition Transaction has occurred and that an offer is
        being made pursuant to this Section 5.03, and that all Series C Notes
        that are duly tendered will be accepted for payment; </font></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" valign="top">
<div align="center"></div></td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" valign="top">
<div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(ii)
        </font></div></td>
    <td width="75%"><font size="2" face="Arial, Helvetica, sans-serif">the Offer
      Price and the Purchase Date;</font> </td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" valign="top">
<div align="center"></div></td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" valign="top">
<div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(iii)
        </font></div></td>
    <td width="75%"><font size="2" face="Arial, Helvetica, sans-serif">that any
      Series C Note not tendered will continue to accrue interest;</font> </td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" valign="top">
<div align="center"></div></td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" valign="top">
<div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(iv)</font></div></td>
    <td width="75%"><p align="justify"><font size="2" face="Arial, Helvetica, sans-serif">
        that any Series C Note accepted for payment pursuant to the offer will
        cease to accrue interest from and after the Purchase Date;</font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">
<div align="center"></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">
<div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(v)</font></div></td>
    <td><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">
        that any Holder electing to have a Series C Note repurchased pursuant
        to an offer made in accordance with this Section 5.03 will be required
        to surrender the Note duly endorsed for transfer, along with a written
        acceptance of the offer, at the address specified in the notice not less
        than seven Business Days prior to the Purchase Date;</font></div></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><font size="2">
<P ALIGN="LEFT">&nbsp; </P>
</font></font>
<P ALIGN="LEFT">&nbsp;</P>
<HR NOSHADE COLOR="Black" SIZE="2">
<P ALIGN="LEFT">&nbsp;</P>
<P ALIGN="center"><font face="Arial, Helvetica, sans-serif"><font size="2"><font face="Arial, Helvetica, sans-serif"><font size="2"><FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font><FONT size="2" FACE="Arial, Helvetica, sans-serif">13-</FONT></font></font>
</P>
<table width="99%" border="0">
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(vi)</font></td>
    <td width="75%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">
        that any Holder will be entitled to withdraw such election if the Trustee
        receives, not later than the close of business on the third Business Day
        preceding the Purchase Date, a facsimile transmission or letter setting
        forth the name of the Holder, the principal amount of Series C Notes the
        Holder delivered for repurchase and a statement that such Holder is withdrawing
        the Holder&#146;s election to have such Series C Notes repurchased;</font>
      </div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top">&nbsp;</td>
    <td width="75%"><div align="justify"></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(vii)</font></td>
    <td width="75%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">
        that any Holder that elects to have its Series C Notes repurchased must
        specify the principal amount that is being tendered for repurchase, which
        principal amount must be an integral multiple of $1,000; and</font> </div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top">&nbsp;</td>
    <td width="75%"><div align="justify"></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(viii)</font></td>
    <td width="75%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">
        any other information necessary to enable Holders to tender the Series
        C Notes and to have such Notes repurchased pursuant to this Section 5.03.</font></div></td>
  </tr>
</table>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">On the Purchase
  Date the Corporation shall (i) accept for payment any Series C Note duly tendered
  pursuant to the offer, (ii) deposit before 11:30am on the Purchase Date with
  the Trustee money sufficient to pay the Offer Price of any Series C Note so
  tendered, and (iii) deliver to the Trustee each Series C Note so accepted together
  with an Officers&#146; Certificate that states the aggregate principal amount
  of Series C Notes tendered to the Corporation. The Trustee shall promptly mail
  to each Holder of Series C Notes so accepted payment in an amount equal to the
  Offer Price therefor. The Corporation shall publicly announce by press release
  the results of the offer made pursuant to this Section 5.03 on or as soon as
  practicable after the Purchase Date.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Notwithstanding
  the foregoing, if any Series C Note accepted for payment shall not be so paid
  pursuant to the provisions of this Section 5.03, then, from the Purchase Date
  until the principal of, and interest on, such Series C Note is paid, interest
  shall be paid on the unpaid principal and, to the extent permitted by law, on
  any accrued but unpaid interest thereon, in each case at the rate prescribed
  therefor by such Series C Note.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Upon surrender
  of a Series C Note that is tendered in part, the Corporation shall issue and
  the Trustee shall authenticate a new Series C Note equal in principal amount
  to the untendered portion of the surrendered Series C Note.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Corporation
  shall comply with any applicable tender offer rules and any other legal requirements
  in the event that an offer is made under the circumstances described in this
  Section 5.03.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">In the event
  the Corporation fails to make an offer as and when required pursuant to this
  Section 5.03, then such failure shall be deemed to constitute an Event of Default
  under the Trust Indenture and, notwithstanding any provision of the Trust Indenture,
  no waiver of such Event of Default shall be effective with respect to the Series
  C Notes unless approved by the Holders of all the outstanding Series C Notes.</FONT>
</P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Subject
  to Section 10.05 of the Trust Indenture, the Corporation (and its subsidiaries
  and controlled partnerships or other entities) shall have the right to grant
  security interests on, or otherwise encumber, the shares of Bell Canada (and
  the securities of any subsidiary, </FONT></P>
<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 face="Arial, Helvetica, sans-serif"><font size="2"><font face="Arial, Helvetica, sans-serif"><font size="2"><FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font>14<FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">partnership
  or entity that holds shares of Bell Canada) held by them, directly or indirectly,
  including voting shares, and no Bell Canada Disposition Transaction shall be
  deemed to occur unless and until an actual transfer of voting shares of Bell
  Canada (or an actual transfer of equity securities of such subsidiaries, partnerships
  or other entities) is effected in connection with a realization on such security
  interests or other encumbrances in such a percentage as to constitute a Bell
  Canada Disposition Transaction.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Nothing
  in the provisions of this Section 5.03 shall prevent or in any way restrict
  any combination of the Corporation with any of its direct or indirect wholly-owned
  subsidiaries by any method whatsoever, including without limitation by way of
  amalgamation, winding-up, merger, transfer of assets or plan of arrangement,
  and no consent of any Securityholder shall be required in respect of such transaction.</FONT>
</P>
<table width="99%" border="0">
  <tr>
    <td width="15%" height="85%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      5.04</b></font></font></td>
    <td><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Issue of Series
      C Notes</b></font></font></td>
  </tr>
</table>
<p align="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Series C
  Notes in the aggregate principal amount of $650,000,000 in definitive form may
  forthwith be executed by the Corporation and certified by or on behalf of the
  Trustee and delivered by the Trustee upon receipt of a Corporation Request,
  without the Trustee receiving any consideration therefor.</FONT> <br>
</p>
<font size="2" face="Arial, Helvetica, sans-serif"> </font><font face="Arial, Helvetica, sans-serif">
<P ALIGN="CENTER"><FONT SIZE="2"><B>ARTICLE VI</B></FONT></P>
<font size="2">
<P ALIGN="CENTER"><B>FORM OF NOTES</B></P>
</font></font>
<table width="99%" border="0">
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      6.01</b></font></font></td>
    <td width="85%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Form
      of Series A Notes</b></font></font></td>
  </tr>
</table>
<p align="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Series
  A Notes issued hereunder shall be in Book-Entry Only Form. The Series A Notes
  and the Trustee&#146;s certificate of authentication shall be in substantially
  the form set forth in Schedule A, with such appropriate insertions, omissions,
  substitutions and other variations as the Corporation may authorize and the
  Trustee may assent to and may have such letters, numbers or other marks of identification
  and such legends or endorsements placed thereon as may, consistently herewith,
  be determined by the authorized individual or individuals executing such Series
  A Notes, as evidenced by their signing of the Series A Notes. Any portion of
  the text of any Series A Notes may be set forth on the reverse thereof.</FONT>
</p>
<table width="99%" border="0">
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      6.02</b></font></font></td>
    <td width="85%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Form
      of Series B Notes</b></font></font></td>
  </tr>
</table>
<p align="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Series
  B Notes issued hereunder shall be in Book-Entry Only Form. The Series B Notes
  and the Trustee&#146;s certificate of authentication shall be in substantially
  the form set forth in Schedule B, with such appropriate insertions, omissions,
  substitutions and other variations as the Corporation may authorize and the
  Trustee may assent to and may have such letters, numbers or other marks of identification
  and such legends or endorsements placed thereon as may, consistently herewith,
  be determined by the authorized individual or individuals executing such Series
  B Notes, as evidenced by their signing of the Series B Notes. Any portion of
  the text of any Series B Notes may be set forth on the reverse thereof.</FONT>
</p>
<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 face="Arial, Helvetica, sans-serif"><font size="2"><font face="Arial, Helvetica, sans-serif"><font size="2"><FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font>15<FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font></p>
<table width="99%" border="0">
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      6.03</b></font></font></td>
    <td width="85%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Form
      of Series C Notes</b></font></font></td>
  </tr>
</table>
<p align="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Series
  C Notes issued hereunder shall be in Book-Entry Only Form. The Series C Notes
  and the Trustee&#146;s certificate of authentication shall be in substantially
  the form set forth in Schedule C, with such appropriate insertions, omissions,
  substitutions and other variations as the Corporation may authorize and the
  Trustee may assent to and may have such letters, numbers or other marks of identification
  and such legends or endorsements placed thereon as may, consistently herewith,
  be determined by the authorized individual or individuals executing such Series
  C Notes, as evidenced by their signing of the Series C Notes. Any portion of
  the text of any Series C Notes may be set forth on the reverse thereof.</FONT>
</p>
<font size="2" face="Arial, Helvetica, sans-serif"> <br>
</font><font face="Arial, Helvetica, sans-serif">
<P ALIGN="CENTER"><FONT SIZE="2"><B>ARTICLE VII</B></FONT></P>
<font size="2">
<P ALIGN="CENTER"><B>REDEMPTION AND PURCHASE OF NOTES</B></P>
</font></font>
<table width="99%" border="0">
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      7.01</b></font></font></td>
    <td width="85%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>
      Redemption</b></font></font></td>
  </tr>
</table>
<p><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Series A Notes may not
  be redeemed for any purpose prior to maturity.</FONT> </p>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Corporation
  shall have the right, at its option, to redeem the Series B Notes and the Series
  C Notes in whole at any time or in part from time to time, by giving notice
  of not less than 30 days and not more than 60 days to the holders thereof, at
  the greater of the &#147;Canada Yield Price&#148; (as defined below) and par,
  together in each case with accrued and unpaid interest thereon to but excluding
  the date fixed for redemption. In case of partial redemption, the Series B Notes
  and the Series C Notes, as the case may be, shall be redeemed on a pro rata
  basis. Notes so redeemed by the Corporation shall be cancelled and shall not
  be reissued.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">&#147;Canada
  Yield Price&#148; shall mean a price equal to the price of the Series B Notes
  and the Series C Notes, as the case may be, calculated on the Banking Day preceding
  the day on which the redemption is authorized by the Corporation to provide
  a yield from the date fixed for redemption to the maturity date of the Series
  B Notes and the Series C Notes, as the case may be, to be redeemed, equal to
  the &#147;Government of Canada Yield&#148; (as defined below), plus 0.55 percent
  for the Series B Notes and plus 0.60 percent for the Series C Notes.</FONT>
</P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">&#147;Government
  of Canada Yield&#148; shall mean the yield from the date fixed for redemption
  to the maturity date of the Series B Notes or the Series C Notes, as the case
  may be, to be redeemed, assuming semi-annual compounding, which an issue of
  non-callable Government of Canada bonds would carry on the remaining term to
  the maturity date of the Series B Notes or the Series C Notes, as the case may
  be, to be redeemed. The &#147;Government of Canada Yield&#148; in the case of
  redemption of the Series B Notes or the Series C Notes, as the case may be,
  will be the average of the yields provided by two registered Canadian investment
  dealers selected by the Trustee, and approved by the Corporation.</FONT> </P>
<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 face="Arial, Helvetica, sans-serif"><font size="2"><font face="Arial, Helvetica, sans-serif"><font size="2"><FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font>16<FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font></P>
<table width="99%" border="0">
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      7.02</b></font></font></td>
    <td width="85%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Purchase
      of Notes</b></font></font></td>
  </tr>
</table>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Corporation
  shall have the right at any time and from time to time to purchase Notes in
  the market or by tender or by private contract at any price. Notes so purchased
  by the Corporation shall be cancelled and shall not be reissued.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> <br>
</font><font face="Arial, Helvetica, sans-serif">
<P ALIGN="CENTER"><FONT SIZE="2"><B>ARTICLE VIII</B></FONT></P>
<font size="2">
<P ALIGN="CENTER"><B>INDENTURE SUPPLEMENTAL TO <br>
  1997 ORIGINAL TRUST INDENTURE</B></P>
</font></font>
<div align="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">This Fifth
  Supplemental Trust Indenture is declared to be supplemental to the 1997 Original
  Trust Indenture and is to form part of and shall have the same effect as though
  incorporated in the 1997 Original Trust Indenture. The 1997 Original Trust Indenture,
  as amended, is a part of these presents and is by this reference included herein
  with the same effect as though at length set forth herein.</FONT><font face="Arial, Helvetica, sans-serif">
  </font></div>
<font face="Arial, Helvetica, sans-serif">
<P ALIGN="CENTER"><FONT SIZE="2"><B><br>
  ARTICLE IX</B></FONT></P>
<font size="2">
<P ALIGN="CENTER"><B>COUNTERPARTS</B></P>
</font></font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">This Fifth
  Supplemental Trust Indenture may be executed in several counterparts, each of
  which when so executed shall be deemed to be an original, and such counterparts
  together shall constitute one and the same instrument.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="LEFT"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>IN WITNESS
  WHEREOF</B> the parties have executed this Fifth Supplemental Trust Indenture.</FONT>
</P>
<p>&nbsp; </p>
<table width="99%" border="0">
  <tr>
    <td width="45%">&nbsp;</td>
    <td colspan="2"><font face="Arial, Helvetica, sans-serif"><font size="2"></font></font><font face="Arial, Helvetica, sans-serif"><font size="2"><b>BCE
      INC.</b></font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%"><font face="Arial, Helvetica, sans-serif"><font size="2">By:</font></font></td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2">
      <em>(signed) Michael T. Boychuk </em></font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%"><HR noshade align="center" width="100%" size=1></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2">Michael
      T. Boychuk </font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2">Senior
      Vice-President</font><font face="Arial, Helvetica, sans-serif"><font size="2">
      and Corporate Treasurer</font></font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td colspan="2"><font face="Arial, Helvetica, sans-serif"><font size="2"></font></font><font face="Arial, Helvetica, sans-serif"><font size="2"><b>COMPUTERSHARE
      TRUST COMPANY OF CANADA</b></font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%"><font face="Arial, Helvetica, sans-serif"><font size="2">By:</font></font></td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2">
      <em>(signed) Tina Vitale </em></font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%"><HR noshade align="center" width="100%" size=1></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2">Tina
      Vitale </font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2">Professional,
      Corporate Trust</font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font face="Arial, Helvetica, sans-serif"><font size="2">By:</font></font></td>
    <td><font face="Arial, Helvetica, sans-serif"><font size="2"> <em>(signed)
      Jean Fielding </em></font></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><HR noshade align="center" width="100%" size=1></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font face="Arial, Helvetica, sans-serif"><font size="2">Jean Fielding
      </font></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font face="Arial, Helvetica, sans-serif"><font size="2">Manager, Client
      Services</font></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<font face="Arial, Helvetica, sans-serif"><font size="2"> </font></font>
<HR NOSHADE COLOR="Black" SIZE="2">
<p>&nbsp;</p>
<p>&nbsp;</p>
<font face="Arial, Helvetica, sans-serif"><font size="2"><P ALIGN="CENTER"><B>SCHEDULE A</B></P>
<P ALIGN="CENTER"><B>FORM OF PERMANENT GLOBAL DEBT SECURITY CERTIFICATE</B></P>
</font></font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">THE SECURITIES
  REPRESENTED HEREBY HAVE NOT BEEN AND CANNOT BE OFFERED OUTSIDE OF CANADA OR
  TO A NON-RESIDENT OF CANADA. THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
  AND WILL NOT BE REGISTERED UNDER THE <I>UNITED STATES SECURITIES ACT OF 1933</I>,
  AS AMENDED. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE
  BENEFIT OF BCE INC. THAT SUCH SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE
  TRANSFERRED OUTSIDE OF CANADA OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, NON-RESIDENTS
  OF CANADA.</FONT> </P>
<P ALIGN="justify">&nbsp;</P>
<table width="99%" border="0">
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="45%">
<div align="center"><font size="2" face="Arial, Helvetica, sans-serif">BCE
        INC. </font></div></td>
    <td width="30%">&nbsp;</td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="45%">
<div align="center"></div></td>
    <td width="30%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Certificate
        No. &#149;</font></div></td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="45%">
<div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(incorporated
        under the laws of Canada)</font></div></td>
    <td width="30%">&nbsp;</td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="45%">
<div align="center"></div></td>
    <td width="30%">&nbsp;</td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="45%">
<div align="center"></div></td>
    <td width="30%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">ISIN
        No. &#149;</font></div></td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="45%">
<div align="center"></div></td>
    <td width="30%">&nbsp;</td>
  </tr>
  <tr>
    <td width="25%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">Issue
      Date: October 30, 2002</font></td>
    <td width="45%">
<div align="center"></div></td>
    <td width="30%" align="right">
<div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Maturity
        Date: October 30, 2006</font></div></td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="45%">
<div align="center"></div></td>
    <td width="30%">&nbsp;</td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="45%">
<div align="center"><font face="Arial, Helvetica, sans-serif"><font size="2">6.20%
        Series A Note Due October 30, 2006</font></font></div></td>
    <td width="30%">&nbsp;</td>
  </tr>
</table>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Unless this
  Permanent Global Debt Security Certificate is presented by an authorized representative
  of The Canadian Depository for Securities Limited (&#147;<B>CDS</B>&#148;),
  or its lawful successor, to BCE Inc. (the &#147;<B>Corporation</B>&#148;) or
  the Trustee for registration of transfer, exchange or payment, and any Permanent
  Global Debt Security Certificate issued is registered in the name of CDS &amp;
  CO. or such other name as requested by an authorized representative of CDS (and
  any payment is made to CDS, or to such other entity as requested by the authorized
  representative of CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
  OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof,
  CDS &amp; CO., has an interest herein. This certificate is issued pursuant to
  a Master Letter of Representations of the Corporation to the Depository as such
  letter may be replaced or amended from time to time.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">This 6.20%
  Series A Note Due October 30, 2006 (the &#147;<B>Note</B>&#148;) is a Permanent
  Global Debt Security Certificate (the &#147;<B>Permanent Global Debt Security
  Certificate</B>&#148;) within the meaning of the 1997 Original Trust Indenture
  and the Fifth Supplemental Trust Indenture hereinafter referred to and is registered
  in the name of the Depository or its nominee. Except as otherwise provided in
  the 1997 Original Trust Indenture and the Fifth Supplemental Trust Indenture,
  this Permanent Global Debt Security Certificate may be transferred, in whole
  but not in part, only to another nominee of the Depository or to a successor
  Depository or to a nominee of each successor Depository.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="LEFT"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Corporation,
  for value received, promises to pay to the order of:</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">(registered
  Holder) at Maturity (or on such earlier date as the principal sum of this Note
  may become payable in accordance with the terms of the 1997 Original Trust Indenture
  and the Fifth </FONT></P>
<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 face="Arial, Helvetica, sans-serif"><font size="2"><font face="Arial, Helvetica, sans-serif"><font size="2"><FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font>2<FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Supplemental
  Trust Indenture) the principal sum set forth in the attached Schedule 1 or such
  lesser amount as, at the time, shall represent the principal amount hereof,
  in lawful money of Canada, upon presentation and surrender of this Note at the
  principal office of the Trustee in any of the Cities of Halifax, Montr&eacute;al,
  Toronto, Calgary and Vancouver and to pay interest (less any tax required to
  be deducted) on the principal amount of this Note at the rate of 6.20% per annum
  in like money, semi-annually in arrears on April 30 and October 30 of each year,
  commencing April 30, 2003, until payment of the said principal sum, from the
  date hereof and should the Corporation at any time make default in the payment
  of the principal or interest, to pay interest on the amount in default at the
  same rate in like money at the same places and on the same dates. Interest hereon
  shall be payable (except at maturity when interest may at the option of the
  Corporation be paid on surrender hereof) by electronic funds transfer or by
  cheque mailed to the registered holder hereof as provided in the 1997 Original
  Trust Indenture and, subject to the provisions of the 1997 Original Trust Indenture
  such electronic funds transfer or the mailing of such cheque shall satisfy and
  discharge the liability for interest on this Note to the extent of the sum represented
  thereby plus the amount of any tax which the Corporation is required to and
  does withhold therefrom.</FONT> </P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The principal
  amount of the Note represented from time to time by this Permanent Global Debt
  Security Certificate is set forth in Schedule 1 which forms an integral part
  hereof.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">This Note
  is subject to a trust indenture dated as of November 4, 1997 (as amended, the&#147;<B>1997
  Original Trust Indenture</B>&#148;) made between the Corporation and Montreal
  Trust Company, as original trustee (to whom Computershare Trust Company of Canada
  became the successor effective June 30, 2000, herein called the &#147;<B>Trustee</B>&#148;),
  and the fifth indenture supplemental thereto dated as of October 30, 2002 (the
  <B>&#147;Fifth Supplemental Trust Indenture</B>&#148;) between the Corporation
  and the Trustee to which 1997 Original Trust Indenture and Fifth Supplemental
  Trust Indenture reference is expressly made for a statement of the respective
  rights thereunder of Securityholders, the Trustee and the Corporation and of
  the terms and conditions upon which the Notes are, and are to be, certified
  and delivered, all to the same effect as if the provisions of the 1997 Original
  Trust Indenture and the Fifth Supplemental Trust Indenture were herein set forth,
  to all of which provisions the Securityholder by acceptance hereof assents.
  The 1997 Original Trust Indenture and the Fifth Supplemental Trust Indenture
  include negative pledge and default provisions, certain covenants of the Corporation,
  provisions which preclude suits by Securityholders in certain circumstances,
  and provisions which create procedures for meetings of Securityholders. Terms
  defined in the 1997 Original Trust Indenture and Fifth Supplemental Trust Indenture
  are used in this Note with the same meaning.</FONT> </P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Corporation
  may, at any time, purchase for cancellation all or any Notes in the market or
  by tender or by private contract, at any price. All Notes so purchased shall
  be cancelled and shall not be reissued.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Holder
  of this Note shall not be entitled to demand repayment of this Note prior to
  its Stated Maturity, except in the case of an Event of Default as provided in
  the 1997 Original Trust Indenture and the Fifth Supplemental Trust Indenture.</FONT>
</P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Fifth
  Supplemental Trust Indenture provides that in the event the Corporation completes
  a Bell Canada Disposition Transaction, unless the Series A Notes have an Approved
  Rating from </FONT></P>
<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 face="Arial, Helvetica, sans-serif"><font size="2"><font face="Arial, Helvetica, sans-serif"><font size="2"><FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font><FONT size="2" FACE="Arial, Helvetica, sans-serif">3-</FONT></font></font></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">each of
  the Rating Agencies on each day of the Rating Period, the Corporation shall
  make within five Business Days following the Offer Trigger Date, an offer to
  purchase all of the Series A Notes for 100% of the face value of the Series
  A Notes together with accrued and unpaid interest up to, but excluding, the
  Purchase Date, the whole as more fully set forth in the Fifth Supplemental Trust
  Indenture.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The 1997
  Original Trust Indenture provides for making binding upon all Holders of Notes
  resolutions passed at meetings of Holders of Notes, and instruments in writing
  signed by the Holders of a specified majority of the Notes.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Corporation,
  the Trustee and any agent of the Corporation or the Trustee may treat the Person
  in whose name this Note is registered as the owner hereof for all purposes whether
  or not this Note be overdue.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">This Note
  shall not become valid or obligatory for any purpose until it shall have been
  certified by the manual signature of any authorized officer of the Trustee.</FONT>
</P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>IN WITNESS
  WHEREOF</B> the Corporation has caused this Note to be executed by such individuals
  duly authorized for the purposes thereof.</FONT> </P>
<P ALIGN="LEFT">&nbsp;</P>
<table width="99%" border="0">
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="Arial, Helvetica, sans-serif">Date: October
      30, 2002</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td colspan="2"><font face="Arial, Helvetica, sans-serif"><font size="2"></font></font><font face="Arial, Helvetica, sans-serif"><font size="2"><b>BCE
      INC.</b></font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%"><font face="Arial, Helvetica, sans-serif"><font size="2">By:</font></font></td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2">
      </font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%"><HR noshade align="center" width="100%" size=1></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>[Authorized
      Individual]</b></font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%"><font face="Arial, Helvetica, sans-serif"><font size="2">By:</font></font></td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><HR noshade align="center" width="100%" size=1></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font face="Arial, Helvetica, sans-serif"><font size="2"><b>[Authorized
      Individual]</b></font></font></td>
  </tr>
</table>
<P ALIGN="LEFT">&nbsp;</P>
<P ALIGN="LEFT">&nbsp;</P>
<P ALIGN="LEFT">&nbsp;</P>
<HR NOSHADE COLOR="Black" SIZE="2">
<P ALIGN="LEFT">&nbsp;</P>
<font face="Arial, Helvetica, sans-serif"><font size="2">
<P ALIGN="CENTER"><B>TRUSTEE&#146;S CERTIFICATION</B></P>
</font></font>
<P ALIGN="center"><font size="2" face="Arial, Helvetica, sans-serif">Certified
  for and on behalf of BCE Inc.</font></P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font><font face="Arial, Helvetica, sans-serif">
<P ALIGN="CENTER"><FONT SIZE="2"><B>COMPUTERSHARE TRUST COMPANY OF CANADA</B></FONT></P>
</font>
<table width="99%" border="0">
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="55%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>TRUSTEE</b></font></font></td>
  </tr>
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="55%">&nbsp;</td>
  </tr>
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="5%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>By:</b></font></font></td>
    <td width="55%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>___________________</b></font></font></td>
  </tr>
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="55%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Authorized
      Officer</b></font></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<p><font face="Arial, Helvetica, sans-serif"><font size="2"> </font></font></p>
<font face="Arial, Helvetica, sans-serif"><font size="2">
<P ALIGN="CENTER"><B>FORM OF TRANSFER</B></P>
FOR VALUE RECEIVED,</font></font>
<P ALIGN="justify"><font size="2" face="Arial, Helvetica, sans-serif">________________________
  hereby assign(s) and transfer(s) unto ______________________ the within 6.20%
  Series A Note due October 30, 2006 (the &#147;<B>Note</B>&#148;), together with
  the principal thereof and premium thereon, if any, and all accrued interest
  thereon, if any, by irrevocably constituting and appointing ___________________
  to transfer such Note on the books of BCE Inc., with full power of substitution
  on the premises.</font> </P>
<p><font size="2" face="Arial, Helvetica, sans-serif"><br>
  Dated ______________________________</font></p>
<table width="99%" border="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2">In
      the presence of<b> _________________________</b></font></font></td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>___________________________________</b></font></font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2">Signature</font></font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif"><font size="2">Transferee's
      social insurance number (if applicable)</font></font></td>
    <td><font face="Arial, Helvetica, sans-serif"><font size="2"><b>___________________________________</b></font></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif"> </font></p>
<font face="Arial, Helvetica, sans-serif">
<P ALIGN="LEFT">&nbsp;</P>
<P ALIGN="LEFT">&nbsp;</P>
<P ALIGN="LEFT">&nbsp;</P>
</font>
<HR NOSHADE COLOR="Black" SIZE="2">
<P ALIGN="LEFT">&nbsp;</P>
<font size="2" face="Arial, Helvetica, sans-serif"><B>
<div align="center">SCHEDULE 1<br>
  <font size="2"><B>TO THE PERMANENT GLOBAL DEBT SECURITY</B></font></div>
</B></font><font size="2" face="Arial, Helvetica, sans-serif">
<div align="center"><strong>CERTIFICATE NO. <font size="2"><font face="Arial, Helvetica, sans-serif"><B>&#149;</B></font></font></strong></div>
</font><font size="2">
<P ALIGN="CENTER"><font face="Arial, Helvetica, sans-serif"><B>ISIN NO. &#149;</B></font></P>
<font face="Arial, Helvetica, sans-serif">
<P ALIGN="CENTER"><B>6.20% SERIES A NOTE DUE OCTOBER 30, 2006</B></P>
</font></font>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
  <tr>
    <td width="20%"><div align="center"><font size="2"><font face="Arial, Helvetica, sans-serif"><b>Date</b></font></font></div></td>
    <td width="20%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Initial
        </b></font><font size="2"><font face="Arial, Helvetica, sans-serif"><b>aggregate</b></font><font size="2"><font face="Arial, Helvetica, sans-serif"><b>
        principal </b></font><font size="2"><font face="Arial, Helvetica, sans-serif"><b>amount</b></font></font></font></font></div></td>
    <td width="20%"><div align="center"><font size="2"><font face="Arial, Helvetica, sans-serif"><b>Increase</b></font><font size="2"><font face="Arial, Helvetica, sans-serif"><b>&#150;
        (Decrease)</b></font></font></font></div></td>
    <td width="20%"><div align="center"><font size="2"><font face="Arial, Helvetica, sans-serif"><b>Adjusted
        aggregate<br>
        principal amount </b></font></font></div></td>
    <td width="20%"><div align="center"><font size="2"><font face="Arial, Helvetica, sans-serif"><b>Authorization</b></font></font></div></td>
  </tr>
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
  <tr>
    <td width="20%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">October
        30, 2002 </font></div></td>
    <td width="20%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">$300,000,000
        </font></div></td>
    <td width="20%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">n/a
        </font></div></td>
    <td width="20%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">n/a
        </font></div></td>
    <td width="20%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">n/a</font></div></td>
  </tr>
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5"> <hr align=LEFT width=100% size=4 noshade></td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<HR NOSHADE COLOR="Black" SIZE="2">
<p><font face="Arial, Helvetica, sans-serif"> </font><font size="2" face="Arial, Helvetica, sans-serif"><B>
  </B></font></p>
<font size="2" face="Arial, Helvetica, sans-serif"><B>
<div align="center">SCHEDULE B</div>
</B></font>
<P ALIGN="CENTER"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><B>FORM OF
  PERMANENT GLOBAL DEBT SECURITY CERTIFICATE</B></FONT></P>
<P ALIGN="CENTER">&nbsp;</P>
<table width="99%" border="0">
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="45%"> <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">BCE
        INC. </font></div></td>
    <td width="30%">&nbsp;</td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="45%"> <div align="center"></div></td>
    <td width="30%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Certificate
        No. &#149;</font></div></td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="45%"> <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(incorporated
        under the laws of Canada)</font></div></td>
    <td width="30%">&nbsp;</td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="45%"> <div align="center"></div></td>
    <td width="30%">&nbsp;</td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="45%"> <div align="center"></div></td>
    <td width="30%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">ISIN
        No. &#149;</font></div></td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="45%"> <div align="center"></div></td>
    <td width="30%">&nbsp;</td>
  </tr>
  <tr>
    <td width="25%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">Issue
      Date: October 30, 2002</font></td>
    <td width="45%"> <div align="center"></div></td>
    <td width="30%" align="right">
<div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Maturity
        Date: October 30, 2007</font></div></td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="45%"> <div align="center"></div></td>
    <td width="30%">&nbsp;</td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="45%"> <div align="center"><font face="Arial, Helvetica, sans-serif"><font size="2">6.75%
        Series B Note Due October 30, 2007</font></font></div></td>
    <td width="30%">&nbsp;</td>
  </tr>
</table>
<p align="justify"><br>
  <FONT size="2" FACE="Arial, Helvetica, sans-serif">Unless this Permanent Global
  Debt Security Certificate is presented by an authorized representative of The
  Canadian Depository for Securities Limited (&#147;<B>CDS</B>&#148;), or its
  lawful successor, to BCE Inc. (the &#147;<B>Corporation</B>&#148;) or the Trustee
  for registration of transfer, exchange or payment, and any Permanent Global
  Debt Security Certificate issued is registered in the name of CDS &amp; CO.
  or such other name as requested by an authorized representative of CDS (and
  any payment is made to CDS, or to such other entity as requested by the authorized
  representative of CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
  OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof,
  CDS &amp; CO., has an interest herein. This certificate is issued pursuant to
  a Master Letter of Representations of the Corporation to the Depository as such
  letter may be replaced or amended from time to time.</FONT> </p>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">This 6.75%
  Series B Note Due October 30, 2007 (the &#147;<B>Note</B>&#148;) is a Permanent
  Global Debt Security Certificate (the &#147;<B>Permanent Global Debt Security
  Certificate</B>&#148;) within the meaning of the 1997 Original Trust Indenture
  and the Fifth Supplemental Trust Indenture hereinafter referred to and is registered
  in the name of the Depository or its nominee. Except as otherwise provided in
  the 1997 Original Trust Indenture and the Fifth Supplemental Trust Indenture,
  this Permanent Global Debt Security Certificate may be transferred in whole
  but not in part, only to another nominee of the Depository or to a successor
  Depository or to a nominee of each successor Depository.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="LEFT"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Corporation,
  for value received, promises to pay to the order of:</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">(registered
  Holder) at Maturity (or on such earlier date as the principal sum of this Note
  may become payable in accordance with the terms of the 1997 Original Trust Indenture
  and the Fifth Supplemental Trust Indenture) the principal sum set forth in the
  attached Schedule 1 or such lesser amount as, at the time, shall represent the
  principal amount hereof, in lawful money of Canada, upon presentation and surrender
  of this Note at the principal office of the Trustee in any of the Cities of
  Halifax, Montr&eacute;al, Toronto, Calgary and Vancouver and to pay interest
  (less any tax required to be deducted) on the principal amount of this Note
  at the rate of 6.75% per annum in like money, semi-annually in arrears on April
  30 and October 30 of each year, commencing April 30, 2003, until payment of
  the said principal sum, from the date hereof and should the Corporation at any
  time make default in the payment of the principal or interest, to </FONT></P>
<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 face="Arial, Helvetica, sans-serif"><font size="2"><font face="Arial, Helvetica, sans-serif"><font size="2"><FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font>2<FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">pay interest
  on the amount in default at the same rate in like money at the same places and
  on the same dates. Interest hereon shall be payable (except at maturity when
  interest may at the option of the Corporation be paid on surrender hereof) by
  electronic funds transfer or by cheque mailed to the registered holder hereof
  as provided in the 1997 Original Trust Indentureand, subject to the provisions
  of the 1997 Original Trust Indenture such electronic funds transfer or the mailing
  of such cheque shall satisfy and discharge the liability for interest on this
  Note to the extent of the sum represented thereby plus the amount of any tax
  which the Corporation is required to and does withhold therefrom.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The principal
  amount of the Note represented from time to time by this Permanent Global Debt
  Security Certificate is set forth in Schedule 1 which forms an integral part
  hereof.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">This Note
  is subject to a trust indenture dated as of November 4, 1997 (as amended, the
  &#147;<B>1997 Original Trust Indenture</B>&#148;) made between the Corporation
  and Montreal Trust Company, as original trustee (to whom Computershare Trust
  Company of Canada became the successor effective June 30, 2000, herein called
  the &#147;<B>Trustee</B>&#148;), and the fifth indenture supplemental thereto
  dated as of October 30, 2002 (the &#147;<B>Fifth Supplemental Trust Indenture</B>&#148;)
  between the Corporation and the Trustee to which 1997 Original Trust Indenture
  and Fifth Supplemental Trust Indenture reference is expressly made for a statement
  of the respective rights thereunder of Securityholders, the Trustee and the
  Corporation and of the terms and conditions upon which the Notes are, and are
  to be, certified and delivered, all to the same effect as if the provisions
  of the 1997 Original Trust Indenture and the Fifth Supplemental Trust Indenture
  were herein set forth, to all of which provisions the Securityholder by acceptance
  hereof assents. The 1997 Original Trust Indenture and the Fifth Supplemental
  Trust Indenture include negative pledge and default provisions, certain covenants
  of the Corporation, provisions which preclude suits by Securityholders in certain
  circumstances, and provisions which create procedures for meetings of Securityholders.Terms
  defined in the 1997 Original Trust Indenture and Fifth Supplemental Trust Indenture
  are used in this Note with the same meaning.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Corporation
  may, at its option, redeem the Notes in whole at any time or in part from time
  to time, by giving notice of not less than 30 days and not more than 60 days
  to the holders thereof, at the greater of the Canada Yield Price and par, together
  in each case with accrued and unpaid interest to but excluding the date fixed
  for redemption. In case of partial redemption,the Notes shall be redeemed on
  a <I>pro rata </I>basis. All Notes so redeemed shall be cancelled and shall
  not be reissued.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Corporation
  may, at any time, purchase for cancellation all or any Notes in the market or
  by tender or by private contract, at any price. All Notes so purchased shall
  be cancelled and shall not be reissued.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Holder
  of this Note shall not be entitled to demand repayment of this Note prior to
  its Stated Maturity, except in the case of an Event of Default as provided in
  the 1997 Original Trust Indenture and the Fifth Supplemental Trust Indenture.</FONT>
</P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Fifth
  Supplemental Trust Indenture provides that in the event the Corporation completes
  a Bell Canada Disposition Transaction, unless the Series B Notes have an Approved
  Rating from each of the Rating Agencies on each day of the Rating Period, the
  Corporation shall make </FONT></P>
<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 face="Arial, Helvetica, sans-serif"><font size="2"><font face="Arial, Helvetica, sans-serif"><font size="2"><FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font><FONT size="2" FACE="Arial, Helvetica, sans-serif">3-</FONT></font></font></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">within five
  Business Days following the Offer Trigger Date, an offer to purchase all of
  the Series B Notes for 100% of the face value of the Series B Notes together
  with accrued and unpaid interest up to, but excluding, the Purchase Date, the
  whole as more fully set forth in the Fifth Supplemental Trust Indenture.</FONT>
</P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The 1997
  Original Trust Indenture provides for making binding upon all Holders of Notes
  resolutions passed at meetings of Holders of Notes, and instruments in writing
  signed by the Holders of a specified majority of the Notes.</FONT> </P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Corporation,
  the Trustee and any agent of the Corporation or the Trustee may treat the Person
  in whose name this Note is registered as the owner hereof for all purposes whether
  or not this Note be overdue.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">This Note
  shall not become valid or obligatory for any purpose until it shall have been
  certified by the manual signature of any authorized officer of the Trustee.</FONT>
</P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>IN WITNESS
  WHEREOF</B> the Corporation has caused this Note to be executed by such individuals
  duly authorized for the purposes thereof.</FONT> </P>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="Arial, Helvetica, sans-serif">Date: October
      30, 2002</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td colspan="2"><font face="Arial, Helvetica, sans-serif"><font size="2"></font></font><font face="Arial, Helvetica, sans-serif"><font size="2"><b>BCE
      INC.</b></font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%"><font face="Arial, Helvetica, sans-serif"><font size="2">By:</font></font></td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2">
      </font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%"><HR noshade align="center" width="100%" size=1></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>[Authorized
      Individual]</b></font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%"><font face="Arial, Helvetica, sans-serif"><font size="2">By:</font></font></td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><HR noshade align="center" width="100%" size=1></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font face="Arial, Helvetica, sans-serif"><font size="2"><b>[Authorized
      Individual]</b></font></font></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>TRUSTEE&#146;S
  CERTIFICATION</B></font></P>
<P ALIGN="center"><font size="2" face="Arial, Helvetica, sans-serif">Certified
  for and on behalf of BCE Inc.</font></P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="CENTER"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><B>COMPUTERSHARE
  TRUST COMPANY OF CANADA</B></FONT></P>
<table width="99%" border="0">
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="55%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>TRUSTEE</b></font></font></td>
  </tr>
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="55%">&nbsp;</td>
  </tr>
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="5%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>By:</b></font></font></td>
    <td width="55%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>___________________</b></font></font></td>
  </tr>
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="55%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Authorized
      Officer</b></font></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<p><font face="Arial, Helvetica, sans-serif"><font size="2"> </font></font></p>
<P ALIGN="CENTER"><font size="2" face="Arial, Helvetica, sans-serif"><B>FORM OF
  TRANSFER</B></font></P>
<font size="2" face="Arial, Helvetica, sans-serif">FOR VALUE RECEIVED, </font>
<P ALIGN="justify"><font size="2" face="Arial, Helvetica, sans-serif">________________________
  hereby assign(s) and transfer(s) unto ______________________ the within 6.75%
  Series B Note due October 30, 2007 (the &#147;<B>Note</B>&#148;), together with
  the principal thereof and premium thereon, if any, and all accrued interest
  thereon, if any, by irrevocably constituting and appointing ___________________
  to transfer such Note on the books of BCE Inc., with full power of substitution
  on the premises.</font> </P>
<p><font size="2" face="Arial, Helvetica, sans-serif"><br>
  Dated ______________________________</font></p>
<table width="99%" border="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2">In
      the presence of<b> _________________________</b></font></font></td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>___________________________________</b></font></font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2">Signature</font></font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif"><font size="2">Transferee's
      social insurance number (if applicable)</font></font></td>
    <td><font face="Arial, Helvetica, sans-serif"><font size="2"><b>___________________________________</b></font></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif"> </font></p>
<P ALIGN="LEFT">&nbsp;</P>
<P ALIGN="LEFT">&nbsp;</P>
<HR NOSHADE COLOR="Black" SIZE="2">
<P ALIGN="LEFT">&nbsp;</P>
<div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>SCHEDULE
  1<br>
  TO THE PERMANENT GLOBAL DEBT SECURITY</b></font></div>
<div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong>CERTIFICATE
  NO. <B>&#149;</B></strong></font></div>
<P ALIGN="CENTER"><font size="2" face="Arial, Helvetica, sans-serif"><B>ISIN NO.
  &#149;</B></font></P>
<P ALIGN="CENTER"><font size="2" face="Arial, Helvetica, sans-serif"><B>6.75%
  SERIES B NOTE DUE OCTOBER 30, 2007</B></font></P>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
  <tr>
    <td width="20%"><div align="center"><font size="2"><font face="Arial, Helvetica, sans-serif"><b>Date</b></font></font></div></td>
    <td width="20%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Initial
        </b></font><font size="2"><font face="Arial, Helvetica, sans-serif"><b>aggregate</b></font><font size="2"><font face="Arial, Helvetica, sans-serif"><b>
        principal </b></font><font size="2"><font face="Arial, Helvetica, sans-serif"><b>amount</b></font></font></font></font></div></td>
    <td width="20%"><div align="center"><font size="2"><font face="Arial, Helvetica, sans-serif"><b>Increase</b></font><font size="2"><font face="Arial, Helvetica, sans-serif"><b>&#150;
        (Decrease)</b></font></font></font></div></td>
    <td width="20%"><div align="center"><font size="2"><font face="Arial, Helvetica, sans-serif"><b>Adjusted
        aggregate<br>
        principal amount </b></font></font></div></td>
    <td width="20%"><div align="center"><font size="2"><font face="Arial, Helvetica, sans-serif"><b>Authorization</b></font></font></div></td>
  </tr>
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
  <tr>
    <td width="20%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">October
        30, 2002 </font></div></td>
    <td width="20%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">$1,050,000,000
        </font></div></td>
    <td width="20%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">n/a
        </font></div></td>
    <td width="20%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">n/a
        </font></div></td>
    <td width="20%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">n/a</font></div></td>
  </tr>
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5"> <hr align=LEFT width=100% size=4 noshade></td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
</table>
<P ALIGN="LEFT">&nbsp;</P>
<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>SCHEDULE
  C</B></font><font face="Arial, Helvetica, sans-serif"> </font></P>
<font face="Arial, Helvetica, sans-serif"><font size="2"></font></font><font face="Arial, Helvetica, sans-serif">
<P ALIGN="CENTER"><FONT SIZE="2"><B>FORM OF PERMANENT GLOBAL DEBT SECURITY CERTIFICATE</B></FONT></P>
<P ALIGN="CENTER">&nbsp;</P>
</font>
<table width="99%" border="0">
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="45%"> <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">BCE
        INC. </font></div></td>
    <td width="30%">&nbsp;</td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="45%"> <div align="center"></div></td>
    <td width="30%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Certificate
        No. &#149;</font></div></td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="45%"> <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(incorporated
        under the laws of Canada)</font></div></td>
    <td width="30%">&nbsp;</td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="45%"> <div align="center"></div></td>
    <td width="30%">&nbsp;</td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="45%"> <div align="center"></div></td>
    <td width="30%"><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">ISIN
        No. &#149;</font></div></td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="45%"> <div align="center"></div></td>
    <td width="30%">&nbsp;</td>
  </tr>
  <tr>
    <td width="25%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">Issue
      Date: October 30, 2002</font></td>
    <td width="45%"> <div align="center"></div></td>
    <td width="30%" align="right">
<div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Maturity
        Date: October 30, 2009</font></div></td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="45%"> <div align="center"></div></td>
    <td width="30%">&nbsp;</td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="45%"> <div align="center"><font face="Arial, Helvetica, sans-serif"><font size="2">7.35%
        Series C Note Due October 30, 2009</font></font></div></td>
    <td width="30%">&nbsp;</td>
  </tr>
</table>
<p align="justify"><br>
  <FONT size="2" FACE="Arial, Helvetica, sans-serif">Unless this Permanent Global
  Debt Security Certificate is presented by an authorized representative of The
  Canadian Depository for Securities Limited (&#147;<B>CDS</B>&#148;), or its
  lawful successor, to BCE Inc. (the &#147;<B>Corporation</B>&#148;) or the Trustee
  for registration of transfer, exchange or payment, and any Permanent Global
  Debt Security Certificate issued is registered in the name of CDS &amp; CO.
  or such other name as requested by an authorized representative of CDS (and
  any payment is made to CDS, or to such other entity as requested by the authorized
  representative of CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
  OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof,
  CDS &amp; CO., has an interest herein. This certificate is issued pursuant to
  a Master Letter of Representations of the Corporation to the Depository as such
  letter may be replaced or amended from time to time.</FONT> </p>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">This 7.35%
  Series C Note Due October 30, 2009 (the &#147;<B>Note</B>&#148;) is a Permanent
  Global Debt Security Certificate (the &#147;<B>Permanent Global Debt Security
  Certificate</B>&#148;) within the meaning of the 1997 Original Trust Indenture
  and the Fifth Supplemental Trust Indenture hereinafter referred to and is registered
  in the name of the Depository or its nominee. Except as otherwise provided in
  the 1997 Original Trust Indenture and the Fifth Supplemental Trust Indenture,
  this Permanent Global Debt Security Certificate may be transferred in whole
  but not in part, only to another nominee of the Depository or to a successor
  Depository or to a nominee of each successor Depository.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="LEFT"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Corporation,
  for value received, promises to pay to the order of:</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">(registered
  Holder) at Maturity (or on such earlier date as the principal sum of this Note
  may become payable in accordance with the terms of the 1997 Original Trust Indenture
  and the Fifth Supplemental Trust Indenture) the principal sum set forth in the
  attached Schedule 1 or such lesser amount as, at the time, shall represent the
  principal amount hereof, in lawful money of Canada, upon presentation and surrender
  of this Note at the principal office of the Trustee in any of the Cities of
  Halifax, Montr&eacute;al, Toronto, Calgary and Vancouver and to pay interest
  (less any tax required to be deducted) on the principal amount of this Note
  at the rate of 7.35% per annum in like money, semi-annually in arrears on April
  30 and October 30 of each year, commencing April 30, 2003, until payment of
  the said principal sum, from the date hereof and should the Corporation at any
  time make default in the payment of the principal or interest, to </FONT></P>
<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 face="Arial, Helvetica, sans-serif"><font size="2"><font face="Arial, Helvetica, sans-serif"><font size="2"><FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font>2<FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">pay interest
  on the amount in default at the same rate in like money at the same places and
  on the same dates. Interest hereon shall be payable (except at maturity when
  interest may at the option of the Corporation be paid on surrender hereof) by
  electronic funds transfer or by cheque mailed to the registered holder hereof
  as provided in the 1997 Original Trust Indenture and, subject to the provisions
  of the 1997 Original Trust Indenture such electronic funds transfer or the mailing
  of such cheque shall satisfy and discharge the liability for interest on this
  Note to the extent of the sum represented thereby plus the amount of any tax
  which the Corporation is required to and does withhold therefrom.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The principal
  amount of the Note represented from time to time by this Permanent Global Debt
  Security Certificate is set forth in Schedule 1 which forms an integral part
  hereof.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">This Note
  is subject to a trust indenture dated as of November 4, 1997 (as amended, the
  &#147;<B>1997 Original Trust Indenture</B>&#148;) made between the Corporation
  and Montreal Trust Company, as trustee (to whom Computershare Trust Company
  of Canada became the successor effective June 30, 2000, herein called the &#147;<B>Trustee</B>&#148;),
  and the fifth indenture supplemental thereto dated as of October 30, 2002. (the
  &#147;<B>Fifth Supplemental Trust Indenture</B>&#148;) between the Corporation
  and the Trustee to which 1997 Original Trust Indenture and Fifth Supplemental
  Trust Indenture reference is expressly made for a statement of the respective
  rights thereunder of Securityholders, the Trustee and the Corporation and of
  the terms and conditions upon which the Notes are, and are to be, certified
  and delivered, all to the same effect as if the provisions of the 1997 Original
  Trust Indenture and the Fifth Supplemental Trust Indenture were herein set forth,
  to all of which provisions the Securityholder by acceptance hereof assents.
  The 1997 Original Trust Indenture and the Fifth Supplemental Trust Indenture
  include negative pledge and default provisions, certain covenants of the Corporation,
  provisions which, preclude suits by Securityholders in certain circumstances,
  and provisions which create procedures for meetings of Securityholders. Terms
  defined in the 1997 Original Trust Indenture and Fifth Supplemental Trust Indenture
  are used in this Note with the same meaning</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Corporation
  may, at its option, redeem the Notes in whole at any time or in part from time
  to time, by giving notice of not less than 30 days and not more than 60 days
  to the holders thereof, at the greater of the Canada Yield Price and par, together
  in each case with accrued and unpaid interest to but excluding the date fixed
  for redemption. In case of partial redemption, the Notes shall be redeemed on
  a <I>pro rata </I>basis. All Notes so redeemed shall be cancelled and shall
  not be reissued.</FONT> </P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Corporation
  may, at any time, purchase for cancellation all or any Notes in the market or
  by tender or by private contract, at any price. All Notes so purchased shall
  be cancelled and shall not be reissued.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Holder
  of this Note shall not be entitled to demand repayment of this Note prior to
  its Stated Maturity, except in the case of an Event of Default as provided in
  the 1997 Original Trust Indenture and the Fifth Supplemental Trust Indenture.</FONT>
</P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Fifth
  Supplemental Trust Indenture provides that in the event the Corporation completes
  a Bell Canada Disposition Transaction, unless the Series C Notes have an Approved
  Rating from each of the Rating Agencies on each day of the Rating Period, the
  Corporation shall make </FONT></P>
<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 face="Arial, Helvetica, sans-serif"><font size="2"><font face="Arial, Helvetica, sans-serif"><font size="2"><FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font><FONT size="2" FACE="Arial, Helvetica, sans-serif">3-</FONT></font></font></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">within five
  Business Days following the Offer Trigger Date, an offer to purchase all of
  the Series C Notes for 100% of the face value of the Series C Notes together
  with accrued and unpaid interest up to, but excluding, the Purchase Date, the
  whole as more fully set forth in the Fifth Supplemental Trust Indenture.</FONT>
</P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The 1997
  Original Trust Indenture provides for making binding upon all Holders of Notes
  resolutions passed at meetings of Holders of Notes, and instruments in writing
  signed by the Holders of a specified majority of the Notes.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Corporation,
  the Trustee and any agent of the Corporation or the Trustee may treat the Person
  in whose name this Note is registered as the owner hereof for all purposes whether
  or not this Note be overdue.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">This Note
  shall not become valid or obligatory for any purpose until it shall have been
  certified by the manual signature of any authorized officer of the Trustee.</FONT>
</P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="LEFT"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>IN WITNESS
  WHEREOF</B> the Corporation has caused this Note to be executed by such individuals
  duly authorized for the purposes thereof.</FONT> </P>
<P ALIGN="LEFT">&nbsp;</P>
<table width="99%" border="0">
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="Arial, Helvetica, sans-serif">Date: October
      30, 2002</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td colspan="2"><font face="Arial, Helvetica, sans-serif"><font size="2"></font></font><font face="Arial, Helvetica, sans-serif"><font size="2"><b>BCE
      INC.</b></font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%"><font face="Arial, Helvetica, sans-serif"><font size="2">By:</font></font></td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2">
      </font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%"><HR noshade align="center" width="100%" size=1></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>[Authorized
      Individual]</b></font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%"><font face="Arial, Helvetica, sans-serif"><font size="2">By:</font></font></td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><HR noshade align="center" width="100%" size=1></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font face="Arial, Helvetica, sans-serif"><font size="2"><b>[Authorized
      Individual]</b></font></font></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>TRUSTEE&#146;S
  CERTIFICATION</B></font></P>
<P ALIGN="center"><font size="2" face="Arial, Helvetica, sans-serif">Certified
  for and on behalf of BCE Inc.</font></P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="CENTER"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><B>COMPUTERSHARE
  TRUST COMPANY OF CANADA</B></FONT></P>
<table width="99%" border="0">
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="55%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>TRUSTEE</b></font></font></td>
  </tr>
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="55%">&nbsp;</td>
  </tr>
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="5%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>By:</b></font></font></td>
    <td width="55%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>___________________</b></font></font></td>
  </tr>
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="55%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Authorized
      Officer</b></font></font></td>
  </tr>
</table>
<p>&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>FORM OF
  TRANSFER</B></font></P>
<font size="2" face="Arial, Helvetica, sans-serif">FOR VALUE RECEIVED, </font>
<P ALIGN="justify"><font size="2" face="Arial, Helvetica, sans-serif">________________________
  hereby assign(s) and transfer(s) unto ______________________ the within 7.35%
  Series C Note due October 30, 2009 (the &#147;<B>Note</B>&#148;), together with
  the principal thereof and premium thereon, if any, and all accrued interest
  thereon, if any, by irrevocably constituting and appointing ___________________
  to transfer such Note on the books of BCE Inc., with full power of substitution
  on the premises.</font> </P>
<p><font size="2" face="Arial, Helvetica, sans-serif"><br>
  Dated ______________________________</font></p>
<table width="99%" border="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2">In
      the presence of<b> _________________________</b></font></font></td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>___________________________________</b></font></font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2">Signature</font></font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif"><font size="2">Transferee's
      social insurance number (if applicable)</font></font></td>
    <td><font face="Arial, Helvetica, sans-serif"><font size="2"><b>___________________________________</b></font></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<P ALIGN="LEFT">&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>SCHEDULE
  1<br>
  </B></font><font size="2" face="Arial, Helvetica, sans-serif"><B>TO THE PERMANENT
  GLOBAL DEBT SECURITY<br>
  </B></font><font face="Arial, Helvetica, sans-serif"><font size="2"><B>CERTIFICATE
  NO. &#149;</B></font></font></p>
<font face="Arial, Helvetica, sans-serif"><font size="2">
<P ALIGN="CENTER"><B>ISIN NO. &#149;</B></P>
<P ALIGN="CENTER"><B>7.35% SERIES C NOTE DUE OCTOBER 30, 2009</B></P>
<P ALIGN="CENTER">&nbsp;</P>
</font></font>
<table width="99%" border="0">
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
  <tr>
    <td width="20%"><div align="center"><font size="2"><font face="Arial, Helvetica, sans-serif"><b>Date</b></font></font></div></td>
    <td width="20%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Initial
        </b></font><font size="2"><font face="Arial, Helvetica, sans-serif"><b>aggregate</b></font><font size="2"><font face="Arial, Helvetica, sans-serif"><b>
        principal </b></font><font size="2"><font face="Arial, Helvetica, sans-serif"><b>amount</b></font></font></font></font></div></td>
    <td width="20%"><div align="center"><font size="2"><font face="Arial, Helvetica, sans-serif"><b>Increase</b></font><font size="2"><font face="Arial, Helvetica, sans-serif"><b>&#150;
        (Decrease)</b></font></font></font></div></td>
    <td width="20%"><div align="center"><font size="2"><font face="Arial, Helvetica, sans-serif"><b>Adjusted
        aggregate<br>
        principal amount </b></font></font></div></td>
    <td width="20%"><div align="center"><font size="2"><font face="Arial, Helvetica, sans-serif"><b>Authorization</b></font></font></div></td>
  </tr>
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
  <tr>
    <td width="20%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">October
        30, 2002 </font></div></td>
    <td width="20%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">$650,000,000
        </font></div></td>
    <td width="20%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">n/a
        </font></div></td>
    <td width="20%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">n/a
        </font></div></td>
    <td width="20%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">n/a</font></div></td>
  </tr>
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5"> <hr align=LEFT width=100% size=4 noshade></td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5"> <HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><font size="2">
<P ALIGN="CENTER">&nbsp;</P>
</font></font>
<p>&nbsp;</p>
<p>&nbsp;</p>
<HR NOSHADE COLOR="Black" SIZE="2">
<p>&nbsp;</p>
<p><font face="Arial, Helvetica, sans-serif"> </font></p>
<font face="Arial, Helvetica, sans-serif">
<P ALIGN="CENTER"><FONT SIZE="2"><B><font size="3">Dated as of February 9, 2004</font></B></FONT></P>
</font>
<p>&nbsp;</p>
<HR NOSHADE COLOR="Black" SIZE="2">
<p>&nbsp;</p>
<p>&nbsp;</p>
<font face="Arial, Helvetica, sans-serif"><font size="2">
<P ALIGN="CENTER"><font size="3"><B>BCE INC.</B></font></P>
</font></font>
<p>&nbsp;</p>
<p>&nbsp;</p>
<font face="Arial, Helvetica, sans-serif"><font size="2"><font size="3"><P ALIGN="CENTER"><B>and</B></P>
</font></font></font>
<p>&nbsp;</p>
<p>&nbsp;</p>
<font face="Arial, Helvetica, sans-serif"><font size="2"><font size="3">
<P ALIGN="CENTER"><B>COMPUTERSHARE TRUST COMPANY OF CANADA<br>
  </B><B><I>Trustee</I></B></P>
</font></font></font>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<font face="Arial, Helvetica, sans-serif"><font size="2"><font size="3"><P ALIGN="CENTER"><B>SIXTH SUPPLEMENTAL TRUST INDENTURE</B></P>
</font></font></font>
<p>&nbsp;</p>
<p>&nbsp;</p>
<HR NOSHADE COLOR="Black" SIZE="2">
<p>&nbsp;</p>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>THIS
  SIXTH SUPPLEMENTAL TRUST INDENTURE</B> made at the City of Montreal in the Province
  of Qu&eacute;bec as of the 9th day of February, 2004.</FONT> </P>
<P ALIGN="justify">&nbsp;</P>
<table width="99%" border="0">
  <tr>
    <td width="40%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif"><strong>BETWEEN:</strong></font></td>
    <td width="60%" valign="top"> <div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"><strong>BCE
        INC.</strong>, a corporation incorporated under the laws of Canada (hereinafter
        referred to as the "<strong>Corporation</strong>")</font></div></td>
  </tr>
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="60%" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="60%" valign="top"><div align="right"><font face="Arial, Helvetica, sans-serif"><font size="2">OF
        THE FIRST PART</font></font></div></td>
  </tr>
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="60%" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="40%" valign="top"><font face="Arial, Helvetica, sans-serif"><font size="2"><strong>AND:</strong></font></font></td>
    <td width="60%" valign="top"><div align="justify"><font face="Arial, Helvetica, sans-serif"><font size="2"><strong>COMPUTERSHARE
        TRUST COMPANY OF CANADA</strong>, a trust company incorporated under the
        laws of Canada (hereinafter referred to as the "<strong>Trustee</strong>")
        </font></font></div></td>
  </tr>
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="60%" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="60%" valign="top"><div align="right"><font face="Arial, Helvetica, sans-serif"><font size="2">OF
        THE SECOND PART</font></font></div></td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>WHEREAS</B>
  by Trust Indenture (hereinafter referred to as the &#147;<B>1997 Original Trust
  Indenture</B>&#148;) dated as of November 4, 1997, executed by the Corporation
  in favour of Montreal Trust Company, as original trustee, provision was made
  for the issue by the Corporation from time to time of Debt Securities of the
  Corporation without limit as to aggregate principal amount;</FONT> </p>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>AND WHEREAS</B>
  by Trust Indenture dated as of November 4, 1997 supplemental to the 1997 Original
  Trust Indenture and executed by the Corporation in favour of Montreal Trust
  Company (the &#147;<B>First Supplemental Trust Indenture</B>&#148;), provision
  was made for the issue by the Corporation from time to time of a series of Debt
  Securities of the Corporation known and designated as Medium Term Notes in an
  unlimited aggregate principal amount;</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>AND WHEREAS</B>
  the 1997 Original Trust Indenture was amended by the First Supplemental Trust
  Indenture, a Second Supplemental Trust Indenture dated as of October 28,1999,
  a Third Supplemental Trust Indenture dated as of May 1, 2000, a Fourth Supplemental
  Trust Indenture dated as of January 31, 2002 and a Fifth Supplemental Trust
  Indenture dated as of October 30, 2002 (the 1997 Original Trust Indenture as
  amended by the First, Second, Third, Fourth and Fifth Supplemental Trust Indentures
  being hereinafter collectively referred to as the &#147;<B>Trust Indenture</B>&#148;);</FONT>
</P>
<font size="2" face="Arial, Helvetica, sans-serif"><strong>AND WHEREAS</strong>
the Corporation is not in default under the Trust Indenture; </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>AND WHEREAS</B>
  it is desirable to enter into this Sixth Supplemental Trust Indenture to provide
  that the events described in paragraph (6) of Section 5.01 of the Trust Indenture
  shall not constitute Events of Default under the Trust Indenture with respect
  to any Debt Securities, including, for greater certainty, Medium Term Notes,
  issued or registered under the Trust Indenture on or after the date hereof;</FONT>
</P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>AND WHEREAS
  </B>all things necessary have been done and performed to authorize the execution
  of this Sixth Supplemental Trust Indenture and to make the same effective and
  binding upon the Corporation;</FONT> </P>
<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">-2-</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>AND WHEREAS</B>
  the foregoing recitals are made as representations and statements of fact by
  the Corporation and not by the Trustee.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>NOW THEREFORE
  THIS SIXTH SUPPLEMENTAL TRUST INDENTURE WITNESSETH </B>and it is hereby covenanted,
  agreed and declared as follows:</FONT><font size="2" face="Arial, Helvetica, sans-serif"><br>
  </font><font face="Arial, Helvetica, sans-serif"> </font></P>
<font face="Arial, Helvetica, sans-serif">
<P ALIGN="CENTER"><FONT SIZE="2"><B>ARTICLE I</B></FONT></P>
<font size="2">
<P ALIGN="CENTER"><B>INTERPRETATION</B></P>
</font></font>
<table width="99%" border="0">
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      1.01</b></font></font></td>
    <td width="85%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Incorporation
      of Certain Definitions</b></font></font></td>
  </tr>
</table>
<p align="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">All terms
  used in this Sixth Supplemental Trust Indenture which are defined in the Trust
  Indenture shall have the meaning ascribed to these terms in the Trust Indenture
  unless otherwise defined in this Sixth Supplemental Trust Indenture or unless
  the context otherwise specifies or requires.</FONT> </p>
<table width="99%" border="0">
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      1.02</b></font></font><font size="2"></font></font></td>
    <td width="85%"><font face="Arial, Helvetica, sans-serif"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Effect
      of Headings</b></font></font><font size="2"></font></font></td>
  </tr>
</table>
<p align="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The headings
  of all Articles and Sections are inserted for convenience of reference only
  and shall not affect the construction or interpretation of this Sixth Supplemental
  Trust Indenture.</FONT> </p>
<table width="99%" border="0">
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      1.03</b></font></font></td>
    <td width="85%"><font face="Arial, Helvetica, sans-serif"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Law
      Applicable</b></font></font><font size="2"></font></font></td>
  </tr>
</table>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">This Sixth
  Supplemental Trust Indenture shall be construed in accordance with and governed
  by the laws of the Province of Qu&eacute;bec and the laws of Canada applicable
  therein.</FONT><font size="2" face="Arial, Helvetica, sans-serif"><br>
  </font><font face="Arial, Helvetica, sans-serif"> </font></P>
<font face="Arial, Helvetica, sans-serif">
<P ALIGN="CENTER"><FONT SIZE="2"><B>ARTICLE II</B></FONT></P>
<font size="2">
<P ALIGN="CENTER"><B>AMENDMENT TO THE TRUST INDENTURE</B></P>
</font></font>
<table width="99%" border="0">
  <tr>
    <td width="15%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Section
      2.01</b></font></font></td>
    <td colspan="2"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>
      Bell Canada Default not Applicable to Subsequent Issues of Debt Securities</b></font></font></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><div align="justify"><font face="Arial, Helvetica, sans-serif"><font size="2">Section
        5.01 of the Trust Indenture is hereby amended by adding the following
        paragraph immediately after paragraph (6) of Section 5.01: </font></font></div></td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%">&nbsp;</td>
    <td colspan="2"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">The
        events described in Subsection 5.01(6) above shall not constitute Events
        of Default with respect to any Debt Securities issued or registered hereunder
        on or after February 9, 2004.</font></div></td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<font face="Arial, Helvetica, sans-serif"><font size="2"> </font></font>
<HR NOSHADE COLOR="Black" SIZE="2">
<font face="Arial, Helvetica, sans-serif"><font size="2">
<P ALIGN="LEFT">&nbsp;</P>
<P ALIGN="center"><font face="Arial, Helvetica, sans-serif"><font size="2"><FONT size="2" FACE="Arial, Helvetica, sans-serif">-</FONT></font></font><FONT size="2" FACE="Arial, Helvetica, sans-serif">3-</FONT></P>
<P ALIGN="LEFT"><font face="Arial, Helvetica, sans-serif"> </font></P>
</font></font><font face="Arial, Helvetica, sans-serif">
<P ALIGN="CENTER"><FONT SIZE="2"><B>ARTICLE III</B></FONT></P>
<font size="2">
<P ALIGN="CENTER"><B>INDENTURE SUPPLEMENTAL TO <br>
  1997 </B><font face="Arial, Helvetica, sans-serif"><font size="2"><b>ORIGINAL
  TRUST INDENTURE</b></font></font></P>
</font><font size="2"></font></font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">This Sixth
  Supplemental Trust Indenture is declared to be supplemental to the 1997 Original
  Trust Indenture, as amended, and is to form part of and shall have the same
  effect as though incorporated in the 1997 Original Trust Indenture. The 1997
  Original Trust Indenture, as amended, is a part of these presents and is by
  this reference included herein with the same effect as though at length set
  forth herein.</FONT> <br>
  <font face="Arial, Helvetica, sans-serif"></font></P>
<font face="Arial, Helvetica, sans-serif">
<P ALIGN="CENTER"><FONT SIZE="2"><B>ARTICLE IV</B></FONT></P>
<font size="2">
<P ALIGN="CENTER"><B>COUNTERPARTS</B></P>
</font></font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">This Sixth
  Supplemental Trust Indenture may be executed in several counterparts, each of
  which when so executed shall be deemed to be an original, and such counterparts
  together shall constitute one and the same instrument.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="LEFT"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>IN WITNESS
  WHEREOF </B>the parties have executed this Sixth Supplemental Trust Indenture.</FONT>
</P>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="45%">&nbsp;</td>
    <td colspan="2"><font face="Arial, Helvetica, sans-serif"><font size="2"></font></font><font face="Arial, Helvetica, sans-serif"><font size="2"><b>BCE
      INC.</b></font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%"><font face="Arial, Helvetica, sans-serif"><font size="2">By:</font></font></td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2">
      <em>(signed) Michael T. Boychuk </em></font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%"><HR noshade align="center" width="100%" size=1></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2">Michael
      T. Boychuk </font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2">Senior
      Vice-President</font><font face="Arial, Helvetica, sans-serif"><font size="2">
      and Treasurer</font></font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td colspan="2"><font face="Arial, Helvetica, sans-serif"><font size="2"></font></font><font face="Arial, Helvetica, sans-serif"><font size="2"><b>COMPUTERSHARE
      TRUST COMPANY OF CANADA</b></font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%"><font face="Arial, Helvetica, sans-serif"><font size="2">By:</font></font></td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2">
      <em>(signed) Tina Vitale </em></font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%"><HR noshade align="center" width="100%" size=1></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2">Tina
      Vitale </font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif"><font size="2">Professional,
      Corporate Trust</font></font></td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font face="Arial, Helvetica, sans-serif"><font size="2">By:</font></font></td>
    <td><font face="Arial, Helvetica, sans-serif"><font size="2"> <em>(signed)
      Jean Fielding </em></font></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><HR noshade align="center" width="100%" size=1></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font face="Arial, Helvetica, sans-serif"><font size="2">Jean Fielding
      </font></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font face="Arial, Helvetica, sans-serif"><font size="2">Manager, Client
      Services</font></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<hr width="100%" size=4 color=GRAY noshade>
<p>&nbsp;</p>
<P ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="3"><B><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"><em>(signed)
      Patricia A. Olah</em><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">Patricia
      A. Olah<br>
      Corporate Secretary</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:
      November 4, 2005</font></td>
    <td width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><br>
      <br>
      <br>
      </font></td>
  </tr>
</table>
<p>&nbsp; </p>
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